The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
HONORARY TRUSTEES TRUSTEES WILLIAM R. BIGGS, Chairman HUNTINGTON GILCHRIST, Vice Chairman ^ J t ^ H U R STANTON ADAMS IIEL W. BELL RT D. CALKINS EONARD CARMICHAEL N L. GOODWYN, Jfc. iN W. HANES WEBSTER JONES JOHN E. LOCKWOOD LEVERETT LYON GEORGE C. MCGHEE ROBERT BROOKINGS SMITH LAURENCE F. WHITTEMORE DONALD B. WOODWARD ROBERT PERKINS BASS MRS. ROBERT S. BROOKINGS JOHN LEE PRATT HARRY BROOKINGS WALLACE OFFICERS 6, |L ROBERT D . CALKINS 7 2 2 JACKSON PLACE, £ Q E !V E D February 7, 1955 Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York 45, New York FE3 - .) 1955 President MILDRED MARONEY Treasurer ELIZABETH H. WILSON Secretary SHELDON B. AKERS Executive Manager COMMITTS-I 0:i TIi£ HISTORY C? HIE FEDERAL RESERVE SYSTEM Dear Miss Adams: I have gone over the draft of your report for publicity purposes* Here are my comments and suggestions. 1. I question the advisability of following the organization which you have employed in reviewing historically the pilot project, the banking history project, etc* This form of presentation stresses the evolution of the project, but leaves the reader none too certain regarding the precise character and purpose of the project, I would suggest that you start with a declarative announcement of the existence and purposes of the Committee, then return to a review of the pilot project; then review work in progress and plans for the future. 2. I am not happy over the references to Brookings. On page 1 it is said that the Institution provides office facilities and assistance, and parenthetically, "has a joint interest in the project. " On page 2 the statement says that the principal grant, like the pilot grant, was Mfor administrative reasons put into the hands of Brookings. " This sounds as though the function of Brookings is merely to provide a good address--a practice, I may say, which my Trustees are most ardently against. The facts which need to be stressed seem to me to be that the original grant was made for a cooperative undertaking between the Committee and Brookings and that the subsequent grant was likewise for a cooperative study in which, according to the agreement between the Committee and the Institution, both parties were to assume "joint responsibility for the administration of the proposed project. ft Possibly the most satisfactory way of dealing with this problem would be to make the statement a joint announcement of the Committee and the Institution, and in the statement indicate that the project is carried on jointly by the Committee and the Institution, or Miss Adams -2- 2/7/55 that it is one carried an by the Committee in cooperation with the Institution* If this language is not satisfactory, then possibly some other way of stating it can be .found. 3. In view of the possibility that the historian may be appointed within the very near future, I would think it inadvisable to issue this announcement until the historian has been appointed. He may wish to stress certain matters that should go into the statement. 4. My last question relates to the section on research grants and stipends. I am fearful that this announcement will result in a flood of applications from graduate students asking grants for the writing of their dissertations* It will also result in a very considerable number of applications for positions frozn younger members of the profession. I base this expectation on the inquiries and applications we have had here as the result of a brief statement that Ed Shaw is spending the next three years at Brookings on a study of Trends in Commercial Banking. This statement appeared in the "Notes" of American Economic Review and we have had a large number of inquiries - oral and written - from people who would like to associate themselves with the project or the Institution. Most of them, of course, are not good prospects* I would suggest instead that the announcement state that the project will, or hopes to, arrange for contributions by a number of scholars in the field, and that it will be glad to cooperate in any way it can in facilitating the research of others in this general field. Sincerely yours, President Enclosure DRAFT COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM Pilot Project A Committee on the Mistoiy of the Federal Reserve System was set up in January, 1954 under a small grant from the Rockefeller Foundation, for the purpose of locating, assembling, and evaluating source materials hitherto inaccessible and -widely scattered - -which might be drawn on for a comprehensive study or series of studies on the fonaation and subsequent development of Reserve banking in the United States • It was felt that such an exploration might bring to light, and preserve for students of American financial histoiy, important collections of private papers, records, and documents on deposit both within the Reserve System itself and outside it. Also, this search might perform a valuable service in tapping the memories of the thinning ranks of retired Reserve System and Treasury officials. During this initial phase, from January to June 1954 > the central Committee consisted of the following members: Allan Sproul, Chairman ¥. Randolph Burgess Kobert D. Calkins William McC, Martin, Jr. Walter W. Stewart Bonald B. Woodward President, Federal Reserve Bank of flew York Under Secretary of the Treasury for Monetary Affairs President, Brookings Institution Chairman, Board of Governors of the Federal Reserve System Member, Council of Economic Ad*isers Chairman of Finance Committee and Director, Vick Chemical Company Miss Mildred Adams was engaged by the Committee as Research Director for the pilot projectj office facilities and assistance were provided by the Federal Reserve Board, the Federal Reserve Bank of New lork, and the Brookings Institution which has a joint interest in the project. DRAFT -2- Banking History Project On the basis of the findings during this pilot phase, the Rockefeller Foundation approved the Committee's application for a second and larger grant* This, like the pilot grant, was, for administrative I reasons, put into the hands of Brookings. It will run for five years. With that longer life ahead, the Committee has broadened its membership and its scope, adding to its six original members the names of Dr. F # Cyril James, monetary historian, Principal and Vice Chancellor of McGlll University, and Dr. Joseph H. Willits, now at the University of Pennsylvania. The research activities of its staff, designed to furnish a central system of reference information for the use of qualified students of American financial history, continue. The Committee is now encouraging the inquiries of economists interested in undertaking the actual writing of historical studies on the Reserve System. One special stuc|y has been completed, and another is under way. A first step was taken in the processing of private papers bearing on System history through the employment of Dr. Elbert A. Kincaid, Professor Qneritus at the University of Virginia and a former vice-president of the Federal Reserve bank of Richmond. With the assistance of three graduate students, Dr. Kincaid has classified at the University Library the unbound Carter ulass papers which bear on this field. His selective inventory is now in the hands of the Committee. The second study to be commissioned concerns the activities and the influence of Benjamin Strong, first Governor of the Federal Reserve Bank of flew lork, as a central banker. Professor Lester V. ^handler of Princeton University has been selected by the Committee to do this work. D it A F T -3- Archival Materials The Committee is confident that a wealth of Reserve System materials, now buried in the files of the Reserve °oard and the individual Reserve Banks, can be organized and opened to research workers of established competence under a system of clearance to be fostered by this Committee• In addition to coverage of important materials reposing in the Library of Congress, the Committee would like to have for its central catalogue of source materials information about any collections of private papers, relevant to research on the history of the Federal Reserve System, -which are in the possession of university libraries, banking institutions, or private individuals* Correspondence on this subject will be welcomed* Hesearch Urants and Stipends To encourage research in the field of American banking history since the first World War and the promotion of public knowledge of our financial system, the Committee intends also to make jawtantn research grants. The staff is building up a roster of names to include both faculty members of recognized ability in the field of monetaiy economics and recommended graduate students who might be called upon by the Coiomittee for special studies to be done under the Coxamittee's auspices* For information relating to this program, inquiries should be addressed to The Committee on the History of the Federal Reserve System, 33 Liberty Street, flew York 45, New York. Individuals who would like their names considered for inclusion in the roster are asked to communicate with this Committee at their earliest convenience* * PRINCIPAL AMERICAN ECONOMIC JOURNALS 1. AMERICAN ECONOMIC REVIEW Quarterly Prof* Bernard F. Haley, Editor c/o American Economic Assn. Stanford University Palo Alto, California For "CoEimuni cations" Section Also to: Prof. James ¥• Bell Secretary-Treasurer Northwestern University Evanston, Illinois For announcement at end-December meeting of Executive Coranittee 2. AMERICAN JOURNAL OF ECONOMICS AND SOCIOLOGY Quarterly Robert Schalkenbach Foundation 50 East 69th Street New Tork 21, New Tork 3. ECONOMETRICA Quarterly Econometric Society The University of Chicago Chicago 37, Illinois « HARVARD BUSINESS REVIEW Quarterly Harvard Business School Soldiers Field Boston 63, Massachusetts 5. JOURNAL OF BUSINESS Quarterly. University of Chicago Chicago 37, Illinois 6* JOURNAL OF FINANCE Dr* Marshall D» Ketchum, Editor American Finance Association School of Business University of Chicago Chicago 37, Illinois JOURNAL OF POLITICAL ECONOMT Bi-Monthly Prof. Earl J* Hamilton, Editor The University of Chicago Chicago 37, Illinois 3. JOURNAL OF THE AMERICAN STATISTICAL ASSOCIATION Quarterly 1603 * Street, N. V. Washington 6, D* C. 9. QUARTERLY JOURNAL OF ECONOMICS Quarterly Prof* E. H. Chamberlin, Editor M-12 Littauer Center Cambridge 38, Massachusetts 10* REVIEW OF ECONOMICS AND STATISTICS Quarterly Prof. S. E. Harris, Editor Harvard University 325 Idttauer Center Cambridge 33, Massachusetts 11- SOCIAL RESEARCH Quarterly Graduate Faculty of Political and Social Science New School of Social Research 66 V. 12th Street New Tork City 12. SOUTHERN ECONOMIC JOURNAL Southern Economic Association University of North Carolina Chapel Hill, North Carolina PRINCIPAL ECONOMIC HISTORX JOURNALS I. UNITED STATES AND CANADA AGRICULTURAL BISTORT Quarterly Agricultural History Society U.S. Bureau of Agricultural Economics Department of Agriculture Washington 25, D. C. BULLETIN Business Historical Society, Inc. Quarterly Harvard Business School EXPLORATIONS IN ENTREPRENEUR,- Baker Library Lers Field. Boston 63. Mass. CANADIAN HISTORICAL REVIEW University of Toronto Press Toronto, Ontario, Canada JOHNS HOPKINS UHIVERSITI STUDIES IN HISTORICAL AND POLITICAL SCIENCE Quarterly Johns Hopkins Press Baltimore 18, Maryland JOURNAL OF ECONOMIC HISTORZ Economic History Association See SPECIAL NOTE BEIOW New fork University Press *• c* Cochran New lork 3, New Yoik Balpb ¥• MISSISSIPPI VALLEI HISTORICAL REVIEW: A JOURNAL OF AMERICAN HISTORI Quarterly Mississippi Valley Historical Assn. Lincoln 1, Nebraska SOUTHWESTERN SOCIAL SCIENCE QUARTERLY See Special Note below Southwestern Social Science Assn. University of Oklahoma Norman, Oklahoma ENGLISH ECONOMIC HISTOHI REVIEW Economic Histoxy Society A. and C* Black, Ltd. U Soho Square, London, ¥• 1, England NOTE: A new section on "Comments and Criticisms19 (similar to the A.E.R. section on "Ctausunlcations") is to be inaugurated beginning with the Winter issue for 1955* News of new research materials end activities will be accepted, subject to a limitation of TOO words* OTHER HISTORICAL JOURNALS I. 1. AMERICAN HISTORICAL REVIEW Quarterly GEHERAL AHD CURRENT HISTORT JOURNALS American Historical Association Macndllan Co. 6 North 6th Street Richmond, Virginia 2. CURRENT HISTORY Monthly Events Publishing C o M Inc« 108 Walnut Street Philadelphia 6, Pa. 3. JOURNAL OF MODERN HISTORY Quarterly UNiversity of Chicago Press 5750 Ellis Avenue Chicago 37, Illinois JOURNAL OP SOUTHERN HISTORY Quarterly Southern Historical Assn. Louisiana State University Baton Rouge, La* 5. NEW ENGLAND QUARTERLY Bowdoin University Hubbard Hall New Brunswick, Maine 6. PACIFIC HISTORICAL REVIEW Quarterly American Historical Assn* Pacific Coast Branch University of California Press Berkeley U, California 7. PACIFIC NORTHWEST QUARTERLY University of Washington Seattle 5, Washington 8. SOUTH ATLANTIC QUARTERLY (Mainly literary) Dolce University Press Durham, North Carolina 9. SOUTHWEST REVIEW Methodist University Press Dallas, Texas Quarterly (Literary) 10. YALE REVIEW 11. SOUTHWESTERN SOCIAL SCIENCE QUARTERLY (Literary) Yale University Press New Haven 7, Connecticut Southwestern Social Science Assn. Norman Oklahoma BANKIKJ, BUSINESS, AND FINANCIAL PERIODICALS AMERICAN AMERICAN AFFAIRS Semi-monthly BANKING Monthly BURROUGHS CLEARING HOUSE Monthly BUSINESS WEEK ¥eekly COMMERCIAL & FINANCIAL CHRONICLE Weekly FEDERAL RESERVE BULLETIN Monthly FORTUNE Monthly FINANCE Semi-monthly MID-WESTERN BANKER Monthly U.S. HEWSftWORLD REPORT Weekly National I n d u s t r i a l Conference Bd. 24.7 Park Avenue Nev York 17. New York American Bankers Association 12 East 36th Street New York 16. New York Burroughs Adding Machine Co. 2nd and Burroughs Avenues Detroit 32. Michigan McGraw-Hill Publishing Co. 330 West 42nd Street New Tork 18, New York William B. Dana Co. 25 Park Place New York 7. New York Board of Governors of the Federal Reserve System Washington 25. D. C. Time & Life Building Rockefeller Center New York 20, New York 20 N. Wacker Drive Chicago^ Jllinois Bankers Publishing Co. 757 N. Water Street Milwaukee 2. Wisconsin 1241 24th Street, N.W. Washington, D. C. SELECTED FOREIGN LIST THE BANKER Monthly ©IE ECONOMIST Weekly INSTITUTE OF BANKERS JOURNAL Quarterly THE STATIST Weekly 72 Coleman Street London, E.C. 2. England Economist Newspaper, Ltd* >% X wj London, W*£~~2?- England Blades, East and Blades, Ltd* 17 Abchurch Lane London. E. C. A. England Statist Co., Ltd. 51 Cannon Street London. E.C. L. England David Lawrence, Editor SELECTED FOREIGN ECONOMIC JOURNALS CANADIAN JOURNAL OF ECONOMICS AND POLITICAL SCIENCE Quarterly Canadian Political Science Assn. 273 Bloor Street West Toronto, Onta*, Canada ECONOMIC JOURNAL Quarterly Royal Economic Society Marshall Library Dovning Street Cambridge, England ECONOMIC RECORD Quarterly Economic Society of Australia and Nev Zealand Melbourne University Melbourne N* 3, Australia ECONOMICA London School of Economics Houghton Street Aldwych London, V« C. 2, England R. S. Sayers 1. C Robbins REVUE D'ECONOMIE BOUTIQUE 22 Rue Soufflot Pails, France Chas. Rist SOUTH AFRICAN JOURNAL OF ECONOMICS P. 0. Box 5316 Johannesburg South Africa Editors: Roy F. Harrod E. A. G. Robinson POLITICAL SCIENCE JOURNALS . AMERICAN POLITICAL SCIENCE REVIEW American Political Science Assn. University of Wisconsin Madison 6, Wisconsin Quarterly 2. POLITICAL SCIENCE QUARTERLY Aeadeny of Political Science Columbia University New York 27, New Tork Quarterly 3* PUBLIC ADMINISTRATION REVIEW American Society for Public Administration 1313 East 60th Street Chicago 37, Illinois Quarterly Princeton Unirersity Princeton, N#w Jersey Quarterly PUBLIC OPINION QUARTERLY SELECTED LIST OP STATE HISTORICAL SOCIETT JOUBNALS ATLANTA HISTORICAL BULLETIN Irregular Atlanta Historical Society Peters Bldg., Atlanta, Ga. CALIFORNIA HISTORICAL SOCIETT QUARTERU 456 McAllister Street San Francisco 2, California GEORGIA HISTORICAL QUARTERLY Georgia Historical Society Savannah, Ga. ILLINOIS STATE HISTORICAL SOCIETY JOURNAL (Quarterly) Springfield, Illinois INDIANA MAGAZINE OF HISTORY (Quarterly) Indiana University and Indiana Historical Society Blooaington, Indiana KANSAS HISTORICIL QUARTERLY Kansas State Historical Society Topeka, Kansas MINNESOTA HISTORI Minnesota Historical Society Central Ave. and Cedar Street St. Paul 1, Minn. MISSOURI HISTORICAL REVIEW State Historical Society of Missouri Columbia, Missouri HEW YORK HISTORICAL SOCIETY QUARTERLY Central Park V. and 77Ui Street New York 2A, New York NOW AND THEN (Quarterly) Muncy Historical Society Muncy, Pa. NORTHWEST OHIO QUARTERLY Toledo, Ohio PENNSYLVANIA MAGAZINE OF HISTORI AND BIOGRAPHY Histoilcal Society of Pennsylvania 1300 Locust Street Philadelphia, Pa. IHODE ISLAND HISTORY Rhode Island Historical Society Providence, R. I. COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SISTEM ** Z Pilot Projectt A Committee on the History of the Federal Reserve System was set ^ff^ uup in January, 19$k$ under a small grant of 416,000 from the Rockefeller Foundation, for the purpose of locating, assembling, and evaluating source uaterials—hitherto inaccessible and widely scattered--which might be drawn on for a comprehensive study or series of studies on the formation and subsequent development of Reserve banking over the past four decades. It was felt that such an exploration might bring to light and preserve for present and future generations of students of American financial history, important collections of private papers, records, and documents on deposit b within the Reserve System itself and'out side on deposit with, private toMrtfri tions or, incHjrildiala aa»d might perform a valuable service afee* in tapping the memories of the thinning ranks of aider Reserve System and Swmw** Treasury officials. Daring this initial phase, from January to June 195b, the central Committee consisted of the following members: Allan Sproul, Chairman W # Randolph Burgess President, Federal Reserve Bank of New York Under Secretary of the Treasury for Monetary Affairs Robert D # Calkins President, Brookings Institution William HcC # Martin, Jr. Chairman, Board of Governors of the Federal Reserve System Walter W # Stewart Member, Council of Economic Advisers Donald B # Woodward, Secretary Chairman of Finance Committee, Vick Chemical Company Hiss Mildred Adams was engaged by the Committee as Research Director for the pilot project) *&& office facilities and assistance were provided hy the •%•***•*^ &**<** M -- Federal Reserve Bank of New York and, Brookings Institution. 2ft view gjgPffle limited term of the initial grant, Miss Adams concentrated in her quest for materials on the internal files «id libraries of the Reserve Board and of the Reserve Bank* in New York and nearby Reserve Districts. She also con- retired System oi 2. sought collections of privately held or the estates tC^^ Main Project! On the basis of the findings during this pilot phase, the Rockefeller Foundation approved the Committee's application for a second and Iong6»9*fcerm grant of UlO,000,.to run fdr a period^of five^years from June, l # l i . The Cooaittee has broadened i t s nrn>v~r-Th1iT Tty tiiitinu tin flj It i s now in process of engaging, under a series of subgrants to individuals, ni r • in11 IP1 -irf ""T+ffi^tyrtfrgrftfrnnl economists who will undertake the actual writing of historical studies on the Reserve System, The selection of a writer or writers for the overall study is under consideration now by the Committee and a decision is expected before the end of this year* special study i s under way. Professor Lester V# Chandler of Princeton University has been selected by the Committee to do a study on Ben Strong? Central Banter tinder a two-year contract• X beginning has also been made in the processing of private collections of papers through the employment of thft ffafc iQiirtft«awW»ManajywpantXajnoll^w<t< ^ -Dr. £• A# RLncaid, Professor Sneritus at the University of Virginia and a former Vice President of the Federal ^Jteserye Bank of Riclmon^ pith the assistance of several graduate students. 9»»the Carter Glass papers at the University library • The Committee is aiiUuim now/U roft forward with its program of setting up a central system of records for the use of qualified students 4 H H I of American financial history and with its sponsorship of particular pieces of research « 1. Archival Materials The Committee is confident that a wealth of Reserve System materials* now buried in the files of the Reserve Board and the individual Reserve Banks* can be organized and opened to research workers of established competence under a system of clearance to be set up by this Committee. In addition to coverage of important materials reposing in the Library of Congress* the Committee would like to have information for its central catalogue of source materials of any collections of private papers which are in the possession of university libraries* banking institutions* of private individuals which are relevant to research on the history of the Federal Reserve System* 2# Research Grants and Stipends In the encouragement of research in the field of American banking history since the first World War and the promotion of public knowledge of our financial system* the Committee intends to make a number of research grants* in addition to building up a central pool and catalogue of basic materials • It hopes to make a limited number of grants to academic economists of recognized ability to aid in the execution of their research and also to extend moderate grants to outstanding graduate students to enable them to participate in this program. The Committee is therefore interested in building up a roster of names of both faculty members and recommended graduate students who might be called upon by the Committee for special studies to be done under the Committeefs auspices. For information relating to this program* k. inquiries should be addressed to The Committee on the History of the Federal Beserve System, Room 11 $ 33 Liberty Street, Neir York h$$ New York* Individuals who are interested in being considered for inclusion in the roster are asked to cosasunicate with this Committee not later than March 1, MISC. 13i.3-80M.9-53 FEDERAL RESERVE BANK OF NEW YORK ROUTE SLIP o TO 10/26/54 Mi ss Adams OF_ K. McKinstry REMARKS FOflM LETTER COMMITTEE LETTERHEAD Date Professor ,_„_ Chainaan Department of Economics ,_ University Dear Professor The above Committee would like to bring to the attention of your faculty members and doctoral candidates having a special interest in monetary-fiscal problems and in American banking and financial history the program of research which it is inaugurating under a five-year grant from the Rockefeller Foundation, which is to be administered by the Brookings Institution. "While the basic framework of the major historical work and the subsidiary special studies, biographies, and volumes of collected papers which are being contemplated has not been advanced beyond the stage of internal discussion, the Committee wishes to make this preliminary announcement in order to enlist the cooperation and active support of monetary economists and financial historians in our leading colleges and universities. The Committee would greatly appreciate anything you can do to publicize this Committee^ program and activities either by reading the enclosed announcement at one of your Departmental meetings and/or by posting it on a bulletin board. The Committee is proposing (1) to set up a system of central archives and a catalogue of basic source materials which will provide a basis for intensive research on Reserve banking developments over four decades of experience, and (2) to set aside out of its present grant from the Rockefeller Foundation a number of small grants of funds - 2 to finance specific research projects by faculty members and especially qualified graduate students on aspects of Reserve System history. The grants would be extended to faculty members to enable them to make use of the archival materials which the Committee is in process of assembling. Such grants, it is hoped, would enable senior members to take short leaves from teaching to do more intensive work on a particular piece of research and give promising younger men an opportunity to pursue personal projects in which the Committee might have a special interest. They might also be offered to outstanding advanced graduate students who had X K especially promising studies under way or who might be fitted in as research assistants to the men who will do the main studies for the Committee. The grants or stipends would be for a term of one to five years and scaled to the individual's requirements for assistance, travel allowances, materials, and relief from teaching. The objective of the Committee is to overcome the signal lacuna which now exists in the field of American financial history and to promote an understanding of our central bank operations and policies over the years since the inception of the Reserve System. The Committee will be glad to furnish further information to any member of your faculty who requests it and would also be most grateful for any suggestions of names of faculty members or graduate students whose projects or proposed studies fall within the scope of this Committee's field of research. Sincerely yours, Research Assistant PERHAPS STRESS MORE CENTRAL POOL OF SOURCE MATERIALS AS VALUABLE AID TO CHOSEN SCHOLARS. KM COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM 33 LIBERTY STREET, N E W YORK 45, N E W YORK TELEPHONE: RECTOR 2-5700, EXTENSION 286 ALLAN SPROUL, Chairman W. RANDOLPH BURGESS ROBERT D . CALKINS F. CYRIL JAMES WILLIAM M C C . MARTIN, JR. flat K e y out UJbod <aJ> - With cooperation of THE BROOKINGS INSTITUTION 722 JACKSON PLACE, N . W. WASHINGTON 6, D . C. WALTER W. STEWART DONALD B. WOODWARD, Secretary October 26, 1954 MILDRED ADAMS, Research Director Dear Professor Bell* I am not certain whether this Inquiry should be addressed to you personally or to the Editor of the American Economic Review. But in any case I should like to consult you as to the best means of bringing to the attention of economists, and particularly of financial historians and teachers of money and banking, the research program which is currently being launched on the history of the Federal Reserve System* We have up to now delayed a public announcement pending publication of the Annual Report of the Rockefeller Foundation, which has now been released• It seems desirable to give as wide publicity as possible to the objectives of the Committee which is guiding this program of research in cooperation with the Brookings Institution. Such an announcement would undoubtedly facilitate our present quest for basic source materials and in the longer run might foster greater interest and research among university economists and graduate students in the area of economic history which has been relatively neglected* During the preliminary phase* the activities of the Research Director. Miss Mildred Adams, and her small staff have been largely exploratory* She has spent roughly the past eight months in interviewing persons now or formerly connected with the Reserve System to sample their recollections and enlist their assistance in the collection (for later cataloging) of private papers which ^ould be relevant to a systematic study of the formation and development of the Reserve System* Efforts are also currently being made to locate and list in a central register holdings of private papers of both Treasury and Reserve System officials which are on deposit with the Library of Congress and with other libraries. A third and very important part of the Research Director1s explorations have been within the System itself, to discover what materials might be put into a system of central archives which could later on be made available to the selected group of outside scholars who are to do the actual studies on particular aspects of Reserve System and which, with proper safeguards, might be opened to qualified graduate students* As the work of this Committee gets beyond this initial exploratory stage, we may want to consult many specialists in the field of monetary policy and history within the universities and perhaps, with the help of strategic -2- grants, encourage more intensive research and the publication of important studies on aspects of Reserve banking. I am enclosing a brief descriptive statement regarding the grant made by the Rockefeller Foundation, the membership of the steering committee, and other relevant details in a form which might be acceptable for inclusion in the "Notes" section of the next issue of the Review» It might also, if you agree, be worth while to have an item prepared for presentation at the year-end meeting of the Executive Committee of the Assoelation • Sincerely yours, Research Assistant Enc. Professor James Washington Bell Secretary - Treasurer American Economic Association c/o Department of Economics Northwestern University Bvanston, Illinois
@FedFRASER