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410 '7 cn e-n VA, June 19, cl `-, 1919 c.)- Dear Sir: Th is letter, together with my passport and his own, will be presented to you by m7 secretary, Mr. Vaughan. I ex- pect to visit Belgium on official business of the Federal Re- serve Bank at an early date, sailing from New York on or bout the 1st of July, and shall Appreciate it very much if you can accomplish the formalities of visaing these passports without requiring my personal presence, as the present pressure of business would make it very inconv-nient for me to attend. Very truly yours, Governor. Cons .1 of Belgium, 25 -adison ave., Aew York. --)1,01,0t-tc 41-il6Z -)1/ ritt ED. BUNGE rre face Preface If there is one point on which S'il est un point au sujet duquel it y a actuellement unanimite dans le perfect unanimity in the world exists, monde, c'est que de la lutte presente it is that the outcome of the present Union struggle should be a union of Nations. dolt sortir une des Nations. -En d'autres termes, qu'aux rivalites et In other words that to nationalist ri- ambitions nati onali Rte., dolt succeder valttes and ambitions should succeed un regime assurant dans la pair a regime assuring the development in et la liberte, le developpement des forces peace and liberty of all productive productricee. C'est le phenomene con- forces. Individuals, families, tribes stant de l'volution du monde. Succes- and even nations have successively sivement les individus, lee families, !after more or less protracted periods lee tribue et mime les nations, apres of strife renounced regulating their des periodes plus ou moins longues de conflicts through force of arms and combats, ont renonce a regler leurs have instead accepted a peaceful ju- conflits par la force des armee et ac- risdiction. This time again the strug- cepts de se soumettre a une juridic- gle between peoples will have the sa- tion pacifique.Cette foie encore, la me result, the war will bring about a lutte des peuples aura ce resultat et definite peace between groups of la guerre amenera la paix definitive growing importance. entre les groupements de plus en plus in portants. The new regime will necessarily Au regime nouveau s'imposera une double mission: reparer le passe et have to fulfil a double mission: it assurer l'avenir. must mend the past and assure the fu- ture. -2- Reparer le passe, c 'est faciliter Mending the past means faci li taaux generations qui suivront la liqui- ting to the coming generations the li dation des charges qui pese rant sur qui da ti on of the charges wherewith the elles par suite de la folio de destruc- folly of destruction, which has blown tion qui a souffle sur pre sque tout le over nearly the whole of the civilized monde civilise. Cee charges comprennent world has charged them. These charges les emprunts contra° tee pendant plus comprise the loans contracted during d'un demi siècle pour la preparation more than half a century in prepara- de la lutte, les depenses actuelles de tion of the struggle, its actual cost guerre et celles qu'entra.inera sa 11- and the expenses which its liquidation c 'est a ai re , la re pa ra. ti 0 n des dommages causes par destructions, re qui si ti one, etc. , etc. Assurer 1 'aveni r, crest etabli r les relations economiques sur la base la plus propre au li bre developpement qui Ca -Gi on, de touter le s activi tea: exploitation deb .d.chesses nature lles, manufacture et distribution des prociui ts. Pour cola, i I faudra fai re di sparartre les barriLres qui entravcnt lee relations ,'concmiques et, avant tout, ref rme r la circulation moni tai re. ot; teuX pa rce re qui si ti o ns etc. etc. As su ri ng the fu to re means the establishment of economic relations on the basis most conductive to the free development of all activities: the e)sploi iati on of natural riches, the manufacture and distribution of the products. Towards this end all barriers, which hinder the development of economic relations, must be removed, above all the monetary circulation must be re f c rat d. L'instrument d 'echange , tel qu'i 1 exi ste ac tuel le !tent, lest i nsuffi sant et i s sure to occasion, viz, the reparation of all damages caused by de structions it The instrument fo r e:=.cranoe as ate to - day, i fa insufficient and 'i 1 a etc Stabli Cs? costly .z:n account of its protecting - trj.nseque, dont i 1 fallai t emlAcher la pred tok depreciation. Bornone-noun, sane entre r dans 1 e xamen appref endi de c e tte que ti on, a. cons tate r que 1 'inetrument monc. tai re pour reeipli r son role, doi t : 1° N'avoir selcune yaleur i ntri nsaque ; into se 1 inat must 1° 2° 111:et ster en quanti tea suffisan- 2° tes pc.air taus les besoi no; 3° Avoi r force li be ra toi re i llimi t4e. 3° Pour cela, l& nouve 1 instrument d'4change devra i nepi rer une confiance merit anti ere a ceux qui e 'en servi rant. conf De la, la r4cessi 'lien organiser 1 'emi sei on de facon a le me ttre en rapport in su avec 1'4 tat nouveau qu'amenera the n 1 'Union des Nations. Une itanque cenNatio trale, charge .de ce se rvice, sera ti on le corollai re indispensable de 1 'Une on servi Beenomique. l;1le time ttra, sows is garan- indis tie soli dal re des tats nertici -pants This des billets de banque qui aurcnt courts and s dans 1 'Uni on toute anti ere, et fourni S ta _e ra aux *tats, tout au moine partiela e pt leeient, les re ssources n4cessai re s triee pour se libe re r des lourries c'ne.rges them -5consequences de la preparation h la partially of at least lutte,' e t re la lutte el le-m'eme; lour through th e ncurred c rikti on pr4servem t4 des the struggle and th -"aux so ciaux re doutable s ueand l'impuhumanity may be siticn exceaeive des masses palling rendraitconsequence non in4vi ta:ole,. unavoidable excessi MA83e3. tat peuvent Ei seto. te sde bts m range r dais ten categories eulvante three 13; categories: 1° ire tte a payable 3 au c omptant; 2.° deb-La pajtible 2° De tte s reeiboursable s a tichian20 debts payable w Les de t tt ce rappr..ohoc,e; Jetted perpe. tuelle s ou L. 6chean3° pe rpe tual debt ce tre s 61olgnee. long time to ru La premi; re ca tea° ri e coetprend The fi rs t categ en pi'esi r lieu la ci rcula ti on du- ine tance th thefi first ci kti re xi sque tante en ci pays, lati on which exists culati on qui p-iur des rai sone evi circulation which fo , dente s, dui t e t-:e re.11,..durdiCe e t ceu- plactie par lee nowreaux billets. Elle eolipn:nd. an u.itre, le -i;aieme et de 3 requi ei ti one et les indereni t4s pour must be paid off and new n.) t include ment of all rrquialti sustai !led through the dotmagee subj. s. verve 1^ deuxierne catAgorie se range nt le e bone cu Tr4 nor, 1 s tra,iteo e. i5ch6ance , etc. - En classed all treasury short sight e Lc. - I It ce Cita cencerne ces deux categories as 1-..-.garde these two i 1. est tree simple pour leo 4tats de In the eecond ca the Geve rev/lents will m -6- se se rvi r de la nouvelle monnaie mime a leur disposition; leur obligation Aant preci Bement de couvri r lee cr4- new notes placed at their di sposal, the obligation incurred by them being precisely to pay off their r c redi tors anciers en leur remettant, de sui to under these heads by means of a mone- ou a court to rme , un symbols mon6tai re tary token of liberating force. ayant force li be ratoi re. Pour la troi sieme cat4go ri e, 1 ' oFor the third category, the ope1,4 rati on ne pourra se fai re que plus ration must of a necessity be more slow, the conditions at which the loanp le ntement en tenant compte des modali tes qui ont pr4si df5 a 1 'emi eel on de were contracted having to be taken into account. The Governments have bound chaque ernprunt. Lee dtate Re Rent enthemselves not only to reimburse the gages, non seulement a rembourse r lone by means of legal tender, but very 1 'emprunt en monnaie coursable, of ten also, to reimburse them only aussi frequemment a ne le rembourser after interest should have been paid qu'apres avoi r pays pendant un temps on them during a given period, under te rni n4 un lo ye r fi xe pour le s all circumstances however the use of avoi re; qui lui ont pte confies. Il n'en est pas mum ns vrai que lee 'state trouveront dane 1 'usage dee billets rai S un soulagenet important a leure the notes will signify an important alleviation to the Governments of their charges of interest. charges d'int4rCts. "ais ici se pose la question de eavoi r si, en agissant ainsi , ile n'enfient pas la circulation outre.. me au re ?la Ba nq-le me t tan t a la di spo - si ti on de see associAs lee moyens leur pe rme ttant de rembourrser une partie notable de leurs de tte s de Here however the question naturally ari sea, i f by so doing, they do no risk an undue i inflation of thei r ci roulati on. The Bank putti ng at the ii apo- sal of i to partners the neans wherewith to pay off a considerable part of their wardebts, the result might indeed; -7- developments? veni r? The abundance of available capiL'abondance des capi taux di sponibles tal will induce its owners to look for amilkera lea de tenteurs a en re che rcher un emploi avantageux et develop- paying investments, it will thus s ti pera, par suite, 1 ' espri t d'ini tiative , mulate the spirit of enterprise, tandie que le bon marche de cea capi- whilst the cheapness of the capi tal taux rendra plus lucratifs lee efforts will increase the re turns of producde s producteurs. ti on. I1 est tnutefoi s certain que la realisation de ce plan se heurte ra a It appears nevertheless certain, that the realisation of the plan will 1 'opponi ti on de nombreux cPpi tali stets have to contend wi th the opposi ti on qui y verront une expr,_ priati on de la of numerous capi tali atm, who will look fortune privee. Ile ne devrai ent point upon i it as an attempt on private for. perdre de vue que lee depenses de gue r- tune. Such ought however not to loose re engagees par des gouvernements reguile reme nt consti tues ont atteint eight of the fact, that the wardebte contracted by regularly constituted cette fortune , et :iue le seul problems governments, have in fact placed that fortune in jeopardy and that the only qui se pose est de savoi r comment aricette diminution d'avoi r dolt etre di s- question to solve is, how the loss sing therefrom is to be di stributed on tribuee sur la masse du public. the public. -. La plupart des financiers et des economistes sent d'avis gulll est nece ssai re de recouri r a un imp8 t eur is capi tal. La perte, subie une foie pour toutea, laissera une situation ne tte infiniment preferable au boulet ec ra- Most financiers and economi eta are of opinion, that a tax on capi tal cannot be avoided. The lone once bor- ne wi 11 leave a clean si tuati on, 1 nfini tely preferable to the crushing charge, the service of a loan would -9- -10- le s 'desiderata qui devront ; tre de si de rata, which can and must be reaa6s par le nouve 1 instrument financier, lived by the new financial organi saalVssoi re indispensable de 1 ' Uni on des ti on, same being an indi penmable acNati one, qui pourrai t, peut-e tre, e t re ce sso ry to the Union of Nations and consti tue sur les bases que nous don- which might perhaps be edified on the nova ci- a pre B. bases ,given hereafter. ( La Banque des Peuples Societe Cooperative Beige d' emi si on agissant pour ceux des Gouvernements alli6e -3la Bf /wile endears d 'un delaf de trui s months time to exchange them at thei r mole. Cee autres billets eeront four- National ttnk against other notes of la Banque 34a ti onale en question the Bank such o thc. r notes to be furni par le. Rarque, l'associe s'o-oli- shed to the National Bank in question geant a. lee rembourse r a celle-ci enby the Bank and the excluded partner deans 1 'annee qui euivra la A.ate de sa ng himself to reimburse within decheance esoi t en bi e is avant one year the amount thus paid out by dans lee pays des ase oci es re s tants the sat d Nati °nal nk. Such reimburse soi t par la remi se a la Banque d'un me nt to be affected either in notes of ac tif approuv4 pr4alablement par elle. the Bank bea ri ng the distinctive marks T Jute per'-.e pvuvant r!!sulte r la, non of the remain' ng 12artne re or in the 03,1, ...vati on partielle ou to tale de shape of any o the r as set to be previ ous cetts s par I 'aseoci4 d4ly approved by the Bank. Any lose which ,.;ha sera sapport4e par la Banque. may ari se through the excluded parts '2 ner r-mai ning in de fault i n thi a respect to be borne by the Bank. Les 9.ssoci4e fondateurs sont les sui 'rants : Le Gouverrement de I 'Angle to rre et Colonies 4uo0 parts Le °olive rneme nts den !tats Uni 4000 parts Gouvernement de la France 4000 parts Le Gouvernement de 1 I tali e 2400 parts Le Go.,Ive rneme nt du Br4si 1 1600 parts The founders of the Be nk are the followi ng : The Goverment of Great Br:, tai n and Colonies 4000 shares The Government of the United. States 4J00 shares The Government of France 4000 shares The Government of Italy 2400 shares The Government of Brasil 1600 shares -4,- G.;uvernment dr. la Belgique parts etc. etc. I. 41:04e : 30 and The durati on : 400 shares etc. ate. 30 years siege : 'Bruxelles Tie seat Br) s ae is lie Conseil d'Admi ni stration: Chaqae parts donne. ra souse ri ptiondde droi t a la nomina ti on d'un membre. Lee mmrrbres ell ront e ntre eux u rt Pre - sident qui de v ra ; trs de Naticnc.lite Be I ge Le The Government cf .Belgium revere: la re v r.0 de la Banque cons te ra. en un. ire IeveTe, nt arnuel ti /e tent ii rime Bur la ci rculati on de bi lle ts de chacun fee associ es et au debit de celui -ci Ce pr6laveme nt sera calcule de mani re pe nnet tre h. la Pancius de couvri r see frai s. I1 se ra r3serve 1e .1e ann.uelle consti de 5% des benfices. : The Board : 7ach subscription of cha e to e.nti tle the subscriber to the no7ti nat. t on of one member. The mem- be Ts to elect a chai rman amongst themselves. The chap rman to be of Belgian Nationali ty. 21.2raysisia: The revenue of the Bank to cone st of an annual and relatively small contribution to be paid by each ;partner on the amount of the notes in circulation bear] ng his It etinctive mark. This cont:d.bution to be calcula- ted in such a way as to form the approximate amount of the R-rik' B e flees. A reserve account to be formed of 5% of the Penn's annual profits. mints .nrapruntent ou po7.1r7oient aux GovernThe princir:les, ments borrow or provide for the finan- be soi ns fi nr.nci e re de leers rays sur- cial wants of their respective countries tout de deux mani C re s pri nci pa 1 ly i in two ways: ,Les Princi-ces. Le but : Les Gouverne- : l °au rnoven de 1 'cimi smi on de ti tree aortint Clefit de ce tte mare que le s b lli 1;4 rants se sont 1° by issuing bonds bearing interest. It is in this way that the be 11i Re re nt powers have procured for themselves 6- http://fraser.stlouisfed.org/ Federal Reserve ' Bank of St. Louis -8- Cat en question porte la marque distinc interveni ng National Bank to the debit of the partner whose distinctive tive. mark the certificate bears. Il sera imprime in fine de chaque certificat un recu que le porteur de- tachera au moment de la conversion de A receipt will be printed in fine of each certificate which receipt the holder will detach and keep at the son certificat en billets de la Banque. moment of the pourra a tout temps moyennant pr4- conversion of his certi- ficate into notes of tht Bank. He bentation de ce recu et pal eme nt du will be entitled at any time to claim montant y mentionne se faire dllivrer delivery at any of the National Banks un nouveau certificat par une des of the guarantors of a new certifi- Banques Nationales des garants, e. eon mentioned in the receipt. choi x. Il reesort de ce qui pr4ce de que la Banque sert d'institution d'emission cate against payment of the amount a tour lea associes indistincte- ment.Ils lui en accordant le mono- It appears from what precede that the Bank will ei...rve as Bank of issue to all the partners, they will grant it a monopoly to that effect. pole. Les Banques Nationales des associes conti nue ront a e xi ster sans qu' aucun changement ne soit apport4 ni leur fonctionnement ni e. 'Furs avan- The National Banks of the partners will continue to exist as be- fore without any change as regards their functions and advantages. They tages. Ellen me ttent lours services a will hold their services at the di- titre de correspondants h la disposi- sposal of the Bank as correspondents. tion de la Banque. Conclusions et commentai re 8: La forme Commentaries and conc lusi one: The de la Societ6 Cooperative Beige a 6te form of 'a belgian cooperative Compa- choisie parce qu'elle s'adapte parfai - ny has been chosen un account of its -9teevent au but aseign4 e, la. Banque, ce- perfect adaptability to the object of . lui cis creer une base financiers com- the Bank, that object being the creation of a financial basis common to muAlaux peuples qui deviendront see asmoci6s. own capital peat, au gr4 du the peoples which become its pertners. Conseil d'Adminietration, ;tre en tout The capital of the Bcnk can at any temps augment.4 ou liminuA et 1"lasti- time,according tc tha decision of the Board, be either increased or reduced cit4 sue la Vgielation Beige lut donnee rend possible dane un sens g4n4.- and the elasticity of Belgian legislation in the matter allows to group ral le groupemeet dens une souls orwithin the limits of a single organisagem sati on, d lintAr;;te *west d1stincts tion interests as distinct as are thequo ceux dee Gouverne!ments qui auront se of the Governments which may ad- 4, adh4r6 a see statute, here to its articles of association. La Natioretlit4 Beige s'impose par The Bank is conceived to be Bel- is fait qu;elle est cello d'un peuple gian as a tribute to the Belgian peoqui au point de vue de la civilisation pie whose civilisation is on a level enrolee de pair avec let grandee puis- with theft of the Great Western powers srnces de l'ouest et qui s'est acquis lee sympathies univereellee par le 1.'61. qu'i1 a jou4 et joue encore dans and which on account of the part it has played and is till playing in the pre sent war, has ge ned universal laze rre actuelle. sympathies. lets nati onaux, onsac re ra 1 'exc 'dant la. conversion de sa Bette de guerre. reanke to the credit opened by the Bank, each partner after having reimbursed his own notes in circulation, will apply tile surplus towards paying off its wardebt whereby the De lk un notable allegement du servi- financial service of that debt will ce financier de cette dette. Les be ccnsiderably reduced. Acting in Grace au credit octroy4 par is Banque, chaque associe, apre a evoi r rerebours4 la circulation de see bil- -10- http://fraser.stlouisfed.org/ Federal Reserve ' Bank of St. Louis -12- raison (1qtre dee cterti ricets The reas refei ea (Lane. le fait que le remboui7eement should be c guerre that the reimb lap et eimplc de de ttes moyen de bi llete de la Barque i nont rad. t 1, pays de pa pier, s.i,ore qu.e tc.'ut Iff!tenteur de titre's de glierre opte re. certainemInt pour leur remplacent par- den cf-rti ficate lui aeseurant Intl rat, dui t 1l est v ral , mai.s u lai r.p:-ertant en compenna ti on la. cone rti bi 11 to i tout moment en argent c 4". ant, certi :feats d 'ai 1 leu re ?. 'a.bri de touts fluctuation de bourse, of rardebte b Be nk wet 1 d r c.cuntriss wit warbonds wi their bonds r yielding it i only, but bei time into read the Bank and such co nve rti Farce quIdinei co rye rti hie. a. Corms ces ever falling certificate ?current b. la convenance du propri4tai re etre convert! s tout compensation moment en billete 1 nte rnati onaux, de parel nte temporal res e^ntreplac rrn+t dam, lee moeure et sill rout au- ficates being the holder rec to*,ati querne nt (levant la menane d 'unis actsumulati on etomentanee cans emploi.. capi taux rate of inter into internatio rary investme appreciated b tomatically a any accumula rily without e Pour lee aseoci4s lItiodetenc des For the certi fists si gni fi era outlet la esuppes- existence of si on de tout danger d nflati on, larei.- flea practical ducti on dee taux d'int4rets consentis 'Lion of all d -13- -14- de faire libeller les billets portant will serve as legal tender in the countries of his copartners however to be printed on the face of the notes. Eve- sa marque distinctive en sa monnaie la pari to en valeur d 'arbi trage pour laquelle cee billets auront cours ry partner will be si cies determine the importance of the cuttings according dans les autre is pays y figurant concurremme nt. Chaque associ de'etermine- ra e n outre 1 'importance des coupures portant 8:3 marque distinctive suivant lee exigences de 3,)n cemmerce et de to the exigencies of his own commerce and industry. son induetrie. It is imperious in order to give I1 faut puur dormer tout le pre stide posei Die aux Dille is de la moue all possible prestige to the notes of the !tank making them i n point of fart soient en pour qu dee ie.uple an equivalent of gold t° -iat they should nt de 1 ' r, les faire fed t 1 ' qud be guaranteed jointly and severally by garenti r soli d.ii rernent par toue les as eocl es. l'our les grandee Ali esance t3, ce -L fz,a. rant). e rrciproque pour de s noner.nte equivalente ou L. oeu prs, te, it n'y n'off re. aue ae :ea que le 8 -0e1 ese.nce s reoyennea e petite s ctamnti es per leurs coeas soc 6r; pcu r t, rn Fiorrime v ront garanti scrip e plus fur' niui Aid re qui de- cre.ndee pour tine l llee truuve etot,t na uric cempeneati or) (bent le cue cc-epar, tieeeeent 3 leer imti curoportaLce le c'eemp mique :lee la po use eel on des billets all the partners. ior the great powers such a guaranty given reciprocally for similar amounts wi 11 be of no di fficul ty, only the case of the medium and small powers which ea 11 have to guann tee their more important cops.rtne re for a large r amount than they themselyee will be guaranteed for, deeerees attention. The ems.1 le r pow, re will hew- eve r find a compensation for thi s in tlee fact, that the field of AC ti vi ty Which the possession of the notee of tee .Eten.ic opens to the owi ng to the -15- Les Billets Appendice. Relative7lent a ce qui PEt dit a la page VII concernant la probabilit4 d'une unification ultArieure des syst-raes mon.ctaires actuelle- -nent en existence, t'id'e peut parattre discutable de libeller lee Billets de la. Banque des Peuples en une nouvelle monnaie destine a devenir universelle a laquelle les publics des pays associ}s s'habitueraient de la sorte. Dans ce cas, la circulation des billets nationaux conti nue rai t a subsi ste r avec ce rAsultat quill y aurait deux esi:ces de billets circulant dans chaque pays interchangeables a tout moment a un taux d4terminer. Les Billets de la Banque des Peuples contiendraient 4videmment outre le libelle en la nouvelle monnaie lee pari t4s de celle-ci avec les monnaies des associes dans les pays desquels ils seraient coursables plus la mention de la garantie solidai re et la marque distinctive. The Note a. Although all nctes issued by the Bank of the Peoples are legal tender in all the countries of the guarantors indistinctly, it appears certain that the notes which have been issued to one of them in perticular will circulate mainly in that guarantors co..intry. Every National Bank will thus be free to order notes at the Bank of the Peoples of the shape it considers best appropriated to the wants, customs and usages of its public. All the notes of the Bank of the Peoples will however invariably bear the following inscriptions : 10 that the note is guaranteed jointly and severally by all the partne rs. the name of the country to 2° the distinctive mark which it is more specially destined. 3° the parities at which the note in question is a legal tender in the countries other that that to which it is more specially de stined. Specimen of a Note handed over to Great Britain. The Bank of the Peoples % eel LS q.)401,4`)* Glittfr" ORE HUNDICD POUNDS ea guaranteed by the This note is jointly and severally Governments of Great Britain, France, the United States etc. It is accepted as of America, Belium,Italy etc. of the guarantors. Its legal tender in the countries value is L. LA.). -. In Great Britain : and Colonies In France In the Waited States In Belgium n taly Signature of a member of the Board, preferably of English Nationals ty Fre. 2516.-Fre. 2516. -Fre 2516. -etc. etc. Signature of a member of the Board, preferably of English Na ti onali ty V Nil This receipt confers upon the holder the right to effect at any 411 time an e Ychange of a Aura of L. 5w. 000. STERLING FIFTY THOUSAMD to be paid fn by him at any- rHf .he Nati o-ial 33.°Iks f the Guarantors against a certificate ()f the sane tenor as the above. T" ink of tn{land the BUM o of PI ti fi 1,avincr, 'nu I T SANE -2c.0.7.TDS S 7-e f,r) rn }ILI NG a3ai n 8 t rance to 'iira of a certificate nate to the same amount bearing the lir 3777 the money .receive.d. being placed to his s credi t as a deposit free of j. nte rest. London, Si znz of the r of the Bank of England si gnu tun. of a member of lie Sant of *England 460.SM MI E. B. The a mourt paid into any of the National Barks of the Gua ran- te'rs will continue as a deposit during the time the certi ficate remains in circulation. It will be transferred to the credit of th MTAional Brink which effects Its payment the day on which the notice of such payment roaches t}' National Bank which has given out t1.7.e ce rtif. crate. S ecimen of a certifica.t hnied over to Great Britain AA.°1'0 N?fild (4e0( 46. The Bank of the Peoples Endorsable certificate N° 3'777 45), 41 / (cot?? the paymf:nt of which at seven days sight is jointly and severally guaranteed by the Gov, rnments of Great Britain, iraace, the United Stp.te.s cf America, Italy, Belgium etc. etc. Any ore of the '7.z,,tional Banks of tt-.e above raentiuned guarantors will pay tit raven_ days sight to the holder of the present certificate, upon preeentation of same, the BUM cf L. 50:oo.-- FIFTY THJusArD P.,UNDU ST:U(1,LN° plus the interest which will have rocrued since the date of issue of thin certificate untill the date of its encashment calculated at the rate which the lahrac,of the Peoi:-les will have made public ouch intPr.t. rs.yment will be effected in notes of the said Bank. The time during which the certificate maL. remain in circulation is undetermined. The Bank of the Peoples however reserves unto itself the right to assign a date at which it will have to be finally encashed, such date to be made known at least three months in advance in a way which is left to the discretion of the said Bank. Brussels, the signature of a member of the Board, preferably of 'English Nationali ty signature of a member of the Board, preferably of Englith Nati onali ty to be detached by the holder at the moment of encashment Endorsable receipt N° 3777 p erdi AIMMERNI.M. Rela,ing to what i s said on page VII concerning the probability of an ulterior unification of the actlially 4-4 Ftin- monetary systeas, i t may appear worth whi le to di scuss the i d.ev. of having the no tes of the 3ank of the Peoples made out in El new currency cle stned to la, come universal later on to which the pu:blic -would in thi way get accustomed. In such ea se the circulation of all natioal notes would continue to exist with this result that there would )e two kinds of notes circulating ir. each country being 4. me i-aangeable at any moment 9.4 a fixed rate. re notes of the Bank of the Peoples would nevertheless contain, amides the amount expressed in the new currency, the (:)., they wGuld re pre sent legal tender in the countries parities of the 7.1ne re, the statement of their. being jointly end severalt- ly guare.e.ed by them and the di sti no ti ye mark. 74 Aeje".9M' 0 sent you and the Deputy-Governor of the Bank large photographs of the bust, and since I have had no answer I take the liberty of asking if they were received. I had hoped to be able to go to the United States in October but 'Tan proposes and God disposes." You are undoubtedly aware that I am very closely concerned with the famous polemics on the subject of the inscription of the Library of the University of Louvain. In this case I acted as my conscience dictated, especially out of consideration for the artistic qualities of my very good friend, your corpatriot Mr W. Warren. It would require a book to describe this affair in detail, but I shall not burden you longer. Nevertheless I may assure you that the American public has no real knowledge of the intensity of Belgian public opinion in this matter. Mr viarren and America have risen more than ever in the esteem of Belgium and it is unfortunate that politics has become so entangled with a question which was merely one of highly spiritual purposo and of the legal rights of the artist. Day I also recall to your mind, my dear Mr Governor, the project of which you spoke to me-- namely, that of making a bust of Mr Montagu Norman, Governor of the Bank of England? It would be a great pleasure, as well as an honor, if this work might be entrusted to me. I shall be vcry grateful, my dear Mr Governor, if you will let Le know what your ii,prc,ssions of the bust are when you receive it, and whether it cones up to your en:pactations. In anticipation of your reply, I an, v_WtavR Gov ,; ( A-444A. / 9/ 2 16) fa7 28 aocit 1919 Cher Monsieur, J'ai l'honneur d'accuser rece7,tion de votre aimable lettre du 21 de ce mois nar laquelle vous m'annoncez le. ,rochain envoi de New-iorktdedivers docu- ments concernant les Reserve Banks et :e vous en remercle bier sincerement. :ar meme courrier,je Pais adresser h, la Reserve Bank & New-York un exemrlaire de nos statuts, ainsi que le recueil " Discussion generale du ro,'et de loi nrorogeant la duree de la Banque Nationale de Belgique" (Loi du 26 mars 1900) Je ne manquerai -as de vous faire en- voyer regullerement nos situations hebdomadares ainsi que le ra,-.,:ort annuel de la Banque. Veuillez agreer, Cher Monsieur, les assurances cle mes sentiments les meilleurs. A Monsieur B. Strong Gouverneur de la Peural Reserve Bank de New-York iaris TELEGRAM Paris, August 21, 1919. rt S Hotel Ritz, London, September 8, 1219. My dear Monsieur Janssen: Under separate cver I am sending you a package containing the various documents listed below, which I trust may prove to be of service in connection with your proposed trip to the United States, and I hope they may reach you in sufficient time before you leavei Fifth Annual Report of the Federal Reserve Board. The Federal Reserve Act, as amended to March 5, War Loan Organization Charts (2). It now seems that I am likey to sail on the Baltic on the 1?th New York probably on the 26th, and, while you of this month, may be in Atlantic City shortly after your arrival, I hope that you will be good enough to leave word at the Bank where it will be ;_>ossible for me to reach you. 77ith :.:any thanks to you for your courtesies to me while I was in Brussels, I beg to remain, Faithfully yours, Monsieur Albert E. Jaen, c/o La Banque Nationale de Belgique, Brussels. BS/V 04. TELEGRAM: Amsterdam, August 11, 1919. Edgard Rokbouts, 'r Rue de l'Ermitage, Ixellos-Bruxeliel Am arrivIn6 in Erusseis tomorrow Tuesday evening and trust it may prove convenient to arrange u meeting with the Evymatime on Wednesday also to conclude our discussions in regard to other matters. PERJAMIN STRONG TtLEGnArdzan OFFICITEL Aliktion3 do reception- 31 BE NJAM Nit p ONG HOTEL RITZ PARIS r EETEIRE., ---- SOMBRE DE WWI'S. SS BRUXEL _,ES 77511 20: 23 DATE. PE pair. MENTWIS DE SERVICE. 16 }"._' 25- WILL HAVE THE TREAT PLEASURE NEXT .WEEK TO PAY YOU VIS IT POMBOUTq o PROM ISED.