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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Gold so earmarked may be withdrawn in whole or in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




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min STRONG,

,'

Gouverneur' ,. la 3aisati.p de :oserve
ag
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eddrale de

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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
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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

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5 NEW BRIDGE ST.. E. C. 4

AD ST. ( (LWAYS OPEN) TELEPHONE, 7934 HANOVER

SHIPPING EXCHANGE, E, C. 3.

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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:


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102