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In mid-February 1933, banking troubles developed in Detroit, Michigan. The RFC wanted 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 required that Henry Ford subordinate his deposits in the struggling 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 when been partners in the automobile service, but had become bitter competitors.
When the negotiations stopped working, the guv of Michigan declared a statewide bank holiday. In spite of the RFC's determination to help the Union Guardian Trust, the crisis could not be prevented. The crisis in Michigan resulted in a spread of panic, first to adjacent states, however ultimately throughout the country. Every day of Roosevelt's inauguration, March 4, all states had declared bank vacations or had limited the withdrawal of bank deposits for cash. As one of his very first function as president, on March 5 President Roosevelt revealed to the nation that he was declaring an across the country bank holiday. Almost all banks in the nation were closed for business during the following week. https://www.polygon.com/users/chelenygbn |
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