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December 29, 1954
Dear Mr. Sproul:
*,'
I aa returning herewith your vppy of the list
of possible historians which you took to Washington
yesterday. Copies have been made 01 it and will be
distributed to the other members of the Executive
Committee. I think that you took back to Hew York
with you a copy of the other list.
Minutes of the meeting will follow shortly.
Sincerely yours,
Mildred Adams
Mr. Allan Sproul
Federal Reserve Bank of Sew Xork
Y.ork A5, Sew lork
FEDERAL RESERVE BANK OF NEW YORK
NEW YORK 4 5 , N.Y.
RECTOR 2-57OO
December 24, 1954
Dear Miss Adams:
I am sorry that I missed seeing you before Christmas
but I am glad that you are not bound by banking rules and were able
to close your office today.
Please let this note bring you my best wishes for
Christmas and the New Year,
Yours sincerely,
Allan »proul
Miss Mildred Adams,
Committee on the History of the
Federal Reserve System,
33 Liberty Street,
New York 45, N.Y.
DIG 2 ?
SCN THE
December 23,
Dear Mr* Sproul:
I thought you might want to know that after
consulting Mr* Woodward and Br» Calking, I decided
to follow the Brookings1 pattern and close thill
office mil day tomorrow, December 24th•
• It is fine news that you are feeling yourself
again and that I may look forward to seeing you in
Washington on the 28th, In the meantime, we would
all of us like to send you our very best wishes for
a fine Christmas*
Sincerely youra,
Mildred
Mr, Allan Sproul
Federal Reserve Bank of New lork
33 Liberty Street
New lork 4-5* New York
$ 1954
Dear Mr. B
Mr. Woodward asKS me to tell you that after canvassing
members of the Executive Committee on the matter of dates
for a meeting, he finds it impossible to fit a date that is
free for you with one that is free for Mr. Burgess. Under
those circumstancea, his own preference would be to name a
date convenient to you and possible for himself and Dr.
Calkins, regretting that Mr, Burgess could not be present.
December 14th might, he thinks, be such a date.
Before going further Mr. Woodward would like to be
sure that this choice meets with your approve!•
Most sincerely,
Mildred A&sass
Mr. Allan Sproul
33 Liberty Street
Hew lork A5> Sew York
November 19, 1954
Bear Mr. Sproul:
Enclosed with this are the Agenda, the Progress
Report, and the Report on the Kinc^id Project which
you will warit for the Princeton meeting on Sunday.
If there is anything else you would like us to take,
we would be grateful for word on it this afternoon.
Sincerely yours,
Mildred Adams
Mr* Allan Sproul
33 liberty Street
Hew Xork 45, Sew lork
November IS, 1954
Dear Mr. Sprool:
You will, I think, be pleased to hear that Er.
Joseph Willits has accepted membership in this Committee. Mr. Woodward phoned this morning that he had
just received word. There is, however, some doubt
about Dr. Willits1 ability to attend the Princeton
meeting.
Cordially yours,
Mildred Adams
Mr. Allan Sproul
33 Liberty Street
lork 45, Hew lork
loveatber 12, 1954
Mr.
Son© time ago you ware triad eiiomgfe to suggest that I might be
more comfortable vitb. a private office. That suggestion was taken up,
and I sow wast to report that tfa© Conaitte© staff and files have, thunks
to Mr, Marcus Harris and his assistants, been mov<§d to aost pleasant office® la the #&©t Bisd of th# Imilciiag. oo. the lith floor.
W# nowfe.«.v©ai«Mtmmt© working spue© for Br. Chandler, M s s Buraett «aa Mies Me&instiy, as well as for our ovn snail staff, and we feel
that the Gosaaittee1 s work: is very w#ll housed. It nakes the work-day
much better for all of us, aa& ve all vmnt you to know that we &r@ very
grateful to you.
Cordially
Mildred Adams
Mr, Allan Sproul
33 Liberty Street
lev York U5$ ». Y.
FEDERAL RESERVE BANK OF NEW YORK
NEW YORK 4 5 , N.Y.
RECTOR
2-57OO
November 1, 1954
Dear Miss Adams:
Thank you for the information about our Princeton
meeting "which you sent me with your letter of October 29.
I am in agreement with the opinion which you and
Mr. Woodward have expressed that each of our "experts" should
receive the same honorarium; if it is $100 for Dr. Wood, it should
be $100 each for Dr. Bopp and Dr. Chandler.
So far as our committee meeting with the conferees
is concerned, I think it should be most informal, and that I should
occupy the chair primarily to get the meeting started and to stop
it for lunch and at 5:00 o'clock. Certainly Dr. Bopp should be the
ad hoc chairman for the discussion.
Yours faithfully,
Allan
Miss Mildred Adams, Research Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street, New York 45.
October 2% 1954Dear Mr. Sprouli
Tom will find enclosed with this not© a sheet detailing the
arrangements which are being made for the Cosaaittee's conference with
Dr. Bopp and his confreres on Sunday, lovember 21st at Princeton. I
hop© these meet with your approval. Copies are being sent to all Committee members.
v
In discussing procedures with Mr. Woodward, two points arose
on vhieh w© would appreciate word frou you. The first is the matter of
honoraria. Dr. Bopp tells ae that he thinks a fee of $100 might well be
provided for Dr. Vood. If one expert is to be paid, wouldn't it seem
better that the other two should also be paid? Mr. Woodward agrees that
$100 for each of the three would be in order. If this meets your approval,
we will go ahead on that basis.
The other point concerns the handling of "tee .Meting« Given
a day-long conference of this kind, Mr. Woodward wondered if you, as
chairman of the Gosa&ttee, might prefer to run it informally, with an
opening statement which would set the work of Dr. Bopp*s group vlthia
the framework of the Coimittee's goal and put the carrying of th© discussion on his shoulders us ad hoc eh&lrsan of the meeting. This is
merely a suggestion, aade in an attempt to ease the pressure of Sunday
work on you and to anticipate the kind of an agenda which you vould like
set up; you may have other preferences.
Dr. Bopp hopes to have on hand a rough resume* of points arising
in the 3-®&n Saturday conference which can serv© as a basis for the discussion among Coaadttee members. He is understandably eag©r to draw out all
shades and angles of Coasittee opinion so that the work of his group may
benefit froia the wide experience represented in th© Committee. Any draft
he nay present will probably b© framed as intending to be a provocative
rather than a limiting factor in the discussion.
very sincerely yours,
Ecc.
Mr. Allan Sproul
33 Liberty Street
Sew York 45, Mew Tork
Mildred Adams
October 29, 1954
Dear Mr. Sproul*
You will find enclosed with this note a sheet detailing the
arrangements which are being made for the Consmittee's conference with
Dr. Bopp and hie confreres on Sunday, Hovember 21st at Princeton. I
hope these meet with your approval. Copies are being sent to &11 Comisitteo members.
In discussing procedures with Mr. Woodward, two points arose
on which we would appreciate word froia you. The first is the matter of
honoraria. Dr. Bopp tells me that he thinks a few of 1100 ?alght well be
provided for Dr. Wood. If on© expert Is t,o be paid, wouldn't it seem
better the.t the other two should also be paid? Mr. Voodward agrees that
#100 for @ach of the thre« would be in order. If thit meet© your approval,
n» will go ahead on that basis.
The other point concerns the handling of the meeting. Given
& day-long conference of this kind, Mr. Woodward wondered if you, as
chairman of the Committee, might prefer to run it informally, with sn
opening statement which would set the work of Dr. Boppfs group within
the framework of the Cosssittee's goal arid put the carrying of the discussion on his shoulders as ad hoc chairs&n of the meeting. This is
merely a suggestion, atade in an attempt to ease the pressure of Sunday
work on you and to anticipate the kind of an agenda which you would like
»et up; you say have other preferences.
Dr. Sopp hopes to have on hand a rough resume1 of points arising
in the 3-®&n Saturday conference which can serve as a basis for the discussion among Committee members. Re is understandably eager to draw out all
shades aad angles of Cossmittee opinion, so that the work of bis group g»y
benefit from the wide experience represented in the Coamittee, Any draft
h@ may present will probably be framed as intending to be a provocative
rather than & limiting factor in the discussion.
Very sincerely yours,
Eac.
Mr. Allan Sproul
33 Liberty Street
York 45, New Tork
Mildred /.dams
October 29, 1954
tfessrs*
Allan Sproul
V* Eaudolfah Burgess
Kubmrt 8. Calkin*
F. Cyril Jsaes
V i U i n HeQ. Martin, JTr.
fcaltsr ¥ # Stewart
la
proved to fee
Dr. Bopp and
thftt details
<*«r reeeat wire t e l l i n g you that Sunday, Nov^ber 21*t 9
the issost gsaerally possible i a t e for %J*e vtetlag vitb
hl» confr©r«« Dr« Uharidl^r *nd Dr. Wood, ve
vould follow. This Is th« plant
Btt# - Stmday, lGT«®laii- 11,
time - 10 a«lt* to 5 ?*M*
Plec» - Princeton Iaa f Prise*ton, S«w Jersey*
bmr* pr«f»rring to &rrlr« Saturday Bight and/or stay through
r« tnvlt^ri to do sc a t 0oas4tttt« «sp*Bs«. 1 aaall nunib*r of
roo^s vith b»th bas been r«««rT*d and w i l l b« held for %&«
13tfcj; i f you would Ilka on# of tiMUMi, or aey oth«r typ#
asSBWS:»Nation, Miss Adams w i l l b% gla6 to tak« oar» of i t on vord
vord
exp«ct to fctt«nd and v i l l t*k« p»rt i» tha coafar«n<9# vith
i
Cli«adlar and Vood.
ConfT»nc# arraairftmenta - Th« «a«ticg I t s e l f w i l l fea
In & private eosfaranca rooa at the Inn. Dr» ^>pp expects to have tor
(km<tea n»ttWre a rough resume of points which mrose in fch* 3-a«n
^tscviofticia the day before • t h i s to *&rv© as a springboard for question«, mmmr*, opinions. Beeausa he I s vary eager that no b i t of
the €o@giltte*'s coussel »hall be l o s t , he has asked us to have a
«t*notypist cm liasi to record the diseusslon* This technique
th« tsklxsg of notes with th» Accompanying d*ftfere of
Th# st«notyp« r«cord Is solely for th« fttldano* of Br« Bopp «nd hi*
group &xt<2 Its uae will be limited to that purpose. It should not
limit dl«oi«alon in tb« tllghtest*
Costs - B#llaidag this confftrtnce to bi & irltal step In our
tb# ©ea»ltt#« v l i l ebarg© itself with all eoettf, ineludlng tr«n#»
fx>rt&tion» JUNftgisg \fam r«qu««t«df a«il«| #tc« Bills *t the PriBc#tou
XB® will b» r«ttd«r«d dlr«ct to Mi«s Ad«a«« If jrew will hfttid Miss M&ma
at »t«tes&«nt of your transportation costs, sh* v l l l s&e that tb*y &r#
to jou.
vith hlg^ hopts for th* 2lst #
Donald S* Voodvard
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE
October 1, 1954
Dear Mr, Sproul*
In accord with the outcome of th© poll of the Committee
Dr* Lane was invited to becoxae s aieaiber of tae Committee* The
attached letter is his response.
Presumably tae Executive Cosanittee will consider the question
of further action on the matter &t an early meeting*
Very truly yours,
Donald B. Voodvard
Ehcloaure
Mr. Allan Sproul, President
Federal Reserve Bank of $ev Xork
New tork A59 New York
FEDERAL RESERVE BANK
OF N E W YORK
N£w YORK 45, N. Y.
September 20, 1954
Miss Mildred Adams, Research Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street, New York 45.
Dear Miss Adams:
Answering your letter of September 15
i«
I would like the question of Dr. Willits 1 membership
on the committee put on the agenda for the next
meeting of the committee.
2,*
If a meeting of the executive committee can most
conveniently be held at Washington, we might try for
Tuesday, the 19th of October at 1:00 o'clock
(luncheon, Brookings?). If it can be held in New York,
I could adjust to several dates during the last half of
October.
3«
I shall sound out Al Williams on the question of Karl
Bopp and the history.
I was sorry not to be able to see Lester Chandler.
he is off to a good start on Benjamin Strong, Central Banker.
Yours fait
Allan
I hope
FEDERAL RESERVE BANK
OF N E W YORK
Nfew YORK 45, N. Y.
September 10, 1954
Miss Mildred Adams, Research Director,
Committee on the History of the Federal
Reserve System,
33 Liberty Street, New York 45.
Dear Miss Adams:
You have evidently gotten off to a running start at
the end of the vacation season. I find myself with a number of
unanswered communications from your office.
First, there is progress report number 6. That
raises two or three questions in my mind. One, I seem to recall
that we were going to ask Joseph Willits to become a member of the
committee. Is my memory faulty or has the idea been abandoned?
Two, my calendar is getting pretty well cluttered and this suggests
an inquiry as to when you might think it necessary or desirable to
have a meeting of the Executive Committee or the full Committee,
or both. Finally, would you like me to talk with Alfred Williams,
President of the Federal Reserve Bank of Philadelphia, as to
whether there is any possibility of the bank releasing Karl Bopp
to work on the history of the Federal Reserve System?
Second, I have your letter of September 8th about
Lester Chandler's desire to get started on his study of "Benjamin
Strong, Central Banker". I am sure that Mr. Roelse will be able
to find desk space for him without invading your quarters and I will
give the necessary instructions so that he may have access to the
Strong collection and relevant papers in the bank's files. It will have
to be understood, of course, that while we shall make these materials
accessible to Professor Chandler for reading and study at the bank,
we shall also have to reserve the right to review whatever public use
he wishes to make of the information obtained from them. This is in
no way an attempt to act the part of censor with respect to views,
ideas or interpretations, but solely as a protection against the
disclosure of confidential information concerning this bank, foreign
central banks, the United States Treasury or others, which we would
not wish to or would have no right to make public. I shall be glad to
Miss Adams
FEDERAL RESERVE BANK OF NEW YORK.
9/10/54
see Professor Chandler on Wednesday afternoon, September 15, at
3:30 o'clock if that is convenient for him.
Lastly, your letter of September 9 raises the question of
whether another letter from me to the Presidents of the Federal Reserve
Banks in other districts might not be helpful in promoting the work of
the committee now that we have a substantial long term grant from the
Rockefeller Foundation. I think it would be a good idea and I shall
write them today, sending you a copy of the letter.
Yours faithfully,
Allan
CoBaaittee on the History of the Federal Beserve
September 9, 1954
Dear Mr* Sprculi
Last February, "*&«** the pilot ph&j*e of this GoHBaittee's
vas getting under vay, you vere kind enough to writ© to the presidents
of the Federal Reserve B&iiks i» the other district* describing i t s alas
and caking their oooperatloa* lour letter ( i t s date ma February 18)
& ironde-rful add and we h&ve repeatedly had occasion to be very grateto you for hATlog sent i t #
Mow that the pilot phase i» aucc«sefally oonpleted $n& the
f a l l Hoekeftiler grant i s at our disposal I vonder i f you voulo think i t
appropriate to -write the other presidents again in order that they »ay
know that the *iiigt©rieftl »tudiea lfeich could extend over several ymr&*
fore-ahadoved by your prerLous letter are sotuslly under
I oake this suggestion vith swsse hesitation* We could prooolitinue at the mommtm imlcii your first letter provided* At the
time X hare & feeling that there i s soaething about the solidity
of a five year project in this field liiich nay evoke a different order
of cooperation from that given a short term exploration* the presidents
nho» I have seen have h^mn very kind, but our requests have necessarily
been superficial* Ve iasy be entering e i^tmse in nhieh vs shall ask 8K3re
and delve deeper than v&s require*! earlier* Particularly i» visv of
Hiss Burnett's «tudy of regional archives vhich begins October 1, I
think i t vo>ald be rmxy valuable to hava the bank presidents themselves,
as well ae the re^eeirch and library assistants, ms.de e.vare of the nev
status of taia Committee's workSincerely yours,
Ifildred
Beeearch Director
Mr# Allan Sproul# Fresident
Federal Reserve Bank of Uev Xork
lork 45* ^ew Xork
COMMITTEE OH TEE HISTORY OF THE FEDERAL HESEfTO SlBfM
33 Liberty Street, Hew York 4-5, New Tork
Telephones Blctor 2-5?OQ, Extension 286
September 1, 1954
Dear Dr. Chandlert
This not© is first to -welcome you back from Europe, with
the hope that your trip vas as interesting and &s full of fun as .
vacation trips ought to be. Reports of English weather hare been
dreary, tut I hope the continent was kinder, end that the hurricane
called Carol did not disturb your landing*
In the second place> the Committee ie assuming that you
vlll be preparing to get to vork on the book early this month, and
I as wondering if it would be possible for you to schedule an early
coxnrers&tiGn in this office. As you. are our first author* we would
like to know hov our facilities can be of use to you, what Information
you -would like from us, and in general to set up the kind of relationship which you would like established and the service, If any, which
you would like us to render.
It the saiae time there are problems which ought to be cleared
away, and on which we would appreciate your advice,
I shall be in Vaahlngton
vacation for three weeks beginning
between the 7th and the 17th could
a bit in advance which one is isost
the rest of this week, and I go on
the 13th of September. Anyj&ay
be arranged as long as I know
convenient*
?©ry sincerely yours,
Mildred Adams
Research Director
2>r# Lester Chandler
Department of Economics
Princeton University
Princeton, New Jersey
August 26,
Dear Mr,
It Is good to knov that you ere back, and that the -mention
period Q&m up to specifications* Wo all adsaec! you. Vhen the pile of
detail awaiting you dlstiaishes* I shall hop® to ask advice about o»© or
two matters here* Before that, you •will have before yosi a Progress Eeport
or* the sua&er's vork*
Meanwhile, In view of your expressed interest la Dr. Vood you
aay like to know that while he does not show any dealre to undertake- the
history he h&s been .^oved to do some thinking about it* 4 letter of
August 18th contain© the following paragraphs*
*I have thought a good deal about your proj@et on the- History
of the Federal Eeserre* It seen* to ae tfcat the mass of material is so
great that it would he veil to break up the work into seoeral studies
before any attempt is saade to b«Te is definitive history — and perhaps
histories are never really deflnltiTe. Is addition to the. biographies!
studies, there night be the following typ#s of
The Founding of the Federal Keserve (vMeh isigfet or night not b®
eoxbtned with the Operations during the First Vorld
)
fhe Development of Federalfia-serveFoliey during the 2iineteeo
Tweeties (into the classic form in vbleh B* Strong left It)
International Monetary Cooperation of the llnet©#n twenties
the Crisis of 1929 to 1933 aad the Recovery
The Fede-r&l B#str¥© System and the Treasury, with Special
Befereaee to the Period since 1933
there tnlght also h$ a History of fed@rRl Iteserve Procedures and Policies for the period as a whole, which, though not attempting
to cover all the source iaateria!t vould gist mm® of the cress, but In the
main w s l d be analytical* Of course Karl (Bepp) ought to do this; but if
not, fee ought to k©np in w s y close touch with it.*
If Dr. Vood is of the opinion that Rerl Bopp ought to do this,
p#rha.p« s way ?aifb.t be vorked out .vhereby he and Br, Bopp could both b©
persuaded into lt» Anytiov, I take feia tiickisg for us as a good oa*n*
Moat siucer^ly,
Mr. Allan Sprovl
33 Liberty Street, K.I. 17, 1*1.
Mildred.
COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYST1M
33 Liberty Street, New York 45, New York
Telephones Flic tor 2-5700, Extension 236
September 15, 1954
Dear Mr» Sprouli
Thanks so much for your letter of the 10th. To answer the
points it raises, may I say first that the lack of an invitation to
Dr. Villits steus froia the result of the last request for Cosaittee
votes on proposed aev Committee iae&bers* At that time, June 24-th,
Dr. Villits1 naiae -want on the list along vith several others, but
he only got three votes. There had been one or two hints that perhaps
he 3ight feel a certain hesitancy about coming onto a coraaittee for
which he had so recently approved funds.
I do not think this eoioaiittee vote necessarily constitutes
a hand and faat decision\ rather, it seems to reflect the fact that
a good ide® lacked sufficient support. ¥ould you like the question
put on the next agenda for definite discussion?
In the matter of an Executive Committee meeting, I agree
vith you that one should be scheduled, and I'd suggest a convenient
date betveen tho middle end the and of October if one is left on your
calendar. I would hope by that time that the search for a history
writer, now threatening to becoiae a series of slow and stately circles;
could be brought out of its present doldrums.
In that connection, if you could talk to Mr. Alfred Williams
about releasing Dr. Karl 3opp to take on the task, Ifd send up heartfelt
cheers. Br. Bopp has been mentioned over and over again by & variety of
people as the on© laan, in sither the System or the academic world, who
is best equipped to do the history. In addition to tochnical knowledge
of Federal Reserve matters and working experience in central banking he
1ms a sense of history and a feeling for both perspective and proportion.
He writes with a better sense of style than does Elmer ¥ood. Except for
Dr. John Villiaus I have found no one who seemed better equipped for the
task. There has been no formal Coamittee agreement on Dr. Bopp, but if,
ioaowing that, you could put the problem up to Mr, Williams as an urgent
matter concerned vith the good of the System it would be wonderful.
Professor Chandler will be in this office today. I'm sorry
you are not able to see him, but I will make sure that he has your
paragraph about the bank's "right to review whatever public use he
wishes to make of information obtained*1 from papers in the bank's
-2-
* Committee members have known frora the beginning that this
point would be raised as soon as our work reached the writing phase.
Given understanding on both sides (and that is, of course, a vital
condition) I gse no reason why it should create difficulties. Professor Chandler must hav*s met similar strictures before this; as for
the other side, ymx would certainly appoint to the job of responsible
reviewer the kind of person who is able and eager to make the important
distinctions which your letter sets forth so carefully.
As for your lettar to the other Presidents, it was exceedingly
kind of you to Tall in with say hesitant suggestion so quickly and so
effectively. lour letter establishes e^ctiy the kind of basis we
need for the work ahead.
Gratefully yours,
Mildred Adams
Mr. Allan Sproul
33 Liberty Street
York 45 # Hew lork
COMMITTEE OH THE HISTORT OF THE FEDERAL RESEKVE STST8I
33 Liberty Street, New York 45, Hew York
Telephone* BEetor 2-5700, Extension 286
September 15, 1954
Bear Mr. Sprouli
Thanks so &uch for your letter of the 10th. To answer the
points it raises, aay I say first that the lack of an invitation to
Dr. Wlllits stexs frora the result of the last request for Cossmittee
votes on proposed new Consulttae members. At that tiste, June 24th,
Dr. Villits' name >tent on th® list along with several others, but
he only got three votes* There had beon one or two hints that perha.pt
he might feel a certain hesitancy about coming onto © oomittee for
wblch foe hsd so recently approved funds.
I do not think this comittee vote necessarily constitutes
A hard &nd fust decision; rather, it seetss to reflect the fact that
a good idea lacked sufficient support. Vould you like the question
put on the nwt agenda for definite discussion?
In the taatter of &n Executive Coismittee meeting, I agree
with jon that ose should be scheduled, MTA I'd suggest a convenient
date betvaen the middle and the end of October if one is left on your
calendar, I would hope by that time that the search for © history
writer, now threatening to become a series of slov and stately circles^
could be brought out of its present doldrums.
In tJj&t connection, if you could tain: to Mr, Alfred Williams
about releasing Pr, Karl Bopp to take on the task, I*d send up heartfelt
cheers. Dr* Bopp has been mentioned over and over again by a variety of
people as th© one man, in either th© System or the academic world, who
is best equipped to do the history. In addition to technical knowledge
of Federal Beserve matters and working experience in central banking he
has a sense of Id story end s feeling for both perspective tmd proportion.
He writes with -a better sense of style than does Elmer ¥ood. Except for
Dr. John Villiame I have found no one who seeaed better equipped for the
task. There has been no formal Coomlttee agreement on Dr. Bopp, but if,
knowing that, you could put the problem up to Mr. Williams as an urgent
matter concerned with th© good of the System it would be wonderful.
Professor Chandler will be in this office today. I'm sorry
you are not able to see hia, but I will make sure that h© has your
paragraph about the bank 1 s "right to review whatever public use he
wishes to make of information obtained" from papers in the bank's
-2-
files. Committee members have known from the beginning that this
point would be raised as soon as our work reached the writing phase.
Given understanding O R both sides (and that is, of course, a vital
erudition) I gee no reason why it should create difficulties. Professor Chandler must hav© iset similar strictures before this} as for
the other side, you would certainly appoint to the job of responsible
reviewer the kind of person vho is able and eager to make the important
distinctions vbich your letter sets forth 30 carefully.
As for your letter to the other Presidents, it v«s exceedingly
kiad of you to fall in -with ay hesitant su^jeetion 30 quickly and so
effectively, Xour letter establishes sxactly the kind of basis we
need for the work ahead.
Gratefully your*,
Hildred Adams
Mr. Allan Sproul
53 Liberty Street
5e*r York 45, »«v York
on tha Kictoiy of tha Federel Ees#rr» %rstait
Scpt«tib»? % 1954
Saw itr* 3proul$
Peferoaiy, VIMHB th« pilot ph&d« of this
g#itiis$ laador v»3rf 7@u vtr* klad taoiagh to writ* to tfea
of the fmdtarttX ResarYt Stnks la th« oth«r dlntri4t& dt«eribis§ i t s a
ftiUng tr,eir ooojwrmtioa* ^our lettar (it« dat« mbs Fabruary 13)
c wnderrul aid tad i#t li&ve rex^rtUd^ H*d <aa«**i<m t» be vsr/
t© you for htfflni #«ftt it»
pilot pk&«s 1$ sucea#afally
Soekafeller grant i s &t our dispaeftl 1 vooAsr i f you vould ihttk
it
t t^i# w hist^rie«l stadle^ ^ii^i coulc «xt«?&:l ov#r sevtrel
letter
X ?3*ic« this suggestion vith EOK« hefiU tior., ¥# coalc prcbebly i2ontinu# at th# mmmt&m v^iich your first letter provided* At th«
§tn# tdm* 1 Have « f««ling tact there Is »otetiiia|5 about the solidity
#f t fHv* yow pToJ#«t In till* field vhich a«y evoke * different
of cooperation ,fro« thet given a jliort tcit» cxg&ortttlcm*
I kmim s«»n h»v® ls#«n ir^jj kind* but our re^uegte heir©
«opcrfl«i«l* ¥t iss*^- b# «i\t«riag e phe»t in *&ieh w* shall
tad delT© i##^#r
than vas rw^nlrtd ««rli«r* F«7ti«ul«rly i» ^l«w of
Ml#» Burnett1 * s t u ^ of regional «,r(iilv$s ufcich bt^lns Ctetokor 1 # I
think i t vouln b« T.uy Yeluable to ii«».v« Hie b«ak pretide
*s veil es th# research «7iv iibr«iy aasietents, ica«S«ft«mr«of t&*
t
of this Corjssittee'a vork.
Mr, Allan Sproul,
Fadajptl Boe«rr« Bank of I#%?
Mm Urk 45»
m tfes
Hi !**» Ju«i had *m4 trm &*» U i t ^ r ^ i s ^ i f r that &• I t
C«vfci*l B»ait«F#. Is ¥l«w ©f th» f*«t Ht»t ««M% of tfe#
«i*t«3rt«l K« v i l l m^#i ! • i s the B«ak«r fll«c (not only
ooOi«««l«a ft» ittH^ kat aim I s tfe« eorz«n«a^»«« fll«ii) be
mmi ho*h •atHaritfttlm to a«« i*f«»f>@ and ««K« *wrwig#^«ftt for
\
If m$Mmr is
sake *n«ag«R*tr*t# ti#*e «is«fi M^« iferri* r»»ya«i«
am «ff**» If four ivtaiiwr vould p«mlt an
i t ifo«ia grwutly halp to
Host
^1 rector
of
cc Mr. Roelse
August 26,
Dear Mr. Sprotils
It is good to know that you are back, and that the vacation
period can© up to specifications. Ve all atissed you. When the pile of
detail awaiting you diminishes, I shall hope to ask advice about one or
two matters here. Before that, you will hare before you a Progress Report
on the summer's work.
Meanwhile, in view of your expressed interest in Dr. Vood you
may like to know that while he do©s not show any desire to undertake the
history ha has been moved to do some thinking about it* A letter of
August 18th contains the following paragraphst
•I have thought & good deal about your project on the History
of the Federal Reserve. It se#ns to me that the mass of material is so
gr@at that it would be well to break up the vork into seltferal studies
before any attempt is made to have a definitive history — and perhaps
histories are never really definitive. In addition to the biographical
studies, th©r© sight be the following types of bookss
The Founding of the Federal Reserve (which sight or sight not be
combined with the Operations during the First Vorld ¥ar)
the Development of Federal Reserve Policy during the nineteen
Twenties (into the classic fora in which B. Strong left it)
International Monetary Cooperation of the Nineteen Twenties
The Crisis of 1929 to 1933 and the Recovery
The Federal Reserve System and the Treasury, with Special
Reference to the Period since 1933
Then there might also be a History of Federal Reserve Procedures and Policies for the period as a whole, which, though not attempting
to cover all the source material, would get some of the cream, but in the
main would be analytical. Of course Xarl (Bopp) ought to do this; but if
not, he ought to keep in r&ry close touch with it«*
If Dr. Wood is of the opinion that Karl Bopp ought to do this,
perhaps a way night be worked out whereby he and Dr. Bopp could both b@
persuaded into it. Anyhow, I take his thinking for us as a good onen.
Most sincerely,
Mr. Allan Sproul
Mildred Ada»s
FEDERAL RESERVE BANK
OF N E W YORK
New YORK 45, N. Y.
August 20, 1954
Dear Miss Adams:
I am now back from a fine vacation and struggling to
get out from under the pile of things which awaited my return.
In the pile I found your letter of August 3 and the enclosed text of
Dr. Elmer Wood's paper delivered at the spring meeting of the
Midwest Economic Association. I am glad to have this discussion
of a matter which is close to my heart - and head - and, after reading
it, I am more sorry than ever that Dr. Wood cannot be brought into
our work.
Sincerely
Allan S/roul
Miss Mildred Adams,
Research Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street, New York 45.
SL*
26, 1954
Dear Do&s
I aa enclosing herewith a draft of the Progress Report of
isfeleh we t&lkeci. You v i i i note that I tamt included in th&t short
career sketches of both Bopp ^ad Sh&w* If you do not vant th«a
handlea this vay, l e t me knov and aoaetbing else cai, ba done about
I oa also enclosing & latt&r froa Mr, SpToal vhich
brought 4o\m yesterday. At Um iaoment I tfeink i t would not be
vis@ to push him farther, hut I thin*, thare v i l l be an opportunity
to brliig the isrtter up ag&la « litti.fi l a t e r . Wnt-t he sketches Is
what X thought 1;«5 .-ifccl 1B iiina, btit
I &n s«ndi£jg this saterisl up 5p#ci&X delivery vit& the
ide* that it imj provide tndn reading for yoa, k copy elso goei
to yo\ir office, but I a«s-«i»p they will e^ase oa your retura aad
pile you deep with vurk. I shell be is the of flee on Tuesday,
and sii&ll probably go to WaahingtoQ Tor Thursday «md Friday.
Beat as always,
Nildred
fine,
Mr. Donald B. Woodward
Squirrel Inn
Squirrel Island, Maine
cc. Mr, Donald B.
Vick Chemical
122 East 42nd
New York City
Woodward
Company
Street
17, N. Y,
•*>**<«••£,»—- -
COPY
ALLAH SPROUL
THIRTY THREE LIBERTY STREET
NEW YORK 45, N. Y.
August 25, 195-4
Mr. Donald B. Woodward, Secretary,
Committee on the History of the Federal Reserve System,
33 Liberty Street, New York 4-5.
T<jar Mr. Woodward:
Your letter of August 20 reminds me that Mise Adams
is not one to let grass grow under her feet. Our casual talk
about my becoming an author contemplated no more than the
assembling of some of ray speeches and testimony before Congressional committees with introductory notes and comments.
Nevertheless, your opinion that I could make a valuable contribution to the literature on central banking is very much
appreciated.
Yours sincerely,
/s/
COPY
Allan Sproul
Jtnfiurt 3 ,
Bear Mr.
On *. re$«at y i » l t to the a*e»t I mde & side trip
to tee Dr. Elmer Wood, vho® 7011 r.sd sugg*»t«4 »» &
to writ* th* hittory. i% i s not av&il#bl« 9
1*11 sead 3r<jw ft f a l l report l a t e r . M#niiviiil« I took
occasion to $»t from him the f u l l t«xt of the
pftper hm delivered at the spring sm^timg of the
Icmo&ic Association, Thinking you night l i k e to
i t , I geioed h i s pemleelfm to have i t copied. Se wae
of course very pleaeed to know tb&t i t had attracted
attention here* X m seeding eitrboat to Mr» Fo»l»e, Dr
Dr. Bopp.
your vacsitiorj. w»« of the t « s t .
Hr, i l l art Sproul
33 Uberty Street
Sev lork ^5, lev York
Mr. Allen S p r o u l , P r e s i d e n t
F e d e r a l Reserve Bank
33 Liberty Street
New York, N.Y.
Dear Mr. Sprouls
Miss Adams has just told me that you are consideringla volume
"U» Central Banking. I hasten to express the utmost delimit and
y
the strongest possible hopes that such a work will materialize*
t^J^vJ
If the Committee on the History of the Federal Reserve System can la^cS^T
be credited with having played any part in bringing a volume from
you i t will by that fact alone more than justify i t s existence.
Sincerely yours,
DBW:lw
I
FEDERAL RESERVE BANK
OF N E W YORK
N£W YORK 45, N. Y.
June 30,
Miss Mildred Adams,
Research Director, Committee on the
History of the Federal Reserve System,
33 Liberty Street, New York 45.
Dear Miss Adams:
lou move too rapidly for met
Jfy only recollection of our
talk about a volume of papers of mine is the recollection of an idea
tossed into the air without a time tag on it. I prefer to let it
rest for the moment.
I am glad that Cyril James has accepted membership in the
Committee. I hope that he will be able to give some time and attention to it.
With best regards,
Yours sincerely,
an Sproul
FEDERAL RESERVE BANK
OF N E W YORK
N£w YORK 4 5 , N. Y.
June 28, 1954
Miss Mildred Adams,
Committee on the History of the
Federal Reserve System,
33 Liberty Street, New York 45.
Dear Miss Adams:
Confirming our conversation on Friday, I have gone
over the list of suggested names of additional committee members
which you sent to me under cover of your Progress Report No. 5,
dated June 24th.
I would put my No. 1 opposite the name of Joseph H.
Willits and my No. 2 opposite the name of Dr. Frederic C. Lane,
the latter on the grounds of our desire to have an historian on the
committee. My No. 3 would be Professor Elmer Wood. This does
not mean that I have anything against the others listed. Two of them
at least, Professor Reed and Professor Wright, might be possibilities as writers of essays or books within our field.
Yours sincerely,
Allan S
Second List of Hames
Suggested as Additional Committee Mem berg
LE
order*
your first and second choice, suaberi&g them in that
"*
More information Iwt b##a requested concerning By, Frederic jQ
historian, vho&e zmas was circulated OR the first list. Br« tone who ts Professor of History at Johns Hopkins, has been famous a© tbe author of studies
of Venetian shipping during the renaissance, bat his Interest Is by no means
confined to the 15th century. Re was editor of tbe Journal of £oonoaio History
froa 1943 to 1951, and did jaich to stimulate interest in that subject. Re vas
historian for the Maritime CossaissioB in 1946-47, and hi* Ship* for Victory,
published by the Johns Hopkins Press la 1951, is en account of American a&rititae activity in World War II. K© spoke at the recent Coluablt. conTo<satloa on
* paper presented by Kuzneta,
Charles C. Abbott, ©conoraist, recently a&de Beam of the Graduate
School of Business at tbe University of Virginia, Dr. Abbott got his Ph.D.
from Harvard in 1933, taught there in the Department of Economics and tfeo
School of Business Aisiaistrritiori from 1931 to 1$54| 8*T?Q<) with the
Adminlstrmtic® in 1942. Hi® books lnclute Ttie lew lorJi Bond M
i
Busjaoss during the .Trgn.sltjqpL (1^4^) ®ncl ^oage^eBt of the Federal,
Btbt ( ^ ) /
Simon St Cug^ets, Professor of Political Economy at Johns Hopkins.
Professor Kia«nets, famous for bis studies in capital formation, now President
of the American Economic Association, is one of the best ksovn of American
economists.
L, Feed, (nged. 66) econoaist, Professor of Economics
Cornell since 19*3, vas n, r.dnbar of the Hew York State Banking Board from
1933 to 1944. His books include Derylopawit of federal Jfof»;T« Policy (
federal ?..e§erre Policy 1921-3Q (1930) and Th« Coaaodity Pollaf (1934).
Joseph H. Vllllts, economist, recently Dix*ctor for the Social
Sciences at th# Rockefeller Foundation (1939*1954)t now going to the Oniversity of P^ansylvsssia. Dr. VUlits has been deeply interested in tsis
project since its ineeption* Hi© vision and his «atliusiasm are of great
value. He is well knoi^i to ell m«wbsr« of this Connittee*
Ilaigr Voo^t economist, Professor of £conoalc« at the University
of Missouri since 1933. ?rof#&»or load, who \m» the ta&aher of Karl Bopp
and Lester Chandler, got his doctor's degree at Hanmrd in 1937• He vai
ecoaomist for the Senate eosaittee which held the Gold and Silver Inquiry
in 1924* Karv&rd granted him the David Veils Prize for hie study on
Theories of Central Banking Control* 181$«»ffi vhlch the Hv^rvard Prese publish*
ed in 1939* Dr. Vood has been rsriously reooanflftded ac a Coasdttee member, and
as the historian vho should be asked to undertake the definitive history*
of Virginia, got his doctorate &t Harvard In 1940* taught »i
t? e nsiversliqr of Virginia I*w Sebool in 194O| be was «eoao!»ie consul taut
to th# !fetla8&l KcsoureftA Pl«nnisg Bo&rd in 1943, Fttlbrig h t lectmr#r at
Oxford in 1953, *WMI b©#a Professor nt firgiaia siaoe 1^40. His books
Yha n€jrpfttifiR of pttrg)aa>ing Pov®!* (1942), the n^C0i|0aicy of 1)18"-
(J'
'
|
()
'
( ' 3
eo-editor vith Botwrt Boosa of Money,, frado. end .geonoide growth - o»»ayt
in honor of J* 9* WiHi®««#
July l t 1954
Bear Mr. Sproult
To be told th«t one roves too ffcst for Allan
Ssrotd, with felt well-knovn reputation for qvlek action,
1« the kind of high praise I sever expected to vint
However, as I told Hiss Regan, I truly hadn't
the least idea of trying to rash you. The id*a of a
possible volume of pttper* from you v&n so g<*-^ * — 1 1
eouldn't bear to let it drop •**» for the si ..
Apologies and high hopes,
Mildred Adam*
Hr. Allan Sproiil
33 Ufeerty Street
Sev fork 45t Hev fork
2%
Bear Mr* Sproul i
Ever since we talked on Friday I'v* been thinking about the
bappy possibility of a voltrae of papers from you as part of this project.
¥• spoke then of getting at it in October, but I have been wondering if
there aren't preliminaries which could be started during the summer while
you are on vacation aad soae staff aeaber sight k ? s a bit of extra tiae.
Several questions remain to be discussed - who would be choaea
to edit such a book (provided you think am outside editor is desirable),
which idea or idea* would you w&nt as its central core and so on. But
before coming to those and allied problems I would think the
at be
a first rough and rather wholesale gathering together of pos-i-u-e material,
all to be read, and frog* which choices night be made.
Vhea you return fxoa California, arid I come out from imtersion
ia forty years of annual reports, one or both of us saay be wanting to lay
hands on a pile of Sproul aateri&l quickly. It is toward that end that
I make the above tentative suggestion for a job of collecting to be clone
ia the suMaer1^ quiet.
May I also thank you for your letter of June 23th about Comsalttee members. A letter from Cyril Jamee has just come in, accepting
invitation to membership and saying nAs you know central banking end
monetary history were, in the days when I had reasonable academic share
of leisure, two of the hobbies closest to my heart and, although leisure
is a pretty scarce cosisiodity nowadays, I should like to contribute all
that I can to the growth of this project*.
This leaves two new members still to be added* Other Coimittee
members have not yet responded.
Most sincerely yours,
Mildred Adams
Mr. Allan Sproul
33 Liberty Street
Sew York 4,5» New York
» Merlin, JTir*
Vfcltor f . JUwtrt
U...5
of th* p
*
I l i t t of sm^#nl^^ tiAsMi wts eir^uXf.Urdf Uii swly ifc*i of l>
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in ¥ * s i 4 s t t ^ #n Juso It ill n tKKlMt wm mprra^#4 for
f o r XS34-5S
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oth«r «xf*»iig#$ (i&oludl&i future
55575*5
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vhleh h«& proved
&tio*9 for tbe
ido
cos-mitt ©f Mis*
The
s i t oe tb«
f©r i
, h#a *gr@«i that
thf.1 Co«a«ltt««
Mr*
tb* i'utur*
for
of
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th«
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to
of
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for
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far i»«lti*i«ii
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t* g^i *t I t ,
•r»l t#f«nr» i*ak ©f ]Nnr York, i s
%ti» Mrvid«t for
will folXow
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of retiring i t
to
pe»*ibl* to
yE
la tfeo
U§to<5 ©7 tni&t ^ a oopy of t&* l i s t fats t**a $t**14«4 fer
far no l'i»*l pl*e« of dopotit
of
i» Mr* l§H«i f ®tfim in S«l% 3>.k* City* *!*•
of Co»jp*«s« »i & pX&«« ©f fUuil d»i»o*i% lor
our
i t t
t- * p^tts
of i. fyrX^ n&t&^ mm i» tk« U^imf^ of III*
of
fht pftpov* of
of 3t>*ior« frosa XV14 to 19i4 f f-vo s t i l l iu hit -pommmimi* tt* g&v*
feo itoiiyiafwl * f t # r
hlttofy of tho Boston Bank,
f
his
th© l4iw York Bmik f l ^ s t i^#ir c->rboEi» locftt^d, %&d th«
rotierMkl to Mr* Ihoodom Sprtguo* v# slao ha** k*
of « fow i«s»-rt««i sfHMHkhOft of vbl«b dn^l^e^'tis eouX4 »et b« fo
r#port the-t tholr futhor loft tmr
Second List of Hastes
Suraested as Additional Committee Members
check your first and second eholee, auaberlng them in that
orders
More information has b##a requested concerning Dr,» Frederic C> L&ae.»
historian* vhose natse wns circulated on the first list. Br* Lens- who is Professor of History at Johns Hopkins, h*t b©en famous as tbe author of studies
of Venetian shipping during tie Renaissance, bat his interest is by no means
confined to the 15th century. R« vas editor of the Journal of Economic History
frou 1943 to 1951, and did jmich to stimulate interest in that subject. Re vas
historian for the Maritime Coaadssioa in 1946-47, «ua<* his Ships for Victoryt
publisher by the Johns Hopkins Press la 1951* is en account of American wsritiiae aetivity in World War II. He spoke at the recent Coluable convoeatioa on
a paper presented by Kuzneta.
Charles C« Abbott* eeonomlst, recently siade I%a© of the Graduate
School of Business at the BBiversity of Virginia. Dr. Abbott got his ?&•£•
fro© H«rvard in 1933f t«u#it there in the Department of Seonomics aad the
School of Business Adsiaistretion froa 1931 to 1954| mrrm vith the ¥&r
idaialstTatioa in 1942* His books Include The ley York, Wornd Harket.
q f o Business durinit the Trsit.sitioii (X94&) sad l^aBa.g#n;eat of the federal,
Dtbt
(M
Simm £• .KusnetSa Professor of Political Ecanony at Johns Hopkins*
Professor Kuznets, faraous for his studies in capital formation$ B O W President
of the laerican Economic Association, is one of the best knova of Ameriean
economists!.
Harold L» F>ee4« (t^geu 66) econoaist, Professor of Economics at
Cornell since 19*3 1 was a meaber of the Hew York State Banking Beard fro*
1933 to 1944. His books include BeTsloaaoat of federal $m&iT* Policy (1922),
Federal Eeserre Policy 1921-3Q (1930) and The Coaaodity Dollar, (1934)*
Joseph H. V ill its, economist, recently Dii*eetor for the Social
Sci^ices at the Rockefeller foundation (1939*1954)# now going to the 0niversity of PeaasyliWBia. Dr. Villits has been deeply Interested la ti&is
project since Its inception* His vision and his enthusiasm are of groat
value* He is well known to *11 m««b«ri of this Coos)lttes>«
Ilaier ¥ooc!., #©oii®®ist# Professor of Lcoaoalcs at the
of Missouri since 1930. Professor Vood, who vss tlie teacher of Karl Bopp
and Lester Chandler, got his doctor's degree at Harvard in 1937* He was
ecoaomiat for the Senate co:;aitt«e vhieh held the Gold and Silver Inquiry
in 1924* Iterr&rd granted him the David Veils Prise for his study on English
Theories of Central Banking Control, 1819*58 vhieh the Harvard Press published in 1939* Dr. Wood has been variously recommended as a Cosaittee member, and
as the historian vho should be asked to undertake the definitive history*
:MeCord
Vrlfet.., «eenani«t9 fmfmBmr of Btoisosles at th*
ffaivaralty of Virginia* .got hia <Seetorat* At Htytwi i« 1940, tevgbt at
tbo tJbiversl^f of Virginia Lmw Sebool in 1940; fee va« «§<^iio-aie conaultant
to Hi® HfttlosAl l^souroo* PlfwakiAg BoeM in If43» Fttlbrlg^t Xeetaror at
In 1953» hasfe®®»?rof@»tor e t Virginia ainoe If40, Eis books
)
'(J9iyV. 'Aya^c,raoy and Fyy^raf(| (194ft) aai" C&g^fa&ll^ (1951)» S*
was 00»®ditor vitfe Bobart BOOM of Mo.«ey« .tra«jfo:. .sn4 Jjooaoala
of J* H» William*
June 9$
y Statement Relative to a Proposed Study "Benjamin Strong—'Central Banker.11
The purpose of this note is to provide a somewhat
clearer description of the scope, comprehensiveness, mid
complete&eBS of the proposed study.
Hj purpose will b© to provide as complete a study
as possible cf Benjamin Strong in relation ship to the
©volution of Federal Reserve structures and policies and
to economic policies' in general. To do this, I shall first
study Benjamin Strong's 3,1 fa before ha assumed the leader^
ship of the Federal Reserve Bank of Bew York. I shall study
his family bao&groimdSj his training mad experience, his
position in the banking community, and his Ideas as they
€5volv©d in this period. In short, 1 shall do roy beat to
find out what type of per§on h# v&s &nd what kinds of idea*
and prsdispoiitions he had us he entered the System*
From that point on, I shall stady carefully the
interactions of the man smd his experience, trying to assets
his influence on ©ours© of ©vents and th© influence of
events on him and his thinking. This would include both
domestic and International aspects of his experience, for
I am, confident that both are important and inseparable.
In some cases, "domestic11 policies were influenced by
international considerations, end after Vorld War I—if not
before—our so-called "domestic" policies inevitably had
important effects on other countries* Moreover, it is «gr
£ Q.L1
impression^ still without adequate documentation, that
Mr. Strong sigo played an isportant rol© in conference with
foreign central bankers and other officials.
In short, my objective is to provide as eloie to
a definitive study of the subject as the available a&terlftl
will permit, and the study voulci include Mr, Strong's role
in both domestic and international developments.
Letter Cb&ndler
June 23, 1954
Bear Hr. Sproulj
I understand froE Mr* Bilby and Mr. Marcus Harris that you
have kindly asked then to undertake certain arrangements as to stiff
and spec© for the vork of this Committee over the five-year stretch
•which lies ahead* Having enjoyed the Bank's abundant hospitality
and isany kindnesses since January, I have complete faith in their
planning. But, there ere one or tvo dettils vhich I would like to
discuss with you before such plans ere crystallised. These include
the continuing availability of Kipp. McKinstry vhich T am sorry to i
find is in question, the arr&ngecent for part-time services of Hiss
Burnett, the space in which C^uasittee work i s to proceed, the possible role of Professor ¥ood#
In anticipation of a conference with you I ass enclosing two
items yon isey vent to look tt ~ a copy of the estimated budget as subKitted to the Rockefeller Foundation June 15th, and a copy of a l e t t e r
froi® Professor Lester Chandler iMch contains a coiBtaent on Professor
Elmer ^ood BF a possible writer of the history. Ve have fclso e,sked
infoieation about Professor Weed from Dr, Karl Bopp*
May I t e l l you hov pleased everyone i s thet you find i t
possible to si t on the Executive Cerns&ttee. There have been moments
wnen I felt that our efforts to spare you needless questions were wrse
than useless in that they failed to provide you vith ^&ta that sight have
interested you, an^ robbed us of the value of your judgements.
? t i l l try not to knock on your door too often*
Cordially yours,
Mildred Adams
Mr* Allan Sproul
33 Liberty S t r e e t
New York 45, New York
June 17, 1954
Dear Mr. Sproul:
Mr. Wood-ward tells me he has talked vith you by telephone
since your letter of June 10th caiae in, and I take it that he discussed vith you some of the points you raise.
Thenks so much for your suggestion of Professor Elmer Vood.
Several people have mentioned hisa with approval, and at the moment
he seems to he favored both as a Corsmittee member and as a possible
writer of the history. I am trying to get further information about
him which may help the Coamittee to decide vhich role he could sore
usefully be invited to accept,
fce are also getting more information about Professor Lane
whom yon heard recently at Columbia, vhere he discussed Simon Suznet's
paper, "Toward s Theory of Economic Growth11. As for other names, a
list is in preparation which we hope to circulate in the near future*
Most sincerely yours,
Mildred Adaas
Mr, Allan Sproul
33 Liberty Street
Hew York A5, H. Y.
ALLAN
SPROUL
THIRTY THREE LIBERTY
NEW
YORK 45,
STREET
N. Y.
June 10, 1954
Miss Mildred Adams,
Committee on the History of the
Federal Reserve System
33 Liberty Street, New York 45.
Dear Miss Adams:
I have been thinking about the names of possible committee members listed in your letter of June 3 and not much has resulted.
Among the economists I know only Professor Schultz, and I don't think
this is his field. President James I know by reputation, of course, but
I had understood that he might have some sort of a project in mind in this
area. I have met Professor Lane, who is listed as one of two historians,
but if he is the man I think he is his main interest would seem to be
in Italy of the middle ages. I don't know how political scientists got
into the picture, and I don't know either of the two men named.
I have one suggestion, an economist - Professor Elmer
Wood of the University of Missouri, who is, I understand, a real student
of the history of central banking without having any central banking
connections.
Before checking first choices, I would like to see quite
a few more names.
Yours faithfully,
Alias Sproul
V, Randolph Burgess
Poberi D, Calkin®
William McC. Martin, Jr,
Walter V. Stemrt
Donald S. Uoodwtxd
You vill reweaber that at the meeting on May 11th it ^m» decided
thai if the CoralttM f • request for funds wag granted the tcope of this Cosstlttee should be enlarged by Adding perhap* three meabart from other field*
thus banking. History, political science and eeonofflica vere specifically
mectiosed. It im» also decided that a small «xeeutive eoi^iittee should be
a*ae«i to which one of the sew ^raibers should be appolated to »erv@ with Hr#
Burgess and Mr
The follovlag ll*t of possible addltiose to the Coaaitte*
fro® various sources* If, witfcin each group, you would check your fir*t
choice ve m*y be able to remeh a quick concensus of Co&slttee opicioa. If
you hftve other preferences please add thea to this list so that we may ciroulate the* on m second round.
Mildred
Cyril J&^ea> President of HcOill Osiver#ity» Economist and Historian
Theodore Schultt. Frofe»»or of E©o»o»ic» and hmt& of the Sooaoaies
, OniT^rsity of Chicago.
John Litttner, Associate Frofeesor of Finance, Harvard Ora^luate School
of
******
Thomas C. Cochratu Professor of History at the Vharton School of finaae*
aad CoNMtret, ffeivwrsity of
C.# L^m, Frof«»sor of History at
St#ph#B I . Bailey, Professor of Public Affairs and Kw Director of
program of the Voodrow Wlitoft SobooX of Pufelia and
Affair* at Prineatcm l!nlv*r«itgr«
> Profaator of Govura®«»t and Director of t l » Gra4u*t#
progrta in PubXio Adfltla.l«tratloa at City CoXl#g«f i«v TorSc*
28, 1954
Dear Mr. Sprouli
Thank you for your letter of May 26th with its coament
on the Chandler and Kincaid proposals. Donald Voodvard, who is
the only other person from whom I have heard as yet, feels as
you do that the cost of the latter project is too high. I am
awaiting vord from the other members before writing to Dr. Sincaid.
Thanks also for the suggestion of Brooke Willis. We
seem to be collecting various ideas for this post and will certainly add Mr. Willis1 name.
Sincerely yours,
Mildred Adams
Mr. Allan Sproul
33 Liberty Street
Kew lork -45, New York
FEDERAL RESERVE BANK
OF NEW YORK
N£w YORK 45, N. Y.
May 26, 1954.
Miss Mildred Adams,
Research Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street, New York 45.
Dear Miss Adams:
I am generally favorable to the proposed grant to Professor Chandler
to assist him in preparing a book on "Benjamin Strong - Central Banker",
which is one of the subjects of your memorandum of May 24th, and its enclosures, addressed to the Members of the Committee on the History of the
Federal Reserve System. The amount of the grant - $17,000 - and the terms
seem to be in line with our previous thinking. Others on the Committee are
much better informed on these matters than I am, however, and I would defer
to their judgment on the details of the arrangement.
On the Kincaid proposal, I have already expressed myself as favorable
to the undertaking, but I think the cost may have been boosted beyond our expectations. I suspect that the examination of the Glass papers will turn up
more material that is of interest to the University of Virginia, or others,
than material in which our Committee will be interested. It also seems to me
that the graduate students will be doing most of the work, and that Dr. Kincaid1s
fee for supervision and advice may be high. I would be happier if it were $1200
or $1500 instead of #2400.
Yours sincerely,
Allan Sproul,
President.
p.s. One of my associates has come up with
a suggestion for your assistant and
possible successor which sounds good
to me. It is Brooke Willis, now of the
faculty of Columbia and the staff of the
Chase National Bank. If an arrangement
could be worked out which would enable
him to continue on the faculty of Columbia
on a part-time basis, he might well be receptive.
A.S,
it
FEDERAL RESERVE BANK
OF N E W YORK
N£w YORK 4 5 , N. Y.
May 20, 1954
Dear Miss Adams:
I have talked with Mr. Roelse about the suggestion made
in your letter of May 17 concerning the possible association of Miss
Marguerite Burnett with the work of the Committee on the History of
the Federal Reserve System.
Mr. Roelse will be talking with you
about it, and then with Miss Burnett, to see if something can be
worked out which would be satisfactory to all of us.
Yours faithfully,
Alia
Miss Mildred Adams,
Committee on the History of the
Federal Reserve System,
33 Liberty Street, New York 45.
May 17, 1954
Dear Mr. Sproul:
Following the suggestion which Mr. Burgess made at
the meeting last Tuesday, I talked with Miss Marguerite Burnett
today about her plans. She says she is due to retire in July,
and is both anticipating the freedom and dreading the feeling
of things left undone here. She wants to spend the summer resting, and is then hoping to be allowed to come back and clear
out some overgrown files which she has not been able to get at
because of the constant press of daily work. She thinks these
may hold archival material which would be of importance to us.
I talked with Miss Burnett about a possible central
index of archival material in the regional banks (an idea suggested by some phrases of yours in a comment on the first
stage of our main proposal), and she said with great enthusiasm
that she would like to work on that.
Miss Burnett seems not eager to work full time after
she retires, and for this reason as well as because we are contemplating a five-year job I think my administrative assistant
should be a younger person. But if some way could be worked
out, whereby she could combine the combing of archival materials
from her own files witii working on this central index of regional
material for us, it might be a good plan with real values on all
sides.
Very sincerely yours,
Mildred Adams
Mr. Allan Sproul
33 Liberty Street
Hew York 45, New York
Cemlttee to Stiidy the History of the Federal Reserve iystem
Progress Report
Ksy 17, 1954
$dt
Messrs. Allen Sproul, Chairman
¥• Jtadolph Burgess
Bobert B* Calkins
William McC. Martin, Jr.
M t t r Stewrt
•feaald I , Voodvard, Secretary
Paper*
The papers of John Skelton Villlaas. reported earlier to be
i a possession of his >ddov in Richmond, are to be deposited either
l a the tibr&ry of thetfalveTeHigrof Virginia at Cherlottesville or ia
the Virginia Historical Socie^jr at RiehaoadL They incline diaries, as
veil as speeches
and some correspondence. After discussion with Mrs.
Williams1* son, Mr. John 3. Williams, Jr., i t seemed fairly certain
that the family would choose the tfe&versitgr of Virginia which, of the
two institutions mentioned, has better facilities for making such
collection*} are liable for students.
papers of g* ^. Oo^enveiser. earlier reported to be 1 a
a storage v&rehouae l a Princeton, hare vith some aid from this Committee,
been brought to the Chevy Chase hone of Mr* Cfoldemreiser's daughter*
His son-in-lev, Mr* Andrew Kamardt, reports that the collection contains
"papers that vould be of considerable value in & study of Federal Reserve
history. Dr. Goldenveiser apparently kept a kind of official diary at e>
amber of important points la the history of the Federal Bftserre.* Mr*
Semrek: v i l l , over the next six months, organise the material and l i s t i t
for us* After that, the family would like to sake I t available to student*, but under some arrangameat by vhieh they will knov irtio Is uslag
I t aad that proper safeguards assure discretion. &r* Walter Stenart at
this Coosittee v l l l advi»e with them on this.
the Committee's part la this includes a v i s i t to Mrs* Goldenveiser by your research director and a volunteered promise of $150*00 to
help vita handling charges, this small intervention apparently acted as
a catalyst to resolve a situation that had continued confused end static
since Mr. Goldenveiser's death.
the papers of Babert B» Varrea have been collected and listed
by his son Peter, and seat WWTXfrlT Ja«e», Vice-Chancellor of McGill
University, vho plans a book froffi them, th« exact form ©f vhich has yet
to be decided, the collect inf. includes some tm hundred essays and
aeaorande, most of then unpublished, together vith a small amount of correspondence. Other correspondence i s knovn to exist, and will be gathered*
Kr* 3m*B v l l l send us a copy of the l i s t of subjects covered ia the
and memoranda*
MAtk*
Mildred Adaai,
Research Director.
ti*y 3
^^^^^^(Wia^p ^^^aj
i^^BPHawlpW^
^^|^PBf^^lWfi(P*B
^W^a^p^aNap^WBPOiW
W« Randolph &urgo»»
Robert !». C*Uciaa
VUliaB U*C. Martin, Jr.
tealtor W. S t o w t
:%m* avboiaataii of our epolieatioe to tba KooJeafollar Foundation
X htm talkod t*io« with ST. *&llit«f to clarify a tm of th« potato
in !%• H« fo«la tb*t tho Ce»iittoo • proposal « M ««11 &empwe*&
oothlag i s carUln wnUX tbo siootl&f oa ««y 26 - UM «p$llo«tl
r«r appears to tm on ttee right tra«lc*
of th« po*ffiib41iV that in Xato H^r wo ¥ l U r«c«iv«
«*» aYftlXablo md mork Mt/ prteoad, I «egpM% U«t tbo Coamittso
bagin to oexuddtr oartain olamonta l a aur futaro
ita«t are of oapooial jUBportaooa, a fourth oao calXa tmt
ditom—!<•• If tho Ooawittoo 009I4 »a«t and roach • eoaoewm of opix&oa
OB tbc«o boforo add-Kay tholr oo»clu»lon« night provide
for rr. vuiuta l a « m ho atoooXd Is* >m—liiiii! on
thrao points |niimt3>y i«portact arac
!•
f•
Tladlttg a «*Jor «ta£f « m (or wmmm)
Clarifying tho ntlatiowahip uhich ia to «ad»i botwoon 3rookiiki»
and Uto Oowiittoo.
I* immatiMgferoadthof ylwyoiiit oa agjor ««tbt|a«%« of inquiiy.
Th« fourth point mmtum Hw <pio«tlo» of aicting Dr. Klnlcaid
gxsdttato atmkBat to organlso tlto BOartor alaas p«para» aad oncogragiBt
Loatar
Chaadlcr to ovltark tm a stud/ of B«n Stroeg, Control Sankor4*. Obvicwaly no
bo titan uAtil %bm grant cowaa through, oot i a plamnlag aboaa i t
ba halpfal to know la^otbor tho Onwtllwi i s agrooti ihat HIM* aro
sight bo approved and sopportod.
-a-
Tfcaa* tftit** t%mm§ «nd a poasib&a consideration of th« fourth,
mvld f o m tli# agamta for * »a«ti»g, Qeuld th« Coaidttte sie*t on Thursday,
13 In wtflhingtwi, either for luneh a t IiOO r.M. or a t ?:>>• i'.l^T I
the farm? would be <*wtr*blft i f poasiblo. In a4vane« ©f %hm mt^tliig
two Mneraada w i l l b% oirculAtad for uow»itt«e cooiitieraUon - t^# f i r s t by
th« itatratary cov«rliig polnta 1 and 3# wit,' further l i g h t on point k; anel tha
by rsr. Calkin« on ln»olclii£0 - point 2 .
you l a t mm ktxtu at ^o^r early oonvanianoat
cc:
Miss Adams (3) + 1 copy to Hiss Adams % Brookings
D3W
io# i f 14
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11th,
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t
^WI^^HI^pff^WHp
3
fliWp-^pflPl^^WWP
Committee on the History of the Federal Reserve System
Agenda for Luncheon Meeting at the
Brookings Institution, Washington, M a y 1 1 , 19541. Finding 3L.,lwmaJor' staffja^' (or woman} to act as administrative assistant
to Miss Adams, and later as project director.
(See Secretary's memo)
Committee preference is asked as to type to be sought? suggestions are
needed as to names/ V0£wk ttvW* ^ §^* •
(a) Retired expert whojs&sf be drafted back.
(b) Active person of proven ability who can be attracted from
bank or college by value of experience for future post,
(e) Young and promising person with proper academic background
and a few years experience in banking, teaching or journalism*
2. Clarifying the relationship which is to exist between Brookings and the
Committee,
Committee decision is asked on basis of a memo circulated to members by
X3r. Robert Calkins, Choices presented ares
(a) Plan I - Committee to assume direct responsibility for project
and expenditure of grant, with Brookings acting only as fiscal
agent.
(b) Plan II - Committee and Brookings to assume joint responsibility
for project and expenditures,
(c) Plan 111 - Brookings to assume responsibility for project and
the administration of funds in agreement with the Committee!
latter taking on advisory capacity only.
^
major subjects of inquiry. (See
Secretary1 s memo) •
Committee preference is asked on tvo proposed methods:
(a) Asking individual statements on puzzling problems.
(b) Arranging an ad hoc conference in October with fifteen or
twenty persons expert in banking, history and political
science. Suggestions are asked as to time, place, consultants to be invited,
(See Secretary's memo).
Provisional approval is asked on the following:
(a) Proposal of Dr. Elbert Kinkaid to spend the summer classifying
and indexing the Carter Glass papers with the aid of a graduate
student whom he will train; name of student and proposed cost
to follow.
(!>)• Proposal of Dr. Lester Chandler to embark in February 1955 on,
a study of "Ben Strong, Central Banker11* time and cost budgets
to follow.
on Point® 1. 3 *$& 4 of
for
ltto* Mooting on Tu<»i*a»yfc May 11,
1.
Ftadjag & aaj.or rfoff «RB, .(or voassa). Oar prajjoenl ttcttd (Peg* If)
Comlttoo** cia l i to find ft will •qulppoo' aad txeoptlontHjr
ia «4®iRistrfetloa vfco has ife# wtpaelty to pl&j « major rol« In
& psraoc. would, aft*r * y»&r or «o &» ftcuid&l»irfttiv#
%rty forwmr^, Hi*e i*d*M* woul<? th^a b« in * imiqu
to wftVark upon « wijor vrltiag p«rt of tho projeot".
fM9 Imii^idual will fe*
s highly tignifie«nt factor in the work of tho Coaaitt*t,
Thoreforo ho (or
»h«) v i l l ne&d to b« sost carefully choaon,
I sliould think ther* &r« $#^#iml pogsibl* rvamias of approach. One
veuld bfc to »«#lc am inaividiiel sufficiently ilo## to r$tir«seBt a&d vii*. sufficiect qualiflofttlons a» to bo i^t#r»*ted 1B tsoTiog to thi» job in tfeo aomr
future.
Suob a person mi^rt bo Ooorgo B. Roberts of tho I&tlonAl City
Bmy ^e^ior.G, formerly of th« Board Huff wad »sid to bo rotiimir-g this
aor froa Itiily (whoro ho he« boon vorkiag oa e hi«tory of tho Soco»4 d$mk of
tho United States) or J, H, Fiiddl* r«cectly retired from tho iaokors Truet
tor »om* ti^e at tho F»d«r*l Bosorro Board.
inoth#r approach vould b« to sook a presently «pt«blished
wmt to <lo tl»# Job m$i mi^ht b« ftfelf to §«t a Io«vo of
OF vbo might s#* thie «« a H f «ao«gfe opportunity to vish to tak« i t
hop* to find another post «t i t s termination.
(If th«r» voro the poeeibility
of «n «pr>oijatn*nt at Ipookiags following oxporl#tio« vitfe tMt pr©joet# tfei*
Bight bo a faotor.
It would also »«om possible that a beak pr#*i<i«nt
nonsider this as mx exceptional training opportunity for uaa able staff
SMM&er who would, at the end of the period, go back to the bank.) Falph
Touag of the Beserve Board staff has excellent qualifications and s o l
should think: does Donald Thompson of the Cleveland Federal Reserve Bank,
!• J. Ss.\2lnler of Colunbla, I»e»ter Chandler of Princeton, or Burton Hallovell of Cornieeticut Vesleyan - to mm
a few. Others in this category,
vbo salgfct "be interested la getting leave froa their present post if salary
were scaled to their presest level and their future were assured include*
larl B* tepp ©f Philadelphia, E« £» H i l s of ^ie University of California,
H m e r Vood of the tfolverslty of Missouri, Harold L* Eee4 of Cornell*
A third approach would be to seek an able young person who has
already demonstrated s&rfcsd capacity and vho might hope to inake this post
the springboard for si&Jor career. Soon a person, *with the necessary aeaaemle training in monetary matters and some experience In administration*••
vho vcmld, after & year or so as an administrative assistant, take charge
and carry forward* might be sought in the banking, the academic or the
writing world. A list (banking and/or academic) compiled by Miss McKinstry
fro?a her experience with Dr, John ¥lllla»s includes i
Paul V* McCraoken, former Director of Besearch for the Federal Heserve Bank
of Minneapolis, now at the University of Michigan*
John Lintner, Lawrence £• Thompson or Hugh Aitken of the Harvard Business School,
Victor I»ongstre«t formerly of the Federal leserve Board*
Barry 0* Johnson of Cambridge University tm& the University of Toronto.
Jaaes V* Ford of Vanderbllt University.
Guy Freutel of the Federal Reserve Bank of St. Louis•
Via. C. Bradford of ?3orthvestern University*
V&vrm L. 8mi«i of the University of Virginia,
Storr* of the Federal £eserre Bank of Pichaond.
Bonuld C* Miller of the Fedexsl teserv# Board*
Jones Yobin of Tale tteiverslty.
1. fletor Morgan of Cambridge University* &utix>r of ^tuules In Srltlyh
flnfjieial. f^l^ey* I<ll4-%g, and of a saies pmimd essay on Central Banking*
the Co^ftittfse v l l l doabtlMtt fenv# other guggsstlons* Tha» far
no inquiries bare been »»d© i s th» field of journal 1«»» lour j>r*f*mia«t
itdlitl«« end ^reur «ttgf»*ti<Hi of na»«* veultf fe® ao*% Helpful*
vlth
breadth ^f vi<»ypoint on is«^y rubitets of tnsmigy •
Out of the firet problem* for the re*ifar«b iireetor, in
fre» th« exploratory pfc&ee to the n«in project, v i l l be that of knowing^ in
80 vide * field, which subjects end which points of diseuaaien «i-e in netd
of tfee #Jc!ed liglit thet fartfeer reaeereli twsy briisg, Vh»t ^o tfee eirp^rtg
vmut to knov? Vhat most putslec the kistoriejie?
Vhfit i s i t about the 6ye-
tea that itiformei stem here mever really «n<3eratoo6? To obtain focue or? toey
point® i s of the fir«t importftnoe*
It should be the kimd of foout th»t ©oases
coordinftting vtrious points of view - from men in &n«! out of Bo*rd and
, fron. teachers and students of finftnee and tmsineei, fro®, eooxtosio bistorimns ma^ political seientist*.
tW netbods of secttrii^ this vide point of view suggest
both of tlUM inelude the u«e of tfeovghtital students of tesitimi, history
political selesoe in $ consultative capacity!
First, the Coaasittee might e«r« to ask a dosen or so persons, particularly interested end nullified, for e thoafhtfttl etetesneat on the ^m#stloi*s oon*
cemiog the history, development and fynotioniag of the Federal Beeerre System
vbich 9tt^. to them most iaportsai sad «o#i mtasling, TOLs isotbod of
riching {&• r#s«&refe contact of n project hm h*m triod olstwiitr* with
§£**»**; I t *#•&* to prore the a©r» successful vhra an honorarium of 1100
QT |200 for thoughtful suggestions if offered vlth tfe« r#cgi2*st*
The ssoo&d s*«fsstloa i s the eonf*r«ttc« acthod» vith an »d hoe
group ebftt*a l^on *iud«ot# nnS pr«ctiti<*R«rs of bti^kin^, political #«l«aiti9ti
•ueh a# Br» f* 0, S#y ©f !!*rvftrA or *rili«ir .IMMMIMKI of $k&wM*$ hl»t»flMii
A» ffewft tan* ©f Jofcm* Hopkla* or Arthur Gol« of !!&rtard» Such a group
i veil include Dr. Joha Vllli^af, Dr. Cfcarlae C. Abbott, nev ICAD of
©radiate School of Buslmmi at tfe# Utiiv#r»lty of firglnia, F. CyrtI
pf MeQillf Jneob ?laer of Frlaeeton, f» f • F#ttsr of Sortfewttmi
others tb«t will co'.^ to mind* A %«#tiii£ of fift««m or tv»«ty son la
•*rly Octob«r, perhupe t t irdea House or in l«w lork, conferring on tho
baeit of & carefully pmpurod e^enda, ehould Help greatly to #aricjh th«
r«*se*;rch content of this project.
4* Fosslbl® t»roioot» * Dr«
As th* r«e©erch dlr«otor has r«port#<5f o»# of th« collect lost
important to tbi« projtot, the Carter Gl»»» pap#rt, If at the UnlTersity
of Yirgini* «ad • dijitlupdifeoi totiol*r 1« ««f«r to work on tin**
Dr« llfeort
Kt Tike id, for jmr® consul tmsi to th« Fodorml Beserre Bank of Richsaoo^ ar-«i now
retiring *• A«»oci»t« Director of thm School of Bu8ioo»« Athiinlstrfttlor: at tho
VfnlTwtty
tberj.
of VlrfimiAy eaa apm& th« ramr sorting, classifying mad indoxiag
Pkt would want '• pmi^ito »tud«et working vit.h him, whom he voul-a train.
Dr. Kinitfcid first proposed to sposd s yoar or tvo In an lnt*nsivo
study of th« pspor^, but ho nov «ac^sots to go to th« University of Arisons
for tho full t#n».
T^is shorter survey projsot h«$ dloflnite gdtrsittftfsg*
voold provid© as with * ontftXoguto of tho ?ap#r## snd If Dr
It
^
#
student proves eompateat* i t may lay tba basis for « X&tar sit*£y of
ftta mms of the efc»«aa graduata Bts^aat, »Bd the proposed cost
of th« susesary vork, w i l l fea i'urni*h«d us l a % waak or (Ml* Ho cooed, tasat
bat baaa ss4a f or oan ba *fcd«t until th« r*ajor project l a upprored by th«
Boek«f«ll«r Foundation* but ttm S«or»tary vo«ld llice to ksov i f tli# C©a~
a i t t e » pro^ielonally approv«i tbi» suggest lor* so that n# mn^r ^tt fuloldi'
vh#n th« Foundation decision 1« announced.
The Satire of Lestor Ch«ndl«r to «ibark o» « study of "Ban Strong,
€#str&! B^skar* bs» mle© baan raport®^ to t^i CcMMdtt^a* Hr* Chtmfilsr a3E^#cts
to fr#« bittaalf tt®m taaohlag la tha sprlag tatm ^ffeiolj bagins In Pabro»*7 1995*
l a vo«ld Ilka to apaai th@ foXloviag fix ncmtli* in ^rellmlmarj atudy «f is&tarlal,
a&<£ planniaf of tha bookj onea that ress^rch and cra&tiTa pb&#« i s fiai*h«d, ha
would expact to vrita ^ i i l « tenolaiisg In It55~$6«
This projffct sluo I s provisional - m bu^«t im$ b#am mML%%*& #Xther
of winay or ti-sa.
But Professor Cftftn^la? &>*» %& Mm®* In Juno, «ti4 would Ilka
to \cmv b«fore ha l#aTa«5 vhatbar or not tha Coisaitte* would think favorabla of
t h i s Ida* of i t « ovn funds for tha longer tans are p e n t a d .
A more daflnlta
eotwitffi^r.t could, of cour ©, ba m«da cmly nftar the submission of aWr« da*
talXad plaa of %»ork and eoats.
Kara, too, proTisioa&l approval or disapproval
Is askad beesuse of th* tis»a aleoant.
April 28, 1954
Dear Mr* Sproult
Thanks so much for the suggestion about
Professor Agger, It Is a nev nasae, &n.d I will try
to reach htm in the near future. A3 for Marculs
Jaaesfs book about the Giannini empire, I will certainly read it-~I wish I might also read your
opinion of it*
You know, of course, that Mr. John 0.
Calkins, Sr« of San Francisco died April 23rd. I
had looked forward to seeing him this s\aaaer (always assuaging that the Rockefeller grant comes
through), and it is a blow to have Missed out on
what I have been told was a remarkable Ban with a
remarkable mefcoiy. I have written his son to suggest that we would be interested in his father*s
papers, and will follow it up leter with a sore
precise statement of that Interest*
Sincerely yours,
Mildred Adeas
Mr. Allan Sproul
33 Liberty Street
Sew Tork 45* Sew Tork
FEDERAL RESERVE BANK
OF NEW YORK
MISC. 4A.3—7OM—9-S3
OFFICE CORRESPONDENCE
nATF
TO.
Miss Mildred Adams
A p r i l 23, 1954
SUBJECTS
Allan Sproul
FROM.
I don't remember whether or not you have Professor
Eugene Agger, Professor Emeritus of Money and Banking at Rutgers
University, on your list of those to be interviewed. He had a hand
in setting up the original Division of Research and Statistics at the
Federal Reserve Board. He is still vigorous in mind and body and
might have some worthwhile recollections.
AS:ES
April 15, 195-4.
Dear Mr. Sproult
Two incidents occurred in the work of this Committee last week, aside
from the Washington meeting, which you may went to know about.
The papers of Dr. Adolph Miller, about which I wrote 70U earlier, were
turned over to me by Mrs. Miller's sister, Mrs. Wesley Mitchell. As I was about
to load them into a cab Mrs. Mitchell said she had just had word that the Regents
of the University of California had met and resolved that the papers should be
"delivered to the Federal Reserve System*. So I gave her a receipt indicating
that this would be done, and took them to Brookings for sorting and classifying
first. Obviously the power of your name with the Regents is greet.
Mr. Russell Leffingwell has just sent us a specially bound volime of
his speeches and papers dating from 1920 to 1951—this in answer to requests
for information as to where his papers are.
The "Washington meeting was discursive, and generous with suggestions*
Since then, end after consultation with Dr. Willits at the Rockefeller Foundation, Mr. Woodward and I have reframed the proposal for the main project so that
It comes closer to the lines you suggested, and includes an increased amount of
detail which Dr. Willits thought would be essential. Instead of trying to suggest a writer of the eventu&l history we are asking for 1310,000 for the study
project as a whole, and are naming Mr. Burgess as the person who will heed the
study project after he leaves the Treasury. This allows us to omit specific
proposals about which there was doubt, and gives us more tine for continuing
the work which is yielding such good results*
A copy of the proposal is enclosed. With It will go a copy of a report on the pilot project, the substance of which you have seen in Progress
Reports.
Time is pressing us so closely that I an forced to ssk If you could
look at the proposal over the weekend, and, if possible, let us have your approval by Monday. We are ssked to get proposal end report to Dr. Willits es
early in the week as we can*
Very sincerely yours,
Mildred Adams,
Research Director.
Mr. Allan Sproul, President,
Federal Reserve Bank of Hew York,
Hew York 45, Sew York.
http://fraser.stlouisfed.org/
Federal Reserve Bank
of St. Louis
tfltMm
March 29, 19$k
Dear Mr. Sproul:
Thank you very much for your careful consideration
of the problem presented in the skeleton list of suggested
works,
I will go ahead on the time schedule y^u propose,
and when Mr. Woodward returns we will try to find a ,date
after the 9th which is possible for both of you.
Meanwhile may I say that your comments about
going too fast are more than welcome. I've been feeling
rather like an idiot runner trying to cover a mile in the
time allotted for a quarter.
Gratefully yours,
Mildred Adams
FEDERAL RESERVE BANK
OF N E W YORK
New YORK 4 5 , N. Y.
March 29, 1954
Miss Mildred Adams, Research Director,
Committee on the History of the
Federal Reserve System,
33 Liberty Street, New York 45.
Dear Miss Adams:
I have tried to give some consecutive study and thought
to the proposal of a "main project" of the Committee on the History
of the Federal Reserve System, which you say in your letter of
March 26th must be in the hands of Dr. Willits of the Rockefeller
Foundation by April 18th,
My general impression is that we are trying to go too
far too fast in meeting this deadline. The original proposal, as I
recall it, was for a six months pilot study, after which it would be
determined what further could and should be done. Dr. Willits evidently
felt, however, that he needed something beyond the pilot study to put
up to his Trustees, and his own impending retirement suggested
shortening the time schedule. Now, as I look over what has already
been done, impressive as it is, and see what remains to be done, I
think we may well be deceiving ourselves and the Foundation if we try
to lay out a future program in too much detail on what is still an
inadequate base.
It seems to me, therefore, that the next stage of our work
should be a further development of what you have already so successfully
begun. That includes systematizing records of material in the files of
the Board of Governors and the Federal Reserye Banks, preparation of
a master file on papers and collections, already deposited in libraries
or institutions, and evaluating and making provision for the preservation
and use of other records and papers that have been or may be discovered.
This, as you know, would also involve not just a listing of material, but
would be an attempt to classify all such material and to see that materials
arising currently and in the future are similarly classified, so as to assure
comparability. Along with this work there could develop the publication of
a few volumes of papers. The process of discovering new materials,
interviewing more people, and classifying materials would probably provide
a guide as to the papers to be used.
FEDERAL RESERVE BANK OF NEW YORK
Z
Miss Mildred Adams
3/29/54
This is largely what you have outlined under A.I. We
would still have in mind A.II. and B. if the Foundation wants to know
where all this work is likely to lead, but we would not be committed
in too much detail to an ambitious program of organized research.
Such a program could well founder because of lack of competent
scholars willing and able to carry it forward on so many fronts. As
to C , I should think it might be culled out, so far as the Foundation
is concerned, after the initial or preparatory work under A.I. has
been completed.
I agree that a meeting of the Committee would be
desirable before submission of whatever proposal we want to send to
Dr. Willits, but I also am afraid that it would be difficult to bring all
of the group together at one time, either in Washington or New York.
Unfortunately, the divided meeting you suggest finds me in Washington
on April 5th, for an all-day meeting, and in New York all the rest of
that week. Perhaps Mr. Woodward could meet with the Washington
people at some mutually convenient time, letting them know my views
as set forth in this letter, and then you and he and I could meet here
to discuss the final proposal.
Yours sincerely,
All
March 26, 195A
Bear Mr, Sproul*
Thus far, we have carried on eommunication with
this Committee by means of memoranda, but I wonder i f we
ought now to schedule e ffieeting in advance of April 18th,
nhen the formal proposal for funds for the second phase
must be in Dr. V i i l i t s ' s hands.
}fy present plan Is th&t when ecsaaents on the
skeleton l i s t (seat you earlier this week) come back, I will
coordinate them and then prepare the more formal document.
That should be in Cosaittee hands by April 5th, which leave* ;
barely two weeks for consideration and re-writicg. If the
Coasaittee could »eet, consider and discuss points jointly,
rather than go through a repeated process of re-writing and
re~sub®ission, i t sight save time.
The Coamittee*3 Secretary, Donald ¥oodw&rd, i s out
of town but will be back on April 4tii. He wanted ne to ask
nhether you thought a dinner meeting in Washington on April
9, 10, or 12 might be advisable- Meanwhile I took the liberty
of canvassing aeabers for possible dates when I was in Washington "tkis week. The 9th i s not possible for Mr. Burgess or
Mr. Calkins, but Mr. Burgess expects to be in Sew York on
April 5th.
If you agree that a dinner meeting Is advisable, end
i f your calendar sakes the 5th a possibility, what would you
think of solving the dilemma by our calling ttfo meetings —
o»© here in Hew lork on April 5th, to be attended by yourself ••
Mr, Burgess, Mr. Woodward, and perhaps Mr. Calkina; and the
other in V&shington on the 9th, to be attended by Mr. ftiefler,
Mr. Stewart, and Mr. Woodward? There would then reaain merely
the task of coordinating the opinions of the two meetings*
•
:
; i
Sincerely yours,
Mildred Adams
KAikm
. " :!
MEMORANDUM
March 22, 1954.
From: Mildred Adams
You may have read in a recent progress report that a
small collection of papers left by Dr. Adolph Miller and found
in an unused storage closet in the Miller house was headed our
way for sorting out -what might be of value to this project.
Now Mrs. Wesley Mitchell, acting as agent for Mrs. Miller (her
sister) tells me that the entire Miller estate has been left to
[the University of California. She sees no reason why they
!should want these papers; she is disposed toward turning them
over to us, but her attorney has quite properly wired for
clearance on them. Thus far, she has had no luck in getting a
reply of any sort.
I would not be bothering you about so small a matter,
were it not for the personalities involved. There may be nothing
of any value in the collection. But we do want to see it. And
the President of the University of California is the brother of
the Chairman of this Committee.
We are still hoping that permission will come through
the regular channels. If it does not, we may have to appeal for
a word from you.
MEMORANDUM
March 22, 1954
TOJ
Mr* Allan Sproul
From* Mildred Adams
Tou may have read In a recent progress report that a
small collection of papers l©ft by Dr. Adolph Miller aad found
in an unused storage closet in the Miller house was headed our
way for sorting out what might be of value to this project*
How Mrs* Wesley Mitchell, acting as agent for Mrs* Miller (her
sister) tells me that the entire Miller estate has been left to
the University of California* She sees no reason why they
should want these papers; she is disposed toward turning them
over to us, but her attorney has quite properly wired for
clearance on them* Thus far, she has had no luck in getting a
reply of any sort.
I would not be bothering you about so small a matter,
were it not for the personalities involved. There may be nothing
of any value in the collection* But we do want to see it* And
the President of the University of California is the brother of
the Chairman of this Committee.
Ve are still hoping that permission will come through
the regular channels* If it does not, we may have to appeal for
a word from you.
HAifem
COMMITTED 08 THI HISTOES OF THE FEDERAL RISERVK STSTIM
Progress Report
Hareh 17, 1954
Tot
Meagre. Ulsn Sproul, Chairman
V. Randolph Burgees
Robert B. Calkins
William MeC. Martin
Valter V, Stewart
Donald B. Voodward, Secretary
In the five week© vhich have passed since you received the la at
progress report, tbe work thea started has followed the coarse laidl out.
Th© index of key person® in th# F@cl@ral B®8erv« Sygt«a i
growing. So is the bibliography of vapublished material, Th« cbronological in4#x has aoyed from the plftnning to the operating stage. The
subject iaaex Is to be started this week.
The interview process is yielding results no l«g# 'valuable for
being gewtvhat different .froas what ire h«<i •sptcted, He find that the
things which men re^e-aber and reeount on a flrat approach are not
necesearlly the things they might recall if closely pressed about
what happened in a controversial situation. In this early phase,
it hag aeeaed beet to question mostly in general tense rather than
to press on detail.
If these Interviews did no siore than atake the project come alive
in the ainds of nets vhoge cooperation is vital to its success (sad to
that of the second phege) they would be vorth while. In addition they
get men to thinking about past events in vhich they played a part, and
in the process they frequently set the past in proportion against the
foreground of the present. This is of greet help in working out the
dimensiong of the main project.
The Progress Eeport of February 8th listed »o«a@ tweaty-sevea
persona who had been interviewed. Some of these give us repeated
Since February 3th, ve have h&d at least out? interview
id.th Brooke Willis, Arthur Willis, Bugeme Meyer, Daniel ¥. Bell,
Q«org@ Vest, Hiss Anns ToungE&n, Hits Sfeta Glass, Frencis Berkeley
of the University of Virginia Library, Professor £lb*»rt Kincsid,
Voodlief Thomas, P&rker Villis, Ansg&r Berge, Carl Pitman, Professor
Arthur Cole, Roy Young, ¥<er Stark, Floyd Harrison, Mrs* Ogden Mills,
Joseph Broderiek, Robert Shiff, Miss Henrietta Larson of the Harvard
Business Histories group, Jay Crane, John Sinclair, Joseph Dreibeibis,
and James Warburg.
Paoere
The bunt for pertinent papers has recently yielded these itenst
The papers of P&ul H+ Varbur<g« nov in the possession of his son James
at his country hoise in Korth Greenwich, Connecticut, include & skeleton
diary of the period 1937 to 1914* covering events leading to Mr, Varburg1
taking of the oath of office as a wesaber of the first Federal Reserve
Board. There is also a diary of "Daily Happenings Bearing.on the Vork
Policy of the Board11 from October A to 2A, 191$.
papera of Jastea P.. ¥arborf,. housed in the saose quarters, include
a si^-vol«a« di^ry for tae period 1933~34# covering both the bankiof
holiday sad the London leoaomic Conference.
papers of Oliver M» V. Sprague. are in M s son's possession in
the Cambridge house.
The pertinent p&pers of ¥<er Licht&nstein h&ve been given to the
Baker Library &t Harvard.
The papers of H, Parker Villis are in the cellar and attic of the
Villis house on Ptaten Island. If this Committee could make it possible,
Mr. Parker Villis might go from Boston to Staten Island to set those
papers in order, provided it is understood that he does not know how
isaeh of value may be fo\and.
The papers of Moraan H. Davis were left to the Cotmeil on Poreign
Halations and are oov (March 1954.) in their hands, k final place of
deposit has not been decided.
A collect!OD of papers of Dr. Adolph C. Miller» h&s been found
in an unused closet in Dr. Miller1 s hoi»e. They raay b© turned over t©
this Com!ttee for temporary deposit at the Brookings Institution, until
they can be sorted and a final depositary chosen*
A gismll collection of papers left by Mr. Leon Fraser at the First
National Bank of Hew York has been sent to this Conaittee and is now in
our files.
We have not sought to acquire papers) when offered them, we have
nude other suggestions for their deposit. But in both the Fraser and
the Miller case circumstances made refusal difficult. It is f however,
understood that these papers can be accepted only on a temporary basis*
fh® seop® of inquiry has recently been widened by Mr, Sproul's kindtiess in writing a letter introducing the pilot project to the Presidents
of the ot*er eleven District Banks. We followed this by a first letter
asking for certain information ve needed from the other Reserve Banks,
«nd by a personal visit to the Boston Federal Reserve Bank. Other visits
to other Reserve Banks are in prospect,
Ve have had a change in personnel—Miss Meglio took the pl&e© of Mrs.
Karius, and as clerical work was falling behind schedule ve added another
typist, Miss Krebs. Meanwhile, the Board Librarian, Miss Sutherland, is
kindly giving us bibliographic help with certain material in Washington,
and the staff of the Mew York Federal Reserve Bank continues to be warmly
cooperative.
timing
The triple prooess of file making, introductory interview,
discovery of papers is still going forward, and we hope to continue it
until May 1st, when the Rockefeller grant for the pilot project ends.
Meanwhile we are also working on the design for the main project which
should be ready for Committee members by early April. (A skeleton will
be ready next week). We are still proceeding on the assumption that
Committee members would rather be consulted individually than as a
group. A meeting may, however, be necessary before April 18th, when
the final draft, with the Committee's approval, asust go to Dr. Viliits,
Mildred Adams
Research Director
yi***
Committee to Study the History of the Federal Reserve System
Progress Report
February 8, 1954
Tot Messrs. Allan Sproul, Chairman
W. Bandolph 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 pleasant offices made available in the Federal Reserve Bank of New York (room 807), the Board in Washington
and the Brookings Institution; in 8ev York a research assistant (Miss Katherine
McKinstry) and a secretary (Mrs, £dna Karius) are at work. Cooperation has been
established in Bank and Board, with officers and staff in both institutions very
helpful.
Data
w
The index of key persons in the Federal Reserve development is well
under way. The bibliography of unpublished material is started. The
chronological index is in the planning stage. The subject index comes
next, and for that we are getting expert advice.
Interviews
At least one interview has been held with each of the following (in
chronological order)Harold Boelse, 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 heacls - in New York
Miss Burnett, Miss Dillistin, Miss von $*uschlaubj in Washington, Miss
Sutherland, Miss Poeppelj Dr. Powell and Miss Katherine Brand of Recent
Manuscripts Division, Library of CongressThe average thus far seems to run about ten interviews per week.
Faperg
As for discovery of documents and papers, we now know that;- The diaries
of Charles Hamlin, Board member from 1914 to 1936, are at the Library of
Congress. The collection consists of 365 volumes, of which 25 are diaries.
The papers of Governor Harrison, in seven file drawers, taken with him
when he left the Hew York Federal Reserve Bank, have been listed and are
to be handed over to us.
The papers of Carter Glass are at the University of Virginia, and will be
listed.
The papers of Charles Daves are at Marietta, Ohio.
Belson W. Aldrlch papers (in 12 boxes) are at the Library of Congress.
So are the Voodrow Wilson papers, the George Horrls papers, those of
Nevton D. Baker, those of Charles Evans Hughes> those of Calvin Coolldge.
The papers of Dr. JSdwln Kemmerer are with the Benjamin Strong Collection
at Princeton.
The papers of John Skelton Williams are in th© possession of his widow,
still living, in Kichiaond.
The papers of Offden Mills (in 25 boxes) are in his stepson1s garage at
Brookvllle, Long Island, and will be made available.
The papers of Paul V/arbur^ are in the Greenwich house of his son Jsmes$
and may be seen.
for the next three weeks this triple process of file making, introductory
interview, 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. Villitts1 hands by April 1st) and then a
statement of the various sectors of the main project itself (including of
course a design for an internal history of the New York Federal Reserve
Bank), in as much detail as possible. This last should be ready for Coablaittee Members by April 10th—'it is due to be Dr. Villitts1 office by April
18th.
Coiaiaittee 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
k@©p the committee process as occasional as possible.
Mildred Adams,
Research Director,
FEDERAL RESERVE BANK OF MM XORK
Similar letter to all other Presidents
February 18, 1954
Mr* Mclcolm H. Bryan, President
Federal Reserve Bank of Atlanta
Atlanta 3, Georgia
Dear Malcolms
As an outgrowth of conversations between interested parties,
there has recently been established a Committee on the History of the
Federal Reserve System. I was asked to serve as Chairman, and the
following have agreed to serve as members of the Committees V. Randolph
Burgess, Depmtgr to the Secretary of the Treasury j William MeC. Martin,
£r«t Chairman of the Board of Governors of the Federal Reserve §ystem|
Valter V# Stewart of the Council of Economic Advisers? Robert D. Calkins,
President of the Brookings Institution} and Donald B. Woodward, Chairman
of the Finance Coiaalttee of the Vick Chemical Corporation, Secretary*
With the aid of a grant from the Rockefeller Foundation, a
pilot project has been orggmi&ed to interview people who have had torn**
thing to do with the development of the Federal Reserve System, and locate
and catalogue information and material which might form the basis for
later studies and publications with respect to the Federal Reserve %$tem«
Hiss Mildred Adams has been appointed Research Director of this pilot
project, with an office in this Bank.
Hiss Adams is already engaged In this work, and X think It Is
that, as the work proceeds, she will went to communicate with you
concerning things you may have stored in your head or materials you may
have In your files* The Committee will appreciate It if you will
respond to such requests by giving her such information as you think
/ may be useful in the project* If the pilot project is successful, we
/ believe that It may lay the foundation for historical studies, which
could extend over several years, and which will be of interest to the
n
Federal Reserve System, to economists, and others. The present phase,
//
however, is largely exploratory.
/ .1
'" • j
j
/
I
I
lours faithfully,
j
/
I: :•:
(I
(Signed)
ALLAN SPROUL
Allan Sproul,
President*
Mr. Sproul, Chairman
January 18, 1954
MATTERS REQUIRING COMMITTEE OPINION
1. Does the proposed and enclosed letterhead meet your approval?
We are proposing to ask interviews immediately from such people
as are listed below. Would you please indicate those whom you
think of first importance and add any others who come to mind?
Bell, Daniel ¥•
Bopp, Karl R»
Bryan, Malcolm
Burgess, W. Bandolph
Carpenter, S. H.
•'Case, J. Herbert
Crane, Jay E.
Crocker, Stuart M,
Davis, Chester
Eccles, Marfiner
Eddy, Walter W.
Fleming, Robert V.
Gidney, Ray
.Harrison, George L,
Jfewes, Henry M.
Kinkaid, E. A,
g ,
R. G.
Logan, Walter
McCabe, Thomas B.
^Mclntosh, J. W»
Wyatt, Walter
•/loung, Owen D
Roy
^ e y e r , Eugene
Shepard
»/Parry, Carl E.
Peyton, John N»
Hiddle, Jack
Riefler, ¥infie
Roberts, George
Hoelse, H. V.
Bounds, Leslie
i4
N/Stewart, Walter W.
Strong, Jr», Benjamin
Temple, Alan
inomas, Jonn «•
Thomas, Woodlief
Thompson, Donald
Thurston, Elliott
Viner, Jacob
Wheeler, Oliver P*
%/Williams, John H.
Woolley, Clarence M . ~
Mildred Adams
Research Director
s
,*
.ease initial and return
Committee on History of the Federal Reserve System
Room 807
33 Liberty Street
Hew York 4-5, Sew lork
January 18, 1954
Mr. Allan Sprout
President
Federal Reserve Bank of Hew Xork
33 Liberty Street
New York 45, Hev York
Dear Mr. Sprouli
Kiss Adams tells me today that the Bank
has set up generous quart ere, provided her with
an excellent research secretaryf and is giving
her cordial cooperation all along the line. This
is wonderful, and she is very appreciative.
Mow that ve have the Rockefeller grant
in hand with Brooklngs in a disbursing and consultative capacity, there would seem to be good
reason to ask Dr. Robert Calkins, President of
that institution* to join our Committee. Unless
you have some objection, X would recommend that
this be done, Vill you please let me know how
you feel about it?
Sincerely your a,
Donald B. Woodward
Secretary
COMMITTEE ON HISJOKX OF THE FEDERAL RESERVE SYSTEM
fit AM mmmmmm HWHOT tmnm
THS OOLL-:OTION, APPHAI3AL, •DITIN- AHD U3S
OP MX3T0R20AL HAf fRIALS 014 1H8
smmttm
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THS
aDMKximr OK TUT HISTORY or tin
Allan i p r o u l ,
Donald voodward, Secretary
HBWRILL
Rssawr* antm
CDLLKOTION, APPRAISAL, •.
Of HI3T0HX0AL MATERIALS OK TH«
3T3TSM
/\»0 USI
L
Th« rapid changes which are now character!atic of th« American
make I t d i f f i c u l t for uaeeble rooorde, couch loss readable history*
to keep up with the is.
Yet i t i s mre than ever v i t a l that not only ehoyld
r««ulta bs known and un J «rstood, but that the path by whioh thos« results
w«rt reached ^9 aede olear»
This truism i s nowher* more important than
in -Wi« e&ae of th# Federal reserve.
Boaer?e SyatQia1^ functions are esaentiel to efficient
operation of the Amerioan acononsy, yet the System i s 1«SB unerstood than
the iindustrial, coaKaercisl and financial operations which i t ao much
influences.
The Systssa hn8 been built and rebuilt duriBg the peat four
deo&dosy but what happened ha» not yet been adequately raoordod,
Unleos
t h i s work of exaa&ning what has beeti done and setting i t down i s readable
form ia begun so;>n, a v i t a l section of financial and oconomio history in
the United States will be l o s t .
The papers which would be needed ae source material in writing an
adequate history ar« scattered between govermsant, banking an-i private
files*
I t i s not even known what oxiata, fjor whar© nome of what e x i s t s
could be found*
The ram who hav« «ot«4 as architeoto and builders of the
present Federal Reservo iyat«m are already beginning to diaappsar.
darter
alas* and Governor 'trong, for example, @rs dead* Others ara reaohing
retirement,
fhos© l i v i o p , whose sesoriea fora a a»at valuable •upplenent
to any papers which they say have, should be approached and aaked to
contribute personal knowledge and aooena to p*p@r* before i t i s too late*
- 2 Only exploration can reveal what can be icede available*
Silt ft
number of important possibilities eadtt* Governor ::»trofig*s papers
been wo keel to only a very limited degree, and oan yield much more, There
way exist at J. !># Morgan some papers of 8. Parkar Gilbert, &&d possibly
others* £• A. Goldonweiser ©ay have left AD important collection.
Oherlea
Hamlin left a collection of diaries which have not bean examined,
Congress-
ional ha&rinya and da bat-a o«n yir>V) aiuch sjaterial and probably Importsnt
oluea.
the living th«re are in^ortont memories and doubtless important
collections of papers* Thoae who would cartelnly be inclu^ad ars
Waiter W# athwart, Qeorg9 h, Llarriaon, Roy 4* Young, obsrt ?•
Meyert Marrinar Koalsa and Daniel W
Znrest^gation would go mush farther*
QQd, produot toward wtoioh this project ia dir«*t*4 w^uld be a
eoaqprehensiv© history of the Federal Reserve SyatoiB, inotudinr- the edit!tig
far publioati.on of certain aouro^ materiwlH, the- writing of biogrophic
ek^tchea of some of the aoet important figures, the eoaposinf: of books,
•Ottogrspha vn\ artiales on special facets of the structure which emerge all
of particular interest, and perhaps a popular history or two designed for
vide public reading. Obviously suoh a comprehensive design would be a
A©natdurable u»d*rtaking, to be carried oa over time by
specialists in this
Usacwhils a great deal of preparatory work i s needed before suoh a
comprehensive study of the Federal Reserve 3y»tera could be started* It is
that preparatory work whioh i s the subjeet of this proposal* Papers which
will form the source material should be located, olas ified, and roughly
analyzed.
Important characters in the drama should b© sought out, their
cooperation asked, and their interest enlisted.
The dissensions and pro-
portions of the ooaspr she naive study should be sketched and i t s possibilities
bulked out.
The exploratory study would at least hope to answer the basis
questions, "tfhatt,11 "Where?" and "Whomt"
of the project
kn added factor which presses for a quick start is that such a projeot
has, in one form or another, been quietly simmering in the minds of several
persons. I t s present active form grows from disoussions which have involved
Mr. Wm, MeO. Martin, Jr.,
Mr. Allan Sproul, Fir, t/. Randolph Burgess,
Mr. Walter W, Stewart, Dr. Robert Oalkins, Mr* 3* Spenoer Soott, president
of Karcourt Brace & Qo,b Mr. Donald B. Woodward, and Miss Mildred Adams,
Work Plan
The work plan oalls for a staff member, a bibliographer and a secretary
to work with the advice and collaboration of a small committee of advisors,
This advisory committee will be headed by Mr, Allan Sproul who has consented
to serve as chairman. It includes Mr, If, Randolph Burgess, and Mr. Donald
Woodward? the lattar will act as Secretary• Other members will be added.
The services of Miss Mildred Adams, whose schedule calls for more free time
after January %&%$ ieay be secured for the post of active staff member in
eharge of research. Miss Adams is a journalist trained in the. handling of
economic subjects who is mow reporting matters at the United Nations for
the Sconomiat of London,
The work will be done under the name of the Oosadttee an the History
of the Federal Reserve System* Arrangement3 for tax exemption and the'
disburaesHtnt of fund a are under way* It is hoped that a beginning assy be
possible as of January 1), 1954. Desk apaos will be provided without 00at
i s the quartera and near the library of the New fork Federal Eeaerve Bank.
posts
For an exploratory project of this kind a period of six months should
be sufficient.
At the and of that tiae the staff steaber* working with the
advisory oossmittee, should have the major areas of the larger project blocked
out,, a- biographic ini®x of personalities prepared aad testa aad® of their
cooperative willingness» a bibliography of basio materials and a sap of
aouroe papers ready« kith those in hand, i t will then be possible to
th® problems of th« larger projeet,
^ ffee' t^r^er
Thia proposal concerns only the prepareitary stages, during which
•atarialt m*&%& for further study of ths federal
eaerva System will be
surveyed and the cooperation of key persons enlisted*
But a pilot project
of this type i s pointed toward a far wid«r ©ad psroduot*
The OosaaittaQ ennnot at this tim« malse more than a rough eaticsate as
to h©w long tho larger prdjoot my take or how much i t might oost« The
work toward whish this pilot effort luads i s oi' such great'value, and haa
sueh wide ramifications that any attempt ts draw i t s limits nov: vrould be
revised six nsoathe fro- now* Much mor« than pure history is imrulre4#
the Federal Reserve System i s part of the governing struoturs of the country 9
and as auoh i t s functioning and ite offsets boar upon the oDntinuing suooess
of this dwaoorary. They need study from many more angle a than are
ordinarily eontessplstad, and they demand far wl&*r understanding than
has hitherto bean granted*
With thin in aind It eeotca clear that at laast five years1 work
would be Inralred it* producing and publishing auoh works as a definitive
hictoiy of tha federal R«senr« 3yateii-, an analysis of i t s plao« in the
American »oonoiay, a#veral volusiaa of pertinent papers to he collected and
«dit«d, on$ or two k^y biographies, at least one popular account ua@abi$
In high school and froahinan college oouraea, artiolaa and monographs in
pariodioals.
Suoh a comprehensive dealgn mizht m&& funds not leas in
iBBDunt than $200,000, &n$ night wall attract aoholars from several di#elplinea.
It would spur resQarch and writing in a field rich in possibilities*
inadequately covered by praaent publications, and of vital concern to the
country.
MISC.33.2 eoM-u-53
FEDERAL RESERVE BANK
OF NEW YORK
OFFICE CORRESPONDENCE
nATF
To...
FROM.
Miss Dillistln
Allan Sproul
January g$, 195** •
suBJFn Federal Reserve history
4® you know, the officers and directors of this Bunk
have be®n interested for a number of year© in developing a
historical record of the Bank, Such a project was undertaken
several years ago by £r* Eobert B. Warren of Princeton University, but Dr, Warren*® death occurred before much progress
had been achieved.
A pilot project to locate m& tabulate sources of
information and material which might form the basis for later
studies and publication® with respect to the Federal Heserv©
System is now being undertaken b^ Miss Mildred A m s , Research
Direetor of the Goamittee on the History of the Federal Reserve
System. The members of the Committee Include, beside myself
a® Chairman, W; Randolph Burgess, Deputy Secretary of the
T easury; William MeC. Martin, Jr., Chairman of the Board of
Governors of the Federal Reserve Bystem; Walter W, Stewart of
the Council of Economic Adviser®; and Donald B. Woodward of
the Tick Chemical Corporation, Secretary» the project is
being aided by a grant from the Hockefeller Foundation,
The project is exploratory in nature—to determine
sources and to create a bibliography of material* not to publish material derived from these sources* That may come later.
It is hoped that, among other things, the project will establish a pattens for the creation of Bank archives, i.e., a
pattern for segregating from the file© of the Bank copies of
material which will be helpful in establishing a history of
the Bank and thus contribute to historical studies of the
Federal Reserve Systemtoypersons both within and without the
Bank.
Him Katharine McKinsti^ will act as Besearch Secretary, assisting Miss Adams • Miss Adams and Miss McKinstry
will have general responsibility for the custody of the material being assembled under the project.
you please make freely available to Miss Adams
and Miss McKinstry such material under your care as, in your
opinion, would be helpful to them in connection with the pro*
ject. All such material is to remain in the Bank under the
control of the Bank, and the Bank is to have the right to review
whatever material is proposed for inclusion in the segregated
source material.
MISC.3B 2 OOM-,1-53
FEDERAL RESERVE BANK
OF NEW YORK
OFFICE CORRESPONDENCE
nATF January 2S, 1 9 ^ .
Trt
Miss D i l l l s t i n
Allan Sproul
gimiFrT
federal Reserve history
-2-
ffcey will probably find a review of the so~callea
Strong papers (the special files of Governor Strong*s correspondence and other papers) a helpful starting point.
I suggest that as* from time to time, you have any
questions regarding the project, you consult with Mr, Arthur
H. Willis, Secretary of the Bank, or with Mr. Treiber, First
Vice President,
eoj
Mr. A. Willis
Hiss McKinstry
, Allan
M,sc.
ALLAH SPROUL 1
c
Thirty Three Liberty Street
New lork 45, I.I.
January 26, 1954-
Mr, Donald B. Woodward, Secretary,
Committee on History of the
Federal Reserve System,
33 Liberty Street, New York 45Dear 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 1 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".
D
I am enclosing the sheet labelled "Matters Requiring
Committee Opinion" with my opinions.
In the report of Miss Adams there is a reference under
"Headquarters" to a charge to be made by the Federal Reserve
Bank of New York for equipment. The figure of $10 vhich is mentioned is just an estimate, and telephone service and toll calls
will also be charged. The arrangement will still be economical
and satisfactory, I am sure.
Sincerely,
(Signed) ALLAN SPROUL
Enclosure
January 14, 1954
I
it
Messrs. Allan Sproul, Chairman /
Villiaa M, Martin
V, Randolph Burgess
Valter V. Stewart
Donald B« Woodward
Dr. Robert Calkins
Gentleman*
In view of the fact that Tuesday, January
19th, proves not to be possible for ovevy member of
the Committee, that proposed meeting has been cancelled. In Its place, a report on the Committee^
present status, together with the questions that
were to have been asked there, will be circulated
by aail, X hope that this aeets your approval*
Sincerely yours,
Mildred Adass
fiesearch Director
Coaaitt#e on the History of the Federal Reserve
HAtiai
Hew fork 21, New York
4 t 1955
Dear Mr* tproul*
•
.,
•
. . .
•
....
.
•..
; jV:
'
;
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_
-,
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.•
J *
I aa writing you at tH* suggestion of Mr* Rudolph Burgess whoi I Saw in
Washington lat@ last week* He i s vsry stuoh interested In an exploratory
project directed toward the collection and development of historical
materials pertaining to tna Federal Reaarv© Syateiu, on which I es& now
working* the project would be planned to lead toward the possible editing
of various eoll@otions of federal R#s«nre pap©rat and th© writing of a
definitive history of the Federal Reserve Syatera and i t s effeot on the
Aiserioan econosiy, perhaps with ' r. Burgess as author* the present moment
i s on® of preliminary oonvareationa, staking out of material, and surveying of the f i e l d .
In the course of our convereation last week Ur* Burgeea said he thought
your cooperation v i t a l to the project, and he hoped that I would get in
touch with you on mf return to Hew Tork so as to discuss It with you*
This note i s to aak whether i t fright be possible for you to a®* me early
next week* I will phone your secretary for a reply*
;
Most sincerely yours*!
Mildred Adams
Mr. Allen sproul
i resident, Federal Reserve Sank of New tork
35 Liberty Street
Hew Tork 45, Eew York
,;•)•>.
@FedFRASER