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In mid-February 1933, banking problems established 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 one of Henry Ford's banks, and Ford had deposits of $7 million in this specific 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 run the risk of losing all of his deposits prior to any other depositor lost a cent. Ford and Couzens had actually once been partners in the vehicle business, however had become bitter competitors.
When the settlements failed, the guv of Michigan stated a statewide bank vacation. In spite of the RFC's willingness to assist the Union Guardian Trust, the crisis might not be prevented. The crisis in Michigan resulted in a spread of panic, initially to surrounding states, however ultimately throughout the country. Day by day of Roosevelt's inauguration, March 4, all states had stated bank holidays or had restricted the withdrawal of bank deposits for money. As one of his first function as president, on March 5 President Roosevelt announced to the country that he was declaring an across the country bank vacation. Practically all banks in the nation were closed for service during the following week. https://devpost.com/ryanxaaz903 |
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