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THE ALLIANCE TRUST COMPANY. LIMITED di 22 MEADOWSI DE, Cable Address MACKENZIE, DUNDEE" DUNDEE 27 EovAgr, 1914. Banjamin Strong, Jr., Esq., 27 Pine Street, New YorTr. My dear Mr. Strong, I have your letter of the 9th October and am delighted to be able to congratulate you upon your appointment as Governor of the Federal Reserve Bank, Hew York. This is a very great honour indeed and your selection for the post is most gratifying to all your friends, whether of recent date or co-elawith or prior to your emancipation fromlipi3herbockers. It must be an occasion of profound satisfaction to your father, mother and sister. I know you are going to do your very best to succeed in the office and you certainly have my good wishes. Exchange is now about normal and looks as if it would so continue. I never had the least doubt about the determination and capacity of the American people to bring it into this condition, and have assured all my friends who/ Benjamin Strong, Jr. Esq. 2. 27/11/14. who have consulted me about funds accumulated in America that if they would simply deposit them in good Banks there and wait they would be able to get their remittances without loss. The expectation expressed in my letter to you of 30th September has been confirmed by subsequent reflection and developments. I do believe that the sanctity of con- tracts has by this war been placed on a higher level than hereI think it will stay there and you and I know what tofore. an immense benefit that will be to business. I have a book here by Muhlman about the financial systems of the world, but it is now quite out of date. Has there been a new edition or is there any other work which would enable me to follow intelligently the financial arrangements that have recently been made in your country. I am rather %olcio in some respects about the new Banking system and if there is any pamphlet dealing with this subject kindly send me a copy. great The closing paragraph of your letter afforded me pleasure. closer! As old friendsbecome few in number the heart clings Benjamin Strong, Jr. Estl. o. closer to those that are left. Just about the same time as I received your letter I hadone from Lord Leith of the same friendly character. His letter touohed me and I am sorry for our old friend at present. He lost his son in the African War and now his grandson in this awful oonflict. The old gentleman as you know used sometimes to get very blue and fussy. I think he is a little raised at present about espionage and has been making two or threeexcited speeches in the House of Lords. This must have embarrassed the Government and alarmed the public, and I think that if you and I had been in his position and if we had any information which was of substantial value we would have taken rprivately to the officer authorised to deal with such things. There is no use making proclamations on the housetops which warn criminals to be on their guard. Please remember me very kindly to your people and with kindest regards, Believe me to be, Yours very sincerely, THE ALLIANCE TRUST COMPANY. LIMITED 44g. 22 MEADOWSIDE. DUNDE DUNDEE 16 Novr., 1916. Strong, Esq., Federal Reserve Bank, 62 Cedar Street, I;ew York. Strong, I have been reading over again your letter September, 1915, and am recalling with pleasure ing I spent with you at the Ritz Hotel. I wish have another, because I do not have any other hose knowledge is so great or whose conversation inating I have just been in London where I saw our riera Blackett and some other Treasury Of- I certainly hoped that by this time the situ- uld have eased and our burdens have grown lighter, contrary is the case, for however well we may be them, they are certainly heavier and more com- In your letter you refer to Lord Reading . now been retired from his former financial position. know the man at all, but there seems to be general tion/ Benjamin Strong, Esq. 2. 16/11/16. Benjamin Strong, Esq.. 3. 1V11/16. possible that he would be surprised by his own success, provided always it was gone about in the right way. That, however, is by no means a certainty, and like some of our other projects might fail through lack of wise direction. I have never been quite able to understand why Provinces and Cities in Canada got money in New York on their own debentures, while the great British Government is forced to put up collaterallike layself and other humbler borrowers. I am told there is an explanation in the limitations imposed by the law, but as to that you are better informed than I. My daughter has been out in Rumania with the Scottish Women's Hospital, and you will be glad to know that on Tuesday evening she arrived home safe and sound and is looking well. She will be with us for a little while before she takes up some other form of national work, because she is absolutely determined not to be idle. Some weeks ago I spent a pleasant hour with our old friend Lord Leith. He was speaking very kindly of you, and I judged more from his manner than from expressed words, that he is gratified by the success of your career. He had a very serious operation on his bladder, but he has come through it all Benjamin Strom, Esq.. 4 16/11/16. . 0 all right. He is looking well, but it did occur to me that his mind was not as clear as it used to be. I sup- pose further convalescence will improve him in that respect. I trust you yourself are very well and would be glad to have a few lines from you about yourself and your family. You might also tell we what position is now occupied by our friend Daniel Kingsford. he left the :Ant. I have not heard from him since I should be glad if, when you see him, you would give him my kindest regards, and with the same to yourself, I am, Yours sincerely, ;Managing Director. A good many people here have some apprehension as to whether, if the war continues much longer, we can remain Our failure to do so would be a very great on a gold basis. misfortune both to ourselves and to the world, but it is something which we provincial economists know very little about I should be glad, and find it impossible to form any opinion. therefore, if you would give me a few lines as to the general expectation in New York. P.S. :rivate. HE ALLIANCE TRUST COMPANY. LIMITED 22 MEADOWS I DE. Cable Address WOK ENZIE. DUNDEE . DUNDEE June, 1915. Benjamin Strong, Esq., 2ederal Reserve Dank of flew York, 62 Cedar Street, flew York. Dear irr. Stron, It is a bad thing to have a reputation above ones desserts, for people are disappointed when it is not lived up to and they do not get information for which they had asked. I have in this country a great reputation for being a boss amongst American affairs and for knowing a great deal about a great many thin about which I know nothing. .Then I was in London the other day several people asked me about this American exchange question, and in particular whether America would take from this country a short loan for, say, five years of One hundred million or two hundred million sterling. One I,:ember of Parliament expressed the opinion that such a loan would rro readily and would be placed including all comlissions at a cost of not erceedI had to reply to such enquiries that I ing really/ 2 elb 18/6115. Benjamin ,_;tronF;, really c,uld express no opinion, but that I was quite certain of two things, viz:- that any Loan placed by this country in America would have to be free of all kinds of taxation, especially income tax, and that it would have to be made payable in American gold dollars, or, alternatively, the exchange guaranteed. Something will have to be done to pat the exchange right and I cannot think of anything that will be effective excepting this. If I had been in Lew York I wol7ld have been dropping in to talk about it with you, but as I cannot do myself that pleasure and au at the moment content with one of my own cigars, which I do not think are as good as yours - it occurrea to me that I might ask you to do me the favour of writing a few lines to me on the subject. ;rite as confidentially as you please, but please do say something to me, so that when some Member of Parliament or Government Official begins posing me with questions again, I may have something in my head which may warrant the assumlition on my part of an air of wisdom. how are your father and mother. Kindly remember me to them, and Liss jtron3, and believe me to be, Your:: sincerely, HE ALLIANCE TRUST COMPANY. LIMITED. 22 MEADOWSIDE, Cable Address. " di °KENZIE, DUNDEE. DUNDEE 23 July, 1915. Benjamin Strong, Jr., ESQ., 62 Cedar Street, New York. Dear Mr. Strong, Many thanks for your letter of 1st inst. which I have delayed acknowledging sooner becanr3c off and on I have been giving a good deal of thought to the sug.estion which you make in connection with Central and South America. Since then I have read the same suggesticG, in your address at the/Bankers' Convention. has appointed a Committee to deal with issues The Treasury and it has been endeavouring Vo induce Mortgage and Investment Com/ panies to take si,011 action as will lead to remittance from your side to this. I do not think they are going to in- sist on anything unreasonable and our intercourse with them has been most agreeable, but when I proceed to analys._ the composition of this Committee I see that its natural bias, however unconsciously and honourably exercised, can hardly fail to be in favour of maintaining the pre-eminence of/ 2. of Iondon finance as an international Clearing House. Lord St. Aldwyn is Chairman of this Committee. He is a Directo4 of the Iondon Joint Stock Bank and Chairman of the Yorkshire Penny Bank. He is also Chairman of one of the Committees of the Banks interested in the Iondon Clearing House Association. another member. Bank of England. Lord Cunliffe is He, as you know, is Governor of the Sir 7. G. Banbury, a third member, is a Director of the Iondon F3 Provincial Bank. Sir Thomas Whittaker, a fourth member, is Managing Director of the United langdomTemperance 2.; General Provident Institution. whose invested funds are over ten millions sterling, of which, so faz as we can tell from their printed Balance Sheet, little or none are American. The fifth member is Captain Pretyman, appointed by the Board of Trade. He is stated to be a nice pleasant fellow without much influence or knowledge of financial affairs. I do not know what such a Committee would say to your proposal, but if I could be satisfied that it would exercise any important influence in rectifying sterling exchange, I do not think I would hesitate about submitting it in my most/ 3. most diplomatic manner. So far as I have yet consider- ed Ism unable to see that it would do much good because I am told that while Central and South America have been in the habit of drawing sterling bills on Iondon, these have been offset by American remittances from New York in time to meet the same. If this be true as a general statement the one would seem to balance the other. Un- doubtedly South America is developing a habit of making settlements in London by dollar drafts on New York. Two such instruments have passed through my hands lately. We sent them to our New York correspondents who cashed the same and sent sterling bills. At this stage I am keeping an open mind on the subject ready to ii.bibe any education that comes my way, but I think you will agree with me that my appreciation of the situation is not sufficiently intelligent or adequate to warrant me in proceeding any furl( J,"ArwitovVe4/ ther. While this is all the length I go, I hope you will understand that I appreciate your letter very fully and defer most loyally to the hesitation expressed in its opening sentences. I am very glad to hear such good accounts of your father and his family, and with kindest regards, I am, yours sincerely, ff(4444A44 &.XL4C4.4.44...) THE ALLIANCE TRUST COMPANY, LIMITED. 22 MEADOWSIDE. Cable Address eiACKENZIE, DUNDEE DUNDEE 27tIl indict, 1915. Benjamin Strong, Jr., Esq., 62 Cedar Street, New York. My dear Er Strong, I have no answer to my letter of 23rd. Ju1,y but in the circumstances delay does not surprise me. I .41,7E the sumo ex- perience in other quarters. When T wrote my letter I aid not inteL.d to communicate with any of our Treasury officials until I had hoed from you, but in the meantime I changed my mina and nulam"tted Tour auaestion to one of them with whom my relations have been entirely pleasant. From him, however, I have no reply, and to-lay Information reaches me which leads me to the inference that the subject of South American Exchange is someWhat promineefly under discussion between British and American financiers. You :mow much more about this than I do, for after all I um -only an outside provincial, but it apparently explains that silence which is as yet my only resulonse, and confirms the suggestion which Z made at the foot of tLe first gaze of my respects oL 23ra ultimo. These axe very anxious times and we have all a Great deal to think about and a greiii; Llarw alfrioultiez to overcome. tizes I think t:lat some of the, latter woul.a not (mow you aome- and me very lone, for we witerttand oaoh ether an(i are not bound by Digitized the/ for FRASER E71:11101C _4412, Be LdQ,rain_Ztrong. 2. afna acem lteatnet ion Scfms zertaim;pKrty ftialtkc cc tile Q n arra/averment -,11177a the .fix SA-161=d, timbax have be pttitbmoiNa_prettw e matter .of 3£%e. l suet weritarlous promote proaQ.11-tteile It a 121.0.axia y the B re It nO reason lgt Vile elsagAatSh aid 'Act Agree, it:, axl-tpt tbst met tas tine UillImm. anl wfth kiritteet r Jana is 1=0:13, am, Your 7; siReerel,y, -.4 lie, 1i thieh THE ALLIANCE TRUST COMPANY, LIMITED. 22 MEADOWSIDE. Cable Address. ACKENZIE, DUNDEE' Du NDEE 3rd Sept., 1915. Benjamin Strong, Jr., Esq., 62 Cedar Street, New York. My dear Mr Strong, I have not been in London for a good many weeks and have had no direct communication about the subject of American Exchange but I have been hearing, in a somewhat partial way from a friendly Member of Parliament, as to what is going on. The impression seems to be that American financiers are taking full advantage of the situation and are trying to get as much legitimate profit out of it as possible. I said to my friend that I recalled that that was the attitude of financiers and other business men in this country towards America when your great war was raging but I had long ago been convinced that they had made a mistake and that it would have been better and more profitable both on monetary and ethical grounds if we had been content to make less money and had been animated by a broader and more generous spirit. I added that the reverse case might prevail now and I should be glad if you would consider whether this suggestion has not some considerable degree of foundation . When I was a young man I lived for some years with my uncle, Robert Mackenzie, one of the strongest pro-Americans I ever knew and the author of the best and most interesting history of America which, so far as I know, is in existence If/ Benjamin Strong, Jr., Esq.1. 3/9/1915. 2. If4Pou have not read the book you should do so and I will see if I can get a copy of it for you. All my life I have been doing busi- ness with America and my sympathies are all with your great Nation. I have done all I can to promote friendship between the two Nations and I feel that a great opportunity now exists for bringing them very closely together. A great advance in friendship was made when Great Britain stood by you at the time of the Spanish War. A still greater advance will probably be made if you stand by us now and do all you can to help us out of our hole. I am not pleading that business should be done on charitable grounds. Every business ser- vice is worthy of business reward, but I hope the impression will not be strengthened or become permanent which is being talked of in some quarters at present, viz: that some Americans are caring for nothing but dollars. Yours sincerely, 40111,. Managing Director. THE ALLIANCE TRUST COMPANY. LIMITED 22 MEADOWSIDE. Cable Address. at MACKENZIE, DUNDEE 4NDEE 16th Dec., 1915. Benjamin Strong Junr., New York. Dear Mr Strong, I have kept your letter of 14th September lying unanswered on my desk, because to tell the honest truth in present difficult circumstances I have great dubiety as to how I should write. I cannot, anei certainly do not, however, have the smallest hesitation about sending you my Uncle's History of America, and in asking your kind acceptance of it from me as a Christmas card and a most hearty expression of all good wishes and kindest regards. It is sent by book post registered and should reach you very soon after this letter. It is a most readable book and I am sure that you will enjoy it. I do not think that I would send it to any of my friends in the South, because the author was a most hearty Northerner, but in your case that would be no detraction from the merits of his work, but rather the contrary. I have just returned from London and from what I hear there I am afraid that Sir Edward Holden was not such a successful/ Benjamin Strong Junr. Esq. 2. 16/12/15, 41, full :Ambassador as we would have liked hirh to be, and that he did not prove quite acceptable to J. P. Morgan and some others in your City who are good friends to this country. I do not know any particulars as to their differences but I regret them. I thank you for the very kind expressions of regard contained in your letter, and am Yours sincerely, N01114 161 A 4%147 22 MEADOWS' DE, DUNDEE 30 April, 1915. THE ALLIANCE TRUST CONIRANV.LIMITED Cable Address. MACKENZIE, DUNDEE:. itrongitEsc!., Street tees- New York. . Strong, I have your letter of the ;I2th inst. Your s communication is dated ir6th December, and I en reproaching myself for the fact that it has There are various reasons dso long - neglect of thi and other correspondence, all of e quite good.` I have been absent from the of- r some week through Influenza, and there are as w a great many things connected with the war and ublic d ties to be attended to making extra de- pon m eel th time and preventing close attention and to ones correspondence. I could plead any e excuses with perfect truth, so far as you cerned, but there is another one which overrides l, viz:- that although I received with gratitude erature which you sent me on the currency question, Benjamin Strong, Esci. 30/4/15. Benjamin Strong, d]sq., 30/4/15. 3. because we have always conducted that part of our business on most reasonable and considerate lines. There is also some risk that every bonddealer in the East who saw our report would be flooding me with circulars and perhaps sending a dimmer round here. All that the latter class get when they come here is civility and cigars. You remember the old saying that most letters answer themselves if allowed to lie long enough. The exchange situation has been reversed since you wrote me and I never had any doubt that it would be. I always ad- vised any friend who had money on the other side simply to leave it alone until exchange had become normal, and the result has proved as expected. I think you did splendidly in acritical time, but then you had the capacity to do it with all your big crops, munitions, etc. as a basis o frankly, exchange. how the position is reversed, and, I don't quite see yet how we are going to cure it while the war lasts. horgan is in London now, and the papers said that he would take the matter in hand, but nothing has evolved and exchan :e remains at 4.80 for cables/ Digitized forBenjamin FRASER Strong, 4. 30/4/15. 0 Benjamin Strong, iso. 30/4/15. 5. On the other hand, they won't be quoted at par. I have not seen Lord Leith since c..ettinfs your letter, nor have we exchancred letters. I am very sorry for him, and there are many other such cases in this country, which is full of broken hearts and sad homes. The same is true of our Allies and also of our enemies. So far as I have yet apprehended the situation I think the Federal deserve Bank system is goin;7 to solve many of your problems and will for ever prevent money panics and hoardings such as you and I have seen in the past. The only danger that has as yet occurred to me is the risk of inflation, but as long as this is under the control of men like yourself, it is purely an academic danger. That is the opinion which I have had all along, and the quotation contained in your letter of 12th confirms my confidence. I do not understand the boom that exists in the Stock market and have been disposed to agree with those who think it premature. On the other hand, there can be no question that your farmers ought to be prosperous ewe this year, and in a country mers that means national prosper Railroads/ hs ontains so many farespecially if the Benjamin Strong, Esq. 6. Railroads are allowed remunerative rates. 30/4/15. Your foundries ought also to be making lots of money just now, and their operatives represent a large section of your people who if they have plenty money must also be building up the general welfare. W_ do not have much money at present and it is all going into farm mortgages which are exceedingly good, but they are only for five years, and some- times I think the money might be better in long dated Bonds. The trouble is to know what to buy at a rate high enough to place us. I had a cheery letter the other day from our friend Do. Jitt Cuyler. lie tells me that the Insurance :',ompanies are going in largely for Short dotes and I rather infer that they are not caring about long Bonds. They really ought to be better judges than I, because they are on the spot, so we continue puzzled and do nothing but the fart: mortgages. I am delighted to receive such a good account of your father and mother and would like you to remember Le most kindly to them. Please include Liss Strong and tell her that my daughter is very well and is very busy with Red Cross work. course/ At present she is in Edinburgh taking a sr' Benjamin Strong, Esq.. 7. 30/4/15. course of cookery and domestic economy so as to be able to cook nice dainties for invalid soldiers. I hope your own family are well, and with kindest regards, I am, Yours sincerely, Aaes...40 11-e4re"-z 3CE TRUST COMPANY, LIMITED 22 MEADOWS' DE, Cable Address. ...-I\TACK EN ZI E, Du N E DUNDEE Benjamin Strong, Esq., Hotel Ritz, London, Dear Mr. Strong, I did the American Consul here lest then justice, for when I get home this morning rind-lying on my table, the very Reports which 1 mentioned to you, and which he has been good enough to briny from &ellington. I have only had time to glance at theft, but they do seem full of interesting matters. Yesterday I called on gr. 7;t1140..m 7;allece, Manager of the Royal Bank of Scotland, 3 Bishopsgate, London. He is considered by his friends to be the ablest of all the Scotch Managers in.Idondon, and 1 eRrtainly think that the claim of his admirers, Whether it be wholly correct or no, certainly rests or a solid foundation. I had some talk with him about the ex- change matter that we discussed. He says the ;Jordon Bankers who are in that business will resist the transference of any part of it to Hew York strenuously, and that/ THE ALL! Benjamin Strong. that one reason for this proposition is the fact that they fear that whatever once leaves them will never come back again, bat if they thought it would return in whole or in part after the war Is over it might conceivably modify their objection. He then asked me "who is this 7r.. Strong about whom / hear so much", and after I had given him a short, and. you may be sure not unfriendly account of your good self, he said very heartily that he Has very glad to hear that the 4:.mer- leans Nere putting the important business of the deserve Bank in such good hands. I then asked him if he would like to see you for a few minutes, to which he responded warmly. Thereupon I promised that I would ask you to look in some day when you were passing. I did this in order to oblige him, but subsequent reflection makes me think that possibly I may be obliging you, for in your study of banking you cannot very well omit the famous and much praised Scotch system, whicl-, whatever its faults .flay be, certainly Ibes its work very well. If you wish to extend your studies in this direction you cannot get any better exponent than Mr. ,;allane, and I am sure he will gladly give you any facility. Of course/ pen4amin 3trong Esi. course you will only get a part of their businees in London and it may be that in order tc complete the circle of education in this Department you might have to come to 3cotl4nd. I do not require to assure you that we will be greatly pleased if things should turn out in this way. Yesterday afternoon before leaving .;,D24,on,,I. ag;_led on :re. Baton. what deaf. I found her very well indeed, 'but seme- I also saw her daughter, Mott. and grand-daughter, Constance 3cott,- a pair of very "handsome women. They were delighted to see me and exxrmad warn appreciation of what they were pleased to call my i;inAness. I carefully abstained from mentioning the fact of,ypur being in London in case they might expect you to look them up, but if that should be in harmony with your convenience and desire, I am sure that judging from my own experience and what they said about another friend, your visit would be appreciated. The address is 4 Stanhope Let me say that my evening with you a1d give me a great deal of pleasure, and that I did enjoy our meeting thoroughly. Yours sincerely, THE ALLIANCE TRUST COMPANY. LIMITED 41111M AC KEN 22 MEADOWSIDE. ki Cable Address. U NDEE M 2G 199 DUNDEE Benjamin Strong, Esq., 4100 Kontview Boulevard, Denver, Colorado. Dear Mr. Strong, I duly received your letters of 2nd and 8th December last. I am bound to begin by admitting that this long delay in answering them does look like neglect, but I do not think you will suspect me of any such crime against our friendship. The opposite is really the case, because I appreciated your letters so much that I was in no hurry to answer them and reserved them for perusal by some of my Directors. Then, in January I had the misfortune to be attacked by influenza, 71hich made a big break in my attention to correspondence. Mrs. Mackenzie got ill at the same time and is still confined to the house. am thankful to say that I am now really very well, but my arrears are not yet entirely overtaken. I am indeed_ sorry to hear of your illness, and do most earnestly wish for your speedy and complete recovery. My/ Benjamin Strong, Aso. 5/z/17. 2. re, My daughter, who has returned from Rumania and is proceeding to France shortly, has been in correspondence with Miss Strong. but I have not in this way heard anything about your present condition. I should be glad to have a few lines from you, and sincerely trust that your news will be good. The international finance situation has now so completely changed that any ground for discussing it on the basis of our former letters is removed. I am very sorry that your country has the terrible agony of warfare imposed upon her, but I am at the same time delighted that she should be our Ally, and that we and France who have fought so many battles onyour Continent are now associated with her in a glorious Trinity for the defence of liberty and the rights of humanity. We all read the Presidents Speech with great approval and regard it as a strong and yet temperate declaration. I think with the whole of it,- Mile I was pleased I took special notice of his declaration of readiness to support us financially. That will straighten out a great many problems and certainly ease the difficulties of our business. Thanks for what you tell me about South American currency; the details are very interesting and are in the right direction. They Benjamin Strong, Esq. 3. 5/4/17. They do not weaken but rather strengthen the conviction :;hick I have had for a good many years, that we, and also other markets, should adopt the dollar as our standard like Canada and Uncle Sam has always made his national Debt free of America. all kind of tax, and it is because his practice seems to have been successful that I have felt we ought to adopt It as a model. ject, 7hile I admit the force of what you write on the subI still adhere to the conviction that on the whole and in the long run our Treasury would. do better if they followed the example tested by Americcn practice. Cur late 7/ar 'Loan was a magnificent success, but if it had been offered free of tax of every kind on exactly the American lines, I believe the whole of it could have been got at 4:-. I am very sorry I cannot have another evening with you, but hope before long that will be our mutual pleasure. ith kindest regards and best wishes for your syeedy and thorough recovery, I am, Yours sincerely, tilen.,." ..vianaging- Director . IHE ALLIANCE TRUST COMPANY. LIMITED. 22 MEADOwSIDE, Cable Addrees. OACKENZIE. DINO$E DUNDEE 10th January, 1918 Benamin Strong :ask..., Governor, Fe.:ieral Reserve Bank, row York. Dear 1r Stron, Occasionally I see your name referred to in the newspapers and always in terms of respect that evidence the very honourable and influential position your merits have earnel for you, but there is nothing about your health. I would like to know how you are keeping and how you are standing the strain of resumes work. Have yo:' completely subdued .our illness and are you keeping it at a distance suite outsideyour tabernacle of flesh? I am sure your spirit continues full of devotion and your mind is as diligent as ever in discharging ;,hatever work duty may impose upon you. I should be very glad to hear from you and hope that when you are at leisure you will give me a few lines. Where is your son and what is he ,Loing at present? My daughter is on duty with the Y.M.C.A. at Dunkirk and according to a letter which I had yesterday she is very well and happy in her work. I am sorry to say that from the newspapers I learn there have been a good many bombing raids but apparently she has got I admire accustomed to these and is not incommoded by them. her courage but all the same I will be pleased when her period of duty is over and she is safely home again in this country. Jith kindest possible regards and best wishes for the Yew Year. Yours sincere ly , e THE ALLIANCE TRUST COMPANY, LIMITED. 22 MEADOWS IDE, Cable Address. ACKENZIE, DVNDEE- DUNDEE. 21 Teby., 1916. t Benjamin Strong, 11;sci., Ecuitable Building, few York. deer :Ir. Strong, I have just received your letter of the 29Th Jany.. and am excleeingly sorry that you cannot give me a thoroughly satisfactory report about your health. V This is a great grief and disappointmtnt to .ne, and I offer you my sincere sympathy and best hopes for a speely and complete convalescence. I wish you riould give me the full address or your son Ben in ?ranee, because I might ask my daughter to look him up if he is in her neighbourhood. I have just read an article in 7radstreets about the great success of the Federal Sank system, and beg To offer you and your associates my best congratIllations. You really have built up a marvellous edifice and have done it in a very short time, and in so far as I can judge, a thoroughly substantial and permanent way. You might instruct some of your people to send me a copy of the report upon Thich the article I have just referred to is based. 7iith very kindest regards and best wishes, I am, Your sincerely, ' / 44 ' A- A0 i .: 4:-- , , t. ff - a 3enjamin Strong-, 18/4118 .oAq. familiar, and with which we are accustomed to struggle on the whole successfully. Every farm loan is an individual entity and requires individual consideration by honest men of experience as well as local knowledge, and I do not see where the System is going to get the requisite personnel. I am told that the qualification of a good many of the men appointed to run what is after all a retail business of laborious detail, is political. If this is correct they are sure to accomplish serious disaster before experience has brought the necessary skill. Now please do take care of yourself and apply your mind to your own health as a matter of business. I have another dear friend in this country who had trouble and _ho made himself quite dell by deliberate care and attention. gradually, however, his devotion to business and his work helping our lax Office in connection with the volunteers and other matters, proved too much for him and the doctors have sent him for a six months rest in the open air. I saw him the other day, and am glad to say he is making good progress, having gained eighteen pounds since January, but he said to me that if he had taken care from the beginning his health mould have remained good and he would not have had this unexpected and regrettable relapse. I am mentioning this as an example, and do urge you in the most friendly way possible to be careful. Yours very - .142 C4J - incerely. Al t, *2 2 - -74}9 (214d+f TnjZ 14$44.,n,7 ,4"4/ Benjamin -,trong! Lac'. 2. 2C/7/1L, in, viz: your own health tang I am wond,ring nether you have achievel as compl to success in its reestablishment as in building up your Bank. I have had two or three letters from your son and hope that before he goes home we will have an opportunity of seeing him. I was reading an article the morning in an 1Lmerican newspafer about the great difficulty 7r -c,,doo has in stabilizing the Libery Loan. I notice tIlt,t the tty free keeps round about par, while the others bearing 8 higher rate of interest but with smaller privileges are sag?:ing in t':( alarket. Dar e:,:erience in this country is on an exact p8rallel to you and on thinkinn: it over I am remindel of a Itime then to preach to you the doctrine that ventured l qovernment leans, whether on our side or .)urs, should be solutely free of tax, both income and death duties. lieve if our Goverment had adopted this policy it aouid ve pulll them in the longrun and the7 inif2ht never have hal pay nore than 4. They are now netting a smell premium the issue of the tax free stock at this rate. Of co-rse know that arithmeticians in our Treasury have figure at there is antnnuel loss on tax free loans but that is a nor consideration. The main and important oint is to have free market and I am quite sure that if that be obtained will pay the Treasury handsomely eventually, even if it volves the annual loss of some interest. please let me hear about yourself 1-rid with kindest ;:ards to you and yours, I am, Yours sincerely, I. A I HE ALLIANCE TRUST COMPANY, LIMITED. 22 MEADOWS IDE, Cable Address, "OCKENZIE. DUNDEE" DUNDEE Benjamin Strong, Esq., Federal Reserve Bank, 1Tew York. Dear 27 Septr., 1918. OCT 14 ON Strong, I was duly favoured with your letter of 8th ulto. written from ...roods Hole, :'ass., where you had gone for a holiday, '.rich I am certain was well earned. I wish I had the same certitude about it having done you good, and earnestly trust that your health while there improved as much as I and all your other friends desire. Thanks for your enquiry about my daughter. She seems to have settled down into country life admirably End he writes me now and again about farming matters happily. carried on by her husband and his partners, and recently sent me with great satisfaction a sample of this year' s wheat crop. It certainly is very good and has been very much admired by all the friends to whom I have shown it. ja.s to the Federal Bank Scheme ani the magnificent co-operation between the two countries, I expressed myself fully, deliberately, and, I hope, adequately when I occupied the Chair the other day at the Annual .Zeeting of The Western Hawaiian Company, - a small :7ortgage Company which we have taken over. I enclose herewith a copy of that speech, and will be gratified by your kind perusal thereof and trust that the reference which I have made to yourself personally will be entirely agreeable to you. I am very pleased and interested to read what you for in your tell me about Ben's history. It is all new to me, have just taken communications to mme fl)out him heretofore you nothing about his him up at the point where he was and told me from the tobacI have sent him another package antecedents. has reached him. conist, but have not yet heard whether it Things Benjamin Stmt Esq. 2. 27/9/16. *Benjamin Strong, 3. Esc)... 27/9/18. convenient. '.7ith kindest regards end. any thanks for the most friendly messacres contained in your letter, I Yours si nc erely, Alliance. Following elail Copy. 3C Ootr., 1918. Benjamin strong, Lsq., Federal Reserve Bank, Lea York. Deer etroeg, T see in the American Journals a good deal of lieenssion which finds its text in the fact that the eiberty Loan lei standing at a small premium and appears to have n free market, whi le all the °them tyre at a disneere,.. er,parently s state of efinire irAE arrested er. Leeloo's 13erioes consideration and an attempt has been from all taxes except made to meet it by exempting $3C, O: death duties for a period of two years after the war. The excrete:, of this privilege gives the right to certain extension in the n4i. sting loe.n,- apparently $43,00e. Then there es an oxemptiton of t'aCee I think, bet that I are not quite sure about. One pacer says that de this way a man can hold. `3:, Liberty Loan on exactly the same footing as the Another parer argues that if he knows how to work the thing he could probably increase the amount considerably, either by utili sine the individual members of his family or a circle of his friends, or otherwise. do not know enytleing about thee end cannot express any opinion, but when I recall -what came under my observation in the old days es to the utilisaticn of Uncle ea' Bonds for ceouring exemption from taxati on, 2- would not be sur- prised If in some way or other these privileEee which I am now liscuesing can be secured on a large scale. I remember urging our friend Sir Hardman Lever, to try an issue in this country free of taxation. I think some eondon leaders of finance, who are theoh better acquianted with the subject than I and :nude more influential, spoke in the same -way. The result was the evolution of a sort of hybrid thing which neither enjoys complete freeem nor is subject to full taxation. Your people seem working the same way. eith all deference to the influential authorities on both sides of the ,cen, I think these pottering compromises are a mistake. 3en,lamin Strong, psi. a 2. 30/10/18. If the idea of tax-free issues be sound it ought to be tried in its naked simplicity without any coinilioations or limitations. I am not expressing any opinion about the political and sentimental considerations which you have mentioned to me because I am quite uninformed on the subject and. write with great deference, but the more I think of it the more I am convinced_ that on purely business and financial grounds it would pay our Governments beet in the long run to try a clean cut issue of absolutely tax-free Bonds. If they had tried. this at the beginning I think they could have succeeded on a bacis, and I believe that your Government could probably Of co arse the narrow offi ci al whose only manage it even now. standard is ex; thew tic would prove that there is a money loss in this. even if he be right, that Is not an important consideraticu; the great thing is to have a big free learket and an abundant outlet for the Bonds whether by private sellers or it is by the Treasury. That has got to be peeil for hee. acoompliened, end I think freedom from taxes will prove the cheepeet in t'ee end, becaenc it is to be hoped that during the lifetime of tae zonds, taxes won't be ee high nor the credit L. fee,y,eare hence I am of 'Governments cost so much money. rate firmly sure the ereasery would prefer to have a established and that it would coe t less to pay Val s amount free from tax than 41, subject to deduction thnreof. I am afraid I am getting rather faddy about this, but I happen to have very ctrorz convictions about the mistake that our government made years and years before the war by deducting. tax from Consols held be foreigners and everybody, and also by cancelling the exemrtione ehich foreigners had heretofore enNavin.; these views I ac afraid T have taken to preachjoyed. ing on the subject, but hope I do not bother yoe too much or that you will consider your old friend too garrulous. By the way, I have a letter from Lord Leith in which he tells me that he is exceedi nely well. hie will :lake you and me think of cld days. Yours sincerely, anagi ree :Director . 2enjamin strong, "?,sq. 20/1/19. 10 that direct taxes operate in exactly the same way, and I do not see how that can be disputed so far as business is concerned, for whatever the prudent merchant or manufacturer has to pay by way of taxation is included in his oncost. It is impossible to get any kind of tax which hits everybody fairly. Here is a homely instance which will serve to illustrate what I mean:- The electric route by which I travel alpost daily runs for six _ailes, and is divided into three stages, which in pre war days were charged ld, 2d and 3d per journey To cover increased costs, an addition of a id respectively. was authorised, so that these rates are now 11d, 223 and 3.0. You will observe that in the first case an addition of 50% has been made; in the second 25 %, and in the third 16%. llow, this on the face of it is a gross arithmetical injustice, but how can it be avoided, and is not the same true of every other taxation question? I entirely sympathise with all the sentimental and political arguments which you present, but I cannot judge of them becase I am not on the spot. I do feel, however, that if vie base important action on such reasons we will go wrong somewhere, because after all the ultimate control is with the actual facts of the case. If Congress acts on sentiment it eventually prove that it cannot over-ride the laws of the universe. That illustrious body created twelve Federal deserve Banks because they did not want to see I:ew York become the financial centre of the Republic, but is it not the case that things are developing in that direction, and whatever useful functions may be discharged by the other eleven institutions, Uew York gill be the boss all the time? The business situation that I want to get at in my mind is a free market for Liberty Bonds. I think that is of I see great importance now and will be more so in the future. Bonds sell about par, and that all the others are at a your I ask myself why the investment that gives the smallest discount. I do not know and can only guess, return has the best market. but it seems to me, so far as I can judge and the information that reaches me, that the explanation may be found it its taxThere may be some other reason ::hick does not free privileges. appear to me, but evidence reaches me almost daily of the efforts that are being made to sustain the rrice of Liberty Bonds This other than the 31%, which seem to support themselves. would seem to point clearly to some intrinsic merit which is peculiar to this issue and is not possessed by the others. I should think that when the next issue cotes these difficulties may Benjamin Strong, :sc., 23/1/19. 3. may be enhanced, and it might be that they could be avoided or minimised if the special merit possessed by the 31s could 7hile I cannot follow or appreciate all be made available. that you say in your letter of 22nd Eovember, I do admire and appreciate the lofty sentiments by which you are animated and your desire to do full justice to democratic princi!les both in finance as well as in government. I also appreciate your foresight in adverting to the factors that will prevail a few years hence, because undoubtedly the finance of the Civil War was lacking in this respect. It would have been better for the country if they had not given so many long.-dated Bonds which they had to take up at a premium and had reserved elastic I cannot too frequentoptions in the hands of the government. ly emphasise that I speak with great deference and in full knowledge of my ignorance, but it does seem to me that a Bond with complete freedom from taxation might solve the market difficulties, -rhich have struck me,but in which my interest is purely academic and public-spirited because I do not own a single Federal Security,- all that I have done in that way being of course, as a matter of duty, made available for the British Treasury. Such a Bond should carry options in favour of the grantor. It might run, say, for 20 years, but be payable at any time after five years in the option of the government on giving, say, 12 months notice. This would prevent it going to a premium and would allow the Treasury full benefit of a happier circumstance which we all hope will prevail after we have had a few years of peace. I am rather ashamed of myself bothering you with this academic epistle and only do it because of the encouragement of your most friendly letters and my admiration of the patriotic spirit by which they are animated. With kindest regards and every hope that your work may not be too much for your health, and that you may have the greatest possible success in all that you do for your own country and for the other Allies, I am, Yours sincerely, ha& ate' i7 Managing Director. THE ALLIANCE TRUST COMPANY. LIMITED 22 MEADOWS IDE. Cable Address 40 "MACKENZIE. DUNDEE DUNDEE ;Lpril, 1919. 7enjamin Ltronp., 17ederal 7eserve Bank, rew York. :Dear Strong, Your letter of 19th Febr ary written from Lake George came duly to hand, and also t.e literature you were good enough to send me. I am actiEP on your advice to take care of myself, and am leaving in J day or two for a rest. 3efore leaving I am clearing wr s e arrears that 'lave accumulated, and amongst them is the 1= ter now acknowledged, because really my mind has not grasped v'e abstruse calculations and arithmetical problems which it resents for consideration. T entirely agree with the humanitarian sentiments ::hick you exl:ress, and have b en -::orking at philanthropic pro- blems, at no small cost to m self, ever since I was a boy of fifteen and my father start d me to teach a class of youngsters in the :ission School atta el to his Church. I think our very rich people are to hl me for a great ..aany things, and I think in many cases their ostentatious .ode of livinF is bad "or themselves and highly calculated to stir up animosity and liscontent mi,s7ht f nd ex-frees-Ion in very hurtful methods. T thoroughly wi'n yo, in desirinii, the bettennent of our 4orklnz classes, but it is not going to be accomplished by rauperlsinz a few onaires or preaching sermons, however well-founded they may e, against the idle rich. 7nless a man is inerirel by a ense of stewardship and dispenses his wealth wisely and genronsly, he is better without it. I think there are many of this class in Lmerica, and I rejoice in the examples of 7enerosity which are so common in your country. e have P.ot to be practical, and as my father's teacher the great Dr. Chalmers used to say, we cannot accolplish any great or universal improvement except by moralising the individual. I once heard Dr. 7,enry 7;cod Beecher leliver a lecture in this town on he called the "Reign of the coon feople",which, while recoznising/ DigitizedBenjamin for FRASER StroLi-t 2. 22/e/19. i3enjamin Stronz, 700. 3. 22/4/19. rich men _liberty Bonds free of tax, what about the Farm Loan Bonds offered at 5; which give him even greater facilities in this direction and are only intended for the benefit of one class, although it is a large and important one? I am told that the dwellers in cities who are largely interested in Building Societies, now desire the a2plication of the Farm Loan System to their affairs. 'There are we going to stop? As you know, I write about all American affairs with great interest and deference, and am only putting these things before you tentatively In a conversational way over a cigar. I cannot arrive at any definite conclusion on the subject, excepting this, viz:- that however it may be in A.:lei-lea, it would undoubtedly have been a great deal better in this country if our Government debt had been absolutely free of tax from the very beginning. I am very glad indeed to shop any little kindness I can to your boy, and hope that we will see him here before he goes home. I have rather lost touch with him, and would be glad to have his address, because it would give me pleasure to sand him an occasional box of cigarettes. I do trust that you yourself are well, and with kindest regards, I am, Yours sincerely, Managing Director. I have a letter from my old friend Frank Trumbull, from which I learn that his doctor has asked him to lead a tranquil life for a while, and that he is to be at Green 400d Gate, VIithyham, Sussex, England. I certainly hope to see him, and am always harpy to have the chance of a crack with you and him or any other American friend. P.3. u _EN HOTEL. lit HARROGATE. t L7 4Zzt, Gt.', ?I'rnA_ i411.17 i)%kr 1-11e2, QUEEN HOTEL. to A HARROGATE. QUEEN HOTEL. HARROGATE. 4104,. ,ev:11" oeti$ ar7 QUEEN HOTEL. HARROGATE. (14/24"-k' /ASK Q OIL) VG. 0(-ir-e 7 612 CA,L.LZ L__# _ ) 're% eil%,4-%^ 04j4 rny cx,L4.4 Z)'22)-L4, -irt/L- /I) )4..< eeoc' 04. 44-6( G CLA_4_ QUEEN HOTEL. H ARROGATE. S MP" QUEEN HOTEL, - HARROGATE. "IrCte clic( c--ke_ 17_ect14.5a /4,k( ZZAc Y7-L-( /7;cc.1 ; ,(74,1 /324-L-LA-t- /Yecia(.9L6Vfele-,- ID dILLIAM MACKENZIE (wic.e: 25 April 1921. TC LEORAPNIC ADDRESS "MACKENZIE DUNDEE" Benjamin Strong, Esq., 15, Nassau Street, NEW YORK. any dear Mr Strong, I am delighted to receive your letter of the 7th inst. I rio most earnestly trust that you will continue in that condition and will have no further occasion to follow what Carlyle calls "a peregrinty in pursuit of health". You certainly have had a good deal to do in this way but you are well worth all the time and trouble and to know that you are now so well. involved both for the sake of those who love you among whom I may be permitted to include myself and also for the common weal. You know about the portrait which 7,- friends connected with The alliance Trust Co. Ltd. did me the great honour to paint. It has been copied by a photogravure process and is considered a very good piece of work. I sent some copies to Mr Henry A. Jones, 511, Bryant Building, Kansas City for die: :tribution amongst American friends and by this mail I have written asking him to send you a copy. Perhaps you will be good enough to accept it from me as a token of esteem and a reminder of the days in which we have been so happily associated. I am glad to know that your Mother and your Sister both enjoy good health and will be glad if you will kindly give them ms remembrances and kindest regards. You might tell them that we are expecting a visi t next week from my Daughter, Yrs Dean and her boy, Patrick William Mackenzie, who is now a year oli and a fine healthy boy. I hots what you say about financial conditions. They certainly are distressing, especially the attitude of working people. Lc' they would only be diligent, we would soon solve all our di ffi culties and it 5s very alarming when one begins to estimate the great loss which this recent Miners' Strike means both to the strikers themselves and to their victims. I would like to have a talk with you about some of my investments but the only one that I will trouble you with at present is my holding of Common Stock of the 2ennsylvania RR. Company/ -2- Benjamin Strong, Esq., 25/4/21. It cost me about 465 a share and you know the present Company. Sometimes T think I would like to average but again price. rumour reaches me that this splendid institution is in and we are told that some people expect it to go the Barre way as the :sew York Central. difficulties, With very kindest regards and best wishes, I a m, Yours sincerely, gcre4e./atek (JY alea 'LOAM MACKENZIE 12 August 1921. _EGRAPH IC ADDPESs CKENZIE DUNDEE" _ . Benjamin Strong, Esq., 15, Nassau Street, NEW YORK. My dear i.ir Strong, I am sure you will give me credit for having been a punctual nnd prompt correspondent during all ey years of business activity, but however a.00d or however well-earned tha reputation mar have been, I am afraid .that T have fallen from that high estate and hae acquired a new reputation for being dilatory and in so'ne cases entirely neglectful. I teve been The clewing up some arrears and find your letter ;f 9th Mar. .pot that it has lain in my box for such a long time 19 noevidence of neglect but on the contrary ol! appreciation for preserved it for If I had not valued it, I should not future consideration. Many thanks for your kind enquiry about my health. I am thankfal to say I am really in splendid condition physica The and most of my friends think I am looking very well. headache, however, which started nearly threo years ago still I have consulted fifteen doctors about it and continues. I do not none of them have solved the problem of its origin. suppose, however, that it will interfere with the long years of hapoinese which you were good enough tg4eish for me but it T do very does impose upon me the necessity for going slow. little work and stay Vex: closely in Dundee and ""Jareeraig". I have not been in London since November 1319 and have no desi to revisit that City and mach leas a place so far away as New I regret this very much because I know what a cordial York. welcome I would get from your goodeelf aria other American fiie . I am gratified by your kind appreciation of my Portr and by the honoured place which you are giving t in your gall The next time you are in Great Britain, I do hope you will fin time to come down here when I will show you the original paint ,4hich is really a splendid place of work. I am still a member of the Golf nab but I eannot at present promise you a game for I have not lifted a club for ov three years. I still have the wooden-faced club that you pres me with end I recall with pleasure some good otrokee I made wi It. Thanks/ 41 41 41 41 Benjamin Strong, Esq., IOW 11./421. 2 Thanks for what you say about Pennsyl-rania. I have not done anything in this or any other inveetment and perhaps it is just as well to let things sieer for t While. every now and again I drop a tear over the depreciation of may ireeeteents, but that does not hurt me and is only an evidence of the existence in my mind of scme element of Balfourien philosophy. At the same time, to be serious, I must confess that eome of the depeciatione are very serioes and quite surprising, as for instance, Ponnsyl: :eania Stock and some o.!' the Amerioen Btreet Railroads, mainly in New York. I am eery g, ad to 1-now that your Mateer end Stater are in such good Yeelth and that they enjoyed their visit to Cape Cod. I am seee ;oar Sister would find many things there to interest her active mind. I thin': it i a a good thing to send your on to London because, as you say, there are things there which cannot be learned elseWeeee and it completes the eirceit of his training. We used to hear a great deal about ner York supplanting London as a world centre but that kind of talk i2 not: now 14 evidence. I always beleeee that American Bankers will make dollar exchenge oeerative on e7. lerge scale an0 that the historical upshot rill show that just as Ameeica and Greet Britain ought to oe good friends and rule the world between them so London and Mew York will each sukelement the other and eo-operete on fiendly lines thus performing a great work of financial efficiency for the world. Here es are all puzzling about the future of our exohange, but in the absence of any powerfUl interference by Government or Bankers, I do not see anything to put it up. There may be same internationel aeran3ement about which, of °puree, I no nothing, but if exchange be left to itself, I do not see how it can improve until after your ()foes are all cold and theetealeo Mb:I be applicable to next ynar as well as this. With the vere ':irdest to you.- Mother end Sistfe poerible to yonlcself and . Y011213 sir e- ly, -"Crii ColerVaIf/1-e 14 74-1.-1- P. S. My very good friend and highly esteemed successor, kr 1777. Macdougall sails for Canada on the 27th by the SS. "Megantic". I have asked him to call He will be in New York before very long. upon you and have assured him that he will receive from you some of that sunshine of hospitality which it has always been my good fortune to enjoy. If you can help him in his studies of the Exchange question, it will be greatly appreciated by all of us. WC.j AM MACKENZIE. Telegraphic Address. AC;::i'V.OWLEi.)17- ,eenc4 MACKENZIE.DUNDEE- APR 10 S 31 March 1922. .or,n ). 3enjamin Strong, Esq., 13, Nassao. Street, NEW YORK. fly dear Mr Strong, I have been wondering for a long time how you are keeping, not having heard for some months and have had it in my mind to send you a letter of enquiry. This purpose is brought to a point because my Daughter, Mrs Dean, Mere Tall, Lincoln has sent me the enclosed, with a request that I would have it forwarded as promptly as possible, to Miss Strong. As I qo not knew lass Strong's present address, I eliclose it herewith and All be obliged if you will transmit it to her at your early convenience. I hope she and your Mother are very well and will be glad if you will kindly give them my kind regards. When you answer my query about yourself, perhaps you will also let me hear about them. 1 It may interest you hero tomorrow morning with and we expect to have them will bring a great deal of our house, for my Wife and. to know that Mrs Dean is arriving her Son, who is now two years old, with us for some weeks, which sunshine intc the solitude of I arl now quite alone. Yours sincerely, 1144' -'&11.-0-2 ii4ar W *IAM MACKENZIE. Telegraphic Address ,/(4 -MACK E NZI E. DUNDEE" 21 November 1922. Benjamin jtrong, Esq., 15, Nassau Street, VEli YORK. dear LT.. Strong, I have not heard a word about you for many a day and our friendship is so old and I have so few friends now surviving on your side of the Ocean that my desire to be in touch with your goodeelf becomes warmer and the heart grows fonder the longer I am without news of you, so will you please either write me yourself or get your Secretary to favor me with a bulletin? I do trust you are very well and able to perform all the duties which your high and honor: :able position impose upon you. I would also like to know about your Mother and Sister and will be pleased to be remembered to them when an I am deeply saddened by the opportunity presents itself. death of Mr. De iiitt Cuyler who was a very good and very old He was seven years my junior an/ here he is out off friend. suddenly and so to speak in the twinkling of an eye. He had achieved a great position for himself and was really a most efficient servant of the commonweal. I amilfraid his work had been too much for him nnd that he really died a martyr to I had not seen him fors great many years, but his door duty. was always open and 'never wrote him - which was very seldom without getting prompt and relevant response. You must have had a great deal to do with him in many ways and I am sure you will be feeling his death even more deeply than I do. ';'ith kindest regards and best wishes for the New Year which will soon be here, I am, Yours very sincerely, ad4ovei eiZe,n Wt.e e. WILLIAM MACKENZIE ELECRAPHIC ADDRESS vn a MACKENZIE DUNDEE" 10th August, 1923. Benjamin Strong, Esq Federal Reserve Bank, 15, Nassau Street, NEW YORK. dear 1 11.. Strong, I have not had a word from You or imposed any letters upon you for nearly six months but the other day I had a call from our old friend, Mr. Dallas Pratt who was kind enough to come to see me and to give me quite a long section out of the time avallalle during a very short visit to this City. I was asking him alout you and other friends in rew York and found that he had no recent information about your health. I have therefore come to the conclusion. that, to use the Scotch language, better lose no more time in "speirin' for ye". I had Will you therefore be good enough to let me have, at your convenience, a few lines in answer to this letter and to tell me how your mother and sister are keeping, to whoY, please remember me most kindly when you are in touch with them. My daughter and her son were with us for some weeks quite recently. They are both very well and the latter is a fine sturdy, alert youngster of 31 years. I do hope to hear that you are as well as I would like you to te, and with kindest regards, I am, Yours s paristI Tintrcli of pultber N ELT z a) 0 (gt. 0 fflio a Wurn's). 2 Z 2 00 0 << _I 2 ORDER OF SERVICE ARRANGED FOR THE LORD PROVOST, MAGISTRATES, and TOWN COUNCIL OF THE CITY OF DUNDEE, IN COMMEMORATION OF THE LATE WARREN GAMALIEL HARDING, President of the United States of America. 44 FRIDAY, AUGUST wth, 1923 "NI ORGAN VOLUNTARY Chop i, " FUNERAL MARCH " PRAISE - HYMN 149. ROCK of Ages, cleft for me, Let me hide myself in Thee ; Let the water and the blood, From Thy riven side which flowed, Be of sin the double cure, Cleanse me from its guilt and power. Not the labours of my hands Can fulfil Thy law's demands ; Could my zeal no respite know, Could my tears for ever flow, All for sin could not atone ; Thou must save, and Thou alone. Nothing in my hand I bring, Simply to Thy cross I cling : Naked, come to Thee for dress ; Helpless, look to Thee for grace ; Foul, I to the fountain fly- Wash me, Saviour, or I die. While I draw this fleeting breath, When my eyelids close in death, When I soar through tracts unknown, See Thee on Thy judgment-throne, Rock of Ages, cleft for me, Let me hide myself in Thee. LESSONS FROM THE NEW TESTAMENT. 1st CORINTHIANS XV., vv. 50 to 58. REVELATION vii., vv. 9 to 17. The Rev. J. WILwRarrn, B.A. THE FIRST PRAYERS. (Invocation, Conversion, Supplication, Commemoration.) The Rev. J. WsrrE MAcGirz, M.A. THE ORGAN THE DEAD MARCH (Saul). In respectful remembrance of President HARDING. The Congregation standing. ; THE ADDRESSThe Rev. HARCOURT M. DAVIDSON, V.D. THE SECOND PRAYERS. (Intercessions and The Lord's Prayer.) The Rev. JAMES WEATHERHEAD, B.D. PRAISE-HYNN 237-Sung at President HARDING'S Funeral. NEARER, my God, to Thee, Nearer to Thee Even though it be a cross That raiseth me, Still all my song would be, ' Nearer, my God, to Thee, Nearer to Thee I ' Though, like the wanderer, The sun gone down, Darkness be over me, My rest a stone, Yet in my dreams I'd be Nearer, my God, to Thee, Nearer to Thee ! There let the way appear Steps unto heaven, All that Thou send'st to me In mercy given, Angels to beckon me Nearer, my God, to Thee, Nearer to Thee 1 Then, with my waking thoughts Bright with Thy praise, Out of my stony griefs Bethel I'll raise, So by my woes to be Nearer, my God, to Thee, Nearer to Thee 1 Or if on joyful wing Cleaving the sky, Sun, moon, and stars forgot, Upwards I fly, Still all my song shall be, ' Nearer, my God, to Thee, Nearer to Thee ! ' THE BLESSINGThe Rev. H. M. DAVIDSON, V.D. THE ORGAN " THE STAR-SPANGLED BANNER." " GOD SAVE THE KING." The Congregation standing. DAVID WINTER & SON, DUNDEL c/ecezdaree,-;(2ted-e! WILLIAM MACKENZIE 2:4-01422/ t7- ee4 ADDRESS "MACKE ZIE DUNDEE" fk7m-/;e( 4th October, 1923. Benjamin Strong, Esq., Federal Reserve Bank, 15, Nassau Street, NEW YORK. My dear Yr. Strong, I have your letter from Colorado S,itirings, dated 10th September. I am very sorry to have my fea s confirmed that your health had not been as good as we ould all like it to be but am pleased to know that you re able to return Rowever much your vele may have been to New York. effected, your letter chews very cl rly that neither your pen nor the kindness of your heart. ave been impaired in Your writing s just as good as ever the very smallest. and the envy of myself and other who are not any better Your letter is certainendowed as caligraphists than I m. ly very kind and the heartines of its friendship has gratMaladies of the ified myself and any family ver; much. throat are certainly very con rolling and limit the patient's In A it and May I had a five weeks' activities very much. but I am thankful to say that siege of Cellular Pharyngit d Dr. !Lathers, our local treatment by my own Medico That was a very small Specialist, was entirely s ccessful. affair compared with your months of illness but. it enhances my sympathy for you and y appreciation of the patience and am sure you carried your troubles. the courage with which I enclose c py of a letter of introduction to I Carlyle Gif ord and his travelling companions. will be most have told them of yo r trouble and am sure they are, as usual, a very busy man or are If y considerate. still short of tha perfect health which we all desire for you, please do no hesitate to tell them and turn them over to one of your 1 eutenants. Mr. T. J. I am glad to hear of your mother and sister. My 'wife and family are Please give them my kind regards. very well. With kindest rep-ard and one more cordial at-rFc. iation of your friendly letter, I am, Yo r roet aince ely, tors. 4-4/ 28th Septr., 1923. Benjamin Strong, x;sq., Federal Reserve Bank, YORK. N,,; k.y dear /4.r. Strong, I was very glad to receive your most friendly letter of 10th inst. and hope that ty this time you are back to 1;ew York and feel perfectly fit for business and are not attempting too much. I am to take advantage of your friendly door which is always open to me to introduce to you Vr. T. J. Carlisle Gifford, V.S., 2dinburgh, and any of ids travelling companions by whom he may be accompanied when he is there to wait upon you, namely, Ur. J. Kenneth Greenhill, Lecretary of The Alliance Trust Company, 1.r. G. Oimpson, one of the 1.irectors of The 1nv-storsl Lortgage Security company and 1..r. R. F. k,hepherd, who is a member of the Firn of '0,essrs shepherd & Wedderburn, W.S. Gifford has written some articles on Financial and Currency Problems which I have read with interest and with admiration of his facile pen, although Gifford not always with acquiescence in his views. is a keen student of these matters and wiith a view to his own education and, therefbre, the benefit of his friends here, he wishes to get into touch with parties on your side who can offer him the illumination of which he is in I commend him to your good offices when there search. and also his travelling companions. I am, Yours sincerely, O!/I!2/ chef ; MACKENZIE WILL Telegraphic Address, Aqw04,2 December 30, 1924. _ -MACKENZIE DUN \CP; V4471 vi Benjamin Strong, Esq., Federal Reserve Bank, 15, Nassau Street, NEW YORK. My dear Mr. Strong, Not very long ago I was reflecting that I was getting out of touch with you and that I really ought to be writing. Before I had time to accomplish anything, in comes your beautiful Christmas Card showing that I still live in yolir friendly memory. I am delighted to hear from you and recipro- cate cordially all your good wishes. I hope you are enjoying good health and shall be pleased, at your convenience, to have a few lines of assurance from you. Personally, I am feeling a good deal better than I was when they put me on the shelf and am attending to a good many things. I come up to the Office in the afternoon, about four or five days a week, but I always lunch at home and do not face the day until I have had a comfortable breakfast in bed. I would dearly love to have a crack with you because I would always find it informative as well as friendly. I see Exchange goes up but that does not affect me personally because, some years ago, I made up my mind to keep as maoh money in American Dollars as possible and was not tempted by low sterlin to bring money home. this/ Some people think I have lost money by 4110 Benjamin Strong, Esc. 30/12/24. 2. this but you will agree with me that, at all events, in the American Continent there is a sure bottom. the probable future of Exchange. People diseuss The view which / express to them is that its price represents depreciation in British money and that until our currency goes to par on its own merits, Exchange must fluctuate. Speaking from memory, I do not think the American Dollar was at par in sterling until the paper Dollar was at par with its gold equivalent. When you write me, I shall be glad to hear of your mother and sister, and so will my daughter who would be glad to join in sending kindest regards and best wishes if she were here. Yours sincerely, Gal ovvIl SOVEREIGN v. DOLLAR. A certain element of excitement is now entering into the relations of the vtt' e %4A-4.kftV sovereign and the dollar. Since 1919. )se an article from the "Advertiser" of this when the exchange was " unpegged," the once proud sovereign has ranked 'Sovereign v. Dollar, which may interest yon. far below the dollar, but a steady approximation has been taking place. and yesterday it took 4.731 dollars to equal the sterling unit. A year ago 4.201 dollars could purchase a pound. It is now well within the region of probability that we shall soon see the pound hack to its normal parity of 4.86 dollars. It may even rise to a premium, in which case great, indeed, will be the astonishment and chagrin of New York. It is a fine question, over which the experts might debate for an age without reaching certainty, whether the process now going on is one of rise of the pound or fall of the dollar. Whichever it may be, it is V a good thing for Britain in her modern character as a debtor country. ID WILLIAM MACKENZIE. /, TelegraphicAddress. r/niZe/ Febrnary 12, 1926. IVACKENZIE,DUNDEE- Benjamin Stro-.aE, Federal Reserve Bank, 15, Nassau Street, New York. My dear Mr. Strong, I have today receiv letter from my good end affectionate cousin, Missimily Leng, in which she tells me that she is coLing home/ °morrow. In that letter she makes reference to your food self which I thial: you will be pleased to hear. I erefore make the following auotation from her letter:- "About ten .sys ago I spent a very pleasant evening To tell you the with your .,riend, Mr. Strong. truth, I ether dreaded it, for I thought he would But I really enjoyed be mich oo clever for me. myself nurmously for he is so kind and so interestI have been meaning to tell you how much I ing. enjoyed myself ever si.ace." As I know you did this for my sake, I must los-) no time i, thanking you very warmly for your kindness to her. I hesita ed at first to trouble you about her because I know how bus you are, but when I found she enjoyed your hospitality and her intercourse with you so much, I am passing her vote of thanks on to you and -psociating with it my appreciation of your/
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