Bank On It

March 6, 1933

President Franklin D. Roosevelt ordered the nation's banks temporarily closed, a forced bank holiday, until the federal government could determine which were solvent amid a depositor panic.

The newspaper screamed the action — BANKS CLOSED BY ROOSEVELT — but whispered a call for calm:


The banks of Memphis are sound. But throughout the nation weak spots developed which bred fear. Fear spreads ... This is no time to get rattled. Cool thinking and cool acting are necessary. It will all come out all right in the end.