Van Dyke, George E. , Sproul, Allan, 1896-1978 , Maroney, Mildred , Committee on the History of the Federal Reserve System (U.S.) and Calkins, Robert De Blois, 1903-. Rockefeller Foundation [#2] (1955-1959; 1975), Entry 166, Box 1, Folder 3, Committee on the History of the Federal Reserve System. https://fraser.stlouisfed.org/archival/1342/item/457520, accessed on May 12, 2025.

Title: Rockefeller Foundation [#2] (1955-1959; 1975), Entry 166, Box 1, Folder 3

Authors: Van Dyke, George E., Sproul, Allan, Maroney, Mildred, Committee on the History of the Federal Reserve System (U.S.), Calkins, Robert De Blois
Date: 1955-1975
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image-container-16 s (t>) Encouragement of Monographic Studies. At the outset the Committee offered encouragement to a number of scholars who were contemplating research in specialized aspects of the history of the Federal Reserve System. Ben.iamin Stro n g — C e ntra l Banker, by L e s te r V. Chandler One of the most important activities of the Committee was the commissioning of the biography of Benjamin Strong — Central Banker by Professor Lester V. Chandler of Princeton. In this project the Committee provided counsel, editorial suggestions, and the necessary financial support. Making use of hitherto unused files in the Federal Reserve Bank in New York and in possession of the Strong family, Professor Chandler prepared a fascinating twelve-chapter study of Benjamin Strong's influence in shaping the developments of the Federal Reserve System from its inception to 1928, when Governor Strong died. The manuscript, which is now in press, has been read by the whole Committee and the response has been enthusiastic. One member of the Committee, for example, has stated, that "It is an outstanding job, and alone, I feel, justifies the formation of the Committee on the history of the Federal Reserve System." Another member of the Committee has commented: " . . . . This seems to me a splendid job and I feel very proud to have had some responsibility for its having been done. This manuscript should be very instructive and useful and it comes at a very fortunate time when the Federal Reserve System and its policies are again a matter of 17
image-container-17 widespread interest." Another has said, "I am enthusiastic about this book." The volume will be published by the Brookings Institution in the fall of 1958. Other Monographic Studies Other monographic studies which the Committee coaxed, encouraged, and helped include the following: 1. A study of "Selective Credit Controls," by Carl Parry, who died suddenly in Washington in January 1958. Before his death he had completed the study and he left it almost ready for publication. The Brookings Institution will do what it can to arrange a reading of this manuscript and help in arranging for publication. 2. A study of the "Legal Aspects of the Lending Function of Federal Reserve Banks," by Howard Hackley, now General Counsel for the Federal Reserve Board. This study was encouraged by the Committee, The author had completed the major part of the study before assuming his present position. He hopes to be able to finish the manuscript by the summer of 1958. The Institution hopes it may be of some assistance in arranging for publication. 3. The Committee was able to assist Mr. Bray Hammond, formerly of the staff of the Federal Reserve Board, who has been writing his history of banking in the United States. The first volume, "Banks and Politics in the United States,
image-container-18 i from the Revolution to the Civil W ar," was published by the Princeton Press in 1957, and Mr. Hammond is now embarked on a second volume which will deal with the same subject from the Civil War to the Banking Act of 1935> thus including the first twenty-two years of the System's l if e . These volumes were projected before the Committee came into existence. The Committee has followed the work with interest, however, and its Executive Director aided Mr. Hammond in finding a publisher for the first volume and actively encouraged work on the second. It is especially gratifying that the first volume received a Pulitzer Prize for 1958. 1*- . For some time the Committee and Miss Adams in particular have urged Mr. Allan Sproul to write up his experiences with the New York Bank. Thus far no definite arrangements have been made, but Mr. Sproul is considering the possibility of publishing a volume of his addresses while President of the Bank, and of preparing a second study of Policy Making in Critical Years. This would include an eye witness account of the Treasury-Federal Reserve Accord of 1951. Other possible subjects have been explored. It is hoped that some arrangement can be made to finance the writing of these studies. 19
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