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COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
August 2, 1955
TO: Messrs* Allan Sproul, Chairman
Bobert D. Calkins
Walter W. Stewart
Donald B. Woodward, Secretary
At the meeting in Princeton a fev weeks ago someone
asked about the progress being made by Dr. James in the editing
of Robert Warren's papers, I offered to write and ask how things
were going* The enclosed copy of the reply from Dr* James may
interest you*
Mildred Adams
ear t
fend Vice~Chftiic«Iior
KcGill
July 27th,
Itaur Ml«s
I t I0 not your sins of oai«sion la reading but slao of
la writing th&tftre at fault. Tht Job of wilting Robert tferrft&'tt
papers la publiehable fom is by no me«jig «&sy bec»uae# not unnaturally,
it gr#at 6ml of vhat h© wrot« ve« al&tij.fic«nt only for
he nmt v r l t j ^ i t mai would not I think n&te« interesting
c«pt for e tmt of lilt frleacs, &t the present ti»«* Iven und«r th©
with th« 8ock«fi>ll«r Foundation 1 did not «xp««t to
Job
until
Dftomfeo* 31st f 1955 <md I »m aov la«linw! to &iak
J
ttuit I t v i l i c«ny cv«r until ^i# emmer of f56# X might *M that I f
*ddltl<mBl a«t«rlai ooa«* l a th© volt»« may b# itlXl »or# delayed but
1 hope not Y*iy nerlou«ly»
t ?§tt&lft»
Cordi&lly
•• f * Cyril
Coa&dtue on th« History
of the
33
Wmi fork 45» &•
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Betertpttai of HWMT Hood* i book
(«x*er?t txm a l e t t e r to Mr* *oodwarc, i u l y 27, 1954)
the book has beef* i » the w i t i ^ g for some tiae# §r* %©4 vorki or. i t
In m m e r mustiest** bs*t not toduf the fceedenie y#nt-# He thinks tfttftt there
i s another y«tr iS s vork to be dooe oa i t * mad i t i s potftible titet lie
tli# ^fi^Ttriiitir of Missmirt to g i w fete
p
1 mk%€ i f h« wttld l i k e t o hmm our
for * pl*e« in tho proj«9t y h« ¥»• i.«tlitfttl * bo mtttte I t to
f#«t # oatit he wmtt to fe# froo to ossorolto bill own judpwot i n
'ri7fe -.ml/or Tr#&^,iry a c t i v i t i e s . I sssuretf Mn no
would bo oxtreisod m& l o f t tho aatt«r ojp«i far ^
tlt# t i t l « "Hoaotfciy Contvol* but i t not
nitli tlMLt* "MoskotAxy C#©»trol | A toirio^ Thooxy end frftotloo* i *
& better tfeseriptios of vluit Nr hm i s
or to»flha{rt^orawritl&si an® as
OH I'isscuiit f%to| OIK* on Kes^rvo R«quirtJ*»sii3 ai^ the ehtag^^ tbr?t
111 tlMH| throe on P
^
of CeiSn ^ositiox)** He 1* now worklrig on ^ ^ Mitlt'^l^n of
Froeediire* to £^rpeeditareji# ttudfing g#»®rml aunetftxy @o©tr®l® In
relatiem to #Ep#"K!itur«*i he e«p®«t* to eotte out vlth * @riil«i»® or both
the &e/se«i«xt tfe^arj end the qpexttlty tkeoi^ of »oiMgr« S# h&n ®^#^ of hi»
& ©a«sl44fr&4io« of i&temfttionel M©»eteir &®iati©»t exd CoTttrolt^ of
®##enr@ froeechiret with @r without t»^niqm#» f of l « t e r
pr&^iiee ea I t llliwixie*
Dr* lood i f h® hot! & rufcli*&«rt He i * thinking i s tc-r^s of
of tbtH «or* popxl'-xT ,;ufclish«r« rmch Hi Poubladay, r&th«»r
w»* presented to the Mldweet Cooaoedo Aoeoelatioft* Vood i*
s the record of If51# ^M h.% him h®m tiiimia^ #f going t<@
vith f n m t e S.\-QU* i t , I# ^i.,ht, 1 thir.K, INI lr;-t«r^*t«4 in ©storking upon
of ttefct it©«©rd - vtwt eondltioiie i t »r#s« froKf «h*t »ede I t »
the wurioae p»rtl#s @«»«#fti#4 tNMMEht they ^tre doiogA *l*#t the r e m i t
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
, Hiss Ma<trod
folio-'In^ 4*oi*lott* mutS* &t tho m««iissg of Xvm 22nd* oxgaXftrftttoaui i#«:ro
tiltfev»dXft.biiitvaf four mm then approved A® patslfelt «itfc#r for
or for *tdor tftifcft* fioporta v»m ««dft on th«#«, and on act additional
M
Dr.
(IMI H&« Sir* 8t*vart) th»t h* h«d tli« u M i i t i w am4*4 to t«k« on
•ltb#r th# Job of historicn or that of KOiiogrt-pft vrtt#r» $ar» ^isuinl#r v«« interested,
XUto to hfcTtt A^px«d If fr9# t teat «ust ate/ viti» tft« Councii of K«oBd«i#
until 195^# «"!d poa»iiu/ los««r If th« B»pubxie«a» «rt r»-*I«ct«d# If oot,
tit th« Ifctlonal Bur^eu of ?.oonc«nic
ir«
not \mm
to
* Vo<wSv«rd r ^ t n t i i » report wwi* by
flob«r^g shoved no int«r«ft >*h«tfrv»r in th«
l i s t #f 1^# po»ftihA»# §• h&& m%
but
til m
pt for ^:nlch tmbj»t*ntiftX g
tntn tti^t to vrit« • »eiiogrtip)i in Ik*
of
\m
holding oi>«r«tiott in
ntlll s
(3)
educet©
r».portt inspired a dijmmgloo #f possible courses of
wm&*mA»& to t)i« full Gat^itt** for
thmm
ef fund a to th«
could not b« c&rried out
(i)
continu*
iM#%tHit th«t
op«mtiosi
In
ta«k
lnt«r««t
, both
two
to i>i«lc tw or three you%: a«n of top
tX
t
ar
for
to lnt«r#f%
them
of
CORRECTION riADE Jiihl 25, 1955 by Dr. Calkins
These negative reports inspired a discussion of possible courses of
action which might be recommended to the full Committee for presentation to trie
Rockefeller Foundation. These included alternative possibixities:(1) to report the inability to proceed with the project as originally
planned and return the unexpended funds
(2) to redesign tne project as a series of monographic studies with
the understanding that if the historian were found xater, we might go
anead with the principal history
(3i to redesign the program for the purpose of developing an interest
among younger scholars in the field. This alternative might take one or
both of the following forms:
(a; to pick two or three young men of top grade, give them
substantial grants and assign important sectors of the history
project, take them to Washington for full-time work.
-2-
(b) to org«ni«e * «m.lmr et BveoM&fi for the mrm** •£
<meourefin§ w i t i a g on fe&erel Keaerve «ttbj*ctaj *ttend*aee to
be limited to those vho can show written vorfc of miuej eonfereae* le*d*r* to include Walter Btftvurt, Burgees,
Biefler, Totmgdahl* •%** Istfey* •xpootod to r*euit.
I t *»• dftolded to iw$€»#fid thftt *fe# Const tte* report to the Itotftftfell**
that oving to (a) Mr* Btisrgess' d«clsloii to continue l a public torttoo
end (b) the short^e of qusllfied econo^dc hi3torl«H3 fr#* to tfik« en &»algi»#nt of
HM» kind proposed, th* origin&l concept of ft definitive history he& for th« tis#
feolng had to be
tht C©&nltt## Ihortfbro p?O3pos#8 lor
(l) to oontlsitt •rflhivil und doeuaonteyj project® nov tm&w wy (Hi
filee, reports on b^nks and i^rf^onnel, «tc.)
. .
(
to iindertf'ko t^# «Ge*i*iiioniii& of furV.iftr n^joogmplii on •erloue p
of Fttaml Re;n*rve history. The Ch^aditr book oa B«nj«U.n Strong Is under
imp* ¥t hmt» half » <IOIIOI% otbor pro»pMtt of «%niimXont ln%$r*&t, but not
In A it&te v^ert late/ e*.n H mimftf! except R
(3) to «nt • poHioft of tlj# fixnd^ tofftifeuX&tftthe intortvt of quell fie^
younger a^ioUrs la « r^-«x«r,Ination of the history of the Federal Re&erre,
throiigh s^inars end writing cnferenoes at Breaking a on the highest
matter of ualng fu»da for « subsi^- of $35»OOO to Columbia vs« brought
up la cona^ction vltai ^dons for next ymr* I t v«.s the ofinion of the sub-ooaaolttee
that the mm r-preaentecl too l&rge m fraction of Co&nit,t©e foods to bo «llooete4
for that purpotty &«i£ thet other dom>raf IMlvldiiftls or fo\m«ietion.3, shouL^ bo
•ou^it, The view also *** expretsed that Cotaeittee fuadt In MB^Xler msmmt alght
bt eHott*a i f thf^ were »at<Aed bf the Sow Tork 7edef«l Seoerve B«sk or the Fel
Bourd to make up the mm needed*
•
- :
„ in esiad their Rssigna«nt to JUy out ft pattern of Boaographs
select mttfo&rs *4ic«s they uould reecaaisend, the ^ub-cosaritt^ eonsiderftd e considerl i s t of Misgtatioas* Ho vote vas t«ken# but the foliowin^ received
BeiUc Holiday of 1933? * studv of eAueer, and effeeta froB 1926 to 1933
end on titie $rste* (BO author)
Heietioaehlps (no euthor)
Brokers1 Losiifc, a Study of - ioodllef
Credit Soiitrol«, deiaorissl e»4 S«l#otlir# Orltts Xfri^#r th* Fe<5er*l ttctmrt ^pitem - P^ul
F&iled Bffjaks, Ihelr C#m;»e, ^.nd the Fed1 a Handllsg * Oliver
th# ^tibiis Interest - £ftt>dol{ft
t&# »u!>4@et rshoeen by Mr, Burgess In
2 Pr&otlce of the fijyatsft - Mtro&iav
saA H*s«eroh ftaotlons of the ftdtanl Ke^ervd %st«i - a
|
of the FtderftX Esserrt %»t«i - Howard Sackltgr : • '• '
' (this vm* <|ualifi«d ty « desire to kno^ more about Mr* M*akl$?*& vork
iT Coatrols in Aiserlecjp. theory ead Pr^eU©@ *- H^ar V
s I s « sogf«#tloii that c book und*r v»j b« subsidijs«d In or4#r to
i t s vrltln^}
of thm TtAtrtl M&$*n%9 Hletory ©f - Karl
^ i ^ feitt *&tli t&« uad^retending "fe^t Hr»
to do i t )
of
^
^ but not given & Jilgk priority)
y Changes i s - Brtgr H^JKBOJ^S (t)
(this w*c a^roT«S &« an ld««, Imt Mr. Wl2ji**ditig
(t5r« Vhite 1» r^iirls^ tfeis ye*y aal tho^^ht to fef ftwll^Klt If
)
In addition, a younger mnD# FhlHp B«li o.f H^7#-rfordf v»@ dlaoussed
I t ^ s further suggested thfit « **&refc of the American
Hat of Ph#)). theses night r«vesl other young
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
July 15, 1955
Messrst
Calkins
Stewart
Moodwrd v
the enclosed sheets represent as complete a listing as we
were able to ®®k® of the mm whose names have been suggested as
•osograph writers, and of the subject* yfeich have been suggested.
"¥h« two lists &r© exees-indexed wfc«r# possible* but you will note
that 1 B mar^ inetsnoes £f»«g v«r« auggestea as worthy of consideration
bat without indication of field, or siabjectB as moding expiyre tion
bat without & proposed writer to liandle them*
Th«se sre skeleton lists* The subjectB m 113tec constitute
a kiui of ^ o r t h a M for the discuasioa wfeich aeeompatil«d their .
©entionj this 7011 will undoubtedly recall. As for tkn naiaes, X
nU.1 bring the oorretpondizig s»ar@er curds
quefltions or refresh
a suggestion of subsidy for Elaer
you might muat to recoiuiider it (or him)
in tha ^siiograph series # A description
X was told about it last mamer is enclosed. Dr,
at work on itf in this year's vacation*
¥004*8 book,
for possible .of the "book as
Vood is G O W again
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Subject
cm® stodgr
of a
1m
failing
Mr. Klefi«r
Holiday of I,,'22; Causes and
Ktftctt ia sea ©& tlit System
p
M the
Reserve Syste •: (*6e ^arburg
Br* CaXki;xs
Biograv,nies * studies im. the
effect of .;-erso;}a3.ity on the Job
KoXaod
Ad* .s
» Stewart
Loan®, Study of
Bsnking In
Collection & S^ttl®: .eat F»mctioii of
the Federal Reserve Banks
mad
Omm* t Ti®&m> ^ersoaael tad.
Cr#ciit Oostarol®, Oerwral
Curl Parry
v
0. ML
Crisis of
Urn
Or,
lar.
the 1,20's Unto the c l a s s i c
form in which itnjftn;.im Strong I t f t I t )
a
Scelea-Byru
Compensatory Econo y
by
Authc»r
Subject
Elliott Thia^stoa
cm
Failed Banks, tbeir Cauae, end
the Fed.'e Handling
Oliver Powell
Wr. Powell
Federal Reserve and the Public
Interest
Randolph
Mr* Burgaaa
Fadtsml Reserve Board at a
Ootsruneat Entity
Federal Reserve and the Bank of
England * A Study ia Central Bank
Cooperation
Federal Reserve aod Itaropesa
Beconatruction> lylB*£
Stewart
Eeory A. Biepsann
Miaa
, Ste^wart
Federal Seaemm Byet«?j; as a
Public
eral Reserve Syate® a M the
Treaaury, vith special reference
to po«t*1933
v
Federal Reaerve Syatou in
Intarnatioaal Affair*
Philip B e U
(finwrfora)
Miroslav Kris
subject
Dr. Chandl
by
Bloo; rieid
SaLant
subject, Br,
of Position betveeu Board and
Founding of the Federal Reserve,
Including
Monetary Cooperation
of the 192C'G
GoXa Policy and Practice of the
Byete (:agnitudee of veapoxmem,
iu-flov an<l out*flov,
on era41t-tlgla&6&ing)
Dr.
falter Btevart
George
subject; %r* Stewart
Subject
Author
V Intelligence and Research Functions
o£ the Federal Beserve
tdlidr«<i Ada •
Mom. Dlngl*
Harold Eoelse
Subject
Hac-. ley
Atpeett of the Federal
Betenre 8ysteJtouatary and Agricultural roliey,
fir*
Mlii
Control in As*riean
Theory and Practice
(book two-thirda
suggested as
for subsidy)
Monetary Policy of 1933-34
Dr. Chandler
1929 Stock Market aad the
Open Market Operations *
History and Effect
!3ar Clearance
Policy Questioas and the
Federal
Hr.
Proble- e of Uie Federal Keeerve,
so e Hl»torical Illustrations
Mr. Baryazi
<«*TO
and Policies of the Federal
History of
Rcgioaal Aspects of the
Raquireaente,
Klarl Bopp
Er, wood
Mildred Adai-s
LT. Ste^-art
in
VOUld
fir. Stewart
to da "She Statutory
of Hecerve
94
Allau Sproul
Politics ana the Federal
Federal Reserve System
Selected Docutsents (to b
Lucius
Itlsv
-. Hlefler
Ste^mrt
y Agltstloo and X%*
urn t3i§
X
Stock Utrl&t and tbe Ffc&iimX Beserve
lip,
and Postwar &»&ai&t aad Acjuet ect»
1 / Ped«nsil R«8*rve SysteiE, a (.use History
in Public A& ifiietratior:
Dr.
Ijec-uard B, ••Mi^
.
1!
I bOfi*« AtJclason,
Federal B«»erw Bank
of Atlanta
COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM
SUGGESTED AUTHORS OF MONOGRAPHS, . ITH SUBJECTS /HERE PROPOSED
Author
Bell, Philip
Haverford College
, Arthur
Senior Scoria 1st
Federal Reserve Bank
of lew
Bopp, Karl
Vice President
Federal Reserve Bank
of vh
Subject
Suggested by
Feueral Keserve System in
laternational Affairs of
the United States
Author ana field.
Dr. Chandler
International field
Author and field,
Cileries Klndleber&er
Procedures and Policies of the
Federal Reserve, History of
Author and subject,
Dr« Wood
Stateiaent of Federal Reserve
Proxies©, with Historical
Illustrations
Title, Mr. Bryan
Brecher, Irving
Assistant Professor
northwestern University
Malcolm
President
Federal Reserve Bank
of Atlanta
Author
Burgess, Randolph
Subject
Federal Beserve and the
Public Interest
Suggested by
Dr. Burgess
Bespres, Eislle
Professor of Economies
Williams College
Hr. Sproul
Dingle, Uona,
Beonoiuist, Federal
Reserve Board
Dr.
Eddy, George
Treasury Department
Monograph on Gold
Dr. Burgess
, Hovard
Professor of Economics
University of California
Galantiere, Lewie
Mr, Woodward suggested
him as a writer, or as
collaborator for
1 oodlief
Gatesi Willis*
Williams College
Charles Ktndleberger
Hackley, Hovard
Federal Reserve Board
Lsgal Aspects of the
Federal Reserve
Author suggested by
wlnfleld Riefler
Subject suggested by
Mr. Hackley
Ha&mono, Bray
Evolution of Reserve
Requirerents
Bray
Harrod, Roy
Mr. Riefler
Hart, Albert
Columbia University
Langum, John
Professor of
Business Administration
Indiana University
Suggested by Herbert
Heaton and Mr» woodvard
Livingston, Joseph
Financial laitor
Philadelphia Bulletin
The Bank of United States, a
case study in Federal Reserve
handling of a failing bank.
Mr. Riefler
Krlz, Mireslav
Federal R serve
Bank of Ite York
International Aspects of
Federal Reserve Activities
Dr. Chandler
Author
Subject
Parry, Carl
Federal Reserve
Board
Selective Controls
(study half-done)
Parry, Carl
Stock Speculation and
the Federal Reserve
System
Hr. Parry (in confidence)
Powell, Oliver
President
Federal Reserve Bank
of Minneapolis
Failed Banks
Kbt« FowsXl
Riddle, Jesse H.
retired fross
Bankers Trust Co.,
12/31/54
Mr. woodward
Robertson, Boss
Federal fisserve
Bank of St. Louis
Roelse, Harold
Federal Reserve
Bank of Ifew York
Beaeareh Functions of the Fed
Robinson, RolaM
Professor of Banking
Horthvestern University
Relations between Federal
Reserve Board and !Treasury
Boetov, W» W #
Professor of
Economic History
Mass* Institute of
Technology
Ha-e, Mr. oocivard
Subject, Miss Adams
Herbert Eeaton and
Mr* voodwara
Saiaatj William S.
Brasdels University
International Affairs and
the Fed
Cliaries Kindleb^rger
Henry A»
Bank of England
The Federal Reserve and
European Eeconstruction
Dr. Stevart
Sproul, Allan
Saulnier, R. 8.
Gouncil of
Economic Advisers
Papers on Developments in
Federal Reserve policy
Br. Calkins
Dr. Ste-wart
Author
Subject
Stemrt, Walter
The Federal B®«erv© and ttoe
Bank of England - a study in
Central Bank Cooperation
Stewart, Halter
Gold Policy a^d Gold Practice
uader tbe Federal Reserve
Woodlief
Federal leaerr® Board
BIT*
ttllliass, John
Barvard University
Federal Keserve Bank
of lev York
White, Leonard D.
Professor, Business
Administration,,
f Chicago
0tei«rt
Nr* Boalee of lev York
Public Relation
Division, Federal
Bank of
York
wilaerding, Lucius
political ecoooiadtt
This and following
Ject suggei
Hiss Adams
y Ms secretary
to be villing to do
mmo^moh if properly
approaches and allowed
to chooge subject)
Politics and the Federal
Federal Beeerve - a case
nittory is public
Mr. Biefler
B Atkinson of Federal
Reserve lank of Atlanta
>loiietai*y Control in American
and Practice
(A book under the first
tvo -words of this title
Is now t¥o~thlrd& done.
It i-.ilght go faster with
a subeldy)
A&ⅈ», Mildred
Xntelligence and Resaarcb
FunctioaB in Board &n& Banks
Autlior ana subject,
Dr. Stewart
A..a: s, Mildred
Eegloiaai Aspect© of the Systess *
Character, Devtlop&ent, Value©
Author and subject,
Dr. Stevaort
ftood,
Itelirersity
Missouri
, Balph
Besearch Director
Federal Reserve Board
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Sub-Committee on Monographs
Memorandum of Points Accepted
c
Conference a t Princeton, Wednesday, June 22, 1955
Present - Dr. Walter Stewart, Mr. Donald Woodward, Miss Mildred Adams
Policy
In view of the fact that the Committee has decided to go ahead with the
monograph approach, the vital thing at this juncture is to settle on the names of
acceptable writers and the acceptable titles of monographs. ("Acceptable" includes a fair certainty of getting what is promised.)
The need is for half a dozen, but if we can secure two or three now,
with three more in prospect, we can then go to the Rockefeller Foundation, tell
them of the shift from the single historian to the monograph approach, display
what we are doing, explain that at this stage it is neither comprehensive nor exclusive, ask their concurrence,
(Dr. Stewart hesitates to go forward on a general plan which we cannot
make concrete. He thinks that we should, within a few months, have a list which
meets our own reouirements or else retreat on the ground that we have done well
thus far but the field is too barren to go forward at this time.)
Definitions
In terms of writers - age, experience, qualifications - what we need is
"some more Lester Chandlers," at that level of maturity and with that degree of
remoteness from actual System responsibility.
In terms of style, readability and comprehensibility, the Monthly
Economic Letter of the National City Bank can be taken as a small but acceptable
prototype for the more general monograph. Technical papers may be more difficult.
Dr. Stewart also voiced the hope that the efforts of this Committee
might result in a two-volume work, of which one would deal with operations and
one with history; this to be handed each incoming director.
Studies
Two studies are to be prepared by the Committee staff on the basis of
material already collected.
(l)
the
Mr.
the
c
A study of files, libraries and archival attitudes in the Board and
twelve banks, to be submitted to Mr. Sproul and, we hope, by him to
Martin; the purpose being to revive interest in System archives on
part of Board and banks.
-2-
o
(2) A study of the age, length of service, education and career preparation of the Board of Governors, the top officers of banks, the
directors in their classes; the purpose to examine the human caliber of
the System.
It is expected that these will be ready in time so that their completion can be reported to the Rockefeller Foundation in late July or early August.
Writerg
Barnes of possible writers were explored on the basis of a revised
memorandum, plus suggestions recently given Miss Adams by Dr. Herbert Heaton.
These included:
Malcolm Bryan to do a monograph on southern banking against the American banking
profile.
Howard Hackley - a monograph on the legal aspects of the Federal Reserve Act.
John Langum, recommended by Dr. Heaton.
Arthur Marget to do a study of the international aspect and operations of the
System,
Oliver Powell, whose studies of closed banks, made for a System Committee and never
published, might serve as the basis for a new study*
R. J. Saulnier, when free of the Council of Economic Advisers.
George Roberts of the National City Bank.
W. W. Rcstow of M.I.T.
Leonard White to do a study of the Fed as a government entity.
Woodlief Thomas, whose collected mass of materials on brokers1 loans in early
days would serve as base for a. monograph on that subject.
These people were discussed. The names specifically approved for exploration were George Roberts, R. J. Saulnier, W. V. Rostow; with Oliver Powell1s
work on closed banks, Woodlief Thomas' material on brokers1 loans to be explored,
and a "when and if" list to be added on which would be Randolph Burgess, Dr.
John Williams, Walter W. Stewart.
Mildred Adams
Executive Director
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Jfoy tjjift TiJ^jLff^ija^ llmdl , P o s t e d i t i n g <^
of th« federal Bsssnre Spttm m®? b# vrittta ia t i n t of cbanfes* over
tia© in I t s
functions - Wh*t do«u I t do at various periods* and hov does I t do thtttt
Operationa
)
Effect
th«oxy (®r feeoiy pott hoe* propt^r hoi)
(l) Fl#3dfel# ©urrtae^ urn! fe#tt«T
(3) Control of economy fur the
Ee&sons for i t s
ilme i t pursues
monetary tmd f i s c a l - debt
and ort^it control
Congressional
or falXur* in attaioiiig thoss obj«ctiT«ff
Tre&suiy
- fr©&iuxy
Baaka InttmaX
Board - Basks
Banks
tilth other F#<S#i«l b«nklni#
and credit
Personalities
Legal Aspects
-'• - •_
\-
Fositlon in the banking fram«woric of the n&tioa
Regional position, importance, implications
Skeleton for Discussion of Monograph Flans
The&e - ¥hat the Federal Reserve System wag «h*n i t startad, vhat i t i s now,
how i t got from there to here*
Varying • "fhert &r# nine and twenty vny© of oonstruotiiig tribal ley®
And merf si&gX® one of thin ia right*•
(Rudyard Kipling, presuffi&bly misquoted)
Monogra hs csan be dlridad into those concerned with th« derelopment oft
I*
Structure
II.
ToUey
III, Relatianships
IV* Operations
V*
Jd&* and Ideals, a to.
Hie tor/ oan be writttm {and divided for monograph purposes) in ttuftt ol*i
1.
Chronology
2*
Categories
(a) Functiona
(b) Oparatiomi
(e) Policy
theory
(e) Idaals
(f) ObjectiTee
Success or failure in attaining
(g) Relationships
Within the System
Within the goveraaent
National
International
(h) Legal Aspects
(i) Public eatesa
(j) International position as & central banking organlara, etc,
3* Significant incidents
4>« Personalities
5« Crisee and recoveries, etc* etc*
The primary problem for these discussions ae«as to be coverage* i t s
degree and •quality. Whether one umbrella i s stretched over everything, or
separate patches are provided which, stretched together by some editorial or
publishing device, give an equivalent coverage, is less important than that
no important sectors are omitted*
COMMITTEE O N THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Illustrative List of Suggested Monographs
Mr* Sproul has been approached for a voltme of papers on policy matters,
Mr* Burgess said last July that he was thinking in terns of a small book
to be called, "The Federal Reserve and the Public Interest."
Kalcolm Bryan of Atlanta has said, more or less seriously, that he 'would
like to do a "Statement of Federal Reserve Problems, -with some Historical
Illustrations*11
tester Chandler says there should be a volume on the 1929 Stock Market and
the Federal Reserve, possibly including "foe years through the Banking
Holiday. The recent volume by Dr. Galbraith is too quick and superficial
to be of much use.
Bray Hammond has recently submitted a memoranda® suggesting the following
four monographs! (1) The statutory evolution of reserve requirements from
1694 (incorporation of the Bank of England) to present} (2) The Sound
Money agitation prelusive to the Federal Reserve Act$ (3) The collection
and settlement function of the Federal Reserve Banksj (A) Branch banking
and the regulation of group banking.
Leonard D. White, political scientist of the University of Chicago (author
of a trilogy concerned with administrative history, of which the third
volume has just won a Bancroft Prize), has been suggested as the man to do
a monograph on the Federal Reserve System as a case study in public administration*
George Eddy, now in the Treasury, and Villiam Adams Brown of Brookings
have been suggested as possible authors of a monograph on gold as of now*
Philip Bell of Haverford (author of a coming book on the sterling area)
has been recommended as author of a monograph on the Federal Reserve in
international dealings of the United States. Miroslav Kris of the New York
Federal Reserve Bank and Gardner Patterson of Princeton have also been sug-»
gested for work in the international aspects of Federal Reserve activities,
the Federal Reserve and International Finance, etc. So has Ragner Murske.
Dr. John Williams is said (by his secretary) to be now willing to do a
monograph in the Federal Reserve series "if properly approached" and allowed to choose his own subject.
Paul Warburg, in 1915> had compiled an unpublished History of the Bankers1
Acceptances1 Regulation, with careful analysis of varying attitudes within
the Board, which would make an excellent springboard for an historical
study of the use of bankers' acceptances within the System. (This has just
turned up in Warburg papers given to Mr. George Harrison),
-2Voodlief Thomas is said to have collected a mass of material on brokers1
loans in the early period which would form the basis for a monograph on
those loans*
.
^
Dr. Stewart has suggested that the executive director do two reportorial
monographs, one on the Development of the Research and Intelligence Functions in the Board and the Banks} the other on the Regional Aspects of the
System - their Character and Value.
Howard Hackley of the Board legal staff is now working on an outline or a
memorandum for a monograph on the Legal Aspects of the Federal Reserve Act.
la addition, we have a chronological list of possible titles from Dr.
Ilmer Wood which is suggestivet
.
The Founding of the Federal Reserve (which might or might not be
combined with the Operations during the First World Wer)
The Development of Federal Reserve Policy during the Nineteen
Twenties (into the classic form in which B, Strong left it)
International Monetary Cooperation of the nineteen Twenties
The Crisis of 1929 to 1933 and the Recovery
..
c
':
The Federal Reserve System and the Treasury* with Special
Reference to the Period since 1933
*Then there might be a History of Federal Reserve Procedures and
Policies for the period as a whole, which, though not attempting to
cover all the source material, would get some of the cream, but in
the main would be analytical. Of course Karl (Bopp) ought to do this!
but if not, he ought to keep in very close touch with it,*
At Princeton in Hovember the following titles and subjects were suggested,
most of them without an author's name*
By Dr, Stewart, & study of Congressional hearings - their causes*
timing, personnel and effects.
By Mr. Burgess, a study of the Stock Market and the Federal Re serve j
a study of monetary and agricultural policy.
By Mr. Voodward, a group of banking biographies; a study of the Federal
Reserve System as a Public Body; a study of What Policy Questions has
the System attacked, and been attacked byj a study of Central Banking
in International Politics,
By Mr. Riefler, a monograph on the failure of the Bank of the United
States by Joe Livingstone, Philadelphia reporter.
June 13, 1955
TOt Messrs* Robert P. Calking
Walter V« Stewrt
Donald B.
I fi£ asked by Hiss Adtss (vho l e f t lest Tuesday
for a short trip to the mid-Vest) to send you certain items
pertinent to monograph planning. These includeB a l i s t of
suggested &onogrsph8j tha skeleton &eRo on the 4,r*uid design11 prepared for the Princeton discussion of November
21 j a series of excerpts from that conference «hich bear
on mooo^rephsi a copy of the E»essor*nduip pT*p*r$6 by the
three consultants for the Princeton meeting of January
29tfe| tnd tie l i c t cf possible vritcrg &e vlnnoved ty the
Executive Corsiittee and presented to the full Committee*
The eongulttmts' m®s*orun&\j&9 vith the comments,
suggestions and criticisae vhieh i t evoked from. Coissdttee
meabfers at the conference, represents the most thoughtful
Attempt to construct a framework for the eontents of the
history f Aether in book or monograph formf th»t has
far been and*. The verb&tim report of that second conference was sent to you earlier*
Ellen C. Singer
*S##arch Assistant
@FedFRASER