Ad-Express and Daily Iowegian, Centerville, IA

March 4, 2014

AC history by Enfys McMurry

The Daily Iowegian

---- — AC history by Enfys McMurry

March 4, 1933: Franklin Delano Roosevelt was on this day inaugurated for his first term as president. He immediately faced the national calamity of the depression. His first act was to close all banks. When they reopened, 12 Federal Reserve banks were pouring a stream of new currency into the nation’s banking system. Even the Iowegian, which had strongly opposed President Roosevelt’s election, now considered “… his wise and conscientious action ... can make him into a national idol.” All three Centerville banks had remained “rock solid” through the crisis. Such was their record, they were swiftly certified. The two national banks — The First National and the Centerville National — reopened on Tuesday, March 14; the town’s private bank — Iowa Trust and Savings — on the 15th. (346)