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In mid-February 1933, banking problems established in Detroit, Michigan. The RFC wanted to make a loan to the troubled 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 distressed bank as a condition of the loan. If Ford concurred, he would risk losing all of his deposits before any other depositor lost a cent. Ford and Couzens had actually when been partners in the automobile service, but had become bitter rivals.
When the negotiations stopped working, the guv of Michigan declared a statewide bank vacation. In spite of the RFC's desire to assist the Union Guardian Trust, the crisis might not be avoided. The crisis in Michigan led to a spread of panic, first to nearby states, but ultimately throughout the nation. By the day of Roosevelt's inauguration, March 4, all states had declared bank holidays or had limited the withdrawal of bank deposits for cash. As one of his very first serve as president, on March 5 President Roosevelt announced to the nation that he was declaring a nationwide bank holiday. Practically all banks in the nation were closed for service throughout the following week. https://sims-mod.ru/user/grufusbdfa |
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