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In mid-February 1933, banking problems developed in Detroit, Michigan. The RFC wanted to make a loan to the distressed 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 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 run the risk of losing all of his deposits before any other depositor lost a cent. Ford and Couzens had once been partners in the automobile service, however had become bitter rivals.
When the negotiations failed, the governor of Michigan stated 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, but eventually throughout the nation. Day by day of Roosevelt's inauguration, March 4, all states had actually declared bank vacations or had actually restricted the withdrawal of bank deposits for cash. As one of his first acts as president, on March 5 President Roosevelt revealed to the nation that he was declaring an across the country bank vacation. Nearly all financial institutions in the nation were closed for company throughout the following week. http://www.aytastarim.net/user/farelaunxh |
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