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In mid-February 1933, banking difficulties established in Detroit, Michigan. The RFC was ready to make a loan to the struggling 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 required 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 prior to any other depositor lost a penny. Ford and Couzens had once been partners in the automotive service, however had actually become bitter competitors.
When the negotiations stopped working, the guv of Michigan stated a statewide bank vacation. In spite of the RFC's desire to help the Union Guardian Trust, the crisis could not be averted. The crisis in Michigan led to a spread of panic, initially to adjacent states, but ultimately throughout the nation. Every day of Roosevelt's inauguration, March 4, all states had declared bank holidays or had actually limited the withdrawal of bank deposits for money. As one of his very first acts as president, on March 5 President Roosevelt announced to the nation that he was stating a nationwide bank holiday. Nearly all banks in the nation were closed for service during the following week. https://artmight.com/user/profile/661925 |
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