Loading ...At 1:00 a.m. on Monday, March 6, President Roosevelt issued Proclamation 2039 ordering the suspension of all banking transactions, effective immediately. He had taken the oath of office only thirty-six hours earlier.
The terms of the presidential proclamation specified that “no such banking institution or branch shall pay out, export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding thereof; nor shall any such banking institution or branch pay out deposits, make loans or discounts, deal in foreign exchange, transfer credits from the United States to any place abroad, or transact any other banking business whatsoever.”
For an entire week, Americans would have no access to banks or banking services. They could not withdraw or transfer their money, nor could they make deposits.
The crisis had been a long time coming.
Average Cost of new house $5,750.00
Average wages per year $1,550.00
Cost of a gallon of Gas 10 cents
Average Cost for house rent $18.00 per month
Vacuum Cleaner $17.75
A loaf of Bread 7 cents
Newport Boulevard Ladies Hat $1.69
A LB of Hamburger Meat 11 cents
Silk and Rayon Stockings 39 cents a Pair
Plymouth 6 Car $445.00
Health Building Tonic 89 cents
Campbells Vegetable Soup 10 cents
Vintage Radio $52.00
Average Laborers Wage $20.00 per week