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ra.47ic DEPT.
ri4-1
Dear

Lake George, N. Y.,
February 3, 1919.

ZI In)

John:
FEDEnALRESERVE BANK

Thanks for your two notes, I am afraid that you had a

rather sad return home, but on the Whole feel sure you will not
regret it on account of Charles' feelings and health.

The skating continues grand. I have found a book on the

subject in Leffingrell's library Which reminds me of the fact that
you and I have been

trying

to do some post-graduate work without

going to kindergardeni also that we have been tacling the so-called
international style, Which is about five times as difficult as

the

English.

am writing principally to repeat a word of suggestion
about the budget work. You will find from men like Stimpson and
others a reluctance to embark upon a program of change rhich seems
to offend legal viers in this matter, or better, tradition.

I

don't

care a rap about either. TO know that a serious fundamental weakness
exists in our Government Which is the cause - or one of the causes of corruption and of e. considerable deterioration in the quality of

men rho are attracted

to politics. It must be eorrected

process of correction

means active propaganda work.

and the

The lawyer folk

will shudder over fundamental changes in our Government a good deal
more than they do over evidences of corruption, mismanagement, waste

and lots of other things that are much worse. I hope you don't get

Sheet No. 2

Mr. Pr4tt.
(.%p

/P'

Mtpt.

discouraged over the job.

My best to the family.
Sincerely yours,

John T. Pratt, Esq.,
7 East 61st Street,
NOT York.

133.MSB

P. S.

You were going to give me the name of someone in Paris ino

rould look up those posters for ma. I would like, if possible, to gat
someone rho would know about What you were able to get so that I could

ri-te intelligently vithout sending a *hole list. Possibly you did give
me the name.and I failed to write it down.




anrl:

Lake George, N. Y.,
February 9, 1919.

7,14';
1,91)
AV[1.

RE3EwVE

Deer John:

PANE'

Thanks for your note of the fifth from Washington.

delighted to find you so closely in

touch with the budget

I am

situation.

Later, when we have a meeting, I rill it at your feet and learn the

latest dope.

Your letter indicates that the orgenization hopes to get
Shirley to propoee some legislation. I maY be mistaken, but it strikes
me as putting the

cart before the horse. You and I know that

appropria-

tion bills are the currency of exchange in Congress, the basis of
political trades throughout the entire country in Which public buildings
are swapped for river and harbor improvements, etc., etc., without limit,
and that such a proposition, without public backing and pressure is about

as likely to pass the House as is the. proverbial celluloid dog to catch
the asbestos cat in Gehenna.
leaders in Congress and

My notion is to sound out some of the

Administration as to their attitude and then

go right to the country rill organized methods
for the legislation, and if the latter is

to-create a public demand

done thoroughly and

energetical-

ly, I don't believe Congress can any more avoid the issue than it was
able to avoid suffrage, or prohibition, or the draft, or any other legis-

lation that the country demands.




I wouldn't be too optimistic about

at can be accomplished by direct appeal to Congress.
I will write Harold Ober

sadly deficient, and I pm much

about the posters. My French collection
obliged to you for the help.

Mihmisavaisituummewommmeor

ILL




2

111111111111M 2.8.19.

W% Pratt

The skating is still good, and if it ho/d out, I will hope to
eee you up here again, when we can discuss this in detail.

Best regards to all the family.

it

144

Faithfully yours,

74

P

4

John T. Pratt, sq.,
New York.

Dic3d but not read.

4 '44

0
Hon.

Governor Federal Reserve Bank,
District,

My dear

For some time past I have been thinking of the general
question of our national finances.

In common with you, the exper-

ience our bank has had with the Washington authorities has shown
many of the weak Points in the financial set-up of our Government.
I have been chatting with some of my friends, and the
time seems opportune for some general attempt to interest our people
in national financial reforms.

The campaign for saving, thrift,

and sensible spending, which the flgtation of the Liberty Loans and
Nar Savings Certificates has made necessary, has Put a large part
of our people into a receptive mood for further suggestions as to
financial reforms in Washington.

To reduce our national debt every-

body must save by sensible spending.

That is quite as true of our

national Government as it is of individuals; yet we all know that
for a state to spend wisely, scientific machinery must be installed.
It seems to me that the establishment by congress of a
scientific budget system is the only solution.

To persuade our

people that such a system should be installed, a non-partisan or-

ganization must be built up, and a wise and sane campaign of
publicity inaugurated.

This is the plan some of my friends have

contemplated, to become active after the next Loan is sold.

In the

meantime, steps should be taken to prepare the publicity and to consider the personnel of the organization throughout the country.



-0

-2-It is, of course, impossible to utilize the Liberty
Loan organization as such.

We are directly connected with a De-

partment of the Government and that fact precludes the possibility
of attempting to influence legislation in any way, however necessary
the reforms may be.

It is Proper, however, to ask individuals who

have general ability to organize and conduct Liberty Loan campaigns
to join a non-partisan

organization

interested in establishing a

national budget system.

Your experience

during

the last two years must have

given you, as mine has given me, the opportunity of knowing a number
of men in the States, counties and large cities who are interested
in national affairs, who would probably be interested in establishing a national budget and who are possessed of the ability necessary
to successfully organize a general campaign for national financial
reforms.

I shall be greatly interested in having suggestions from
you as to the names of such men in your district.

The matter is

one which appeals to me personally very strongly and I should be
glad to do what I can to help the movement.

At our meting in Washington on the 28th I shall be very
glad to talk further with you on the general question.




Faithfully yours,




April 2, 1919.

Dear John:

I missed Senator Fendorson while in 7ashington, but

have written to eulton, of the Jity Bank, in regari to 3aunders
of Louisiana.

I will also make inluiries in regard to

Arizona, New Mexico, 3outh Carolina, South Dakota, Tennessee,

and :ashington.

Am sorry that no opportunity occurred for me to

get a suggestion about Virginia From Secretary Glass, but I will

write him about it.

?aitnfully yours,

John T. Pratt, ;;sq.,
43 Mxchange Place,
New York.

pril 2, 1919.

i)ear John:

I had 4 word with Governor Hardin6 about the Alabama

appointment, and he says that in his opinion George jrawford,
resident of the '.2ennessee Joal and Iron :lompany, is the best man

that can be selected for that state if he is willing to accept
the appointment.

I have written to all the other governors, and will send
you replies

as

rapidly as thej come along.

Let me know if there are particular States where you need
suggestions or information, and I will take it up through banking
channels.

2aithfully yours.

John T. Pratt, Esq.,
43 2.1tchange Place,

Jew York.

B3/2313







April 3, 1919,

Dear John:

It was impossible for 7iarburg and me to do any-

thing about the letter of invitation to proposed State
chairmen on account of a meeting which kept me closely
engaged.

I have taken the liberty of paraphrasing the

draft as well as I could from memory of the various points
discussed at the club, and am sending Warburg a copy.

This may not meet your views at all, and please don't
hesitate to say so.
Paithfully yours,

John T. Pratt, Esq.,
43 Exchange Place,
New York Jity.

iiJ/M3B
Enc.




April 11, 1919.

4ear

John:

very

Arthur Page was in Washington last week and seemed

much interested in the budget
publicity.

program,

and wants to give us some

Possibly you will communicate with him.

He would

like to get a strong article from some one of national reputation
before dealing with it editorially, and the "World's Work" has
already done a good deal to popularize the subject.
I am enclosing some lettens about various appointments,

and a telegram from Miller, also Secretary Glass' reply to my
inquiry

for some one

to represent the State of Virginia.
iaithfully yours,

John T. Pratt, Esq.,
43 ITatchange Place,
"1,;ew York.

B.VISB
Enos. (6)




A

LIBRARY
APR 12 1919
FEDERAL RESERVE BANK

April 12, 1919.
Dear John:

The enclosed two letters from Mt. James K.

4noh, abvernor of the Federal Reserve Bank of _Ian FranCL300, explain themelyes.

Will yaa plotsĀ° attach them

to the other replies which I sent you yestor3ay.
Yo/Irs very tmly,

Mr. John T. Pratt,

43 Exchange Place,

lier York City.

LIBRARY
APR 131919
FEDERAL RESERVE BARK

9

April 12, 1V19.

Dear John:

Your memorandum on State appointments is received and is a distinct disappointment.

Replying to the questions in order: Dr. Lindsay's proposal impresses me favorably, but I would urge
that the work be undertaken as an independent movement and not definitely

associated

with, the Bureau of ilunicipal Research as an organization.

It seems to me impossible to secure the cooperation needed without
personal visits,

although

the burden of such ,a trip would be immense.

work be divided up between yourself and some others

interested in

Can not the

the movement?

I

wish very much that I could personally undertake a share of it, but you realize how

impossible that is.
If the third plan is adopted, it will be highly desirable to have

a number Of representatives traveling throughout

the

country, and their

trips timed

so that the publicity resulting would be coincident with active discussion of legislation in Washington when Congress is in session.
This is answered by number three in part.

In general, 'however,

am not optimistic of obtaining legislation until the country is organized and the
pressure of public opinion can be exerted upon
my associates in
of

Congress in

the

Congress,

and this view is shared by

Treasury Department who are familiar with the general attitude

these matters.

I heardvery favorable reports of 3hipp and Company when I was last

in Washington and it may be that much of the labor an

engaging




them.

I would like to

know about what

detail

can be avoided by

it would cost, particularly with

2

John T. skratt, isq.

4/12/19.

regard to the length of my own .purse, which is not equal to standing a very large
share of the burden.
pours,

John T Pratt

a-Exchange rl
New or city.







April 1,8,'191.

Dear John:

fr. Van Landt of our Dallas dank ha a just

sent me the attached further suggestionsfor representation in New iilexico. Perhaps they msy be helpful.

ftithfully yours,

John T. Pratt, Ssq.,Y
43 Exchange ilLoe,
New Yen,.




LI BRA RV
MAY 9

1919

FEDERAL RESERVE BANK

Nay 8, 1919.

Dear John:
'

I shall mrlt, every effort to attend the

meeting an Monday, May 12th, at 1:00

Recess Club, if I am in town.
Sincerely

1:4. Jahn T. Pratt,
43 Lxchange

Mr:: 'York City.

at the




LIBRARY
MAY 9

1919

FEDERAL RESERVE BANK

. 1919.

Dear John:

Will you add Mr. Miller's -name to the list which

Mr. 1ellborn of the Atlanta Bank has already furnished?
have sent him an acknowledgment of his letter and will ask

you to do the needful.
Sincerely,

John T. Pratt, Esq.,
43 .3xchange Place,
New York.

113B

LI BRARY
MAY 1 3 1919
FEDERAL RESERVE BANK

May 12, 1919.

Dear John:

Replying to your secretary's telephone message to ;It. Beyer,

I have an engagement for the night of the 19th, one for the 22d and one

for the 26th, and there is always the possibility of my being called to
Washington.

Hew do you think it would du to hale the committee send oat the

invitation and lot Larry Stimpson take aharge of the meeting, leaving it,
meet

however, sufficiently flexible so that you oan.any disappointmozt that might
arise as to 6.ttendanco.

I will make every effort to be there if I am in

New York.

I would have sent you word of this before and definitely had I

not been uncertain as to being in Washington all of the week of the nineteenth,
which now, howv2ver, seems unlikely.

/faithfully yourts,

John T. Pratt,

4:sq.,

43 Exchange Place,
New York.

.13:3/ILSB







Dear John:
Replying to your memorand um of th e 4///instant, you
2d

know I have always expressed the fear that when it came right
down to a vote in the House and Senate the second point in
our program would prove a stumbling block and might resulc in

defeat of the legislation.

On the other hand, to set up a

program of legislation which accepted the elimination of the

second point, might result in legIslation barren of really

effective results.

4 best opinion is that we should strike for all three
points and that the second point can only be accomplished as the

result of public pressure, developed through organized effort.
This view 1 believe is shared by men of judgment in the Treasury
with whom 1 have discussed the matter.

sincerely yours,

John T. Pratt,
43 . 11xahange Place,

New fork.

0/1313




LIBRARv
JUN

June 2, 1919,

FEDERAL RESERVE BAN

Dear John;

The enclosed letter from 2r. Alien, Director
of. the Institute for Public Service, and copy of my
exrlain th.gmselves,

I am sorry to be obliged

to pass along so many of these letters to you, but you

are the artist:
Sincerely,

John T. Pratt, -!.sq.,

43 3xchango Place,
New York Jity,

BS M3B

i




LI BRARY
JUN. 3

1c:1D

FEDERAL RESERVE DANK

June 2, 1919.
N,T4

C7

-)

Dear John:

The enclosed Totter explains itself.

The only men

I know pereonallaxe Lodges and Herrington of Denver.

hodges

is to be preferred, 1 believ, to Herrington, although both are
firs-rate men. But if we can get iltearns, Iin he will be
preferable to any suggestion for that section. The next best
would undoubtedly be Lodges.-.Let me know if in any way I can

help.
Sincerely',

John T. Pratt, 39q.,
43 I]wehanco
New York,

BJ/ .13B
3nc.

'ff#4




IX

Ves
Treasury Building, Washington

N

-

\.\ktc:'
'-

June 11, 1919.

W. John T. Pratt,

43 Rad/tangs Place,
New York City.

"Cy

Dear John:

It loos from the enclosed letter from Mr. Allen
as though Dr alloughby was not tied to the scheme for a
real budget.

I hope this any prow a mistake and that a lot of
unconditional endorsers of the Good Bill are not forthcoming
from the institute for Govornment Research.

Very sincerely yours,

lit




h.0

\

\CO

_A
Treasury Building, mashingtonNA

v9' t*

S\June 9, 1919.

V'

\5'7

'

Mr. john T. Pratt,

43 II:change Place,

New York City.

Dear John:

//

Before handing your note to Secretary Glass I thought
best to discuss the Whel 2-)S401.-2ituat1on with ur. Leffingwell,
without, however, expressing to him in advance either the views
of our Committee or my own particular views as to the form the
legislation should take.
It is interesting to

note the exact similarity of his

comments with those made at the dinner at the Knickerbocker Club.

I will repeat them as nearly as I dal.

First, he says the Good Bill is incomplete, without
a provision by statute or amendment to the rules Which will
restrain private appropriation bills.
Second, he says that incomplete legislation, as
therein proposed, might satisfy the present public demand for
budget legislation without giving us a real budget system.

Third, he disapproves taking the audits out of the
Treasury.

Fourth, he disapproves of a budget

organization

responsible to the President, and believes it should be in the
Treasury, the Secretary of the Treasury being the senior cabinet
officer next to the Secretary of State. The bureaus and boards
of the Government which are not attached to departments under

Cabinet Officers are more or less orphan children and not
effective because they do not receive the support of a Cabinet
Officer, The President, who is overburdened with work, cannot
be expected to exerciee direct influence on a financial program,
and the influence of a Budget Staff with Cabinet Members will be
slight and ineffective.

Fifth, he believes in the consolidation of the various
Departmental auditing organizations into one general auditing
organization in the Treasury.




Sixth, the Congressional review of expenditures, he believes,
should be based upon reports made direct by the auditing organizations,

or by a special organization in the Treasury, supplemented by such
inquiries as would be made by Committees of Congress, and for the
purpose of this review, the auditing staff would produce its work for
review purposes somewhat under the direction or guidance of a
Committee of Congress.
Seventh, he believes that a budget system should embrace
at the outside these three principal points:
Executive origin and authorship for the

yearly program of revenue and expenses.

Limitation by amendment of rules, or otherwise, upon financial legislation by Congress.
3. A thoroughgoing review of the expenditures
by Departments, under the authorization of Congress,
for the purpose of holding the Executive Departments
.

responsible, but coupled with this, he strongly believes
that the staff created for audit or review would be
effective only under direct association with and made
a pert of the Treasury organieation, with the Secretary

of the Treasury as its sponsor and spokesman both before
Congress and in the Cabinibt.,

The report of the Rules

Committee of the Senate, made
recommended the appointment of a
Committee to investigate and report upon this subject, he believes
to be the means of shelving any plans for budget legislation.

by Senator Knox a few days ago,

All of this I have written in confidence, as one

hesitates to repeat the views of other people, and mr. Leffingwell
discussed this without thought or study, and, of course, may
considerably modify his views after further discussion. I am
inclined to think that we may be unduly optomistio in getting
legislation of thoroughgoing character, including amendment of the
rules, unless consideraole countrywide pressure shall be exerted

still

upon Congress.

Sincerely yours,

I- I B RA Ry
cka,

JUN

1919

FEVESER VE BANK
june 4 ,
Dear

/1

Your letter of
with much interest.

May129th

is just received and I have read it

I am taxing the liberty of sending it to Ur. Pratt

for answer in detail, he being the author of the pamphlet to Which you
refer and chairman of our committee.
After some contact with various braneees of our Government in

Washington, and with some appreciation of the difficulties of legislation
of the character proposed, I have become convinced that no improvement in

our financial system is possible to bring about by Jonstitutional amendment.
A eonstructive and comprehensive budget system, I believe, is possible for

the United dtates, and that it can be brought about by legislation or by
amendment of the rules of Jongrese.

You of course appreciate that the

hole British fiscal system depends upon a rule, which as I recall, is known
as Rule 1). 66, under which the Rouse of Commons has surrendered the right of

initiation in financial legislation.
time;

That rule could be abrogated at any

it appends for its permanence upon the support of public confidence.

And only upon same such basis, in my opinion, can we acoomplish the reform
needed in our own Government's financial methods.

In this, as in all other legislation looking toward comprehensive

reform, as, for instance, the federal Reserve Act, perfection ceneot be expected witheut experience, and I am hopeful that this to.ngress, or the one

succeeding it, may be induced to take at least the first step, resulting in
successive steps toward a sound fiscal system.



I appreciate your letter and the valuable comments which it con-

2

11liam h. 1:11n, tq.

tains, and am asking Jr. 1,ratt to answer it in some detail.
Very truly yours,

II. Allen, :eq.,
Director, Institute for Public Service,
51 Uhambers 6treet, New York.

133/Ma




6/2/19.




go!,

LI I3RARY
JUL 10 119
FEDERAL RESERVE BANK
July 1, 1919.

Dear John:
On thinking over the work of the

Budget GommktIee-and our
.

.

organization program, it occurs to

me that we may be embarrassed later

on if we fail to enter into some well understood working

arrangement with

the Inetitute for Government Researc4, X
That organization has spent a good many years and a large amount
of money in making a study of the budget problem. - Dr. Willoughby and his
associates being, as I

most of

the

work.

understand it, the research experts who have done

They were organized not for the purpose of conducting

a propaganda, but simply to make a study of the problem and recommenda-

tions as to its solution.

When our organization

first

started, it struck

me that we might cause some little feeling on the part of the
that organization if we were not in some way associated
their work.

meeting

might it not

members of

with them and with

be a good plan, when you get back, to have a

with -ailloughby and ascertain

whether our

plans and purposes

are

thoroughly approved by them.

I don't mean by this

to subordinate our convictions

0 theirs,

but that we should make sure that they don't gain the impression that we

are in any way taking possession of their
own.

And this, of course,

workaand appropriating it as our

principally in the interest of harmony.
Sincerely yours,

John T. Pratt, &sq.,
Glen Jover, Aew York.
BS/M3B




(314. d

VIJS1

))6Treasu.ry Building, Washington

cC,c;3
"

June 12, 1919.

Mr. John T. Pratt,
43 B2hbange Blase,
New York City.

Dear John:.

Governor Panclzr, of the Federal Reserve Bank of

Cleveland, just tells me that be believes Mr. Burk,

from you

suggested as a possible Chairman for Ohio, would now be
available and could be induced to accept the appointment.
He recommends bin very highly.

an very sorry not to have had ang spare time to

-pursue budget conversation hereo but I am hoping to meet
SeaatoeVefignrson at lunch tomorrow. My efforts to meet
Senator Hitchcock yesterday proved futile. It is slow work
here now because of the preoccupation of Senators and

Congressmen.

Sincerely yours,

April 5, 1921.

Dear John:

i was mighty sorry to be unable to attend the luncheon meeting

yesterday, but was detained at the bank by important matters until your luncheon
was hearly over.
'N.,ay

I

ubmit one comment its to the proposed investigation covered in

your memorandum of March

According to my experience in this bank, and such

contact as I have had with the Treasury Department, I do not believe that an

analysis of cost can be successfully conducted unless it proceeds along certain

very definite line, and with a certlin nature/ sequence.
The first step, as suggested in the memorandum, is to lay out by chart,
or otherwise, a scheme of organization.

This, I grither, is being studied, or

is contemplated, in connection with the reassignment of bureaus in the different
de)artments.

Second, the study of cost of running the Government should be

divided into two distinct divisions: One, which might be described as efficiency
costs, thst is to say, the installation of methods which will promote economy
in donducting the Government's operations, of an executive or administrative

character; second, a budget plan of the character which we have frequently discussed, and which is designed to introduce economy

in appropriationeat the

source, namely, the legislative branch of the Government.

These are really two separate and distinct matters; tho first is designed to curb waste, extravagance, duplication, etc., in Governmental methods, and
the second is designed to restrain Congress in appropriating money for purposes



April 5, 1921.
which cannot be afforded, and which are not within the Government's reveauos.

If any work undertaken as the result of the cctivitier of the Badget
Committee proceeds along these tkeneral lines, I believe it will avoid a great
deal of confusion, and no doubt you have the same thing in mind.
I have

t

letter from Dr. Lindsay asking for

contribution, which

night imply th t 4100.00 le the amount desired from me.

Am I correct in this?

How much do you rally need, and how much shall I send?

whatever amount you

think pr'..per, I ili be gl,o to contribute.
Yours very truly,

John T. Pratt, Esq.,
45 Exchsuge Place,
New fork, N. Y.




Form 122

Charge to the account of

Benj.

Strong, 15 Nassau St.

WEST

CLAK ,F SERVICE DESIRED
Telegram

Day Letter
Night Message

UNION

Check

TEL

Night Letter

Patrons should mark an X opposite the class of service desired;

OTHERWISE THE MESSAGE
WILL BE TRANSMITTED AS A

NEWCOMB CARLTON, PRESIDENT

FULL-RATE TELEGRAM

Send ,he following message, subject to the terms
on back hereof, which are hereby agreed to

Receiver's No.

AM

Time Filed

GEORGE W. E. ATKINS, FIRST VICE-PRESIDENT

Noverber 17, 1921.

John T. Pratt

cio Stotler Hotel

St. Louis, Mo.
Telegram received

to hear of successful meetings




Am sending Rowe strong telegram

Keep it up

Benj. Strong

Glad

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A full-rate expedited service.

VIGHT MESSAGES
Accepted up to 2.00 A.m. at reduced rates to be sent during the night
md delivered not earlier than the morning of the ensuing business day.

Night Messages may at the option of the Telegraph Compmy.be
mailed at destination to the addressees, and the Company shall be

deemed to have discharged its obligation in such cases with respect to
delivery by mailingsuch Night Messages at destination,postage prepaid.
DAY LETTERS

A deferred day service at rates lower than the standard tele-

rates as follows: One and one-half times the standard Nigh
rate for the transmission of 50 words or less and one-fifth of
totter

the initial rates for each additional 10 words or less.

D. This Day Letter is received subject to the express understanding and agreement that the Company does not undertake that a Day
Letter shall be delivered on the day of its date absolutely and at all
events; but that the Company's obligation in this respect is subject
to the condition that there shall remain sufficient time for the transmission and delivery of such Day Letter on the day of its date during
regular office hours, subject to the priority of the transmission of regular telegrams under the conditions named above.

No employee of the Company is authorized to vary the foregoing.

NIGHT LETTERS
Accepted up to 2.00 A.M. for delivery on the morning of the ensuing
business day, at rates still lower than standard night inessage rates, as
follows: The standard telegram rate for 10 words shall be charged for the
transmission of 50 words or less, and one-fifth of such standard telegram
rate for 10 words shall be charged for each additional 10 words or less.

SPECIAL TERMS APPLYING TO DAY LETTERS:

In further consideration df the reduced rate for this special "Day
Letter" service, the following special terms in addition to those enumerated above are hereby agreed to:
Day Letters may be forwarded by the Telegraph Company as a
deferred service and the transmission and delivery of such Day Letters

hi all respects, subordinate to the priority of transmission and

delivery of regular telegrams.Day Letters shall be written in plain English. Code language
is not permissible.
This Day Letter may be delivered by the Telegraph Company
by telephoning the
same to the addressee, and such delivery shall be a
corn olete discharge of
http://fraser.stlouisfed.org/ the obligation of. the Telegraph Company to
deliver.
Federal Reserve Bank of St. Louis

SPECIAL TERMS APPLYING TO NIGHT LETTERS:

In further consideration of the reduced rate for this special "Night

Letter" service, the following special terms in addition to those
enumerated above are hereby agreed to:

A. Night Letters may at the option of the Telegraph Company
be mailed at destination to the addressees, and the Company shall
,

be deemed to have discharged its obligation in such cases with respect

to delivery by mailing such Night Letters at destination, postage

prepaid.
B. Night Letters shall be written in plain English. Code language
is not permissible.
No employee of the Company is authorized to ?wry The foregoing.




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FEDERAL RESERVE BANK

FediNTIBileserve Banc

OF NEW YORK

SEND TO FILES

1

%

COPY OF TELEGRAM

November-.2

J92I.

JohA T.- Pratt
Botel Frye
Seattle, Warhington
Mr. Ctron hui been unable to tee gr. Gavit owing to illness but has

aice

r. etfingwe11 to do so'
George Beyer

I




May 18, 1.922.

Dear !Ar. Pratt:

Governor Strong asked me to send you the enclosed
letter from Governor Mores.

Hill you kindly return it

/after perusal, obliging,
Yours very truly,

John T. Pratt4 Fsq.,
52 Broadway,
New York. City.

enc.

(6eptember 20, 1922.

Lear John:

Your note of to-day just received. 114y only suggestions about

the letter are as fo.lows:
The clause in regard to the bonus bill shoula be
qualified now that the president has vetoed it.
1.

In the third paragraph, I would refer to the
determined efforts being made by the president to
reduce expenditures, notwithstanaing that it is
mentioned in the second paragraph on the second page.
Z.

3. If the prospective deficit becomes a fact, it
seems that either taxes must be increased or the
Government's debt be decreased. An important argument

for the budget arises from the fact that the facility

with which borrowing is now possible to meet deficits
makes it rather eas:, for Congress to face a deficit
because the Treasury has practical authority to borrow
limitea money at will under the existing bond laws.

I am passing your letter with a copy of this to Russell
Leffingwell.

Sincerely yours,

Alr. John T. Pratt,
52 Broadway,
Bow York, N. Y.







PUDveAber 23, 122.

Dear John:

Replying to your note of the twenty-second,

unless I am detained in Cambridge I shall attend the luncheon
on the twenty-ninth.

But I am not absolutely certsin of

taking the night train down from Boston.

Faithfully yours,

Mr. John T. Pratt,
52 Broadway,
New Yoe,: City.

13:?.MSR

DEC

T6041

26 1922

4870

8411

December 22, 1922.

Dear John:

I have just read yours of yesterday, with the account of the meeting

and containing the statement of principles.
As to the names sugceeted for trustees, any ore of the -tTh,ree would

be excellent.

Postibly EAT-.

other two, 4-Le I thth

I

Vogel aoould be more active than either of the

oad be inclined to favor his 6.;;pointment.

lie to the analysis :of t.-,ille which might be ietroduced, my notion is,

as I stated at our /bet meeting, that it is dangerous for the Budget Committee

itself to te a position favoring or oppeeing, any specific legislative proposal.
The program sugested merely contemplate reprinting ol-,inione obtained from

others without ay commitment by our organization, and I understand such

opinions will previously have been published in the daily -.,rese.

Personally,

I cannot bee Ewer; objection to that, or in fact 5X1 y, but I would like very
much to get Mr. Leffingwell,s reaction before expeeeeingAfinal view.

The statement of principles appeals to me as being absolute'y sound

and satisfactory so long as it does not comeit the organization to taking
position as to legislative proposals as above suggested.
I hope the organization gets a new start.
Yours very truly,

r. John T. r'ratte
52 Liroadway,

New Yoe, City.
BS MM







January 2, 1924.

Dear John:

Your note of the 31et ultimo, has just come, and I am

sorry that I shall probably be t,way at the time you plan to give
the luncheon to Geners1 Lord.

Dr. Miller wants me to take two

or three weeks South and get more exercise than I am able to do
here;

and barring accident I am hoping to go down somewhere in

Florida on the 13th of January, returning the first week in
February.

I am mighty sorry to miss the luncheon, although there

is a chance that I will be back before then.
Yours sincerely,

Mr. John T. Pratt,
52 Broadway,
New York, N. Y.
BMW

February 19, 1924.

Deer John:

I didn't write you at once in reply to your letter about the

metrimonial erreagement beteeen the societies of engineers rind the buret comYou know I have 'alive been
mittee because I wanted to think it over a bit.
beert going outside of the original scope of the budget committee for
heeitant
a reason which I have felt was controlling. The budget committee was organized for the peepoec of promoting legisietion to secure the teteblishment of
tere it to associate itself with the promotion of any particular
a budget.

bill or aith propegEnde originating eith eny perticul:r interest in f'vor of
legislation of tivt or any other character, it would, in my belief, affect
Its independence of
its standing in the coumunity ano before Conorees.
ouch association insures it against any charge of impropriety in its purpose,
and I cannot ca y that my vieee eoeut that beve cheneed.

;ghat is frequently before me about the organization Is the fact
that I heve personally been able to contribute so little to the work either in
time or money, e the burden bee fallen almost eptirely upon you, e and the
fact that I am not even able to make myself fully acquainted with whet is
Tt is one of the penultioe erieing from the many limitetione on
cone.
my outside activities. On the other hand, / do not feel able er willing to
expressvery strong personal views about the line of development of the organization when I am so small a oontributor to its work.

At the first opeortunity I eould like to heve e talk with you ebout

it, end if possible some afternoon or evening up town when we will be un-

disturbed by the pressure of my work down town.

Yours eincerely,

Mr. John T. Pratt,
52 Sroadway,
New York, N. Y.







yEr

October 22, 1924.

Dear Yr. Pratt:
Mr. Strong does not get back to tbe bank until

the 27th, but I shall be Jad to bring to his .tterition
then' your notice of the, tip ecial meetin.:, of the Trueteee
of the Niationbl Budget Committee, e-nd let you knoT later

if it it poeiAble for him to attend.
Very truly youre,

Secretery toVI% Dmi. Strong.

John T. Pntt,

52Broay,

1+k4Y.rk City.

November 3, 1924.

Lear Johns

I am sorry that it Vitrf impossible for me to attend
the meeting of the Trustees of th.e National Budget Committee
today at the ROC60,' Club.

I had planned to be there, but some of the members

of the Federal F.eserve Board came in to see us, and I was
unable to get away.




Liiacerely y ou re,.

John T. Pratt, Esq.,
o2 BroRowdy,

New Ions:, N. Y.
M61.145




Washington, D. C.,
November 12, 1924.

P-RSOWL:

Dear John:

Your note of November 10

in 7ashington, where I
remainder of the week.

shall probably, be

just reached me here

detained for the

I shall be delighted to 4me to the informal dinner

you are giving on November 20th to In4ret :7r. C. A, Dyer of
And I feel sure, as you Ouggest, that what he has
Columbus.
to say will be both interesting and lhelpful to the National
Budget Trustees.

Very cordially yours,

John T. Pratt,
52 Broadway,
New York City.

(signed in Fr. 7trongis absence;




havtaber 24, 1a24.

....ear lir. 4.a.,irmtn:

I am 4riti4i;
aet that you
t y re,iation
as one of the trustees of the Rational 8ud6st COMA. 6
You knou
keen1.heve bn ,-;ocout che or
tte
Ciom.fitteci but 1 fear yo lr mist also realize how inoacitated
I have been most of the time to deliver a reel service that

ju

QC.

:.:aal.inu1a6.

I cannot resign VlitbOUt advising you that I think
you have done a wonoortirl job, contributing more, in my opinion, to ;:he establiehEent of a buoget for our Federpi vcvernment thin any ocher one inovement in that dirucGio.i whiou
becn unoertakan.
u mtmc,er of the Boaru of TrurAecs or

not, you can always call upon me for help at any time.
Very siocereiy yours,

john T. i-ratt, Esq.,

Chairman, battened Budget ComDittes,
61-4)&ciwty, No',1 York City.
LS




le A

Z4ov omt,t1r 24, 1924.

Dear John:

'nig one is
jui to thunk you for uthe conpilorutiou you huve
The :ncloeed lot Ler i oftsici1.

ma auricle; the iotE perloa 4hen you had to do t1i the ,mork,
rise M11 of the Money , most of it out of yourr own bunk
:gat MO 4i t. of Lao 1(1 eiC 13.

to.; neec: actor rcizret
tiAna,

job, osuiuna it produced

16' tho test.
Very cordially yours,

John T. Fratt,, Et
aroau*uy, web

Enc.
t3.143




June 12, 1925.

Dear John:

It eeems to me thst the proposed letter ie
all right with one poeeible slight chtinge of language,
which might imply en unjustified reflection upon
Congress.

ancerely yours,

John T. ?vitt, Esq.,
52 Broadvey, Nes York.
Enc.

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