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COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
With cooperation of
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
March 31, 1954-
Dear Don:
You may remember that I told you I had had a most delightful
letter from Mr. William McC, Martin, Sr. and we agreed that it should
be circulated. When I got back to the office I found that the valuable
Miss McKinstry had one of her remarkable hunches that this idea might
have bugs in it. She knows the psychology of this complex so well that
I hesitated to over-ride her.
We finally worked out a process by which the letter was sent
to Chairman Martin with the suggestion that it be circulated. I am enclosing Chairman Martin's reply which confirms Miss McKinstry1s hunch.
For your private information and because I still am delighted
with the original letter, I am sending you a copy. This is not, however,
being circulated generally.
Best L$ always,
i
Mildred Adams
Research Director
Enc.
Mr. Donald B. Woodward
122 East 42nd Street
New York 17, N. Y.
O
COPY
MARTIS, PiPER AUk MARTIN
Attorneys at Law
407 Jortfc Eighth Street
St. Louis 1, Mo,
March 18, 1954
Mies Mildred Adams, Research Director
Committee on the History of the Federal Beserve System
33 Liberty Street
New York 45, ». T.
Dear Miss Adams j
I was delighted to learn frost your letter of February 23 that
there is a "Committee on the History of the Federal Reserve System"
working on the collection ot* facts in the Development of the System,
Of the twelve Chairmen and twelve Governors in office at the
inauguration of the System, I perhaps am the only one still living, I
do not know for certain, but it may be that Mr. Frederic Curtis oi boston,
who vas the first Chairnan of the Feaer&l Reserve Baxi& oi Boston, may be
living. In recalling men in this district, I MM sorry to s&y that few,
if any, of those interested in discussing the bill authorizing the System
are still living.
Has the scope of the inquiry been determined? Woula it take in
the work of the "Monetary Coinadssion", the Aldrich Bill ana the AldrichVreeland Bill? The bankers all liked the Aldrich Bill and it was discussed in & much different way from the bill establishing the Federal
Reserve System, Perhaps something will have to be covered in regard to
this ettltude as a preliminary to information resulting in the Federal
Reserve Act. There were many speeches and some books, I believe, written
in behalf of the Aldrich Bill. Thef?«? I take it ure at your disposal either
in the files of the Board or the Congressional Library.
I remember* a speech by Senator Glass in defense and explanation
of the Federal Reserve System delivered to the Senate, which I believe
would give a very good outline of what you went. I know about this because the Senator vas go*d enough to discuss some oortions of it with me.
I cannot recall the exact date, bnt it was in the early years oi' the
f*sta.blish?ient of the System &n&f as I remember it, was ss explanation of
the Federal Peserve Act end in its defense.
A great
from 1920 through
to be mentioned.
unwise to mention
http://fraser.stlouisfed.org/
C Louis
OP
Federal Reserve Bank of St.
Y
deal could be written about the services of the System
the thirties, but the names of member banks would have
Some of them ere still in existence and it might be
the times of their trouble.
Page tvo
March 18, 1954
HI*» Mildred Ad»»», Research Director
on the History of the Federal Heserv® System
I have a number of a@5sorajid& and tfelks which X will b©
glaci to l e t yoti go through to s#® if there i s anything that c«a be used*
In the early d&ys of the Systes» stenographic records were
of the oonfereaoeA of the Chairmen and «sofifer«ne©» of the Governors*
Tb©s« doubtless are in tha files of the Federal Reserve? Board mnd9 if
you have not already kaowa e-bout them, going through then my give you
some pr#ity good ideas of the problems that were b#ing faced.
I notice you have on your Cos&sittee, Mr» Barg^ss, vho wrote &
book whieh I know you h».v& o» "the Kesenre Bsoks tm.& the Honey Market**
If h® V A S not is the Sy&tw at the b^ginniGgi he becaae part of it soom
after the Federal Feserve Bank of Bev York was opened, H@ csn giv® you
a g:r&at deal of g«idt.nce, I s»m s\ire#ftbout.the eondltloat in the East*
He vottld know that Hev fork started out to dominate tfce Syttea and he
edit«d some of the addresses by Qtovernor Strong of the H«v York Ba^c,
I as sure he can be of the greatest help iu outlining what la vented*
IOTI of course kaov that tb,e Federal He»©rv« Bo&rd published "The Federal
Reserve System — Its Purposes snd Functions*" Ita purposes stated la
the foreword v^re intended primarily for students# bankers, etc., and it
v&s neither a primer nor an exhaustive treatise.
I Mi going through ssy old papers* which from tise to H a t 1 have
tried to clear out, &nd getting soae of th« reeorda which ssay b* of help
to you*
The l a s t request I raeelved for papers in regard to the System
e&se froai some Professor of the University of Illinois* I never complied
with susy of tfo®s# requests*
I , of course, will b» glad to do anythlog in my pover to be of
lours sine«r«ly #
/ s / Mi HcC* Martin
COPT
COPY,
BOARD OF GOVERNORS
of t h e
FEDERAL RESERVE SYSTEM
Washington
March 29, 1954-
Dear Miss Adams:
Thank you for /our nice letter of March 26 enclosing
a copy of the letter from my father.
I am inclined to think it would be unwise to circulate this to the rest of the members of the Committee as they
all know him and would expect this type of response from him.
Inasmuch as there is a bit of nepotism involved, I would suggest
we do not highlight it.
With all good wishes,
Sincerely yours,
/s/ Wnu McC. Martin, Jr.
Vra. McC. Martin, Jr.
Miss Mildred Adams
Committee on the History
of the Federal Reserve System
33 Liberty Street
New York U5, N. Y.
COB!
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comtrrm
TO STUDY THE HISTORY OF THE FEDERAL EE
Skeleton List of Vorkf to be Proposed
March 23, 1954
Toi
Messrs, Allan Sproul, Chairman
V. Randolph Burgess
Robert D, Calkins
William WcC. Martin
Walter V. Stewart
Donald B. Woodward, Secretary
The pilot project for which Rockefeller funds vere granted and work
b©gun on January 15th has nov com© to th© point of preparation for the second
phase. Progress report* hrsv© indicated that the assumptions on which work was
started h&ve proven fruitful* Mora survivors of early Federal Reserve experience
have been located than v@ dared hop© - they have without exception b©#n generous
with their time and willing to promise further and more detailed conversations
about matters of such interest. More papers have been 'uncovered than we dared
anticipate - their finding poses new problems of handling, editing ana deposit*
V© are developing data files to serve as research tools vhich, ve hope, vill
value for qualified persons working in this field*
Meanwhile* the field itself has continued to broaden mid impen as
the work has gone ahead, flov that th© tise has come to block out the second
and major phnse, v© are still conscious of areas left unesq^lored, but at least
the main proportions do begin to loom.
The proposal for the main project toward which this pilot project
has been leading must b# in the hands of Dr. Vllllts of the Rockefeller Foimd&tios by April 18th• This means that a dr&ft vill n**6 to be considered by
the Comlttee early in April,
As a preparatory step, and to obtain Cossadttee guidance, w<§ are aov
submitting to you • skeleton list of proposed work which, if approved, vill be
amplified in the full proposal* Th© comprehensive design has, from the beginning, implied & research and writing project of considerable dimensions. Ve
suggest to the Committee that it should include the preparation and publication of a body of vorks such ss the following*
A. Books by and for scholars and technicians
I* Documents and papers
Xm The classification and indexing of papers pertinent
to an imderstcading of th® Federal Reserve System
©
including highly Important collections discovered
in the course of the pilot project*
2.
Th© continuing
System's early
participants.
beginning In s
capture of personal knowledge of th#
days, as remembered by distinguished
Th© pilot project has only is&de a
very rich field,
3. The compiling and •dltittf of documents basic to an
understanding of the System m& its functioning • not
only legislation but also speeches, memoranda* policy
decisions. (Th@ British established a useful pattern
la Gregory*a Select Statutes,frocuaentsand Reports
ting to .British Brnicingi 133«-1933«)
U* The compiling ana editing of selected papers of one
or two outstanding leaders in Federal Reserve thought*
(Mr» Burgess set & pnttera for this in his Interpretations of Pedsral Hesei-ye Policy in the Speeches auad
Vrltingcs of Benjaaln Strong, The publishing of the
pepers of later nen would amplify the picture and
bring it closer to modern struggle*,)
II«
History and analysis
1.
A definitlv® and objective history of the Federal
Reserve Syatea? from its inception,
2«
AJI *malyai« of the inter-relationship between the
System and th® ©conojay in which it functions,
3*
A history of the development and relationship
between the Board and the regional b&nks, and
of the relationship of the regional bamcs to
each other.
-4. An analysis of the Feder? 1 Reserve System as an
iaportant instrument of the governis«ntr with
particular e&ph&sla on its techniques of decisionmaking«
B.
5»
An account of the international operations of the
F#de«id Keserve System and Its batiks with the foreign
b&nk.s of issue*
6.
The ancourageaent «>nd perhaps the publication of
expert technical monographs such AS C&rl Parry1s
half-finished book on Selective Credit Controls*
Books for the intelligent lay reader (non-technical)
1.
A volume of essays on crises In the banking world,
domestic and international, how they arose, how they
were handled by the Federal Beserve, how their occurrence
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and trertsiettt brought about System jaodifi cation a in
an attempt to guierd against their repetition*
2«
A volume of biographic
and fanctioaing of the
American life, through
rounding circumstances
it what it is.
essays shoving the growth
System &nd its place in
the livea, aims and srarof the men who helped make
3.
A couple of good full-length biographies of leaders
among the beakers who have helped to shape tbe Syst«s,
Am
k simplified account of the System's development
functioning in this democracy, designed for supplementary reading for high school students of civics
or first ysar college students of «eoaomicg mid
political science• (This to be checked with school
experts.)
lev York Federal Eeaerve Projects
(These have bean a subject of study in the pilot project*
¥h&? form a spaoi&l group within tbe Main project}
or not their financing is separately arranged they
benefit by n continuing position vithin the whole, »nd
vice versa.)
1*
The compiling m£ editing of documents b*isic to an
iincierstariding of the development of the Federal
Reserve B©nfc; of Sew York and its plfe.ce in th# Syetea*
2*
A history of the Federal Reserve Bank of N<tv York
vhich vill be useful lr« the training of young executives and is so planned that it e^n fro-u tis»e
to tliae be brought up to date.
3»
A pattern for the creation of Bank Archives in
the Fedeml Reserve Brink of Hew York. (This
ipfNNEVi to h«V0 been ©terted In 1927* reactivated
wider the influence of Mr. Warren in 1944, but not
yet realized.)
Tbe preparation of such a considerable body of vork, grouped &ro\md
a subject of such high import -&s the Federal Heserve System, obviously calls
for scholars of the first ability and for an adequate operating organisation*
Ve lire gathering the names of scholars, and we vill have operating suggestions
ready for a later draft.
Meantime m&y ve ask the Cosadttee1 • consideration of this skeleton
list* Any suggestions, whether as to coateet or form, vill help in the
for&atios of the draft proposed itself. Ve vill be grateful for your
actions by Monday, the 29thf if possible.
Ada.w\%
Mildred Mama
-ese.-.rch
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March 10, 1954
Dr. Robert Calkins
Brookings Institution
722 Jackson Pl^ce
Washington 6, D, C,
Dear Dr, Calkinss
You will remember that ve have been trying to find oat
about the papers of Dr* Adolph Miller and the last time I talked
with you the general belief was that be had left nothing.
his sister-ia-lav, Mrs. Wesley Mitchell, tells me
that she has found, in an "unused closet in the Miller house, a
collection of letters, reports and pamphlets, which she would
like to turn over (she bns pover of attorney for her sister, who
It not at all vail).
It seats® to ste that considering all the circumstances,
the simplest t&tag to do is to get the collection to the Brookings
Institution and than devise ne-ins of sorting to find o\it VhKt there
is of value, I do not think there is a greater mass th**a could be
accommodated in the office vhich you have put at mj disposal, I
have told Mrs. Mitchell that I hope to aake armngeaienta for a
porter frosa the Brookings Institution to coste vith me to the Miller
house. The date ti Saturday rsorning, March 20th,
that Saturday asoraing ®&y make difficulties
of its own, but It seemed the only time we could set*
I think this information shoulvS be kept confidential
at the soment* I vill hope to discuss it with you in person later,
meantime, I ars sure you sre as pleased .*s I at having found th---t
there vere papers left.
Very sincerely yours,
c.c. - Mr. Donald B. Woodward
% ?ick Chemical Corporation
122 East 42nd Street, N. Y., N. Y.
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COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR
2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
March 9, 1954
Dear Don:
I am enclosing -with this a first draft of the
proposal put together with the expectation that it will
be heavily changed and perhaps greatly amplified.
Would you look this over and let me know what
you think of it? I am sending a copy at the same time
to Dr. Calkins, and perhaps the three of us might get
together on the telephone within the next few days to
talk about it. The Bank can set up a three-way conference for us.
I haven't set a date for this three-way
conference for I know you are on jury duty. Perhaps
you will telephone me when you read this, and we can
make an appointment with Dr. Calkins.
Best,
As always,
JL^JL^. A
Mr. Donald B. Woodward
122 East ^2nd Street
New York 17, New York
enc,
0
P H Jk f T
CtTB OH THE HXSfOBX OP THE
The p i l o t project for %%leh fund3 v m granted to begin
15, If54# has lancovered ft vmslth of material, both In the fora of unpublished p*p®r® and In th* interested cooperation of men vho havn pleyed (or
are playing) an ispori&at part in the Federal 'S®ierv® %-ft®a«
A stport
of the vork done uader the terms of that prelltsliuiTy grant 1$
That worfc urns designed, to be exploratory only.
have
Its
^ a n Justified ^i»t approacli to the larger py@Jeet«
The Ccasidtteetfg f i r s t stetenent that the
fyitm,
b u i l t end r e -
built during the pest four decades, has not been adequately analysed
©r i t » hintoxy fead iafluenee i u f f i e i e a t l y recorded mm% be repeated vltii
added ej^haeit,
lh# correlstiire statesent that the noric of eataminiag
haft been done, end of setting i t dovn i n readable for© must be started
mon l e s t a v i t a l ceetioa of finenoial m& economic history be l o s t has
been reinforcedt
during the v#r/prooess of the p i l o t project one c o l l e c -
tion of papers of a Bomrd mmfomv urns desti«oy#d before they ©owld be
re&ehed# one retired o f f i c e r of the Sew fork Bank nhose experience went
h&ofc to early &&y® died before h i s memories could bt gathered*
Th© exploratory process, superficial though i t has had to be
in the time a l l o t t e d , and as y e t incomplete, has yielded 6 gmtilying
harvest*
the appended report shows hov rich i s the material located* and
hm valuable the »«aories#
fat interviews, thot^gh hardly sore than
ductory, sfam idthout exception %n ©nthusl&stic i n t e r e s t in a further
developatnt of th® project, and a nillingnesa to give further U s e for
more extensive interviews &®& to put a t the @an®ittee f i disposal
#2#
(surrounded of eoure# with due safeguards) the use of papers when such
can be found* This cooperation on the part of sen vho are leaders in
the banking world i s not only gratifying In itself, but It also give* &
aeeaure of the values which l i e la carrying this project into a second
and More intensive phase.
Vhen the pilot project was first set forth, the Coaalttee outlined as the desired end-product "a comprehensive history of the Federal
Reserve System, including the editing for publication of certain source
materials, the writing of biographic sketches of some of the most Important
figures, the composing of books, monographs and articles on special facets
of the structure of particular interest, and perhaps a popular history or
two designed for vide public reading."
"Obviously," said the Committee,
"such a comprehensive design would be a considerable undertaking, to be
carried oa over time by experienced specialists In tills field*"
Though the exploratory work Is by no means finished, It i s now
possible to see in greater detail the comprehensive design vhlch Is I t s
goal*
the main elements l a that design continue to b« those set done
l a the first statement, but their outlines are nov clearer, and we sow
know that to them should be added other works which give the structure
substance and balance* The Committee has from the beginning held finally
to the belief that one of the most important factors in the strength of
the System i s the fact feat, like every other structure in Government,
i t s ultimate power l i e s la i t s acceptance by the Aaerieaa people*
Because the American people, la the last analysis, created i t and can undo
0
-3 It, Its continuing vitality depends onft*r.ueh understanding of its
value as ean be achieved by laymen. The institution is complicated, but
It must not therefore be. alloved to seen so far above the heads of its
ultimate masters as to arouse their distrust and animosity* Where there
is no vision, it is not only the people who peri ah \ so also do the objects
of that lost vision*
The national banking system vill live and flourish
only while the people trust in its vays, ana there are numerous examples
in modern life to prove that they do not long trust blindly.
For these reasons, the Committee has from the beginning seen its
ultimate objective as the production of two kinds of publications!
scholarly and technical studies on the one hand; and, on the other, wnrks
designed for store popular use* The first group vould Include the writing
of a definitive history and analysis and the publication of basic documents;
the second calls for banking biographies so framed as to interest the lay
reader in both the people portrayed and the vork they have done as veil as
the publication of important papers vhich throw light on the questions at
issue and reveal the final outcome of such debates in a manner that vould
make the controversies come alive to the non~speelallst*
The following list Is not necessarily complete (the vitality of
this whole field is attested by its impulse to grow), but the Cossittee
believes this is the minimum that is neededt-
Group
I.
History ttud Analysis!
1.
A definitive history of the Federal Reserve Systes,
froo I t s inception in 1907 to the latest date for
union records can be made available.
This should JNI
a full-bodied job, written against the
of economic graving p&ina frost vhieh the $rstwi
sprang* I t should cover a dl*euMio& of <wh&t the
proponents of the 8y$%m thought central banking
and ¥o«Xd doff an aecoynt of the h®ndieap#
^ Isiefc ©f knowing* of bow ecutrel benk»
could or should op©mt«f s description of
utiieb have ooa© about in the &m&rican concept of
otatr&l banking ©ft«r forigr y«ars of #xp©riesee with
th© developing ABi«ric«n type.
I t ^aould cover poiieiei
ami procedural a» veil as opar^tion»| legislative
©h&i^es aM their effects?
Trea»uiy*Feaeral ^ s e r r e
relational ag *r»ll as the straight history of ih*
Synttm. in v&r, peaoef mnd origes,
Aa aaa3yid« of the operation of tfee %0tem vithln the
and of the i n t e r r e l a t i o n s h i p between the %-utem
the eeonoi^r* Tliis wDidd laclnde the history of
an awareness within the System that ©<«e shaping of the
economy m s part of itgt functionj
the attempts rsa.de,
the torn* they took, the successes or the feilure*.
I* Am analyele of the Federal Keaerve System as an Inetrume
Q£ Governaent,
This volume would be the w>rk of a
political soientist intereited in the whole problem of
the method* and mechanipae nhieh this deiaoer&cy develop!
&ad trough ^hich I t functions.
ticularly interested i s this#)
(Dr, Calkins i s par-
II,
Document* and Peperai
1.
Th* compiling and editing of oocuwentB btsic to an
understanding of th* Bpatm and it« functioning,
these
wuld include not only the relevant legislation vith an
indication of th# changes brought ab*tit %y naeadss*Bt,
but al90 such 8p*«chee, Ki€88or»nde? ex»outlT«» deoleiong,
from h«&riJigs, and eo on as h«T® ©.ff«ct#if both
end function*
Th© British eiteblieheS 6 pattern
for this ia Qrtgory*« Select Statute^•
this »o^el could usefully be ©dupted to Aiscric^n
the conpilii^ asd editing of docu^f*nt« bssic to &n
•ttnding: of the Federal Bftserv* B^rik of S©v Tork, i t §
grovth, derelopaent and influetie*.
This leads to the
writing of a history of the 8ev Xorfe Federal Reserve Bank
«ai«a v i l l b« useful for the training of young «x®euti*#s
end xhich c«n be added to an occasion varr&nts* This,
vhi«^i ia the other part of particular interest to Mr*
Sproul, can be done in one of tvo vay§ onee the Job of
locating documents ie finished*
F^yular
i#
Jk VOIUK© of •Psuyn on cri»ea in the banking i^rld,
they w r t handled hf the Federal Reserve, how their occurrence and handling notified the Bpntm in an attempt
to guard against their repetition*
This nould include
0
the financing of World Vter I vith ita liberty
the tftewsttk of the war in the depression of
the or* ah of 1929 vtth the feilure of the fiesta® to
prevent i t and the voi% dona by Federal Reserve bsnlc®rs
in mopping up after i t |
the financing of Vorlo* War II
end the long captivity of the Bo«rd« There i s » gr«6t
dwil of dreae in th«ee, and their issportenoe in the
eeono»y i» tr«ss«ndous#
They ahould be vrltten for
pop\il§r reading, vith dwe regard for their epperl to
the vide e\idienee that had experience vith or t*le« of
these crimes.
2* k Tolt«i« of biogr^i^iic mmy* shoving the grovth end
functioning of the J£r*te» throiagfe the lives ead siae of
ae» ^iho helped to make i t vh«t i t i « ,
Thi« vould ineltide
not only CfoYeraore, but etaiff men| not only the BenjeKln
$troag« but slpo the Leslie Hjoundnes, sot only the Adolph
Millers but also the Fleflers.* Goldenveiser«# Stevarte,
etc,
there ere various vaye of planning this^ veriotis
criteria for choice, but i t should include as many kinds
of sea and as Earsy phases of the Board's vork &s can be
m&&e to l i r e by this method* I t should be planned and
written for popular, not technical, readers«
3» A couple of good biographies of leaders among the bankers
vho harre helped to shape the QynUm* Benjamin Strong of
the Hev Tork Reserve Bank i s the most obvious one, but
there are other important candidates, such as Boy Young
and Allan Sproul,
c
• 74> A popular history of the Spstm designed for high
school and first-year college history daese©.
This
should be baged on nuaber (l) cboyo, and, If possible,
should b© designed to appear shortly after the publication of t&e longer end definitive vork. Popularising i s
in i t s e l f no ssall art, end the services of som#oae >&©
has proves hinoelf expert in the exercise of that art
should be sought*
$• A half-technics!, half-popular history of the ®%v Tork
Federal Ke&©rve Eank designed for young executives,
C. In addition to these tvo groups, a third i s of great Isport&neet
1.
The assembling, elasgltying, and indexing of papers uncovered by the Intensive search carried on in the pilot
project i s a vital p&rt of the J&ain project.
In t**ny
instanoes, this must be done before the ptpers are
usable. l e t because the disposition and arrangement of
relevant papers i s so important a pert of the &aholar*s
work, the two procedures cannot alvays be separated* Hor
ean the vriting of volumes in this project be postponed
until a l l relevant papers are in hand, or neither task
would ev#r be finished*
The tvo to a certain extent feed
on and stiaulate each other*
2.
The publication of selected papers of leadings thinkers
on the pattern of, say, Mr» Burgess* s Interpretations
of Federal Kegervo Policy j.n the Speeches and Vritlnyg of
Benjamin Strong.
m$ #
for ta+ oriwtlo* «f Strife Arsai*** la tb*
i t v lark rtotaml ! • • « * • ^is^* thin ^Mtn#^ ft mi*
a of purtisw* 1il«te>y|«fil «f»t*»i*l ^iie*i In
i1?^ *-^ f f n m l of
, i t f»p3i#t tht «M»
4,
CentlnmMoa of th« i##ragi far p«|M»ri aoJ ift^rgiflection
of
o
APPENDIX
Work done in the course of the p i l o t project
Liat of Papers Uncovered
Liet of Introductory Interviews Held (Person and Ifoaaber)
U s t of F i l e s Compiled *
As v i s i b l e evidence of vork accomplished during the p i l o t
project ve s e t ourselves to create the following group of f i l e s which
ve considered essential for the use of anyone starting vork on Federal
Reserve matters.
They &re by no means finished, but enough have been
done to shov this function.
They have been set up in such e fom that
they can be photostated at a moderate cost for the use of scholars.
These f i l e s are meant to serve as a basis for research and as usable
models for the further work in specialized f i e l d s to vhieh individuals
direct themselves.
t*
A f i l e of persons active i n the Astern.
This includes
the Federal Reserve Board—the Chairr xt members of the
Board, end senior o f f i c i a l s }
the Presidents {or Governors),
the Chairmen, the Federal Reserve Agents i n eech District Bank*
2.
A bibliography of unpublished papers uncovered during the f i r s t
phase.
This i s i n some instances merely a bulk l i s t , with an
indication of i*here the papers are, and ^ho must be consulted
concerning their use;
in some instances, ve have also a
register of i t e a s .
3«
A chronological f i l e {knov to the Oomittee'g Research Director
as the "Time F i l e « ) , starting vith 1907, vhich keys together
persons, l e g i s l a t i o n , l i t i g a t i o n , and outstanding events v i t h l n
ths System and i n the economy.
Appendix - 2
4* A subject f i l e .
5* A bibliography of published vorks -which bear on the proj«ot#
(This "we Intended to postpone until a later phtoe, but I t
gathered i t s e l f as v® -worked. It Includes a l i s t of the
material basic to any extensive study of the System, such
as legi$latlon f minutes, records, etc.)
There are Yarioua wye of setting tip the operational #nd of
the aalis project,
fhn test umiM seem to he %o k«#p intact the- emitt-
Bllttee, vith i t » abl* w<»n liJ^d ftp <*f>o?>er*tiT« ptt*ttf£«s #
voiald of eouyis* b# •RlftrK«d.«
The
the pre«*nt Fftfttardh Director,
has Aceuffiul®t«d.a TsluRblf? eiaonnt «f inf«n»«tioR as
and er©ntt, might b# o®r«tjiidwS t© Haqr nrrf*r » ^ i f l
-would ne«d an adsainistr^tivt «s«i«tR!5t a« vail AS e
HciCin»iTy «otal«! b« f*nr«us<S#d to
oontinua i s this l©tt*r eftp*e!ty), am!
Coia»itte«f throvgh i t s staff, vould *ir«rois« © general watehful ai^srvision orar tlie varioaa! parts of th* p w | « e t .
I t v©tOd f»ccspt
and act o» application? for srabf&difcji on ih* VRrl^uu psrtt of the project,
contract with authors *ttf vlth publishers, »«t??bltah ti»« aehodulas.
It
would arrange for photostatting i t s set of r#a«*rcti f i l l j|idd»s
during the pilot proJ«ot) for th© ua« of
FOMCg
Vhethwz a grant should be n&4« d i r « c t i / to tii# 0oiB&itt#»9 o r
vhothsr tb« Brcioking® I a t t l t u t i o n would be v i l l i a g to a c t i n i t « pr«s«at
administratiim ajad consult»^Lv« eepaeity r«EKain« to be explored.
The
r e l a t i o n s h i p t&ieh Has existed between the Cosoittae and the I n s t i t u t i o n
t o date lias been most fortunate for th» Ck3@mitt#ei
the aeed for consulta-
t i o n aad the lo&d of bootde*@£>i*^ v l l l both be heavier i a the aeoond
than i n the f i r s t .
o
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR
2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
March 3 , 1954-
Dear Mr. Woodward:
On behalf of Miss Adams, I am enclosing her personal check for five dollars to
cover the cost of her luncheon yesterday,
•which she will charge to Brookings in the usual
manner as a business expense on the next monthly
statement.
She asked me to mention also that
she has submitted her February expense account
(as of March 2d) and will reimburse you for
your outlay in connection with the February 4.-5
trip to Washington when she receives the check
from Brookings.
Sincerely yours,
\
Secretary
Mr. Donald B. Woodward
122 East 42nd Street
New York 17, New York
enc.
harch 3,195U
Hiss Mildred Adams
Committee on the History of
The Federal Reserve System
53 Liberty Street
New York h5>, H« ! •
Bear Mildred:
The attached l e t t e r signed'Ed f from Miller &. Rhoads
%s from Mr. Sdwin Hyde who i s the Presiaent of Miller k iUioads
which i s the leading department store i n Richmond, He i s and
has been for several years a neraber of the Board of tie Richmond
Federal Reserve Bank and i s an old friend of mine. 1 thought
you might be i n t e r e s t e d i n the attached which need not be returned.
Cordially,
DHwtlw
Enclosure
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
March 2, 1954
Dear Don:
Here is the letter to Dr. Willits -which we discussed this noon and the progress report with insertions.
I am not sure whether copies ought to go to the
other members of the Committee. Ify own choice would be
not to send this but to prepare another report to go out
about the 15th which would include the later developments
we talked about. Will you let me know what you think
about this?
As usual, I have no pride of authorship, and if
you want to change this letter, you will please feel free
to do so as long as you send us a copy.
Thanks for a stimulating lunch.
\
Best, as always,
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, New York
P. S.
Mr. Burgess is off Saturday to Caracas for three weeks.
This rather upsets our plan, but I will talk to you about it
over the phone, and I am getting at the framing of the project.
M.A.
encs.
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR
2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
March 2, 1954
Dr. Joseph Villits,
Rockefeller Foundation,
A9 West A9 Street,
New York 20, New York.
Dear Dr. Villits:
It is six weeks since we started work with Rockefeller funds on this pilot
project to map and survey men f s memories and unpublished material vhich would be needed
for a definitive study of the Federal Reserve System. In another six weeks we hope to
have ready for your consideration the proposal for the main project toward which this
pilot project leads.
At this mid-point we thought you might like to know how the pilot project is
4fee~Hiai^
shape up* For the first of these we are e n going,
closing excerpts from a progress report made to the Committee on February 8th and brought
up to date for you.
The main project is taking on form in some of the terms we discussed with you,
with both size and importance greatly heightened. The enthusiasm in both academic and
banking circles which mention of the project has evoked is an earnest of the need for it.
The further we go in investigating what exists, the more apparent become the gaps which
must be filled.
Ve have talked in terms of
a two-volume definitive history of the Federal Reserve System;
an analysis of the operation of the system within this economy and its
effect in shaping the economy;
an analysis of the Federal Reserve System as an instrument of government;
the compiling and editing of documents basic to the system;
a couple of good banking biographies;
a volume ofHographic essays on Federal Reserve bankers;
a volume of essays on bankingcrises;
a popular history designed for high school and first year college reading.
To this should be added a consideration of the part played by regional banks
and their relationships both with each other and with the Federal Reserve Board. Also
there is the double wish expressed by Mr. Allan Sproul for an internal history of the
New York Federal Reserve Bank and a plan by which the Bank!s files migh be rendered
available as archives.
In short, there is now apparent a complex of at least ten studies which are
at once separate and interrelated, and toward which this pilot project leads.
Very sincerely yours,
"Donald
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: EJECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 26, 1954.
Mr. Donald B. Woodward,
Vick Chemical Company,
122 East 42nd Street,
New York 17, New York.
Dear Don:
I took the liberty of opening the enclosed letter from Mr. Scott
and I am glad to note that he is still interested.
I talked with Roy Young in Boston on Wednesday and found him
amiable and full of anecdotes. He has promised that a newspaper friend
should write his life but stoutly insists that he has no diaries. A
second interview may yield more.
I hope to have talked to you by telephone before this reaches you
to report other Boston developments.
Best as always,
Mildred Adams:
MA:ek
Encs.
HARCOURT, BRACE AND COMPANY, INC.
PUBLISHERS
3 83
MADISON AVENUE, NEW YORK 17, N.Y.
February 25, 1954
Mr. Donald B. Woodward, Secretary
Committee on the History of
the Federal Reserve System
33 Liberty Street
New York A5, New York
Dear Mr. Woodward:
It was good to get your letter of
February 23rd and to see the heading of your stationery, "Committee
on the History of the Federal Reserve System." We won1t make a spot
for your output on our present publishing schedules because I know
how long it takes to do the thorough job which needs to be done, but
I am glad to hear Miss Adams has taken on the job of Research Director
and that you are the Secretary. We shall follow your progress with
real interest.
I hear Mrs. Woodward was in to see
Mrs. Walbridge. Did she find anything that fitted into your plans?
With best wishes
Sinci
SSS:mc
o
COPY
FEDERAL
RESERVE
OF
BANK
DALLAS
February 24,
Mr. Allan Sproul, President
Federal Reserve Bank of Hew York
Hew York 45, S. Y.
Dear Mr. Sprouls
I have read your letter of February 18, relating to
C/j
the establishment of a Coiamitte© on the History of the Federal
\
Reserve System with much interest. I have often thought that
there would b© much value in well-founded studies covering the
policies and practices of the Federal Reserve System as they
have developed over the years.
We here at this bank will be very glad to give Miss
Mildred Adams any assistance it is possible for us to provide.
Cordially yours,
(Signed) Vatrous H. Irons
Vatrous H. Irons
President
fl
o
o
THE CONTINENTAL NATIONAL BANK OF LINCOLN
C
O
M
M
E
R
C
I
A
L
—
T
R
U
S
—
S
A
V
I
N
G
S
Li NCOLN, NEBRASKA
T.
B .
February 26, 195k
S T R A I N
C H A I R M A N OF T H E B O A R D
Mr, Donald B. Woodward, Secretary
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York US, New York
Dear Don:
Thanks so much for your letter of the 23rd
advising me of the work that is contemplated as the
result of the grant from the Rockefeller Foundation.
It seems to me this surely is a great, project and I
vould like to have a copy of it when it is completed.
Also glad to know you are keeping your hand in points
of interest of this kind.
Sincerely,
Chairman
TBS:It
Columbia (Enitier^ttp
(NEW YORK 27, N. Y.)
GRADUATE SCHOOL OF BUSINESS
BENJAMIN HAGGOTT BECKHART
PROFESSOR OF BANKING
February
twentyfourth
1 9
5 4
Mr. Donald B. Woodward,
Cnairman, Finance Committee,
Vick Chemical Company,
122 East 42nd Street,
New York City.
Lear Don:
Please find attached a copy of a telegram I received from ¥ooay Thomas. Inasmuch as Woody1s
telegram implied that our meeting at the Board of Governors
of the Federal Reserve System was at best very doubtful,
I took the liberty of senaing a letter to the Secretary of
Defense. A copy of this is also enclosed. It occurred to
me that an afternoon at the Pentagon would be extremely
interesting.
With kind regaras, I am
Sincerely yours,
MISC. II
6-82
MEMORANDUM
COPY
telegram from W. Thomas - Washington I). C. dated February 19, 1954
B. H. Beckhart
Graduate School of Business Columbia University
POSSIBILITY OF LU!7CHSOH FOR B88UB88 ECONOMISTS AT
BOARD IN JUNE UNCERTAIN AND PERHAPS UNLLCELY. SUGL-^ST
OMISSION FROM PROGRAM. AFTERNOON SESSION AT BOARDS
OFFICES SHOULD ALSO BE INDICATED AS TENTATIVE, NOT
POSSIBLE TO tUKI COMMITMENT THIS
CC M e s s r s . Donald B. Woodvt. a
Wayne L. i4cMillen
February
twentyfourtb
1 9
5 4
The Hon. Charles E. Wilson,
Secretary of t-efense,
The Pentagon,
• •-shingtcn, v* C.
Dear Mr, Wilson:
lou a&y remember me as the chairman f
which you were & member at the conference of the
on inflation. I was cheiraaa for one and a half
ceeded by Arthur F, Burns, in order that I would
on the final statement issued by the Assembly,
the r^.und t^ble e f
American Assembly
di,yg and then suchave time to work
I am writing you now in ny capacity as Chcirmen of the
Conference of Business Economists* This i© & group of fifty economists associated with important industrial ?*nd financial concerns.
U list of our aembership is enclosed.
we !aeet three times a year and are holding our next meeting
in Washington, on Friday and Saturday, the 11th and 12th of June.
We all feel that we are insufficiently inforaed on the
economic impact of our defense and sautuai ^security programs. This
feeling en our part, emboldens me to write to inquire if we might go
to the ^enti^on on Friday afternoon, the 11th of June, to be briefed
by your associates on this problem.
¥e plan to spend Friday aorning at the United States Chamber
of Coaseree. Than after sating lunch somewhere in the neighborhood
we could, if you thinfe: the project feasible, go to the Pentagon.
Such problems as the effect of the security program on the
lavel of industrial activity, en the demand for miaterials and labor,
en stockpiling demands, as well as questions of offshore procurement
and the control of •tlltiy inventories greatly interest us. I don't
believe that the advantage would be one sided as an understanding of
these problems, within the scope of security regulations, would assist
the ©conoiaists as advisors to their particular concerns.
Sincerely yours,
Same letter to Mr. Louis W. Dawson, Mutual Life Ins. Co.
Mr. Roger Hull, Exec, Vice Pres., Mutual Life of K.Y.
Mr. T.B. Strain, Continental National Bank, Lincoln, Nebraska
February 23, 1951
Mr. Lewis V^. Douglas, Chairman
Mutual Life Insurance Co. of N.Y.
17U0 Broadway
New York, K.Y.
Dear Lew:
This stationery involves a remarkably interesting
endeavor about which you might like to know. We have a grant
from the Rockefeller Foundation for an exploratory project to
try to discover something of what materials are available and
we think this will be succeeded this summer by a major endeavor
covering several years and utilizing a very large amount of
hitherto unpublished and even uncollected materials. It ia
pleasing too to have the chance to keep my hand in this point
of interest.
With warmest regards.
Cordially,
Donald B. Woodward
Secretary
DBWtlw
o
T H E MUTUAL L I F E INSURANCE COMPANY OF NEW YORK
I74O
ROGER
HULL
BROADWAY
NEW
AT
YO R K
5 5 T H
19,
STREET
N .Y.
TEL.JUDSON
EXECUTIVE VICE PRESIDENT
February 2£, 19$k
Dear Don:
Thanks ever so much for your note of the
twenty-third.
It proves that you are keeping your interests
on a broad base and I am sure your experience -will be
a most interesting one.
Most sincerely,
Mr. Donald B. Woodward
Chairman of the Finance Committee
Vick Chemical Company
122 East l&nd Street
New York, New York
6-4OOO
Same letter to KSR,Jr.
February 23, 195U
Mr. E. L. Mabry, President
Vick Chemical Company, Inc.
122 E. ii2nd Street
New lork, ••!.
Dear Ed:
This stationary shows the existence of the Committee
about which I spoke some time ago. VJe have a grant of $10,000,00
from the Rockefeller Foundation for an exploratory project and
this probably will be succeeded by a large grant covering several
years to provide for study, interpretation and publication of
materials. We are already discovering important collections of
diaries, scrapbooks, collections of memoranda and files locked
away in attics, basements, storage warehouses, unexplored corners
of libraries and the like.
In view of the great and growing importance of the
Federal Reserve System, this project is likely to arouse very
great interest in the banking and financial coniraiiaity over the
next two or three years.
Cordially,
Donald B. Woodward
Secretary
February 23,
Mr, John W, Hooper, President
Lincoln Savings Berik of Brooklyn
531 Broadway
Brooklyn, New l o r k
Dear Johnj
This stationary bespeaks an activity connected with banking
in which I am engaged and about which I thought you might like to
know. This Committee has just recently been formed and is operating
with a small grant from the Rockefeller Founiation to explore what
materials may be available. If there appear to be sufficient materials and it already appears that there are - the Committee expects to embark
on a project covering several years to collect, stucty", publish and
interpret the materials affecting the Federal Reserve System. Long
association over the years wtrth the System makes this a most interesting
activity pro bono publico in which to participate,
With warmest regards.
Cordially,
Donald B, Woodward
Secretary
•
February 23,
Dr. Dpvid C. Mearns
The Library of Congress
Reference Department
Manuscripts Division
Washington, D» C #
Dear Dr. Mearns:
Thank you very much indeed for your l e t t e r of February !£•
The Goimnittee does very much appreciate your courtesy to Miss Adams
on our behalf. We shall hope not to impose on you but we do appreciate
your generous offer.
Very truly yours,
Donald B. Vfoodward
Secretary
MISC. 140 B.I— 30M—1-51
THE LIBRARY OF CONGRESS
Washington, D. C.
REFERENCE DEPARTMENT
MANUSCRIPTS DIVISION
February 15, 1954
Dear Mr. Woodward:
I am glad to say, in response to your letter of
February 2nd, that Miss Mildred Adams has now been given
permission to consult the Woodrow Wilson Papers in connection with her research on behalf of the Committee to Study
the History of the Federal Reserve System.
Letters have gone out today asking, on behalf of
the Committee, that Miss Adams be permitted to consult the
papers of Nelson W. Aldrich, Charles Evans Hughes, and Newton D. Baker. We will let Miss Adams know the decision
in each case as soon as we know it.
I am interested to know of the Committee1 s project.
Please let us help wherever we can.
Faithfully yours,
(Signed)
DAVID C. MEARNS
David C. Mearns
Chief
Manuscripts Division
Mr. Donald Woodward, Secretary
Committee to Study the History
of the Federal Reserve System
33 Liberty Street
New lork 4.5, New York
February 23, 195k
Mr. S. Spencer Scott, President
Harcourt, Brace & Co.
385 Madison Avenue
New York, N.Y.
Dear Mr. Scott:
This stationary will let you know that with your encouragement
action has occurred. This Committee is now in being with an office in
the New York Federal Reserve Bank, the Federal Reserve Board in Washington
and the Brookings Institution in Washington with a grant from the
Rockefeller Foundation to explore the availability of historical materials;
*H$pfehere is an intimation that the Foundation will welcome the submission
of a aajor project for the analysis and interpretation of materials if
sufficient is found. It now appears that there are important amounts of
materials unutilized and uncollected. Accordingly I hope that one or
more projects for scholars to persue over the next two or three or more
years will be submitted to the Foundation this Spring or
\*1iatever the result your wise counsel has been extremely
helpful.
With warmest regards.
Cordially,
Donald B. Woodward
Secretary
o
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
r-
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR 2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N. W.
WASHINGTON 6, D. C.
February 23, 1954-
Dear Don:
I have your letter of February 15th about charges
for the February 4--5 trip. The enclosed copy of a letter to
Mr. Akers takes care of that.
I understand that Miss McKinstry has the kind of
skill it takes to read your mind and mine. She has already
sent you a supply of Committee stationery. If you. exhaust
this and want more, please let us know.
The trip to Washington and Charlottesville from
which I returned Friday night yielded good dividends. The
Carter Glass papers occupy 216 boxes and are only roughly
sorted—roughness being measured by the fact that in a box
marked 1913 I found papers dated 1930. Bills, family notations, letters from constituents, spare copies of speeches
are all in together with much more important material.
The cheerful side of this is that Professor
Elbert Kinkaid of the University of Virginia is about to be
retired on account of age, and nothing would please him
better than an assignment to classify and index the Glass
papers. I think this may be one of the things that the Committee will want to recommend for the future.
You will be glad to know that Helen is completely
stymied by your reference to "the Harlem agreement." She
hasn't the vaguest idea what you meant, and neither have I.
Both of us are consumed with curiosity.
Best, as always.
Sincerely yours,
Mr. Donald B. Woodward
122 East 42nd Street
New York 17, New York
<J tLu. J
encs. (2)
P.S. Mr. Sproul has been kind enough to send out letters introducing
the Committee's work to the Presidents of the eleven Federal
Reserve
Banks. This should be a great help. I am enclosing a copy.
http://fraser.stlouisfed.org/
M.A.
Federal Reserve Bank of St. Louis
0
COPY
FEDERAL RESERVE BAHK OF NEW IORK
Similar letter to all other Presidents
February 18, 1954
Mr* M&lcola K. Bryan, President
Federal Reserve Bank of Atlanta
Atlanta 3, Georgia
Dear HftleolKt
As an outgrowth of conversations between interested partiss,
there h&s recently been established a Cosaaittee on the History of the
Federal Reserve Sy&tm* I ¥&s asked to serve &* Gh&Irm&n, and the
following hare agreed to serve &s Euasbers of the Conwitteei V* Bfeadolph
Burgees, Deputy to the Secretary of the Treasury* William McC, Martin,
Jr., Chairman of the Board of Governors of the Federal Besarve System}
Walter V* Stewart of the Council of Econo^io Adviawrsj Rob«rt D, Calkina,
Preeident of the Brookinga Institution; and Donald B. Woodward, Chair&azi
of the Finance Coaaittee of the Viok Qieaioal Corporation, Secretary.
With the aid of a grant from the rockefeller Foundation, a
pilot project has b«en organised to interview people vho have had eomething to do with the development of the Federal Reserve System, and locate
and catalogue information and Material which might foztt the bagif for
later studies and publications vith respect to the Fedeml Heeerve S|f#teM«
Mis* Mildred Adams has been appointed Research Director of this pilot
project, with an office in this Bank*
Miss Adams i s already engaged in this vork, B,M 1 think i t i f
likely that, as the vork proceeds, she v i l l vent to comunio&ts with you
concerning things you stay have stored in your head or materials you may
have in your files*
Hie Gooadttee will appreciate i t i f you v i l l
respond to such requests by giving her such information as you think
may be useful in the project.
If the pilot project i s successful, we
believe that i t nay lay the foundation for historical studies, vhich
could extend over severs! year?, and which v i l l be of interest to the
Federal Reserve System, to economists, and others. The present phase,
however, i s largely exploratory.
lours faithfully,
(Signed)
ALLAH SPB0UL
Allan Sproul,
President.
For the Information of:
Mr. D. B, Woodward
February 23» 1954Dear Mr* Akerst
Mr* Donald Wood-ward, Secretary of this Coaaittee
and X both ease to Washington on the evening of February 4th
and stayed through the 5th. Mr* Woodward finds that in adjusting his expenses as between this Coasdttee and the Brookings
Institution, vhose Finance Comittee meeting va* "the primary
reason for his trip, he is going to charge the Coaaittee for
the railroad fare alone.
this railroad fare, along with sine, m s charged
to the Coaaittee when purchased for me, and it will coae to
you in the regular monthly statement vhieh the Bask sends
you, }fy other expenses vill be included is the monthly
statement. I hope this is satisfactory to you*
Very sincerely yours,
Mildred Adass
Mr. Sheldon B« Akers
Executive Manager
The Brookings Institution
722 Jackson Arenue, N. V.
Washington 6, D. C.
February 1$, 195U
Miss Mildred Adams
Committee on the History of the
Federal Reserve System
33 Liberty Street
New York fe, I.X.
Dear Mildred:
Enclosed i s an itemized statment for &13«jJjS|, of
expenses I paid for you during our t r i p to Washington, February h
and f>. I shall do whatever you wish: send this through to
Mr* Akers directly for reimbursement or l e t you handle i t .
As for my own expenses I am going to l e t the Committee
pay the railroad fare which i t already has done and cherge the
balance here. Could you perhaps l e t Mr. Akers know that the
railroad fare i s the only charge that he will have from me for
that t r i p - and the fare should be paid \^f the Committee on
Fe ieral Reserve History and not on account of Brookings own funds.
I enjoyed the trip very much. I promise if you will l e t
me travel with you again to try to make i t less exhausting.
By the way, when you get some of the Committee stationery
may I have a supply?
Cordially,
DONALD B. WOODWARD
EXPENSES - iJDMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
Washington, D, C , February U-5> 195U.
Thursday, F e b . h .
Dinner
Pullman Porter
Taxi.
6.75
.50
1.20
Friday, Feb
Taxi
Taxi
Taxi
Dinner
Pullman Porter
•UO
.65
.UO
2.75
.50
$13ol5
"-5h**\
0h*^*?J/
V
.io
c
o
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM
33 LIBERTY STREET, N E W YORK 45, N E W YORK
TELEPHONE: RECTOR
2-5700, EXTENSION 286
ALLAN SPROUL, Chairman
With cooperation of
W. RANDOLPH BURGESS
DR. ROBERT D. CALKINS
WILLIAM MCC. MARTIN, JR.
WALTER W. STEWART
DONALD B. WOODWARD, Secretary
MILDRED ADAMS, Research Director
THE BROOKINGS INSTITUTION
722 JACKSON PLACE, N.W.
WASHINGTON 6, D. C.
February 11, 1954.
Mr. Donald B. Woodward,
Vick Chemical Company,
122 East 42nd Street,
New York 17, New York.
Dear Don:
The stationery on which this is written has just this minute
(4 p.m.) arrived. I thought you ought to have the first used sheet and
I hope you approve of the way it looks.
Hurriedly,
Mildred Adams.
MA:ek
THIRTY
THREE
NEW
LIBERTY
STREET
YORK 45, N. Y.
February 10,
Mr. Donald Woodward,
122 East 42nd Street,
New York 17, New York.
Dear Don:
Here is the draft of a Progress Report which I should have done
yesterday. If you can look it over and phone me any changes or suggestions
tomorrow (Thursday morning) before 11 we ought to be able to get it in the
mail tomorrow night.
The Ogden Mills information came by way of a telephone call from
his widow after I had spoken to Mr. J. H. Case about them. She also told
me that Nicholas Roosevelt has recently asked about them in connection with
a book he is doing. We should probably find someone who knows Roosevelt
better than I do so as to check on this too.
Hurriedly,
Mildred Adams.
Enclosure
MA:ek
1
DRAFT
Committee to Study the History of the Federal Reserve System
Progress Report
February 8, 1954.
To: Messrs* Allan Sproul, Chairman
¥• Randolph Burgess
Robert D. Calkins
William McC. Martin
Walter Stewart
Donald Woodward
The first three weeks of this Committee's work have yielded good returns. Housekeeping details are well in hand, with offices made available in
the Federal Reserve Bank of New York (room 807), the Board in Washington and
the Brookings Institution; in New York a research assistant (Miss Katherine
McKinstry) and a secretary (Mrs. Edna Karius) are at work. Cooperation has been
established in both Bank and Board, with officers and staff in both institutions
very helpful.
Interviews
At least one interview has been held with each of the following (in
chronological order)Harold Roelse, William Trieber, Thomas Waage, George Harrison, Thomas
Lamont, Russell Leffingwell, Gordon Wasson, Robert Roosa, Sam Carpenter,
Winfield Reifler, Walter Stewart, Leslie Rounds, Aryness Wickens, Walter
Logan, Dr. John Williams, Dr. Robert Calkins, Randolph Burgess, Carl
Parry, Walter Wyatt, J. H* Case.
Also with Library and File Department heads - in New York
Miss Burnett, Miss Dillistin, Miss von Reuschlaub; in Washington, Miss
Sutherland, Miss Poeppel; Dr. Powell and Miss Katherine Brand of Recent
Manuscripts Division, Library of CongressThe average thus far seems to run about ten interviews per week.
Papers
As for discovery of documents and papers, we now know that;- The diaries
of Charles Hamlin, Board member from 1914- to 1936, are at the Library of
Congress. The collection consists of 365 volumes, of which 25 are diaries.
The papers of Governor Harrison* in seven file drawers, taken with him
when he left the New York Federal Reserve Bank, have been listed and are
to be handed over to us.
-2-
The papers of Carter Glass are at the University of Virginia, and will
be listed.
The papers of Charles Daves are at Marietta, Ohio.
Nelson V. Aldrich papers (in 12 boxes) are at the Library of Congress,
So are the Voodrov Wilson papers, the George Horris papers, those of
Newton P. Baker, those of Charles Evans Hughes.
The papers of Dr. Edwin Kemmerer are with the Benjamin Strong Collection at Princeton.
The papers of John Skelton Williams are in the possession of his widow,
still living, in Richmond.
The papers of Ogden Mills (in 25 boxes) are in his stepson1s garage at
Brookville, Long Island, and will be made available.
The papers of Paul Warburg are in the Greenwich house of his son James,
and may be seen.
Timing
For the next three weeks this double process of introductory interview
and discovery of papers will go forward. After that we must start to
prepare first a preview of the main project to which this survey of material is leading (to be in Dr. Willitts* hands by April 1st) and then
a statement of the main project itself, in as much detail as possible.
(This should be ready for Committee Members by April 10th—it is due to
be in Dr. Willitts1 office by April 18th.)
Committee members have been generous with individual help and advice.
It may be necessary to ask for a joint meeting in March, but we will try
to keep the committee process as occasional as possible.
Mildred Adams,
Research Director.
February 9, 195h
MrALRandolph M r g e s s
Deputy to the S e c r e t a r y
Treasury Department
Washington, D. C.
Dear Randy:
The b s s t way for ne to conply with S t e e l e GowTs r e q u e s t
i s to enclose h i s l e t t e r . May I add the same s e n t i m e n t s .
Thank you f o r breakfast on Friday. Subsequent conversat i o n s with Bob Calkins and Walter Wyatt were very s t i m u l a t i n g .
And I saw the Haralin d i a r i e s I The d i a r i e s and t h e i r index plus t h e
scrap-books and t h e i r index t o t a l about 365 volumes. I t i s an
almost i n c r e d i b l e j o b . I f you haven*t seen them I suggest t h a t you
might l i k e to do so a t some t i n e .
Cordially,
DEW:lw
HONORARY TRUSTEES
TRUSTEES
WILLIAM R. BIGGS, Chairman
HUNTINGTON GILCHRIST, Vice
ARTHUR STANTON ADAMS
DANIEL W. BELL
ROBERT D . CALKINS
LEONARD CARMICHAEL
COLGATE W. DARDEN, JR.
JOHN S. DICKEY
WILFRED L. GOODWYN, JR.
JOHN W. HANES
JOHN E. LOCKWOOD
LEVERETT LYON
THOMAS E. MURRAY
ROBERT BROOKINGS SMITH
LEWIS L. STRAUSS
LAURENCE F . WHITTEMORE
DONALD B. WOODWARD
ROBERT PERKINS BASS
MRS. ROBERT S. BROOKINGS
JOHN LEE PRATT
HARRY BROOKINGS WALLACE
Chairman
OFFICERS
ROBERT D. CALKINS
President
7 2 2 JACKSON PLACE, N. W.
February 5, 1954.
Mr. Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, New York
Dear Mr. "Woodward:
Herewith some Travel Expense forms which you
may use in connection with the work you are doing for us
on the History of the Federal Reserve System.
Sincerely yours,
Ends.
Executive Manager
MILDRED MARONEY
Treasurer
ELIZABETH H. WILSON
Secretary
SHELDON B. AKERS
Executive
Manager
THE BROQKIMJS INSTITUTION
TStAYEL EXPENSE REPCRT
To the Executive Managers
Date
For the Month of
To be submitted to the Executive Manager upon return from travel, or at the
end of the month in which official travel occurs, for which reimbursement of expenses
essential to the transacting of official business has been authorized, or for which
funds were advanced before departure.
(Advances should be accounted for together with
return of unused funds at the earliest possible time after return.)
A chronological account is recommended but not required (see reverse side for
form), but expenditures should be classified and should bear reasonable relationship to
the distance, duration, and purpose of the trip.
Projects ___^
.
(If more than one indicate portion of expense applicable to each.)
Trip from*
to
Purpose:
Authorized bys
Date and time of departure:
of returns
Objects of expenditure:
Hotel
$
Meals
Transportation (except portion bought by or charged to
Institution)
Distant (rail, air, etc.)
(Indicate mode of travel )
Local (taxi, bus, streetcar, etc.)
Baggage and Tips
••
Tel. and Tel. (official business)..............
Miscellaneous (Explain)
Total amount expended
Less amount advanced for expenses (if any)
Amount due Brookings Institution or •••••
Amount due employee
•
•
• • • • $>
•
*
•••• $
•••$
I certify that the foregoing expense account is correct.
Approved b y
Signature
MEMORANDUM ACCOUNT
Month
Day Hotel
Meals
Transportation
Local
Distant
(Rail, air, (Taxi,.bus,
etc.)
streetcar,etc.)
Baggage
& Tips
1
2
3
h
5
6
7
8
9
10
11
12
13
Ik
15
16
17
18
19
20
21
22
23
2JU
25 ;
26
27
28
29
}0
31
-
Tel.&
Tel.
Misc.
Total
o
Mr. Donald Woodward,
Vick Chemical Company,
122 East U2 S t r e e t ,
New York, New York.
Dear Don:
The enclosed letter which needs your signature speaks
for itself. The reason for writing it now is that it identifies
us to the Library and make it possible to ask permission to see
other things which we may need earlier than we need the Wilson
Papers.
It was Miss Katherine Brand of the Recent Manuscripts
Division who suggested that this be done now.
Hurriedly,
jti
J
Mildred Adams.
c
February 2, 19 A
Mr* David 0* Mearns,
Chief of the Manuscripts Division,
Library of Congress,
Ashing ton 2£, D. C.
Dear Mr* Mearnsi
This letter ±a a request on the part of the Committee
to Study the History of the Federal Reserve System for permission to see that portion of the papers of the late President
Woodrow Wilson which concern the creation of the System and Its
development during Mr* Wilson's lifetime*
the Committee was recently created for the purpose
indicated by its title* Mr* U l a n Sproul, President of the
Federal Reserve Bank of Mew York, is Its chairman, its members
include Chairman William Martin of the Federal Reserve Board,
Mr* W. Randolph Burgess of the treasury* Mr. Walter Stewart of
the Council of Economic Advisors, the Brookings Institution
is acting in an administrative and consultative capacity for
us*
Our present work is that of surveying the materials,
and particularly those not published, which any comprehensive
history of the Federal Reserve System must take into account*
Mr. Wilson played so important a part, first in creating and then
in defending the System, that such a survey as we are making
would be incomplete without a listing of his papers which are
pertinent to this inquiry* Mo publication is contemplated In
this phase and we understand that further permission would have
to be sought by any writer*
We would be grateful If permission could be granted to
allow the Committee»s research director Miss Mildred Adams access
to the Wilson Collection in the Library*
Tery truly yours,
Donald Woodward, Secretary,
Committee to Study toe History
of the Federal Reserve System*
January 29, 1954
Reference! QA SS 5405
Miss Flora M. H&ind, Secretary
The Rockefeller Foundation
49 West 49th Street
New York 20, Hew York
Dear Miss Khindi
I should iiks to acknowledge and theak you for your
letter of January 21 advising us that the Rockefeller Foundation
has made available the sum of $109000 for an exploratory study
of historical materi&is relating to the ..Federal Reserve System*
!• grant is to be used during the period ending April 30, 1954
and will be administered by The Brooidjigs Institution in collaboration with the Committee on the History of the Federal Reserve
¥© shallfoeglad to have you sake a payment at this
tine of the full sum of 110,000 with the understanding that any
unexpended balance will be refunued to the Foundation.
We are very grateful to the Foundation for this grant
and we feel confident that a very worth-while exploration of
these materials can be ss&de during the next few asonths*
Sincerely yours,
ROBERT D. CALKINS
President
CCs DT* Donald B. Woodward
Hiss Mildred Ad&as
9
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
January 29,
Dear Don:
Thank you for your letter of January 18 and, as I understand, you have already heard from Win Riefler that the Board
has agreed to my serving on the Committee.
I certainly have no objection to Bob Calkins being included and think he would be of real value.
With all good wishes,
Sincerely yours,
Win. McC. Martin, Jr.
Mr. Donald B. Woodward
Secretary
Committee on History
of the Federal Reserve System
33 Liberty Street
New York, N.Y.
THIRTY
THREE
NEW
LIBERTY
STREET
YORK 45, N. Y.
Janaury 29,
Mr.
c/o
122
New
Donald B. Woodward
Vick Chemical Company
East 42nd Street
York 17, New York
Dear Don:
I am enclosing a letter from Mr. Sproul which speaks
for itself.
Mr. Burgessjalsojapproves of asking Robert Calkins
to joint the Advisory Committee, and so does Walter Stewart.
I 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,
I am doubtful as to how that might be done in this form. What
do you think?
I am holding out the sheet in which he has checked
people to see, and am keeping that file here.
Mildred Adams
Research Director
Committee on the History of the Federal Reserve Sjystem
enc.
ALLAN
SPROUL
THIRTY THREE LIBERTY
NEW
YORK 45,
STREET
N. Y.
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 "natural".
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,
Enclosure
January 26, 195k
Dr. Flora M« Hiind
Rockefeller Foundation
h9 West ii9th Street
New York 20, H.I.
Dear Dr» Hhinds
I t i s a pleasure indeed t o receive the carbon of your
l e t t e r t o Dr. Calkins regarding the $10,000. grant for study of
Federal Reserve H i s t o r i c a l M a t e r i a l s . I believe t h i s i s an
extremely wortft'dtiile project -which the Rockefeller Foundation
w i l l not r e g r e t having encouraged.
Very t r u l y yours,
DBW:lw
THE ROCKEFELLER FOUNDATION
January 21, 195U
Dear Dr. Calkins*
I have the honor to inform you that action has been taken
by the officers of The Rockefeller Foundation making available the
sum of $10,000, or as much thereof as may be necessary, to The
Brookin£S Institution far an exploratory ctudy of historical materials
relating to the Federal Reserve System. This grant is for use during
the period ending April 30, 1?5U> and it is our \wderstanding that it
will be adrainistered by The Brookings Institution in collaboration
with the Committee on the History of the Federal Reserve System, of
which Mr. Allan Sprcml is chairman.
W« shall be glad to make payments to meet your convenience.
Arrangement for this may be made by writing to our Comptroller. Any
balance of the funds unexpended on April 30, 19$h$ will revert to the
Foundation. At the end of the period for which the fund has been
made available we shall appreciate receiving a statement of receipts
and expenditures. May we request that when communicating with the
Foundation concerning this grant, you quote the reference number
"GA SS 5kO5.*
A brief public announcement of this grant will be made in
the next quarterly report of the Foundation. We are enclosing, as
tie. Robert D. Calkins
January 21,
• 2 *-
a matter of routine, a printed statement of Rockef©Her Foundation
policy respecting the announcement of grants.
It i s a pleasure to report this action to you#
Sincerely yours,
M. RHINO
Secretary
Dr« Robert B. Calkins, President
The Brookings Institution
722 Jackson Place, N.W.
Washinf-ton 6, D,C«
Enclosure
Copies t o ;
Wt» Donald B*
Miss rtlldred Adams
c
THE ROCKEFELLER FOUNDATION
Announcement of Grants
The Rockefeller Foundation is primarily a grant-making organization.
Except to a limited extent, in public health and agriculture, the Foundation
does not itself engage in research and experimentation, or furnish services
in particular fields; rather it seeks to advance its charter purpose "to promote the well-being of mankind throughout the world" chiefly through
grants to universities, research institutes, and other qualified agencies conducting work within the scope of the Foundation's program.
Since its establishment, the Foundation has followed the practice of
recording its grants in an Annual Report that appears early each year.
More recently this has been supplemented by Quarterly Reports in which
brief announcements of grants are published soon after they have been
made. Through these reports the Foundation seeks to fulfill its responsibility of accounting to the public for the current use of funds it holds in trust.
Consequently, the Foundation has no reason to ask recipients of its
grants to make any announcement of them. Recipients who do wish to
acknowledge publicly receipt of funds may do so, either by routine reference or by similar listing in their Annual Reports. If occasionally special
circumstances make desirable some further announcement that involves
interpretation of the Foundation's action in making the grant, the officers
of the Foundation will appreciate the opportunity of seeing such announcements before they are made public.
Since the Foundation neither expects nor desires that the results obtained
in research or other projects supported by its grants should be submitted to
the Foundation for approval, there should be no acknowledgment of the
grants in prefaces of books or in similar usages which might imply or suggest that those results carry the specific approval of the Foundation.
While the Foundation's action in making a grant carries implicit
approval of the proposal for which the grant is made, the recipient, and not
the Foundation, is responsible for giving effect to the proposal and for its
results. Therefore, no reference of any kind should be made by the recipient implying that the Foundation has control over the project or any
responsibility for its results.
The Foundation requests particularly that its name should not be
used on jackets or in any advertising of books or in designating projects,
fellowships, laboratories or buildings toward which it has contributed.
January, 1953
o
34O
EAST
72*P
STREET
New York 21, N.Y.
January 19, 1954
Dear Dons
This is just to reassure you on the matter
of the Rockefeller grant. After talking with you
I called Miss Patricia Harris, and found her
apologetic that there had been some slight technical delay in getting the grant to Brookings. She
expects to have the final paper signed by to-morrow
and she will telephone Dr. Calkins that the money
i s on i t s way.
Under those circumstances I think I shall go
out and buy a roll of stamps'.
Be3t, as always,
Mildred Adams
P.5. I also called Winfield Riefler and am
expecting to spend Tuesday, Wednesday, Thursday of
next week (January 26-28) in Washington - most of the
time at the Federal Reserve. I am checking up this
week not only on Governor Strong's papers but on those
of Pierre Jay, and on the memories of Mr. Leffingwell.
No comments about smugness.
h.
Mr, Donald B. Woodward
Vick Chemical Company
122 East 42nd Street
New York 17, N.Y.
o
THIRTY
THREE
NEW
LIBERTY
STREET
YORK 4-5, N. Y.
January 14, 19 5U
Messrs. Allan Sproul, Chairman
William M. Martin
W. Randolph Burgess
Walter W. Stewart
f 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 Committee1s
present status, together with the questions that
were to have been asked there, will be circulated
by mail. I hope that this meets your approval.
Sincerely yours,
Mildred Adams
Research Director
Committee on the History of the Federal Reserve System
Temporary address 540 Bast 72nd Street
New York 21, N.Y.
January 15,
Messrs. Allan Sproul, Ohairraan
William M. Martin
W. Randolph Burgess
Waltertf.Stev/art
Donald B. Woodward
Dr. Robert Calkins
Gentlemen:
I am glad to be able to tell you that with some
slight changes the material sent Dr. Willetts on January
has been approved. In order to get matters moving quickly a
slightly smaller sum which could be granted without waiting
for Board action was immediately set aside. The Brookings
Institution, which will act in a consultative and disbursing
role, expects to receive it this week or early next week.
Under these circumstances, we would like to ask the
Committee's early consideration of working policies and details.
A meeting, which will include Dr. Calkins, President of the
Brookings Institution, has therefore been called for 5*00 P.M.
Tuesday, January 19th, in the office of Mr. William Martin at
the Federal Reserve Board in Washington. We trust that date
will prove convenient to you all.
Very sincerely yours,
juuO*
Mildred Adams
Research Director
Committee on the History of the Federal Reserve System
6, 3EL
Jfaau&ry 7 , 1954
Dr. Joseph H. Millits
The Rockefeller Fouxidetion
49 Vest 49th Street
New Xorfc 20, Mew lork
Bear Dr, Villitst
On January 4, Mr, Donald B . Woodward submitted to you & proposal
for an exploratory project intended to collect, appraise, and edit
historical materials on the Federal Reserve System, end to design a
longer-range research project in this field.
the Brooking® Institution is very such interested in this project,
and will be very glad to receive a grant for the proposed exploration
and to participate in formulating and conducting the larger research
project which is contemplated* We shall he glad to hare you sake the
grant to the Brookings Institution, with the understanding that we will
administer it in collaboration with the Committee on the History of the
Federal Reserve System, of which Mr* U l a n Sproul is chairman.
The request submitted contemplated an exploration over & period of
six months at an estimated cost ©f fl6 9 000« It is my understanding that
in your discussions today with Mr* Woodward it was agreed that the grant
would b e made for the period extending from now until May 1, and that
the sum of the grant for that period would be $10,000* This change
contemplates the formulation and submission of a longer-run research
project b y late April, which might be considered bj you at the May meeting*
This change in the original plans fully meets with my approval• We shall
b e glad to receive the grant under these terms* Arrangements are m&de to
proceed promptly as soon as the grant is
Let m® say again that I deeply appreciate your interest in this
subject* Brooking* is glad to cooperate in this undertaking.
Vlth vmry best wishes.
Sincerely yours,
cci
Itr. ¥ i H i t s
The Rockefeller Foundation
56 Curxon Street
London, ¥*1
President
January
tf« Maiid©Iph a
^«lter *. ^tawrt
iith y&ur approbation asd th« islftor ehar^aa you
sag, ested the original of the Attached material was today sent to
r. Wimtft «t th# ll<Mfl11ir rowdaUon.
f Um
to -r. MUtUta tc any t&at tb* drvokinga Xnatitatioo
to act aa olsbojpalng ag*nt for our 3omltta« aisd to taka aa littaraat
I praaiae that i t m.&t be teilraUa iter tHa Qeoiilttae to
bava a brief netting at ao»e tina aa aeon aa reaaona&y aay laa to
©onaidar i t a op«rati rie. ?arhap» on aoft* ^ay itfaan Hr« ^proul la li.
aahington i t aigit J» aaalaat for tlia gi^up to
X auggaat tfeat Ht»8 Mams «st«l>liafo operating details
Brooking* Xnatitutlozt and <t*v»l®p «dtfo D»« CalkiiMi and otkara an
for »ueh a swetiag. If th«r# are othar sagcaatioiia I hope you
t d l l lat sta
l&th high b»M«i Ibr gj»at auectas i s tlvia
Donald 0.
i>acratary
Jr. Eol^rt D. Calktmi
mat
PBQPOSAL
FOR AN 8XPI0RAT0RY PROJECT LOOKING TOWARD
THE COLLECTION, APPRAISAL, EDITING AND U3B
OF HISTORICAL MATERIAL ON TH? FEDERAL
RESBOT SYSTEM
SUBMITTED BY THE COMMITTEE ON THE' HISTORY OF THE FEDERAL RESERVE SYSTEM
n S p r o u l , Chairman
Donald Woodward, S e c r e t a r y
PJ&PD&U,
1OWIKD
COLL&OTXON, APPRAISAL, £I£TI3iO AKS USE
Or HISSOHIGAL KA^SHIALS OK TUB
R&SSKVK SXSTSM.
The rapid changes which are now characteristic of the American
eeono*y make It difficult for uaeafale records, amch laaa readable history,
to keep up with them. let it is more than ever vital that not only should
result* be known and understood, but that the path ay which those results
were reached be stade clear* This truism is nowhere more important than
in the caae of the federal Baaerve*
The Federal Bm**rv* System's functions are essential to efficient
operation of the American economy, yet the System is lass understood than
the industrial, eoiastarclal and financial operations which it so much
influences* The System has b^en built and rebuilt during the past four
oacades, but what happened has r«t yat been adequately recorded*
Unless
this w>rk of eatsmining what has been dona and setting it down in readable
font is begun soon, a vital section of financial and economic history in
the United States will be lost.
The papers which would be needed as source material in writing
an adequate history are scattered between government, banking and private
files* It is not even known what exists, nor where some of what exists
could be found* Th* mmti who have acted as arch!tacts arid-builders of the
present Federalft*B*rv*System are already beginning to disappear* Garter
Glass and Governor Strong, for example, are dead* others are reaching
retirement* Those living, whose aeaoriea form a ;ost valuable supplement
to any pipers which they may hava, should be approached and asked to
contribute personal knowledge and access to papera before it is too late.
- 2 -
Only exploration can reveal what can be wade available*
But a
number of important possibilities exist. Governor Strong1s papers have
been worked to only a very limited degree, end C & K yield «uc& rare* There
say exist at *?•?• Morgan some papers if I, barker Gilbert, and possibly
others. £. A* Qoldenweiser may have left an important collection. Uharles
Haa&in left a collection of diaries which have not been examined*
Congress-
ional hearings and debates can yield »uch material arid probably important
clues.
Among the living there are important jaesories and doubtless
iaportant collections of papers* those who would certainly be included
are Walter M. Stewart, George U Harrison. Roy A* Xouag, Robert )# Fleming,
Eugene Meyer, ^arriner Eecles and Daniel W.
Investigation would go much farther
* nd pro^^t toward wLieh this project is directed would be a
compreUensive history of the Federal reserve System, including the editing
for publication of certain source Materials, the writing of biographic
sketches of some of the most Important figures, the composing of books,
aoaographs and articles on special facets of the structure which eaarge as
of particular interest, and perhaps a popular history or two designed for
wide public reading* Obviously such a comprehensive design would be a
considerable undertaking, to be carried on over time by experienced specialists
in this field*
Meanwhile a great deal of preparatory work is mtdmd before such a
comprehensive stu^y of the federal Eeserve tiystes could be started. It is
that preparatory work which is the subject of tfois proposal* Papers which
will form the source material should be located, classified, and roughly
analysed* Important characters in the drama should be sought out, their
cooperation asked, and their interest enlisted. The dimensions and
proportion© of the comprehensive study should be sketched and its possibilities
bulked out*
•
The exploratory stud^ would at least hope to answer the basic
question©, "What?1*, "S&ere?" and ni&os?*«
Oesesls of the project
An added factor which presses for a quick start is that such a
project has, in one form or another* been quietly siwiering in the minds of
several persons* Its present active form b
Uie
Hr. V. Haodblph iairgess, \Mr. Hlnfleld Riefler, Hr* *». IM« Martin, Jr.,
tir* Allan £>aroul anolKr. S. Spencer Scott, president of Harcourt iirace & Co*,
of whom strongly favored i t . fir • orytwarft enlisted itho Intern it -nf—
M4>y» witi<—lit Vtiaaa, a^jint^iAj^.tj^i>»it»>4^^a w -^^
ecot^mle siab^irts
StaBUi-'igrMraMns^s^.a^
Flan
the nork plan calls for a staff aember, a bibliographer and a
secretary to work vlUi the advice and collaboration of a snail conaittee of
advisors*
This advisory co&tsittee will N| headed by Mr* AHari Sproul who has
consented to serve as chairman. I t Includes Hr* W* Randolph Burgess, and
Mr* ijon&ld Woodward} the latter «dll act as aecretarx^HHMnvt
Other ^leabe
will be added* Trie services of Miss Mildred Adaas, vhose schedule calls for
more frtm ti&e after January 1st, say be secured for the post of active staff
m
in charge of research,
rfL.
- Jl m
The work will be done under the naae of the Goteaittee on the
History of the Fedaral Keserv© System*
Arrangements for tax exemption^ aiid
the disbursement of funds are under way* It is hoped that a beginning say
be possible as of January 15, 19$k*
flae and Costs
Bor an exploratory project of this kind a period of six months
should be sufficient*
At the end of that time the staff t&smber, working
wi&h the advisory committee, should have the major areas of the larger
project blocked out, a biographic index Q£ personalities prepared ana teats
Bade of their cooperative willingness, a bibliography of basic oatsri&is and
a map of source papers ready* With those in hand, it will then be possible
t© attack the problems of tha larger project*
A budget for this exploratory work should be simple but adequate*
The plan Includes the hiring of one staff ass&ber for six months, a bibliographer
and a capaSIeYsecretary familiar wlti-. bibliographic methods. There should be
a fund for necessary expenses incurred in travelling to interview sey figures
not in Hew lork, and a fund to cover the cost of cosxaittee meetings* the
following figures are proposed!
Compensation of staff aember • 6 aonths at the rate of ilO.000
•
$ 5,000.
oil Secretary
2,500*
Salary of iidbliographer »»•••••
3,500*
Expense Funds
$,000*
£L6,000*
Product - Tho Larger jaalgii
This proposal concerns only the ixreparatory stages, during which
suiterials needed for further study of the Federal Heserve System will be
surveyed an<l xim cooperation of key persons enlisted*
of this type JUs pointed toward a far wider end product*
iiut a pilot project
.
The Gowaittee ceimot at this tiae sake .ore than & rough estimate
as to how long the larger project nay take or how scuch It Might cost* Tho
work toward which this pilot effort leads is of such great value and has
such vide ramifiestlons that any attempt to draw its limits now would be
revised six months from now* Much isore than pure history is involved.
The Federal UMmrvm System is part of the governing structure of the country,
a*sd as such its functioning and its effects bear upon the continuing success
of this deaaoracy* They need study fro» »eny aore angle* than are ordinarily
contemplated, &nd they demand far wider understanding than lias hitherto been
in mind i t seeing clear that at least five ysars* work
would be involved in producing and publishing such works as a defirdtive td story
of the Federal Reserve System, an analysis of i t s place in the American econoay,
several voluwes of pertinent papers to be collected md edited, a nmuifti nftuknj
biographies, at least one popular account useable in high school and fraahaan
college courses, articles and monographs in periodicals*
Such a comprehensive
design slight need funds not l e s s in amount, than #300,QOC), and sight well
attract seliclars from several disciplines*
It would spur research and writing
in a field rich in possibilities, inadequately covered by present publications,
and of vital concern to the country*
c
0
p
Y
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SISTiM
33 L i b e r t y S t r e e t
New York, N.T.
January U,
Dr© Joseph K# Willits
Rockefeller Foundation
!±9 West Itfth St.
New York, N*Y«
Dear Dr* Willits:
There is submitted herewith a proposal for an exploratory
project looking toward the collection, appraisal, editing and use
of historical meterials on the Federal Reserve Systenw
A grant of $16,000* is requested to cover the expenses
of this exploratory projects It is requested that the grant be
made effective January 15, 19Sk*
The Committee expects to function with an existing
research organization having tax exempt status and discussions
are now going forward with an institution on this point; we will
communicate with you as soon as arrangements are made which will,
we believe, be shortly*
Mr« Allan Sproul, the Chairman of this Committee, had
expected to sign this letter also, but illness has kept him at
homo today •
Thank you for your consideration of this request.
Very truly yours,
Donald B. Woodward
Secretary
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