How we cite our quotes: (Sentence number)
Quote #1
This bank holiday, while resulting in many cases in great inconvenience, is affording us the opportunity to supply the currency necessary to meet the situation. (23)
By acknowledging the "inconvenience" of the banks being closed, Roosevelt not only connects with the common person, but also empathizes with their fear. Remember, banks were the only way to get cash in the 1930s, so if a bank was closed and you were out of cash, you literally couldn't buy groceries.
No one pictures the President of the United States wandering into a bank to withdraw grocery money, so it must have been quite reassuring for Americans to hear their leader say that he understands their desperation (let's face it, "inconvenience" is a pretty light term here). By doing so, he eases their fear that the banks are closed for good.
Quote #2
The new currency is being sent out […] It is sound currency because it is backed by actual, good assets. (27)
A major fear after the banks were closed was that once they restocked their cash, the money would be worth less than it was before. To expand on FDR's "Economics 101," when people demanded their money during the first bank runs, the banks had to sell assets or call in loans in order to meet that demand.
This is not the way it's supposed to work, so they had to take a loss on the real value of the money. People knew this, as they might have deposited say $1,000 originally, then only got $500 back. There was a very real fear that the same thing would happen after FDR's bank holiday. This quote is meant to help people realize that fear is unfounded.
Quote #3
Your government does not intend that the history of the past few years shall be repeated. We do not want and will not have another epidemic of bank failures. (31)
"Those who cannot remember the past are condemned to repeat it," right?
FDR's addressing the people's fear of another crash (and another depression) simply by being aware of the past. Even his word choice of "epidemic" deals with fear—disease and the spread of it are usually scary things. FDR is reassuring the people that he's in control…and that things are stabilizing.
Quote #4
Please let me make it clear to you that if your bank does not open the first day you are by no means justified in believing that it will not open. (38)
Besides the fear of money losing its value, there was the very real fear that banks would simply not be open again. Imagine putting your hard-earned (and now hard to earn) money in the bank for safe-keeping, and then a week later seeing that that bank is permanently closed.
You'd probably panic.
FDR's simple, clear words are meant to reassure people that yes, the banks will open, even if there's a few days of lag time.
Quote #5
It needs no prophet to tell you that when the people find that they can get their money […] the phantom of fear will soon be laid. (46)
Check out the great choice of words here with "phantom of fear." A phantom is a ghost, (spooky!) but is also something that can't touch you or be touched. It's ephemeral.
President Roosevelt is talking to his people in the same way that a father might reassure a child who's scared of monsters under the bed. Once people realize their money exists and is safe, then they'll stop heeding the fear that everything is gone.