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FEDERAL ADVISOR! COUNCIL
PROCHNOW, Herbert V.
*
Kerch 3, 1954
Mr. Herbert V. Prochnov
S e c r e t a r y t o t h e Federal Advisory Council
of the Federal Reserve System
c/o The F i r s t National Benk of Chicago
P . 0 . Box A
Chicago 90, I l l i n o i s
Deer Mr. Prochnov:
At the request of Hiss Mildred Adejss, Research Director
for the above Committee, I ais writing to ask whether you v?ould
heve available for her use a complete l i s t of the ©embers of the
Federal Advisory Council from the f i r s t days of the Reserve System
down to the present time for e l l the Reserve Districts (except
New lork—since ve have secured a copy of the meiabers for this
District from the Secretary's Office here in the Benk).
While i t would be possible for us to compile such a
l i s t fro® the Federal Reserve Bulletins or frosi the annual reports
of the individual Banks year by year, i t has occurred to us that
you sight have available a complete l i s t for the System as a whole.
If so, i t would be en enormous time-saver to us in lightening the
loed on Miss Adams's present staff, vhich is very small.
Perhaps I should B.6,d a word of explanation about this
Comaittee. With the aid of a grant from the Rockefeller Foundation, a pilot project has been organize*? under Hiss Adams's direction to interview people who have been concerned vith the development of the Reserve System end to locate and catalogue information
and aaterial relevant to persons and events in the course of i t s
history vhich might provide the besis for l a t e r studieo and publications.
Miss Adams will be most grateful for your help on this
membership l i s t BX)£. trill, I an sure, went to consult you on matters
relating to this project as she gets beyond the present mapping and
survey phase.
Sincerely yours,
Research Assistant
FEDERAL ADVISORY COUNCIL
FEDERAL ADVISORY COUNCIL
OFFICERS
M E M B E R S — 1 9 5 4
EDWARD E. BROWN, PRESIDENT
(FEDERAL RESERVE SYSTEM)
WILLIAM D. IRELAND. DISTRICT NO t
OFFICE OF THE SECRETARY
GEOFFREY S. SMITH. DISTRICT NO. 3
HENRY C. ALEXANDER, DISTRICT NO. 2
ROBERT V. FLEMING. VICE-PRESIDENT
HFMRY C. ALEXANDER. DIRECTOR
•REY S. S M I T H . DIRECTOR
c/o THE FIRST NATIONAL BANK OF CHICAGO
<Sfti . « G E G U N D . DIRECTOR
P. O. BOX A
CHICAGO 9O, ILLINOIS
HERBERT V. PROCHNOW, SECRETARY
March 9,
k
GEORGE GUND. DISTRICT NO. 4
ROBERT V. FLEMING, DISTRICT NO, 8
WALLACE M. DAVIS. DISTRICT NO. 6
EDWARD E. BROWN. DISTRICT NO. 7
WILLIAM W. CAMPBELL, DISTRICT NO. 8
JOSEPH F. RINGLAND, DISTRICT NO. 9
CHARLES J , CHANDLER. DISTRICT NO. to
GEORGE G. MATKIN, DISTRICT NO. 11
JOHN M.WALLACE. DISTRICT NO. 12
Miss {Catherine McKinstry, Research Assistant,
Committee on the History of the Federal Reserve System,
33 Liberty Street,
New York hS3 New York,
Dear Miss McKinstry:
Reply to your letter of March 3 was delayed
because of my absence from the city.
We should like to be as helpful as possible
to your Committee, and will be pleased to compile a
list of the members of the Council from 1915 to date.
We do not have such a list available, but we can compile
it from our records, though you can understand it will
take a little time*
We shall send you the list as soon as it is
completed.
Very sincerely yours,
HVPiMIP
FEDERAL ADVISORY COUNCtL
OFFICERS
EDWARD
M E M B E R S — 1 9 5 4
(FEDERAL RESERVE SYSTEM)
E. BROWN, PRESIDENT
HENRY C. ALEXANDER, DISTRICT NO. 2
ROBERT V. FLEMING. VICE-PRESIDENT
OFFICE OF THE SECRETARY
H^NRY C.ALEXANDER. DIRECTOR
FREY S. SMITH, DIRECTOR
c/o THE FIRST NATIONAL BANK OF CHICAGO
O . v R G E GUND, DIRECTOR
P. O. BOX A
CHICAGO 9O. ILLINOIS
HERBERT V. PROCHMOW. SECRETARY
WILLIAM D. IRELAND, DISTRICT NO 1
April 6,
GEOFFREY
S. SMITH. DISTRICT NO. 3
GEORGE GUND. DISTRICT NO. A
ROBERT V. FLEMING. DISTRICT NO. s
WALLACE M. DAVIS. DISTRICT NO. S
EDWARD E. BROWN, DISTRICT NO. 7
WILLIAM W. CAMPBELL. DISTRICT NO. 8
JOSEPH F. RINGLAND, DISTRICT NO. 8
CHARLES J. CHANDLER. DISTRICT NO. 10
GEORGE G. MATKIN, DISTRICT NO. 11
JOHN
Kiss Katherine McKinstry, Research Assistant,
Committee on the History of the Federal Reserve System,
33 Liberty Street,
New York 1*5, New York.
Dear Miss McKinstry:
In response to your recent letter, we have
compiled a list of the members of the Federal Advisory
Council "from the first days of the Reserve System
down to the present time for all the Reserve Districts",
including New York, and a copy of the list is enclosed.
Very sincerely yours,
HVPtMIP
ENC.
M.WALLACE,
DISTRICT NO. 12
To U LIST OF MEMBERS OF FEDERAL ADVISORY COUNCIL
191S-19SU
/Da;
'Daniel G. Wing l
<* J. P. Morgan *
i/X. L. Rue l
—W. S. Rowe J • >"^
/George J . Seay .rl
^.Charles A. lyerlyv
—James B. Forgani
tf* Rolla Wells d- ^ J *4 ,
C. T. Jaffray
- E . F. Swinneyd \
** J. Howard Ardrey
Archibald Kainss
J . W. Norwood^
/ T. J . Record
\&do — ^ H e r b e r t Fleishhacker—Cajc^J
F. 0. Watts d, i i %
— John R. Mitchell A. v"UrJ
O E. P. Wilmot Q
~ A• B • Hepburn £ tt MU*
G. Brown- I IIM
- A . L. Mills i | .
— P h i l i p Stockton-**
— Oscar Wells VQ.HU x/^
OR. L. B a l l o
— Paul M. Warburg ^ l93>
- C . E. Sullivan >
^-E. W. Lane d r^-*V
- J o h n J. Mitchell !
. D. W. Twohy
JG. H. Prince;:
- F . J . Wade i I*D«7
•"A. L. Aiken^ * HN4?
- J . M. Miller, J r . d W«fl
^ E . A. Hamill - J ^ ^ 1
•W. M. McGregor
^ 0 . Wells h
~ C . A. Morss •
—Breckinridge Jones ' '• OH. S. McKee C
—G. A. Coulton-i ^33
^ F . 0. Wetmore ' *
t^J. S. Alexander d« W
i?V. W. Goebel ... i 1 ) ^
--B. A. McKinney <
-'Col. J . F. Bruton I«JV4 </<„,,
—«fheodore
u .,. D. Houston
A. M. Heard S '
.Harris Creech
W. W. Smith
i |C-^ '
F. L. Lipman w&l$i<k
William C. Potter u «
<—4john Poole
oJ» P. Butler, J r . c
/ H e r b e r t K. H a l l e t t
-Walter S. 1/icLuc^s '
—Howard A. Loeb
Melvin A. Traylord
•* Robert H, Tremand.
—J. A. House
*-H. If* Robinson- i
John K. Ottley a.
^J. H. Frost
!H?
•^Thomas M. Steele
t
-"Howard Bruce
t George W. Davison —H. C. McEldowney-i—Walter E. Frew^
—W. T. Kemper i
" H . Lane Young
m
M. A. Arnold J
-Solomon A. Smith
4i James H. PerkinsX
—Arthur E. Braun CM*?
"Charles M. Gohen
-Edward E. Browne
* Winthrop W. Aldrichf
Lewis B, Williams
^Edward Ball i%W*^«»«ft*
^<John Crosby \
XR. E l l i s o n Harding^
/s Paul S. DickyH
Robert M. Hanes
C. Q. Chandler^
i Leon F r a s e r ^
T. J . Davis
•^iJohn Evans
*-B. G,
jfRyburn G.
x S. E. Ragland^r
George L. Harrison
^William F. Kurtz um\m* «T
Lyman E. Wakefield J
W. Dale Clark
-Charles E. Spencer, Jr.±.
^Robert V, Fleming^
< Nathan Adams x
X
V
• • •
'
.1
"Tleorge M
—Ralph C.
'John C. Traphagen
- Keehn W. Berryo^x
xA. E. Bradshaw^k
o Ed H. Winton
XJohn H. Ifffinj^wtnr
—Julian B. Baird
> David E. WilliamsAx
— A . L. M. Wiggins rt»n
-^Robert Stricklandci
—James H. Penick t^a
-Reno Odlln (Ujokr^AMT
X J » T. Brown c**H».».>fr
- W. Randolph Burgess
/, Henry E. Atwood>r
-James M. Kemper—
o J. E. Woods
—Frederic A. Potts
-Sidney B. Congdon
•—Tf. L. Hemingway
—Walter S.
* N. Baxter
—Joseph F.
*-David T. Beals
K. Lochead
M» Davis
^De Witt Ray
-"Geoffrey S. Snith at * •*, t
"George Gund ,, , t ,T
—V. J . Alexandertxxn.a.ot^"
-Charles J. Chandle44n^4
- John M. Wallace £<-^<,X
-George G. Matkin «**»M»JX
- William D. Ireland^-<I*K
•—-Wallace M. Davis w *n£
^William W.
--Ernest Clayton
t
Henry C. Alexander^
FICKS, Louis tt.
May 16, 1955
Mr, Louis G. Ficks
c/o Miss Elizabeth Hesa
3306 Fessenden Street N*W.
Washington, B.C.
Dear Mr. Fickai
Miss Adams, Executive Director of the above Committee
has asked me to write you that she is planning to be in
Washington next week, from Wednesday May 18th through
Friday noon May 20th, If it If convenient for you, she
would like very mu.cn to cose out to 3ee you during that
period. She is most anxious to discuss with you the
early days of the Federal Reserve Board and she hopes
that you may be able to tell her something about the
papers of Dr, Adolph Miller.
Miss Adass will call you on Wednesday morning to
find out about an appointment.
Sincerely,
Research Assistant
I
FISCHER, John
December 14, 1954
Dear Jeck:
Ta&nlcs so :.r»uch for jour l e t t e r of December 9th with
i t s good suggestions* I will zee thrt they are passed on to
the people who actually aake the decision, neiiely the Committee*
I only wish that you yourself vere writing instead
of editing these deys.
Cordially yours,
Mildred Adeffls
Mr. Joan
Fischer, Editor
Harper1a Magazine
49 East 33rd Street
New York 16, l« I ,
RECEIVED
«m
mm v
•»
HARPER'S MAGAZINE
1^4
S
PUBLISHERS
4 9
Hr-S*""^
vOrrW
BAST 33x» STREET
YORK 16, IT. Y.
N E W
OFiv
u*. ... * » E *
December 9, 1954-
Dear Mildred:
The best man any of us here can
think of to fill the job you mentioned i n
your letter of December 3rd is Mr. C. Hartley
Grattan, a highly competent economist, who has
written a number o f books and many articles
^ o r Harper 1 s and other magazines. His address
is 9 Bedford Road, Katonah, New York.
Mr, Grattan has just finished a n
assignment for The Ford Foundation and I suspect
he might be in a position to consider an offer.
If he should not be available, the
only alternatives which occur to me are Sumner
Slichter, Kenneth Galbraith, and Leon Henderson —
all good economists and competent writers. I
don't know, however, whether any of these will
be interested in the kind of project you have
in mind.
Let me know if I can be of any
further help.
Best regards,
* o N-w
Miss Mildred Adams,
Committee on the History of the
v
Federal Reserve System,
33 Liberty Street,
New York 45, N. Y .
John Fischer/RD
1 ^-rt <— ^
FFI3CHER, Jack
December 3, 1954
Dear Jack:
I think you know about this Federal Reserve History project on
which I've been working for nearly & year. Kow that w© have our five-year
grant from the Rockefeller Foundation in hand, we find the spending of it
harder than seemed possible when we were merely working to get it.
Specifically, we are having trouble finding a first-rate expert
in monetary and banking matters (and with a sense of fiscal policies) who
has some feeling for history and who can write. The Cozmittme members,
and their research director, have been circling about that one since September* Thus fax, we hstve cone up wlfily with negative judgements - Mr*
X is a fine monetary theorist but he csnft write trie English l&agttagftj
Mr. I knows about money and fiscal policies but only from now on - he has
no sense of history or development; Mr. Z writes well, but is not sound
in monetary matters; and so on.
It is from thie morass that I aake my present appeal. Obviously, it is time ve stopped conning academic imm&s over zna over, and asked
help from the best editorial brains available. So - if you wanted a
bang-up sketch of Federal Reserve history for Hsrser* 8 or a careful and
interesting article on the effect of the Federal Reserve type of central
banking on forty years of the American economy, whom would you pick to
write it?
1*11 be deeply grateful for any suggestions, and so will ay
distinguished Committee. Thanks in advance for your kindness to this infernal appeal.
And the best of personal greetings to you.
Cordially yours.
Mildred Advma
Mr. Jack Fischer
Editor, Harper*s Magazine
1& East 33rd Street
Hew York, H. I.
FISKE, Robert B.
Kerch A, 1955
Dear Mr,
I hfcve- indeed wondered about Mr*
Westerfieldj end I &m sorry to leera from his
l e t t e r that he hts been 00 i l l .
Xt vts good of you to forv&rd the
c&rbon to me, and I do hope that as he gets
better, i t mcy be possible for us to talk
ebout the project. I &ra siire that he can contribute a grefet deal of v&lue to i t .
fhunk you again for a l l your kindness*
Cordially yours,
Mildred Adaras
Mr, Robert B. Fiske
30 Rockefeller Plaza
18ew York 20. H. I«
ROBERT B. FISKE
3O ROCKEFELLER PLAZA
NEW YORK 20, N . Y.
February 25, 1955
FEDERAL RESERVE SYi
Mrs. Houston Kenyon
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York 45, New York
Dear Mrs. Kenyon:
Probably you have been wondering (as I have)
why no answer has come from Ray Westerfield to the letter which
I wrote him about you some weeks ago.
The enclosed is
evidently the answer; and from it I gather that Ray has been
having a hard time with his health.
I was encouraged by the next-to-the-last paragraph, however, and hope that you two get together, as I feel
quite sure that he may be able to contribute some valuable information for your study.
With kindest regards and best wishes,
Sincerely yours,
RBF. .fs
(Encl)
RAY BERT WESTERFIELD
PROFESSOR OF ECONOMICS
YALE UNIVERSITY
NEW HAVEN 11. CONNECTICUT
Fek 15 1955
Mr Robert B Fiske
30 Rockefeller Plasa
He& York 20
New Tcrk
Desr Bob s
I have seen on the sick-list since the last week of October.I had
a bad attack of gal 1-8%©net.Since 1 am a bleeder,the doctors wers afraid to
cut me open unless i t was an absolute neceesityfthey hoped to handle the case
by dieting.Finally,after seven weeks of intense suffering,they operated;
successfully,with the help of other peoples1 blood as coagulator.Unfortunately
the £]L£iLfa/i surgeon did aot keep up the blood-transfusions after the operation,
with the result that I kept bleeding into the flesh about the insision.This
put me back on my back for two weeks,and has caused what they diagnose as
radiculoeis(l guess t h a t ' s they way they spell i t . ) , a disease cf the nerve
ends,very peinful and slow to raend.I sffl just beginning to case to my office
for an hour a day,and to catch up with the parade.
Your l a t t s r arrived while I was in the h&spital.I*ra s orry I have been
so slow answering i t .
You were kind to think of me in connection with the study which Frs Kenycn
has under way relative tc the History of th# federal reserve Systasul shall,
of course,ae most happy to meet her and cooperate with the Gof.rdttee in any
way possible.Ovor the years I have assembled a mass of notes on the Federal
Hes#rve,mo£<t of which i t turned out I have nsver used nor will use;nayb« I
c*n sake these available to her,% not© system,as you (my rememberfio based
on e*rds 5" x 3**,well indexed. Perhaps seawtime later tJiis spring: when I get
fit for work I can mc>et ttrs Kenyon and determine how,if at a l l , I cc-n be of
service in her project.
Birthday
I hope very 03uch I shall see you at the Home Coining here *^shinrfconf
yours
Ray B s .?esterf ield
FISKEj Robert B
December 31, 1954
Deer Mr* Fisket
It Vftl isost kind of you to write to Dr. Vlesterfield,
end I will follow i t up immediately vita expectation of en interview vhich will be both valuable and interesting.
I hope that the Nev Year v i l l give us a chance to see
you and your -wife again before too long.
Gratefully yours,
Mildred Adems
Mr. Robert B.
imericgn Cyaneaid
30 Rockefeller
Nev York, M. Y.
Robert
December 28,
Professor Ray B. Westerfield,
Hamden,
Connecticut.
Dear Ray:
The other evening at dinner with some friends
in Westport my wife and I had the privilege of meeting
Mr. and Mrs. Houston Kenyon,who were also dinner guests.
Mr. Kenyon is a very well known patent lawyer in New
York.
During the course of the evening I found that
Mrs. Kenyon, who is a very delightful and interesting
person, Is acting as Research Director for the Committee
on the History of the Federal Reserve System which, on
a grant from the Rockefeller Foundation, Is working on
a long term project to study and document the very
interesting background about which, once upon a time,
you tried to teach me something.
I took the liberty of boasting to Mrs. Kenyon
of my friendship with you and found that while she knew
a good deal about you she had never had the pleasure of
making your acquaintance. It struck me that If you were
not already following the program of the Committee you
might be interested in some time talking to Mrs. Kenyon
who uses the name -"Miss Mildred Adams" In her executive
post, and I am sure that she would be delighted to talk
to you and benefit by your store of information on the
subject.
I hope that my presumption may be forgiven
in the Interests of a good cause and that I may look
forward to seeing you some time when you are In New
York.
With kindest regards and Best Wishes for
the Holidays,
Sincerely,
RBF:W
Robert B. Fiske.
Mrs. Kenyon wrote me on December 21 to give me
the composition of the Committee and I am
enclosing her letter.
Fiske, Robert
December 2 1 , 1954
Dear Mr. FlSfces
At th« delightful dinner which John and Weiy Gntee gave
the other night you were kind enough to say that you would like
to write Professor Westerfleld at Tale about the imrk of this Conmi t toe.
I t occurred to Be that you sight like to have the Committee's full naae and composition, so I as sending this note to
introduce the project officially. There 'should be added to the
mua^s of Committee meaber« on thia letterhead that of Dr. Joseph
Wlliits, BOW at the University of Pennsylvania, vho has accepted
invitetion to Membership. If Dr. Vesterfield i s interested, I
would be delighted to -live him further d e t a i l s .
Best Ciristnia,^ greetings to you and Mrs. fiske.
uitt I very much enjoyed aeeting you both.
Most sincere!]'- yours,
Mildred Adams
Mr. Robert Fisfee
American Gysnaiiiid
30 Rockefeller Flaza
York, H. tm
Houston
FLEMING, Robert V,
March 17, 1954
Miss Catherine M. Krieg
Assistant Cashier and Ass&staat
to the President
The Idggs National Bank
1503 Fean^rlvaida Avenge, H. ¥ .
Washiz^gton 13, B. 0.
Dear Hiss Sriegj
In Miss Adaae's absence from the
Baak, I s&oiald like to ta&Bk JQXL for your kind Bote
of March I6t&. As her ©chedul© seems to be ghapiog iap,
noial<it I a® sur# # find -Ui© twelve noon appointment
you have g^gested most
I t was gen&roxm of Mr* Fleaing to
suggest end hold open alterimtlve tLm®&f and I hope
you iriJl convey to him Miss ldsEs*s appreciatioa of
Ms proapt aud f&vor&fel© response to her request for aa
iiiterview.
Sincerely yoisrs,
Research Assistant
W A S H I N G T O N 13, D. C.
MISS cATHERmE M.KRIEG
March 1 6 , 1954-
ASSISTANT
CASHIER
AND
JL ^
*?* 1 £? T *
fc.IT
/*• A C U I r Q
A M t~\
Dear Miss McKinstry:
In reply to your l e t t e r of March 15th
address to Mr. Fleming, I desire to advise
that Mr* Fleming would be very glad to see
Miss Adams on Wednesday, March 24-th a t 11:30
or 12 noon, or a t U in the afternoon. Other
coinmitments earlier in the day and a board
meetipg in the afternoon would preclude making the engagement a t any other hour on the
24-th.
Pleese advise i f Miss Adems will be able
to keep either of these engagements, as we
have booked the time on Mr. Fleming1 s schedule pending a reply.
very sincerely,
{
Assistant Cashier' and
Assistant to the Presider^y
Miss Katherine McKinstry,
Research Assistant,
Committee on the Histoiy of Federal Reserve System,
33 Liberty Street, New York, 45, N. ! •
Karch 15, 1954
Mr* Robert V. Fleming
President and Chairman of the Board
Riggs Hational Bank
1503 Pennsylvania Avenue, S. ¥•
Washington, D. C.
Dear Mr* Fleming:
At the request of Miss Mildred Adams,
Research Director for the above Comaittee, I ea
writing to ask whether i t would be possible for
your to grant her an interview on her next v i s i t
to Washington.
Mr. Donald B* Voodvard, who i s serving
as Secretary for this Coaaittee, h&s strorsgly
reeoiaEeaded to Miss AdcusiS that she have a talk
Tiitfa you, i f possible, during the present exploratory phase of her work.
Since her schedule l i extremely tight,
we wuld be most grateful to you i f you could
have your secretary advise us vithin the next veek
Aether i t vould be convenient for you to see
Kiss Adams oa Wednesday aftornoon, March 24th,
soaetiiBe around three o'clock. If not, with your
permission, I should like to telephone your
secretary to arrange as alternative time which
vould be Rutually convenient.
Sincerely yours,
Research Assistant
FOOTE, FRANCIS W.
Hay 21, 1956
Dear Mr. Sfragai
Thanks ao much for your latter of May 17th
concerning the Federal Reserve medal made in fQ
I have written to the Federal Reserve Board
officer who made the original inquiry &n& suggested
that he send you rubbings of both sides of the medal in
tixe hope that your older employees say be able to identify the event and the group for vihich the medal was
made. We are very greteful for your attention to this
matter.
Most sincerely yours.
Mildred Adams
Mr* P. A. Sfr&ga, Manager
Metal and Badge S&les Department
The Vfhitehead and Hoeg Company
272 Sussex Avenue
Hev&rk 1» Hew Jersey
FOOTE, FRANCIS W«
May a,
1956
Dear Hr* Horbett:
In regard to the comaeiaorative medal belonging to Mr*
Francis* V. Foote of H&ttie&burg, Mississippi, I have tiiis morning
received a letter fro© The Vhitehe&d and Hoag Company (Mr. P# A*
Sfraga, Manager, Netal end Badge 8&les Department) saying that
they do not find any record of this particular aedbl* However,
sosie of their older e&ployees remember it •tad could probably
tell \XB more about it if we vere able to see the medal or a
rubbing of it,"
I sees to have made no record as to whether the aedal
is in your hands or thoae of Hi*. Foote. In either event, if you
or tie could put a light piece of paper on the medal and make a
rubbing of it with a soft pencil and send it to Hr» Sfr&&& (the
address is 272 Sussex Avenue, Hewark l f New Jersey), they might
be able to solve this problem. I think they would vent rubbings
of both sides•
This aay seem "beyond the call of duty,1* but these
details are pert of gathering the data we need, and I know you
are as interested in that as we are*
Most sincerely,
Mildred Adams
Mr* J» B* Horbett
Associate Director
division of Bank Operations
Federal Reserve Board
Washington 25, !>• C,
FOOTE, Francis
THE WHITEHEAD AND HOAG COMPANY
ESTABLISHED I87O
NEWARK 1, NEW JERSEY
ADVERTISING
INDUSTRIAL
FRATERNAL
• SPECIALTIES
METALS
- - O F " PLASTICS
LEATHER
May 17, 1956
Committee on the History of the Federal
Reserve System
33 liberty Street
New York 45, New York
p,t/
13 1S56
Attention: Miss Mildred Adams
Executive Director
, lit THE HISTORY
cr
THE
HI8£RVS SYSTSfi
Dear Miss Adams:
x
hank you for your letter of May 11, 1956, describing the Federal
Reserve Board medal made in 1914* We have searched through our
records and dies but do not find any record of this particular
medal* Some of our older employees do recall this medal and could
probably tell us nruch more about it if we were able to see the
medal or a rubbing of it« Is it possible for you to send us either
the medal or the rubbing of both sides of the medal? We believe,
with this visual aid, that we can give you the information you
request•
Very truly yours,
THE WHITEHEAD AND HOAG COMPANY
PAS:AD
MANAGER: METAL
SALES DEPARTMENT
FOOTE, Francis W.
Mey 11, 1956
Dear Mr. HorbettJ
Thus far ve seem to h*v® drawn & blank
on the matter of the cosa&orative medal belonging
to Kr» Francis V, Foote of Hattiesburgj Mississippi concerning ^hich you phoned &c this ssoralng.
I have however found that the f i n : of Vhitehead
and Hogue vhich struck the medal i s tttill in
busincsBS in Hevaxkt and I Ml vritlng the® to
see if their records shod any light on this* If
we get any further informatiofti I *&11 l e t you
know fit once.
These details are endlessly interesting, and the hunt for this particular on<* has
spiced a rather cloudy Friday,
Sincerely yours*
Mildred Adams
Mr, J , E. Horbett
Associate Director
Division of Bank Operations
Federal Reserve Board
V&shington 25* D, C,
FOOTE, Francis W.
11, 1956
Genfclesiem
Your nsme has been tiiven us by &n officer of the Federal
Reserve Board in Washington as makers of & modal 'which was struck in
honor of the creation of the Federal Reserve System* We are wondering Aether you have kept old files* and i f ao, whether they
slight, reveal anything about the circumstuices.
The medal was found by a gentleman of 80, now living in
Mississippi, 'who was a member of toe f i r s t board of directors of
the Federal Reserve Bank of Atlanta. He reports that i t bears the
legend "Federal Reserve Board" and also the word "Chicago.w
In August, 1914 there was a meeting in Washington of the
new3y chosen officers and directors in the newly created Federal
Reserve Syateffi, and we had thought that you sight have been asked
to
sake this medal in comnemoration of that event. I t i s the word
n
G?.ic&go" "which •throws this into doubt. Thus far we have not been
able to find any record which would indicate that Chicago might
have had such a medal struck, and i t i s for this reason that we
turning to you.
Any light which you can shed on the group which ordered
the medal or the specific event which i t commemorates will be
most grstefully received.
Very sincerely yours,
Mildred
Whitehead & Hogue
272 Sussex Avenue
Hevark, Hew Jersey
FOOTE, F r p n c i s V.
Msy l l f X956
Dear Mr» Foot©}
¥e understand from one of the officers of
the Federal Reserve Bo&rd In Washington t h r t you ere
organising old pspers concerning the early dfcye of
your directorship in the Federal JteB«rre Banic of
Ihis Coissittee is very much Interns ted in
of that kind and i s working to get *s much
of it- as possible preserved for the use of hiBtorltn
of the Federal Reserve Syataes.
Could you give us soaie ind5.cetlon of vh«t
material you have ftftd Aether ycu »M planning to
put i t into the library of some institution wh«ir@
i t Cfen be oontfulted by students! Ve >^ould be g r t i e ful for ei^r datfe you can send u$#
slnoertly yours,
Mildred
Kr* Francis ¥• Foote
927 Main Street
FORBES,LIBRARI
Northampton, Mass«
See correspondence under GOOLIDGE, Calvin
FOHiAii, James (Papers)
See correspondence January 9, 1956 and Jan. 12, 1956 with Marion Wells
filed under WETMORE, Frank
FORGAN, James B.
August 9, 1954
Miss Marion Wells
Librarian
She First national Bank of Chicago
P. 0. Box A
Chicago 90, Illinois
Dear Miss Veils:
On behalf of Miss Adams, I should like to
thank you for the four reprints by the late Mr*
James B. Forgan which you so kindly loaned her. I
am returning these herewith.
If at any time, further work on sorting
and cataloguing your collection of papers belonging to Mr. Forgan or to Mr. MelTin Traylor is
undertaken at your Bank and yields any sort of rough
register of the items included within these two
important collections, we would be Most grateful to
have a copy for our central register of source
materials•
Sincerely yours,
Research Assistant
km
encs.
(/+)
MlSC.4A.»..0M-a.B»
FEDERAL. RESERVE BANK
OF NEW YORK
OFFICE CORRESPONDENCE
nATP Align fit. ly j
TO
Mi fig VA chey
F R O M M i l d r e d Adams
r.
SUBJECT:
,
Vhen I was in Chicago recently Miss Marion Veils, librarian of the First
National Bank of Chicago, loaned me four pamphlets which concerned Federal Reserve
activities on the part of Mr. James B. Forgan. Would you mind checking to see whether
these pamphlets are in the New York library? There titles are: 1* Review of Proposed
Banking and Currency Bill (Federal Reserve Act 1913) by James B. Forgan, 2. The
Possibilities of Senator Aldrichfs Suggestions for Monetary Legislation by James B.
Forgan (1911), 3. Synopsis of Plan for National Bank Credit Currency by James B.
Forgan and Joseph T. Talbert (1903), and U* Hearings on the Aldrich Bill (Senate
No. 3023, April 15, 1908) statement of James B. Forgan.
There is no hurry about this, but if we have them here I will return these
to Miss Veils. Thanks much.
FRASER, Leon
October ZU, 1955
Dear Mr. Frt-.een
Mr. Donald Voodv&rd, «ho is cm the vest coast,
has askod ae to acknowledge your letter of October 21st
and tell you how pleesed we are to leem that you have considerable of your father1 s correspondence. The dates you
give ought to cover his MfVlee st Bretton Woods but rre
prob&bly too late to include his years &t the Bank for
Xatcroetloaal Settlenent,*;. In snj event, ha V M so constantly active in monetarj1" affairs that his correspondence
should be of greet value,
Ve will await further word from you with great
interest. Meanwhile, the Cocas!ttee would want ae to thank
you in their names P S well as ay ovru
Very sincerely yours,
Mildred Adsms
#» Freser
Morth Granville
Sew York
i
FRA^ER, Leon
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FRASER, Leon
(papers)
August 15, 1955
Mr* James M. Nicely
Vice President
First National Bank
Sew Xork 15, Sew Xork
Dear Mr. Nicely:
On March 3, 1954. you were kind enough to send us, along
with 3o»e papers of Mr, Leon Fraser1 s, the address of his
son, Mr* James !»• Fraser. Only a few weeks ago did we begin
to get ia touch with the survivors of men who were Important
in the history of the Federal Reserve System. Our letter to
Mr. Fraser has been returned, marked "not at address*.
Xou were so helpful last year that I am hoping you will
help us again by giving us a more recent address for Mr*
Fraser. Perhaps it would save trouble to have your secretary
telephone me to give me the address«
Thank you for your aid in this.
Very sincerely yours,
Mrs. Singer
Research Assistant
FEASER, Leon
(papers,- son*)James)
26, 1955
Mr. Jones L« Fraser
2505 lorkw&y iivenue
Buncte-lk 221 Maryland
Dear Mr, Fraser:
the active interest which your father, Mr* Leon Fr&ser,
took in the Federal Reserve System, the members of this Co<n35ittee have
asked BM to bring to your attention the history project on which we are
cat engaged *cd to ask for it your cooperation.
The project was started in the-, belief that the time had come for a
new look at the long course of Federal Reserve history. Too m m y of the
M M who created the System were no longer available to tell historians what
really happened on disputed points. Even their papers were dispersed and in
certain instances destroyed. Eefore the losses mounted higher, it was felt
that a real effort should be mad© to record memories and locate correapondence
and other papers that sight be of vdlue to the historian.
About & year and a h&lf ago, th@ stuff assembled bjr this Committee,
with tiie aid of a small grant from the Rockefeller Foundation, began to
interview people who had played an important part in the System1s foundation
and development, and to locate and catalogue information and material which
might be valuable to the historian.
the pilot project was so successful that in <£une the Rockefeller
FoundatioB $&de us a five-year grant to further the Committee1s work. Ve
have been, since July 1954* working with the assurance that wwihad time
I D which to continue the program of collecting memories and papers from
the men who have made the System what it is*
Our executive director, Mias Mildred Adams, iaay already have communicated with you on these matters. If not, may I say that we would like very
Batch to know whether your father left papers which are concerned with his
Federal Reserve experience. Speeches and articles interest us, and
particularly the things which have not j|een published - t&e working
correspondence, the diaries, the Journals, the memoranda which show what
happened when and why. We would like to know anything you care to tell us
about the whereabouts of such papers, their bulk, their condition and their
arrangement| &re they with you or have they been deposited in soffit library
for the use of students? If you are ready to dispose of any you nay have,
we would be glad to assist in putting them in an appropriate repository*
If you are not ready, we hope you will remember, in providing for their
disposition, that such contemporary working papers are the very stuff of
life for an historian. Xour father's are needed by the historians 66 the
System he fei^ped to build.
I will hope to hear from you about this.
Very sincerely yours,
Donald B. Woodward
Secretary
FRASER, Leon
JAMES M. NICELY, Vice President
Jiftyf
March 3,
Miss Katherine McKinstry
Room 807
Federal Reserve Bank
33 Liberty Street
New York, N. Y*
Dear Miss McKinstry:
Pursuant to our telephone talks I enclose to
you herewith Mr. James L* Praserfs addresses*
Various papers of Mr* Leon Fraser, the nature of
which no one here exactly knows, were shipped to
him some time ago*
I have no knowledge of whether
they may be interesting for your purposes•
I also am sending you with this letter a package
of miscellaneous papers of the late Mr* Fraser*
Some of them are memoranda of which there are undoubtedly
many copies extant, but in a few cases txiere are
special memoranda written by Mr* Fraser or correspondence
in which he engaged.
They largely pertain to the
Bretton Woods period*
I believe they are not likely ever to be used here
and I suggest that you may consider that we do not
care to have them returned*
On the other hand if
in your examination of these papers you come across
something which you may think would be of particular
interest to his family we should be grateful to you
if you preserve and return it*
The testimony which he gave before the Hmise
Committee on Banking Sc Currency on March 22, 19^5 is
undoubtedly available to you from published sources
but if you have difficulty with this we can furnish
you with a printed booklet containing this testimony
which was prepared here after Mr* Fraser died*
Sincerely yours,
Vice President
GI 22
20M
5-53
» March 3, 195JJMEMORANDUM FOR
Mr. Nicely
Pvt. James L. Eraser
US 51214.6532
Co. B, ESD #1
8579th AAU
Fort Holabird
Baltimore 19, Md.
Home address:
James L. Praser
2505 Yorkway Avenue
Dundalk 22, Md.
EB
FROST, J . S.
June 20, 1955
Bear Mr. Frosts
Mr, Donald Woodward, Secretary of this Committee,
asks me to thank you for your l e t t e r of June 15th with the tvo
interesting speeches which you enclosed. We are very glad to
have your own point of view, and to know to •what beliefs your
experience has led you. I t i s this kind of personal testimony
that i s valuable to us.
Because you are kind enough to offer further aid to
the -work of this Coaaaittee, you may like to knov that we are
seeking material which sheds light on the agricultural depression of the early 1920*8. This wna before your term as a Class
A Director of trie Federal Reserve Bank of Dallas begem, but I
am sure that an account of your banking experience during those
dhys Mould be viilu&ble to people vorking on that period. So If
you find Maorandft, or diaries, or correspondence which help
to piece together the story of those deys in the Southwest, we
vould very much like to see it*
Again our gratitude to you*
^
sincerely yours,
Mildred Adams
Mr. J . H. Frost, Chairman
Frost latloftal Bank
Sen Antonio 6, Texas
FROST, J. H.
BANK
FROST
J. H. FROST
CHAIRMAN
SAN ANTONIO 6, TEXAS
June 15, 1955
JUN2O 18
or-nm
Mr. Donald B. Woodward
Secretary
Committee on the History
of the Federal Reserve System
33 Liberty Street
New York 45, N. Y.
Dear Mr. Woodward:
I wish to acknowledge receipt of your favor of June 4 and to
advise that I have not previously replied because I have been confined, to
my home most of the time on account of illness.
Of course I am glad to cooperate in every possible way in
connection with the history project with respect to the Federal Reserve
System in which you are now engaged, but I regret that I have no papers or
written record of anything which I may have said or done which has had any
influence on Federal Reserve policy or development.
I was elected Class A Group I Director of the Federal Reserve
Bank of Dallas for the three year t e r m beginning January 1, 1925 and r e elected for three years on January 1, 1928, my term expiring December 31,
1930. I was elected to serve on the Federal Advisory Council, representing
the 11th Federal Reserve District in the Fall of 1931 to finish the term of Mr.
B. A. McKirmey, who resigned to become Governor of the Dallas Bank, and
I continued to serve through December 31, 1936.
I have no idea what the records of the Council may show, if
anything, but my service was during some of the years when Mr.
Hoover was President of the United States and Mr. Eugene Meyer was
Chairman of the Federal Reserve Board, and later during the first years of
the Roosevelt Administration when Marriner Eccles was Chairman. During
my slightly more than five years on the Council open market operations
in purchasing Government Securities was continuously followed in the belief
that low interest rates and an increasing money supply would lift the country
FROST NATIONAL BANK.
SAN ANTONIO, TEXAS
Mr. Donald B. Woodward
Secretary
Committee on the History
of the Federal Reserve System
-2-
June 15, 1955
out of depression and make everybody prosperous. The records probably
show nothing of my attitude but I consistently opposed the creation of reserves
by the purchase of Government Securities or in fact by any means whatever
other than rediscounting or loaning to member banks (except in extreme
emergency and for strictly limited periods). This was in accord with the
original concept of the framers of the Federal Reserve System and no
responsible member of Congress or the Woodrow Wilson Administration
had the remotest idea that the System would ever be used to create money by
means of purchasing Government Securities and thus "monetizing11 the Federal
debt.
During the period of my service on the Council, the United States
abandoned the Gold Standard and repudiated its solemn obligation and I feel
sure that I am not overstating the case when I say that the members of the
Council without exception were shocked beyond expression by this act. They
considered the action to have been entirely unnecessary and destructive to the
best interest and self-respect of the people of the country.
As stated in the beginning of this letter, I do not believe that I
have had any influence on the development of the System and I have no papers
recording my activities. However, since you have suggested it, I am pleased
to enclose herewith copy of an address on Monetary Policy which I delivered
before the Texas Bankers Association annual meeting May 25, 1948, and also
an address on Federal Reserve Open Market Policy delivered before the
Economists1 National Committee on Monetary Policy in Washington, D.C. May
10, 1951. I know that the views which I have expressed are contrary to the
views of the present managers of both the United States Treasury and the
Federal Reserve System, but I still believe them to be sound and that a
continuation of an irredeemable currency system will lead to an economic
disaster.
If the above should be of any service or if there is any other way in
which you think I can be of help, I will appreciate your advising me, and am,
Sincerely yours,
9
JHF/CL
Enclosures
3
^Chairman
PULLER, Leonard
December 21, 1954.
Dear Dr. Fuller:
I am -"writing you at the suggestion of Dr* Lester Chandler of Princeton University, Mho i s working on & study under the aegis of this Committee*
We are, as the name of the Cosifflittee indicates, interested in various phases of the history of the Federal Reserve System, In plotting out
areas for possible aoriographs, I have thus far found no comprehensive study
of the effect of litigation &nd court decisions on the Federal Reserve Act,
either on the development of trie Act, i t s interpretation or i t s administration* Studies of individual features of the Act exist, but we nave not yet
located the good, sound historical treatment of the kind that sometimes appears in the Harvard Law Review on other subjects and that interests even a
non-legal deader*
I t seems to me that, in framing as comprehensive a series of studies as,tills Committee wants, we ought to make soiae provision for the kind
of his tori co-legal examination I have in mind* The icaaediate difficulty i s
to know "who© to recommend to the Cosaaittee. Obviously, i t would take an
abie.and interested student of monetary and fiscal matters in their legal
aspect, a man with & keenly analytic mind and a lucid style, to write the
kind of stu^y that would interest both the lawyer and the banker.
Dr» Chandler t e l l s me that one of your enviable s k i l l s i s the
ability to illumine the general ides with the very best of particular examples* We would be sost grateful if we could enlist that skill in behalf
of this Cosaaittee's present need.
Very sincerely yours,
Mildred Adams
Br# Leonard Fuller
Harvard Law School
Cambridge, Massachusetts
@FedFRASER