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In mid-February 1933, banking difficulties established in Detroit, Michigan. The RFC was prepared to make a loan to the troubled bank, the Union Guardian Trust, to avoid 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 demanded 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 automotive business, but had actually ended up being bitter rivals.
When the settlements 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 might not be avoided. The crisis in Michigan led to a spread of panic, first to adjacent states, but eventually throughout the country. Every day of Roosevelt's inauguration, March 4, all states had actually declared bank vacations or had limited the withdrawal of bank deposits for money. As one of his first acts as president, on March 5 President Roosevelt announced to the country that he was stating a nationwide bank vacation. Almost all banks in the nation were closed for business during the following week. https://www.insert-bookmark.win/westland-financial-services-inc-3 |
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