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In mid-February 1933, banking problems developed in Detroit, Michigan. The RFC was willing to make a loan to the distressed 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 agreed, he would risk losing all of his deposits prior to any other depositor lost a penny. Ford and Couzens had as soon as been partners in the automotive organization, but had ended up being bitter rivals.
When the negotiations failed, the guv of Michigan declared a statewide bank vacation. In spite of the RFC's desire to help the Union Guardian Trust, the crisis could not be averted. The crisis in Michigan led to a spread of panic, first to adjacent states, however ultimately throughout the country. By the day of Roosevelt's inauguration, March 4, all states had actually stated bank holidays or had limited the withdrawal of bank deposits for cash. As one of his first serve as president, on March 5 President Roosevelt announced to the nation that he was stating a nationwide bank holiday. Almost all financial organizations in the nation were closed for business throughout the following week. https://www.magcloud.com/user/claryadvws |
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