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015
-15-
THE PRESIDENT: I know, but the reason -- As long as
you don't write stories to give the average
depositor any thought that their own particular
bank isn't going to pay. That is what I want to
avoid because when you come down to it, the great
majority of banks are going to pay up. Then there
will be another very large volume of banks which
won't pay out the whole thing immediately, but will
pay out 100% in time and there will be a very small
number of banks that will probably have to go to
the Examiner, but I don't want anybody to get the
idea in reading the stories that the average bank
isn't going to pay one hundred cents on the dollar,
because the average bank is going to pay.
Q For such banks as must go, isn't Senator Glass'
liquidating corporation, whereby the liquidation of
good assets help to put off the bad effects ----
THE PRESIDENT: I don't know enough about that. Did it
go through?
Q Through the Senate.
THE PRESIDENT: That is in the Glass Bill?
Q Yes, sir.
Q You do have in mind guaranteeing deposits of banks
on the new basis?
THE PRESIDENT: No; no government guarantee.
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"ocrText": "015\n-15-\nTHE PRESIDENT: I know, but the reason -- As long as\nyou don't write stories to give the average\ndepositor any thought that their own particular\nbank isn't going to pay. That is what I want to\navoid because when you come down to it, the great\nmajority of banks are going to pay up. Then there\nwill be another very large volume of banks which\nwon't pay out the whole thing immediately, but will\npay out 100% in time and there will be a very small\nnumber of banks that will probably have to go to\nthe Examiner, but I don't want anybody to get the\nidea in reading the stories that the average bank\nisn't going to pay one hundred cents on the dollar,\nbecause the average bank is going to pay.\nQ For such banks as must go, isn't Senator Glass'\nliquidating corporation, whereby the liquidation of\ngood assets help to put off the bad effects ----\nTHE PRESIDENT: I don't know enough about that. Did it\ngo through?\nQ Through the Senate.\nTHE PRESIDENT: That is in the Glass Bill?\nQ Yes, sir.\nQ You do have in mind guaranteeing deposits of banks\non the new basis?\nTHE PRESIDENT: No; no government guarantee."
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