Lenawee County History: Local response to FDR's efforts to slow Great Depression

On Saturday, March 4, 1933, Franklin D. Roosevelt was sworn in as president in the midst of the nation's Great Depression.

On Monday, March 6, FDR called for a national bank holiday in an effort to slow the economic depression from worsening. The closing of banks through March 9 was intended to prevent continued mass withdrawals of money, gold and silver, a move he said was detrimental to economic recovery. In short, The Daily Telegram reported the move was to "restore financial order out of economic confusion."

"No such banking institutions or branch shall pay out, export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding thereof," the president said as part of his address to the country.

In Adrian, the post office temporary suspended the cashing of large money orders and withdrawals from postal savings accounts. Postal officials said it was deemed necessary "until the post office can obtain releases on trust funds it has on deposit."

That morning, March 6, the Adrian post office had been inundated with money orders presented for payment and requests for withdrawals were twice that of a normal day, forcing the post office to halt transactions until it could get a better grasp on the unfolding orders from Washington, D.C.

Montgomery Ward of Adrian placed an advertisement to reassure residents things would be all right.

"These are hard times, there isn't any doubt about it," the company wrote. "Our country is in a critical condition, there isn't any doubt — but, this is a time for level headed thinking. Montgomery Ward of Adrian will continue to advertise as much as they have in the past, or possibly more than ordinarily. This isn't the time to discharge or lay off employees ... in fact, we will call in extra, if at all possible.

The advertisement went on to state the company had faith "in the stability, judgment and buying ability of Lenawee County."

Despite the rush on banks and resulting action, the Telegram reported, "business otherwise was being conducted ... all stores were open as usual and the number of automobiles parked on downtown streets indicated a normal Monday..."

Dan Cherry is a Lenawee County historian.

This article originally appeared on The Daily Telegram: Lenawee County's response to FDR's efforts to slow Great Depression