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# The Banking Holiday Order Surprise Local Institutions Functioning to a Limited Degree-Making Change # MAY END TOMORROW Congress Meeting Today In Special Session to Take Drastic Action The economic situation of the country came near breaking point the latter part of last week when extensive runs were being made on a nationwide scope of the larger banking houses of the country. The situation became so aggravated that Saturday morning Lieut. Gov. Solberg, acting as governor during the absence from the State of Gov. Floyd Olson after conferring with the attorney general issued a state-wide proclamation declaring a bank holiday for all banks in Minnesota. A special session of the Minnesota legislature called for Saturday afternoon at 2:00 o'clock, ratified the action of the lieutenant governor. No sooner had President Roosevelt been inaugurated that he issued the following proclamation: WHEREAS there have been heavy and unwarranted withdrawals of gold and currency from our banking institutions for the purpose of hoarding; and WHEREAS continuous and increasingly extensive speculative activity abroad in foreign exchange has resulted in severe drains on the nation's stocks of gold; and WHEREAS these conditions have created a national emergency; and WHEREAS it is in the best interests of all bank depositors that a period of respite be provided with a view to preventing further hoarding of bullion or currency or speculation in foreign exchange and permitting the application of appropriate measures to protect the interests of our people; and WHEREAS it is provided in section 5 (B) of the act of October 6, 1917, (RO Stat. L. 411) as amended, "that the President may investigate, regulate, or prohibit under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange and the export, hoarding, melting, or earmarking of gold or silver coin or bullion or currency..."; and WHEREAS it is provided in section 16 of the said act "that whoever shall wilfully violate any of the provisions of this act or of any license, rule, or regulation issued thereunder, and whoever shall wilfully violate, neglect, or refuse to comply with any order of the President issue.l in compliance with the provisions of this act, shall, upon conviction, be fined not more than $10,000, or, if a natural person, imprisoned for not more than 10 years, or both..." NOW, THEREFORE, I, Franklin D. Roosevelt, President of the United States of America, in view of such national emergency and by virtue of the authority vested in me by said act and in order to prevent the export, hoarding, or earmarking of gold or silver coin or bullion or currency, do hereby proclaim, order, direct and declare that from Monday, the sixth day of March, to Thursday, the ninth day of March, both dates inclusive, there shall be maintained and observed by all banking institutions and all branches thereof located in the United States of America, including the territories and insular possessions, a bank holiday, and that during said period all banking transactions shall be suspended. During such holiday, excepting as hereinafter provided, no such banking institution or branch shall pay out export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding (Continued on Page Four)
