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In mid-February 1933, banking troubles developed in Detroit, Michigan. The RFC wanted to make a loan to the distressed 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 distressed bank as a condition of the loan. If Ford agreed, he would risk losing all of his deposits prior to any other depositor lost a cent. Ford and Couzens had actually once been partners in the automotive service, but had actually ended up being bitter competitors.
When the negotiations failed, the governor of Michigan declared a statewide bank vacation. In spite of the RFC's desire to assist the Union Guardian Trust, the crisis might not be avoided. The crisis in Michigan led to a spread of panic, initially to adjacent states, however eventually throughout the nation. Every day of Roosevelt's inauguration, March 4, all states had stated bank vacations or had actually limited the withdrawal of bank deposits for money. 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 holiday. Almost all banks in the nation were closed for business during the following week. http://imsl.club/user/merlenllgo |
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