National Affairs: Michigan Moratorium

"Whereas, in view of the acute financial emergency now existing in the City cf Detroit and throughout the State of Michigan, I deem it necessary in the public interest and for the preservation of the public peace, health and safety. . . .

"I hereby proclaim . . . Feb. 14. 1933 to Feb. 21 ... to be public holidays during which time all banks, trust companies and financial institutions within the State of Michigan shall not be opened. . . ."

Thus as had happened in Nevada last autumn, in Louisiana last fortnight, a...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!