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Frederic naines Curtlas COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM Register of Papers Processed* Hat* Records Management Council Dfttet June, 1954 Add*I MA Date! 10/25/55 FREDERIC HAINE3 C0HTIS3 The pepera of Frederic lisines Curtiss, benker, Chaim&n end Federal Reserve Agent of the Federal Reserve Bank of Boston* 1914 to r e s t mostly in h i s ovn possession. A smell portion of these papers was given to the Committee on the History of the Federel Reserve System by Mr. Curtiss i n Kay, 1954, followed by other items i n April, 1955 vhich were incorporated \iith the f i r s t set# These comprise l e t t e r s and memoranda on s e t t e r s of banking policy, vitli e few published items* These are l i s t e d , sorted end boxed in ** manuscript container* Linear f e e t of shelf space occupied* 15 Approximate masber of item© boxedl 200 papers were given to the Cos&dtt&t on the understanding that they would be destroyed &fter being read and digested by the executive director* Their use I s therefore sharply r e s t r i c t e d , and no quotation fro© them can be permitted. Ifo digeat hes y e t been made. See internal memorimdua, 5/25/54 Frederic Heines Curtiss II - 2 Biogrfephic&l Note 1369, Aug. U Born, Yonkers, Mev Icrk 1837-89 Student, Harvard College 1891, Oct. U Married Helen Lawrence Square (2 children, both nov deceased) 1399 Cashier, Broadway national Bank, Boston 1900 Ceehier and Director, Massachusetts National Benk, Boston 1902-12 Cashier end Director, F i r s t Nfction*l Bank, Boston 1912-13 Student, Harverd College 19U-40 Chairman of Bosrd &n& Federal Reserve Federal Reserve Bonk of Boston of i Fjfty Xe&rs of Boston Finance? 1880 - 1930. 1? pp. pamp'rilet reprinted from memorial volume, Fifty Years of Boaton. =e Whofs Who in America, 1952/53, vol. 27, Marquis PAPERS CF FREDERIC HAINES CURTISS 1928 - 1952 HISTORICAL BACKGROUND Frederic Haines Curtiss (1869 ) was born in Yonkers, New York, After schooling at Adams Academy and Harvard University, he went into the banking business in Boston. He became Chairman of the Board and Federal Reserve Agent at the Federal Reserve Bank of Boston in 1914. He remained with the Federal Reserve Bank until 1940. The forty-six items in this fragment from his office files at the Reserve Bank span the years 1928 - 1952. Although there is no continuity in the group the eleven correspondence items, including both letters sent and letters received, shed light on his views regarding banking policy. Much of the conservatism that has marked Boston bankers as a group apart shows through even in this scanty collection. The antagonism between New York and Boston bankers, as well as the different economic standards of the two principal political parties, also appears. Many of the banking policies touched on lightly in the correspondence are organized and discussed in memoranda written by Curtiss in the 1930*s. 10/25/55 - The listing that follows does not include an additional number of items sent in April, 1955. M A A National Records Management Council Report I. CORRESPONDENCE 1. Letters Sent, 1928-1942. 6 items. To officers in the Federal Reserve System. As a group the letters give Curtiss' ideas on central banking. He argued against lowering the discount rate in 1924, urged raising it in 1928-29. He wanted stronger policy control from Washington, was dismayed by the political considerations, 1913-1935, which he felt, damaged America's banking system. Furthermore, he found much to criticize in the operations of the New York Reserve Bank. 2. Letters Received, 1935-1952. 5 items. Primarily reports on specific problems: commercial paper activity 9 weaknesses in the system, use of high denomination bills. II. SPECIAL STUDIES 1. Memoranda written by Frederic H. Curtiss, 1928-1935. 3 items. Comments on system's weaknesses, credit situation, lack of balance between higher echelons. 2. Memoranda Received, 1932-1945. 10 items. An unrelated series covering a variety of topics: aspects of U. S. Economic Position to Par Clearance of Bank Checks* 3. Statistical Studies, 1931-1945. 15 items. Drawn up by the Financial Statistics Division of the Federal Reserve Bank of Boston. Covering Commodity and Stock P r i c e s , Acceptances, Money in Circulation. III. PUBLISHED ITEMS 1. Newspaper clippings, 1935-1943. 4 items. Causes of the banking c r i s i s , post-war planning. 2. F . H. Curtiss, History of Banking in Boston, 1880-1930. 3. Proceedings of Stockholders Meeting, Federal Reserve Bank of Boston, 1935. A Hational Records Management Council Report APPRAISAL OF THE FREDERIC HAINES CURTISS PAPERS This group must be only a fragment of the existing papers of Frederic Haines Curtiss. However, there are hints of many significant discussions of the internal operations of the Federal Reserve System and the character of the men who ran it. Implemented by the other material which probably exists, the papers would be of great value to the student of American banking and economic activity• Some distinction, however, should be made between the rich correspondence and memoranda items and the studies, statistical charts, and reports which can be obtained from other sources more satisfactorily. Assuming that this collection is a part of a much larger group, it seems most logical to suggest that they be returned and integrated into the main set and then steps taken for the preservation and utilization of the entire collection of Mr. Curtiss 1 papers. Finally, it is to be hoped that the larger collection will reflect more of the man, Frederic H. Curtiss,with his interests in history, who also could write, "The Berkshires News Comic Book and Dyspeptics' Guide to the Grave, " and MA Little Book on Travel Books." A Hational Records Management Council Report
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