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In mid-February 1933, banking problems established 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 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 prior to any other depositor lost a penny. Ford and Couzens had as soon as been partners in the automobile business, however had become bitter competitors.
When the settlements failed, the guv of Michigan declared a statewide bank vacation. In spite of the RFC's willingness to assist the Union Guardian Trust, the crisis might not be avoided. The crisis in Michigan resulted in a spread of panic, first to nearby 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 first acts as president, on March 5 President Roosevelt revealed to the country that he was declaring a nationwide bank vacation. Practically all monetary organizations in the country were closed for business during the following week. https://answers.informer.com/user/thothepolg |
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