|THE PRESIDENT said:
"In signing this bill which comprises an essential part of the reconstruction program, I desire to express my appreciation to the leaders and Members of both Senate and House of both parties, who have cooperated in its enactment. The fine spirit of patriotic nonpartisanship shown in carrying out the emergency program is, I know, appreciated by the whole country.
"The bill should accomplish two major purposes.
"First. In a sense this bill is a national defense measure. By freeing the vast amounts of gold in our Federal Reserve System (in excess of the gold reserve required by law), it so increases the already large available resources of the Federal Reserve banks as to enable them beyond question to meet any conceivable demands that might be made on them at home or from abroad.
"Second. It liberalizes existing provisions with regard to eligibility of collateral and thereby enables the Federal Reserve banks to furnish accommodations to many banks on sound asse ...read full document