“Pages of History” features excerpts from the News Journal archives, including the Wilmington Morning News and the Evening Journal.

March 13, 1933, Wilmington Morning News

Roosevelt says banks are ready to reopen

President Franklin Roosevelt told the nation last night that the banking system was ready to reopen today on a phased basis and asked for renewed confidence and faith from the people.

“Let me clarify that the banks will meet all needs,” he assured.

Taking a moment off almost for the first time in his busy eight days in the White House, the President used the press and radio to tell the people in his own words what has been done and what he has intend to do.

He pledged help from the Reconstruction Finance Corporation and member banks of the Federal Reserve to ensure the opening of sound state institutions outside the Federal Reserve. The new currency is now being pushed into the remotest corners of the country for the needs of the citizens he described as “sane”.

He noted bankers who “had been incompetent or dishonest” and claimed: “It was the government’s job to put this right, and to do it as quickly as possible – and the job is ongoing.”

Warning that some banks might not be reopened, he asked that no concern be felt if an institution was not immediately restarted and explained that it would probably be reopened shortly.

“Confidence and courage are the essential elements of success to accelerate our plan,” he said. “You must have faith. You should not be panicked by rumors or guesses. Unite to banish fear. We have provided the necessary mechanisms to restore our financial system; it’s up to you to sustain it and make it work.”…

State licenses expected to allow banks to open

Wilmington payroll requirements will be met in foreign currency beginning today by member banks of the Wilmington Clearing House Association, an official said last night following an association meeting.

Meanwhile, these member banks are preparing to resume full operations tomorrow under Federal Reserve System licenses which are expected by tonight.

City banks will operate today with the exception of meeting payroll demands, exactly as they did at the end of last week.

Responding to President Franklin Roosevelt’s request to return gold to the Treasury due to the banking crisis, Mrs. Irenee duPont sent the Wilmington Trust Company a number of gold coins which she treasured for sentimental reasons for years. Her husband, writing to Elwyn Evans, executive vice-president of the trust company, explained as follows: “This is an accumulation of the directors’ fees which have been paid to me over the last 20 years, which, in accordance with the custom, I handed over to my wife. ”

OLD BANKS, NEW USES: Want to dine in a bank vault? See how the old banks became a home, lounge and restaurant

March 16, 1965, Wilmington Morning News

LBJ calls for quick suffrage law

President Lyndon Johnson said last night it was time to guarantee every American the right to vote – in response to the “cries of pain, anthems and protests of oppressed peoples…”

In a solemn and measured tone, the president called for far-reaching new legislation and paid tribute to black protesters who he says have awakened America’s conscience.

Johnson said he would deliver his proposals to Congress in legislative form tomorrow, and he gave them the No. 1 priority.

Ahead of a joint session of the House and Senate — a forum normally convened for a presidential State of the Union address or in times of grave national crisis — Johnson said, “…It is wrong, morally wrong, to refuse to any of your compatriots the right to vote in this country.”…

CATCH UP ON HISTORY: News Journal Archives, week of February 13

March 18, 2008, The News Journal

The financial crisis is getting worse

The Federal Reserve takes unprecedented action as it battles a large-scale financial crisis: invoke rarely used legal authority to lend directly to investment banks, help fund the sell-off of Bear Stearns to JP Morgan Chase and offer the highest interest rate denominations in its modern history.

As the Federal Reserve meets today to consider another major cut to the short-term lending rate that is influencing a wide range of personal and business lending, fears are growing that even its most aggressive efforts will not be enough to mitigate an unprecedented global credit crisis. and to keep the US economy and the global financial system on track….

Despite reports, Wilmington Trust is not in danger

It’s a familiar but tedious routine for the Wilmington Trust: a plane crashes or a business collapses and the financial press jams the bank’s phone lines, wondering what the crisis bodes for the financial future of the Bank.

This time it’s an 85-year-old investment firm that has collapsed, and once again Wilmington Trust has gone to great lengths to explain the most opaque part of its business.

After news broke that Bear Stearns had sold to JP Morgan Chase on Sunday at a discounted sale price of $2 per share – down from $170 per share last year – Wilmington Trust rushed to reiterate that he held a large number of Bear Stearns shares in custody. , but he has none….

Contact reporter Ben Mace at [email protected]