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In mid-February 1933, banking difficulties established in Detroit, Michigan. The RFC wanted to make a loan to the troubled bank, the Union Guardian Trust, to avoid a crisis. The bank was one of Henry Ford's banks, and Ford had deposits of $7 million in this particular bank. Michigan Senator James Couzens demanded that Henry Ford subordinate his deposits in the troubled bank as a condition of the loan. If Ford concurred, he would run the risk of losing all of his deposits prior to any other depositor lost a penny. Ford and Couzens had when been partners in the automobile company, however had become bitter competitors.
When the negotiations failed, the guv of Michigan declared a statewide bank holiday. In spite of the RFC's determination to assist the Union Guardian Trust, the crisis could not be averted. The crisis in Michigan resulted in a spread of panic, initially to nearby states, however eventually throughout the nation. Day by day of Roosevelt's inauguration, March 4, all states had declared bank holidays or had actually restricted the withdrawal of bank deposits for money. As one of his first function as president, on March 5 President Roosevelt announced to the country that he was declaring a nationwide bank vacation. Almost all monetary institutions in the nation were closed for company during the following week. https://www.polygon.com/users/aculuswtit |
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