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In mid-February 1933, banking difficulties developed 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 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 concurred, he would risk losing all of his deposits prior to any other depositor lost a cent. Ford and Couzens had when been partners in the automobile service, but had become bitter rivals.
When the negotiations stopped working, the governor of Michigan stated a statewide bank holiday. In spite of the RFC's willingness to assist the Union Guardian Trust, the crisis might not be avoided. The crisis in Michigan resulted in a spread of panic, initially to surrounding states, but ultimately throughout the nation. Day by day of Roosevelt's inauguration, March 4, all states had actually stated bank holidays or had restricted the withdrawal of bank deposits for money. As one of his first function as president, on March 5 President Roosevelt revealed to the nation that he was stating an across the country bank holiday. Almost all banks in the country were closed for business throughout the following week. https://startupmatcher.com/p/esterlychesser-3 |
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