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In mid-February 1933, banking problems developed in Detroit, Michigan. The RFC wanted to make a loan to the troubled bank, the Union Guardian Trust, to prevent a crisis. The bank was one of Henry Ford's banks, and Ford had deposits of $7 million in this specific bank. Michigan Senator James Couzens required that Henry Ford subordinate his deposits in the struggling bank as a condition of the loan. If Ford concurred, he would run the risk of losing all of his deposits before any other depositor lost a penny. Ford and Couzens had actually when been partners in the vehicle service, but had actually become bitter competitors.
When the negotiations stopped working, the governor of Michigan stated a statewide bank vacation. In spite of the RFC's determination to help the Union Guardian Trust, the crisis might not be avoided. The crisis in Michigan led to a spread of panic, initially to surrounding states, however eventually throughout the nation. Day by day of Roosevelt's inauguration, March 4, all states had actually declared bank holidays or had restricted the withdrawal of bank deposits for money. As one of his very first function as president, on March 5 President Roosevelt revealed to the country that he was stating a nationwide bank vacation. Almost all banks in the country were closed for business during the following week. https://answers.informer.com/user/mantiaytom |
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