who was the associated with the august offer
August Offer A change of government took place in Britain on May 1940 when Winston Churchill became the prime minister (1940â€“45). In addition, the fall of France saw the softening of the attitude of the Indian National Congress in India regarding its demands. Britain was in immediate danger of Nazi occupation, and as the war was taking a menacing turn from the allied point of view, congress offered to cooperate in the war if a transfer of authority in India was made to an interim government. The British government's response to these demands was a statement delivered by the then Viceroy, Lord Linlithgow, known as the August Offer.[1]
Emergency Banking Act According to William L. Silber: "The Emergency Banking Act of 1933, passed by Congress on March 9, 1933, three days after FDR declared a nationwide bank holiday, combined with the Federal Reserve's commitment to supply unlimited amounts of currency to reopened banks, created 100 percent deposit insurance. Much to everyone's relief, when the institutions reopened for business on March 13, 1933, depositors stood in line to return their stashed cash to neighborhood banks. Within two weeks, Americans had redeposited more than half of the currency that they had squirreled away before the bank suspension. The stock market registered its approval as well. On March 15, 1933, the first day of stock trading after the extended closure of Wall Street, the New York Stock Exchange recorded the largest one-day percentage price increase ever with the Dow Jones Industrial Average gaining 8.26 points to close at 62.10; a gain of 15.34%. With the benefit of hindsight, the nationwide Bank Holiday and the Emergency Banking Act of March, 1933, ended the bank runs that had plagued the Great Depression."[2]