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COIY - . September 9, 1920. urges Robineau, Governor, Bank of France, Paris, France. r : M. Jet: de Sieyes, Inspecteur de la Banque de France, called at the bank yesterdayand presented your cablegram of September 7 reading as follows: "Ask Federal Reserve Bank of New York whether in accordance with previous arrangements, they would accept a deposit of gold with us, earmarked, in their name, which they could withdraw at will, cost at our expense." The question of our accepting a deposit of gold earmarked with the Bank of Frarce was discussed with our board of directors and the Federal Reserve Board in Washington, and I am pleased to confirm to you my conversation with L. de Sieyes to-day that both our own board of directors and the Federal Reserve Board are agreeable to our receiving from the-Bank of France on or before October 15, 1920, an amount in gold estimated to be approximately 135,000,000 in value, which limit we would be willing to increase to .A0,000,000, should you so desire, to be held earmarked by the Bank of France in the name of the Federal Reserve Bank of New York subject to the following mutual understandings: Gold so earmarked may be withdrawn in whole or in 1. part by the Federal Reserve Bank of New York at its option unconditionally and at any time, and the Bank of France will undertake that such withdrawals will be free from any restrictions, Governmental or otherwise, upon the export of gold. The .Bank of France will facilitate such withdrawals upon request and receipt of authority from the Federal Reserve Bank of New York. 2. All expenses and risk involved in the shipment of such gold from France wi ll be borne by the Bank of France, togethe with all costs of determining at destination the exact value of the gold if shipped to the United States. Should the Federal Reserve Bank of New York request the shipment of the gold to a place other than the United States, the Bank of France similarly would bear the risk and expenses, but in the case of the latter, in an amount not to exceed the cost of shipping the gold to the United States. Also in any case, any and all loss by abrasion will be borne by the Bank of France. 3. No charge for custody or otherwise will be made by the Bank of France with respect to this gold earmarked for the Federal Reserve Bank of New York. Gold bars or bullion earmarked by the Bank of France 4. for the Federal Reserve Bank of New York will be valued .at the rate of i20,67163462 per fine ounce, and. gold coin so earmarked will be valued at its. bullion value at the rate of ;g0.67163462 per fine ounce. 2. M. G. Robineau. 9/9/20. Upon receipt of properly authenticated advice by the 5. Federal Reserve Bank of New York from the Bank of France as to the exact number of fine ounces of gold earmarked for its account, the Federal Reserve Bank of New York will give credit to the Bank of France in dollars at the rate of v20.67183462 per fine ounce. lay we ask you to cable us that these terms are acceptable, and we would also appreciate a confirmation by letter. In arranging the uetails of such important and confidential transactions as the one now in contemplation, it seems to us desirable to establish between ourselves a means of direct cable.communication which is properly safeguarded and authenticated. In this connection, we sent you in our letter of September 8, 191, a copy of Bentley's Owing to the limited time in which Complete Phrase Code and a Special Secret Cipher. to arrange the present transaction, we would respectfully recommend the use of this code and cipher when cabling us regarding the terms outlined above with respect to earmarking If for other business in the future you would prefer to use some gold for our account. other code or cipher, vie would be glad to discuss the matter further. Our relations with M. de Sieyes have been most agreeable and it is a pleasure to be associated with him in the transaction of business with your institution. Although we uo not question in the least his authority to act for the Bank of France, we find that the only formal communication received from you in this connection is a letter dated June. 2, 1920, signed by I. Fallain, authorizing us to recognize the signature of A. de Sieyes in transferring funds received by us for your account froth the United States Treasury. For the sake of our records, we would request that you confirm this and send us, if you as to the authority of E. de Sieyes to transact other business so desire, for the Bank of France. I take this opportunity to acknowledge receipt of your kind cablegram of September 7 and to confirm my reply which was as follows: "In the absence o-f Governor Strong of the Federal Reserve Bank of New York, I beg to acknowledge receipt of your cable of September 7 and on behalf of him and the officers and directors of this bank to express our deep appreciation anu cordial reciprocation of the sentiments you so graciously convey. We desire also to extend to you our sincere congratulations upon the high honor conferred upon you in your call by the Republic to discharge the functions of Governor of the Bank of France, the arduous responsibilities of which are appreciated and understood by us as also are the strain and fatigue that their assumption must entail, and which were with such fortitude sustained during the war period by your distinguished predecessor nonsieur Pailain to whom we are dispatching a separate message upon his retirement. It is our earnest hope that you will enjoy the continuing health necessary to enable you to carry through to happier times an administration of distinguished success. It is the writer lege to hope that he may have the honor to restate personally to you these sentiments when in December either he or Mr. Jay expects to meet Governor Strong in Paris." a 3. L. G. Robineau. 9/9/20. In conclusion permit me to express to you and your associates our satisfaction in being able to met the wishes of the Bank of France in accepting a deposit cf earmarked gol With renewed assurances of my esteem, believe me, Very truly yours, J. H. CABS Acting uovernor. JECAL-J ) V I iovamber 244 1920. ft, My dear Governor Eobine-Li: ° laki I em encloeing heresIthW,51,ter earesf!ed to Governor Strong, and I ?Amid dre:Aly mipreciste your hsving it delivered to hip upon hie errIv%1 In Ptrie. Thanking you for your courteey, I sa, Very truly yours, J. CAI e,oting r3overn:r. a h. ..;15orges Roblnesu, Governor, 771,knk or Frsnce, Prie, FrInor, !c/FT,s Enc. 2°th Dec 1.Tonsieur G.Aobineau, Governor, Bank rf Prance, er, 20. in (_(lelzrzywe t_dyznee --wad 4 23 Fevrier h Monsieur le Gouverneur de la BANQUE DE RESERVE FEDERALE DE NEW-YORK. Cher Monsieur STRONG, Permettez-moi d'introduire aupres de vous notre capatriote M. Etienne GROSCLAUTE, dont vous connaissez certainement la personnalite. M. GROSCLAUDE a beaucoup regrette de n'avoir pas eu l'occasion de vous 6tte presente lors de ses precedents voyages aux Etats- Unis. I1 serait desireux de s'enetenir avec vous de questions interessant les raDports commerciaux entre nos deux pays. Je ne doute pas qu'il ne trouve aupres de vous le meilleur accueil. Je vous prie, Cher -Monsieur STRONG, de bien vouloir areer la nouvelle aElsurance de mas sentiments de tres cordiale sympathie. OLi,4e lerawyute, 5 Juillet Ae- Cher Monsieur Strong, Je recois votre aimnble lettre du 21 Juin noncant la visite probable de M. Pierre Jay, et je m'e de vous dire combien je serai heureux de faire connais avec votre eminent collegue et ami. Je souhaite tres vivemont qu'il lui soit ble de nous reserver un peu du temps qu'il passers h P trouvers parmi nous, soyez-cn assure, l'accueil le cordial et la plus (Maude sympathie. Je vous prie, cher Monsieur Strong, de bi vouloir agrder l'expression de mes sentiments tout ddv Monsieur Benjamin STRONG, Gouverneur de la Banque de lidserve f6ddr de New -York. - COPY CABLEGRAM 41 May 14, 1923. Bank of France, Paris. Please accept our deep synpathy in great loss you and your country have suffered in death of Monsieur Pallain Federal heserve Bank of i'ew York. ant) no .ran o Paris, le 17 Avril 1925. 11111 C PARIS N 70.726 71. ... ,1/4..) c3' i V /() (-) g e(i3antre de irt (//4 V -e, e_JOIlt '14e7,4' C. acaiS i kla r r SV-41 " -.'.1 r. min STRONG, ,' Gouverneur' ,. la 3aisati.p de :oserve ag . eddrale de ..) i- I _on cher Gouverneur, J'ai bien voulez bien 71' d 3 eau 1/aimable lettre par laquelle vous oncer la prochaine visite de votre ami, ton et je tiens a vous donner l'assurance que nous l' ac. ueillerons a la nanque avec le plus grand plaisir. Tr's sensible a votre cordial souvenir, je saisis avec empressement, mon cher Gouverneur, 1' occasion de vous renouveler mes sentiments les ulus sympathiques et bien JIL Cony of translation of letter received from Bank of France. 'fa fir) muv L a moo Paris, le 2 septembre 1925 RC.PARMIP70.726 /a ,(4angite _Joffoetweiir c_,4elyttv a Monsieur Benj. STRONa, Gouverneur de la Federal Reserve Bank of New York. Yon cher Gouverneur et Ami, Je ne veux pas vous laisser partir sans vous redire toute ma fidele et tres reconnaissante amitie. Notre excellent a-i, Jacques de Neuflize, m'a promis de vous adresser tous les renseimements aue vows souhaitez avoir et qui, je pense, vous perrrettront utilement dans le sens nue vous r,'avez indique en des termes si emouvants. Je yous souhaite un bon voyage de retour et vous prie de me croire toujours votre tres fidele et bier sincerer:ent attaché. ,-e vac-g-s e 2 e LLr ac al . Hotel du Cap dAmtibes, Antibes, June 7, 1926. My derr Governor Robineru: At last I have found a quiet place where I an resting for a few weeks, and this is my first opportunity to coed you n word of thanks for your many courtesies to me while I was in PRris. The appointment of an Rxpert Commiesion to examine the monetery problem, as reported in the newspapers, would certainly indicate a move in the right eirection, and I am hoping thht collaboration by this Cormiveion with your financial authorities and with the'Dank of France will result in a comprehensive and constructive program. flevelopment© in that direction, it EDEMA to me, would be encouraging both at home and abroad and remove many difficulties whit& now Deem to complicate the situation. I am sure that your thoughts are now entirely devoted to the development of some plan, and Whenever it reaches the stage where it can be put on paper, i hope you ail' feel willing to ',end it to me, or indeed give me in ad- vance, if you preior, any indication of the general character of the plan which you have in mind. ishing you every possible success, toward which I knew you are turning every effort, I be to remain with warm regards, my dear Governor, Very sincerely yours, Monsieur Geee6oe eobine u, Governor, Bank of France, Paric. 1501.1 2217 PAGNIE FRANCAISE DES CABLES TELtGRAPHIQUES NE PARIS K MAIN OFFICE : 53 RUE VIVIENNE. CABLE OFFICE: 53 RUE VIVIENNE BROAD STREET. AN VE9 7934 LONDON 24 ROYAL EXCHANGE, E. C. 3 N EXCHANGE, ITZER BUILDING, PARK Row ORTH STREET, .5 FIFTH AVENUE, 2C:1 FIFTH AVENUE. 6 COLUMBUS CIRCLE, - TELEPHONE, 1289 BOWLING GREEN TELEPHONE, 2069 BEEKMAN BALTIC MERCANTILE AND 5 NEW BRIDGE ST.. E. C. 4 AD ST. ( (LWAYS OPEN) TELEPHONE, 7934 HANOVER SHIPPING EXCHANGE, E, C. 3. 61 MARK LANE, E. C. a'. G 3 & 4 EXCHANGE. 40 RUE DE CHILOU. 30-32 RUE DU CHATEAU, AGENCY. 14 RUE V RE: MIQUELON rt, , BUSH HOUSE, ALDWYCH W.C. 2 LIVERPOOL: HAVRE: BREST: ANTWERP: ST. PIER TELEPHONE, 2639 WALKER TELEPHONE, 1004 STVVVESANT TELEPHONE, 0030-0031 ASHLAND TELEPHONE, 0684 COLUMBUS J. GEGOU, TIME_ MANAGER, DATE - . The following MESSAGE is received via FRENCH TELEGRAPH CABLE subject to the terms and conditions printed on the back hereof, which are ratified and agreed to. J 0326 PAR IS 19 1355 M BENJAMIN STRONG GOUVERNEUR FEDERAL RESERVE BANK NY f3 I EN CORD I AUX SERONS TRES HEUREUX RECEVOIR M CRANE SENTIMENTS GEORGES ROB I NEAU (Translation: We will be very happy to receive Mr. Crane. Moat cordial regards. - Georges Rob' 'luau ). air To reduce the risk of errors or delays, please file any answer to this message at one of the Company's own http://fraser.stlouisfed.org/ Messengers offices. Federal Reserve Bank of St. Louis may be summoned by Telephone for Cablegrams FREE OF CHARGE. MISC. 3E1.2-4 67 FEDERAL RESERVE BANK OF NEW YORK Oa OFFICE CORRESPONDENCE DATF To FROM___ SUBJECT: