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In mid-February 1933, banking problems established in Detroit, Michigan. The RFC was prepared to make a loan to the distressed bank, the Union Guardian Trust, to avoid a crisis. The bank was among Henry Ford's banks, and Ford had deposits of $7 million in this particular bank. Michigan Senator James Couzens required that Henry Ford subordinate his deposits in the distressed bank as a condition of the loan. If Ford concurred, he would run the risk of losing all of his deposits prior to any other depositor lost a cent. Ford and Couzens had once been partners in the automotive organization, but had become bitter rivals.
When the negotiations failed, the guv of Michigan stated a statewide bank vacation. In spite of the RFC's determination to help the Union Guardian Trust, the crisis could not be averted. The crisis in Michigan led to a spread of panic, initially to nearby states, but ultimately throughout the nation. Every 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 serve as president, on March 5 President Roosevelt revealed to the country that he was declaring an across the country bank holiday. Practically all monetary institutions in the nation were closed for company during the following week. http://dudoser.com/user/tricusxaur |
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