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In mid-February 1933, banking difficulties established in Detroit, Michigan. The RFC wanted 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 agreed, he would risk losing all of his deposits before any other depositor lost a cent. Ford and Couzens had when been partners in the automobile service, however had become bitter rivals.
When the negotiations failed, the governor of Michigan stated a statewide bank holiday. In spite of the RFC's determination to assist the Union Guardian Trust, the crisis might not be prevented. The crisis in Michigan resulted in a spread of panic, initially to adjacent states, however ultimately throughout the nation. Every day of Roosevelt's inauguration, March 4, all states had actually stated bank vacations or had actually restricted the withdrawal of bank deposits for cash. As one of his first serve as president, on March 5 President Roosevelt announced to the nation that he was declaring a nationwide bank vacation. Practically all financial organizations in the country were closed for service during the following week. http://samefo.ge/user/germiecfup |
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