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In mid-February 1933, banking problems established 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 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 troubled bank as a condition of the loan. If Ford concurred, he would risk losing all of his deposits before any other depositor lost a cent. Ford and Couzens had actually when been partners in the automobile organization, but had become bitter rivals.
When the settlements stopped working, 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 avoided. The crisis in Michigan resulted in a spread of panic, first to adjacent states, however eventually throughout the country. Day by day of Roosevelt's inauguration, March 4, all states had stated bank vacations or had restricted the withdrawal of bank deposits for cash. As one of his very first serve as president, on March 5 President Roosevelt announced to the nation that he was declaring a nationwide bank vacation. Almost all monetary organizations in the nation were closed for business during the following week. https://myskillsconnect.com/user/abethiquxh |
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