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In mid-February 1933, banking problems established in Detroit, Michigan. The RFC wanted to make a loan to the distressed bank, the Union Guardian Trust, to prevent 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 required 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 prior to any other depositor lost a penny. Ford and Couzens had when been partners in the vehicle service, however had become bitter rivals.
When the negotiations failed, the governor of Michigan stated a statewide bank holiday. In spite of the RFC's desire to help the Union Guardian Trust, the crisis might not be prevented. The crisis in Michigan resulted in a spread of panic, first to surrounding states, but ultimately throughout the nation. Every day of Roosevelt's inauguration, March 4, all states had declared bank holidays or had restricted the withdrawal of bank deposits for money. As one of his very first serve as president, on March 5 President Roosevelt announced to the country that he was stating an across the country bank holiday. Nearly all banks in the nation were closed for service during the following week. https://dribbble.com/aebbathnyt |
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