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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 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 agreed, he would risk losing all of his deposits before any other depositor lost a penny. Ford and Couzens had actually as soon as been partners in the automobile service, but had ended up being bitter rivals.
When the settlements stopped working, the governor 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 averted. The crisis in Michigan led to a spread of panic, initially to surrounding states, but eventually throughout the nation. By the day of Roosevelt's inauguration, March 4, all states had declared bank vacations or had limited the withdrawal of bank deposits for money. As one of his very first function as president, on March 5 President Roosevelt announced to the country that he was declaring an across the country bank holiday. Practically all monetary institutions in the nation were closed for organization during the following week. https://orcid.org/0000-0003-0823-3354 |
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