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COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
F i r s t Anniversary Progress Report
Princeton
January 29, 1955
TO: Messrs. Allan Sproul, Chairman
W. Randolph Burgess
Robert D. Calkins
F. Cyril James
William McC. Martin, Jr.
Walter W. Stewart
Joseph H. Willits
Donald B. Woodward, Secretary
Because this meeting comes so shortly after January 17th, the
first anniversary of the opening of the Committee's office, you may find
useful an informal recapitulation of the year!s work. Strictly speaking,
that work was, as you remember, done in two phases, with a pilot grant of
|10,000 for four months (January 15 - May 15, 1954) followed by a five-year
grant which began July 1, 1954• You had a report on the pilot phase when
it was finished; a formal annual report on the first year under the major
grant, with appropriate financial details, is not due until July 1, 1955*
This account is therefore rather in the nature of a birthday candle,
shedding light but imposing no responsibility.
Despite the difficulties which might have been created by the
shift from pilot phase to major grant, we were, with the aid of Rockefeller
budgetary kindness and Brookings bookkeeping skill, able to bridge the
technical gap between May 15th and July 1st and keep on working. This continuity of the work process has tended to blur the operative differences
between the pilot phase and the five-year project. The important distinctions are: (1) in the pilot phase we made no sub-grants, whereas since
July 1st, we have commissioned three projects, one of which (the KincaidGlass) is finished, and the other two (Chandler-btrong and Burnett-Archives)
are under way; (2) while we are continuing to pursue the four research
processes so fruitful in the pilot phase (paper chase, interview, bank
visit and card-file building), we are now able to enlarge their scope and to
deepen their content.
Work Basis
Staff work in both first and second phases has thus far tended to
center around these questions:
"What happened? When, where, and why?"
"Who and where are the people who helped build the System?"
"Where are their papers?"
"What about archives of Board and Banks - where are they, and
what is in them?"
C
People
We set to work on people end papers by collecting from Committee
members a list of some 20 of the most important and obvious names, and then
seeking interviews if they were still active, or papers if not. That list
has been multiplied many times over. We now have a card catalogue of about
1500 persons, including all Board members, -Bank officers and directors, the
government officials, economists, monetary experts — all of them concerned
in some way with Federal Reserve development. We do not yet pretend that
the list is complete, but we intend, that it shall be. For these people
we are collecting at least skeleton biographic and career data.
Keyed to this alphabetical list is a card file of the twelve
banks, each with its senior officers and directors, arranged chronologically.
These two files will provide clues to the persons whom an historian of the
System may need to identify.
Interviews
The interview process has yielded both more and less than we
hoped (we have records of the 100 interviews thus far held): more, in
terms of operating knowledge of early years, acquaintance with the men who
made the System, what it is, a treasure of anecdotes which illumine the story;
less, because deeper matters of policy and controversy seldom come out in
first interviews, and the interviewer must know more than has hitherto been
possible in order to decide what are the most fruitful questions that can
be asked.
We have been exploring
Project and of the psychological
see whether their experience may
We hope to begin very shortly an
the Executive Committee recently
the methods of the Columbia Oral History
laboratory at Michigan in an attempt to
help us with interviews in greater depth.
experiment in group interviews for which
made financial provision.
Papers
The paper chase, which began so fortunately, still continues to
yield good results. The returns are perhaps spottier, but they still come,
and the possible sources are by no means exhausted. We now have records of
more than 70 collections which bear on the System, scattered among the
Library of Congress, various university libraries, and private owners. We
have not wanted to amass material in the Committee office, but we do intend
to compile as complete a record as possible of the whereabouts and the contents of pertinent collections. In the process, an excellent degree of
cooperation has been established with the Library of Congress, and we ere
now in the position of being able to recommend various types of depositories
for newly discovered collections.
-3-
These 70-odd collections of which we have record represent only a
fraction of what we hope to find. The continuing threat is that valuable
papers will be destroyed for lack of knowing that a responsible group is
interested in them. We are now framing a letter to older officers on our
lists asking them to consider the aims of this Committee in providing for
the disposition of their papers.
Meanwhile, the problem of handling is still troublesome, though we
know much more about it than we did a year ago. The high cost of providing
an inventory for the Carter Glass papers has moved the Executive Committee
to ask for a report on the scope and estimated costs of the paper problem.
That report is in preparation.
Bank Visits
Introduced by letters from Mr, ^proul to other Bank Presidents,
your research director has visited six of the regional banks (not counting
flew York) and plans to visit the other five before the end of May. These
visits are for three days, obviously superficial, but productive of much
information and helpful in the building of the kind of confidence which must
be established between the Committee and the banks on lower as well as
higher levels, if the questions we ask are to be answered and the material
supplied. The banks have been most kind and most cooperative. We hope to
have more luck with the archives inquiry when this first-hand exploration
is finished.
Projects
The cataloguing of the Carter Glass papers which, conceived in the
pilot phase, was the first project commissioned, is completed except for an
index. Decision as to whether to publish is being postponed until we have
more information as to the Committee's eventual publication schedule.
Dr. Chandler has, since September, been working on the Benjamin Strong
papers one day a week. After February first, he expects to increase that
time-schedule to four days a week.
The project for exploring and collating information about Board
and Bank archives, which Miss Burnett began in October on a part-time basis,
has languished because considerable preliminary investigation was needed
before she could usefully start. She has been most helpful in bibliographic
aspects of Committee work and in the continuing paper chase. Meanwhile, the
preliminary work of querying banks about files and archives is being done
through personal visits on the part of the research director. This means
delay, which is unfortunate but apparently unavoidable.
-kr
Fiies
When the Committee chooses its historian, we assume that the
research work done by the staff will take on new dimensions. Meanwhile, we
continue to put into four card files the basic data about people, banks,
legislation, policy actions, hearings, speeches, unpublished material,
articles, books and so on, which an historian could reasonably be expected
to ask for. We have mentioned the Persons file and the Bank file. The
third is the Time file, which attempts to collate the responsible people
with the various types of events affecting the System. The fourth, developing a new approach to a System bibliography, is the special province of
Miss Katherine McKinstry whose years with Dr. Williams have given her a
wide familiarity with the needs of scholars as well as with the rarer fields
of theses and periodical literature. We have also had fine bibliographic
assistance from Kiss Sutherland, Librarian at the Board.
Future
The aim of all this work and these accretions is to prepare to
serve the research workers who will be seeking information as the historywriting phase develops. A year of effort enables us to be at least better
supplied with data than when we started. The outline-memo prepared for this
meeting shows how much further we still have to go. Having spent 1954 ia
primary exploration, we are hoping that 1955 may make it possible to use
some of what we have and to go deeper for the major aspects which are still
to be gathered.
Mildred Adams
Research Director
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
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Robert £• Calkins
F. Cyril lames
ViUlMt MeC. Kurtla, J r .
Walter v. Stevart
Donald S. ¥oodvsrd# Secretary
The deily pace of Ce«ftitte# work during the two mid-swamer months
»••««<! at momenta to resemble that of a »lov »a«*il, but * gl»nc« baek
lit Ju»« 2Ath( d*t« of thfe last r»portf do#t ^ o w progr»»» *
•irfi»la«tioQ of th« G^rttr OIa«« papers la, sceordlng to
Xvttor from I T . Klne*ldf thr««H-€?uart#!r» don«f «nd CUM to b«
^r Sept«9b#r 15tb. fh« papersy vhlch «r« In ehronologle&l order, h&?» 0.01
r««rrang«dt bat 0r, Rir-csid Is nu&kiag * e&eplete luvoatorj of which h* will
farsiah u* copl#f. H« wiys that *§»»«/ lnt«rtttlag deeta^^t* whteh vouli b« ©f
grtut lnt«r#et to as hlttorlns or a blogrmphor* b«v« IMNNI
Chitrtdl»r U dm back fro* it»«p« a t th* «id of thi«
end ve havt ovofj r#e»oss to trpoet tfent osrly ift S#pt«sbor fco v i l l feo eUrtlng
or. "Bmjania Stroisg, 0©ntml ltafc*V*t
H^t» ,Hwryf r l t » J B I M ^ I reeoatly »«HtMl &» librarltB of tho 8«
B«*erv® Es>nk, will start work oa October f i r s t in s fir»t attovpt to
is t e s t e r l i s t of th* ftrohiral asteriftl In th« tvoliro roglos*! b«nk»« £^« begins
this plo>»«#r etsAy cm a part-tl** bails* Soae exploratory work ba* ba«a «km« by
Hl»s Adaai 1B th« visiti;ftlaroftdjrm*&B to flr» of the bank*, but only mmvtfk to
show hov «uoh store v l l l be needed before this source -oaterial e»A be lletetf so
s» to be of use to students.
the ^at^oftal Beoordi M»na^»awmt Council b&s aone i pilot
study vhioh will be of T&lue to us In helping to «olv« problems of h&adling
newly disooTe?-ed papers. Using two mmll collections us t r i a l material^ t&ny
have feMfHi| analysed «nd spprels«4 the pa|>ersf and set tbes up 1» a form wlilofe
should be very useful to scholar*, t h i s work provided 1 basis for time studies
vhleh v l l l enable the* to estiaate costs of handling other -ind larger collections.
T>t« task vas done without
expense to this Cowaslttee, but in an atteapt %o deaoo*
the Coimcili1 sethods &nd with th© hope that w« m&i um their
for ©tk#r ptfaltt DM -mrk i t i i a t l t l i t , Mid Ilirt i t #wry t*o»*©» to btllevo
thot vn aon ha** at h&ad an oicport afMMf to tfclta tat iMk of ox«jtiai&if
ovtluatlag eollotttloat ©an bo o&truttod*
boon maa® in tho ««srefe for an «e©nomie htstorita
atfht vrito tho doflnltivo hittory of tfct Sjrttoa woloh #©»tlstt#a to fco tfet
of tait prajoet*
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anHiXly h&ir« te«a to aftt
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that i t $##a#& vi«« to #jipl@r# th# etagrMi of ttwir
tUtud#@ t©%r^r4 Ml iftVltfttiM to i^srk on t
To t h i t «ad Mis» M®®»» OR a itld*«xiKMir t r i p to P#6®r&l Ro»or¥» Bfettks in
«nd Cisi&afo, flow to SiHMt dv#r ma ifit«rv®siiig %iookond &o *o to
thon oa vacjstloii* Li tor »ho Tisit«d Dr» B##4 ot
not WtlX% in both efet#© VM nogativo in tho i@as# that n»ith®r man
ia a potltion to b# r«eoptivo to OB invitation to mad#rt».k« «®rk i s thio
ho i$ vorki&f ©n * &©oie wtileh »##d» two iaar« iromf® Ibr
® is u t i l l HtmmAa§ £rm, fort/ yo«rt of toothing*
tad mot o*for to ooJbtrlE on & t&«k doattikdlAf tuefe lomf ooa«oatmtioa of offort* 0»
tfe® j>0iitiv# tlAti tho eoBvtrfft-ttoiit s*n^i t© enlist tho UrttOftt of both tliooo
sofe@lar«. Tfasy btvo ^&<is vtlutblo «mgg##timi#f tad tfeoy will bo gltd to &#
toltod farthtr vhon HO «»©d tboa. £teh has mgrood to $«n4 us tho «Ji®e of
mam In t h i t fiold «IM tawfltl fe® ro«$^9OB^o^ M ft p©»sibi« cRndld^t« for
of tfeit
ffeit lotvot two y$iaaf#r soa, fir. Sari Hopp of UMP ?#d»rftl 'E#»«rf# Btak
tad Br« Eftwtrd Shm of £taaf©rd Ouiir#rsitf fttxl la Hit l i i t Of
tho
• r . Mimsrd Shaw's n«oo h*t
him as wi »hl# tehol&r, & geod writ#r t ht-visf a brilliant
an i©f#ras®4 i»t«r#»t la fesakteg prtifeloat. it* Calitia* i t feri»fi8i Dr.
innf&r^ Onivortity ia S«^t®mb#r to 4t 0 ttudy of fresci® i s
Btaklag ta^or too t^oploot of 8rook.isft«
ia V9QBt &T« ^«t*r va» §r®iu«t#i fro®. Sttnford
1929 tad gifta hit dootoroto thoro Is if56. Upoa vrtduotioa ho «at#r#<l tho
Stanford ©eonomiet fooulty. la If41 h# wot satdo m fall ^rofds$or» -with *
mss «¥«^tiv@ hotd of too a#f*art»»fitf a |iott vfeieh ho rotuaod ia 19i8» Oottld*
tao feiT#rsttyf Dr« Shaw hold a Soei&i ?oioaoo ^o«oftr©li Covaoll fellowship for
tfeo ^mr^»^ of ttudjriag Mmotary ^®®*T ®»^ tho bo*doft a^©#
took hl» te V«thiactoa rtitfl from 1942 to IH3 ho vat <M#f
ftoctilo, ioath#r «nd App»«r#i Dl«i«lM Of lat
to litaiiaiatl &a th# o.s. imal i##®fir#» Hit HNm§
of «tw*!l#» for ^©«i#mie J(illiatlty but hefea®oao full«
Iaoo*w tad j&ttotary PoXloy* veiofe wa* publitaod a® ft t«xt book toy ftiotwrd $*
Xrola of Chteftfo la 1999* l a ttmt, Ms stjrla i® t * £ m t l and road«bl#«
A r«o«&t lottor fro® £r* Calklna tatttttttt that i t « I # t fe# potslbXo
to tyutifo* *?r* Shuw ffeM his study of Trvn.i* i s CoaEMreial B&Eking to
h i t t o i y projftct If tho Conaittoo m 4®str#*« PtJ&ntal l a %J*i« MtaMP
&r*f*TftbXy bo aad* b*foro tfe.it ooaa«rcial braking st^ijr f#ts too far unite
of tb» f i r s t muupttod, h«« Won
fwrliVt pooplo* I# &*• IMM» ftry ^elpl^l l a di«ottftsi»g thl* proy l « i hit tbisia far t«rss#4 «.«l<ao I n f l l i f 1 ®mg.g#«ti#is« th*% nit
might t« so'aiftt i s tHo writ.lmf of
of Hl»«©urt (vlth hi»
do*toi»to tmm tiuit imstittttlaia ia 1^31) Br* ^ p p nttra«t«ti «ldo &tt#stl@a .la
th« I%tir#nit7 of Hioootirl p%bli§b#4 felt p#a#tratlBg #tadj ©a *fh#
of P#^«r&l !i«s®nr® ^ttli^r** So taugbt at l i i t i w y i from If31 to 1*41,
thoa wmt to tho l*Ml«4«lpljl« fodorsl ROSOTTO in»k »s Si.r®et#r of Soooareli* tn
bo
« la ifM* «ad hts
f
• t th« C a i y w i t y of Fomi^rlv«nla« Ia*» Bopp .now <Hvi4M fel® tlao fe#tw#«n tbo
of tho Baak «s*l .Xottaroa «t ffsfinstjivamim. from ttao It tino b% pvoduoot
f in tfe# Uoittd Stat#^ -or In
^
11* «s^®itF#ltip i s ooa*14«ro4 i^«e©abl® # hl» KtyXo in gm®rmll$ ®ri&p and liftI t h«i bo«ii *s*UM»d tfe«t ir« Bopp MM m
y
to eo«14 not DO r@i#aasd for ^*# writing of tho History
i f h® htmmlt wuitod to naclortsk* it*' f h i # , lik# ttbt fniWtlMI fti t»
Mpp «i8lKt b# op«B to td#^l#v«*l j>#rsn«*l«a If te Bank vouXi %**& him for tfei*
voxlEt 1$ a matter vhioh tho Cowtitt®® nay llk# to
i s that Br. Ch«ind^.or fei»»#Xf a*7 b# *© iasmvraod
la Foitsml Mmmrf® satt*r# a.ft#r fe# finlsfets tho Strong bs®k tJiet ho v i l l thoa
to »t*,rt or* ili# I^H^Af»jg bltt^i^* Ho Is n wurm frlond of 8ft M®pp «»d
O
,p#rt t3rlmstrlritt« s s l ^ t UtiM&m »<m« kl®4 of ft
vMeh 'wuld bring ilt# JawwSUij»| tlclXXt aai Jud^ottont of
tluroo moa to hm&r on tfc« projoot*
on or »4ditlon« to tfe«s# ragissti^sg v l l l fe®
to ih# ftooosd l i s t of fi^s#g
i s • ^ij^rity rmt® for Dr» I M M U l k
opkias* Dr* V i l l i t a hs« b©^s Atkod to
i s «xp#©tocS t l d i w#^k* ftOM&t&U
Invitatdfid And « flXo of pTogrote
to bo tg&oci to this
Ls®#f pr©f««$©r of fe
^i#©^®« the Bstt^r with tir* i s a e ,
Dr# f# CjnlX J«s#» ha*
Mptfti I t 4*to hat b#«» i o i t him*
of tho Koekofollor Fotmdstloa vhioli
to simotmc® ©s J u l j 15th tho gysatlEi of tauto to th« Brooking* Inotitutiaa for
tbo vork of tM» Goaoltteo « t t dolo/td ^r ih# do&Miiid« for
**•
%\m B»#ee Comittee*
the date Mgust 25th«
I t tats, just Ijeen issued} relevsnt JMWflpiJW reports bear
The l*ngufcg» usse<l by th» Fewodstloa i s ft* followst
•Two greets totaling |6S5|OOO have been a»4e to the BrookIngs Institution
by The Foekeft»H«r Fousul&tioia, &n outright grsst of $375,000 v i l i b*lp
to ««t&Kllflk * nov prograa of r«s«^rch sad •due&tion, Propftnttioii of »
history of th# Fodorml 9o»onni 8jr*t«a v i l l b« pftrtUlly fittftne*d ^y tho
othor appropriation, ««oin&tlnt to 1310,000*
history of the ?m4*r&l Bot#ry# Sy*t«a will iaelw&e w^
of t h i s ttnvumel i?iv«Btlon of fov#ram^t f fmti ft r#ri«v and
f i t s funetionisg »s illwaalniwl by the -p*,p*r* «9d tg«BEOri*s
of atft v^« h«lp@d d*T*lop lt» Sow sucb a aoohwilsai of n©n#t^ry control,
urdqtioly »4apt»d to our a«eds t 3aa» to b# estftblish^d,
I t h.&% «at2nr*d a:id thriwd, imd « ®t\«ly of it® rol* la
v i l l b@ smao pfefti«s d««lt
With tfels fta&otmeoftt&t in h*ad a l s t t e r OAK nov bt d r a f t s wMeh
ittformation about the proJset to istorosted foholsrs In tJfe# Malts mud thft
world.
of tmeoTsriag MV so^ire^s of msterisl i s by no m%n* flr*lih«d»
rtee&t y l t l t t© Chiengo Mift l-.da«« l«a»M4 tteEt tho p«.p«ra ©f
mi isiportunt pert in ths formstlir© yoare of tfeo Board nad tho thlea§»
timtwrv Bank, f i l l »«T«ral pBCkinf easuff i s tbo storage bRMnMt of the
First listlMMl ^asJc* Tfce jMtjMm of Helyln Trsyloy *re also tbere* Botb. eelleotlone
be »«d# *vm!lable tor the imrposes of this Committee*
I t ttee suggestion of tlie #%#«mtiir# eonRlttea we hmr* started OB a
»#rie* of ecefer<m<ses wltli puUia^#i*s e s » st*rt townri making pl«n* for
lithiag the ^vtutael fruits of tfeis project, Tfeelr reoo?s^eji<!*tioas will be
included in the aext progress report.
Executive S;lreetor
GoejKittee to Study the History of the Federal E»eerve System
t 1954
Messrs. Allan Sproul, Chairman
Koteart &•
ViUififi MeC. Ifertin, Jr,
WliMHi ft Stewert
Donald B«
The lacnth vhieh ha*
ttM^ft r»qu
the work of the p i l o t
the Ro«ik®f@ll»r Foundation
asfe^®&di¥id®d b»twe«n ©o
for the longer aai different
I t was ?!€©ii«€l Msy 11th that, in tfe© «T«nt of the fsforafele
n$w ooa«, the Ck>wltt0# would be enlarged ana I t s seope wld«fi«d by
the addition of thro® mambers, to b® drawn, i f pjjiUftti from the ranks of
hietorlaxtt, eeooomiste and political scientists. (The third eategory
tnei^i I it'll J dropo®d fro» the s&mtt&s of tlmt aeeting,, for which
herewith*) I l i s t of suggested ntmm m$ circulated, but only ttftt of
Cyril Jases awit g@aeral approval * H® has b#en invited to join the
but no vmplf has yet bsr«a,
A seeond l i s t 1® appended to this Progress Beport - your coaownts
Qoainlttee
At a jneeting of the exocutiY© eoemltte® (Messrs Burgess, C&lkles and
Is lilstllligtini oa J«n@ l l ^ i a budget wa» approved for the fUNNl j#ar
, 1954 - June 3Othf 1955* This, ifMch calls for an expendltum ** office
eosts Ms) pa?oj@Qts slightly less than that far®se#n la the FrojposEl ($53f325 in
pises of 154,5^3) h«s b®#n forwarded to the Bookef#ll«r Fouodation with a request
for tae f i r s t y^ar1® funds. The susaary i s as followst
July 1. 1954 to Jme 30. 1955
temml Btyteat as Sstlaatsd for
, office costs «nd Research
Srooklngs Ixpeases ami Ov^rheaci §*••*•*•«««•*#*•«»«*»»*••••«•«
Coattngeaetes and other ©3ep«*a»®«8 (iaeludl&g f a t a *
3,
I t was agreed timt th« id#& of pr^vidiuf mm mAtf*t«Ay for Mlw
pM9*i HPMMMMM»| ahoixXd b« 5ropp«4 from %ndf»t tttl staff
for thj© t l a s Mtegi W staff as a^prwrwd vould ©®rmlst of iflss
Hiss Mellnstiy as r«®#axH& nsfcisitait (1/2 ti««), a, eo«:>et«at Siifitsjy said a
Tba Coi?»itt€s(i*s cdutirsan^ Mr, Spzoul, has ap^ed that t& th«
ba v l l l s i t oa tfe© SsoscutiTe Cs»d.tt#e* fhns far that Co«fiitt#® Ms sa4@ no
fonoal niX®8 for itself t bat provision» for a#tl<m h? a e«!orti», asid for t«ls*»
j absest »Mabaray am
The linomid project for aorfclag i&a4 st«d^ of t l » Carter Glass
i s imcler vsy« Work started June 15th, with an agreed gmst ©f t4.f0Q0 (of
a foa of $1,500 fo#e to Professor Klneaii) and ^an u^eritam^lBi that th#
l i hold S#pt@ab«r 15th m it® t&a*ipt data of
Chandler proj sot for a study to ba antltlad
J
f
Central Bmik#r« has be^^ approvaa Mi the basis of furtbsr Itttlfiftii, feotfe vlth
Mis® AcUnw a»d with Br» Calkins, satf a mxpplmmmUity ?g#ae>raacl«a* lorn will
mNfttas4 frora Dr. Calklas a earboa of bis l e t t e r of VStSMMNMi to ir« ©yyndl
wfeo was m t i l m for l a r o ^ lue© £lst. A /aore formal WMitlKlt t® b# #ifs«d by
Dr. Cb.a»41®r mnd by rapras«itativsa of UrookiAgs and this Coisraitt#«f will b#
T-eMy when fee fora@r r»i«ma In Sept«mbart ¥# ho,p« to fear® pufelislilng
ready for inel«®iois
A proj#©t for preparing a master fil« of tb» iir®telTal ®n& bibliographio
material in tSia regioisal banks bas bsan uacl#r discmsstou, b«t tha staff hms
bs«a able to get at I t , Sow that tyiss M«rgu«i?it® Buraatt, librarian ©f HM
#rml !®#@r*ii Bmk of Nav lork, U mt t!» p^itet of retiring I t au^r b^ possible to
s#our® hsr ^^rrieeg for this mi a pmrt-tlws basis* A nor® tfsinfiad
on t h i s will follow shortly*
Ttos bunt for papsrs ©omtina@s to ylml& wmlmmm rasialts, iM will
csoatisued at least iurijig tliis
The 4.4ol/.>R .€.«,fflllorpapers have been 'iapoelted in the federal Beserve
Board, listed by them, ?m& r oopy of the list ban been provided for the um of
this CoisB&itt4M!u Thus far no final plac© of depositftftibeen decided*
The Harrlner Koelos patjers, consisting of norm tventy-six volumes bound
and indexed, are in Mr, Booles* office in Salt Lake City. Mr. Eeelet* is considering
the Library of Congress as a laee of final deposit for then*
%M touofe with the asfoghter of l^nest. Praisff» former Board
member recently deceased, and are told that papers ma diaries will be held for
our
The papers of ft. Barton Hepburn are in the Library of the Columbia
University School of Business •
The papers of Frederl.q H,t| Curtigf... Chairman of ths Federal Reserve
Bank of Boston fros 1914 to 1 9 M f are still in his possession. He g&T© us a
few itents on the im«lersti«iding tb€.t they would be d&®troy#d after notes had
been ^ad# tnm th®«» This collection s}$ould be especielly valuable for the
early history of the Boston
The son of Oliver %.* V» Spwupas reports that his father kept few
papers. He did, however, preserve letters from Benjaain Strong• These
been checked against the Mmt York Bank files, their carbons located, sad the
originals returned to Mr# Theodore Sprague. Ve also h«.ve hm photostat eoples
©f a few iaportant spe^-ehas of whieh dh^limites eould sot im found*
'She daughters of Albert gtrauss report th?,t taeir father l«ft fm
They have nmt us a small set of speeches*
Mildred M u m s
Second List of Names
Suggested as Additional Committee Members
Please check your first and second choice, numbering them in that
order;
More information has been requested concerning Dr. Frederic C. Lane,
historian, whose name was circulated on the first list. Dr. Lane who is Professor of History at Johns Hopkins, has been famous as the author of studies
of Venetian shipping during the Renaissance, but his interest is by no means
confined to the 15th century. He was editor of the Journal of Economic History
from 1943 to 1951, and did much to stimulate interest in that subject. He was
historian for the Maritime Commission in 1946-41?, and- his Ships for Victory,
published by the Johns Hopkins Press in 1951, is an account of American maritime activity in World War II. He spoke at the recent Columbia convocation on
a paper presented by Kuznets.
Charles C. Abbott» economist, recently made Dean of the Graduate
School of Business at the University of Virginia. Dr. Abbott got his Ph.D.
from Harvard in 1933, taught there in the Department of Economics and the
School of Business Administration from 1931 to 1954; served with the War
Shipping Administration in 1942, His books include The New York Bond Market,
Financing Business during the Transition (1946) and Management of the Federal
Debt (1946).
Simon S. Kuznets, Professor of Political Economy at Johns Hopkins.
Professor Kuznets, famous for his studies in capital formation, now President
of the American Economic Association, is one of the best known of American
economists.
Harold L. _Reed, (aged 66) economist, Professor of Economics at
Cornell since 1923, was a member of the New York State Banking Board from
1933 to 1944. His books include Development of Federal Reserve Policy (1922),
Federal Reserve Policy 1921-30 (1930) and The Commodity Dollar (1934).
Joseph H. Willits, economist, recently Director for the Social
Sciences at the Rockefeller Foundation (1939-1954), now going to the University of Pennsylvania. Dr. Villits has been deeply interested in this
project since its inception. His vision and his enthusiasm are of great
value. He is well known to all members of this Committee.
Elmer Wood, economist, Professor of Economics at the University
of Missouri since 193O« Professor Wood, who was the teacher of Karl Bopp
and Lester Chandler, got his doctor's degree at Harvard in 193^» He was
economist for the Senate committee which held the Gold and Silver Inquiry
in 1924.. Harvard granted him the David Wells Prize for his study on English
Theories of Central Banking Control, 1819-5& which the Harvard Press published in 1939* Dr. Wood has been variously recommended as a Committee member, and
as the historian who should be asked to undertake the definitive history.
-2-
David McCord Wright, economist, Professor of Economics at the
University of Virginia, got his doctorate at Harvard in 194-0, taught at
the University of Virginia Law School in 194-0; he was economic consultant
to the National Pesources Planning Board in 1943, Fulbright lecturer at
Oxford in 1953, has been Professor at Virginia since 1940. His books
include The Creation of Purchasing Power (1942), The Economics of Disturbance (194*7), Democracy and Progress (1948) and Capitalism (1951) • He
was co-editor with Pobert Roosa of Money, Trade and Economics Growth - essays
in honor of J. H. Williams.
Co«Mittee to Study the History of th© Federal B#sarve Systea
Fro^re&s Report Ho* A
'May 17, 1954
Tot Messrs. Allan Sproul, Chairman
¥• Rundolph Burgess
Bobert B. Calkins
VlllUa MoC. Martin. Jfr*
Walter 8tewe.rt
Donald B. Woodward, Secretary
The papers of John Skeltoa ¥lllla»a, reported earlier to be
in possession of bis widow in Flehjsand, are to be deposited either
in the Library of the University of Virginia at Charlottesville or in
the Virginia Historical Society at Eic&isond* They Include diaries, m
well e* speeches m& sosi® eorrespondenoe* After dlseugsion with Mrs,
Miiliaae'a »oaf Mr # John S* VilliajB*! Jr., it seeaed fairly certain
th@.t tbe faa&ly would choose 1&& UniTersity of Virginia wt&eh, of the
two institutions mentioned, ha* better facilities for making such
eollectioa* available for student**
The papers of l«r t£fi GqZdwtwoitejr, earlier reported to be in
a storage warehouse in Princeton, have with soste aid from this Comitiee.
been brought to the Chevy Chase home of Mr* Goldenweiser1 s daughter*
Kis son-in-law, Mr* Andrew Kamarck, reports ih&t the collection contain*
"papers tlmt would be of considerable value in a study of Federal Reserve
history* Br* Gold«nwel«er apparently sept a kind of official diary at a
number of important points in the history of the Federal Reserve*w Mr*
Kaoarek will, over the next six months, organise the material and list it
for us* After that. th<& family would like to -sake It available to students* but under *oa© arranfement by which they will know who is using
it mid that proper safeguards assure discretion* 8r# Walter Stewart of
thlt CJowdtteo willft<lvi«ewith them on
The Committee* s y&rt in this iaeludea a visit to Mrs* Goldenweiser by your research director and & volunteered promise of $150.00 to
help vitfe handling charges. This small intervention apparently acted as
a catalyst to resolve a1 sltuetion that had continued confused and static
since Mr* Golcienweiser © death*
The papers of Bopert B* Warren have been collected and listed
by his son Peter, and sent to Mr* Cyril Jaae*. Viee-Gfeisneellor of MoGill
tJciversity, vi«> plans a book from them, the exact fora of which k s yet
to be decided* The eolleetlon Includes mm two hundred essays and
memoranda, most of them unpublished, together vith a small amount of correspondence* Other correspondence is knovn to exist, and will be gathered.
Mr» James will send us a eopy of the list of subjects covered in the
essays and memoranda.
Beseareh Director*
of urn
Beport So. 3
Mmmh 17, 1954
To i Messrs* Ilia© Spronlj CaolxBan
ftobort D. Coltimg
In tho two vooks **tii$fafeSWIpNMNNI siaeo F®» roeoivod tho l a s t
progress rgport § the work t t a i ttart#d ha* followed the eoar»^ Isi4 out.
Tho indox of koy NtMfci in tho FodoraJL Kosorre Systoa i s sto&dily
[# S© i s tlio bibXiopmpfegr of wjpublisfe^a mat©riml» Th# cferoaoiatlox ba» aofod frai too plaaaiaf to tho opormting stag®. Tfe#
subject indox It to bo started t h i s wosfc*
Intorviovo
Ttoo intorriow pr©©#ss i s ji^ldiis^ results no l©ss Taln&ble for
boixsg oonvufaat differ#Bt fmw, vhat no had #xp«@t@d« W© flad that
things nhiofe ^«B rem«tl»r #,n«S reeumst or* a f i r s t mpprsm^b 09t not
nemBmrlly th® tfeingt %bay might rooftll i f closaly prsstod about
Mini happonod ia s eontxt>Torsiftl •t%HStt0Wt In this ®&rly pbas«,
I t h».« i«^Niffi®d bost to fMS^oil isostly in ^oaormX toraui rather than
to prmm on totstl
<
If thoso iatorviews did m sajre than s&k# ^@ project com© s l i m
|H tho s&ads of aoa ^ M i eooper^ti.oa Is v i t a l t@ i t s su^eoug- (aad to
tfeat @f tho sooosd phaoo) they Wti&i be vorth lAiil©, In addition thoj
got son to- tteiaktof a.feout past ©*r#ats in whiefe th^r pl«yo«i «. pi^rt, m&
in th« IMNMNM tlioy ffeoquontly »»t th@ past in pro^Ttion against the
of tho p9S*tttfc« Tbi® i s af ,gr®#t holp in vorklng ©tat tho
i
fhm Fr©gip@fs Hoport of Fobrusxjr Sth listod
a#*l*tanee« Sine© fefeniaxj 8th, w* have h*d a t lea at on© interview
with iraok© Willis, Arthur H i l l s , Etigene Meyer, Paoiel W. Bell f
O#0fg# feat, Mis« Anna Tou>t&n, Kias ftet& Qlaaf» yranel* B®rk#ley
of the Qnlvereity of firgiiala Library, Profane?* Hbert Elsesid,
tibodllef I t a M i ?ari»r Willis, IMP* Berge, Carl Pitsen, Pflfagaay
irt&ur Cole, Soy louag, HHttf Stark, Floyd ifciwlt—j Mrs. Ogdan Mills,
Ep©d@ri0k, Robert Sfelff, Miss H«»rl#tta U f i M ©f the H&rvard
Hlstorle® gratxp, Jay Crane, Jofes Sinclair, Jotstfli Dreibelbla,
The buat far perUjsant papers has r«o«ntXy yielded thea«
fhe pmp«rs of f$^l ,E^, Var^iff» aow in tha p i l j i l i l l t of ids aos
at hi* emmtxy hmm in Korth Or@@mfleh, €oim@ctie«.t# liicluda &
6imTj »f titt period I$07 to 1914, ewexiiig ©T@at® Iea4ing t® Mr* Warburg'
taking of the oath of offle® ss & neaber of the f i r s t federal Beserra
Hwi'i It also a dimry of *Sai2y Safpafttftff liiTtH on tha
Policy of UM Bo«zda from October 4 ta 24,
The pape.na of JTaiya p» W%r^ry» tetas#d in the seie quart*ra
a sist-voltiffl© diairy far the p^xdo^ 1933-34, eo^eriag both the tesking
holiday aai tha
the Caaabridft
©f Qllyer ^ t V[». ,:
Tba parttoamt papers of |fel.t#r LlohJenstein tew g#en girea to the
fbm p&p®T& ©f H., t F-^rtoy
YUlifi houae cm States %9&MA*
¥l,llis sight go fpc«
in order, proTldod i t ia
of v&lw® wmy be
l ^ m i aj?« la O%% e@llar and a t t i e -of the
If thia Cosmittse eould m&k<& i t
B0Stos to Staten Xslaad i s set
^aderstaod t!»t h# <io#f sot
of 3lo:yiMH^ m^^ pyfjla vere l e f t to the Cornell on Foreign
Relation* aid are new""(Hareh" 1954) ia th#ir hsuds, A final pl&oo of
haa not been
of -papera of |3r> Molph C,» mile,r.
ia aa uoma^d closet 111 &Tt Killer* s hone* They swy be turned ®*mr to
^big Co?saittoe for temporary deposit at the Brookimgs TxHIWltlWIj, until
thay ema be «®ri#«I and & fliial depositary
small ooll«©tiOB of p&p%r® l e f t by Hr> l*m® Fra,.^tr at the f i r s t
MEk of S#w fork ha* been aent ta this Cfwmfilit mid i s nov ia
fll#»»
to acquiw pa,po»| ^ba« offered the** *
other sagn^stion* for tholr & ©posit * Bat in feoth It* UPtUlI and
tli© Millar Gifts eirau&staxMtss made rsfttSftl difficult. I t i s , hovewr*
that tfe**e pftp*** mn tm mmp%®& ooly QB S i#itp@ms«7 basis*
¥t» ses»p« of incfiiify h»s vttMatly bssa ¥i4®a#d fej Mr, Spr&ul1* kind*
t a vritiag a l«tt#f» Intro&ueiaf tbm pilot pp©Jeet to t&m
of th« 9t!i#r mtwmrn Distrlet femks. ¥• foilowwl ttiin t 7 a flrat
v i s i t tc* th« fest^n K#d«xml R$#©r?« Bask* Other
ehaag* in p®Tmm®h~«*Mi&® M#gllo took %h® -pXwm ©f Hrs*
, and a» el«rieal i o A «M ftlltmg b^hinil •eh*dol« w@ «M#4 another
, Mis® KX^IHI* Me^mfldl#» tbm Board librarl«a f Mi»» Sm^tflmni., i s
givinf ttf bifellogimtfei® hmlp witb e#i-t»iii wMMWlil l
tlu» staff of tlie S^v Tdrtc ?®i®mL Ees#f^© B&nk e^»tiam#s to fe«
thm t r i f l e pvoe^BB $f file staleing, latoo^isteiT' i»teFrvi«irt
of papers i» s t i l l goimg ferv*r&| aa^. w« hop© to coatixnw i t
imtil Maj l s t f vh®a tli# Bo«kefsll«r great for tli# pilot pr©j@c
M^iii^ldl® we sr® «1#© vai^kteg ©a th* d««ipi for ths s»ia projoot
sbcntld b@ r t » % for tep&tt## MMiiPI by ©-arljr April* (k skeleton will
b# randy ssxt w»«k), V| FI** still, pzosssiiiag @n tb» a#sn»ptloa that
A l
the finftl orsftf with th® $osnitte* f s appr^-vml, «nst go to Bt% l i l l i t t *
Coaadttee to Study the History of the Federal B«serv© Systea
Report Bq# . 2
March 1,
fbe first three weeks of this Cotss&ttee1 a work have yielded good
Housekeeping detail* &r© well la hand, with pleasant offices made available in the
Federal Ktserro Bank of lew York (room 807), the Board in Washington and the
Brookings Institutions in Kev York a research assistant (Miss Katlierlne Ke&instry)
and a secr#tary (Mrs* Sdaa Karius) &r« at w r k * Cooperation tm* been established
is Bank and Board, vitb officers and staff in both institution* very helpful*
The index of &sy persons in the Federal £©»erv« development is well imder
way* Tb€ bibliogrmplgr of uBpmblltbed sftterial if »tsrte<l. The chranologics! Index is In the planning stage* The subject index casa«s$ zi«xtf
and for that ve are getting expert advice*
Interviews
At least om interview ha» been held vith ea«h of the following (in ehronological order) H&rold fj&&lm$ WtniWI Trieber, ThooM Vaaf®, George .Harriaom, Tbo«ui»
Lftiaont, Bu&eell L^ffingweH, CJordon Waggon, Bob^rt Hoosa, Sam Carpenter,
Wiafield Reifler. Walter Stewart, Leslie Rounds, Arynesg Viekena, Walter
Logsn# Dr. John Viiiiass, Dr* lobert Calkins, Randolph Burgess, Carl
Parry, Walter Vyatt, J* H* Cas«, Brooke ¥illis, Arthur Willis, Eugene
Meyer, Daniel Sell, George Test, Hiss Anna Touagman, Hiss Meta Glass,
Proffcusor UlSgt Ilncaid, Woodllef Theteas, Parker ¥illis, Ansgar B©rg®,
Carl Pitnan, Professor AriOiur Cole, Roy Touat, Valter ttark, Floydi
Harrison, Mrs* Dgdea Hills*
Also with Library a M File Department hm&* m in fsev torit
Hiss Burnett, Miss Pillisttn, Miss von Hoesehl&ub; in ¥ashington, Miss
Sutherland, Miss Poep|>elf Dr* Fowcll mnd Miss Kat&erine Brand of teeent
Manuscripts Division, Library of Congress; Miss Pearl Hughey in Boston*
The average thin far seems to run about ten interviews pmr week*
As for discovery of documents and papers, ve now icoov that} ~ The
diaries of (jfoarles, Hamling Board menber froa 1914- to 1936, ®r® at the
Library of Congress. The collection consists of 365 volumes, of vhich
25 diaries. The papers of Governor Strong &re divided between the
lev York federal Reserve Bank* Princeton University* a^d a $mr lork
warehouse* The papers of Governor Harrison* in seven file drwmr*,
taken with hlia wfean he left 9 5 Hev York Federal H«s«rv® S»nk, bave
been listed and «re to be banded over to us*
The papers of Carter (&&gg are at the University of firgiaia, and
will s« listed.
The papers of Charles Eawes ^r© at Marietta, Oslo*
12 boxes)
ar« atfSorr^g
the Library
Congress*
So are the Woodrowpapers
Wilson (in
papers,
the Oeonst
impere,ofthost*
of
Mewton I)* Baker, those of Charles Evana Hughes, those of Calvin COOIICUES*
The papers of br, Bdvia Kerrggerer are with the Benj&aim Strong Collection
at Princeton. "
The papers of Pr, Emmanuel Golaenvelaer, unsorted, *re in « packing box
la a Princ«ton warehouse.
the pap*rs of Joba Skeltoct Willtamg are In the po«s«ssion of his widow,
©till living, Is Eiefcaond.
The papers of O ^ e a Mlllg {in 25 boxes) are in his stepson* s garage at
, Long I®la.nd, and vill be ®m&% available*
the papers of Paultfarburj^are In the Greenwich bouiw ©f his son
and aay be seen.
The papers of 01 Iyer Spmyye are ia bis soa1 a s H H la Cambridge.
The papers of Walter tlcht®nst#in are ia the Baker Library &t Harvard.
The papers of Ht. Parker Villis are in stellar mad attic of the ¥lllls
house en Stnten Island*
The papers
of gormaa H. Dayis were laft to the Oowteil on Foreign
p
g
)
Relations, sxt& are now (3/£/54) in their huadis. Their final place of
deposit is not ^et 4eter»5ja@d,
Cemdttee to Study th© History of the Federal Eeserve System
Progress Report Ko. X
February 8 f 1954
Tot
Messrs. Allan SprmX, Chairman
¥• Fjuidolph Burgess
Bobert C. Calkins
WiXliaai McC, Martin
Walter Stemrt
Donald Voodverd
The first three weeks of this Coaasaittee1© work have yielded good returns. Housekeeping details are well in hand, with pleasant offices sade available in the Federal Reserve Bank of Sew Tork (room $07), the Board in afetshiiagton
mrtd tbe Brooking® Institutioai in Mm Tork a research assistant (Miss Katfe®ria«f
McKinstry) and a g©oretary (Mrs* Bdsta, Karias) are at **ork* Cooperation has been
established in Bank &nd Board, with officers and staff in both institutions vary
helpful*
The index of key persons in the Federal Reserve development is well
un-5er way* The bibliography of unpublished material is started. The
chronological index is In the planning stage. The subject Index eomes
next, and for that v© are getting expert advice*
Interviews
At least one interview has been held vith each of the following (ia
ehroaologieal order)Harold Boelse, Willla® Trieber, Thoaas Waage* George Harrison, Thomas
Laaent, Russell Leffingwell, Gordon Vasson, Robert Boosa, Sam Carpenter,
WlufieM Kelfler, Walter Stewart, Leslie Eouads, Aryness Wickens, Walter
Logan, Dr. John VJilliams, Dr, Bobert Calkins, llaadolph Burgess, Carl
Parry, Walter Vyatt* J» K. Case*
Also with Library and file Department heads - in Hew Tork
Miss Burnett, Hiss Dilllstln, Hiss von Boesohlaub) in Washington, Hiss
Sutherland, Hiss Poeppelj Dr* Powell and Miss Kittheriae Brand of Recent
Manuscripts Division, Library of Congress*
The average tlrns far seems to run about ten interviews per week*
«•#*
As for t l M q u i j of docaweats and papers, we now k»ov that;* fht diaries
of
Charles. .Hamlln. Board member from 1934 to 1936, are at the Library of
Congress. The collection consists of 36§ voluiaes, of which 25 &r© diaries*
The papers of governor Harrison, in seven file drawers, taken with hia
vhen ha left the Now York Federal Bes©rve Bank, hare been listed and ax*©
to b© handed over to us.
The pap«r» of Carter Gl&gf are at the 0&iv#rsit7 of Virgiaia, and will be
listed.
of Ch&rleiy ItowMj ar« at Marietta, Ohio #
AXdrie'h p&P»rai"Tin 12 bo.xe«) are at the Library of
are the Voodrow Vilson p&per*, the George Horrfo papers, those of
> 5. g€ r. those of Charles Ivans Hughes, those of Calvin
The papers of t-r, Sdvin KeBgaerer are vith the Benj^adn Strong Collection
at Princeton,
the papers of Johi^ S&elton Vjlliejyi are in the p©«sessio» af his widov,
still living, in RiohawBd.
Tfe® papers of pt^m Ifills (in *5 boasts) are in his stepson's garaf© &t
Brookville, l«oag Island, and will be asde available.
The papers of fml Warburg ®r© la the Greeawleh houae of M s son
may be seen*
For H M »NEt tbree weeks this triple proeess of .file making, introductory
interview, dlseoverjr of pspers, vlll go forward. After that <m smst start
to parepare first & ?ireview of tSie rnaiu project to whielb this survey of material is leading (to b® in Dr* VilllXits1 hands igr April 1st) aacl then a
statement of the various sectors of the isatia project itself (including of
course & , ©sign for as internal history of tlse Umr York Federal Beterve
Bank) t in as jsuoh etall as possible* This last should be ready for Committee Members by April 10th—it is due to be in Dr. Villl\ts» office by
April
Coandttee members have been generous with Individual help and advice* It
nay be necessary to ask for a joint meeting in Mareh, but we will try to
keep the ccis&dttee process as occasional as possible.
Mildred
,
Director.
@FedFRASER