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In mid-February 1933, banking difficulties established 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 among 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 troubled 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 actually once been partners in the vehicle service, but had actually become bitter competitors.
When the settlements stopped working, the governor of Michigan declared a statewide bank vacation. In spite of the RFC's willingness to help the Union Guardian Trust, the crisis might not be avoided. The crisis in Michigan led to a spread of panic, first to surrounding states, but eventually throughout the nation. By the day of Roosevelt's inauguration, March 4, all states had stated bank vacations or had limited the withdrawal of bank deposits for cash. As one of his very first acts as president, on March 5 President Roosevelt revealed to the nation that he was declaring an across the country bank vacation. Almost all financial institutions in the nation were closed for business during the following week. https://www.bookmark-zulu.win/wyndham-timeshare-5 |
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