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In mid-February 1933, banking difficulties developed in Detroit, Michigan. The RFC was willing to make a loan to the struggling 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 struggling 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 service, but had become 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 averted. The crisis in Michigan resulted in a spread of panic, initially to adjacent states, however eventually throughout the nation. Day by day of Roosevelt's inauguration, March 4, all states had stated bank vacations or had limited the withdrawal of bank deposits for cash. As one of his first acts as president, on March 5 President Roosevelt announced to the nation that he was declaring a nationwide bank holiday. Practically all banks in the country were closed for company during the following week. https://www.ultimate-guitar.com/u/samiriitqu |
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