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In mid-February 1933, banking difficulties developed in Detroit, Michigan. The RFC was prepared to make a loan to the distressed bank, the Union Guardian Trust, to prevent 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 demanded that Henry Ford subordinate his deposits in the struggling bank as a condition of the loan. If Ford agreed, he would risk losing all of his deposits before any other depositor lost a penny. Ford and Couzens had once been partners in the automotive company, but had actually ended up being bitter rivals.
When the negotiations 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 led to a spread of panic, first to nearby states, however ultimately throughout the nation. Every day of Roosevelt's inauguration, March 4, all states had stated bank vacations or had actually restricted the withdrawal of bank deposits for money. As one of his first function as president, on March 5 President Roosevelt revealed to the country that he was declaring a nationwide bank vacation. Almost all banks in the country were closed for business during the following week. https://musescore.com/user/51045795 |
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