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In mid-February 1933, banking difficulties developed in Detroit, Michigan. The RFC wanted 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 demanded that Henry Ford subordinate his deposits in the distressed 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 as soon as been partners in the automobile service, but had actually become bitter rivals.
When the negotiations stopped working, the guv of Michigan stated 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 resulted in a spread of panic, initially to nearby states, but eventually throughout the country. Every day of Roosevelt's inauguration, March 4, all states had actually stated bank vacations or had limited the withdrawal of bank deposits for money. As one of his first acts as president, on March 5 President Roosevelt announced to the nation that he was stating a nationwide bank holiday. Almost all banks in the country were closed for organization during the following week. https://www.singsnap.com/#/d/profile/2836280/info |
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