This Day in History: 1933-03-04
The new President, Franklin D. Roosevelt, in his inaugural address, attempted to restore calm in the country torn by the near collapse of the banking system. He proclaimed a bank holiday to last one week. Over the weekend both the Ramsey and Allendale Banks adopted the uniform rules suggested by the U.S. Treasury Department. Withdrawals of up to $10 from savings or checking accounts would be permitted to buy food and medicines. They would make change for businesses, cash government checks and accept temporary deposits of cash. Safe deposit and trust departments would remain open for business. The holiday ended on March 15 when all local banks reopened after receiving new licenses. Dr. John Finch, the President of the Ramsey Bank said that there had been a steady stream of customers on the first day of resumed business with deposits exceeding withdrawals. The only restriction remaining was on loans.