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In mid-February 1933, banking troubles developed in Detroit, Michigan. The RFC was ready to make a loan to the struggling 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 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 cent. Ford and Couzens had when been partners in the vehicle service, however had become bitter competitors.
When the settlements stopped working, the governor 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 prevented. The crisis in Michigan resulted in a spread of panic, initially to adjacent states, but eventually throughout the nation. Every day of Roosevelt's inauguration, March 4, all states had stated bank holidays or had actually restricted the withdrawal of bank deposits for cash. As one of his very first function as president, on March 5 President Roosevelt announced to the country that he was declaring an across the country bank vacation. Almost all banks in the country were closed for service throughout the following week. https://www.bookmark-friend.win/how-to-sell-my-timeshare-2 |
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