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In mid-February 1933, banking troubles 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 demanded that Henry Ford subordinate his deposits in the troubled bank as a condition of the loan. If Ford concurred, he would risk losing all of his deposits prior to any other depositor lost a penny. Ford and Couzens had actually once been partners in the vehicle organization, but had ended up being bitter rivals.
When the negotiations stopped working, the governor of Michigan stated a statewide bank vacation. In spite of the RFC's willingness to help the Union Guardian Trust, the crisis could not be prevented. The crisis in Michigan led to a spread of panic, initially to nearby states, but ultimately throughout the country. Day by day of Roosevelt's inauguration, March 4, all states had stated bank vacations 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 nation that he was declaring a nationwide bank holiday. Nearly all financial institutions in the country were closed for service during the following week. https://heroturko2.net/user/keenanukoy |
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