The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
October 26, 1954
Dear Miss Tait:
At this rate, I think ve shall nerer meet for breakfast.
Certainly Detroit is far off ay course. But I do want nov, if I
can get avay with it, to impose on you — not on Dr. Villiams'e
account bat in connection with some work I have been doing (as a
part-time staff assistant) for the above Committee, which has an
office on the premises of the New Xork Reserve Bank.
Although the Committee has been in operation since last
January, it Is only now acquiring a small permanent staff (under
the guidance of Brookings Institution). Ve have for some weeks
been building up a roster of names of economists, particularly in
colleges and universities, who might be considered by the Committee for certain special studies contemplated under a five-year
financial grant received from the Rockefeller Foundation for
a program of research on forty years of Federal Reserve history.
One difficulty we are having is that the directories we have in
the bank library are pretty well out-of-date. This is not so
serious a matter in the case of senior faculty members, who are
likely to be in the annual Vho's Who, but, as always, it is almost
impossible to keep current on the addresses of the younger men
and on other facts about their current activities. I am therefore
wondering whether, since the big A.E.A. directory is due in 1955»
you may not have in your office an extra set of its galleys or at
least those sections of the proofs covering specialists in monetary
economics—i.e., economists in money and banking, financial history,
international finance, and perhaps also business cycles and fiscal
policy. If so, would there be any chance of my wangling such
galley sheets on a loan basis from you for our internal use only?
This request may be totally out of order, and, if so, could
you perhaps suggest some current directories (perhaps of regional
economic associations) which might Include some of the younger men?
I do have, for Instance, the latest biographical register of the
Social Science Research Council Fellows which is very helpful, but
need something of broader coverage.
Sincerely yours.
TAYLOR, Kenneth W.
December 29, 1954
Dear Mr, Taylor:
Tour letter of December 21st reached me after the Christmas
rush vas over. It was most kind of you to have your files searched for
Federal Reserve arterial, and I am only sorry that, the System in its
early days made so little impression in Canada*
"lowever, the references you u ive us are valu- ble, and ve will
follov then up. If, in addition, ve can get personal recollections from
Sir Tho.uas White and his former .secretary, Mr. Roberts, it vill add richness to the material we are gathering. As you know, this whole process
bears t rese-iblance to taat of gathering bits of shining glass for a
mosaic•
We hopo you will keep us in inind end send us anything else
that cosies your w^y that seems to bear on the early days of the System.
Ve are again grateful for your help end send you best wishes for the New
Tear*
Most sincerely yours,
Mildred Adams
Mr. Kenneth V. Taylor
Deputy Minister of Finance
Ottawa U» Ontario
Canada
•
Committee on the History of the
Federal Reserve System
naTF
lg/29/54
Miss Adams
IB
FROM
REMARKS
Of the five banks mentioned
in Mr. Taylor's letter of December
21, we have corresponded with
various people at 3 of them, in
addition to other Canadian bank officials.
Ve have written to:
Edward Walton, Bank of Montreal
S. R. Noble, Rojwl bank
Sir Thomas,White, Canadian bank of
Commerce
No correspondence with Dominion
Bank or Bank of Nova Scotia, although
Mr. Woodward apparently conversed wiii
Mr. Douglas Gibson of the latter.
TAYLOR, K . V .
OFFICE
OF
THE
DEPUTY M.NISTER
^ 8 ^ P
OTTAWA 4, Ontario.
December 21, 1954*
Miss Mildred Adams,
Research Director,
Committee on the History of
The Federal Reserve System,
33 Liberty Street,
NEW YORK 45, N.I.,
U
•S * A *
R
E C E IV E D
„,.... 0 „ ,Q_
~Jt^
•< <• ' ^ 4
_.
coMMinE^o.^THE HISTORY
FEDERAL RESERVE SYSTEM
Dear Miss Adams:
Thank you for your letter of November 30
on your very interesting project.
I have had our files carefully searched
from the period 1913 to the mid-thirties, and about the
only conclusion one can draw is that there was an
embarrassing lack of interest in Canada about the
Federal Reserve System.
As you know, w e have a system in Canada
whereby the Bank Act is revised and all bank charters
are renewed on a decennial basis, and there are some
references to the Federal Reserve System in the
parliamentary hearings associated with these revisions.
The Canadian Bankers 1 Association
published a volume in 1933 entitled Bank Act Revision
Proceedings covering the years 1913 to 1928, inclusive,
and on pages 417 to 452 there is summarized all the
; references to the Federal Reserve System in the Banking
1 and Commerce Committee Hearings over that period of
i years. For more complete details of the evidence
presented before this Committee, you may consult the
verbatim reports of the Banking and Commerce Committee
from year to year.
2.
Another source that you might look to is
the Canadian Bankers* Association, Mr. A, V. Rogers, Q.C.,
Secretary. 901 Bleury Street, Montreal, Our Canadian
Bankers* Association was established by law in 1900
and is the normal channel of communication between the
chartered banks and the Government* It is quite possible
that they may have material in their files relating to
the impact of the Federal Reserve System on the Canadian
banking system in its early days*
Five Canadian banks maintain agencies in^
New York: Bank of Montreal; The Royal Bank of Canada; lz
The Bank of Nova Scotia; and The Dominion Bank. The
head offices of these banks (Montreal and Royal in
Montreal; the other three in Toronto) may have material
such as commentaries or reports from their New York agents.
It occurs to me that it is just possible
that you might get some sidelights on these matters from
Sir Thomas White, who was Minister of Finance in Canada
1911 to 1920. Sir Thomas is now living in Toronto* He
is about &5 years of age but I understand still reasonably
active in his capacity of a Director with the Canadian
Bank of Commerce* His private secretary of those days,
Mr* B* J. Roberts, lives in Ottawa and is a member of our
National Harbours Board* He tells me that he has no
papers on this subject in his personal possession but he
has a number of recollections of contacts with senior
Federal Reserve officials*
I am afraid this is not very helpful
but is about as much help as I can be*
With kind regards and good wishes,
Yours since;
REC
EIVED
DEC 2 7 1954
COMMITTEE ON THE HISTORY
OF THE
FEDERAL RESERVE SYSTEM
K. W. Taylor
TAYLOR, Kenneth
Hovcmber 10, 1954
Dear Mr. Taylor:
Some weeks a&c, Mr. Donald Woodward, Secretary of t h i s Committee and
Chair&an of the Finance Committee of Vick Chemical, asked me to t e l l you more
about the p r o j e c t i n i&ieh MC '-re engaged then he had taken time to recount
when he saw you in Montreal. A delayed v a c a t i o n i n t e r v e n e d , end I ai r u e f u l l y
conscious t h a t t h i s l e t t e r reaches you l a t e r than
intended* I car: only
hope t h a t i t w i l l remind you of i coriversati-•:.
- object -sich a t t r a c t e d
your ettefttiOQ, not only for i t s i n t r i n s i c fj
a, but also because you
heve a long end, tts a r e t o l d , en a f f e c t i o n a t e regard for Brookings which i s so
closely collaborating in t h i s .
Hr, goodverd probably told you t h a t Ss s t a r t e d in January with Rockef e l l e r funds on a qslck and i n t e n s i v e search for unpublished papers v h i c h bore
on e a r l y phages of t h e h i s t o r y of the Federal "<;<--•/srve Sjyatea and t h a t we had
consider.:lie good fortune i n l o c a t i n g several c o l l e c t i o n s which hold higa p r o m i s e . For e x a r p l e , Kha papers of Senator C a r t e r Qless h< baas "reugh-sorted"
i n t o 423 boxes tad Ssj 0 ": :ed i n the l i b r a r y of the University of V i r g i n i a .
These s* have hz.d sTrsaslwed i n d e t a i l and an inventor;
», 30 t h a t s t u d e n t s
may now judgr from the catalogue whether or not they need t o go to V i r ^ i n i s t o
read the correspondence from a s p e c i f i c EU 0: on a s p e c i f i c s u b j e c t . The pap e r s of Mr. Charles B s a l l n , an e a r l y member of the Federal Reserve Board end
one who served fes messy jee.rri, a r e I s the Library of Congress, have r e c e n t l y
been freed of s e a l and a r e open tc r e s e a r c h . The paper of Ogden M i l l s , Secr e t a r y of t h e Treasury sad Chairmen of the Federal Reserve Boar'" in 19*2-33, w «
found i n a garage on Lou£, Island end vere a t l e a s t p a r t l y responsible for the
f a c t t h a t they have now been taken to the Library of Congress. And to move to
a l a t e r p e r i o d , the papers of Dr. Emmanuel Goldenveiser, long Director of Research for the Federal Reserve Board, have t e e n gathered t o g e t h e r , catalogued
end a r e now s v a i t l a g d e c i s i o n as to a f i n a l place of d e p o s i t .
These e r e a few of our Mast rewarding f i n d s . A l t o g e t h e r , we have
l o c a t e d a s u r p r i s i n g number of c o l l e c t i o n s . At the seme time, we have been
reaching f o r the memories of men who were e a r l y in p o s i t i o n s of r e s p o n s i b i l i t y
w i t h i n the System, and by means of i n t e r v i e w s , we have ceu 0 ht i t l e a s t the f l a vor and some of the i n c i d e n t a l color and b i a s of e a r l y d a y s .
As t h i s research process c o n t i n u e s , sad with i t a hunt for the men
equipped t o engage i n w r i t i n g the comprehensive h i t o r y which i s the purpose of
t h i s p r o j e c t , ve find our scope of i n q u i r y broadening t o include the i n t e r n a t i o n a l f i e l d which has been so important i n v a r i o u s a s p e c t s of American c e n t r a l
V
•2-
benking. Mr, Woodward has i n d i c a t e d t h a t we might have word from you as to
Canadian p o i n t s of view about the Federal Reserve kystesc. We would t r e a s u r e
suggestions a s t o where t o find such d a t a , o r r e f e r e n c e s to d i s c u s s i o n s on t h i s
s u b j e c t , o r any comment which w i l l s e t u:_- f u r t h e r elong t h i s d i f f i c u l t and f a s cine t i n g p-tfcu We hope for word from you on t h i s *
I know t h a t Mr, Woodward would want me to send you h i s wars g r e e t i n g s
and h i s a p p r e c i a t i o n of your i n t e r e s t . He w i l l be mo?t g r a t e f u l for any sugg e s t i o n s you may give tts«
Very s i n c e r e l y yours
Mildred Adams
Mr* Kenneth Taylor
Deputy M i n i s t e r of Finance
Ottawa, Canada
TEAD, Ordway
See correspondence under HARPER & BROS, in folder entitled
TEAGLE, Walter C,
See letter fro» Cornell University, 8/13/54 under
DAY, Edward
THOMAS, Woodlief
See correspondence file FEDERAL RESERVE BOARD.
THURSTON, Elliott
See correspondence file FEDERAL RESERVE
BOARD
TRAYLOR, Melvin
See also under FORGAN, James (Papers; correspondence
TREASURY
TREASURY DEPARTMENT
WASHINGTON 25
OFFICE OF
ADMINISTRATIVE SERVICES
May 2 0 , 1955
'•} "I " :
Miss Mildred Adams
Research Director
Committee on the History of
the Federal Reserve System
33 Liberty Street
Hew York 1+5, I. Y.
Dear Miss Adams:
Here are photostats of the pages you are
interested in. If we can "be of any further help
please let us know.
Very truly yotirs,
,/?
IS P. COLLINS
Records Administration Officer
Enclosures:
TREMAN, Robert H. (Papers)
March 26, 1956
Deer Mrs. Fox:
Thanks so much for your letter of March Hth which ay
assistant acknowledged in my absence. Ve are surprized and disappointed to learn that the papers of Mr* Robert H» Treman are so
fragmentary. He was, as you know, a director of the Hew York Federal
Reserve Beiik for some years in an Important period, end I had hoped
that you night have materiel of his which would be valuable to us*
If any comes in from other sources, I trust you will l e t us know.
I t i s particularly good to know that the papers of Professor George H. 'Warren ar* fairly complete. They ou^ht to be very
valuable to scholars wien they begin to pick up the financial history
of the period. We hfve not yet reached the point of needing microfilm, but i f you have any kind of an inventory or catalogue of the
papers, we would be glad to have a copy made for the uses of this
office.
Also we are glad to know that the Willerd Straight papers
hold no particular interest for us, as I need not t e l l you i t i s
Eore useful to be able to tick off a collection as of no value to
one's particular field of interest than to have i t loosing as a large
question mark*
Gratefully yours,
Mildred Adams
Mrs.
Edith M. Fox, Curator
and University Archivist
Albert R» Mann library
Cornell University
Ithaca, Mew York
TREMAN, Robert H. (Papers)
March 20, 1956
Dear Mrs. Foxi
for your letter of H%rch 14.th concerning collections of papers at Cornell In which this
Committee is interested* Miss Adams is out of town
this week, but your letter will be brought to her attention when she returns*
Sincerely yours.
Irma Burstein
Assistant
Mrs* Edith M« Fox
Curator and
Archirist
Albert R» Mann Library
Cornell University
Ithaca, New York
TREMAN, Robert H. (Papers)
CORNELL UNIVERSITY
ITHACA, NEW YORK
COLLECTION OF REGIONAL HISTORY AND UNIVERSITY ARCHIVES
ALBERT R. M A N N LIBRARY
March U , 1956
RECEIVED
Miss Mildred Adams
Committee on the History of
the Federal Reserve System
MAR 2 0 ??56
33 Liberty Street
New York U5, New York
COMMITTEE ON THE HftTOfty
Of TM€
n
xii (J
ttDCKAL
ftCS£RV£
VftWi
Dear Miss Adams:
•»•»••
I am always pleased to know of interest in our collections stimulated by our Report.
I do wish T could give you encouraging information about
the Treman papers. Mrs. Robert Treman turned over to us almost
I
all of the papers of her father-in-law, Robert H. Treman.
'^(.'
There is nothing in these papers of any particular help to the r'•*'-"
scholar. Although I doubt it, Robert H. Treman papers may
C l \V"
appear from some other source. At least this is what I hope
for collections which are as fragmentary as this one.
Professor Warren's papers are fairly complete. Would
you care to have a microfilm made of the papers relating to
gold and changes in the gold price?
k-y
Os*' i\i
u
Frofessor Pearson is an active faculty member. Eventually
his papers should come to the Archives, but until the man retires we do not ask for parts of his files.
There is no particular information about the money panic x^-rof 1907 in the Willard Straight papers. The Harridan, Schiff Gil
and J. P. Morgan material relates largely to railroad investments in the Far East.
I am sorry that I do not have more information for you.
Sincerely yours,
(M-s.) Edith M. Fox
Curator and University Archivist
EMF/eb
.-i
TREMAN, Robert H. (Papers)
March 9 , 1956
Dear Mrs. Toxi
I t was kind of you to send Hiss Burnett your new panphlet on Cornell's
"Collection of Regional History and the University Archives** Ve have found
in i t three references which are very useful to us, and on a l l of these I
would like to ask further questions.
We are very much interested to see that you hf.ve the papers of
Professor George 8. Warren, who vas economic adviser to President Franklin
Delano Roosevelt la the matter of gold and changes in the gold price* If my
memory serves, Professor F. A. Pearson was his associate in that endeavor*
Is i t possible to know whether the material connected with that episode seems
complete or i f there are only scattered references and notes to it? I s
there any chance that you w i l l also receive Professor Pearsons material on
the same episode?
We also are interested in the Willard Straight papers, and particularly in any portion of them which refers to the money panic of 1907» I
note that Mr* Straight's work with flerriiaan, Schiff and J* P. Morgan covers
the three years 1906-09* Could we know whether these papers are extensive
so that they night include reference to the 1907 episode, or are they merely
casualT
Ve are also interested in the Treman family papers, and I an very
curious to know whether you have received the papers of Mr. Robert Henry Treman,
185B-1937, who served for five terms as a director of the Federal Reserve Bank
of Mew Xork and as Deputy Governor from 1916 to 1919* When X vas in Ithaca in
1954 I sew one of Mr* Robert Trenail's sons and was referred to the present Mrs*
Robert Treman who, i t was thought, might have papers, diaries or correspondence
of her father-in-lffw, Mr* Robert H. Treman, i s the a t t i c . Ve were unable to
get from her the information ve needed, and i t occurs to me that these papers
nay have been sent to you &t Cornell to be put with the older body of Treman
family papers*
If we could know about tola, ve sould be very grateful*
again for your kindness in this and other matters*
Mrs. Edith M. Pox, Curator
and University Archivist
Cornell University Library
Ithaca* Mew Xork
Thank you
Very sincerely youra,
Mildred Adams
TREMAN, Robert
August 19, 1954
Bear Mrs. Tre&an*
I as vriting you at the suggestion of Mr, Allan Trexnan, vhoa
I sav in Ithaca yesterday.
This Committee has been engaged for the past six months or
more in locating, collecting or simply listing materials relating to
the history of the Federal Reserve System, In connection vith that
work we are eager to know vhether your father-in-lav, Mr. Robert 3.
Tre&an, left papers, diaries or correspondence vhich bear on his long
experience vith the Federal Reserve Bank of Nev Tork.
It was in that connection that I approached Mr. Allan Treican,
and he in tarn suggested that I pass the question on to you, Mr. Burns,
President of the Tcuspkins County Trust Company, remesbers turning over
to Mr* Allan Treman certain of his father's papers vhich had been stored
in that bank, and it is, I judge, not impossible that they vere moved to
the house in vhich you nov live.
Ve vould be very grateful for any information about papers of
Mr. Treman senior vhich you can send us. 3e played, so important a role
in the early days of Federal Reserve banking that if he left any considerable collection it vould be important to students of the System1 s history,
Ve vill be cost appreciative of any aid you can give us in this
quest.
Very sincerely yours,
Mildred Adams
Research Director
Mrs» Robert Treman
511 Ceyuga Heights Road
Ithaca, New York
44 MERCER STREET
PRINCETON, NEW JERSEY
.
9T—
44 MERCER STREET
PRINCETON, NEW JERSEY
TURNBULL, Laura S,
April 5, 1954
Dear Miss Turnbull:
This vill acknowledge your letters of March 31 to Miss
McKinstry and me. My very able assistant vas celled to Massachusetts
Tery hurriedly because of her mother's sudden illness. I do not expect her bfick here for another week.
Meanwhile, we have noted Professor Kemaerer's correct
address, and also your suggestion that we get in touch with Professor
Boyce at Northwestern University. We welcome suggestions of this
kind very ©uch for, as I need not t e l l you, in the l a s t analysis projects
like this are dependent upon the caliber of the people working at them.
I t will be a pleasure to talk with Professor Boyce.
Thank you again for a l l your kindness.
Sincerely yours,
Mildred Adams,
Research Director,
Mi88 Laura S. Turnbull,
44 Mercer Street,
Princeton, Mew Jersey.
MAthiM
44 MERCER STREET
PRINCETON, NEW JERSEY
44 MERCER STREET
PRINCETON, NEW JERSEY
3 (,*>"</
March 15, 1954
Dear Miss Turnbull:
Thank you for your favorable
response to ay request for an appointment for
Miss Mans.
She is looking forward to
seeing you and Dr. Patterson at the Library*
She expects to take the 7s50 A.M. train from
lev York, arriving at Princeton at 9:18,
and she will go directly to the Library to
spend an hour or so with Dr. Patterson and see
you there following this first appointment of
the day.
Sincerely yours,
Research Director
Miss Laura 8. Turnbull
44 Mercer Street
Princeton
Bev Jersey
/
"
44 MERCER STREET
PRINCETON, NEW JERSEY
£4-XA^^A&d*-J{
44 MERCER STREET
PRINCETON, NEW JEGSEY
March 8, 1954
Miss Laura S. Turnbull
c/o Princeton University Library
Princeton, !fev Jersey
Dear Hits Turnbullt
Miee Mildred Adase, Eegerrch Director for the
ebove Ccra&ttee, hes asked He to send yoti this note to
esgr thtt she i s planning to spend e dey in Princeton
—Wednesday, March ITtii—and to inquir* whether i t vould
be possible for her to hare e talk -with you while she i s
in town.
Vith the aid of a grunt free the RoekefaHer
Foundation, vhe i s engaged in locating end cataloging
material relating to key figures »n<? ©rents in the
history of the FedereJL Reserve Systesa viiich v i l l prori4e
a basis for later studies. In this connection, she I s
naturally much interested i n the Benjenin Strong Collection and other Batarials at tfoa Ifoiversity Library with
vhich ycu ere no doubt eactreaely familiar*
/
I t i s her understanding tiiat, though you are
nov officially retired, you e t i l l l i v e in Princeton.
She hopes very such that you v i l l respond favorably to
this request, end that ve say arrange a firn appointment
in advance of her t r i p , since she i s also trying to set
up seatings vith several faculty seobers and to spend
time in the Library on the seae day*
Sincerely yours,
Research Assistant
@FedFRASER