Statement on the Hoarding of Currency.

THE PRESIDENT said:

"The campaign of the Citizens Reconstruction Organization under the chairmanship of Col. Frank Knox has now been extended by the organization of 2,395 communities. Additional communities are being organized each day under the leadership of eminent men and women. The press of the country has patriotically contributed literally millions of dollars in advertising and reading space, materially aiding the effort.

"The campaign has already produced positive and useful results, as reflected in the increase of currency returned to circulation, the increase of bank deposits, and the purchase of Government certificates from money which has hitherto been in hoarding. In fact hoarded money is being returned to circulation in all sections of the country. Our people are realizing the moral responsibility involved and the patriotic service which they may render. The whole effort is definitely contributing to the dissipation of fear and apprehension and to the restoration of confidence.

"The campaign is only beginning. I hope that the committees already set up will continue until the last dollar that has been hoarded in their respective communities is returned to work and that Colonel Knox and his organization will be supported by the extension of their work into every community not organized at present where hoarding has taken place.

"Their work has just one final objective--that is, the restoration of employment and aid to agriculture."