Show HENT 1 CALLS HOLIDAY ON BANKING Holiday To Continue Four Days But nut Gold Standard Is To Prevail Pre Pre- vail vall Congress Summoned Washington J 1 March 6 Dra 6 Dra Dramatically clothing himself with war-time war authority President Roosevelt tonight proclaimed a four-day four modified bank holiday and took tool full command of the na nations nations' nations nations' lions lions' currency In a sweeping proclamation find finding lug ing precedent only when the na nation nation tion Lion has been threatened by a foreign foe the new chief ex executive executive executive ordered an embargo on on exports exports exports ex ex- ports of gold and silver and prohibited prohibited pro pro- the earmarking of American Ameri Amen can gold for foreign account In addition the proclamation authorized the issuance of clearing clearing clearing clear clear- ing house certificates to provide I a medium of exchange with which business can function during the I holiday f I I I I I I I 1 Mr Roosevelt issued his proc pros less than 36 hours after he had stood before a great inaugural in inaugural inaugural augural throng and pledged himself himself himself him him- self to seek war-time war dictatorial powers of congress if and when the situation justified such a n. step He did not wait to ask congressional congressional congressional permission Returning from worship early in inthe inthe inthe the afternoon he his WB cabinet into its first meeting mee ng and then called congressional leaders of both parties and senate and house into consultation These a convening congress into special session on Thursday at noon Thus the holiday proclaimed tonight tonight tonight to to- night overlaps the convening of congress by a few hours In the meanwhile Mr Roosevelt plans to perfect a program of legislative action to meet the situation and if it cannot be enacted by Friday morning the holiday can be ex et tended It was indicated the proclamation proclamation proclamation proc proc- and the reconstruction steps have hav havi have been i teen een under consideration tion for weeks I The modification placed upon the holiday w would uld permit any bank bankI that can gain the permission otI of ot I I the government to stay open to toI I conduct cond ct its business as usual and accept new deposits to tobe be placed In trust accounts subject to full withdrawal While momentous events were happening at the White House banking leaders from the great meeting meeting meet meet- centers enters of commerce were ing ng with the federal reserve board and Secretary Woodin at the treasury Ogden Mills former President resident Hoovers Hoover's Ho vers ver's treasury head also Liso was present The purpose of the gathering was vas to prepare machinery for the issuance of the clearing house certificates Woodin tonight said plans clans were still in an early stage but cut would be perfected and in operation operation op op- ration by morning The presidents president's proclamation began egan with a summary of present in the banks noting h heavy avy and widespread withdraw withdrawals withdraws and nd currency from our of als s gold banking institutions for the purpose pur pur- pose ose of hoarding and increasing speculative activity abroad In foreign for for- eign ign exchange which he added drains on has lias as resulted in s severe vere the he nations nation's stock of gold After stating that it is the best interests of all depositors that a period cried of respie be provided with witha a view to preventing further hoarding of coin bullion bumon or currency cur- cur ency rency or speculation In for foreign exchange ex ex- change hange he cited his authority for r the action To back his power to place agid a rigid gid embargo on gold he cited the ie trading with the enemy act made Lade law in 1917 during the World war var ar |