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In mid-February 1933, banking difficulties established in Detroit, Michigan. The RFC was willing to make a loan to the struggling bank, the Union Guardian Trust, to avoid 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 required that Henry Ford subordinate his deposits in the struggling bank as a condition of the loan. If Ford concurred, he would run the risk of losing all of his deposits prior to any other depositor lost a cent. Ford and Couzens had actually once been partners in the automobile company, but had ended up being bitter rivals.
When the settlements failed, the governor of Michigan stated a statewide bank holiday. In spite of the RFC's willingness to help the Union Guardian Trust, the crisis could not be avoided. The crisis in Michigan led to a spread of panic, first to adjacent states, but ultimately throughout the country. Day by day of Roosevelt's inauguration, March 4, all states had stated bank vacations or had restricted the withdrawal of bank deposits for money. As one of his first acts as president, on March 5 President Roosevelt revealed to the country that he was stating a nationwide bank vacation. Nearly all monetary organizations in the country were closed for service during the following week. https://peatix.com/user/13041528/view |
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