Italy. possibility of adequate and complete ecoBy Mr. SMITH of North Carolina: nomic recuperation in the United States Newspaper article by Edward T. Folliard. during the next 12 months. regardless of all with reference to the enactment of an emer- the other splendid undertakings which may gency immigration law to allow 240.000 refu- be under way. until confidence in normal gees in Europe to enter the United States banking is restored. and in the face of the in the next 2 years. existing circumstances I am perfectly sure that the insurance of bank deposits immediately is the permanent and fundamental necessity of the moment." A century of history replete with recurring banking crises and chronic banking ills must have passed before the Senators eyes as he stated his determination. There. passing In review. were the fight over the Second Bank of the United States. and its death. the upsurge of State banks as our frontier pushed westward. the specific difficulties which led to passage of the National Bank Act and the establishment of the Federal Reserve System. the panics of 1837 and 1878. of 1893 and 1907. and finally the crisis of the early 1930s. The record was not an inspiring one.
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