Full text of Committee on the History of the Federal Reserve System : Committee Meeting, February 4, 1956, Preparatory Work (1955-1956), Entry 164, Box 10, Folder 9

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

February 6, 1956
Dear Miss Hortons
Mias Adams and I want to thank you on behalf of the
Comalttee and ourselves for all the arrangements you made for
the meeting ou Saturday* Everything was Just perfect, rnd the
dfcy ran very Gmooxhely* Ve tre greteful for ell the tiree and
effort you devoted to us and for the marvelous facilities you
arranged to have available.
Would you elt>o extend our thanks to the chef and
his helpars who did a vonderfui job vith luncheon and morning
coffee*
As for the bill, we would like to have that Just
as soon as possible so we may forward it to Brookings for
payment*
Thanks again for everything*
Sincerely,

Irma Burstein
Miss Betty Horton
Institute for Advanced Study
Princeton University
Princeton, New Jersey




January 20, 1956
Dear Miss Horton*
Each letter from you puts us more at ease about
plans for our meeting of February 4th. Thf t the kitchen
will make coffee available for the Committee is good news.
However, if you don’ t normally work on Saturday, it would
seem quite unfair to you to have to come to the Institute
just to help carry coffee - especially when you've dons so
much already. Perhaps I can manage it in two trips, if
there is no one from tae kitchen available to help.
Thanks much for the fikoor plans - we'll have no
excuses for getting lost now.
I will speak to you by telephone sometime before
the meeting just to check on final arrangements.
Appreciatively,

Irma Burstein
Miss Betty Horton
Institute for Advanced Study
Princeton University
Princeton, Mew Jersey




January 12, 1956
Dear Miss Hortom
Could you let ze know if triers are any facilities
in the building where the i»en will confer for boiling soir.e
water for coffee? Kiis may sound like a very minor point,
but most of thee vill be rising about 6 a.m. to get to
Princeton on time and would be much refreshed by a "coffee
break" cround. 11. The last such conference wtis held at the
Princeton Ina, so of course there was no difficulty in aiv
raettogg for this, but ay knowledge of the Institute ie so
lacking that I must rely on you to infom pie even on these
small setters*
v
Is there perhaps e faculty room (possessed of a
burner, pot end enough utensils) open on Sf turday in which
I could prepare some instant coffee? Or, if not. would it
be possible for us to borrow an electric teapot (to plug in
to a convenient outlet) and sotne cups, eeuders and spoons
from the Institute's cafeteria for this purpose? Or can you
think of some other way?
Ihanks again for your kind help.
Very sincerely,

Irma Burstein
Miss Betty Horton
Institute for Advanced Study
Princeton University
Princeton, Mew Jersey







PRINCETON COliFERE^CE
COMMITTEE MEETING
Februeiy Ut 1956

January 5# 1956
Dear Miss Horton:
Just a <|uick not© on something X
forgot to mention in yesterday*s letter* Ve
here to send a reminder of the coming meeting
to Committee members early next week and have
to include the exact place* So could you Jot
do'-'n for me the name of tie building end room
number where they will convene at 10 a*c*,
end the seme for the place where they will be
served luncheon?
Thanks so much*
In haste.

Inaa Burstein
Mi^e Horton
Office of Cr* Welter Stewart
Institute for Advanced Studies
Princeton University
Princeton, Hew Jersey




January 4, 1956
Dear Miss Hortoni
I talked with Hiss Adams after our phone
conversation this morning, and she is most pleased
with the arrangements you are making for the Committee
meeting of February 4 th, Ve ere very grateful to you
for taking care of this for us - trying to do it by
proxy from Hew York would never have worked*
It will be perfectly all right for the
Committee to meet in one building and hav# luncheon
in another* The room in which they meet for discus­
sion should have a table to accomodate 10 comfortably,
both for talking and Jotting down notes.
fine,
get a
costs
there

As for luncheon, the lamb chop menu sounds
and so does the private dining room* When you do
chance, ve*d like to have some estimate of totAl
of food and service, also a copy of the menu, but
is no rush on this*

Many thanks again for all your efforts,
especially at a time when everything seems to happen
at once*
Most sincerely,

Irma Burstein
Assistant
Miss Horton
Office of Dr* Walter Stewart
Institute for Advanced Studies
Princeton University
Princeton, Hew Jersey

I

January 24, 1956
Dear Bob:
In getting ready tha various items of aaterial for the writing of
the Committee on February 4th, I as reminded that we will need financial data
in order to see in practical tanas what ve have and whet we will need undar the
various plans which may be discussed* lou end I talked about this when I was
in Washington last week, but in generel terms*
Having spent considerable time with the various memos, it seeas to
ae that we need two types of financial data, one for the meeting of the full
Committee and another for the Executive Committee. lou aey have already alerted
Kiss Haroney to this. If not, may I suggest the following*
For the full Committee, estimates only

1 . Figures that will give some reality to the monograph proposals,
i.e . a figure of average minimum costs per monograph*
2 * Figures that will show the relative costs of the two seminar ideas,
Plan I and Plan I I .
3. An overall statement of what we have spent thus far, and what is
left to be used from now until June 30, 1959.
For the Executive Committee in addition Expenditure account for the first six months of fiscal 1955-56

(we need a copy for each member).
I would think there was no reason why these items should be sent out
in advance* if Miss Maroney could get them to me here by Friday morning, Feb­
ruary 3rd, I can take them down with ae to Princeton when I go Friday night.
Thanks ever so much for your good help on this*

Cordially yours,
Mildred Adams
Dr. Robert D. Calkins
The Brookings Institution
722 Jackson Place II* V*
Washington 6, D. C*

c*c* - Miss


Maroney




January 18, 1956
Dear Con)
in Washington yesterday Dr* Calkins went
over in detail various docu»ents which are to be
presented to the meeting on February 4 th*
The report of the Sub-Committee on Mono­
graphs* which you have seen and approved needed in
Dr* Calkins opinion some small changes on page 2 and
&n expansion of the summary paragraph on that page*
I wrote the expanded version in Washington* and he
has approved it*
I talked at the time to Dr* Stewart who
waved reading the expanded version and said he would
accept whatever I did about it*
If you approve the changes which are en­
closed herewith, could you let me know by telephone
so that we can go ahead and get tnis document mimeo­
graphedX
As for the others* Dr. Calkins wanted an
expanded introduction to the memorandum on proposed
voluues* I will send you this in a separate envelope*
As you kuow from your conversation with Dr*
Calkins* he suggests drastic changes in the memorandum
on seminars* I judge from what he says that there is
some doubt in your mind -bout the wisdom of those
changes* X will do a revised version immediately,

—2 —

r


http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
—

send it to both of you and ask a reply as quickly
as possible* If your points of view are too far
apart to bs reconciled* it aay be possible to fsaae
the thin* so that both are presented to the Committee•
I tried to see Kr* Riefler as \*&lx as Br#
Stewart end £r. Calkins, but ne was tied up in an
all-day tie2tin*.
Best as always*

Milored xiaat*s

Mr# Donald B. YToodwtrd
Vick (Xnepical Coxpany
12?, East 4.2nd Street
New Tork 17* H» I .
£nc.

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COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM

33 L ib e r t y

S t r e e t , N ew Y ork

45, N e w

Y o rk

T e le p h o n e : R E c t o r 2 -5 7 0 0 , E x te n s io n 2 8 6

ALLAN SPROUL, Chairman

With cooperation of

W . R a n d o l p h B u r g ess
R o b e r t D . C a l k in s
F . C y r il J a m es
W

il l ia m

W

a lter

J o seph

THE BROOKINGS INSTITUTION
7 2 2 J a c k s o n P l a c e , N. W .
W a s h in g t o n 6, D . C.

-

M c C . M a r t in , J r .
W . St e w a r t

H.

W

D o n a ld B . W

il l i t s

Secretary
Executive Director

oodw ard ,

M il d r e d A d a m s ,

Dear Miss Adam s:
I am glad m y suggested agenda for our forthcoming
meeting found favor with you. I assume that you will see that M r .
Calkins1 report for the subcommittee on monographs, and M r , Woodward’s
report on proposals to put into effect the monograph approach, are
sent out before the meeting. These should be complete reports, not
just offhand remarks.
In sending out notices of the meeting, with the agenda,
you could state and indicate that a meeting of the Executive Committee
will be held after the adjournment of the meeting of the full committee
if time permits.
Yours faithfully

Miss Mildred Adam s
33 Liberty Street,
New York 45, N . Y .




January 12, 1956
Deer Mr* Sproull
Thanks very much for putting your master hand on
that agenda* I do admire the skill vith which you combed out
its burrs and set it in order so that the choices facing the
Committee are clear* apparent, and provocative of discussion*
As for the Executive Committee meeting to follow,
would you like me to
(a) send out vord that it vill be held at the con­
clusion of the full Committee meeting?
(b) try to find another date as soon after February
4th as possible?
(c) let the decision ride until you see how time is
running?
Thanks also for suggested changes on the monograph
memorandum. I will see that those are made*
Faithfully yours,

Mildred Adams
Mr* Allan Sproul
33 Liberty Street
Hew York 45* N* Y*




COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 L ib e r ty S t r e e t , N e w Y o r k 4 5 , N e w Y o r k
T e le p h o n e : R E c t o r 2 -5 7 0 0 , E x te n s io n 2 8 6

ALLAN SPROUL, Chairman

With cooperation of

W . R a n d o l p h B u r g ess

THE BROOKINGS INSTITUTION
722 J a c k s o n P l a c e , N. W .

R o b e r t D . C a l k in s

h4

F . C y r il J a m es
W

il l ia m

W

a lter

M c C . M a r t in , J r .

W

a s h in g t o n

W . St e w a r t

J o seph H . W
D o n a ld B . W

-

il l it s

Secretary
Executive Director

oo dw ard,

M il d r e d A d a m s ,




r

OkW
v if 1 I
,

Januaiy 23, 1956
Dear Don:
I am sending you with tnis a copy of the agenda
as modified by Mr. Sproul and with one or two additions by
me underlined in red. They were added simply for clarity1s
sake*
Please note under
a so-called "Canvass of
economics departments of universities.” I don't know what
Mr. Sproul had in mind that would need separate noting unless
this refers to the list of academic people. Perhaps the
phrase means more to you.
We are hoping to get the agenda and the various
memoranda out on Tnursday, the 26th, so I hope it will be
possible to get this back immediately.
I think that I vrirr± distribute the report of the
Executive Director along witn other papers. Very xittie
of it needs much discussion, and much of it is in substance
a progress report. If you see any reason for not doing it
this way, please let me know.
Best as always,

Mildred Adams
Mr. Donald B. Woodward
Vick Cnemical Company
122 East 4-2nd Street
iiev York 17?
Y.

6, D . C.

DRAFT
' AS I/IO /56
Add.: MA
CO M M ITTEE ON TH E H ISTO RY OF THE FEDERAL RESERV E SYSTEM

Agenda
Princeton, February J+, 1956
1.

Minutes of meeting of Committee held May 2J+, ±955> copies of -which were
distributed to members of Committee June 7, 1955* (Secretary has copy.)

2.

Report on general status of project and proposals of Executive Committee
with respect thereto. (Chairman)

3.

Report of sub-committee on monographs (Mr. Calkins)^ ^
(Memorandum sent to members of Committee) r
|^|f|
*

4..

Report on proposals to put in effect monograpn approach (Mr. Woodward;

5.

6.

(a)

Canvass of economics departments of universities

(b)

Brookings seminars (y\
(Memorandum s^nt to members of Committee;

( c)

Other ff
4[Memorandum on possible monograph program sent to members of
Committee,/

Discussion of future course of project
(a)

As originally planned

(b)

Monograph approacn immediately, while continuing search for author
or editor of definitive histoiy

(c)

Sequential or text book history, with one or more volumes of sup­
plementary readings, monographs and, possioly, vo-Lume of previously
unpublished material uncovered by this project
(See distributed memorandum as under Ac)

(a)

Wind up project at end of fiscal year June 3U, 1956

Report of Executive Director
(a)

Progress Cnandler-Strong book

(b)

Paper Chase

(c)

Columbia University as depository of certain p a p e r s ^ ,
/
(Recommendation of Execuiiate—€oLumittee> 1 ^ --’

(d) £>ank records
(ej

Vest legal summary

(f)

Distribution of inventory of Glass papers

(g)

Continuance of arcnival and research work^
(Recommendation of Executive Committee)




7.

Other business

8_.

Adjournment

Following adjournment, a meeting of the Executive Committee will be called if
time permits.







■t-j f'' h

Jan u ary 23# 1956

Pear Son*
I
aa sending you with this ft copy of the agenda
ae laodified by Mr* Sproul and with one or tvo additions by
me underlined in red, They were added sisiply for clarity* a
Beke*
Please note under 4(a) a eo-oalled ■Canvass of
econo&ics departments of universities*" I don*t know whet
Hr* Sproul had in mind that would need separate noting unless
this refers to the list of academic people* Perhaps the
phrase means more to you.
Ve are hoping to get the agenda and the various
memoranda out on Thursday, the 26th, so I hope it will be
possible to get this back immediately.
I
think that I will distribute the report of the
Executive Director along with other papers* Very little
of it needs much discussion, and much of it Is in substanoe
a progress report* If you see any reason for not doing it
this way, please let me know*
Best as always,

Mildred Adams
Mr. Donald B, Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, H* Y*
E n c.

DR A F T
AS l/iO /56
Add*1 HA
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Agenda
Princeton, February 4, 1956
1»

Minutes of meeting of Committee held Hay 24# 1955# copies of "which were
distributed to members of Committee June 7# 1955* (Secretary has copy*)

2*

Report on general status of project and proposals of Executive Committee
with respect thereto* (Chairman)

3*

Report of sub-committee on monographs (Mr* Calkins)
(Memorandum sent to members of Committee)

4*

Report on pro osals to put in effect monograph approach (Mr* Woodward)

5*

6*

(a)

Canvass of economics departments of universities

(b)

Brookings seminars
(Memorandum sent to members of Committee),

(c)

Other
(Memorandum on possible monograph program sent to members of
Committee)

Discussion of future course of project
(a)

As originally planned

(b)

Monograph approach immediately, while continuing search for author
or editor of definitive history

(c)

Sequential or text book history, with one or more volumes of sup­
plementary readings, monographs and# possibly, volume of previously
unpublished material uncovered by this project
j Seer^stributed^ a^orandum as und^

(d)

Wind up project at end of fiscal year June 30# 1956

Report of Executive Director
(a)

Progress Chandler-Strong book

(b)

Paper Chase

(c)

Columbia University as depository of certain papers
(Recommendation of Executive Committee)

(d) B&nk records
(e)

Vest legal summary

(f)

Distribution of inventory of Glass papers

(g)

Continuance of archival and research work
(Recommendation of Executive Committee)




7#

Other business

8.

Adjournment

Following adjournment, a meeting of the Executive Committee will be called if
time permits*




c o n
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

January 13, 1956
Dear Miss AdamsJ
I am glad my suggested agenda for our forthcoming
meeting found favor with you. I assume that you will see
that Mr. Galkins* report for the subcommittee on monographs,
and Mr. Woodward's report on proposals to put into effect the
monograph approach, are sent out before the. meeting. These
should be complete reports, not just offhand remarks.
In sending out notices of the meeting, with the agenda,
you could state and indicate that a meeting of the Executive
Committee will be held after the adjournment of the meeting of
the full committee if time permits.
lours faithfully,

Miss Mildred Adams,
33 Liberty Street,
New York 4-5> N. I .




COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33

Liberty Street, N e w Y o r k 4 5 , N e w Y o r k
T e l e p h o n e : R E c t o r 2 -5 7 0 0 , E x te n s io n 2 8 6

ALLAN SPROUL, Chairman

With cooperation of

W . R a n d o l p h B u r g e ss

THE BROOKINGS INSTITUTION
7 2 2 J a c k so n P l a c e , N . W .
W a s h in g t o n 6 , D . C.

R o b e r t D . C a l k in s
F . Cy r il J a m es
W

il l ia m

W

a lter

J o seph

M c C . M a r t in , J r .
W . St e w a r t

H.

W

D o n a ld B . W

il l it s

Secretary
Executive Director

oodw ard,

M il d r e d A d a m s ,

Draft

1/ 10/56
Agenda
Princeton, February 4, 1956

1.

Minutes of meeting of Committee held M ay 24, 1955, copies of
which were distributed to m em bers of Committee June 7, 1955.
(Secretary has copy.)

2.

Report on general status of project and proposals of Executive
Committee with respect thereto, (Chairman)

3.

Report of sub-committee on monographs (M r. Calkins)
(Memorandum sent to m em bers of Committee)

4.

Report on proposals to put in effect monograph approach (M r. Woodward)
(a)

Canvass of economics departments of universities

(b)

Brookings seminars

(c)

Oth

Discussion of future course of project
(a)

As originally planned

(b)

Monograph approach immediately, while continuing search for
author or editor of definitive history

(c)

Sequential or text book history, with one or more volumes of
supplementary readings, monographs and, possibly, volume of
previously unpublished material uncovered by this project
^
J L i v e * * Wv\
t}
Wind up project at end of fiscal year June 30, 1956

(d)




Report of Executive Director
(a)

Progress Chandler-Strong book

(b)

Paper Chase

(c)

Columbia University as depository of certain papers
( Recommendation of Executive Committee)

(d)

Bank records

( e)

Vest legal summary

(f)

Distribution of inventory of Glass papers

(g)

Continuance of archival and research work
(Recommendation of Executive Committee)

Other business




R QU G H

DRAFT

(January 4-, 1956)

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

H? IF t * r~

AGENDA
Committee Meeting
Princeton, February U* 1956
Minutes of the previous meeting (May
(The Secretary has a copy.)

■ '(
jrtiUi *

24,

« « 2 X I

1955) were di3$£1bji,t$fiJune 7th.
' 0
SVt.

Old Business
v/ (?) Status of conversations with Columbia University Library officials
Executive Committee recommends^- that this Committee and Columbia jointly
request $35,000 from a foundation (Rockefeller or Merrill) for the
collection and servicing of bankers1 papers.
Q Postponed action on invitation to Dr. Shepard Clough to become a member of
this Committee.
Executive Committee suggests that this be tabled sine die..
Reports
/

On progress of Chandler-Strong book

/
v On paper chase
^

Goldenweiser, Vanderlip, Loeb papers

v On Bank records - recommendation to Sub-Committee on Destruction of Records
/'-'N

s'A
'W .
'u
Glu

New Business
Reports
?
/
1>
''O f Sub-Committee on Monographs appointed May 24-th, meeting June 22nd
;vvvl>iuI
and July 21st, reporting to Executive Committee November 25th

/u.^.vvW t
h>U‘*<.vv*vv.

y on presentation of annual report to the Rockefeller Foundation and the
*Foundation’ s reaction to revised plan of emphasis on monographs
\ybn receipt of Mr. Vest1s “Survey of Important Court Decisions and Opinions
of the Attorney General Affecting the Federal Reserve System,"

^

? Recommendations of the Executive Committee (following meeting of December 19th)
^

That the monograph program be accepted (memo has been sent)

>/

That x, y and z be commissioned to do .. . . ?




ROUGH

DRAFT

(January U, 195$>
2

-

-

Recommendations of the Executive Committee (continued)
y/ That the Glass inventory be distributed
^

That the seminar program be accepted (memo has been sent)

y/ That archival and research activities be continued as described in the
annual report
>,
OvwiV

l Housekeeping
Resignation of Mrs. Singer October 1, 1955

k; V
•■
W>••'/-vi'r
V
I

Freeze of funds, October 1, 1955 - JentS'Ty-=fe£) 1956
1

Office plans for future
If monograph and seminar plans are accepted
If monograph and seminar plans are not accepted

Ovw> t

Budget

A.t.-Uy ^

Calkins' letter to Rockefeller of December 21, 1955
Estimate of time and costs prepared ahead?

^

\ y .
K/




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JAN X 1 1S5S
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DRAFT

1/ 25/56

ftp

Seminars

Qn
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

Heoorandufii on Proposed Conference fend Seminars
et Brookinga lnstltution
For Committee Meeting, February 4* 1956
la the report on Progress and Plena vhich vss approved by thle
CoEUsittee and submitted to the Rockefeller Foundation In October, we eaid,
speaking of the monograph plan, "The success or failure of the undertaking
will be determined by the availability within a reasonable time of coapetent
students billing and able to do the studies.

As part of the search for then,

ife propose to call In the autumn a conference focussed on the problent and
enlisting the outstanding students and authorities in the field for the nossinaticn of names and discussion of subjects.

Ve also have under consideration

the planning of a seminar course at the Brookings Institution for the longer
tent stimulation of Interest among younger men In the history of the Federal
Reserve Syatem,

Invitations would be issued to the most promising of the

younger monetary economists vita particular emphasis on their proven Interest
in m l ting on monetary subjects."
Delays which were unavoidable rendered impossible the calling of
the conference in the autumn of 1955, and suggest the wisdom of re-examining
both the purpose and the mechanics of the idea*
The conference-sesinar plan vas regarded as an integral part of the
monograph approach*

A longer-term value lies in its power to stir in younger

economists the kind of interest in monetary problems which the Chairaan asked
at the year-end meetings of the American Economic Association,
As originally conceived, the oonference-seainar plan represented
two successive steps to a single end - the stimulating of interest among
younger men and the discovery among them of new writers who might be com­
missioned for monographs*




The first of these steps, the conference, was in

DRAFT
Senin&rs

1/25/56

-2 -

essence a *fishing expedition,* meant to focus Interest on monograph subjects
and to secure from older experts new names of young men who would leter be
invited to the seminars.
Tho passage of time, and the extended discussion of monograph
subjects among Coraaittee members, make the preliminary conference less es­
sential than it appeared eight months ago*
We therefore present to you a plan which would combine conference
and seminars to be organized around the monographic research vork conducted
either by scholars for the Committee or carried on independently in similar
fields*
The purpose, as set forth in the October report on Progress and
Plans, is to aid the search for competent scholars willing and able to do the
studies, and to provide for a longer tern stimulating of interest among
younger men in the histoiy of the Federal Reserve System.
Such conferences might start with a group of 8 or 10 active members,
end could be increased as additional personnel Is attracted or discovered*

This

plan calls for several meetings in the winter of 1956-57, with perhaps tvo of
these reserved for the presentation of formal papers vhich become, so to
speak, the fruit of these conferences*

The first conference might be an

exploratory one in vhich members of the group are invited to explore the op­
portunities for research and research topics that deserve consideration*
Available as speakers end consultants at each session would be the
several experts most closely interested in the subject, preferably Kith
personal experience at the crucial point,

¥e would hope to capitalize on

the sense of reality and immediacy vhich can be conveyed to younger men by
the personal reminiscence of the men involved in key decisions or who lived
through key incidents*




DRAFT
Seminars

1/25/56
-3
Once research topics, some of then allied with monographs in pre­

paration, fire allocated, the subsequent conferences vould be framed eround
discussion of these topics.

The reviewing of preliminaiy drafts of research

papers vould follov in somevhat the vay this is handled at the OniveroitieaNational Bureau Conferences.
As an additional inducement to encourage the preparation of papers,
arrangements might be made to publish annually a volume of the papers submitted
to the conference*

Thus members of the group vould be offered a four-point

program of acre then usual interest - an invitation to prepare papers on
particular topics of their choice, the opportunity to discuss these papers
vith informed colleagues, the opportunity to discuss their papers vith those
who have had operating experience vith the System, and the opportunity to
publish their papers after final revision and editing.
Conferences vould take place at Brookings, be sponsored Jointly by
this Committee and Brookings, be led by a chairman availabii for ell sessions
and preferably chosen from among the members of this Committee.
Costs vould be confined to travel expenses, including hotel billB
for the participants, publication expenses, and incidentals*
Further vorking details vould be entrusted to s smell sub-committee
on seminars to be appointed by the .Chairman*
It is believed that this four-point program - the invitation to
prepare a paper, the opportunity to discuss the paper vith colleagues, the
opportunity to obtain criticism from distinguished persons experienced in the
work of the System, and the prospect of publication .vill offer genuine
n

inducements to younger men that vill encourage them to take part in the
activity and to contribute.

This series of conference-sesinRrs might veil

turn up a number of able scholars vho could undertake longer assignments on
the history of the Federal Reserve System*




«fanuexy 23, 1956

P®ar Don»
Iht enclosed re-draft vhich c*a« la from Dr*
Calkin® this aomlng replaces tha -whole of th© material on
Plan XI vhioh begins on p&ga A of the dr&ft aoaoraadMm
8®at you January 19th *
In addition* Dr* Calkins suggests that on page X
of the draft aeaorandua of Januaxy l^tfc, last paragraph
on the page, the middle two Xiaee be cut out so that the
sentence reada, *The conference sesiasr plan vas regarded
aa aa integral part of the aonogrspb approach**
Ho chejag® is made in the wording of Plan I , and
2 take it he la leaving that to you*

We are# of ooursa, eager to have tfaia beck vith
your ova changes and comemta as quickly as possible*
lours in suspension.

Hildred Mams

Hr* Bontld B, Voodvard
Vick Ch«*ic*l Company
122 East 42nd Street
lev toric 17, X* X*
Eno*




/

COPY
Calkins

1 20/56

Flan II >70111(1 be a series of conferences organised around the monographic research work being conducted by scholars for toe Committee, or are
being conducted independent of the Committee.

Instead of seven or eight 1-

evening seminars, this plen would provide for two or three 1- or 2-day con­
ferences during the winter of 1956-57*
The pJhan might be started by colling together the persons assigned to
do monographs for the Committee and a few others vao are knoun to be interested
in the history of the Federal Reserve System.

The first conference Eight be

an exploratory one in vhich members of the group ere invited to explore the
opportunities for research and research topics that deservo consideration*
Subsequently, these conferences vould be held for the purpose of re­
viewing preliminary drafts of research papers prepared by nembers of the group
or others vho viaii to c.tuich themselves to the group*

At each conference

several papers would be reviewed in much the sane way they tre at the
Oniversities-Netional Bureau Conferences.
As an additional inducement to encourage the preparation of papers,
arrangements might be maoe to publish annually a volune of papers submitted
to the conference so that members of th*s ^roup vould be offered an invitation
to prepare papers on particular topics, the opportunity to discuss these
papers vith informed colleagues, the opportunity to discuss their papers vith
those who have had operating experience vith toe System, and the opportunity
to publish their papers after final revision and editing.
It is contemplated that such conferences might be started vith a
group of 8 or 10 active members end could be increesed as additional personnel
is discovered.
Costs vould be confined to travel expenses, including hotel bills for
too participants, publication expenses, and incidentals*




COPY
Calkins

/

1 20/56

It is believed that the invitation to prepare a paper, the oppor­
tunity to discuss the paper vith colleagues, the opportunity to obtain criticism
from distinguished persons experienced in the work of tho System, end the
prospect of publication vill offer genuine inducements to younger men that
will encourage them to take part in the activity and to contribute.

T'lis

seminar might veil turn up a number of able scholars who could undertake
larger assignments on the history of the Federal Reserve System.







January 23, 1956
Daar Bob*
Thanks so much for your c&re vith
the memorandum on the proposed conference
and seminars. I hcve sent the re-draft of
Plan II up by messenger to Donald Woodward
this morning so that he nay consider it
in asking his own final changes*
Tour editorial suggestions in
pencil I em including.
Cordially yours,

Mildred Adams
Sr. Robert 0. Calkins
The Brookings Institution
722 Jackson Place H. V.
Washington <5, P. C.




®}£ proafemgs (Sfttsitinium
pjasljmgimt fi,
722 Sarksmt

<E^ ™

January 20, 1956

JAN 2 3 1S5S
costttntwTyt wSTonY
Dear Mildred:
I have gone over the draft of your
memorandum which is enclosed. Attached
is a redraft of Plan II which comes a little
closer to expressing the views I had in mind
than your present draft does.
In addition I have made several editorial
suggestions, in pencil, which you m ay consider
in your final editing.
Sincerely yours,

President
Miss Mildred Adam s
Committee on the History of
the Federal Reserve System
33 Liberty Street
N ew York 45, N ew York

Enc.

1/20/56
\.
v
^
A ,/v ^ ,""
lK *
Plan II would be a series of conferences organized around the
monographic research work being conducted by scholars for the
Committee, or arre being conducted independent of the Committee,

* ^
9 ^
^ty v j ^ 5 ?

Instead of seven or eight 1-evening seminars, this plan would provide1*-! Of
for two or three 1- or 2-day conferences during the winter of 1956-57.
The plan might be started by calling together the persons assigned
to do monographs for the Committee and a few others who are known to
be interested in the history of the Federal Reserve System.

The first

conference might be an exploratory one in which members of the group
are invited to explore the opportunities for research and research topics
that deserve consideration.
Subsequently, these conferences would be held for the purpose of
reviewing preliminary drafts of research papers prepared by members
of the group or others who wish to attach themselves to the group. At
each conference several papers would be reviewed in much the same
way they are at the ^jniversities-National Bureau Conferences.
As an additional inducement to encourage the preparation of papers,
arrangements might be made to publish annually a volume of papers
submitted to the conference so that members of the group would be
offered an invitation to prepare papers on particular topics, the opportunity
to discuss these papers with informed colleagues, the opportunity to
discuss their papers with those who have had operating experience with
the System, and the opportunity to publish their papers after final revision
and editing.




JP)

t

*

It is contemplated that such conferences might be started with a
group of 8 or 10 active members and could be increased as additional
personnel is discovered.
Costs would be confined to travel expenses, including hotel bills
for the participants, publication expenses, and incidentals.
It is believed that the invitation to prepare a paper, the opportunity
to discuss the paper with colleagues, the opportunity to obtain criticism
from distinguished persons experienced in the work of the System, and
the prospect of publication will offer genuine inducements to younger
m en that will encourage them to take part in the activity and to
contribute.

This seminar might well turn up a number of able scholars

who could undertake larger assignments on the history of the Federal
Reserve System.




DRAFT

January 19, 1956

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Memorandum on Proposed Conference and Seminars
at Brookings Institution
ForJBBBL Committee Meeting. February A. 1956

In the report on Progress and Plans which was approved by this
Committee and submitted to the Rockefeller Foundation, we said, speaking
of the monograph plan, "The success or failure of the undertaking will be
determined by the availability within a reasonable time of competent
students willing and able to do the studies.

As part of the search for

them, we propose to call in the autumn a conference focussed on the problem
and enlisting the outstanding students and authorities in the field for the
nomination of names and discussion of subjects.

We also have under consi­

deration the planning of a seminar course at the Brookings Institution for
the longer terra stimulation of interest among younger men in the history of
the Federal Reserve System.

Invitations would be issued to the most pro­

mising of the younger monetary economists with particular emphasis on
their proven interest in writing on moneteiy subjects."
Delays which were unavoidable rendered impossible the calling
of the conference in the autumn of 1955, and suggest the wisdom of re­
examining both the purpose and the mechanics of the idea.
The conference-seminar plan is an integral part of the major pro­
gram. It was sketched during the meetings of the Sub-Committee on Monographs,
should be considered primarily as a method for putting into effect the
monograph approach. A longer-term value lies in its power to stir in younger
economists the kind of interest»
'.iiiilp' "for which tiie Chairman asked at
the year-end meetings of the American Economic Association.
As originally conceived, the conference-seminar plan represented
two successive steps to a single end *rhnp lrtgnfi ■to n

- the stimulating of interest among younger men

and the discovery among them of new writers who might be commissioned for
monographs.




Tae first of these steps, the conference, was in essence a

D R ii F T 1/19/56

-

2

-

"fishing expedition," meant to focus interest on monograph subjects and to
secure from older experts new names of young men who would later be invited
to the seminars.
The passage of time and the extended discussion of monograph
subjects among Committee members.iioiAd^seearto make the conference less
A
wtJiu
*
essential than it appeared eight months ago^j\ Kfemes of promising younger
men can be secured by more direct means (foif example, by correspondence
with the heads of economics departments in niejor universities^# wiillb 'Cie
f

inform ational value o f th<3 p r e ii^ ft O 'i y 'eeft-gegonoc iGeeaas hardly-vui Lk Llfci

Boat-af sattint* -i 'tqp.
Yet because 3rt waff specifically mentioned in the October report
to the Rockefeller Foundation, we have felt bound to explore it further.
Two alternative plans follow for the Committee's consideration.

Both have

the same encgjin view, both would be sponsored jointly by the Committee and
the Brookings Institution.

Both would be centered at Brookings; for

either^the same leader, Mr. Donald Woodward, would be available*
•'VU4**W*9
two plans differ in mechanics, in^muube.ro invited and in costs.

Tne

The purpose of both conference and seminar, as set forthfe in the
QaI
October Report on Progress and Plans, is to^search for competent scholars
o.
wiliing and able to do the studies, and to provide for^longer term stimu­
la te ^ of interest among younger men in the history of the Federal Reserve
System.
Pian I would hold to the original conference-seminar proposal,
except that the conference would be held in May of i 956 and the seminars in
the winter of 1956-57.
The conference would be a small meeting of expert advisers to
be chosen from among tne most interested and able specialists in public
service, educational institutions and private organizations.




The total

J>

DRAFT

1/19/56

-3 -

number should not exceed 50.

Acceptance of invitations to attend would be

subject to agreement to prepare in advance for the discussion.

Parti­

cipants would be provided in advance with an outline and with materials
to be considered.

The conference would be asked to identify those features

of Federal Reserve history warranting greatest attention, and writers most
competent to deal with them.

It would thus aid in the outlining of the

history and in the development of the monograph program.
We would hope to elicit from the conferees a fruitful discussion
of the most significant aspects of Federal Reserve histoiy and a list of
younger students of graduate standing known to them, who have proven their
interest in the subject and their ability to handle it in writing, and who
would both profit by the discussion and contribute to the project by
future writings.

From this list would be selected the men to be invited

to participate in the seminar course.
The seminars would begin in late September, with 7 or 8 monthly
(JUtrvw'".'\tU*-Wvw&t* *
meetings to follow. Participants, 30 to 50 in number, would be limited
^
of the
to younger men living east.SZSSX Mississippi who are particularly recomb*
(lit*, ru ^ -- U ’ i'’
mended by the spring conference and Federal Reserve officers. .Costs of
i&tk
A
A
travel to and from Washington would be paid - partly out of Committee
funds and partly by a grant to be solicited from another foundation, per­
haps the Merrill.
This seminar course would be designed to explore, XXS to instruct
and to evoke future writing.

Each session would be devoted to a parti­

cular phase, episode o^function around wnich history clusters (and on
which either the history or a monograph would focus much attention).
Available as speakers and consultants at each session would be
the several experts most closely interested in the subject, preferably




•

DRAFT

1/19/56

-A -

with personal experience at the crucial point.

We would hope to capitalize

on the sense of reality and immediacy which can be conveyed to younger
Vv*-V\'Cwi -U
in. Wtvv U**.i
men by the personal reminiscence of
i1 ‘ v
Vl" '
6
jf :elQor-e«portG.
.oldor-eaqport^. * ' \
Discussion notes, or possibly a transcript, would provide
excellent materiel for the future use of writers and studentn.

Partici­

pants would, it is hoped, be stimulated in interest, in study and in
writing.

The meetings would identify the persons of greatest interest and

1

comprehension.

Plan II would omit the conference stage on the ground that much
discussion of monograph subjects has made it unnecessary to ask the kind
of guidance from experts on this point which seemed necessary when tne
plan emerged last summer.

Instead of 7 or 8 one-day seminars, this plan

calls for two or three during the winter of 1956-57, each to xast perhaps
two days.

This second plan echoes certain aspects of the conferences

vhich were held in Princeton a year ago, and makes provision for re­
capturing some of its values.

To the advantages inherent in Plan I, this

second plan adds a stress on publishing.
the
Plan II is designed to appeal to.young monetary economist by

A

o fferin g

him an attractive type o f aid and stimulus, while also promising

him ultimate publication.
It would .bocure the names of potential participants by corA
respondence with the heads of interested departments in a dozen xeacling
universities.

Invitations would then oe issued so as to

young participants of the highest caliber.

10 to 15

These men would be asked to

come with a prepared paper in hand - the subject to be some phase,
episode or function in Federal Reserve history, and either chosen by the
participant or assigned to him.



D Rk F T

1/19/56

-5 -

In addition to the young participants, the attendance of Committee
members and other experts would be invited so that they might serve as
critics and consultants.

Each seminar would be designed with a double

purpose - first, to enable the participant to present his paper to an
audience of his young confreres and his experienced elders, second, to
make it possible for him to hear it criticised and discussed by his col­
leagues and his elders.

The value of this procedure, both as education

and as inspiration, acnnc otaviuua> vo

1

Tne next step would be revision of the paper in the li^ht of the
seminar discussion, and finally, at the end of the session, the pubxication of these^papers under Brookings imprint.
Plan II cajLLs for the holding of two or tnree seminars of this
type in the winter of 1956-57.

At .Least that number would be needed to

handle the papers of fifteen participants with adequate discussion and con­
sultation.
Costs would be confined to travel expenses and a nignt's lodging
for participants, plus publication expenses.
It is believed that the inclusion of a promise of publication in
T\-vvivt!
wJ,
•'tvvV^
Plan II will -sAiwoi.u'fcge academic postponement and provide a aatfioJ. sense
A
*
of importance and immediacy^ "hi p’n irvt-r. make the sessions highly productive.




COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

January 19, 1956
70s Messrs* Robert D« Calkins
Donald B, Woodward
The enclosed draft ic an attempt to present both the
original ccnference-sejaiaar plan which vas the subject of the first
draft of this aeaoreiidus (sent to Hr* Voodw&rd December 22nd, re­
vised version sent to fir* Calkins January 11th)» and a later plan
degised by Dr. Calkins* After discussing the revision with Dr*
Calkins* listening to a telephone discussion between Dr* Calkins
and Mr* ¥oodv&rd» talking further vith Hr. Woodward in Hew Xori,
the difference between the plan Kr* Woodward favored and the one
proposed by Dr. CeJLkixu? seemed so vide as to call not for an atteapt
to reconcile the too, but for their presentation as alternatives*
Tae enclosed drfcft is fruaed toward to&t 4nd*
Tou will probaMy find it rough, the office vould be most
grateful if you could reed It over the week-end and let ne have it
b&ok by lueedey, the iXth, at the latest. Siae is short, and the
Bank so iauaersed in year-end reports that we cannot borrow clerical
help, even by paying for it. fUuuu 1dc«aA<-^ _

I k'O -( fXLvi.i i A< * 'A‘ '•




,>.!

Mildred Adams

P ft * J T Januai7 19, 1956
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

Memorandum on Proposed Conference and Seminars
ftl Bp9o ^ a .l n p t i ,^ f f l
For Coranlttee Meeting. February A* 1956
la the report on Progress and Plans vhich was approved by this
Committee and submitted to the Rockefeller Foundation, ve said, speaking of
the monograph plan, "The eucoesa or failure of the undertaking will be detei>
mined by the availability within a reasonable time of competent students
willing and able to do the studies* As part of the search for them, ve pro*
i*>se to call in the autuam a conference focussed on the problem end enliet»
ing the outstanding students and authorities in the field for the nomination
of names end discussion of subjects. Ve also Have under consideration the
planning of a sealn&r course at the Brookings Institution for the longer tem
stimuLution of Interest among younger men in the history of the Federal
Reserve System* Invitations would be Issued to the most promising of the
younger aonetaiy economists with particular emphasis on their proven
interest in writing on aonetazy subjects*"
Delays >faich were unavoidable rendered Impossible the celling of
the conference in the autumn of 1955, and suggest the wisdom of re-examining
both the purpose and the mechanics of the idea*
The conference-seminar plan is an Integral part of the major pro*
gram*

T L l U u*

was sketched during the meetings of the 8ub-Caanalttee on ttonognphs,

U«-j

j W

/

t

in

tliX

h

1

it

ana should be considered primarily as a method for putting into effeet the
monograph approach* A longer-tem value lies in its power to stir in younger
eeonoolsts the kind of interest in monetary problems which the Chairman asked
at the year-end seetings of the American Economic Association*
As originally conceived, the conference-seminar plan represented
two successive steps to a single end - the stimulating of interest among




DRAFT

1A 9/56

-8 -

younger men and the discovery among them of nev vzlters vho night be com­
missioned for monographs* The first of these steps, the conference, vas in
essence a "fishing expedition, 11 meant to focus interest on monograph subjects
and to secure from older experts new names of young men vho vould later be
invited to the seminars*
The passage of time and the extended discussion of monograph sub*
jects among Committee members may stake the preliminary conference less
essential than it appeared eight months ego* Its informations! value may
be less than it vas, while names of promising younger men can be secured by
more direct me#ns (for example by correspondence vith the heads of economics
departments in major universities)*
let because the conference v*s specifically mentioned in the October
rej.ort to the Rockefeller Foundation, we have felt bound to explore it
further* Two alternative ixUms follov for the Comnittee’ s consideration.
Both have the swee ends In view, both would be sponsored Jointly by the
Coamlttee and the Brookings Institution* Both vould be centered at Brook­
ings; for eltiier plan the same leader, Mr* Donald Woodward, vould be avail*
able* The two plans differ in aechenies* in nuobero invited end in costs*
The purpose of both conference and sersinar, as set forth In the
October Report on Progress end Plans, is to aid the search for competent
scholars vlUlng and able to do the studies, and to provide for a longer
texm stimulating of interest among younger men in the history of tho
Federal Reserve $rstea*
Plea 1 vould hold to the original conference-seminar proposal,
except that the conference vould be held in May of 1956 and the seminars in
the vinter of 1956-57*
The conference vould be a small meeting of expert advisers to be
chosen from among the most interested and able specialists in public service,
educational institutions and private organisations* Tho total number should



D E 2A F T

1/19/56

not exceed 50* Acceptance of invitations to attend vould bo subject to
agreement to prepare in advance for the discussion* Participants vould bo
provided In advance vith an outline and vith auterlals to be considered*
The conference vould be asked to Identify those features of Federal Reserve
histoxy warranting greatest attention, and vxlters most competent to deal
vith then* It would thus aid in the outlining of tho histoxy and In tho
development of the monograph program*
Ve would hope to elicit from the conferees a fruitful discussion
of the most significant espeete of Federal Reserve history and a list of
younger students of graduate standing known to then, who have proven their
interest In the subject and their ability to handle it In writing, and who
would both profit V the discussion and contribute to the project by
future writings* Front this list would be selected the aen to be Invited to
participate in the seminar course*
The sealnars vould begin In late September, with 7 or 8 monthly
meetings to follow during the winter* Participants, 30 to 50 in number* would
bo Halted to younger aen living east of the Mississippi who are particularly
recommended by the spring conference and by Federal Reserve officers*
have a recoacended list froa each Bank*)

(Vo

Costs of travel to and froa Washing­

ton would be paid - partly out of Committee funds and partly by a grant to
be solicited front another foundation, perhaps the Merrill*
This seminar course would be designed to explore, to instruct and
to evoke future writing* Sach session would be devoted to a particular
phase, episode or function around vhich history dusters (and on which either
the history or a monograph would focus much attention)*
Available as speakers and consultants at each session would be
the several experts aost ilosely interested in tho subject, preferably




I A 9/56

DRAFT

vith personal experience at the erueiel point* Ve vould hope to capitalise
on the sense of reality end inzediacy vhich can be conveyed to younger men
by the personal reminiscence of the aen involved in key decisions or vho
lived through key incidents*
Discussion notes* or possibly a. transcript* vould provide ex­
cellent material for the future use of vriters and students* Participants
vould* it is hoped* be etimulr.ted in interest* In study and in vriting* The
meetings vould Identify the persons of greatest interest end comprehension.
Plan II vould omit the conference stage on the ground that much
discussion of monograph subjects fees m»de it unnecessary to ask the kind of
guidance from experts on this point vhich seemed necessary vhen the plan
emerged lest srarser* Ineteed of 7 or 8 one-day seminars* this !>l*n calls for
2 or 3 during the vintar of 1956-57* each to luct perhaps two days* This
second y-3.*n echoes certain espects of the conferences vhich vere held in
Princeton a year 850* and nekeo provision for recapturing some of its values*
To the advantages Inherent in Plan I* this second plan adds a stress on
publishing*
Plan II is designed to appeal to the young monetary economist by
offering him an attractive type of aid and stimulus* vhile also promising
him ultimate publication.
It vould acquire the names of potontir.l participants by corre­
spondence vith the heads of interested departments in a dozen leading
universities* Invitations vould then be issued so as to secure 10 to 15
young participants of the highest caliber* These men vould be asked to
come vith a prepared paper in hand - the subject to be some phase* episode
or function in Federal Reserve history* and either chosen by the partici­
pant or assigned to him*




DRAFT

1/19/56

- 5-

la Addition to the young participants, tho attendance of Coaoittee
aenters and other experts vould be Invited so that they might serve ae
critics and consultants. Each seminar would be designed vith a double
purpose - first* to enable the participant to present his paper to an
audience of his young confreres and his experienced elders* second* to make
it possible for hln to hear it criticised and discussed V bis oolleegues
end his elders* The value of this procedure* both as education and as
inspiration* is considerable*
The next step vould be revision of the paper in the light of the
seminar discussion* and finally* at the end of the session* the publication
of these revised papers under Brookings laprlnt*
Flan XI calls for the holding of two or three seminars of this
type in the vinter of 1956-57* At least that ntxober vould be needed to
handle the papers of fifteen participants vith adequate discussion and
consultation.
Costs vould be confined to travel expenses end a night1s lodging
for participants* plus publication expanses*
It is believed that the Inclusion of a prositse of publication in
Plan IX vill discourage tendencies tovard academic postponement and vill
provide a high sense of Importance end tatsedlacy to make the sessions
highly productive*




■ '" ■ • " M s

«

COM M ITTEE ON TH E H ISTO RY OF THE FEDERAL RESERV E SYSTEM

January 19> 1956
'101 Kasars* Hobert 1* Calkins
Donald S. woodward
The enclosed dr*it is an attempt to present both tha
original conference-seadnar plan which vas tha subject of tha first
draft of thin a««or*ndufii (aant to Hr. Woodward Daeanbar 22nd* re­
vised version aant to Dr. Calkin* January 11th)* and * later plan
demised by Ur. CtOLkias. After discussing; the revision with Dr*
Caxkins, listening to a telephone discussion between Dr* Calkins
fend Hr# -<KXiw*rd, ttujcin^ iurtaer with Kr* Woodward in Kew iork,
the difference between the plan Kr* fcoodward favored end the one
yropo&ed by Dr* Cal*J.ns shewed ao vide aa to call not for an attempt
to reconcile the two, but for their presentation as alternatives*
lae endoaeu draft is fr«&ed tovard that and.
Xou will probably find it rough, ^he office would be most
grateful if you could read it over the week-end and let ae heve it
back by lutsd&y, the 24th* at the latest* Tine is short, and the
Dank so inserted in year-end reports that we cannot borrow clerical
hslpf even by paying for It .




t

Mildred Adas*

CRAFT

J*nu*iy 19, 1956

C O M M ITTEE ON TH E H ISTO RY OF TH E FEDERAL RESERV E SYSTEM

Mworendua on Propped Conference end Sealn«r«
at Brookings Institution
For Coiaalttee Meeting. February i.. 1956
In the report on Progress end Piens which was approved by this
Committee and submitted to the Rockefeller Foundation, ve sfdd, speaking of
the monograph plan, "The success or failure of the undertaking vill be deter­
mined by the availability within a reasonable time of competent students
willing and able to do the studies*

As part of the search for them, we pro-

pose to call in the autumn a conference focussed on the problem and enlist-*
ing the outstanding students and authorities in the field for the nomination
of names and discussion of subjects*

Ve also have under consideration the

planning of a seminar course at the Brookings Institution for the longer term
stimulation of interest among younger men in the history of the Federal
Reserve System*

Invitations would be issued to the most promising of the

younger monetary economists vith particular emphasis on their proven
interest in writing on monetary subjects."
Delays which were unavoidable rendered impossible the calling of
the conference in the autumn of 1955# and suggest the wisdom of re-examining
both the purpose and the mechanics of the idea*
The conference-ss&inar plan is an integral part of the major pro*
gram.

It was sketched during the meetings of the 8ub-Committee on Monographs,

and should be considered primarily as a method for putting into effect the
monograph approach*

A longer-texe value lies In its power to stir in younger

economists the kind of interest in monetary problems which the Chairman asked
at the year-end meetings of the American Economic Association.
As originally conceived, the conference-seminar plan represented
two successive steps to a single end - the stimulating of interest among




tf.tr'!

2

J/19/56

younger aen wad the discovery among them of nev writers who might be oomslI bcloned

for monographs*

The first of these steps* the conference, was in

essence a "fishing expedition,* aeant to foeus interest on monogreph subjects
end to secure from older experts new names of young sen who would leter be
invited to tho seminars*
The pesaege of time and the extended discussion of monograph sub­
jects among Committee members may make the preliminary conference less
essential then it appeared eight months ego*

Its informational value may

be lees than it was, while names of promising younger men can be secured by
more direct means (for example, by correspondence with the heads of economics
departments in major universities)*
let because the conference '/*c specifically mentioned in the October
report to the Rockefeller foundation, ve heve felt bound to explore it
further*

Two alternative pi*n$ follov for the Committee*a consideration.

Both have the same ends in view, both would be sponsored Jointly by the
Committee and the Brookings Institution.

Both would be centered at Brook­

ings j for either plan the same leader, Mr. Donald Woodward, would be avail­
able*

The two plans differ in mechanics, in mnbers Invited and in costs*
The purpose of both oonforenoe end seainar, as set forth in the

October Report on Progress and Plans, is to aid the search for competent
scholars willing and able to do the studies, and to provide for a longer
term stimulating of interest among younger men in the history of the
Federal Reserve System*
Plan I would hold to the original conference-seminar proposal,
except that the conference would be held in May of 1956 and the seminars in
the winter of 1956-57*
The conference would be a small meeting of expert advisers to be
chosen from among the most Interested and able specialists in publio service,
educational institutions and private organisations*



The total nuaber should

D P "A f T

«■
» 3 •*

1/19/56

not e:<csed 50*

Acceptance of invitations to attend vould be subject to

agreement to prepare in advance for the discussion.

Participants vould be

provided in advance vith an outline and vith arterial# to be considered*
Tne conference woold be ask«d to identify those features of Federal Reserve
history warranting greatest attention, and writers most competent to deal
vith then*

It vould thus aid in the outlining of the history” end in the

development of the monograph program*
We vould hope to elicit from the conferees a fruitful discussion
of the aost significant fcapecte of Federal Beserve history and a list of
younger students of graduate standing known to them, who have proven their
Interest in the subject and their ability to handle it in writing, and who
vould both profit by the discussion and contribute to the project by
future writings*

From this list vould be selected the aen to be invited to

participate in the seaiit&r course.
vould begin in Irte Septmber, vith 7 or B monthly
meetings to follow during the winter*

Participants, JO to 50 in rnmber, vould

be Halted to younger men living east of the Mississippi vho are particularly
recommended by the spring conference and by Federal Reserve officers*
have a racrxrsenc’ed list from each Bank*)

(Ve

Costs of travel to and from Washing­

ton vould be paid - partly out of Committee funds and partly by a grant to
be solicited from another foundation, perhaps the Merrill*
this seminar course vould be designed to explore, to Instruct and
to evoke future writing*

lech session vould be devoted to a particular

phase, episode or function around vhich history clusters (and on vhich either
the history or a monograph vould focus much attention)*
Available as speakers and consultants at each session vould be
the several experts most ftlosely interested in the subject, preferably




0 KI I 1

• ^ ■

1/19/56

vith personal experience at the crucial point*

Ve vould hope to capitalise

on the sense of reality end imeedi&cy vhich can be conveyed to younger men
by the personal rea&inlscence of the sen Involved in key decisions or who
lived through key incidents*
discussion notes, or possibly a transcript, wotild provide ex­
cellent material for the future use of writers and students#

P&rticipants

vould, it is hoped, be stimulated in interest, in study end in writing.

The

meetings vould identify the persons of greatest interest and comprehension.
Plen IX vould omit the conference stag® on the ground that much
discussion of monograph subjects has »«de it unnecessary to ssk the kind of
guidance from experts on this point which sealed necessary when the plan
emerged lest suiter*

Instead of 7 or $ one-day seminars, this ?l*.n calls for

2 or 3 during t’\e vinter of 1956-57, each to last perhaps tvo days#

This

seeoni plan echoes certain aspects of the conferences which wwre held in
Princeton a year 8^0, and

provision for recapturing some ef its values*

To the advantages inherent in Plan I , this second plan adds a stress on
publishing*
Plan II is designed to appeal to the young monetary economist by
offering his) an attractive type of aid and stimulus, while also promising
him ultimate publication.
It vould acquire the names of potential participants by corre­
spondence vith the heads of interested departments in a dosen leading
universities*

Invitations would then be issued so as to secure 10 to 15

young participants of the highest caliber*

these men would be asked to

cow* vith a prepared paper in hand - the subject to be some phase, episode
or function in Federal Reserve hi story, *nd either chosen by the partici­
pant or assigned to him*




p a a r t

1 /1 9 /5 6

- 5 -

In rddltlon to th# youni; participants, the att»nd*nc« of CoaelttM
»e»bere and other experts vould be Invited so that they might serve is
critics and conoultants*

Each seminar would be designed with a double

furpoee - first, to ensble the participant to present his paper to an
audience of his youn£ confreres and his experienced elders, second, to mak«
it possible for him to hear it criticised and discussed by his colleagues
and his elders*

The value of this procedure, both as education and as

inspiration, is considerable*
The next step vould be revision of the paper in the li£ht of the
seminar discussion, and finally, at the end of the session, the publication
of these revised papers under Brookings iiaprint*
Plan II calls for the holding of two or three se&lnsrs of this
type in the vinter of 1956-57,

It least thtt mrsber vould be needed to

handle the papere of fifteen participants with fdequate discussion and
consultation,
costc vould be confined to travel expenses and a night*s lodging
for participants, plur> publication expenses*
It is believed thet tha inclusion of a promise of publication in
Plan II vill discourage tendencies tovard scadei&ic postponement and will
provide a high sense of iaportence and immediacy to make the sessions
highly productive*




/
We now propose that this meeting of expert advisers beheld in May of
1955.

The conference would he consultative and advisory.

Its primary purpose

would he to lay the ground work for a seminar course to follow in the auifctaan
if such a course seemed iaxfekexcanfexeKez to he both feasible and desirable.
Toward that end, a small group 6f highly expert people in System, Treasury,
the banks and the collges would he invited to attend.
at that conference
Questions to be discussed might be framed osnowiii't as follows;

(1) What aspects of Federal Reserve history are in your opinion most important,
most neglected, most fruitful for further intensive study?
(2) Would you be interested in seeing the subjects of your choice explored
by means of research and discussion at a seminar course in the winter
of 1956-57?
intellectual
(3) Can you name five younger specialists of high/caliber and proven
writing ability - graduate students or working acquaintances- whom
you would recommend as participants in and contributors to such
a seminar?
Plans would be framed on the following basis-




Sac
Place - Brookings Institution
Sponsors - the Committee and Brookings, jointly.
Chairman - to be determined ( Donald Woodward?)
Procedure - would include a later afternoon, dinner and evening meeting.
Choice of conferees to he invited - Committee suggestions,
together with lists of System economists, of American Hconomic
Association members, and similar aids would he consulted in making
up the list. Final choice to he the responsibility of Robert
Calkin^s and Donald Woodward.
Invitations would be issued to a list of 50, of whom half would
be a fair proportion for accepting.
Invitations would be framed to include the list of questions
above, and a request that replies to questions (l) and (3)
be made in writing, the first to take the form of a memorandum
not more than 3 pages long, the third to include addresses and
some indication of position occupied, as well as names.
Program
5-6:30 PM Pre-dinner meeting, Mr. Burgess or Mr. Calkins
presiding.
Statement of the project, its progress and its problems
by Allen Sproul.

6:30 - Adjourn for cocktails
7 - 8 Dinner at which each guest will be introduced and asked
to state in 2 minutes his answer to question number 1.
Notes will be taken, and a summary prepared for use in
the evening's disaussion.
8:30 - 10:30 Evening meeting, Mr. Donald Woodward, chairman.
Presentation of the most stressed fields of query, as
revealed "by the summary of tpaxtta. answers to question 1..
Presentation to be made by Mr. Calkin^s.
Discussion.
Discusssion of question 2 from the floor.
Collection of replies to question 3 .
Advisory vote of the meeting as to attitude on holding
of proposed winter seminar course.
Costs
Financing
Staff
Seminar Course
Decision as to whether or not to hold the winter seminar course should
be made by the Committee well in advancw, and without regard to the advisory
vote
vfte of the spring conference. If that should be negative, it would show
even more clearly than is now appaaant the need for such a program of dfi.mulus
as is now contef$eated.
On the other hand, it is expected tlpat the program for the seminar
course, and the suggested list of people to be invited, will to a considerable
extent emerge from the seminar course.
Sej&imi-gr plandt might be set as follows;




Place - Brookings Institution
Sponsors - the Committee and Brookings, jointly.
Leader - Donald Woodward
S taff work by Brookings
Time - Autumn of 195& through spring
begin in late September.

1957 - 7 or 8 meetings to

Invitations - enough to furnish 30 to 50 qualified partipipants in the
course, with special attetnion to younger men, living Bast of
the Mississippi and recommended by the spring conference, etc.
Costs - expenses of travel to and from Washington to be defrayed;
Conferees staying in Wa? ington for more than the monfcly seminar
date would be expected to maintain themselves. A limited pro­
portion of the costs would be defrayed from Committee funds,
but a grant for the bulk of these funds would be solicited
from another Foundation, possibly the Merrill.
Subjects- Each session would be devoted to a particular phase, episode
or function around which history clusters, and about which
problems exist, as illustrated by the presentation of this
subject in the spring conference.
or more
a month in advance
Procedure - lach subject would be assigned to a small group of seipiar
participants, hose task it would be to do the nedessary
research and present a summary of their findings in the form
of a paper to be discussed at a future meetings, (timing to
be determined.)
seminar
Each program would have three parts (1) The pre-dinner presentation of the paper.
(2) 8 dinner speech (or speeches) by the older expert
or panel of experts most closely interested in the
subject and with experience of the cnfccial incident
under discussi6n.
(3) An after-dinner discussion Srom the floor
which
participants would be encouraged to ask questions,
criticise the paper presented, argue points made,
and engage in interest-provoking debate. Five minutes
at the end will be allowed for summary of points made
and arguments presented.
It is lelived that this conbination of younger participants, with the
older experts most closely interested in the subject, will lend both
authority and young enthusiasm to the jnca£u seminar program.

We would

hope to capitalize on the sense of reality and immediacy which cqn be conveyed
to younger people by the personal reminiseence of older experts far better
£han by the best of text books.

We would hope that the disucssion notes

would provide a valuable survey of the point at issue for the us e of
writers and studnts.

If desired, it would be possible to link the subjects

under discussion to monographs in the monograph program.




D ft A F T
DBV

(January 11 * 1956)

PP. ^roj^sed ^ fer»no» and g e ^ narp.
a*
l a s & W taa
B ttM

po^ t ^

HeftU^.Fjsbruaiy

In the report on Progress end Plena vhich vis approved by
this Committee and submitted to the Rockefeller Foundation, ve said,
speaking of the monograph plan, "The success or failure of the under­
taking vill be determined by the availability within a reasonable tine
of competent students willing and able to do the studies*

As part of

the search for them, ve propose to call In the autumn a conference
focussed on the problem and enlisting the outstanding students and
authorities in the field for the nomination of names and discussion of
subjects*

We also have under consideration tne planning of a seminar

oourse at the Brookings Institution for the longer term stimulation
of interest among younger wen in the history of the Federal Reserve
System.

Invitations vould be issued to the most promising of the

younger monetary economists with particular emphasis on their proven
interest In writing on monetary subjects."
Conference
Unavoidable delays rendered impossible the calling of the
autism conference.

Ve now propose that this meeting of expert advisers

be held In the spring of 1956*

The conference would be asked to

Identify those features of Federal Reserve history warranting greatest
attention, and writers most competent to deal with them.

It would thus

aid In the outlining of the history and in the development of the
monograph program.

It would also serve as prelude to, and in a con­

sultative capacity for, the seminar course which would be planned for




DEAF? l/li/56
nv

the autmxx*
Conference nlana suggested are Go foliovs;
Piece - brooking6 Institution
Sponsors - The Coordttee and Brookings, jointly
Leader - Donald Voodv&rd
Tiiae - April, 1956
Persons to be invited vould be ohosen fro© e&ong the most interested
tnd able specialists in public service* educational institutions
and private organisations.
The conference vould be relatively fa*11 and highly expert.
The total munbar should not exceed 50«

Acceptance of invitations to

attend vould be subject to agreement to prepare in tdvence for the
discussion*

Participants vould be provided in advance v*iih an outline

and with neteri&Ie to be considered*
Ve vould hope to elicit fror» the conferees a fruitful dis­
cussion of the uost significant aspects of Federal Reserve history and
a list of younger students of graduate standing knovn to thaaf vho
have proven their interest in the subject and their Rbility to handle
it in vriting, rod vho vould both profit by the discussion and con­
tribute to the project by future vritings#

Froa this list vould be

selected the men to be invited to participate in the seainar coarse*

Senlnt.r»
Senlnar Course plans suggested are as follovgt
Place - Brookings Institution
Sponsors - The Coomittee and Brookings, jointly
Leader - Donald Voodvard




D HAft 1/11/56
DBM

-3 -

monthly
Time - Auitxan of 1956 through Spring of 1957) 7 or tf meetings to begin
in le.Ut September#
Purpose - To enhance interest in tbe history of the Federal Reserve
Syttm «n<5 provide & systematic exploration end discussion of its
ffioet aigrificent features.
Persons to be invited - 30 to 50 invitations to be issued qualified
persons# vith especial attention to the younger cnes living east
of the Mississippi who are particularly recommended by the par*
ticip&nts in the spring conference and Federal Reserve officials.
Coils - Expenses of travel to and from Washington vould be defrayed
partly out of existing Committee funds# and partly froa a grant
to be solicited froa* a-iother foundation# possibly the Merrill.
This Bentinar course -would be designed to explore and to
instruct.

Eech session would be devoted to a particular phase# episode

or function around which history clutters (and on vhich either the
history or a monograph would focus much attention}.

Either very full

notes or a transcript would be kept of each meeting.
To each session would be invited the several experts most
closely interested in the subject# preferably with personal experience
at the crucial point.

Ve vould hope to capitalize on the sense of

reality end iRse-dlecy vhich can be conveyed to younger men by the
personel reminiscence of older experts.

The quality expressed by the

classic phrase *all of which I sav# part of vhich X vas* has a value
far livelier and more lasting then can be gained from books alone.
The discussion notes or transcript would provide an excellent
survey for use of vriters and students.




Participants vould, it is

BR/.FT 1/11/56
DBW

hoped, be stimulated in interest, In study and In vrl ting*

The meetings

vould identify the persons of greatest interest and comprehension.
Attached ere lists provided by the middle western end eastern
Federal Reserve Banks of interested academic persons in their districts.
These Hats provide a large group frraa the field for consideration.




f 11 i w t
“ v~~'

.

Original sent to Calkins l / U /56

COPY

D o n a ld

B. W o odw ard

122 E a s t 42nd Street
New Y o r k 17, N. Y.

January 11, 1956

Dear Mildred and Bobs
I have been trying to devise a more compre­
hensive and compelling document on the Seminars, but it
is one of those things that somehow so far has eluded me.
I ’m so anxious to make it go that perhaps I ’m defeating
myself.
The attached small revision of Mildred* s
excellent chopping block may perhaps be sufficient for
our committee - especially with your improvements.
But before going to another Foundation for
funds I'm sure it will need a considerable rewirte. This
can be done after Feb. 4 meeting.
lours,
Don
P .S .
I have no suggestions on the report for the
Committee on Monographs. DBW







Committee on the History of the
Federal Reserve System
It f 1*1 $
,

,

L c J iL ^ ,
cjyCXREMARKS

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13 2 East 4 2 n d Street
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D R A F T
DB¥

(Ja n u a ry 1 1 , 1 956)

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Memorandum on Proposed Conference and Seminars
at Brookings Institution
For Full Committee Meeting, February A. 1956

In the report on Progress and Plans vhich was approved by
this Committee and submitted to the Rockefeller Foundation, we said,
speaking of the monograph plan, "The success or failure of the under­
taking will be determined by the availability within a reasonable time
of competent students willing and able to do the studies.

As part of

the search for them, we propose to call in the autumn a conference
focussed on the problem and enlisting the outstanding students and
authorities in the field for the nomination of names and discussion of
subjects.

We also have under consideration the planning of a seminar

course at the Brookings Institution for the longer term stimulation
of interest among younger men in the history of the Federal Reserve
System.

Invitations would be issued to the most promising of the

younger monetary economists with particular emphasis on their proven
interest in writing on monetary subjects."
Conference
Unavoidable delays rendered impossible the calling of the
autumn conference.

We now propose that this meeting of expert advisers

be held in the spring of 1956.

The conference would be asked to

identify those features of Federal Reserve history warranting greatest
attention, and writers most competent to deal with them.

It would thus

aid in the outlining of the history and in the development of the
monograph program.

It would also serve as prelude to, and in a con­

sultative capacity for, the seminar course which would be planned for




DRAFT
DB¥

1/11/56

-2 -

the autumn.
Conference plans suggested are as follows:
Place - Brookings Institution
Sponsors - The Committee and Brookings, jointly
Leader - Donald Woodward
Time - April, 1956
Persons to be invited would be chosen from among the most interested
and able specialists in public service, educational institutions
and private organizations.
The conference would be relatively small and highly expert.
Tne total number should not exceed 50.

Acceptance of invitations to

attend would be subject to agreement to prepare in advance for the
diseussion.

Participants would be provided in advance with an outline

and with materials to be considered.
We would hope to elicit from the conferees a fruitful dis­
cussion of the most significant aspects of Federal Reserve history and
a list of younger students of graduate standing known to them, who
have proven their interest in the subject and their ability to handle
it in writing, and who would both profit by the discussion and con­
tribute to the project by future writings.

From this list would be

selected the men to be invited to participate in the seminar course.
Seminars
Seminar Course plans suggested are as follows:
Place - Brookings Institution
Sponsors - The Committee and Brookings, jointly
Leader - Donald Woodward




D RAFT
DB¥

1/11/56
-

3 -

monthly
Time - Autumn of 1956 through Spring of 1957J 7 or 8 meetings to begin
in late September.
Purpose - To enhance interest in the history of the Federal Reserve
System and provide s. systematic exploration and discussion of its
most significant features.
Persons to be invited - 30 to 50 invitations to be issued qualified
persons, with especial attention to the younger ones living east
of the Mississippi 'who are particularly recommended by the par­
ticipants in the spring conference and Federal Reserve officials.
Costs - Expenses of travel to and from Washington would be defrayed
partly out of existing Committee funds, and partly from a grant
to be solicited from another foundation, possibly the Merrill.
This seminar course would be designed to explore and to
instruct.

Each session would be devoted to a particular phase, episode

or function around which history clusters (and on which either the
history or a monograph would focus much attention)♦ Either very full
notes or a transcript would be kept of each meeting.
To each session would be invited the several experts most
closely interested in the subject, preferably with personal experience
at the erucial point.

We would hope to capitalize on the sense of

reality and immediacy which can be conveyed to younger men by the
personal reminiscence of older experts.

The quality expressed by the

classic phrase "all of which I saw, part of which I was” has a value
far livelier and more lasting than can be gained from books alone.
The discussion notes or transcript would provide an excellent
survey for use of writers and students.




Participants would, it is

DRAFT
DBW

1/11/56
-

U-

hoped, be stimulated in interest, in study and in writing.

The meetings

would identify the persons of greatest interest and comprehension.
Attached are lists provided by the middle western and eastern
Federal Reserve Banks of interested academic persons in their districts.
These lists provide a large group from the field for consideration.




D R A F T

(D e ce m b e r 2 2 ,

,i/\I

•••' ; d/TS f i \

195$)

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
^
Memorandum on Proposed! Seminar •at Brookings Inati’% iW 6n
For Full Committee Meeting*

19&6

.i
"W
s r

In the report on Progress and Plans which wasg^d^royei^
this Committee and iae’Movembo/ly the Rockefeller Foundation, we said,
speaking of the monograph plan, “The success or failure of the undertaking
will be determined by the availability within a reasonable time of competent
students willing and able to do the studies.

As part of the search for

them, we propose to call in the autumn a conference focussed on the problem
and enlisting the outstanding students and authorities in the field for
the nomination of names and discussion of subjects.

We also have under

consideration the planning of a seminar course at the Brookings Institu­
tion for the longer term stimulation of interest among younger men in the
history of the Federal Reserve System.

Invitations would be issued to

the most promising of the younger monetary economists with particular
emphasis on their proven interest in writing on monetary subjects."
"~ ~ U n a v o i d a b l e
conference.

delays rendered impossible the calling of the autumn

We now propose that this meeting of expert advisers be held

in the spring of 1956 # ’

prelude to, and in a con-

sultative capacity for, the seminar course which would be planned for the
autumn.
Conference plans suggested are as follows:
Place - Brookings Institution
Sponsors - The Committee and Brookings^ ie joint)
Leader - Donald Woodward




D R A F T

(D e c e m b e r 2 2 , 1 9 5 5 )

-2 -

Tlme - April, 1956

-tK

^

*****

Persons to be invited would be chosen from among^
specialists
&£ Eeemoiai'o.Adv-igoggfH & ’^felag-Sy* aacUfgam
ifn ft ...........

"«'" W

..v.w
/j<
aasMe***T7K

* A <*r^ "

ft

r”

3k t &
The conference would be relatively small and highly expert. J4s/Kw rVt"
<2-^C*aA. 5*^ <
^fct**
jUvrwX|i.
i» <MMWhiwwiBhdHwf«
^ iter
*te
dHMrttouil 'faiw
j$&pw
$mefieat«4!fi^e#@B%^!ei*m^«®H9*rieatii^«£ft<sBSwaa«»a«e*aiE^Ktee*msT,™ ^ e* W '

¥e would hope to elicit from the conferees a fruitful discussion
s*~'££k
*| r
£»«***.
.>
o^aonogmph' aft'bflgo^if' and a"'Ii'si'l>Tybt»iger students of graduate standing
known to them, who have proven their interest in the subject and their
ability to handle it in writing, and who would both profit by the discus­
sion and contribute to the project by future writings.

From this list

would be selected the men to be invited to participate in the seminar course.
Seminar Course plans suggested are as follows;
Place - Brookings Institution
Sponsors - % e Committee and Brookings in joint sponsorship
Leader - Donald Woodward
Time - Autumn of 195$f
7 or 8
8 ,meetings to begin in late September, and.rear
95fe#7
ft.
\
on
"mwlftv fatf




D R A F T

(D e c e m b e f 2 2 , 1 9 5 5 )

Purpose - To

-

3 -

interest in the history of aeaetayy
sfnr*^.
e^#ts**'-<w» "* '

ft,
A*eb*+**s,

xnagad, ha?
,4h€r
■vWj
Persons to be invited - 5®*"*^'^®# invitations to be issued Jar -tB««iwae»
living east of the
Mississippi vho are particularly recommended by the participants in
the spring conference .<5*^ f
Costs - Expenses of travel to and from Washington -would be defrayed partly
out of existing Committee funds, and partly from a grant to be

/

solicited from another foundation, possibly the Merrill.
9f jffetfH#
- This seminar course would be designed to i wuptom..aa.woifrHtte to
instruct.

T±s~. aim_ha* ng.trt. »rye>^m g^ | a

feach session ^particular

.

phase, episode or function around which history clustersi fcBsir;
*
$v «.
Wirt***
^ & 3U<* aj1^ .A 'W
^

>

|

Art,

T . each se83ion^fc»«4i»eg^ i !>^£war experts most closely interested in the
subject, preferably with personal experience at the crucial point.

We

would hope to capitalize on the sense of reality and immediacy which
can be conveyed to younger men by the personal reminiscence of older ex­
perts.

The quality expressed by the classic phrase "all of -which I

saw, part of which X was" has a value far livelier and more lasting than




•f$ Xi
j*..




Jtl.,4J r.%r (Deeeabor 28* 15551

:

" :r '

la the report m fm§tm& m& Wtem which m s ffpfOwA by
this ©oraaitt©# and la Mor«®b«r fcgr the laoktfellor Foundation, we said,

spmking of the monograph plan, #15*# suecesa or failure of th« utadertaMag
*411 be detemiaed bjr the availability idthla a reasoimble tia© of co&petont
students wltMxig m i able ts do the studies*

A» part of th® seareh for

tfim, w# prop©®# to cell in the mitxmm * conference tm m m d m tt» problem
and enlisting the oiatstaading students aad authorities ill tta® H® M for
th# nmlmti®m of m « « tad diecuseion ©f subjects,

We also hair# tinder

eo»*id#r&tioa the pl&aalag ®f & wm&mr course t£ «h# Brookiags Instita*
tioa for the longer ter® gttmul&tion of' Interest isstoag younger turn is fee
history of the Federel 1®serve Sysstea*

InvitatAoag wiild be issued to

the m&% promising of the younger jaoaetsry eeososdstit ■with particular
emphasis m tiiotr proven i»t#w>#t i.a m l ting ©a aoneiory ittbloot##*
taevoidabl© delay* roadtrod imjsoesibl© tit* calling of the nmtim
©©afore®##* ft mm pmp&m th#t tbit meeting of expert advisers be hold
im- toe Sftiag of 1996* and th«,t it be not up m prelude to* end in « ©oa»
suit»tiv@ ce|>e.city for# ’too seminar coarse vtit<& wold be planned for the
autumn.
Conference.plans suggested are us follows*
Plot# » Brookiagg Institution
Sponsors * lh« Committee and Broofeingo is joint gpoBsorabip
deader - Donald Woodward




-Jr

1 1 A F ?

(ifewtfbtr 22* lf?s)

*2-

t im ■» Aprils 19S6
Persons to be invited. wuLd be cho&m trm m®w$ ** Honetaacy »M be»kiag
epedUkllets fro* tli« Federal Heserre Board, th® Tre&sui^, the Comacil
of looaomic

Brookings, m l Asm aieong M i aad women sug­

gested fey tlie five FedensI Segerw Itakt ©» th» ©astern se&b®ard*
& # mmtmmm wmM b* relatively tm 21 and highly «x$*rt* Iti
Inteat m ltf t»# «i described tbove, to ealiet *tfee outstanding students
sad amtlioritles 1b the field for tk« soaiaatioa of ami# m i

of

gtibje«tft** to it 1RK&& W proS'Hited tfte probXfot* era&ted for us by tb«
pretest ftpptresfc latH- ©f « ®«fe©]yirly £©©«# ©a sKueteiy

m i it*

leseoas* aad the need for a M-|«r effort directed tcmurd awakening la younger

m m m tstB m sense ©f Hie iaport*ac® of monetary history la tiie rntfnAm of
Hi# a&ttoft* with pertical&r emphasis on

changes wrought siaee the

creation #f tee ?«£«*aX £»ttrr« %nt«®i*
f# maull hope I# ftU«lt fro® the t0»fer@*» It

dlteusslen

«f mmgmph ®«feje@i§ «itft & list of younger students #f graduate standing
to3 «n t® tfaea, wfcto have j*wea their l&t*r*§t ia th« «sb;Jtet *«4 tbelr
i*btij1% p to handle it ia

and ute wo&d both, profit fey the

m m and ©ostribute to the p » j « t V 'fetora writings# frm thl®
mm&& be selected the mm to lift touted to participate la til# seminar eowse*

flw e * Brookings Institution

$pm**n * % t Coamittee end Brookings la ^olat sponsarshlf
Lesder * 8§s»M Bo#dmrd
Time * Autaan of If$6} 7 er 8 aeetiagf to begin la Iste September and mu
on oaee » ssoatli Into tk# -winter




3 B A F f

(D e e e sb o f 2 2 , I f S S l

* I

fw-pQ&® * To amfcen *a<S f««il &a interest la tit® history of* moaet&igr
d«v«lop&e&t la this oouatry witii jtsrtieular reforests® to th* part
played fcgr Ha® ?®a®raX t®*®*'*® %st®at| to stir interest and ft teas# of
competition ta ataogrsjti ■writing in the hope ttwit *»# way th«s find
guft?

for eomlsstoa#

fersoas to Is# &8*it®g - 50 to X ® tavlt&tioiui to b« %mmi. fa? ia a4f®»@®
of the flkosen. date to stade&ts ©f graduate
«*» «*»

iiftisg ®»»t of iSi®

r#eo®aead«d by til® f«r^l«lf»sts la

tli® iprijg to*if#w«»©«
fiosts -* Expenses of travel to and fra* 1 #s^ngtoa

b§ dafrcyed pavtSjr

out #f ®aclttM«g CoBaittee fund#* &s4 pertly ftsst » g m t to fe®
solicited froa anoth®r fot»#»M®% ptnsibjy th® Iftrrtll*
fro«#d«rt *■this seaia&r m m m wwiM b® d»*lgii@i to iaspir® «

i»#tm®t*

Its *!» feeing to ®aeoigr«g®

««&£ a# to

wltlng of a£&0$mj&# «

fsrttetfAr f§m,##% #$4iwt«N»* f^aetios# «ad to w of

1*®®**®

history# it would hut# as the subject of ®acfa. session a parttei&ar
SiuMMK#

or fiffletioe aroiiBd «6tio& fcistoiy ©ltt#t#rs.ii

SiotiM ®»eli session te# tied % a possible mms$m$t subject?)
2»ead®rship wrnld b® vested to'Hr* Ifeodward* -A© plan# to invite to
each m m &m th* H i m ®* four exports most ©l*>s«ly Interested f« tit*
m &3*ot»

with pmemml

m% .tfe® crucial point*

f®

would ho$>® to «aj4 tails® on th® f«ft«* of reality and lEseaediaey vhieh
cun fc® conveyed to younger mm by th® personal reRiniseeno® of older «p»
f*rts#

Hi# quality wqpmMNkl fey th® tiUMt* phras® % I 2 of tifcUfe I

@s% part of tihidi I was* ha® a w&ii* far H ’ftli®!* « d sow? lasting ttma
mm be galati fw® books

la 'tfe®

of mmiMry &l«t©iy# #i®r®

writing ia geaemlly 3|>ars#, c&utioua gnd toifiinicel, these verbal &ccoimta of persoaal pmrtioipation *t k®jr aoments ar® m important
teftcMag rosonre®, i&rg«iy ieQit8tpf®d«



Ref

/. f

S u boorr--<t>* H a « ,

c ts fh

^n f /
u
V

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

\m<r

$-•
a //'
.

1\U
Svemvf fe# 1955
TO*

M M m u ftob*rt &, Otdkim
V«Xt«r W* $t*vert
DomXd B.

In &£g$uftatag pr«$*i«tloji of tin* »|Md» for Hi$ /wtir<
of F«bru*ty
1$5&* Mr. Sproul *$k#d tft*st th* 8sk*4tea«sitt#» on
km o&m paa »s&* to th« full Ctagaltt** * report on tho tvo ?s#«tings
&eld Jim* JZ2nd «a4 «J<U.y 21#tf 1955* »t Frtaooton.
Dr# Olfcins 1ms
to prmawt th«t roport, but
ittilcft tkat a draft be etro«I«Ud In edwne# so th*t h« may h#vc
ti* benefit of C 'ss® t fini other &w<b**r% of
Sub^C^s:*iti#*.
Th# «a#los$d dm ft is a *«***#ry of Mimit#* ctaft w m &n sad#
m»d* *% ih# tin#, elroul^tod th#«, mwI
to la tor oorrootion.
I f you *o«Xd s«nd *aqr <sH*ng#$ or ommmtB to this office fts aoon
pe*sl&L#» enc? o*rt*inly b /
13 th, wt vill aoordlnat# th#s
h#r* *nd t v r m H thm to Dr. C«lkio» for ffwsl o^tttag.




MiXdr#«S Ad^*a«

'r

DRIP ¥

(January 6, 1956)

C O M M IT T E E O N T H E H IS T O R Y O F T H E FED ER A L R E S E R V E SY STEM

Report of two Kid-sussaer Meetings
of the
Sub-Co;mi ttec on Monograph*

The &ub-G®mi%%*€ on Monogrej hs, consisting of Messrs* Calkins,
Stewert and Woodvard, hold tv©
In Princeton In the months of
June «md July, 1955* their esslgnssant was "to block out areas of interest,
•ot the monograph 9» t t * n in order, ncainete possible writers end report
its finding# and reeosasandationa to the full Comlttee.*1
Plough tisse hag intervened si non those aeetin&s so that cer­
tain fictions there reoffended hav# boon Cftrriad out* Others will bo
brought up for discussion today* The Sub-Cos .si ttee1 $ dismissions and reoowsond&tlons ware reported to the dud men of this Coe^ittoo st the end
of tho two boo tings* They are re^rtod to you now in eccordanoe with
/our request and His#
At tho first steetiag, on June 22nd, it **« agreed that tho
vital thing was to settle on the na&ea of acceptable writers and titles six i f possible, certainly throe* Vith these in hand the Censnlttee could
go to the Rockefeller Foundation, explain the ehift to aonogrepfcs, and
ask their concurrence.

Before starting to naase n s t s , th© Suh-Goaisi ttee discussed
standards to be net, and ftgreed that «o far as age, experience, qualifi­
cations of scholarship ®ad writing ability vere concerned, *wh«t v* need
Is some m re Lester Chandlers** As for rtyle, readability and compre­
hensibility, the standard to be preferred is embodied in the Monthly
Economic Letter of the Jfetlcn*! City Bankj however, it was recognised that
a corresponding degree of lucidity sight be difficult for the writer of
« technical study*
As a preliminary i%ove, it was requested th&t the Committee
stuff, on the basis of material alrea<^r aseerabled, prepare two studies*
one on files, libraries aad archival attitudes in the Bowrd und the
twelve Federal Reserve &an£s| the othar a study of the seen who run the
Bystsn Insofar as age, length of service, education and previous careers
of Beayg asabers, top officers of the twelve Saaks and directors are
concerned* (Both these studies vere aade and distributed to Coasnittee
asabers in early SepWaber as additions to the annusl Fro^rese and Flans
report*)
Dr# Stewart e*prassed reluctance to proceed with the framing
of a general plan which could not be aade concrete* I f , within a few
aonths, a practicable list which met Coa&lttae standards was not devised,
he would advise retreat on the ground that the field %»*s too barren to
go forward at this tir,e*




DRAFT
1/18/56
Sub-Committee on Monographs

,
-2 •
(with Dr* Calkins
revisions)

t 4t

( -

Detailed consideration of s long list of suggested nemes end mono- d*~
graph titles resulted in the acceptance of three nemes for exploration as to
availability, George Roberts of the National City Ban>, R.
Saulnier of the
Council of Economic Advisers, V. V. Rostov of M .I.T . To these the name of
Howard Ellis was added later*
The secon d meeting held a month later (July 21st) feeed reports
made after careful exploretion^ which showed that no one of the first three
men would be available; Hovard Ellis vas reported tep^rarily out of reach.
The Sub-Committee again discussed a considerable list of suggestions.
General approval was given some sixteen titles, but without recommend?tion forr
action. (Those are listed a t the end of this summary and have mostly been
embodied in the memorandum on monographs prepared for this present meeting*)
Sub-Committee members discussed f t some length other courses of action which
might be recommended to the Committee. It was agreed that any such recommenda­
tion must start vith a statement that because of Dr. Bu^ess* government com­
mitments and the shortage of economic historians free to take a Committee as­
signment, the original concept of a definitive history must be postponed. In­
stead, the Sub-Committee proposed a program for the next year to includes
(a) the continuing of archival and documentary projects now under way,
(b )

the commissioning of further monographs on various phases of
Federal Reserve history,

(c) the possible use of a United oortion of the funds "to stimulate
the interest of qualified younger scholars in a re-examination
of the Federal Reserve, perhaps through seminars and vyiting
conferences at Brookings on the highest level."
In summary, it should be said that, while the Sub-Committee found
it not poss5.ble to produce the desired l l 3t> of monographs which would be
definitive and of authors both acceptable and available, its discussions did
narrow the field of discussion, while its recommendations form part of the
memorandum on monographs now before you. In addition, it faced the implications
of the problem created by the continuing lack of historians, defined the alter­
natives which should be presented tc the Rockefeller Foundation, (and which
were embodied in the October report to the Foundation), and created the frame­
work for decision in noting that (a) no senior historians of the desired type
seemed to be available, (b; economists of the middle group should be explored
as possible writers of monographs, (c) the interest of the young might usefully
be stirred by means of a conference and seminar program. In addition, it re­
quested two 3taff reports which were made and put in the Committee* s hands.
p The Sub-Committee*s recommendations for action have in part been carried out. and
in part are before you today in the form of two memoranda - one a program of'
proposed volumes, to be commissioned and published, the other a program for
stirring interest among younger experts by means of a preliminary conference
leading to a program of seminars.
— — •— ~ • Writers* names ang monograph subjects discussed with some interest
at these meetings followjx^
First Meeting, June 22,-0.955
Malcolm Bryan to do a monograph on southern banking against the American banking
profile
Howard Hsxkiqjc - a monograph on the legal aspects of the Federal Reserve Act.



t ? A T T

U 4 /&

Sub-Comalttee oa Monographs
detailed consideration of ft long list of suggested names and
monograph title# resulted la the aaaaptanaa of three naaes for explora­
tion as to availability, Georg* Roberta of the national City Bank, R. J*
&auinier of the Couacil of Seonoiaie Advisers, t * V* Rostov of M*I*T« To
these the name of Howard tilts « N added later*
The second meeting held a month later (July 21 at) faced reports
that no one of the first three sen would be available, end that Howard
Illia vas temporarily out of reach*
The §ub-Comglttee again discussed a considerable H s t of suggcations* General approval was given w t sixteen titles, but without
recommendation for action. (These are listed at the end of this summary
and have mostly been embodied in the stemorendu® on monographs prepared
for this present meeting*) &&-Cammltta« members discussed at sose length
other courses of action which might be reoffended to the Committea* It
vas agreed that ahy such reawvendatiaii must start with a et*>t*aent tha%
because of ftp* Burgess* government eoftmltmeats aad the shortage of econo­
mic historians free to Uko a Committee assignment, the original concept
of a definitive history mu&t be postponed* Instead, the Sub-Committee
proposed a j^rogrw* for the next year to includes
(a) the continuing of crehivtd and doct*seat**y projecto now under
way,
(b) the aosssissloniag of furiitr monographs on v u io w phases of
Federal iteitm hietozy,
(a) the use of a portion of the funds •to stimulate the interest
of qualified younger echoic r& in a re-axamiaatloa of the Federal
leeerve, perhaps through s^&ln^rs aad writing conferences at
Brookings on the highest level**

In atSHtiufy, it should be said that while the Sub-Committee
fowid it impossible to produce the long-sought list of acceptable mono­
graph titles aad available authors, its discussions narrowad the field
and its raeoeeandatloas form part of the memorandum on monographs now
before you* In addition, it re^meeted two at^ff reports which were made
and placed ia the Comaittaa*s hands* It outlined a progrm of future
action vhieh has ia pert been carried out and la part (the seminar
proposals) is before you today*
Writers* names and monograph subjects discussed with amm
Interest at these meetings follow*
flr»t HooU to . Jm » 22, 1951
Malcolm bryaa to do a monograph on southern banking against the American
banking profile*

Howard Hackley - a monograph oa the legal aspects of the Federal Reserve
Act*




t n t r t

i /k /%

Sub-Coaxittee on Monograph#

3

First Mating. Jmm Z2. 1955 (oontinu«rt)
John Langaeu reeoaaended by Dr* Heaton*
Arthur Msraet to do % study of trie international aspect and operatic*# of
the ttyeUrnm
Oliver >owgil« *iio#e studies of sloped banks, sade for a $y«ta* Cewdttee
* na never pi&liahed, might serv# a* the baala for & nev #tudy*
»R« J . Sauuiler. «a*n free of t&e Council of Economic adviser®*
♦fleonge ftofrerta of th# Satioaal City Benk*
• * * • *• *•
Leonard Vhlta to do a study of th* Fad* as * &ov*rm*nt entity.
Voodllef thostes. vhose ooUeeted a*## of aaltrial# on broker* 1 loans in
early day* would serve a# base for a momgr*^i on th*t sub,Jtot.
§»<Km* *«»«»«.■ Ji»jr g j. 3.953
Bank Holiday of 1933$ a #tady of o*u§es «n.1 effeota fro® 1926 to 1933 in
and on ttie $y«Ws (ao *ut&or)*
Board-frea«u*y Relationship# (no author)*
Broker#1 i*oana, a £tudy of - Wo^dlief Thonas*

Credit Controls*, General «ftl Selective - Curl hyvjr*
Crisa# Uwter the Federal Keserve fyatm - Paul Sfi&uelson*
*a?Ril#d B«nk#, Their Cause* end the Fed**8 ftendlin^ - Oliver F«v<*ll#
Fedcrtl Heserve and tke Futile Interest - Randolph Burgee#*

(thi# is the eufeject ohosen by Hr* Burgees in 1954) •
(bid Folisy #nd Practice of the Systes* - Kiroalav Kris*
Intelligence and Research Function# of the Federal Regenre Syat^rs • a
report bjr Mildred
Legal Papeete of the federal Heserve £ystee; * Hov&rd Sfedeley.
(tiaie 4+s qualified by a deaire to kjqqm nore about Mr* Hackley* #
work aad ability}*
* Liter found to fee unavailable*
** These were expanded after mention in the earlier Beating*




t u n
1/ 6/56
Sub-Cosesitte* on Kono0 ruths

-4 -

$«eon4 HettLmi. July a , 1955 (continued)
Monetary Control a In Assertoen Theory &nc Frsetiee - ZIelgt Vood.
(thi* it *
thet & book under •uey be &ufcsidl*ed In order
to speed it* writing)*

Prooe^urfa end Policies of ta* Federei. Heaerve, History of - JCerl Bopp.
(this m s approved, but vith tae under#tending that Hr* Bopp nl^ht
m t be free to do it)*
Regional Awpeets of the System - Mildred Adeas*
(«*i^rove4# but not given a
priority).
Seeerve Ke 4uir*&entK# Ca*.%e» in - Br&y Hfcsss&ond (?)

1-oliUac end th*? Federal K*a#rv# S y n t m - i*uciu* ViXfcerding *
(this **e epjroved *e en td«ef but Kr. Vllaerdtnt, h«e other eoraniv
ftente) •
**F#der»X R#?*erve % s t e » # e C&ee History in i ublit A<1r.inistretlon - Leonard
D. VHlte (Dr. White i* retiring this y&er end thought. to fee eveilebXe i f
desired)«
In addition, e younger s&nf Philip & « H of H*;ver£ord# wee
dieeueeea ae * poftftlfeHitir.

Ee^peotfaLly sub&itted for
the Sufe-Cott&itte**
Robert D. Cclisin*

** Theee were e v a d e d efter mention in the earlier meeting.







P a o fo $£ p

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

J&&U&27

IOi

1956

k**$r6« JUUaa U p t o Chairwaa
V# ftmdolph Burg##*
&>b#rt B« Qinlhim
$k>mXtI B,
&#©r#t**3r

A m l H d a—orinrtu* on po#«ibi# am$;xv#ti #olu»«s
to Vi* £a#ou'Uv$ Gos-^itt## ea th# 5th of
m»x7 » $*»• C&Xkla& has
that th# introduatoiy pom*
gr&,.h b# MiMrafefct
*a<£ Hr* Sproul ha# $u#g*atW
cart* ta ahaaeta in wording tad la gfou^iag afcooi th#
W lW M Is

$h« aaolosad taxi hfts b*#a #dit#4 la * 0cowrie#
vita the** auggaatlaaa* W# would appr#«l*t* raaaiviag by
JaaiMtx? $3*6 isay further ehfcas#® vhieh you vould Ilk# i»4»«

Kildrad 44#&«

t iin fa s s

C O M M IT T E E O N T H E H IS T O R Y O F T H E FED ER A L R E S E R V E SY STEM

Kw»or»«rtH» on PrP Q»«) Ko Xub»»

this
on Promoted
it th# fruit of mwah diecushion, of »ugge*tlon* from u#»ber# of thla Coamittee, of recoEKr.eadation*
m d« during tv© m « r meeting# of th# Suh-Coosdttoo on Monograph#* Ita
present for® owe# much to a detailed propoaal Milo by Mr* Burgeca at #
seating of tho Executive Oownlttoo on ftmnfeor 25th• that prop#*#! waa,
it tho Executive CcwBilttoo* a roq^sootf triced over in * acKorandua prepared
Dr* Calkins and Mlis jMis©js for a aaeUng of th# Cooaitte# on $#e#r*b#r
19th* It w o accepted then In substance, and further edited for clarity
end concisenes#* It represents a cabins tion of the chronological end tho
episodic, vith pi®oo for possible voluaes of readings froa both unpublished
jsapers and ^H laiitd papora difficult of sec###* Xhkoo of writers appear
»i suggested, but without implication of agreed choice*

This would bo * sin&Ie-voiu&e, sequential history, factual in
nature, to b# baaed on tho assumption that as th* 3y#tou has continued to
bo ea evolving acchsoisa, ita history la essentially tho atory of ita
growth and oh* nge* Xt would eontsln a adafjm of interpretation or analysis,
and wwdUt bo designed for classrooa us# or e# eu^plaseatavy reading* It
would fit# tho frnsevork for tho pro,* oaod volua# of readings whioh follow##
Various writ#r* for thia valua# h#v# boon suggested, of whoa tho
on# now asost favored and moat possible ao«&a to bo ?rof#s^or Howard £111#
of tho laiver#ity of California, foraer President of tha American loonoaie
Association and a notad scholar in thla flald*

thi a volu&e, to bo prepared in connection with th# writing of tho
hiatoiy, would consist in tho m&ln of published aaterlals, key docuaents,
statements in hearings or speeches, cosing at crucial points in tho growth
of tho $y»t#a* PerUcuii r attention In selecting itona vould bo paid to
materials oo« only difficult of access but important to atudentf,
m a m

a u ttia u

A group of voluaes ia proposed which would contain shorter none­
gropha foiag deeper into episodes, period** functions, etc* than la possible
in th# one-voluae history* These me&ogr#f3ta, while necessarily limited in
length, would adult of Interpretation and discussion of controw#ratal point#
lacking in th# factual history*
the following subject# for two possible voluaes (or sore If con­
siderations of spate #o dictate) haT# been culled frees massbera1 Hat# and
grouped for ordler and ocvsrago*




%$ A f t
Fropoaod

X/1M/51
• 2 -

s m iL m *.

&xMdM$|k( Suklaeta

ftiiVvMai

Foandlng of tho FadoreX R « w m Syataa

li*T H*«mond

FadaraX Ka&arra'a pari 1a tha Finaaeing of
World W*r# X and II

K«rsli«ll I hU

Inflation ami CoXXapoo, X9X9-2X

shi

t

FadoraX fcaaarva aad tttrepoaa Raeofutr^oiioR
X Reparation* aad Booongtlt&tion of CantraX
B*ak&j X fM H #

XX Cooptmttoi with 0«atfil Baaka to iPrnvont
€kU»tr»|l« Abroad and #t Soao* X930-39

/

Mtro&X»v Xrt*
fhiJLlp Ball
Arthur Margat
Sfanrjr Slo^ana

Crisis of X92f-33
Stock Ksrkat and tha FadoraX ftaaarva

C*rX Fsrry

FalXod Banka and tlta FvdoraX ftasarao

OXlvor FowoXX

t n ld m loXtdajr of ifgf
OoXd Foliar and FnsoUaa of th# $jr«tis|
i W t and I W i
8«gnittgf* of Ratponoa
Effaot on tha Xooaeagr# ata.

CantrfcX Banking la XatotaatioaaX Politic©
m a a u a * m m m m . m .. m m s f L .* ..
X. fttXaUoBafelpa
Board and Banka - ftojflonaX ispaetfi of tha 8?&Um
Board* Bank# •**& fr*##m*3r
Board and othar Fadar&X ontltlaa affooting banking F .C .I.C ., CoaptroXXor*a Offiaa, K.F.C.
Board and st&ta tanking authoriUnss and banka
Board *nd *toff
FadoraX Boaowo %ista® and Foraipi CantraX B*akt§ aad Govoraaoato




E R A r T lA #/54
Proposed Yo I w m k
IK&OKg If.

-3 •

T O M IE

ARP MTECT OF * (eoatlaaed)

2* Tools of th# ^r«t«i
©pen Kerfcet Operatloaa
Dieoouat R&tee
Reiser*# Re ;tiiroseate

AdainistnttloB of foliar - Moral Su&elon
Cri I itCovA^aferflaaaral ^

Seleeil*e# &ieiitit#tire and sttisilt&ti*#

B&akora Acec^ttuaea

Foreign Leading
3* Functions
Cheek eleszvnee and oolleetlaa

Bray Jteaaaai

Per eleer*aee controversy
B&ak eanaiantioa ea£ aa^artl i&aa

Reeeereh tad intelligence la the % $ i «
Cumsacy aovesseate
X# taaexy Chapter
Effect* of theae reletleaMtd^a# tools, fuaetlona
©n the growth of the

Oa benklag sf&Xm la the i. I*
v

©a th# aattaaal eaorawar
fQLffir. V» la addition* occeei^sftl Hreljr Interest he a been ex;*reaeed la
oilier subjects and author# Mil eh might be combined la a alacellaneoaa eolme*
T-’.oso #7# listed here for th# record hut vlthoat reaaaaeadfctloB,
L#c«l Aapecte of th# Systca

S m fti if delay

Broker#1 Loaaa

¥oodllef Those**

History of Beaken* Acceptances

Based oa aovly discovered
tferfeurg aesio

Federal Reserve Syst«* - a Case 81 story la
Pttblic Adalaietvatloa
Federal Besemre *jft& the Public Interest

Randolph Buctfeaa

Poll tie* and the Federal Reserve §jr*toa

Laoius Vllaardlng

Coa$rc#sloaf»JL Heariotga aad the Fed*






C O M M IT T E E O N T H E H IS T O R Y O F T H E FED ER A L R E S E R V E SY STEM

TOt

M »asr«* AXXaa SproaX , C h ain u u i

¥* HfcndoXph Burgas*
R o b e rt H* e * i k i a *

IbaaXd B. M©odw*rd, k#cr*tfcxy

A ravlaad m«aortadm on ;>o#eibX# monograph m lm a s
w*# 9ircui*t«d to th« &xaeutl*a Casualttaa oa the 5tli of
liomigr* $r« Calkin® has? asfcad that tha introcHuatoiy paragraph b« ooaauhfct
tad Mr* &prouX ha§ »u££a«tad
aartala chantas ia wording &nd la g m p ts g Kaoag tha
volraas*
?h# enaXosad taxi hm baan adltad in aea&rdaaaa
vlth thaaa aasgestiona* Va *wouXd appraalata raaalviag by
January 23rd any farther ehfcn&aa whleh you vouXd Xtk# aada*

Mildrad Adana

E1 R » y 3

Jftn uniy U , 19 5 6

C O M M IT T E E ON T H E H IS T O R Y O F T H E FED ER A L R E S E R V E SY STEM

on ?ro.o*«> Vo

This Hmomn&m on Pro osid Holmes is th# fruit of much dis­
cussion, of suggestions from mmbers of this Committee, of reeossraendatlons
n»do during txo mmm^r meetings of th# Sub-Caaftlttee on Monographs* Ita
present for® owe# much to a detailed proposal made by My* Burgess at a
aeetlng of tha Executive Committee on XoTenbar 25th« That proposal was,
at tho Executive Committee* # request, worked over in a me&oxvndua prepared
by Dr* Celkias and Mlsa Adams for a meeting of tho Coaai ttae on December
19th* It waa accepted than in subst&nce, and further edited for clarity
and oonalsonoaa* It repreaents a combination of tha chronological and tha
episodic, vith piece for possible voluaes of readings fro® both unpublished
papers end published papers difficult of aooeaa* Veatea of writers appear
aa suggested, but without Implication of agreed choice*
m m

k

..

sam .

Thla vould be a single-volume, sequential history, factual la
aature, to be baaed on the assumption that aa the System haa continued to
ba aa evolving aechsniaa, ita hi atory la essentially the atory of Ita
growth aadLchange* Xt would contain a mlnl&ua of Interpretation or analysis,
and **©ul^ be designed for classroom use or aa supplementary reading* Xt
vould give the framework for tha proposed volume of readings vhich follows*
Various writers for this volume have been suggested, of whoa the
one now most favored and most possible seeas to be Professor Howard 1111#
of the University of California, foraer President of the Aasrlcaa Economic
Association and a noted aoholar In thla field*

Thla voluae, to be prepared la connection with the writing of the
history, would consist la the aaln of published aaterlals, key docuaenls,
statements in hearings or speeches, coding at crucial points in the growth
of the Sy&tcm* Particular attention la selecting Items would be paid to
materials coa oaiy difficult of access but important to students*
W B ffi U k J M J lt
A group of volumes la prorosed which would contain shorter mono­
graphs going deeper into episodes, periods, functions, etc* than is possible
la the one-volume history* These monographs, while necessarily limited in
length, would admit of interpretation and discussion of controversial points
lacking in the factual history.
The following subjects for two possible volumes (or acre i f con­
siderations of space so dictate) have been culled from members9 lists and
grouped for order and coverage*




S H A F T

l A * /5 6

P r o ,o e » d f o l « m «

a m ,

jbou .

8uM«ste<S Subjects

ta M U .

Founding of tha Federal Resenre Austen

Bray Hsistaond

Federal S#®»rf#'§ part la tha Financing of
World War* X and XX

KarshaXX Robinson

Inflation and CoXlapse* 19X9-21

t

Federal Reserve aad Europeen Reconstruction
I Reparations aad Reconstitution of Central
B<.nks# 19X3-30
XI Cooperation vith Central Basics to Frevent
Catastrophe Abroad aad at Hama* X930-39

I Hi coaler Kris
Philip BeXX
Arthur M&rget
Henry Blepsuiaa

Crisis of X929-33
Stock Market aad tha FadaraX Beserve

Carl Parry

Failed Banks aad tha FadaraX Reserve

Oliver PoveXX

Banking Holiday of X933
OoXd Poller end Practice of tha $y&t«ss;

X9201* end X930U
Magnitude of Response
Effect on tha Economy, ate*
Centred Banking in Interna UonaX Foil ties
I^jjSL,ISs. W S U S K IB..M L in t O L
X* Relationships
Board aad Banks - Regional sspecie of the S/stem
Board, Banks and Treasury
Board and other Federal entities affecting banking F*P«X*C,# Comptroller9s Offloe, B.F*C*
Beard sad state banking authorities and banks
Bosrd and staff
Federal Beserve System and Foreign Centre! Banks and Governments




D R A F T
I A S /5 6
Proposed folujaes

VOLUME IV.

- 3

PmiiQmaiT AifjP EFFECT OF - ( continued)

2* Tools of th* System
Open Kaxfeet 0p# mUotti
Piscorat ftstes

Reserve 1U*qair«acats
Adsialstfffrtion ©f Policy - Hored Suasioa
Cr-*

Uv^ci.Sener&l tnd Selective, ^ue&titaiive and *ualit*tlve
Bankers Aee«pUnces
Foreign Leading
3* Function®
Cheek ©leer&nee and ©olXeetioa

•pay Bamsdad v

Far clear* see controversy

Bank cassiastica aad sa p e rv lsto B
Research e.Bd in te llig e n c e i n th * Systesa
Currency movements

&• Jtaaaxgr Chapter
Effceta of ta««o reletioashi,-** tools, functions
On th* growth ©f th* 3ysts«
On banking BfBtm In th* &* S.

Ob th* a&tioaal eeonoay
In addition, ©eoaaloasl l i v e l y in t e r e s t has be*B expressed in
other subjects *.nd authors %&ich might b* eo&bined ia * miscellaneous volume*
THon *re listed here for th* record bat vithout recommendation.
fQLCMB y>

Legal Aspects of tli* %$t*a

How,rtf I*cklsy

Broker*1 Loans

Voodlitf Thoauxs

History of Beakers9 Acceptances

Biased OB neviy discovered
Vtrburg ®mo

Federal Beserve ^ystee - a Case History la
Fabiic Administration
Federal Reserve aad the Public Interest

Randolph Burgess

Politics and the Federal Resere* Syztm

Lucius VUiserdiag

Congressional Hearing* and the Fed*



COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 L ib e rty S t r e e t , N e w Y o r k 4 5 , N e w Y o r k
T e le p h o n e : R E c t o r 2 -5 7 0 0 , E x te n s io n

286

ALLAN SPROUL, Chairman

With cooperation of

W . R a n d o lp h B u rg e ss
R o b e rt D . C a lk in s

R B Q K 1 V C O

F. C y r il Jam es
W illia m
W

a lter

M cC.

THE BROOKINGS INSTITUTION
7 2 2 J a c k s o n P l a c e , N. W .

M a rtin , J r .

W

a sh in g t o n

6, D. C.

W . St e w a r t

J o seph H . W

il l it s

D

o n a ld

B. W

M

il d r e d

A d a m s,

Secretary
Executive Director

oodw ard,

D ear M iss A d a m s:

JAW 1 1 1 9 9 6
Qf|

January 10, 1956

___ ___ & n m

I have taken a whack at the agenda for our meeting at
Princeton on February 4th, with the enclosed result. If you think it
will work, we can adopt it, and you can go ahead with the circulation
of the supplementary papers*
¥

M y suggestions with respect to the m em o randum enclosed
with your note of January 5, are as follows:
Page 2, Volume IV , Num ber 1
Item 2 - Would make it ’’Board, Banks, and T rea su ry "
Item 6 - Would m ake it "Federal Reserve System and Foreign
Central Banks and Governments”
Page 3, Volume IV , Num ber 2
Would rearrange order of topics as follows:
Open Market Operations
Discount Rates
Reserve Requirements
Administration of Policy - M oral suasion
C ^ ^ C ^ ^ ^ & e n e r a l and selective, quantitative and qualitative
Bankers Acceptances
Foreign Lending
N um ber 3
A dd Bray H a m m o nd as possible author after ’’Check Clearance and
Collection” *
Would leave out "Regulation of” before ’’currency m ovem ents” .
M y reaction to the suggestions in your letter of January 6, is that we
shall have to try out the Committee on Ellis first. Either Sayers or Chandler
would m ean further delay, which we can’t afford if there is a workable alternative.
I say this despite the fact that I know both Sayers and Chandler, and would be
inclined toward them if other things were equal.







C O M M IT T E E ON T H E H IS T O R Y O F TH E FED ER A L R E S E R V E SY STEM

5$ 195*^
TD»

Mlsoa £pzo«X» Chains**
W# la&Aa&|fe Suritoaa
»obf>rt P« Cftlicifui

tbmXd B«

Soorofcaiy

At tho ifiial »**ttag of th* Ixoouttv* Comitto#, it Inmm* appum * that the
^inso oa poaaibl# m>m%mph volmms, tfeloh h«4
boon pv«piur«i for Ik&t »##tlag» #&oui4 uadorgo
go&# rrrisiaa ia ;,r*p*r*tioa for tfe* mootiag
of th* full t o d i t M
H brw T? 4th* tho
p*$*s *M«1* folio* «v» ea attaapt at MMfe re­
vision, «*£ • ia th* light of tha <&**«* d o a of
Daooabar 19th*
Vo voul* a$^r*d*t* r*ooiviag by
January 17th *ay oorraaUoil* or aha**** you
wuld Ilk* a*4*«

IH14ro(l

P ft * t -t (J*au*i7 5, 1956)
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

S w a f f l a i aa & 2 z m & M i m

Aft#r long dlaouaaion of poanlbl# a*a*§r#2Jfe ®u.fcJ#ot$ *nd authors**
and ulth th# aid of 11#%# fraa thi# Comitt##, r#oo®r;#fwifttiosa fim th#
Bub-Cbmitt#« on Monograph# and a r###nt aa&orafi#ya pmpUNrfi by Br* Csifciaa
anil Kies tem a, th# &r#autiv# Cm nltU* o t t m th# fallowing pmgmm of
*olaa#« for th# #oa#id#i#ti0 n of Co*^itt#« a#i&#ra* 1mm# of «rtt«r» ap~
p#ar a# vocg#st#tff feat vithout iapliaatioa of sisoi##*
n

u

^

A

this 1*0*04 fe# a »iagl#-*olm#, ##*iu#ntial Mat&iy* fa#tu**l ia
natur#* to la# ha sad o» th# *sau*|?tlon that *« th# $rat*a feaa eoatimiad to
b# aa *?ol*lag M##h*nla»t its history ia #sa#»tiaXJNy th# ataxy of Ita
grovth and afeaflf** It vould oo&tala i aiaiam of iat**g»iwtaUo» or aaalysia,
«*nd vould b# d#&lfa#d for *l**#x«aft ua# or a# #^pla*#at#*3r r#ading. It
^u ld gl## th# ffeMM##*itt for th* $>ropoa«d reiua# of r#a4ing« *&i«h follow#*
furious wit#r» for thi* #olma ha## b##n 9U(**ftt*df of who® th#
oa# aov M a i fa#or#d as4 aoat |s*««ihl* »#«®a to b# Prof#a»or iowrd tU la
of th# 8t*lvarsity of California, fom#r £r#aid#»t of th# te#rioan Koonoai#
A$*oel&Uoa aad a aot#d aoholar ta thia fi#ld*
m

m

ju

w a s a fr

IHia rolm#, to b# pr*jaur*d la oomi#otioa with th* vritlag of th#
history, would ooaaiat ia th# a#ia of
matarisla, kay doem#nta»
atatasaata la ha&riag# or ap***h*a» oosslag at arualal poiata la th# growth
of th# % # ** *• fartloalar *tt#atloa ia a#X#ot!a$ itaas would b# paid to
aatorial# mmxzriky dtffiaait of »«e#as but important to atud#»ta*
m M B L m ja U S jL

A group of m lumu ia p m <*w4 vhioh would oontain afcart*r »ono~
grayha going d#*p#r lata *pla*d**f paxioia* function#, ate* thaa it poatibl#
la tha on#~#©lua# hlatorgr* *h#s# a#aa*r«phs, vhil# n#o#s«arily lialtad la
laagth, fcould adait of iatarjHratatiea and diaoaaaloa of aontrowaralal point#
lacking la th# faatual history*
th# following aubjaot^ for tvo s^oailbl# #®iua#» (or aora if oots0ld#?atioa& of a^o# ao diotat#} ha## b##a ouliad tvm a«^b#r#* H a t * and
groapod for ord#r aa4 co##ra4#*




5 I * FT

lim m w 5* X95&)

■MMWJBgfc
An%mm

S t M a iy
Jtaattai Of th# f#<J#r*I Xt#«*m t y i m

Bmy I« » o a 4

F#4#r*a H#®****#1a part la th* Fl«*#»«lttg #f
VorXd
I
XX

VferahftH Hahtn*#®
t

Xaflfetlott *&& SaXXup##* X$Xf-*a
h < ty il StCftfV* #&£

S***a*tr«i«ti*m

X X»f*i«tl*Mi *a*t **#®a#Utati<m *f C*»trmX
m i- 3©
XX

*ttti Caatr*X B^afe# t© r r w a t
fete*%K*fto» A b m i ftfti #% M©®#, X92^-B

I d f M l i f Kris
FHiUp » * U

Arthmr $texg*%
tl#«xgr 1* *$« •» »

M « t * *r 1* 29-39

Sto<?k K*rfc*t *VM& th# T#4#r*X « * § « m

Carl Parry

F«dX#d B#i&# saa th# h < m d Jt#«#rf#

Oliver P#w*XX

Btmklag BoXtAqr ©f H B
OoXd fft&Mf #w4 rraetie# of th*
i H ^ i *f«! i W »
Mft«ttitad* ©f
Sff##t *& th# %wmMj?§ #t#*
CaiJtr&l

is

,y>m^.J3u.

Foil tie#

0raaLffij=.

X* *riL*U*mitotp*

Bmrd *m& Wwtk* » X i^M k l

of th* %*toNi

§*«r4 «&£ Tr###a*y
!•# ** mad #th*r F*4#r»X #AttU*» #ff#etin« hanking •
U 4 . 0 , » <b^tr©Xi#rf# Office# ».F,C,
>»»*« «ji4 *t*t* inking #i*thariU#s *»* fcw&*

tatf staff

WwtoanX B#*#rv» % #*«» #»t lNate ia ©*&#* w w l iiii




5 % A f f ($&nmry % Iffti
Propo*o4 fohmm*

* I -

B ia a u g fc

-

(oonttm*o*t)

2# fool® of th# j^TAt«B
ttrofttioa *m& itvttlftpaoiat of fcnafcoro* Aoooftoaoo*

<&o«go§ in r#g#r*o m w &w m m t*
Kond aaasion

% * » aorkot oporotdoa#
Gro&t soat*ol» - goaur®! ««§ soloetivo* ^u»aUti>Uf# *ad *uaUtottvo
fbroiga l#adi*if

J« ftefttloftft
(feoofe iil<*#r*.R©o *.*$
H r iIm x ib m # n t f0 m iir
B&aif lym iaoMoa 9«di enr<irvlsi6a
ft»a«*r*i M i iatftlXliOSftft ia t*io ty’sttft
Jt«gul«i1& 0& of «ttrr*ncy atwnoato

4* IlMHMjr fifeftptar
Iffools of tfeoto nUU»a«ikipi| tool*, fuaoiiisa#
On tfe* growth of tho Sjr&i**

On feoafelaf agrstwt in tli* 0* 9,
On tho autiea«l toonoar
IShySt.T.i, *® #4$tito% ooeftsion*l Uvoly intoraot *ao« boon o3tpro*8*S la
otkor **&Joot« *a6 authors tfeltb aigfct bo
ia * adeooU»a®ong ooltiao*
T!so«ro oro U s tod horo for Hi# n U f i but *1 ihout yiOBWffi»w<*tloa,
1*0§»1 I f ^ H i of t^f % » * * »

l a m * S&okl«y

Srokaro* Loan*

Vooiliof I b m a

History of ifukori1 AooopUnooi*

f***4i on nowly 41»ooo#r#<i
Vtrbtxrg aoao

FoAm l Sotor** %*?te» » o 0$*o Hlstas? la
fmhlie Mmlal*tr«tt$a
FodoroX Itaoorvo oad tho Public Xittoro&t

XftaMLph Burgoo*

Poll tie* oad

Woiiiis tli&ordlng

ih o

fM tm l Hoaorva ^r«t«a

Coae w i o n i X U*mriM& *»& tfc* JW «







C O M M IT T E E ON T H E H IS T O R Y O F T H E FED ER A L R E S E R V E SY STEM

Jammr? 5# 1956
10 i

Hmm&m Allea Sproul* Cheiraen
^
¥• B&ndolph %we$mm
Bob«?rt B* Cetlkine
JfeiuOd B* 1 M « y 4 | Seeretaiy K

At the reoeat
of the £xeeuttw Coaalttee* it beoeiie apperaat that the
aeao on possible momgreph voltwes* vhich had
been ; repered for that meeting* should undergo
dome revision la proper®tloa for Hie meeting
of Ifee ftdl Coagsittee on Ftbrusry 4 th* The
peges vhich follov »re ea ettsapt at #uch re­
vision* a*de in the light of the diseuftsion of
Deecs&ber 19 th •
Ve vould eppraalete w tiiflag by
J&nw&ry 17th *ny oorreetions or shenges you
vould like at.de*

Mildred Adeas

P B A ft

(Jem ery 5, 1956)

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

Magsorandui on Proposed Voirases

After long discussion of
aoaogrept* subjects- sad authors,
and with the mid of lists fro» thii Ceci&ittee, reooansndutloas froa th#
Sub-Cesaittec oa Monographs and e recent asaorendua , repared by Dr* Calkins
and Kiss Adams, the I&eeutive Committee offer* the following program of
vduae# for the cousideretiou of Committee acmbors. Ifcmes of writer® appeer ee suggested, bat without implication of choice*
la u o jk

af

Utls would be a aisgle-voliiac, sequential history# factual ia
nature, to be bused oa the assumption that as the System bee continued to
be ea evolving mechanism, It® hiatoiy le essentially the atoiy of it®
growth and change* It would contain a minimum of interpretation or analysis,
and vould be designed for classroom use or as supplementary reeding. It
would give the framework for the proposed volume of readings which follows*
*
Yarloas writer® for this volume have been suggested, of whea the
oae now most favored and ao.it possible seems to be Professor Howard H i l l
of the University of California, former President of the American Economic
Association amd s noted scholar la this field,
M U B U L l. « m a s a

.an, n m t k j m m . m m m .

This volm e, to be prepared la connection with the writing of the
histosy, would consist ia the main of p u s h e d arteritis, ker documents,
its treats la hearings or speeches, ooalag at crucial points ia the growth
of the %stsm* Particular attantlon ia selecting items would be paid to
material* coaisonly difficult of access but important to students*
m

m

u s L m

a

A group of volumes is proposed which would contain shorter mono­
graphs golag deeper Into episodes, periods, functions, etc* then is possible
in the one-volume hlstoiy* these sonograms, while necessarily Halted la
leagth, 'would admit of Interpretation sad discussion of controversial point#
lacking la the faetusl histosy*
the following subject# for two possible voltes#s (or mors i f con­
siderations of space so dictate) have been culled frm members1 lists and
grouped for order and coverage*




DRAFT

U sa m iy 5» I95&)

Propoaed ToXoaea
BM M LHLl
gaagaitod ^ufelfteia.

fiaggeetod Aathaai

Founding of tke FaderaX Basarra Syetasi

Bngr Suwond

Federal Beaanre1© p*rt ia tha Fiaaaolai of
fcorXd H#»re X aad XX

Mar&haXI Hofeiasoa

I i IXa U M aad GoXXapae, X9X9-2X
Federal I n w v i aad Kuropoaa Koeoaatruetloa

X Beparatioas wad Raeoaatlluttoa of Control
Baake* 1918-30
XX G o ^a m U o a vita C#atr*I Baafce to ? w s t
Gataatrophe Abroad * ad l i Soit, X9»-39

KlroeXa* Kri*
FhlXlp Ball
Arthur M&rget
Ueaxy Slepaaaa

Crlai* of
Stock MuHeat and tha FaderaX Baaarre

OarX Parxy

FfciXad Beak* aad tha Fedoral Haaarra

0X1ver PowoXX

Beakiag HoXiday of 1933
Sold PoUey aad Freeti«a of tha $y*Um$
I W i aim! i W * i
Mftgoitwia of Be*jpoaeo
Iffaot ©a tha loommy, ate.
CaatrsX Basking la XataimtioaaX Politic*

X« fiaXatloaehipe
Board aad Baaka - Ra^ioaaX eapeeta of tha BftUm
fo<SwX<*«

iMffd aad freaauxy
Boerd aad othar FaderaX aatlUaa affaetiaf banking *
F.fc.I.C., Oo^.ptroXXar1a Offloe* B.F.C.
Board aad elate fe&aklsg aathorltlaa aad baaka

Board aad staff

#
^
CmX * J
***4* ^
FaderaX Beserra System frad^kaeike fa> ether ,OP*i»tgi»e




h

+

$%&?*£

{Sm m vy 5# 1954)

Proposes fo i m »»

m*

BM M U gi, ^ W ^ E jr r , , ^ ' g f f i s m -

(eonttmMMl)

2* fools of th* %$t«at
Cr**tti?m #»* <t*v*i*ia8umt * f B*nk#rsf Aee*pt*a**»
<&*fH£«a In ******* w » ir« a *n t*
Mona

i v 0p*» s&rk*t *p**»tloii*
d m i t etmtyols - g*&*<N& «*«* *#l*et4v*i ^ * » t l l * t i w »»d Q u*lit»tlv*
For*ig& loading
3* Fauetlcm#
Shook ol**Y*ft** tad t»Uw14e»
Ftr *l**»*a** s©ntroT«r»y
B*ak *x*&ia*tt*ft f»d M ? m l« l*»
X**««r^i *aa lnt*Uig«B*« i« *&* $?t%m
V i * « l * U « » * U «Bpr«i*y mov*a#»ti

<4* ItaMMkty C&i#ptor

Sffooto of tfeo*o r»l*tton#hip*» teal*, funoUsa*
0* tho gpovth of tho Systoa

Ob bMdtlog sjrstoa la tho 9. ®«
On too aotloaol ooowasr
tOLSKl V. In o&Htlon, ooe«*l'>nol ilvolgr iatoro*t ha# boon oxproosod la
"othor sabjoet* «wS Mithora vhloh al«ht bo eaablaod la o aieeollonooao tolw w .
tiiooo oro Xtstod horo for tho rooord but without roeosroadotloa.

Ugal Aopoote of tho Syetoa

Bo*»id Saoklof

Bmkor.' Loan*

S°*dU «f TS‘W‘*6

History of Boakora* Aoooptonooa

'1i*'!OT*r*d

Federal Booorro Sjrrte* - a C»»o dlstejy la
Fublio JUSalaiotrattea

Federal Rooenre ead tho Publlo Intoroet

Jtaadolph Burgoo*

Poll tie* oad tho federal Reserve Sfstm

iuolaa Wiiaerdlag

Coagreasioael Hearings end tao Fed.







Vyut^This Memorandum on PDDOsed Volumes is the fruit of lcyag discussion,
during
of suggstionsfrom members of this Committee, of recommendations made,*!! two
summer meetings

of the Sub-Committee on Monographs*

Its present form owes

much to a detailed proposal made by Mr. Burgess at a meeting of the Executive
Committee on November 25th. That proposal was, at the Executive Committee's
worked over
request, ,m*d±£±*dt in a memorandum prepared by Dr. Calkins and Miss Mams for
\

a meeting of the Committee on December 29th.

It wes accepted then in sub­

stance, and further edited for clarity and conciseness.

It represents a

combination of the chronological and the episodic, with piece for possible
volumes of readings from both published papers difficult of Qccess^^nd
A.,
»—i
papers which h^v^-n^y-er-^been ■
y.ubl-i-shed




From the office of

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D O N A L D B. W O O D W A R D

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ouro

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

RECEIVED
4M U 01S56

January 5, 1956
TO*

Messrs. Allan Sproul, Chairman
V. Kandolph Burgess
Bobert D* Calkins
Donald 0* Woodward, Secretary v

At the recent meeting of the Execu­
tive Committee, it became apparent that the
memo on possible monograph volumes, which had
been prepared for that meeting, should undergo
some revision in preparation for the meeting
of the fail Committee on February 4th* the
pages ishieh follow are aa attempt at such re*
vision, made in the light of the discussion of
December 19 th*
Me would appreciate receiving by
January 17th any corrections or changes yoa
would like made*

Mildred Adams

LLA JL2

(Jtvmrr 5, 1956)

COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM

Me&or&ndim on Progo—d Volumes

After long discussion of possible monograph subjects and authors#
and with the aid of H ats from this 0anslit*«» reco&f endstlons from the
Sub-Comsittee on Monographs and & recent memorandum prepared fey Dr* Calkins
sad Kiss Adams, the Executive Committee offers the following prograft of
volumes for the consideration of Committee members* fate* of writers ap­
pear as suggested# but without implication of choice.

mum i*

i GHKpaouxacAL hxstckx or m

raagm. ribehve sysiim.

this would be a single-volume# sequential history# factual in
nature# to be based on the ©asumption that as the System has continued to
be an evolving mechanism# its history is essentially the story of its
growth and change* It would contain a minimum of Interpretation or analysis#
and would be designed for classroom use or as supplementary reading* It
would give the framework for the proposed volume of readings which follows*
Various writers for this volume have been suggested# of whom the
one now most favored and most possible seams to be Professor Howard Ellis
of the University of Sallfornls# foraer President of the American Economic
Association and a acted scholar in this field*
m m jl*,

m m m s n . n m ^ m m m ... n u m x ,

Shis volme# t© be prepared in connection with the writing of the
history# would consist in the main of published matcrisls# ksy documents#
statements in hearings or speeches# coming at crucial points in the growth
of the %-stsm* Particular attention in selecting items would be paid to
materials commonly difficult of access but important to students*
m sB B LU Lm

p ,t ,

A group of volumes is proposed which would contain shorter mono*
graphs going deeper into episodes# periods# functions, etc* than la possible
In the one-volume histoiy. these nonogrsphs# while necessarily limited in
length# would admit of interpretation
discussion of controversial points
lacking in the factual history*
the following subjects for two possible vclunes (or more i f con­
siderations of space so dictate) have been culled from members1 lists and
grouped for order and coverage*




B U F T
(January % 195^)
Proposed Volume®

is m a iil l
&KtftffeE(l fiafelSgfli

Su&gerfced Authors

Founding of the Federal Heserve Systeia

Bray Hasmoad

Federal Rasfrve1 a part la the Financing of
World Wart I cad II

Marshall Robinson

Inflation and Collapse, 1919*21

I

Federal Heserre end European HecoGgtruetioa
I Beoaratloas end Reconstitution ©f Central
leak®, 19 1 S-30
I I Cooperation vith Central B*.nkc to Prevent
Gatastroph© Abroad and at Ho&e, 193^-39

(
(
(
(

Miroslav Kris
FhiU p Bell
Arthur Market
Henry Siejmana

Crisis of 1929-33
Stock Market end the Federal leaerve

Carl Pany

F*.iied Banlte end the Federal Heserve

Oliver Powell

Ranking Holiday ©f 1935
Hold Policy and Practice of the %stem|
1920*8 and 1930*•
Magnitude of Aeapone©
Effect on the Eoono£^y» etc*
Central Banking la Interne tioaal Politics
vaumg iv .

mmorMi-jT * hs .e ffect or -

1 * Relationship*

Board and Banks • Regional aspects of the % a te»
Board end Treaauxy
Board and other Federal entities affecting banking *
F .B .I .C ., Comptroller** Office, H.F.C,
Board and state banking authorities and bank©
Board and staff
Federal Beserva System and banks In other countries




DRAFT
(January 5, 1956)
Proposed ¥ o1«bbcs
VQLUKE XV.

- 3 •

MMLOFKEfrT AliD EFFECT OF *

(continued)

2, fool* of tha
Creation hsd deveio^ant of Beakers1 Acceptances
Cheapen la resarve requirements
Horsl suasion
Open market operations
Credit controls - general and selective, <|uaatitative and qualitative
Foreign lending
3# Functions
Cneck elaartnce and eollaction
Per clearance controversy
Bank eaca&instion rad supervision
Resaa:reh and intelligence in tha Systasa
Emulation of curraney movements
4* Sunmary Chapter
Xffests of these relationships, tools, functions
On the growth of the Byxtm.
On banking system in the U» 8.
On the national economy
Vj-LUfcg V. In addition, occasional lively interest has bean expressed in
other subjects and authors vhich might be et&Mned in a miscellaneous volume*
those are listed here for tha record but without racomr endation.
Legal Aspects of the Systea

Howard Hackley

Brokers* Loans

Voodlief thoaas

History of Bankers1 Acceptances

Based on newly discovered
Warburg bcbo

Federal Beserve Bystm - a Casa History in
Public Administration
Federal Baserve and the Public Interest

Randolph Burgess

Politics end the Federal Reserve System

Lucius Viimerding

Congressional Hearings and tha Fed,




HO N O RA RY T R U ST E E S

TRUSTEES

ROBERT PERKINS BASS

W ILLIAM R. BIGGS, Chairman
HUNTINGTON GILCHRIST, V ice Chairman

MRS. ROBERT S. BROOKINGS

ARTHUR STANTON ADAMS

JOHN LEE PR A TT

^fnsttiuitmt

Wirt

DAN IEL W . B E LL
ROBERT D . CALKINS
LEONARD CARMICHAEL
W ILFRED L . GOODWYN, JR.
LEWIS W EBSTER JONES

OFFICER S

Washington 6,

GI.

President

RECEIVED

JOHN E. LOCKW'
LEVERETT LYO!

7 2 2 JA C K S O N P L A C E , N . W .

GEORGE C. MCGHEE
ROBERT BROOKINGS SMITH

January 9, 1956

JAN 1 0 1 9 5 6

^oewtwawwiBrtTOi
M iss Mildred Adam s
Committee on the History of the
Federal Reserve System
33 Liberty Street
N ew York 45, N ew York
D ear M iss A dam s:
Marshall Robinson of our staff has given me the following
additional names to be added to your list of people interested in
history or banking:
/, James W . Angell
W Albert G . Hart
$ Seymour Harris
Zi William J. Baumol
/*f. Henry C. Wallich
3* G ary Stanley Becker
9* John Power
c«* Paul W . M cC rack en
7‘ R. Lindholm
F . Weston
4-, Carl Bruenner
^ L a w r e n c e H . Seltzer
it* E . R. Rolph
12* R . J. Saulnier
/0» Marshall Robinson

Secretary
SHELDON B. AKERS

E xecutive Manager

ooM w m coHn* m s n w




MILDRED MARONEY
T reasurer
ELIZABETH H. WILSON

GILBERT F. WHITE
LAURENCE F. WHITTEMORE
DONALD B. WOODWARD

ROBERT D . CALKINS

-

C o lu m b ia
C o lu m b ia
H arvard
P rin ce to n
Y a le ( ? )
C h ica g o
W illia m s
M ich ig a n
M ic h ig a n S tate
UCLA
UCLA
W ayne
U n i v e r s i t y of C a l i f o r n i a
C o u n cil of E c o n o m ic A d v is e r s
B ro o k in g s
Sincerely yours,

Pre sident