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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 specific 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 before any other depositor lost a cent. Ford and Couzens had actually when been partners in the vehicle organization, but had become bitter competitors.
When the negotiations failed, the governor of Michigan declared a statewide bank holiday. In spite of the RFC's determination to assist the Union Guardian Trust, the crisis could not be prevented. The crisis in Michigan resulted in a spread of panic, first to surrounding states, but eventually throughout the country. Every day of Roosevelt's inauguration, March 4, all states had declared bank holidays or had actually limited the withdrawal of bank deposits for cash. As one of his very first function as president, on March 5 President Roosevelt revealed to the nation that he was stating an across the country bank vacation. Practically all banks in the nation were closed for company throughout the following week. https://www.a1bookmarks.win/wfg-online |
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