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In mid-February 1933, banking problems developed 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 required that Henry Ford subordinate his deposits in the struggling 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 vehicle business, however had ended up being bitter rivals.
When the settlements stopped working, 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 avoided. The crisis in Michigan led to a spread of panic, initially to surrounding states, however ultimately throughout the nation. Day by day of Roosevelt's inauguration, March 4, all states had declared bank vacations or had restricted the withdrawal of bank deposits for cash. As one of his very first function as president, on March 5 President Roosevelt announced to the country that he was stating a nationwide bank holiday. Nearly all financial institutions in the nation were closed for business during the following week. http://dklada.ru/user/edelinyyzr |
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