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In mid-February 1933, banking difficulties developed 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 particular bank. Michigan Senator James Couzens demanded that Henry Ford subordinate his deposits in the distressed bank as a condition of the loan. If Ford agreed, he would run the risk of losing all of his deposits before any other depositor lost a cent. Ford and Couzens had actually when been partners in the automotive business, but had become bitter rivals.
When the settlements stopped working, the guv of Michigan stated a statewide bank vacation. In spite of the RFC's determination to assist the Union Guardian Trust, the crisis could not be avoided. The crisis in Michigan resulted in 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 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 declaring an across the country bank vacation. Almost all financial institutions in the country were closed for company throughout the following week. https://www.creativelive.com/student/rosalee-roseline-291?via=accounts-freeform_4 |
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