evidence: The following day, cabinet members joined with Treasury and Federal Reserve officials to lay the groundwork for a national bank holiday, and at 1:00 a.m. on Monday, March 6, President Roosevelt issued a proclamation ordering the suspension of all banking transactions, effective immediately. It was based on drafts originally prepared for President Hoover by Treasury and Federal Reserve Board officials (Burns 1974, 42). The nationwide bank holiday was to extend through Thursday, March 9, at which time Congress would convene in extraordinary session to consider emergency legislation aimed at restoring public confidence in the financial system. Meanwhile, everyone else tried to deal with the reality that all banks were to remain closed until further notice. People had no way of knowing when, or if, they would ever see their money again. Yet, for the most part, there was surprisingly little panic. An article in the Boston Post noted: [...] The crisis began to subside on March 9, when Congress passed the Emergency Banking Act. On March 13, only four days after the emergency legislation went into effect, member banks in Federal Reserve cities received permission to reopen. By March 15, banks controlling 90 percent of the country’s banking resources had resumed operations and deposits far exceeded withdrawals. Although some 4,000 banks would remain closed forever and full economic recovery was still years in the future, the worst of the banking crisis seemed to be over.