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In mid-February 1933, banking problems established in Detroit, Michigan. The RFC wanted to make a loan to the struggling 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 specific bank. Michigan Senator James Couzens demanded that Henry Ford subordinate his deposits in the distressed bank as a condition of the loan. If Ford concurred, he would risk losing all of his deposits prior to any other depositor lost a penny. Ford and Couzens had once been partners in the automobile company, but had ended up being bitter rivals.
When the negotiations failed, the guv of Michigan stated a statewide bank holiday. In spite of the RFC's determination to assist the Union Guardian Trust, the crisis might not be prevented. The crisis in Michigan led to a spread of panic, initially to surrounding states, but eventually throughout the nation. By the day of Roosevelt's inauguration, March 4, all states had declared bank vacations or had restricted the withdrawal of bank deposits for money. As one of his very first acts as president, on March 5 President Roosevelt revealed to the nation that he was stating an across the country bank holiday. Practically all banks in the nation were closed for service throughout the following week. https://www.bookmarkpage.win/las-vegas-timeshare-1 |
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