Page 773 - US History

Chapter 26 | Franklin Roosevelt and the New Deal, 1932-1941 763
26.5). In this initial radio address to the American people, he explained what the bank examiners had been doing over the previous week. He assured people that any bank open the next day had the federal government’s stamp of approval. The combination of his reassuring manner and the promise that the government was addressing the problems worked wonders in changing the popular mindset. Just as the culture of panic had contributed to the country’s downward spiral after the crash, so did this confidence- inducing move help to build it back up. Consumer confidence returned, and within weeks, close to $1 billion in cash and gold had been brought out from under mattresses and hidden bookshelves, and re- deposited in the nation’s banks. The immediate crisis had been quelled, and the public was ready to believe in their new president.
Figure 26.5 Roosevelt’s “fireside chats” provided an opportunity for him to speak directly to the American people, and the people were happy to listen. These radio addresses, commemorated at the Franklin D. Roosevelt Memorial in Washington, DC, with this bronze sculpture by George Segal, contributed to Roosevelt’s tremendous popularity. (credit: Koshy Koshy)