“The Commercial [Bank] did open this morning and although I felt unpatriotic in doing so, I drew out most of the money in my checking account and had Rowena come in and withdraw her savings account. And I told the President what I had done. ‘Don’t hoard it, Ted,’ was his only comment. ‘Put it in another bank that is safe. I would suggest the Riggs. It is the most liquid.’ But I am ‘hoarding’ temporarily. No bank is really liquid today and won’t be until this panic is over. The daily hoarding figures from the Treasury are gastly. That of yesterday was $165,000,000, bringing the total to in excess of $2,200,000,000 . . .”

—From Theodore Joslin’s diary