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In mid-February 1933, banking troubles established in Detroit, Michigan. The RFC wanted to make a loan to the struggling 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 troubled bank as a condition of the loan. If Ford concurred, he would run the risk of losing all of his deposits before any other depositor lost a cent. Ford and Couzens had once been partners in the automotive company, but had ended up being bitter rivals.
When the settlements failed, the guv of Michigan stated a statewide bank vacation. 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, first to surrounding states, but eventually throughout the nation. By the day of Roosevelt's inauguration, March 4, all states had actually declared bank vacations or had limited the withdrawal of bank deposits for cash. As one of his first serve as president, on March 5 President Roosevelt announced to the country that he was declaring an across the country bank vacation. Almost all banks in the country were closed for organization during the following week. https://sberbank-kredit-onlain.ru/user/katterzjqj |
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