March 12, 1933
FDR's First Fireside Chat
March 12, 1933
FDR’s First Radio Address
Today is our second excerpt from the first of FDR’s famous “Fireside Chats”, where he explains the policies he is putting in place to save the banking system — meeting the people where they are (radio) and using direct language they understand.
All emphasis mine.
The second step, last Thursday, was the legislation promptly and patriotically passed by the Congress confirming my proclamation and broadening my powers so that it became possible in view of the requirement of time to extend the holiday and lift the ban of that holiday gradually in the days to come. This law also gave authority to develop a program of rehabilitation of our banking facilities.
And I want to tell our citizens in every part of the nation that the National Congress —Republicans and Democrats alike — showed by this action a devotion to public welfare and a realization of the emergency and the necessity for speed that it is difficult to match in all our history.
The third stage has been the series of regulations permitting the banks to continue their functions to take care of the distribution of food and household necessities and the payment of payrolls.
This bank holiday, while resulting in many cases in great inconvenience, is affording us the opportunity to supply the currency necessary to meet the situation. Remember that no sound bank is a dollar worse off than it was when it closed its doors last Monday. Neither is any bank which may turn out not to be in a position for immediate opening.
The new law allows the twelve Federal Reserve Banks to issue additional currency on good assets and thus the banks that reopen will be able to meet every legitimate call. The new currency is being sent out by the Bureau of Engraving and Printing in large volume to every part of the country. It is sound currency because it is backed by actual, good assets.
This man understands politics at a deep level.
First, he thanks the Congress — from both parties — for “promptly and patriotically” passing needed — but what could be considered fairly radical — legislation that expanded the President’s powers and rewrote how banks were regulated. Five days after he took the oath of office!
He understood that the people were demanding action, and he used that political capital to the fullest to pass nation-changing legislation, showing the people that under his leadership, their government could work quickly to meet their needs — instead of languishing in “laissez-faire” like the Hoover administration.
Literally printing new currency — and explaining why — to give people confidence in the banking system.
Democrats must re-embrace decisive action.
Every day I will endeavor to be as courageous as Franklin D. Roosevelt.
The audio begins at 3:19:
Some historic context from the FDR Presidential Library — On March 12th, 1933 — only one week after taking office — President Roosevelt appealed directly to the people of the United States by radio. On March 5th — the day after his inauguration as President — he had declared, by proclamation, a nation-wide bank holiday, this resulting in practically a complete stoppage of the entire business of the country.
The legislation he is describing above passed on Thursday, March 9th — five days after he took office.
People were literally bartering for groceries during this two weeks in March. No currency was circulating unless you had gotten some out of the banks before they all shuttered.
Crazy.
Again — super grateful for the New Deal and FDIC insurance!
This week I’ll be treating you to more from FDR’s first Fireside Chat with the American people.
He’s incredible at explaining stuff to the American people and making them feel like they are a part of something bigger than themselves.
No wonder he helped save the Free World.
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