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Bio: In mid-February 1933, banking troubles established in Detroit, Michigan. The RFC wanted to make a loan to the distressed 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 distressed bank as a condition of the loan. If Ford agreed, he would run the risk of losing all of his deposits before any other depositor lost a penny. Ford and Couzens had once been partners in the automobile company, but had actually become bitter rivals.

When the settlements failed, the guv 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 led to a spread of panic, initially to surrounding states, but 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 money. 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. Almost all banks in the nation were closed for organization throughout the following week.
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