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NewspaperProject2 - Lindsey DeRosa Professor Flamming...

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Lindsey DeRosa Professor Flamming Newspaper Project #2 Spring 2008 The Day America Brought Beer Back March 13, 1933 marked the day that 135 banks reopened in the US. This was the first week since the beginning of the depression that banks reported more deposits than withdrawals. The bank reopenings were part of a nationwide program in which 250 cities all over the country, having acknowledged clearing house associations, were licensed to reopen. Paul Albright, secretary of the Savings Bank Association for New York revealed that for every dollar withdrawn, two dollars were deposited. The Association hopes that this recent change will remove restrictions that were put on withdrawals. Public calm was restored as faith in the banks has been re-established with this news. The New York Times reported “serene and confident” customers returning boarded gold to the banks. Regular business was almost restored with a $25 limit on withdrawals a week, restrictions on paying out in gold, and limited foreign exchange dealings. Despite these limitations, the
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