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In mid-February 1933, banking difficulties developed in Detroit, Michigan. The RFC was willing to make a loan to the distressed 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 specific bank. Michigan Senator James Couzens demanded that Henry Ford subordinate his deposits in the distressed bank as a condition of the loan. If Ford agreed, he would risk losing all of his deposits before any other depositor lost a penny. Ford and Couzens had as soon as been partners in the automotive organization, but had actually become bitter rivals.
When the negotiations failed, the governor of Michigan declared a statewide bank vacation. In spite of the RFC's willingness to help the Union Guardian Trust, the crisis might not be averted. The crisis in Michigan led to a spread of panic, first to adjacent states, but eventually throughout the nation. Day by day of Roosevelt's inauguration, March 4, all states had actually declared bank vacations or had actually restricted the withdrawal of bank deposits for cash. As one of his first serve as president, on March 5 President Roosevelt announced to the nation that he was declaring an across the country bank holiday. Almost all banks in the country were closed for business during the following week. https://musescore.com/user/51044886 |
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