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January 29, Reference: GA SS 5405 Miss Flora M. Rhind, Secretary The Rockefeller Foundation 49 West 49th Street New York 20, Hew York Dear Miss Bhindi I should like to acknowledge and thank you for your letter of January 21 advising us that the Rockefeller Foundation has made available the sum of CIO,000 for an exploratory study of historical materials relating to the Federal Reserve System. This grant is to be used during the period ending April 30, 1954 and will be administered by The Brookings Institution in collaboration with the Committee on the History of the Federal Reserve System, ¥e shall be glad to have you make a payment at this time of the full sum of $10,000 with the understanding that any unexpended balance will be refunded to the Foundation. We are very grateful to the Foundation for this grant and ve feel confident that a very worth-while exploration of these materials can be raade during the next few months. Sincerely yours, ROBERT D. CALKINS President CC: Dr. Donald Miss Mildred Janaury 29, 1954 Mr. c/o 122 Hew Donald B. Woodward Vick Chemical Company East 42nd Street fork 17, Hew Xork Dear Doni I as enclosing a letter from Mr. Sproul vhich speaks for itself* Mr* Burgess also approves of asking Robert Calkins to joint the Advisory Coaaittee, and so does Walter Stewart. X am trying to reach Mr, Riefler this afternoon to find out whether he also will approve, but I think there is no doubt about it. Under those circumstances, would it be a good idea for the Secretary to write Mr. Calkins? In the matter of the stationery, Mr, Sproul questions whether there should be mention of the Rockefeller grant, X as doubtful as to how that might be done in this fora. What do you thinkt X &IB holding out the sheet in which he has checked people to see, and am keeping that file here. Hurriedly, Mildred Mams Research Director Committee on the History of the Federal Reserve System enc. MISC. 14O B.I— 30M—I-Sl ALLAN SPROUL Thirty Three Liberty Street New York A5, H.I. January 26, 1954- Mr. Donald B, Woodward, Secretary, Committee on History of the Federal Reserve System, 33 Liberty Street, New York 45. Dear Mr. Woodward: I am sorry to have been slow in answering your letter of January 18. Answering your question about adding Robert Calkins to the Advisory Committee, I am heartily in favor of it. "While he was a director of the Bank I consulted with him about work in this general area and I know he is interested. Our relationship with the Brookings Institution now makes his appointment a "natural11. D I am enclosing the sheet labelled "Matters Requiring Committee Opinion" with my opinions. In the report of Miss Adams there is a reference under "Headquarters" to a charge to be made by the Federal Reserve Bank of New York for equipment. The figure of $10 which is mentioned is just an estimate, and telephone service and toll calls will also be charged. The arrangement will still be economical and satisfactory, I am sure. Sincerely, (Signed) ALLAN SPROUL Enclosure c January 18, 19 The Honorable Williea H* Mart.in Chairman Board cf Governors of the Federal Reserve System Washington 25, 5. C. Dear Hr. Martin* It v&s aajjr l&st understanding that, in discussing membership on the Committee, your wish was to stay off it as long as It was asking for funds sad until it aoved into the work phase. You then proposed to check with your Board to see whether they would approve your Joining us. As you will see from the enclosed progress report, we have in hand a Rockefeller grant and work has at this moment begun. Tour conditions hav ^ been fulfilled, we are now hoping to welcome you to the committee. Ae the Brookiage Institution is acting in a con-* sultative and disbursing capacity for us, it would seem vmluabl<? to put Dr. Robert Calkins,, Prssi^ant of that Institution , on this Comdttee. Unless you have some objection, ws would lik« to hcve your approval on this* Hise Adame will be celling you for an in the near future. Sincerely yours, Donald B. Voodvard Secretary on History of the Federal Reserve encs January 18, 1954 Dr. Walter V. Stewart Council of Economic Advisers Executive Offices of the President Washington 25, B* C Dear Walters When last we talked about the Committee on the History of the Federal Reserve System, your wish was to stay off the Committee as long as it was asking for funds and until it moved into the work phase* As you will see from the enclosed progress report, we have in hand a Rockefeller grant and work has at this moment begun* tour conditions having been fulfilled, we are now welcoming you to the Committee, which counts itself fortunate to be able to include your name. As the Brookings Institution is acting in a consultative and disbursing capacity for us, it would seem valuable to put Dr. Robert Calkins, President of that Institution, on this Committee. Unless you have some objection, we would like to have your approval on this. Hiss Adams will be calling you for an appointment In the near future. Cordially yo^rs, Donald B. Woodward, Secretary DBVjMA/km Encs. THIRTY THREE NEW € LIBERTY STREET YORK 45, N. Y. Januaxy 18, 1954- The Hon. W. Randolph Burgess Deputy to the Secretary of the Treasury Room 3A3A, Main Treasury Building Washington 2$, D. C. Dear Randy: Now that we have the Rockefeller grant in hand with Brookings in a disbursing and consultative capacity, there would seem to ^©^-gooc to ask Dr. Robert Calkins, President o r f E a T tion, to join our Committee, tfaless you have some objection, I would recommend that this be done. Will you please let me know how you feel about it? Sincerely yours, Donald B. Woodward Secretary Committee on History of the Federal Reserve System encs. 19» 1954. MESSAGE FROM MRS, WILLIAMS Mr. Woodward's Secretary Corrections made on Research Director's Progress Report 1. Page 1, line 12 — in parentheses (If • •., we doubtless could ask for another short-term grant . • • ) , instead of ftall-term. 2. Page 2, under "FINANCIAL ARRANGEMENTS" change date to read "on or about January 15 n instead of February 15. Other Revisions made: 1. Mr. Woodward sent out a first copy to Mr. Martin as well as • to Mr. Sproul. 2. They re-typed proposed letterhead, leaving out the name of Dr. Calkins 3. Re-typed MASTERS REQUIRING COMMITTEE OPINION for Dr. Calkins, leaving out first question. Re-typed pages 2 and 3 for Dr. Calkins, leaving out last two lines on page 2 and first two lines on page 3» Re: Petty Cash Expenditures Mrs. Williams will keep a record of their expenses for such items as postage stamps, etc. They will submit a statement when you are ready for your monthly accounting with Brookings, and you can then re-imburse Mr. Woodward. KM 1/19/54 33 Ubwty »«*** S S«fk 45, Itaw fat* If 195 V* , Chair Burgoo* Ktrtla If * fttovtrt ir WBUBUBM In f0 U fallow «i l#*«t mrem if fir. to IMI IMMI of ik« $m of $10t0Q0| t^l« v i U oarty m the la April, ho vo«l<I iU# mtil for ^troot «t»t«MBi of tfeo tfe« s^U»t ^rojoot lol% off* this d«to ( i f for t a n m $m$&Xmm oo«l^ ««IE far *w»t*or loot fep» ViHito; fo , tM# iMmM ihftt tit* pilot ^-fojoot ^n v^ieh no *ro for ^nnr wmtlui i»*t*o4 of oi« # v i l l i# lo#* n o * • plot* ta lt» fintt ph*B* tbmm urtgLnadZy pl»ww«lf awi ^ « t M M of itn vtU $* Myriad mm? ix&m %h* VMHHMS $&&•## tfel* e&&«g#f far £**«« rtft* «*• a»4 aa* p«rpo«* tout** «td«ti tbia «9ifc in das*, h*t e«rt»ia obrlmi tilt high dttff^i of r-4M»9«f«tlo0 vAtiCH ih» CaoMlti«* v l l l ftl»e Ml MOirii \ » , w i r t w t on s w « f 4 IK n w r t m i with Mr, ttotdimvi1* «tjgg»tt4Um of Jtnmr? OB **mur 12th vltk Br« BeHwt Calkin*, FrwUtut «f ttwe d u r i n g miigfify hta *iwt *»king bis i^itirl#« o& t#ft«la r««#«rcb 4«t»H». flit this eofirrftrs^tieii na* M f'ollOfV»i %& 9tMsa&w t l i a ^p&ut os, ©r (tbar Mr •Xiii% •*•» i t in ^»4«) Tbay %r4li i N t t t i H i l l f »f pft/lAg «t th# Bre&ldUtg* I^rtUutiijn for dining re«i f a e i l i t U t b^vt &1M b#«« »*a« Page 3 serve our purposes; a proposed copy is included with this memorandum. Hay we have your approval of its form? B1SEAKCH ADVICE The tangible result to be achieved by thi© Project would pre-» statably com® under four groupings t 1, A bibliography of the printed material concerned vith the history end development of the Federal Reserve System. 2, A bibliography of unpublished materials to be discovered, classified, etc, 3, Biographic index of persons concerned in the System*s growth. U* Time file of related events both in the development of the System and the public events which affected it, this file would be keyed to the others. 5» Subject file properly cross-indexed* 6* A comprehensive design for the main project, which may be composed of several separable pieces. It is Br» Calking1 s advice that, in view of the shortness of time, the first of these groups be set aside until the main project with its more ample time limit gets under way. Investigation has already showed that Hew York and Washington have bibliographies eat up for special purposes, ana while these will be useful and suggestive, time will be saved by postponing the complete bibliography of known material until later, (This is a recommendation, not a decision.} A® for the fourth item, the comprehensive design will take shape as this pilot project goes on. All suggestions from the Committee leading toward it would be most welcome. Page K HEADQUARTERS On January L4th, your Research B i r a e t o r was welcomed a t thm Federal Reserve Bank o f Hew York whsre arrar»3;«R<fnts fear® generously been, made on t h e eighth, f l o o r , near t h e Reference Library and t h e F i l e * , f o r a good o f f i c e w i t h a b l t s e c r e t a r i a l h e l p . BSctor 2-5700 j Extension 286, The phone nis?ifcer v i l l be The widerstanding with Mr. Xijribm.ll, V i c e P r e s i d e s * i n charge o f t h e Bank1© p h y s i c a l ferrtn^feBti, vho w i s asked by Mr, Sproul to handle tbir, i s that the lenk will furaish the space free of charge, but that a small rental ($10 a month) will be asked for equipment* Cost of supplies v i l l be charged to the Comittee, as v i l l the secretary's salary* Mies MeSinstry, vho h*f> beea acting as secretary and research assistant for Mr, Burgess and Br. William* at the Bajj&f hat been assigaed to this post. Bookkeeping errtngement*. call for a monthly statement of expenditure :• on Committee btxsiness to go from the Bank to Miss McSinstry has had bibliographic experience, and for the time being vill act as bibliographer also. The Coimittee is fortunate to hare so able & person assigned to its vork. Later, it may be nseessary to sectire the second staff member for -whom the budget supplies funds* Because this project is eoncenaed vith %vo very different operations *• the eeettaulation of bibliogrmphie material and the process of p®r#onal interviewing^ the preparation of a vorfcisg plan atjgt avait the first few neeks of experience,, Q«arter» in the Federal Reserve Bank of 5ev lork will be ready on Monday, January ISth. Talks vith the Librarian and the head of the Filing System have already been started, and will be carried on in Washington; Page 5 the scheduling of other interview* is uader way. Exploration* at the Federal Reserve Board in Washington will follow tamed i&tely» it the end of the first month, the Fegearch Director hopes to know more mxFc-lf hovra^agrInterviews may be eapeeted p#r week and how fast the projected file® m&j s Mildred Research X&reefcor ** HMWI 1hlalr i f ffcjwt , 8* X, mmlm9 t$ R t* tire**. 9 U mi Hev f«ft 45, ttir f«*& B in fir. January 18, 1954 MiffTEStS REQUIRIHG CQmiTTEB OFIHIOJI Does t h e proposed and enclosed l e t t e r h e a d meat your approval? 2m We are proposing to ask interrievs immediately from such people as are listed below. Would yon please indicate those vhom you think of first importance and add any others vho, come to mind? ''Sell, Daniel Bopp, Karl E. Bryan, Malcola -M^UBurgess, V. Bandolph Carpenter, S, H. ^ *> Case, ^. Herbert j *- Crane, Jay I. Crocker, Stuart M.? Datris, Chester Si U l e c l e s , Mar#ia«r Iddy, Valter ¥• *-naming, Robert ?• ^- Gidney, Bay - 10 &u^ K w Harrison, Qeorgfi &• fevee, Henry M» ^ Kinkaid, E. A. T A l "Teffingwell, R. C. X *-"I#ogan, Walter • McCabe, Thoaas B ^ ^ Melntosh, J» W* ^ *^Keyer, Eugene ^Morgan, Shepard t Parry, Carl K. Peyton, John 1 . ^ 1 ^ Riddle, Jack i-Biefler, Winfield W. Roberts, George B, Nd Roelse, H. V. u^Sounds, Leslie Say lor, Lotais . . ^w^gtevart, Walter W. Strong, Jr., Benjamin Temple, Alan »"A ^\ Thomas, John f« c Thomas, Woodlief ^ Thomson, Donald °^ Thtirston, SlUott "^ Viner, Jacob &**JuT« Wheeler, OlirerP.^.^ H ^HTilliams, John H. Woolley, Clarence M. Chr*m C ^ *y^* ***** i**€otmg, Roy Mildred Adams Research Director Please Initial and return Coas&ittee on History of the Federal Reserve Room 80*7 33 Liberty Street Hev Tork 45, Hev lork 6, ,31. <L 7ZZ January 18, 1954- Miss Mildred Adams, Research Director Committee on the History of the Federal Reserve System 34.0 East 72nd S t r e e t New l o r k 2 1 , New York Dear Miss Adams: I have your l e t t e r regarding the exchange of memoranda r a t h e r than the meeting for the 19th. I s t h e r e anything further t h a t I can or should do a t t h i s time? Sincerely_yours President I January H # 1954 Messrs. Allan Sproul, Chairman KilliaK N, Martin V. Handolpfa Burgess Walter V. Stewart Donald B. Woodward Dr. Robert Calkins Gentlemen; In view of the fact that Tuesday, January 19th, proves not to be possible for every member of the Committee, that proposed meeting has been cancelled. In its place, a report on the Committee1* present status, together with the questions that vert to have been asked there, will be circulated by mall* Z hope that this meets your approval* Sincerely yours, Mildred Adams Research Director Committee on the History of the Federal Reserve System \j t*~<. run. K/-V» 540 Saet 72nd street Hew York 2 1 , N.Y. January X5, Allan SprOfelj chairman 11M 1 artin ndolph Hurgeas ..'alte* . b nrart •aid B« Woodward Dr» Robert Oalkins I • to bo 0 t e l l you that with some alight changes the material aent Dr« ' i l l e t t s an Jarmary he.} been approved. In order to get Rattum movinc quickly a slightly amallor aura v/liioh oould be granted without waiting tor l I action im« imraediataly aet aaid»» The Brookll In-Jtitution, which will aot in a cor. • I disbursing role, oxpeota to reoeiya i t this weak or sarly n^-xt weak* Un 3sa oi; 3 t we waulc lik<? t o ask t h e J 0 e a r l y conaidoration of working p o l i c i e s and detail . . I inoluda f£9 3alklns, Pr«»id of tho 3rooking3 Institution, has therefore been called for 5tO0 , , nuary 19th in t M of . kartin at thi '. trust I ^ate will prove oonrenlont to you a l l . \ 3, :. Id red Adaas Heaearoh 'or on the History of tho federal ^aaenre 3yat«ffl
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