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07-28-2022 |
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| Bio: |
In mid-February 1933, banking troubles developed in Detroit, Michigan. The RFC was prepared 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 particular 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 cent. Ford and Couzens had once been partners in the automotive organization, however had become bitter competitors.
When the settlements failed, the governor of Michigan declared a statewide bank vacation. In spite of the RFC's desire 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, but ultimately throughout the country. Day by 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 very first serve as president, on March 5 President Roosevelt revealed to the country that he was stating an across the country bank vacation. Nearly all financial institutions in the nation were closed for organization throughout the following week. https://www.teachertube.com/user/channel/sammonvnkh |
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Male |
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