Description:

FRANKLIN D. ROOSEVELT
(1882 - 1945) Thirty-second President of the United States who instituted the 'New Deal' programs and who led the United States through most of World War II. ROOSEVELT, COMBATTING THE GREAT DEPRESSION, RAILS AGAINST BIG BANKS AND DEFENDS THE POOR Excellent content and association T.L.S. 'F.D.R.' as Governor of New York, 1p. 4to., Albany, April 10, 1931, to his uncle and renowned railroad president FREDERIC ADRIAN DELANO II (1863-1953). Writing to his 'Uncle Fred', Roosevelt explains his recent attitude towards Tammany Hall, vents about bankers and their corrupt dealings, and seems frustrated about the city's disregard of its poor inhabitants. Surprisingly, he also clearly attempts to downplay his own presidential ambitions. In large part: '...The other morning when I had read that Straus poll, of which I had no previous knowledge, I reiterated my November statement making it clear that I am doing nothing except the work of this office...in the Tammany situation, I am making an honest effort to detach myself from the pulling and hauling of both sides in order to be as fair and just as possible in dealing both with real charges and with hysteria. I believe the thinking Tammany men themselves realize that they will have their day in court...There is one matter which gives me concern because it has brought about what begins to look like a selfishness and lack of understanding on the part of many of our thinking friends. In regard to 'Thrift Accounts' in the national and state banks, the average thrift account depositor feels about them exactly the same way as he feels about savings accounts...The overwhelming majority of them represent small savings by poor people. A year and a half ago...the Legislative Committee and also the Committee which I appointed declined to make any recommendations for the protection of these thrift accounts...they approved the existing practice of allowing the banks to treat these deposits just like commercial accounts and invest the proceeds in practically any type of security or mortgage...Then came the Bank of the United States failure in which 450,000 individual depositors will probably lose 30 to 40 per cent, and most of these deposits were in thrift accounts. The trouble with the bankers is...they offer absolutely no other method of giving greater security to these thrift accounts. It is this apparent apathy on the part of the bankers to a real need which concerns me because it results invariably in stirring up a very deep feeling on the part of the average citizen against the small minority which controls finances. There are nearly 20,000,000 thrift account depositors in this state...some of the interesting problems of this job...' He signs 'FDR' in black ink at the conclusion. Light mailing folds, else fine. Fascinatingly, the 'Straus poll' was funded by Roosevelt ally Jesse I. Straus, in which the delegates of the 1928 Democratic Convention were polled about Roosevelt's chances in the 1932 Democratic presidential nomination. Roosevelt, by asserting he is '...doing nothing except the work of this office...', may be diminishing his intent to run for the presidency the following year. As president, Roosevelt was initially reluctant to federally guarantee bank deposits. However, on June 16, 1933, Roosevelt signed the 1933 Banking Act into law, creating the Federal Deposit Insurance Corporation (FDIC). The initial plan set by Congress in 1934 was to insure deposits up to $2,500 ($48,364 today), adopting a more generous, long-term plan after six months. A truly excellent F.D.R. letter, sent to a close political ally less than one year before his Presidential bid.

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December 9, 2021 10:00 AM EST
Elkton, MD, US

Alexander Historical Auctions LLC

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$100 $499 $20
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$1,000 $1,999 $100
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$5,000 $9,999 $500
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