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07-31-2022 |
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In mid-February 1933, banking problems developed in Detroit, Michigan. The RFC was prepared to make a loan to the distressed bank, the Union Guardian Trust, to prevent a crisis. The bank was among 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 struggling 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 cent. Ford and Couzens had actually once been partners in the vehicle service, but had become bitter competitors.
When the settlements stopped working, the governor of Michigan declared a statewide bank holiday. In spite of the RFC's desire to assist the Union Guardian Trust, the crisis could not be prevented. The crisis in Michigan led to a spread of panic, first to surrounding states, however eventually throughout the nation. By the day of Roosevelt's inauguration, March 4, all states had declared bank holidays or had actually limited the withdrawal of bank deposits for money. As one of his very first function as president, on March 5 President Roosevelt announced to the nation that he was stating an across the country bank vacation. Almost all banks in the country were closed for service throughout the following week. https://www.bookmark-maker.win/wesley-ginny |
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