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STRONG PAPERS, Norman's memorandum re: central bank conference & Strong's revisions and draft
letter of acceptance
(List created 6/2004)
1.

June 1922, typewritten draft of "Letter of
Invitation to Governor or President" to
Central and Reserve Banks' meetings to be
held at the Bank of England

2.

June 1922, typewritten draft of "Letter of
Invitation to Governor or President" w/
Strong's handwritten notes re banks invited /
attending

3.

June 1922, typewritten draft "Agenda" for
the Central and Reserve Banks' meetings to
be held at the Bank of England w/ red
typewritten revisions

4.

June 1922, typewritten draft of "Letter of
Invitation to Governor or President" w/
Strong's handwritten revisions

5.

June 1922, typewritten draft of "Agenda" w/
Strong's handwritten revisions

6.

1922, typewritten draft of "Agenda" w/
Norman's (?) handwritten revisions

7.

June 1922, typewritten draft of "Agenda"
(earlier version)

8.

Undated, typewritten "Part II" of "Agenda"
w/ Strong's handwritten revisions

9.

13/June/1922, printed "Agenda" for Central
and Reserve Banks' meetings at the Bank of
England

10. Undated, draft of Strong's acceptance to the
Central and Reserve Banks' meetings with
Strong's handwritten revisions

11. Undated, Strong's proposed acceptance
letter "For Mr. Jay, to be returned to B.S."
12. Undated, Strong's handwritten notes
regarding debt, Germany to Belgium, etc.
13. Undated, Strong's handwritten notes re:
stabilization, reparations, etc.

06/15/04
Strong Papers Key for years 1922, 1927, 1928:
( ) = Document is in Papers but prior to now had not been photocopied and included in research binders
[ ] = At earlier date, item was listed as present but no original or copy is now in Papers
{ } = Photocopy exists but original is missing



Jtrong

Jan. 30
Feb.2
Feb.7

Feb.7
Feb.;
Feb. 17
2eb. 17
Feb. 17
Feb. 17
tab. 13
Feb. 13
Feb. 13
Feb. 13
Feb. 16
Feb. 13
Feb. 10
Feb. 10
Feb. 21
Mar.

L.

Ear. 9
Ear.
Mar. )

Ear.
Ear.
Ear.
Var.
Ear.
Mar.
Mar.
Mar.
Max.

22
22
22
22
22
22
22
22
2_
22
Mar. 22
Mar. 24 C
Ear. 2

o 1....)..

J
June 22
June 27
June 27
June 27
July 6
July 6
July 13
July 14
July 14 C
July 18
July 18
July 27
J
J
July 27
Aug.3, with clipping from N.Y.Tines
Aug. 24
Sept. 7
Sept. 15
Oct. 2
Oct. 15
Oct. 18
Oct. 25
Nov. 3
Nov. 10
rov. 15
Dec. 1
Dec. 21

Misc.

Conference of Central Banks by A.LansbuEgh,
sent to Strong by Wadsworth of Treas. Dept.
Aug. 16, 1922
Central Banks, information prepared by
Foreign Information Service, Reports Div.,
Statistics Dept.

::ar. 20

2ar. 29 C
:

,ar. 30

S. R. Resolution, 160, in House of Representatives, Mar. 16, 1922

Mar. 30
:Par. 30

Dlr.
:ar.
Apr.
Apr.

Strong's handwritten notes on debts,etc.

30
31
3
3

German Reparation Payments(table,1920/50)

Apr. 10

Draft(with Strorre's handwritten changes) of
acceptance of invitation to attend meeting;
letter of invitation, and Agenda.

,Apr. 14
4,pr. 14

Sirdlar C.ocurants sent by Strong, to Jay

.",pr. 3

A:er.

lr

attendance at bank
conference in London
Similar with changes in red ink.

May 115,witli

19

June
June
June
June
June

1
9
12
19
21




Draft of resolutions, with changes written in
red ink.




copy

in a position to pledge the Bank of

as

regards all subjects which may come up for discussion.

Requesting a reply at your early convenience,

I am

Federal Reserve Board for Governor of

)

Bank of France

Federal Reserve Bank of New York

National Rank of
Belgium

Bank of Japan

Bank of Italy

South African Reserve Bank

Netherlands Bank

Imperial Bank of India

Bank of Sweden includes

National Bank of Egypt

( Bank of Norway
(
(

Bank of Denmark

National Bank of
Poumania

National Rank of
Switzerland
Bank of Spain
Reichsbank

Bank of Portugal

Queries

Imperial Ottoman Bank

Bank of Finland
Bank of Poland
Bank of Ireland
National Bank of Greece
Commonwealth Bank

Banque Nationale de Bulgarie

(omit South America)




PRIVATE AND CONFIDENTIAL

LETTER OF INVITATION TO GOVERNOR OR PRESIDENT.

I am directed to enclose herewith a Report adopted by the

International Conference of Genoa, on the recommendation of its

Financial Commission, and in accordance with Article

I have the honour to invite you to attend a Meeting at the Bank of

England at

o'clock on

,

the

June, 1922.

It is suggested that this Meeting shall be followed by others

during the week beginning on that date and that the Agenda shall

limited generally to the subjects mentioned in Articles

Articles

and

of the enclosed Report and to the Economic

relation of inter -State indebtedness now existing in consequence of the

:iar, to the reestablishment of the former gold standards and of stable

exchanges.

I am to say that the proceedings at these Meetings will be non-

political and confidential although it may be convenient to publish such

formal conclusions as ma. be finally reached.

In view of the limited accommodation at the tank of J,:rgland,

I

am to ask that you will consider this invitation as prsonal to yourself




S

or he (as the case may be) will be in a position to state the views of
or to such gentleman as may be chosen as your Substitute and that you
as regards the subjects to be discussed.

the Bank of

Requesting a reply at your early convenience,

I am,

VFederal Reserve Board for Governor of

VBank of France

Federal Reserve Bank of Diew York

Bank of Japan

V

V National Bank of Belgium

I/

Bank of Italy

17

Netherlands Bank

VSouth African Reserve Bank

V

Imperial Bank of India

V/

,0/7

Bank of Sweden includes

(

Bank of Norway

National Bank of Egypt
1#f

(

Bank of Denmark

V

National Bank of Roumania

V

National Bank of Switzerland

V Sank of Spain
Reichsbank

Bank of Portugal

Imperial Ottoman Bank

V/




kna,o,

Bank of Finland

Bank of Poland

At

Bank of Ireland

6 ":)

VNational Bank of Greece

Commonwealth Bank

CAO

IBanque Nationale de Bulgaria

(omit South America)

0-4./N-k/

61 6114.117tut,

ra

Attva1/4-

84ALco

GovrtratlikK
,co

a.

Aettail,

6.mo




AGENDA


http://fraser.stlouisfed.org/
4.
Each such
Federal Reserve Bank of St. Louis

Bank should. recognize the importance of international as




(2)
 When progress


permits, certain of the participating countries will




PRIVATE & CONvIlrNTIAL

CUTER OF INVITATION TO GOVTRIZR OR PR79InENT.

I am directed to enclose harswith a Report adopted

by the Intermitional Conference of Genoa, on the recommendation

of its Financial Commission, and in accordance with Article

I have the honour to invite you to attend a Meetin-' at the

Bank of England at

o'clock on

,

the

June, 19?2.

It i3 suvested that this Meeting shall he followed

by others during the weak beginning on that date and that the

Agenda shall be limited generally to the subjects mentioned

of the encloeil

and Articles

in Articles
4.'

-,le
(-Cile.L04C-11
Report and to tbs6osomomirossol44)of Amt inter-State indebtednes$
"

jr14,,96,4;77vt441--

as now existing in consequence of the Ihria

i-OrlAth

9*-1-40

6)Lat449-40

,

acchti4evo

I am to say that the proceedings at these Mootiogs will

be nonpolitical and confiiential although it may doibillomslom

convenient to publish such formal conclusions as .ray be finally

reached.

In view of

11,rits4 aocomLoition at the Rank of

Fngland, I am to ask that you will consider this invitation as

personal to yourself or to such gentleman as may he chosen as

Your
http://fraser.stlouisfed.org/ Substitute
Federal Reserve Bank of St. Louis

and that you or be (as the case may be) will be

as

in a position to state the views of the Bank of

regards the subjects to be discussed.

fib
Reluesting a reply at your early convenience.

I am,

Federal Reserve Board for governor of

Bank of France

National Bank of Belgium
Federal Reserve Bank of New York

Bank of Japan

Bank of Italy

South African Reserve Rank

Netherlands Bank

Imperial Bank of India

Bank of Sweden includes

National Bank of Pgypt

(Bank of Iormmy
Bank of nenmark

National Bank of Roumania
NationiAl Bank of Switzerland

Bank of Spain
Reichshank
Bank or Portugal

ieries
Imperial Ottoman -Sank

Bank of Finland

Bank of Poland

Bank of Ireland

National Bank of Greece

Comonnwealth Bank

Banque Nationale de BulTarie

http://fraser.stlouisfed.org/
(omit South
Federal Reserve Bank of St. Louis

Agarioa)

AG7NDA.

PFSOIUTIONS proposed for adoption by the Governors or Presidents

of Banks represented at Meetings to be held at the Bank of Englani.

June, 1922.

Part 1.

Resol,tions concerninz Co-operation

The Bank

here repreo nted approve the folloring

principles:

1.

Autonomy and free Toro from political control are
(ILIA

kjA.

twet-

iesirable for all Central Banks.

01
2.

Subject to confor,Aty with the above clause Vardier
Alex f

of continuous co-operation is desirable among ;Antral

Banks, wherever situated,

3.




-ithollt hampering their freedom, co-operation should include

confidential interchange of information and orinions among

Sikok_

Artg702-00---eir-

asaWat A
" Bankeliapew1131_ragaz-4,
,I1J01/1,0

sudhcqeeetlutrO)as Pates of Diqcount:

Txchanges ani the movement of Gold.

the stability of

to

#0,
4.

Each AientIrS1 Bankrecognisey the importance of Inter -

/010-6E*
national as oosystaci-414th National interests in the

reestablishment of the world's tza4e-ead economic 4mAa

9tAbility,

a

likar praky-f Acittd

71d-

r

02:16realef.
5.

Each Central Bank should conduct its foreign Banking

oper ttions fly 14r exci-viiv3ly with the

rfr kt,ettere../
respective Central Banks of other countries.
11%

friri-Or
6.

each Contraa Bank should extend adequate and proper

Banking facilities, without undue regard to profit,

to all other Central Banks:

such facilities

to

include the custody of gold, monies and securities

and the diqcounting of approved Bills of Exchange.

7.




Each Central Bank should take such steps as may be

possible to .the absolute right of withdrawal
of all gold, monies and securities held on behalf of

other Central Banks.

P.

C

1)

11

A

.

/

-

RESOLUTIONS proposed for adoption by the a.e.vern-cr-m-r--Frart-T

e Banks represented et ke.4t n-s to *De 1,e1d

he 71-nk 9g. Fryl,-.

dam, 191c2.

Part 1.

fiesolutions concernitu. Co-operation.

//)
The,Banks here represented ap;,rove the following

principles:

1.

Autonomy and freedom fro

politic',1 control are

desirable for ell Centred and Feservo 9anicr.

2.

Subject to conformity with the above clue a policy
of continuous co-oper.q.ion is desirnble among eimeh3,-inks, wherever situated,

3.




.4ithout hampering their l'reedom, co- operation shoUld include

confidential interchange o" information and opinions
&mom. such 1-3.nks

7ith reg-Ird to such matere as

kstes ofjilecount:
the move73ent of gold

the st-bility of &changes and

4.

E-,ch Sank should recognise the importnce of

Inter-

national as well e.e WAional interette in the

reest5bliehment of the world's economic 'nd trade

EtYytli

5.

E.ch Cefit/pal Be.nk chould A Nis to conduct its f-oreicn knk-

in

operations exclusively with the respective

Central or PeEerve /35nks of other countrieP.

P.

EchiBank should endeavor to extend adequrtte and proper

1,1§nking fat!ilitiee, without undue regerd to profit,

to aik other Centred and Reserve

.nke:

such

f-cilitiee to include the custody of gold, monies

and securities and the dismIntin:-.; of approved

bills of ?xchsnFe.

7.




Ench Centrnl Rank should take such steps aP may be
4

possible to eneure at 511 tisee the absolute

right of wittdrawel of t,11 cold, monies and

securities held on behslf of other Centr5119anke.

Part

Reeolutions concerning an Internetionel Monetary
Convent i on,

in-zcz.artfttrp-a-rt

The Centrel 'nd Peeerve Bsnke here represented agree to urge
forthwith upon 'heir respective Governments that an Intern!tional Monetary
Convention be eummoned to consider and report upon the folloeing programme

for the tconomic Keconstructian of the 46rld, vie:

(1)

The Government') of the perticipating countries declare

thet the restorstier of the preees gold bests is their
ultimete object, there sunh beets does net noefexist,
and the; agree to curry out, es rapidly 48 ma;;

their power, the folloeine

a.

in

rogrammet

In order to gain effective control of its own currency,

ech Government must meet its annual expenditure eith
out resortinc to the creation of fiduciary money or
bank cred.ite for the parpope.
b.

The next step *ill oe, as soon

the economic

circumstences permit, to determine and fix the !'old

v.que of the monetary unit.

'hie will not necessarily

be tt the former gold par.
c.

The sold value so fixed must then be mode effective in
a free exchange market.

d.

The maintenance of the currency at its gole value nut
be eFeured by the provision of en -deluete reserve of

approved assets, not necesarily eol:.

(2)

"hen progreFs permits, certlin of the perticipating

countries till esteblith a free merket in gold and
thus become gold centres.

(3)



A

A participating; country, in addition to any gold
re:aerv© held at home, may meintein in any other

participetine coun`r,' reserves of approved eeeete in

the form of bank balences, bills, short-term securities
or other auitabla liquid resourcee.(4-eleare.44ear--cld):

(4)

The ordinary practise of e psrticipatine countre +ill
be to buy nn

sell exchanee on other porticipating

countrier within a prescribed frection of perity, in

exchange for ite own currenc

(5)

on demand.

The Convention Sill thus be based on a gold exchange
standerd.

The condition of eontinuine membership will

be the maintenance of the netionel curreno
prescribed value.

unit et the

Feilure in this respect till entail

suspension of f.

(f)

E ch country will be responsible ier me4-R4r.-1-rf

ee.

be li

t.

entirely free to deviee and aptly the meens,

whether through regulation of credit by
erve

A

(7)

central

and

'inks or etherelee.

Credit will be resuleted, not only with e view to

But they,



meintainine the currencies

it par with one enether,

but oleo with t view to preveetine undue fluctuations

in the purchasing poer of
however, that the
be

It is not contempleted,

: :old.

discretion

of the

tattered by any definite rule

ntrel4iinnke should

from d for thir purporep:,e25-eZe'/

record their deep conviction that such n Conve

ion ceeeriet-

in t position to state the views of the Bank of

as

regnrde the oubjeots to be Ascu9sed.

1.oqueetir

n reply at 'rour earl\ convenience,

I

am,

Falerml Reserve Board for G vernor of

)

Bank of France

Federal Reserve Bank of lel, York

National Rank of 9e1;71um

B:nr,. of Japan

Bank of Italy Bank
Netherlands

South African Reserve r-.ank

Ben', or Fieden includes

( Bank of Norray

Imperial Bank of India
( Bank of Denmark

National 3:nk of Egypt
Notional Rank of Roumania
National dank of Fait7erland
1:1rik of :pain

Teichrbank

Bnn: or Portual

^ueries

Imporial Ottoman iiank

Bank of Finland

Bank of Poland

Ban'-: of Ireland

National BAIV of Greece

Commonweblt;1 Bank

B,,nque Nationale le dulgarie

(emit Souttl Ameria)









5.

As a general rule the greater the Reserves (in Gold or







Part II.

Resolutions concerning an International Monetary

Convention in accordance with the Report of
the International Conference of Genoa

The Central Banks here represented agree to urge

forthwith upon their respective Governments that an

International Monetary Convention be sumPoned to consider

and report upon the following programme for the Economic

Reconstruction of the World, viz:-

(1)

The Governments of the
that the restoration
ultimate object, and
rapidly as may he in
programme:-

participating countries declare
of a gold standard is their
they agree to carry out, as
their power, the following

a. In order to gain effective control of its own currency,
each Government must meet its annual expenditure without resorting to the creation of fiduciary money or
bank credits for the purpose.
b. The next step will be, as soon as the economic
circumsterces permit, to determine and fix the gold
This will not necessarily
value of the monetary unit.
be at the former gold par.

c. The gold value so fixed must then be made effective in
a. free exchange market.

d. The maintenance of the currency at its gold value must
be assured by the provision of an adequate reserve of
approved assets, not necessarily gold.

(2)

When progress permits, certain of the participating
countries will establish a free market in gold and
thus become gold centres.

(3)

A participating country, in addition to any gold
reservesheld at home, may maintain in any other
participating country reserves of approved assets in
the form of bank balances, bills, short term securities
or other suitable liquid resources.

(4)

The ordinary practice of a participating country will
be to buy and sell exchange on other participating
countries within a preF.cribed fraction of parity in
exchange for its own currency on demand.

(5) The




Part II

Resolutions cone ern in: ; an .International Monetary

Convention in accordance with the

',.oport of

the International Conference of Genoa.

The Control, Banlm hare represented agree to urge

forthwith upon their respective Govenaments that an
International Monetary

Convention be

sursooned to consider

and report upon the following pro{ xemme for the :;economic

Aeconstruotion of the World, viz:(1) The Governments of the participating countries

declare

that the restoration of * gold otoniard is their

tufan.L.Sud. 6a4u.kciito 2o-

'laza

ultimate object , mot they cgre0 to carry
A

rapidly as nary be in their power, the followtag
pro gram!

: --

a. In or - -or to gain effective control of its own currency,

each Government mast rivet its annual expenditure with-

out resorting to the creation of fiduciary money or
bank credits for the purpose.
b.

The next step will be, as soon as

the

economic

circuzutances permit, to determine and fix
value
be at

0.

of the monetary
the

unit.

This will

not

the gold
necessarily

former gold par.

The gold value so

fixed mast then

be made effective in

a free exchange market.
d..

The maintenance of the currency at

its gold

value must

be assured by the provision of an adequate reserve of
approved assets, not necessarily gold.

, nen prot;rebt: permits, curtain of the pmeticipating
countries will establish a free market in gold and
thus became gold centres.
(3) i participating




country, in addition

reserves hell at home, may

maintain

to any gold
in any other

participating country reserves of approved ascots in

the form

of bank balances, tills, short term securities

or other suitable

reshcos

(inoludin,; gold).

(4) The orOirnry practice of a participating country will

be to buy and sell exahan6e on other participating
countries within a prescribed fraction of parity in
exchange for its own currency on demand.
(5) The Convention will thus be based on a gDld exchange
standard.

The condition of continuing manbership will

be the maintenamee of the national currency unit at the
prescribed value.

gailure in this respect will entail

suspension of full membership.
(6) Each country

will

be responsible for maintaining the

international value of its currency at par, but will
be left entirely free to devise and apply the means,
whether through regulation of credit by central banks
or otherwise.

(7) Credit will be regulated, not only with a view to

maintaining the currencies at par with one another,
but also with a view to preventing undue fluctuations
in the purchasing power of gold.
however,

that

the discretion of the central

It is not contem

bankshould

be fettered by any definite rules framed for this purpose.

(-84-6eoircanzr-tr-ttue-ce-melds
-fire-tent-isTIMatirrarther-etrtrese-ttrri-tinr thrited--194teiree

.

$1

V

,--Ibite-eeelteelp-perst7ITErnellOrf.

that *afore Each

oc suceessful

tlerurrlov-ine

nter-OW* Oebts

6 0fettri%

nelAIMPIAMMUM6

nts concerned.


http://fraser.stlouisfed.org/
programme succeed

Federal Reserve Bank of St. Louis

CONFIDENTIAL.

AGENDA.

BANK OF ENGLAND.



Z




DRAFT
13-6-22.

CONFIDENTIAL.

AGENDA.
RESOLUTIONS proposed for adoption by the
and Reserve Banks represented at
Meetings to be held at the Bank qf England.
Central

1922.

PART I.

Resolutions concerning Co- operation.

The Central and Reserve Banks here represented approve

the following principles :1.

Autonomy and freedom from political control are desirable

for all Central and Reserve Banks.

Subject to conformity with the above clause a policy of
continuous co-operation is desirable among Central
and Reserve Banks, wherever situated.
3.

Without hampering their freedom, co-operation should
include confidential interchange of information and

opinions among such Banks with regard to such
matters as rates of discount,

the

exchanges and the movement of gold.

stability

of




4.

Each such Bank should recognise the importance of

international as well as national interests in the
re-establishment of the world's economic and trade
stability.
5.

Each such Bank should endeavour to conduct its foreign

banking operations exclusively with the respective
Central or Reserve Banks of other countries.
6.

Each such Bank should endeavour to extend adequate
and proper banking facilities, without undue regard
to profit, to other Central and Reserve Banks :
such facilities to include the

monies

and

securities

of

gold, custody

and the discounting

of

approved bills of exchange.
7.

Each such Bank should take such steps as may be
possible to ensure at all times the absolute right

of withdrawal of all gold, monies and securities
held on behalf of other

Central and

Reserve

Banks.
8.

Each

such Bank should endeavour to assist in the
establishment of a free market in forward exchange

in its own country when no adequately organised
market exists.

R

PART I

I.

Resolutions concerning an International Monetary
Convention.

The Central and Reserve Banks here represented agree

to urge forthwith upon their respective Governments that
an International

Monetary Convention be summoned to

consider and report upon the following programme for the
economic reconstruction of the world, viz :(1)

The Governments of the participating countries declare

that the restoration of the pre-war gold basis

is

their ultimate object, where such basis does not
now exist, and they agree to carry out, as rapidly
as may be in their power, the following programme :
a.

In order to gain effective control of its own currency,
each Government must meet its annual expenditure
without resorting to the creation of fiduciary money

or credits for the purpose.
b.




The next step will

be,

as

soon as the economic

and fix the

circumstances permit, to determine

gold value of the monetary unit.

This will not

necessarily be at the former gold par.







unit

prescribed at value.

Failure inthe
this



successful

results until

(Tr

Jaz_ Tat?

P-AT7- ,b6 it-tte,c)

Governor Strong will accept an invit tion * to a meeting

of Central and Reserve Banks to be held in London in July or

September in accordance with the request of the Genoa Conference

for the following purposes:

1.

To et rte -he principles of and devise means for con-

tinuous cooperation betrven Central and Reserve Banks

within the legal limits prescribed for the operation

of each Central Bank or the Federal Reserve Banks.

2.

To consider a recommendation to their respective

Governments for calling an inter -National Monetary Con-

vention


http://fraser.stlouisfed.org/ invitation
* The
Federal Reserve Bank of St. Louis

to approve ths m sane suggested by the Genoa

Conference for reestablishing the pre-war gold
basis (where such basis does not now exist).

This recommendation for a Monetary Convention
may involve stating thst it should not be
held until the essential antecedent condition
o' complete an

final settlement of all inter_

government debt questions arising out of the war
shall have been reached by the Governments
concerned.

as now proposed is att-ched, and the above is subject to any



subsequent changes

which may be male nece!,Fftry as, for example, by

I

411"

Governor Strong will accept an invitation to a meeting
of Central and Reserve Banks to be held in London in July or

September in accordance with the request of the Genoa Conference
for the following purposes:
e...

1.

To state the principles and devise means for con-

e
tinuous cooperation between Central and Reserve links

within the legal limits prescribed for the operation
of each Central Tank or the Federal Reserve Ranks.
2.

To consider a recommendation to their respective

Governments for calling an inter-NAational Monetary Convention
4fe.00.
4:0utz
t.,

4

,,--

t.

44 lo approve means sugastel for reestablishing
i

A

the pre -war gold basis (where such basis does not
now exist) ,

*Wrecommendation

for a Monetary

Convention may involve stating that it should no
held until the essential antaasda

l

be

condition of

inter-government
aicomplete
and final settlement of

"

etLR

debt arts ng out of the war shall have been reached
by the Governments conzerned.

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4t. ao-ot

ak

wit)

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-ti

Go,;)

4144.

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e:ts

"ik usio eva,
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