The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Hey 11, 1956 Dear Mr* Martini Details of the meeting of this Comittee on Monday, Kay 28th, ere as follows. Mr, Sproul asks me to invite the members of the Comittee to lunch with him at the Mev Xork Federal Reserve Bank at one o'clock* Following luncheon, the meeting will be convened in tfoe lounge adjoining the President's dining room* Cordially yours, Mildred Adams Mr* William HcC« Martin Chairman, Board of Governors of the Federal Reserve System Washington 25, I>. C# BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON OFFICE OF THE CHAIRMAN RECEIVED February 21, 1956 FEB 2 3 1556 GOMtlfTTEE ON THE HISTORY OF THE FEDCftAL RESERVE SYSTEM Miss Mildred Adams, Executive Director, Committee on the History of the Federal Reserve System, 33 Liberty Street, New York 45, New York. Dear Miss Adams: Thank you for your letter of February 17. I have gone over the revision and the procedure suggested with Mr. Riefler and find it satisfactory. 1 will hope to be with you at the meeting on March 17. With all good wishes, Sincerely yours, Wm. McC. Martin, February 17, 1956 Dear Mr* Martlm details need your attention, a change which Dr. Calkins would like to make in the *ol&use of enactment,11 and a confirmation of the suggested date for the next meeting• Xou will find enclosed the Minutes of the meeting of this Committee at Princeton on February <4th, and also a revised version of the "clause of enactment" -which was passed at that meeting. revision was undertaken in conference with Dr» Calkins and at his request. In substance it does not differ fro® the version adopted at Princeton, but Dr. Calkins would prefer to present the Committees proposal to the Brookings **oard of trustees in this new wording if the Committee approves* It can then be added to the Minutes as an amended text* Would you let ae know if you approve of the revision and of the procedure? As for the date of the next meeting, Saturday, March 17th, fvt Brookings in Washington was the one most discussed in Princeton. Members were asked at that time to put this dete down tentatively. If this is not possible for you, may we have your suggestions. ?ery sincerely yours* Mildred Adams Mr. Williaa McC. Martin, Jr. Chairman, Federal Reserve Board Washington 25, I). C. Enc. 2 c January 9» 1956 Dear Kr# Kartim We promised to send you details of the schedule for the meeting of this Committee &t Princeton on Saturday, February 4^> vhen arrangements wore completed* Those arrange* ments are now fixed 83 follows * Place - Institute for Advanced Study* Princeton, Hew Jersey Time - 10 a»m* to 4- P«HU» February 4, 1956 Luncheon - at the Institute are asked to meet at 10 a*uu in the Coismon Hooa of the main building, where Dr. Stewart will act as guide to the conference space which is kindly being provided for us. Memoranda bearing on certain of the problems to b# discussed should re£>ch you about a week in advance of the meeting* We hope to nail them on January 26th* Would you kindly let this office know if you are planning to attend this me©ting• Mildred Adams Mr. Villiaxa McC, Martin, Federal Reserve Board Washington 25* $• C. September 2, 1955 Mr. Ulliaa a?eC. ISartin Federal Jteserwe Board Washington 2£ t D*C. Dear i&% Martini I a» sending with thia latter a report for which I would ask your reading and consent. Entitled "Progress and Flans," it is designed as a report on work for the year 195k-5$9 mada to go to the Committee and to the Rockefeller Foundation, ton will find in it a stateiaent of the situation which the QomdXtm faces in view of the fact that at the end of the first year m historian has been selected* The decision t present this problem to the Foundation and to ask their advice has the approval of Messrs* Sproul, Calkins, Stewart, Burgess and myself, fha wmo entitled M Progress and Plans** has been prepared by Miss Adams and a»viewed and approved by Drm Calkins and a^self, but has not heretofore been seen by others* lay we hate your cosaient at your early convenience - preferably by the 9th of September* Dr. Calkins and I hope to call on Dr. Buchanan of the Foundation about that tine. The second report enclosed is that of our executive director, Hisa itdaas* You may b$ intarested in further details on S O B S points which are merely sonsariged in ay report. Appended to this you will find her notes on visits to the twelve banks, with soss account of what she found in their files and libraries. Sh® also appends a study of Board and Bank officers and directors drawn from the staff's biographic files,, and aieport on collections of private papers discovered to date* sincerely yours* Donald Woodward Secretary (Signed at his request, M«&«) Mr* Williara McC. Martin Fedsnl Reserve Board Washington 7$, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON OFFICE OF THE CHAIRMAN RECEIVED March 9, 1955 MAR 1 1 1955 COMMITTEE OiN THE HISTORY OF THE FEDERAL RESERVE SYSTEM Dear Miss Adams: Thank you for your nice note of sympathy about Dad's death. He meant a great deal to me so your writing i s very much appreciated. With a l l good wishes, Sincerely yours, Win. McC. Martin, Jr. Miss Mildred Adams Research Director Committee on the History of the Federal Reserve System 33 Liberty Street New York, N.Y. March 3, 1955 Dear Hr. Martin: Because your distinguished father was eo interested in the work of this Committee, so kind and gey when I saw him last summer in St. Louis, ve all htve h special feeling that we hfcve lost not only one of the pioneers who are the special concern of everyone associated with this project but a pioneer who recreated the past for us, &n& in th© process allowed ua to think of hi® as a warm friend. For that reason, and remembering his delightful hospitality last summer, I would like to be allowed to send you the deep sympathy of this office with my own. Very sincerely yours, Mildred Adams Mr* William McC. Martin, Jr. Federal Reserve Board Washington 25» $• C. c COMMITTEE OH THE HISTORI Of THE FEDERAL PJESSKVE SYSTEM October 1, 1954. Dear Mr, Martin? In accord t-dth the outcome of the poll of the Const ttee f5i% Lane ve.w invited to become R. member of the Coismittee, The attached l e t t e r i s his response Presumedly the Sxecsutivs CoroiRlttee v l l l consider the question of farther sction on the stutter a t an t a r l y meeting. truly Donald B, Voodvmvdi Enclosure Kr. Villipm McC, Martin Chairmen, Federal Reserve Board Washington 25, B.C. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHI NGTON OFFICE OF THE CHAIRMAN June 29, Dear Miss Adams: My father has not been too well recently but, from all indications, he may be available at the time you suggest you may pass through St. Louis. I would suggest you have the Bank check with him when you get there, and I know he will be very glad to see you if he is up to it. With all good wishes, Sincerely yours, "Win. McC. Martin, Jr. Miss Mildred Adams Research Director Committee on the History of the Federal Reserve System 33 Liberty Street New York, N.Y. Second List of lanes Coagslttee gh&ek your first and second choice, numbering them in that Hore information bat been requested concerning Lr, |ftfrftjrj.c €. Lime. , whose nan* m s simlatsMl cm t*i« first l i si t . Br* &«Mwho i s Frofessor of History at Johns Hopkins, has beefs famous e the author of studies of Venetian shipping during the Renaiueanc*, feat his interest ie by no sseaas eonflned to the 15th eoatury, He was editor of the Journal of £eonoalc History frm If43 t© 1951, «^<S did suefe. to stimulate Interest la that mateject* He vm for the MoritiiBft Cor^miatioB in 1946-479 &nd his SMP^ for Vjgtory> by the Johna Hopkins Press in 1951» i» ^n aeeo\iat of American mariactivity la ¥orl<3 War IX* He spoke at the reeent Columbia convocation on A piper presfettted by Kusnett* r C* J^bott. econt^ist^ recently made Beaa of the School of BUSITCSS at the tfeiv©rsitj of Virginia, Dr. Abbott got his PfcuD* fros Harvard in 1933 § t a u # t there in the Department of Economies «n4 the School of Basiness Adslnistnitlon from 1931 to 1954.* served «ita the A&iialstratioR In 1%2. His books Include The New Yoyit Tl&tmelng. g*iainegs dturlytg the Transition (If4&) ^B^ Ms.naaejaei:t of the Debt'(1946)« KwsnetiB, Professor of Polities! Sconoesy y &t Johns Hopkins, p Professor Kismets* fsjaous for his •todies in e&pitol foraatlou, nov President of the American Economic Assoolatl@nf is one of the best known of American it ffiqfl j^ 4 66) ^conoiaist, Professor of Eoooomles at Cornell since 1CC3, wns a member of the iev York State Banking Board from 1933 to 1%U His bmk* include Pevylop^nt of feJem^ lfes#rr@ Pol^g; (1922) t Reserve Follcy 1921-30 (1930) m£ fhe Coa^odity dollar (1934). J B* Willies, eao&oaist, recently Blreotor for the Social Sciences m% the Rockefeller Pauudatioii (193f-1954)» now going to the itet Tersity of ^ean»ylvanla» Br. Willits has been deeply interested In this project gince i t s inception* His vision and his enthaasl&sm are of great value. H# i s v«ll kjiovn to a l l .-r^aber* of this Ooneilttee* Mood, economist. Professor of Sconoaics fit the of Missouri since 1930, Professor 1Vood, who vea the t@aeher of Sari 3opp mn4 Lester Chsndl«r9 got his doctor ® degree s i Harvard in 1937, H^ was economist for the Senate coacaltte- vhich held the Sold and Silver Inquiry in If24. Harr«rd granted him the David Veils Friie for hi® study ou theories of Central Baaklas Control, Igl9-ffi vhich the Harvard Fress publish* ; ed in 193^* '- r. Vood has bees variously r©coo)iaend»d as s Cksomlttee mmh*rf 66 the historian who should be asked to undertake the definitive history* economist. Professor of Economics at IfeCorfl tfciiT»rftltgr of Virginia, got tils <§©ciorate &t Harvard In 1940, taught at the tfoi?#ralty of ?i3*giaia Lav School i a 1940| b« was #«eac^ic coa»ultaiit to tb« intioaal Pje^ouroes Fl«ialng Board in 1%3> FtilbrigM leet«r«r at Oxford In 1953* ha a b««a Professor at f i r g l a i a siaea 1940* !!is books Include The Creation of ?\srchs«in% Pov»r (1942), fh« faoaomics of Dis^ turbanc» (19^7), pesoeracy and Fypfrgss (194^) and Capital lg?n (1951)» B« wa# tfo-edltor with Bobert Boose of MQo»ya. Tra.de .and, Ecoftoiaigg Gravth «• in hosor of J. H. Williams* June 17, 1954 Dear Mr. Martins Last March your father was kind enough to indicate that he had certain iL^raoranda which cd^ht be of use to us, raid that he would gladly talk vith sse if I would coxae to St. Louis. The trip was not possible at that time, but now that some of the preliminary work, has been cleared avay I am eager to start forth. My present schedule would take me to St. Louis in midJuly if you think it might be possible that I could sue your father there at that time. If, on the other hand, he spends the summer In a cooler spot, it might be well to rearrange ay plans. I shall, of course, visit the Federal Reserve Bank when I go out, but the chief reason for planning the trip now is to see him at the earliest possible date, I will be most grateful for any suggestion you can give se about his probable plans. Very sincerely yours, Mildred Adams Mr. Villiam McC. Martin Chairman, Federal Reserve Board Vashington 25, D. C. Itay Governor Wiliiaa McC. Martin, Jr# Board of Governors Federal Beetrrvt* System 19th It Constitution Dear Governor: Most of the Ucnr.ittee can, i t appears, make lunch at brookiugs at 1:00 fne»day, May 11. It does se«i pretty Important for the Committee to have some conversation as a group on the urgent questions covered in siy letter and 2 do hope that i f at a l l possible you can make it* X understand that Win Kiefler can be present i f you are unavailable and he has dbne a splendid job in your stead and I as: sure will do so again* We are trying very hard to carry t h i s project forward with as l i t t l e inroad on the time of Committee «e»bers as possible* Very truly yours, Donald B. Woodward Secretary co 1 ¥• Rlefler Hiss Adais April 15, 195A« Dear Mr. Martins I BM enclosing a revised draft of the proposal to the Rockefeller Foundation. This follows the form of an outline developed in discussion with Dr. Villits &nd Mr, Woodward. With this goes a copy of the report vhich we have not sent you as Mr. Riefler has e copy of it for you. Time is pressing us so closely thet I would be grateful if you would read this over the weekend &nd, if possible, let us have your approval by Monday, so that we can put it together vith the report end send the whole to Dr. ¥illits. Very sincerely yours, Mildred Adams, Researcn Director. P. S.—The biographic data was taken from Who's Who and put in for the benefit of Rockefeller board members. If we have omitted any detail of your career which should be included I trust you will make the necessary correction. Enca. Honorable William McC. Martin, c/o Board of Governors of the Federal Reserve Washington 25, D. C. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON OFFICE OF THE CHAIRMAN March 29, Dear Miss Adams: Thank you for your nice letter of March 26 enclosing a copy of the letter from my father. I am inclined to think it would be unwise to circulate this to the rest of the members of the Committee as they all know him and would expect this type of response from him. Inasmuch as there is a bit of nepotism involved, I would suggest we do not highlight it. With all good wishes, Sincerely yo Wn. McC. Martin, Jr. Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York )£, N.I. March 26, 1954 Bear Mr, Martin: I am enclosing a copy of a charming and generous letter "which has just come in fro® your father. We very much appreciate the v&mth and spontaneity of his reply, and I am wondering vhat yott would think of my circulating copies to the rest of the Committee* I should use i t as a fine instance of the spirit uhleh -fois project i s meeting among older Federal Keserre men nhen v© ask for papers and recollections. Sincerely yours, Mildred Ideas 15ie Honorable Villiaa MeC* Martin, Jr. Cheirman Board of Governors of tha Federal Reserve System Washington 25, D. C. enc. COPT , PfSPER A13D MAHTIM Attorneys a t Law 407 Horth g i ^ i t h S t r e e t S t . Louis 1, Mo. Kartsh l i , Miss Mildred M a m s , Bsseftreh Director Co^ittee on thf* History of the Federal Bsserv® System 33 Liberty Street Hew York 15, R. Y. Dwir Miaa Adamst I vaa delighted to l r r n fro^ your letter of February 23 that there is a "Comittee on the History of the Federal Reserve System11 working on the collection of fact* in the development of the Systenu Of the twelve Chairmen sad tv*lv$ Governors in office at the lnaug&r&tlon of the System., I perhaps asa the only one still living. I do not know for certain, but it nay b® that Mr* Frederic Curtis of Boston^, who VR» the first Chairman of the Federal. P.«s©rv© Sank of Boston, may be living. In recalling sen in this district, I «n iorry to say that few if any, of those interested in discussing the bill authorising the System ar« still living. Has the soop© of the Inquiry been de-tsrrslnod? Vould it take in the work of the "Monetary Commission", the Aldrioh Bill and the AldrlcbVreeland Bill? The bankers all liked th$ Aldrieh Bill and It was disoutsed in a ouch different vnj fron the bill establisMng the Federal Rostsrve System, Perhaps something vill hava to be covered in regard to this attitude as a preliminary to information resulting in the federal Reserve Act. There were many speeches and soate books, I believe, written in behalf of the Aldrieh Btll. These I take it ar« at your disposal either in the files of the Board, or the Gongreaalonol Library. I remember a speech by Senator Glass in defense and ©f the Federal Reserve Syftm delivered to the Senate, which I b@li@v© vould. give a vtry good outline of what you want* I knov nbout thin because the Senator w£$ good enough to discus© some portions of it with I cannot recall the ®3eact date, but It was in tine early years of the establishment of the System and, a® I reae.mb©r It, was && explanation of the Federal E«serv# Act arsa in its defense* A great deal cowld be written about the services of the System froa 1920 through the thirties, but the names of member banks would have to be mentioned. Some of them are still in exietenoe and it aig^it be unwise to isention the tlaes of their trouble. COPY Page two March IS, 1954 Hiss Mildred Adams, Eeae&rch Director Committee on the History of the Federal Reserve System a number of nftnorandA and talks which X will be extremely to let you go through to see if there is anything that ©an be used. In the early days of the System, stenographic records were made of the conferences of the Chairmen and conferences of the Governors. These doubtless are In the files of the Federal Reserve Board and, If you have not already knows about thess, going through them may give you some pretty good ideas of the problems that were being faced, I notice you have on your Committee, Mr, Burgess, who wrote a book which I know you have on *The Reserve Banks and the Money Market,11 If he wms not in the System »t the beginning, he b^cft^e part of it soon, after the Federal Reserve Bank of iew York was opened. Hs cr*n give you a great desl of guidance, I am sure, about the conditions in the last* B© would, know that Hev Tork started out to dominate the System and b© V edited sose of the addresses by Governor Strong of the Hew Yor& Bank. I an sure he can be of the greatest help in outlining what is wanted. Tou of course know that the Federal Reserve Board published wThe Federal Besterve System — Its Purposes and Functions*11 Its purposes stated in the foreword were intended pria&rily for students, bankers* ete«, and it was neither a primer nor an exhaustive trsstis©, I am going through my old p&p&r*, which from tiae to tiae I h&ve tried to clear out, and getting sosae of the records which snay b© of help to you, the last request I received for ps.pe.ra in regard to the Syttea c*tme froa »ose Professor of the University of Illinois, I never coaplied with any of these requests* I, of course, will be glad to do anything in &y power t© be of help* Tours sincerely. /»/ ¥m McC. Martin V.McC .Martin http://fraser.stlouisfed.org/ C O P Federal Reserve Bank of St. Louis T January H » 1954 Messrs. Allan Sproul, Chairman WiUiaa M, Martin v V. Randolph Bargees Walter V. Stewart Donald B. Voodvard Pr« Robert Calkins Gentlement In view of the fact that Tuesday, January 19th, proves not to be possible for every member of the Coaaittee, that proposed meeting has been cancelled. In its place, a report on the Comittee's present statue* together with the questions that were to have been asfee4 there, will be circulated by mail* I hope that this meets your approval* Sincerely yours, Mildred Ad urns Research Director Coaaaittee on the History of the Federal Reserve %@tem
@FedFRASER