The Guaranty of Bank Deposits

Archive Report

Bank Failures and the Hoarding or Currency

Failure during the last two years of 3,643 banks in the United States with total deposits of $2,556,225,000 have caused losses to depositors of at least three-quarters of a billion dollars and perhaps as much as a billion and a quarter of dollars. These losses to depositors and the resultant hoarding of currency, which at its peak early in the present year was estimated to be withholding a billion and a half of dollars from use as a basis of credit, have directed attention to projects for the guaranty or insurance of bank deposits by the Federal reserve system.

Since the opening of the present Congress last December, at a time when bank failures were more numerous than ever ...

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