The 1933 Banking Crisis in Erie

Abstract

On Monday, March 6, 1933, two days after his inauguration, President Franklin D. Roosevelt proclaimed the suspension of “all banking transactions” until Thursday, March 9th “through- out the United States and its territories” because of “heavy and unwarranted withdrawals of gold and currency from our banking institutions for the purpose of hoarding” and “continuous and increasingly extensive speculative activity abroad in foreign exchange.”