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In mid-February 1933, banking problems developed in Detroit, Michigan. The RFC was prepared to make a loan to the troubled 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 particular bank. Michigan Senator James Couzens required that Henry Ford subordinate his deposits in the distressed 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 cent. Ford and Couzens had once been partners in the vehicle business, however had become bitter rivals.
When the negotiations failed, the guv 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 averted. The crisis in Michigan led to a spread of panic, first to adjacent states, but eventually throughout the country. Day by day of Roosevelt's inauguration, March 4, all states had stated bank vacations or had limited the withdrawal of bank deposits for money. As one of his very first acts as president, on March 5 President Roosevelt announced to the country that he was declaring an across the country bank holiday. Almost all financial organizations in the nation were closed for company throughout the following week. https://www.boredpanda.com/author/vassilioskwgb522/ |
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