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In mid-February 1933, banking difficulties established in Detroit, Michigan. The RFC was ready 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 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 agreed, he would risk losing all of his deposits before any other depositor lost a penny. Ford and Couzens had once been partners in the automotive service, but had become bitter competitors.
When the negotiations stopped working, the governor of Michigan declared a statewide bank holiday. In spite of the RFC's desire to help the Union Guardian Trust, the crisis could not be prevented. The crisis in Michigan resulted in a spread of panic, initially to adjacent states, but ultimately throughout the country. Every 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 very first acts as president, on March 5 President Roosevelt announced to the nation that he was declaring a nationwide bank holiday. Nearly all monetary institutions in the nation were closed for company throughout the following week. http://autoroute.lv/user/milyanvduj |
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