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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 plots° 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/// 2d instant, you 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 june 4, VE BANK 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 ALL MESSAGES TAKEN BY THIS COMPANY ARE SUBJECT TO THE FOLLOWING TERMS: For To guard against mistakes or delays, the sender of a message should order it REPEATED, that is, telegraphed back to the originating office for comps, D FOR one-half the uurepeated message rate is charged in addition. Unless otherwise indicated on its face, THIS IS AN UNREPEATED MESSAGE AND SUCH, in consideration whereof it is agreed between the sender of the message and this Company as follows: A The Company shall not be liable for mistakes or delays in the transmission or delivery, or for non-delivery, of any UNREPEATED message, beyond the ar. ived for sending toe same; nor for mistakes or delays in the transmission or delivery, or for non-delivery, of any REPEATED message, beyond fifty times um received for sending the same, unless specially valued; nor in any case for delays arising from unavoidable interruption in the working of its lines; nor for errors in :er or obscure messages. In any event the Company shall not be liable for damages for any mistakes or delays in the transmission or delivery, or for the non-delivery,of this message, :ther caused by the negligence of its servants or otherwise, beyond the sum of FIFTY DOLLARS, at which amount this message is hereby valued, unless a greater Se is stated in writing hereon at the time the message is offered to the Company for transmission, and an additional sum paid or agreed to be paid based on such value al to one-tenth of one per cent. thereof. The Company is hereby made the agent of the sender, without liability, to forward this message over the lines of any other Company when necessary to reach destination. Messages will be delivered free within one-half mile of the Company's office in towns of 5.000 population or less, and within one mile of such office in other cities towns. Beyond these limits the Company does not undertake to make delivery, but will, without liability, at the sender's request, as his agent and at his expense, leavor to contract for him for such delivery at a reasonable price. No responsibility attaches to this Company concerning messages until the same are accepted at one of its transmitting offices; and if a message is sentto such ice by one of the Company's messengers, he acts for that purpose as the agent of the sender. The Company will not be liable for damages or statutory penalties in any case where the claim is not presented in writing within sixty days after the message Sleet with the Company for transmission. Special terms governing the transmission of messages under the classes of messages enumerated below shall apply to messages in each of such respective classes in addition all the foregoing terms. S. No employee of the Company is authorized to vary the foregoing. THE WESTERN UNION TELEGRAPH COMPANY INCORPORATED NEWCOMB CARLTON, PRESIDENT CLASSES OF SERVICE 'E LEG RAM S 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 the obligation of. the Telegraph Company to http://fraser.stlouisfed.org/ 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. / 1,, c,:v-v-? Ao ,. 11 A_(---7k1, toteh,, lea:d. Avo 6 jla (hp ati ' cei.t (t kit - ::62ta et( c 7:1- -I, 4 ( zu____A27_ letre2t- Atte-Lilf--_ wbake Atfl, 4ticceziA. DOeuj aarm 61, kat_ au. / e)W.a,ct.: 77v? affrieke,alz44,0_ ell214 , Mir .444 r ) e ,f,Ava 41.11 '_ , 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 The budget committee was organa reason which I have felt was controlling. ized 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.
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