The President's News Conference
HOARDING OF CURRENCY
THE PRESIDENT. I will give you this note mimeographed so you will not have to take it down. I am making this announcement in assistance to Colonel Knox.
The campaign of the Citizens Reconstruction Organization, under the chairmanship of Colonel Frank Knox, has now been extended to 2,395 communities. Additional communities are being organized every day under the leadership of eminent men and women, and the press has patriotically contributed literally millions of dollars in advertising and reading space, which has very materially aided the whole effort. The campaign has produced very positive and useful results. It is reflected in an increase in currency returned to circulation and increase in bank deposits and in the purchase of Government certificates from money that has been hitherto in hoarding. 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 general restoration of confidence.
The campaign is just beginning, and I hope that the committees that are already set up will continue until the last dollar that has been hoarded in their communities has been brought out, and that every community where hoarding has taken place will now be organized to extend the same work.
I think you all understand that the sole purpose of the campaign is restoration of employment and aid to agriculture. That is where it washes out at the finish. Otherwise than that I have nothing today.
Note: President Hoover's two hundred and thirty-eighth news conference was held in the White House at 4 p.m. on Friday, March 11, 1932.
On the same day, the White House issued a text of the President's statement on the hoarding of currency (see Item 81).
Herbert Hoover, The President's News Conference Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/208501