Magazine content is available exclusively for TIME subscribers.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...
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