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In mid-February 1933, banking difficulties 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 one of 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 concurred, he would run the risk of losing all of his deposits prior to any other depositor lost a penny. Ford and Couzens had when been partners in the vehicle organization, however had ended up being bitter competitors.
When the negotiations stopped working, the governor of Michigan stated a statewide bank holiday. In spite of the RFC's willingness to assist the Union Guardian Trust, the crisis could not be avoided. The crisis in Michigan led to a spread of panic, first to adjacent states, but ultimately throughout the country. Every day of Roosevelt's inauguration, March 4, all states had declared bank holidays or had restricted 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 stating a nationwide bank vacation. Nearly all monetary organizations in the nation were closed for service during the following week. http://nunetdeneg.ru/user/cwrictdmkr |
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