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609 KENT HALL
COLUMBIA UNIVERSITY

FICE OF THE PRESIDENT

1167, STREET AND AMSTERDAM AVENUE

sEp i2 1913
Mr. Benjamin Stront;,
7 Wall Street, N. Y.

September 11, 1913.

jr.,

Dear Sir:

Whether Congress enacts currency legislation at once or waits
for further public discussion of the important questions at issue, the
New York Academy of Political Science feels that it is desirable to
devote its next meeting at Columbia University, New York City, October
13 and 14, to the subject of Currency and Banking Reform.

It proposes

to arrange for a full and impartial discussion of the pending currency
and banking reform proposals and if possible to bring out not merely
the bankers' view, but that also of the professional economist, the
business man and the wage earner in a way that will emphasize the public interest and the adjustments required to bring about the most
significant change in our currency and banking system that has been
proposed for over a half century.

We are asking a thoroughly representative and public spirited
group of men to join with the Academy in the issue of the call for our
Second National Conference on Currency Reform.

May we include your

name in this group and may we also hope that you will try to attend
the Conference and to lend it your active moral support as a patriotic
duty?

The Program Committee will welcome any suggestions from you.
Hoping for an early reply, I am,




Yours very truly,

President.

ThrArettrtnip of 1hhtaiAside=
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609 KENT HALL
(

,FICE OF THE PRESIDENT
t"

COLUMBIA UNIVERSITY

P/3

!1r. BenynirStrong, Jr.,
7 Wall Street,
New York City.

116T, STREET AND AMSTERDAM AVENUE

Uk

September 11, 1913.

S E P 1 5 1913
Dear Sir:
The New York Academy of Political Science is planning to hold its
Second rational Conference on Currency Reform in New York City October 13 and
The Coriference will be devoted to an impartial discussion of the pro-

14.

posals for banking reform now being made by the Administration.

It is plannad

to have the important features of the SlassOwen bill discussed by bankers,
business men, publicists, and economists, representing different points of
view, in the hope of being of service in the direction of a wise solution of

the currency problem in the inerest of the entire public.
The call for the.Conference will be sioxed by fifty or more of our

distinguished

most
the

Convention

men of affairs, and the meeting coming the week following

of the American Bankers' Association in Boston will assemble

many of the leading bankers from all parts of the country.

Bankers' views

will be presented and discussed, but this will not be a bankers' meeting.
It will seek to have the broad public interest made dominant.

We believe that

the Conference will offer a valuable opportunity for public service in an
important cause.

On behalf of the Academy and its undersigned Program Committee we have
the honor to invite you to be present, and to speak at the session to be
at Columbia Tiniversity on Tuesday morning, October 14,
Problems.'




cn 'Domestic

held

Exchange

The limited Ame available for the sessions of the Conference,

-2-

d the wide range of topics to be discussed make it necessary to limit
length of your paper to approximately one thousand words.

the

Later the papers

will be published in a volume on the Proceedings of the Conference, and for
publication your paper may be somewhat extended if you desire.

We feel that

your well known competence to handle the above subject warrants us in asking
you at this time as a patriotic duty to give an expression of your views.

We

shall try to do our part in giving adequate publicity to the meetings through
the press and in the subsequent distribution of the Proceedings containing the
papers, adiresses and Liiscussions.

We are sending you under separate cover

a copy of the Proceeaines of the First ::ational Conference on Currency Reform
(1910).

The first announcement of the program will be issued in a few days,
therefore please telegraph your reply at our expense, addressing it to the
Academy of Political Science, Kent Fall, Columbia 7riversity, New York City.
Hoping to have your co-operation and acceptance, we are,
ery truly yours,

President ei4ad eairlean ex-cffici
Program Committee

ProeTax Connittee:




Henry P. Davison
A. Earton Herburn
Joseph French Johnson
Alexander i:. I:oyes

=eorq.e A. Plimpton

Henry R. Seager
E. R. A. Selizman
Theodore 1. Vail
Paul
Warburg
7. Parker Willis

ir-IAAAAAA-Program Ce'fIttee

, cretary,

FINAL EDITION
2.s4

GENERAL COMMITTEE
Jorin H. FINLEY, Chairman
Frank B. Anderson, San Francisco, Cal.
A. Piatt Andrew, Jr., Boston, Mass.
Nicholas Murray Butler, New York City
John Claflin, New York City
Henry P. Davison, New York City
Davis R. Dewey, Boston, Mass.
Cleveland I-I. Dodge, New York City
Fred W. Fleming, Kansas City
A. Barton Hepburn, New York City
Henry L. Higginson, Boston, Mass.
Edmund J. James, Urbana, Ill.
Jeremiah W. Jenks, New York City
Samuel McCune Lindsay, New York City
Robert J. Lowry, Atlanta, Ga.
Henry Morgenthau, New York City
John Perrin, Pasadena, Calif.
Lawrence C. Phipps, Denver, Colo.
Carl C. Plehn, Berkeley, Cal.
Julius Rosenwald, Chicago, Ill.
Charles F. Scott, Iola, Kansas
Henry R. Seager, New York City
E. R. A. Seligman, New York City
William F. Slocum, Colorado Springs, Colo.
Robert W. Speer, Denver, Colo.
James Speyer, New York City
Benjamin Strong, Jr., New York City
Frank Strong, Lawrence, Kansas
E. F. Swinnay, Kansas City, Mo.
Frank W. Tafissig, Cambridge, Mass.
Frank Trumbull, New York City
Theodore N. Vail, New York City

Frank A. Vanderlip, New York City

Henry Walters, New York City

Paul M. Warburg, New York City
Harry A. Wheeler, Chicago, Ill.

H. Parker Willis, New York City



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Incorporated 1910

Program of Second National
Conferenct**p ctii:rency

ReforN,,
October 14-15, 1913

General Topic:

The Reform of the American Banking
System

T1rArabrmg ultiolittral

EXECUTIVE AND PROGRAM COMMITTEE
Henry P. Davison
A. Barton Hepburn
Joseph French Johnson
Alexander D. Noyes
George A. Plimpton

Henry R. Seager
E. R. A. Seligman
Theodore N. Vail
Pin] M. Warburg
H. Parker Willis

11

SAMUEL MCCUNE LINDSAY, Chairman Er-officio
E. W. KEM MERER, Secretary
EDWARD J. EULLWINILEL

DAVID M. HEYMAN

THOMAS H. WATSON, jR.

Assistant Secretaries

rirttre

MEMBERSHIP
Persons interested in the work of the Academy are invited to become members. Annual dues five dollars. Members receive the "Political Science Quarterly" and four
numbers of "Proceedings" in addition to invitations to meetings and other privileges.

ADMISSION TO SESSIONS
Admission to all sessions will be by membership or guest
cards.

Members of the Academy will be admitted upon presentation of their membership cards, and may obtain guest
cards without charge except for the First and Fifth Sessions.

A limited number of complimentary guest cards for the
second, third, and fourth sessions are available for persons
interested in the meetings, who are invited to apply to the
Academy for them.
ADMISSION TO BANQUET
Admission to the Banquet at Hotel Astor will be by subscription at the rate of five dollars per plate for members
and their guests.

PROCEEDINGS

Members who do not wish to attend the Banquet will be
admitted without charge to the galleries for the speeches at
half past eight o'clock on presentation of their membership
cards, and a limited number of guest cards for the galleries may be obtained at one dollar each.

The addresses, papers and a summary of the discussion
at the meeting will be published in a volume as part of the
proceedings of the Academy and distributed gratis to all

All checks should be made payable to the order of George
A. Plimpton, Treasurer.

Orders from non-members for this volume will be received and entered for delivery as soon as issued, if order is prepaid at the rate of $1.50 per copy in paper bind-

All communications, orders for dinner tickets and orders
for the volume of Proceedings, should be addressed to Miss
Emma S. Lake, Academy of Political Science, Kent Hall,
Columbia University, New York City.

members.

ing and $2.00 per copy in cloth binding.



2




OFFICERS
PRESIDENT

SAMUEL MCCUNE LINDSAY

Professor of Social Legislation, Columbia University
VICE-PRESIDENTS

ALBERT SHAW

Editor of The Review of Reviews
PAUL M. WARBURG

Kuhn, Loeb & Company
SECRETARY

HENRY RAYMOND MUSSEY

Associate Professor of Economics, Columbia University
Editor of the Proce6dings of the Academy
TREASURER

GEORGE A. PLIMPTON

Ginn & Company, New York
ASSISTANT TO THE PRESIDENT

EMMA S. LAKE
TRUSTEES

ROBERT ERSKINE ELY

League for Political Education
FRANK J.

GOODNOW

Professor of Administrative Law, Columbia University
A. BARTON HEPBURN

President Chase National Bank, New York
THOMAS W. LAMONT
J. P. Morgan & Company, New York
WILLIAM R. SHEPHERD

Professor of History, Columbia University
HENRY R. SEAGER

Professor of Political Economy, Columbia University
EDWIN R. A. SELIGMAN

Professor of Political Economy, Columbia University
MUNROE SMITH

Professor of Comparative Jurisprudence, Columbia University, and Editor of the Political Science Quarterly
FRANK A. VANDERLIP

President National City Bank, New York
ADVISORY COUNCIL
NICHOLAS MURRAY BUTLER

President of Columbia University
ELIII11 ROOT

United States Senator from New York
FRANCIS LYN. STETSON

New York Bar

FIRST SESSION

Tuesday, October 14, at Noon

THE FEDERAL RESERVE ACT
(New York Chamber of Commerce, 65 Liberty St.)

EXECUTIVE AND PROGRAM COMMITTEE
SECOND SESSION

Henry P. Davison
A. Barton Hepburn
Joseph French Johnson
Alexander D. Noyes
George A. Plimpton

Henry R. Seager
E. R. A. Seliginan
Theodore N. Vail
Paul M. Warburg
H. Parker Willis
SAMUEL MCCUNE LINDSAY, Chairman Ex-officio

Tuesday, October 14, 3 p. m,

THE CENTRALIZATION

OF

BANKING AND

MOBILIZATION Qf RESERVES
(New York Chamber of Commerce, 65 Liberty St.)
THIRD SESSION

Wednesday, October 15, 10:30 a. m.

THE ELASTICITY OF CREDIT
(Earl Hall, Columbia University)

E. W. KEMMERER, Secretary
EDWARD J. EULLWINKEL
DAVID M. HEYMAN

THOMAS H. WATSON, JR.

Assistant Secretaries

FOURTH SESSION

Wednesday, October 15, 2:30 p. m.

FOREIGN AND DOMESTIC EXCHANGE FUNCTIONS

OF THE REGIONAL BANKS
(Earl Hall, Columbia University)
FIFTH SESSION (BANQUET)

PROCEEDINGS

The addresses, papers and a summary of the discussion
at the meeting will be published in a volume as part of the
proceedings of the Academy and distributed gratis to all
members.

Wednesday, October 15, 7 p.

BANKING REFORM IN THE UNITED STATES
(Hotel Astor)

Orders from non-members for this volume will be re-

ceived and entered for delivery as soon as issued, if order is prepaid at the rate of $1.50 per copy in paper binding and $2.00 per copy in cloth binding.



2

Earl Hall, Columbia University is near 116th St.
Station, Broadway Subway.
3

SECOND SESSION
TUESDAY, OCTOBER 14, 3 P. M.
VEW YORK CHAMBER OF COMMERCE, 65 LIBERTY ST.

Subject: "The Centralization of Banking and
Mobilization of Reserves."

FIRST SESSION
TUESDAY, OCTOBER 14. AT NOON
NEW YORK CHAMBER OF COMMERCE. 65 LIBERTY ST.

Presiding Officer
ALBERT SHAW
"Review of Reviews"

Subject: "The Federal Reserve Act"
Presiding Officer
SAMUEL McCUNE LINDSAY
President of Academy of Political Science

Addresses (limited to 20 minutes each),
i. Scope and Organization of the Proposed Regional
Ban Es

H. Parker Willis. The Journal of Commerce and
Commercial Bulletin

A. Barton Hepburn, Chase National Bank
0. M. W. Sprague, Harvard University
Address of Welcome

John ClatIM, President of Chamber of Commerce
Speakers:
Hon. Robert L. Owen, Chairman of the U. S. Senate Committee on Banking and Currency

Hon. Carter Glass, Chairman of the House of Representatives Committee on Banking and Currency

2.

The Mobilization of Reserves.

Arthur Reynolds, Des Moines National Bank

Discussion (under ten-minute rule),

Alexander D. Noyes, New York Evening Post

Hon. Robert J. Bulkley, member of House of Representatives,
Committee on Banking and Currency.

THIRD SESSION

This meeting will be followed by an informal luncheon
tendered by the Chamber of Commerce to those in attend-

WEDNESDAY, OCTOBER 15, 10.30 A. M.
EARL HALL
COLUMBIA UNIVERSITY

ance.




Subject: "The Elasticity of Credit"
Presiding Officer
H. PARKER WILLIS
"Journal of Commerce and Commercial Bulletin"
4

5

I. Addresses

i.

2.

The Rediscount Functions Of the Proposed Regional
Bunks

Frank A. Vanderlip, National City Bank
The Note Issue
Joseph French Johnson, New York University
E. W. Kemmerer, Princeton University

H. Discussion

FIFTH SESSION

Edward L. Howe, Princeton, N. J.
Irving T. Bush, New York City

WEONESDAY, OCTOBER 15, 7 P.M.
HOTEL ASTOR

BANQUET

A. Piatt Andrew, Gloucester, Mass.

Subject: "Banking Reform in the United States"

FOURTH SESSION
WEDNESDAY, OCTOBER 15, 2.30 P.M.
EARL HALL
COLUMBIA UNIVERSITY

Subject{ "Foreign and Domestic Exchange Functions
of the Regional Banks"
Presiding Officer
EDWIN R. A. SELIGMAN
Columbia University

A Symposium under the tert,minute rule

Presiding Officer
JOHN H. FINLEY
President of the College of the City of New York

Address by the HONORABLE NELSON W. ALDRICH

Guests of Honor:

The Chairmen and members of the United States Senate
Committee on Banking and Currency and the House of
Representatives Committee on Banking and Currency

Domestic Exchange Problems:

W. M. Van Deusen, National Newarl, Banking Company

Fred. I. Kent, Bankers' Trust Co.
Joseph T. Talbert, National City Bank
H. Foreign Exchange Problems:

John E. Gardin, National City Bank
J. A. Neilson, Brown Brothers, New York
6



7

4r

Samnel EbOune Lindsay, Esq., President,
The Aeademy of

September 15, 1913.

Political Science,

New York City.

My dear Sir:
-I am in reoeipt of your letter of September 11th, in regard to the subject
proposed for dieoussion at the next meeting of The New York Academy of Political Science.

Anything that I could do toward making this meeting a success would be a
pleaeare, and would be done moot cheerfully, bre unfortunately, I am just now laid up
and unable to leave my roomy so fear that my assistance mast be confined to moral
support. While your oommunioation is doubtless addressed to all of the members of
the Academy I would like to answer it personally, and, if you please, rather confidentially, as to one featare of your program.
The claim is made and reiterated by Cabinet members and by Congress:ma), ineluding the Chairman of the Committees oe the BMW and Senate having currency legisIse
tion in charge, that currency reform now undertaken in the interest of all the people
of the 000ntry has for one of its objects the wresting of the control of coedit and
of money power' from Wall Street and placing it in bands whioh will ooneact its administration in the interest of all the people.
This is coupled with the statement, daily
reiterated, that the control of credit and money power is misused in Wall Street for
parposes of stook speculation. Senator Owen has very recently made this statement
officiallnrea Chairman of the Senate Committee. Mr. Bryan is likewise quoted as
expressing similar belief.

el associations in Wall Street give me some ground for apealdnerlith
knowledge as to the views of Wall Street bankers an these subjects.
They
intimately discussed formally, and informally, for the past five years. I believe
I know the views of most of the important tankers of so-called "Wall streei affiliations', and I can state from that knowledge very positively, that the following is tree:Practically without exception New York bankers deplore the extent to

which their fonds must be employed in Stook Exchange loans, and would mole prefer to
employ them an mercantile and commercial credits. I have never heard a New leek banker
eopress fear of loss or injury to the business ef his hanky growing out of a curtailment
of the amount of money

available for speculative purposes, or of the volume of Stook

speculation, provided always that his institution could substitute for Stock
Exchange loans an equally available asset in the form of ocumeroial paper for Whioh there
would be a ready market either on the "Street" or by discount with Each an institution
or institutions as Congress is now proposing to create.
Mxchange

At no time during five years of disorssion of this matter have I ever heart

a New York banker advocate permitting

the reserve association designed by the monetary
Commission, or the proposed reserve banks contemplated by the Democratic bill, to make

any loan or advance: upon the security of stooks or bonds except as a last resort in
time of panics. Without exception they believe it to be =wise, notwithstandiug that
bankers in the lest have advocated the making of such loans

There has never been a saggestionmade in any discussion in which I have
partioipated, that it was unfair to the New York beaks to require them to invest lp%

of their capital in stook of an institution Which would pay but 5% dividends, no

matter what its earnings, the balanoe being appropriated by
from the lest and South.
objection on this score has e



the Government. Every

Samuel

MGCum Lindsay, Beg.
Norwithstanding the important, not to say serious, consequences involved

to many New York banks, a large portion of whose business is that of reserve dwpositary
-or country banks, I have yet to hear a protest made as to the proposed modification
in the reserve requirements contemplated by the pending bill. Some bankers have expressed regret that it was necessary; none of than have opposed the legislation an
that ground.
The banks of New York City hold the largest amount of redeposited reserves
of any eity in the country. To some of these institutions, large and important ones,
the loss of that business would prove serious. The proposed
that State institutions, both banks end treat companies, shall enjoy the privileges of
the new system, and as to the amounts of country banks, such State institutions would
I have
ultimately be placed upon the same footing as the National banks of New York.
never heard a National banker of New York make any protest on this score.

=rano, bill (=templates

New what is the esplanation of the true attitude of New York bankers on these
five points that I have briefly mentioned, TT,tre Is just one ea:planation; the bank,
ere of New 7nrk City believe that the country as a whole and their own interests is,
dividually, will be benefited by a better ourrenay system thane,* now hors, and they
are willing to nm:An any saarifiee within reason to bring it about. It have heard
every variety of selfish objection to every proposal for a change in our currency laws
from every section of the country, many based upon selfish considerations, while the
real sacrifice, if sacrifice must be made, will be that of the New yoek banks.
Statements in some oases unintelligent in others wlllfal and naliciaas in
regard to the institutions of this City have poisoned the public: mini. Why not
devote some part of your meeting toward an effort to correct this Injustice ?
You have undoubtedly noticed the objections that are sods by New !ark, as
well as other parts of the country, to having the new currency in the form of treasury
notes or government obligations. Whet is the real objection? It IAMB to is underlying every protest that I have heard is the desire, in the mind of every banker, to
conserve and protect
of the United States Government. There is nothing
selfish about that. Why can't these matters be fairay stated by competent and in.partial judges of the motives of New yolk men, so that the countrywill begin to
only one side has been presented ?

the credit

realize that there are two sides, and that

?basin, I trust, understand my-writing you this partial letter. It
was prompted by your sagestion that the Program Committee would welcome sugges-

tions. Oast now I amen invalid for awhile, end um dictating this letter in

my room in the plaza Hotel. Should you be in the neighborhood of the Hotel, I
would be delighted to receive a oall from you, and We might talk the matter over

more in detail.

With cordial regards, believe me,
Very truly yours,

S-17.







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OFFICE OF THE PRESIDENT

609 KENT HALL

(1

COLUMBIA UNIVERSITY

October 17) 1913.

1161, STREET. AND AMSTERDAM AVENUE

My dear Mr. Strong:

I beg to acknowledge with thanks your kind letter
of October 16th enclosing a cheque for twenty-five dollars for the
Special Education Fund for the expenses of the New York Academy's
Second National Conference on Currency Reform, and the preparation
and distribution of its Proceedings.
Yours sincerely,

Mr. Benjamin Strong, Jr.,
16 Wall Street, New York.
Wall

\-5(tf/waud 71/ra(AAPresident.




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in flit Citp
Dirk
609 KENT HALL

OFFICE OF THE PRESIDENT

COLUMBIA UNIVERSITY

October 17, 1913.

116T, STREET AND AMSTERDAM AVENUE

My dear Mr. Strong:

I beg to acknowledge with thanks your kind letter

of October 16th enclosing a cheque for twentyfive dollars for the
Special Education Fund for the expenses of the New York Academy's
Second National Conference on Currency Reform, and the preparation
and distribution of its Proceedings.
Yours sincerely,

Mr. Benjamin Strong, Jr.,
16 Wall Street, New York.

JUWAA A4cr14,_;ef
President.

'E0 ar Mtn)? of Political gpcience
in fly City of OM Pork
AFFILIATED WITH COLUMBIA UNIVERSITY
TRUSTEES
ROBERT ERSKINE ELY

OFFICERS

FRANK J. GOODNOW

Professor of Social Legislation, Columbia University

PRES] DENT

League for Political Education
Professor of Administrative Law, Columbia University

VICE-PRESIDENTS

Political Science Quarterly

ALBERT SHAW

A. BARTON HEPBURN

President Chase National Bank, New York

HENRY RAYMOND MUSSEY

Editor of "The Review of Reviews"

THOMAS W. LAMONT

uhn;/..oeb & Company

WILLIAM R. SHEPHERD

Professor of History, Columbia University

EDWIN R. A. SELIGMAN

HONORARY MEMBER

'SECRETARY

HENRY R. SEAGER

Professor of Political Economy, Columbia University

Proceedings of the Academy

PAUL M. WARB17RG

I. P. Morgan & Company, New York

RT. HON JAMES BRYCE

RAY,TD MUSSEY

.4csmo no Columbia University

Assistant

T1

MUNROE SMITH
Professor of Comparative Jurisprudence
Columbia University

EXECUTIVE OFFICES

TREASURER

Professor of Political Economy, Columbia University

H

0 vailvo.A;,.PLiMP'42

FRANK A. VANDERLIP

..Z

KENT HALL, COLUMBIA UNIVERSITY

4.,

TELEPHONE: MORNINGSIDE 1400

ASSISTANT TO THE PRESIDENT

President National City Bank, New York




EDITORS
THOMAS REED POWELL

SAMUEL MCCUNE LINDSAY

EMMA S. LAKE

NEW YORK RE

Nerember- 21, 1913.

Mr. Benj. Strong, Jr.
Bankers Trust Co.

14 Wall St., N. Y. C.

Dear Sir:
I take p;easure in sending to you today by mail
five copies of "Banking and Currency in the United States"
in paper covers, to the publication fund of which you so
kindly made a contribution.

We hope to receive the clothbound copies of
this volume from the binder within two or three days, when
a copy of this edition will be mailed to you, in accordance
with our letter to you of October 13th.
Very sincerely yours,

Assistant to the President*

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4 1914
609 KENT HALL

OFFICE OF THE PRESIDENT

COLUMBIA UNIVERSITY
116, STREET AND AMSTERDAM AVENUE

December 16,1914
Mr.Benjamin Strong,Jr.,
Governor of the Federal Reserve hank,
62 Uedar Street,
A.Y.City.
My aear Mr.Strong:
Several members of the (ieneral Oominittee and other

friends of the Academy contributed generously to our appeal for
$1500. to meet the expenses of the

Monetary_Oonferences,and

to carry

ettwtk,,,, -

out the work subsequent to those conference which is now nearly
completed,viz: the placing of the report of both Con;erences on
deposit for public reference ina seledted list of libraries and in
tne hands of special students and teachers of finance and banking.
We have not,however,secured the entire fund,anu still lack $200.

rhicn I would

like very much to secure so that this matter may be

balanced on our books before the end of the fiscal year on December 31.
Your previous contribution to this fund was $25.00
Would you be willing to make an additional contribution toward the
200. still needed*

I am writing to ten members of the committee so

that the burden will not fall heavily on any one individual.
I will also be glad to send you for personal distribution
additional copies of the reports of the monetary conferences which
contain the most valuable record of all the cirsumstances under

which

the

biggest piece of constructive legislation put through in fifty years
in this country was achieved, to quote the opinion of a former leader
of the United States Senate opposed politically to the present administration.

If


you will send me the names and addresses of any persons whom you think

nFrig

RESERVEBANW

FEDERAL
YORK
OF NEW

PIA

9
1914

RECEpED



ought to have these volumes I will have them mailed direct from our

office with a card saying they are sent with your compliments,




Yours very truly,
SZIAAAA/A( 2417,72'4A,A_A




^

4-4

YORK,
FEUERAL
OF NEW

nFn .16

1914

9 °' AM

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Decalbor 23, 1914.

M y dear Dr.
Lindaxonlyin6

to ycynr favor of tbe 16th

lust., / am rmolosing herewtth dheok for 20.

I would arnreciate it If you would
send me a aopy of the addresses by rik. Paul
Thrburg, recently published by the Aodemy
vomommws....,

of iIolitioal Scianne.
Ihf,:nking you in .'siticipatiaa Of

your attention to the above, J am,
Very truly yours,

Dr. Samuel McCune 7
CO9 Xont

New York City.
BSJr/VOM

.

c;)

Aratimtporeolitirett,S4imet
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Citp of AtipPorli
609 HE NT HALL
COLUM BI A UNIVERSITY
II61, STREET AND AMSTERDAM AVENUE

OFFICE OF THE PRESIDENT

December 24,1914

BENLSTRONG,
F,S ON A.L.




Mr.Benjamin Strong,jr.,
62 Cedar Street,
New York City.
My dear Mr.Strong:

I am very grateful for your letter of
December 23 and the check for $20.00 as a contribution to the
Special Monetary Conference

Fun4,_311As

makes (',70.00that-I

have received toward the $200.00 *doh will complete our fund,
and I hope the balance will come in before the end of the year.
I am sending you With the compliments of the Academy
a copy of Mr.Warburg's volume. of Essays as requested.
With cordial phristmas greetings,
Yours sincere/y,

161auuka

it?




November 28, 1921.

Dear Doctor Lindsay:

Unfortunately Mr. Strong was ill last meek and could

not give the matter of securing estimates for printing the
Budget bulletin his personal attention.

He has requested me

to send you the enclosed correspondence and to kindly ask

that ym take the matter up with Mr. Leffingmell mith the
view of making some progress mith Mr. Cavit.
Yours very truly,

Secretary to Mr. Strong.

Dr. Samuel McCurn Lindsay,
Columbia University,
Columbia Heights,
Nev York, N. Y.

BOARD OF TRUSTEES
PRESIDENT

AUEL McCUNE LINDSAY
0111,

nrbe Ratbemp of Dolitical bctence
in tbe eitp of Petu pork

',PRESIDENTS
ALB.
SHAW
PAUL M. WARRURG

KENT HALL, COLUMBIA UNIVERSITY

SECRETARY

PARKER T. MOON

-- ..T,E1THONg 14CRNINGSIDE 1400. EXTENSION 81

TREASURER
G

GE A. PLIMPTON
ASST. TREASURER

ETHEL WARNER
THOMAS W. LAMONT
ADOLPH LEWISOHN
HOWARD LEE McBAIN
V. EVERIT MACY
OGDEN L. MILLS
WILLIAM L. RANSOM
HENRY R. READER
EDWIN R. A. SELIGMAN
WILLIAM R. SHEPHERD
MUNROE SMITH
HENRY L. STIMSON
FRANK A. VANDERLIP
EXECUTIVE SECRETARY

ETHEL WARNER




ACKNOWLEDGED

September 21, 195.

SEP 24 1925

Ft 4
Mr. Benjamin Strong ,Governor,
Federal Reserve Bank,
33 Liberty Street,
New York City.

Dear Governdr Strong:
I think Secretary Hoover felt as Mr. Warburg,
Mr. Morrow and others withAWhom I have talked also feel,

as I do, that it would be a fine thing all 'round if we
could persuade Dr. Schaacht to coma over in time for the
annual meeting of the.Academy of Political Science on

October 28th.

The topic for the discussion in the all-day
conference ending with the dinner in the Grand Ball Room
at the Hotel Astor in the evening, will be, Trade Associations
and Business Combinations,and the special sub-topic for the
dinner meeting, Should the Anti-Trust Acts be Amended or Not.
In view of the fact that the basic principles of our Federal
Trade Commission were taken from German legislation, and
that recent important legislation relating to trusts has
been enacted in Germany, this occasion would give Dr. Schaacht
an opportunity of saying much or little on economic conditions
in general in Germany, and of telling us something which our

Mr. Benjamin Strong

September 21, 1925.

-2-

business and professional men would very much like to know of
the attitude of his government toward, and the outlook for business
development.

Would you not like to forward the enclosed invitation to

Dr. Schaacht with a word of favorable comment and endorsement?
hope that the enclosed letter states the matter fully and clearly

and that you will be good enough to put it in the mail tomorrow in
time to ,catch the "Mauretania".

Do you think it would be possible

to transmit the invitation by cable, telling him that ft0.1 details

would arrive later in my letter, but suggesting at the same time
that if he can give us an acceptance by return cable for this date,

and assure

us that he will be here, 10, we would like to make an

announcement at once, and prepare for him a place on this program.
Thanking you heartily for your help and cooperation,

Iamb




Yours sincerely,

President.

30VERNOR1S OFFICE

RECEIVED

II

i)-1:925

Er"'



Leptember 24,

Deer Dr. Lindsay:

1 eave your favor oi the twentyfiret, .hich chae aurang my ,beenco
from trio city.

Of course, 1 swell at ,:;iad to folward eae infitation to Dr. bohhcht,

but 1 feel very certain taat be *ill be unable to accept It.

ie

if, coming here

at a tie, of wnica I have not fat been _seinitely advisee, to return a p-ivate
and unofficial visit genieb, I made to z,erlin in order to aetat aim this last
summer, aria he ne,e told me that ae *ill aake ao public addresses at all miring

hit stay here.
Hie Visit *ill be for the puree of becoming aeeecinted with the
Federal flegeerve Bank and ita officers elle eo meet some of thu New York tankers.

He will te in Ao* York a very short time, emu 1 believe prectically every evening

of hie etay ia already engaged.
Of course the final answer must come from Dr. Cichecht, and it I tar
from him as I likely eill before he sails, you can count upon he, ring -rom me
at once.
lt is very gooe of you to make the suggestioh, :,.ee 1 ae 6Lil" he 14ill

appreciate it.
Sincerely yours,

Dr. Sulauel McOeee Lindy,
Academy of Political Science,
Columbia University,
New lark, N. Y.



October 7, 1g25

Deft'. Dr. Lindsay:

Ath further reference to my letter of September 24, concerning the invitation extended to Dr. Schacht by the Academy of

Political Science, I wish to advise you that I have just received
the following radiogram from Or. 6c,...tcht:

"Thanks your letter September 24 regarding
Academy Politic/ Science. ?leave /Worm An::say
my visit being quite privaLo to your nank And not

11oin,-ny public apeechee.

"

In the circumetw.cce, Ior nun,: you rill understand how

impossible it ia for Or. :chacht to accept.
Sincerely youre,

Dr. Samuel McCune Lindsay,

Academy of Political Science,
Columbia rniervity, New. York.




TELEPHONE

MT-BLANC 6200




Please quote

Dars\la rep

:

INTERLAB GENEVE-SUISSE

BUREAU INTERNATIONAL DU TRAVAIL

SOCIETE DES NATIONS
LEAGUE

Adresse Telegraphique

INTERNATIONAL LABOUR OFFICE

NAT NS

t.!
e.

in reply
ere de rappeler

August l!

rtifb

Hon. Benj. Strong
33 Liberty Street
New York City.
My dear Governor Strong:
I am spending most of the summer here engaged on some research work at the International Labor Office, and your letter and your
draft of a splendid resolution about John T. Pratt's National Budget Committee work and leadership have followed me around from several addresses
where I made short stops on my way here.

I am so glad you thought of

getting up this just and well deserved tribute to our friend whom we shall
all miss in so many different ways. I certainly would like to have the
privilege of signing the resolution and hope it will not unduly delay
the matter to send me the engrossed copy for signature any time after
Sept. 20th when I return to New York.

With best wishes and hoping that you are having a good summer,
am,

Faithfully yours,

SaAAAAAAL 4iet.c.4.4c
Samuel McCune Lindsay.-

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AYERWEATHER HALL
COLUMBIA UNIVERSITY
NEW YORK CITY

Youfacttcrato)DP,,Lindsa_v has been received. Dr. Lindsay is

in Europe and will not return until September 20th. Your
letter has been forwarded to him and he will probably write
you from Europe or upon his return to New York.

ar_4.41e
Secretary to Dr. S. McC. Lindsay




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FUME 3RE

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