- Known to some as a day, such as Christmas, Memorial Day, or other national or state holiday, when banks are closed; known also to people of an older generation as the trying period in 1933 during which all banks in the United States were closed by the proclamation of newly inaugurated President Franklin D. Roosevelt or the orders of governors of states and banking authorities rendered and declared in keeping with the presidential proclamation. The purpose of the holiday was to prevent the drain of currency from the banks by withdrawals by frightened depositors and give the people a chance to reassess the situation and recover from their fears of an impending collapse of the entire financial structure of the nation.
Ballentine's law dictionary. Anderson, W.S.. 1998.
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