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The First Press Conference of President Franklin D. Roosevelt

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005 -5- to banking -- such powers that would make it possible to meet the changing situation from day to day in different parts of the country. We cannot write a permanent banking act for the nation in three days. That is about the size of it. Q Do you favor national scrip or scrip issued by clearing houses? THE PRESIDENT: Well, there again you are getting down to details and a very good illustration of why you cannot ask for too detailed legislation. About Monday, the day before yesterday, a very, very wide use of scrip seemed necessary and by last night it looked possible to avoid such a general use of scrip. But it does not mean that scrip will be eliminated by any means. Scrip may be used in many localities pending the working out of a sounder plan and more permanent plan to get additional currency into use. Now, I can't tell you any more about that, because we are still working on the details, but essentially it means an addition to the available currency. Q Could you comment on the report that no additional legis- lation is needed for the printing of additional currency; that a rider attached to the Home Loan Bank Bill provides for expansion to the extent of at least one and a half billion and that these Federal Reserve Bank notes are already being printed?

Page data

Page
5
Source index
0
Type
photo
Media ID
d0aa219a98bb7572
Size
unknown

Document data

ID
198099
Core
doc
Type
document
DTO data 
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Context sent to Scholar

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Page context 
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    "ocrText": "005\n-5-\nto banking -- such powers that would make it possible\nto meet the changing situation from day to day in\ndifferent parts of the country. We cannot write a\npermanent banking act for the nation in three days.\nThat is about the size of it.\nQ Do you favor national scrip or scrip issued by clearing\nhouses?\nTHE PRESIDENT: Well, there again you are getting down to\ndetails and a very good illustration of why you cannot\nask for too detailed legislation. About Monday, the\nday before yesterday, a very, very wide use of scrip\nseemed necessary and by last night it looked possible\nto avoid such a general use of scrip. But it does not\nmean that scrip will be eliminated by any means. Scrip\nmay be used in many localities pending the working\nout of a sounder plan and more permanent plan to get\nadditional currency into use. Now, I can't tell you\nany more about that, because we are still working on\nthe details, but essentially it means an addition to\nthe available currency.\nQ Could you comment on the report that no additional legis-\nlation is needed for the printing of additional\ncurrency; that a rider attached to the Home Loan Bank\nBill provides for expansion to the extent of at least\none and a half billion and that these Federal Reserve\nBank notes are already being printed?"
}