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In mid-February 1933, banking difficulties established in Detroit, Michigan. The RFC was prepared 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 demanded that Henry Ford subordinate his deposits in the distressed bank as a condition of the loan. If Ford concurred, 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 company, but had actually ended up being bitter rivals.
When the settlements stopped working, 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 averted. The crisis in Michigan led to a spread of panic, initially to surrounding states, but eventually throughout the nation. Day by day of Roosevelt's inauguration, March 4, all states had actually declared bank holidays or had restricted the withdrawal of bank deposits for cash. As one of his very first acts as president, on March 5 President Roosevelt announced to the nation that he was stating a nationwide bank vacation. Nearly all financial institutions in the nation were closed for organization during the following week. http://www.gardinenwelt-angelina.de/user/blandadebp |
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