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Columbia antheroitp
tbe (Citp of

r)

eturork

OFFICE OF THE SECRETARY,

June 28,

1927

Mr. Benjamin Strong
33 Liberty Street
New York City
Dear Sir

President Butler is now in Europe and in his absence I have
your letter of June

27.

He will not re

which will, I fear, be too late for yo r




to New York until August
rposes.

Very t

your

Assistant Secret

September 29, UV

My near Dr. Butler:
Ttt bueti you for your note of yesterday, enolo61ng

chf.csk

covering your pro rata share for Ole prevration of the memorial

to the late John T. Pratt.
The names were listed alphat-etically, which twee the

reP,son for placin!if, yours first, but, as you say, their order is
not the vitally important concern,

it is the signt,tures thmsalvas.
Sincerely yours,

Dr. Nicholas Murray Butler,
Broadway at 116th Street,
Near York City.




"CHOLAS MURRAY BUTLER
BROADWAY AT I I6 STREET
NEW YORK CITY

September 28, 1927

Benjamin Strong, Esq.
Federal Reserve Bank
33 Liberty Street
New York City
My dear Strong
I duly received the engrossed Oinute relative to
the work of the late John T. Pratt and signed it yesterday
afternoon at our Columbia University offices, 63 Wall Street.

Unfortunately, I did not/see until too late that
I should have signed at a differe t point from that at which
actually wrote, but I take it/this is not of vital importance.

I enclose my oh ck to your order for
meet my Share of the cost

816.66

to

s stated.

Faith ully yours

1-44
Encl




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-------




tf.,"

NEW YORK UNIVERSITY
GRADUATE SCHOOL OF
BUSINESS ADMINISTRATION
A.

90 TRINITY PLACE, NEW YORK
TELEPHONE: RECTOR o 8 8 2

. /ELLINGTON TAYLOR, Dean

October 13, 1925.

ACKNOWLEDGED
OCT 2 2 1925

B. S.




My dear Governor Strong:
You may recall our conversation several weeks ago concerning the possibility of Dr.

Schacht

being able to attend

a dinner or luncheon to be arranged by Er. Delafield, President of the Bank of America.

I an writing this note as a

memorandum in accordance with your suggestion.

Sincerely y
Lt.)

George W. Edwards.

Mr. Benjamin Strong, Governor,
Federal Reserve Bank of New York,
New York City.

mc

VERf\:OR'S

RECEIVED

'

28 ikd

Jljt 14 196

-tUHAL RESERVE PAPK






October 22, 1025.

doe.r

Ooing to the necessity for Dr. behacht being
out-of-town during hie stay here, he findu that it will
not be postible for him to wtt,nd, the luncheon rhich

Mr. Delefield WOE kind encuph to eu&eut thet he would like
to thVe for him aurinil hie stay here.

I am writing 8t once to dvie you of this upon
h18 retum from TaAington, and st Mr. Strong' 8 reciuest.
Very truly yours,

-iccretary to
Mr. Benj. Strong.

Mr. Ocorge P. altardu,
New York University,

00 Trinity Place, New York.
BS.L.S




9
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W'LLIAMS - COLLEGE
-

WILLIAM S TOWN, MASS.

E PRESIDENT

Jan.-13, 1U5
Mr. Benjardn Strong, Jr.
Federal Reserve Bank

j.. ,., 4
61v

.,-li,

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J
'

Now York, N.Y.

My dear Mr. Strong:-

Mr. Sayre has already informed you of
our arrangements for your entertainment here. I
wish merely to ask that you let me know by what
train you arrive in order that my carriage may

Also, I hope you will find it convenient to be with us at dinner the night of
the lecture. We shall not impose s formal company
upon you and will set the hour at half pest six

meet you.

so that we will be comfortably through before the
lecture.
Looking forward with great pleasure to
having you with us, I remain,
Sincerely yours,

c

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Jminary 1Z9th, 1915.

dear :1,'17. Ck.Lrfleld:

It was a gref..t -oloacure for me to visit

Willastal-a and ha'To the privilege of meetins-.: you
and yxar a7.,w,ceiates in the

Sometimo I truct yea will give me the op-

orti.r of ontertaini-4,3 you and
_:.arfield. la
New Yo
ana ifyou
only aivo me warnin3 Of ytmr
:p

tril) to tho city, I will talzo pleas-a-1,e in doing co.
With 17.1naost regards $ believe me,

I_. Carfield,

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PRINCETON UNIVERSITY
THE LIBRARY

PRINCETON NEW JERSEY

May 18, 1926.

Mr. Benjamin Strong,
33 Liberty Street,
New York City.

Dear Mr. Strong:

For some time Mr. Fisk and I have been thinking
that more publicity Should be given to the increasingly
valuable collection on foreign finance which bears your
name. Such a collection is, of course, valuable only in
so far as it is used, and the more generally people understand what we have, the larger will be the demand for our
services.
I have drafted a short statement in regard to
It which, with your assent, I would like to print in the
Alumni Weekly. I have tried to make it non-technical and,
at the same time, give an idea of what we are attempting.
I shall be very glad of any suggestions which
you mPy make in regard to it, and I hope that the idea
I am sending another copy lo Mr. Fisk
has your approval.
and am asking him to make suggestions in regard to it.

Very sincerely yours,

James Thayer Gerould,
Librarian.

Enclosure

Public Finance in the University Library

The alumni, those at least who are interested in its field, have for the
last ten years known something about the Pliny Fisk collection on railroad and
corporation finance. Many of them have consulted it and have found there texts
of railroad mortgages and detailed information regarding the financial affairs
of corporations which are not available elsewhere.
Few of them are familiar, however, with the more recent development, made
possible by the gifts of Benjamin Strong (hon. '18), into the field of public
finance, particularly that of the foreign countries.

Mr. Strong's interest in the Library has continued through a number of
years. During the war, not only did he contribute generously to the fund out
of which our war collection was purchased, but he caused to be prepared and
presented to us a unique scrap book of one hundred and ninety six volumes of
folio size, in which is contained the daily record of the war as related by
the press.
After the armistice,his interest turned at once to the problem of reconstruction, particularly on its financial side; and his generosity has enabled
the Library to secure a very large share of the available documents which
contain the facts and figures in which the student must delve to reconcile
conflicting statements and to weave the fabric of future history.
The task of ascertaining which of the vast mass of books and pamphlets
turned out by the press in all the European countries, has permanent value ,and
of undertaking the correspondence necessary to secure them, proved to be of such
magnitude that something more than a year ago Mr. Strong increased his annual
gift to an amount that enabled the Library to employ an assistant to give all
her time to the selection and collection of the material. Miss Laura Turnbull,
who now has the collection in charge, is a graduate of Barnard and was for a
number of years employed by Colonel House, David Hunter Miller and Professor
Shotwell in New York, Paris and Geneva, in their work on international problems.

At about the same time, Harvey E. Fisk '77 consented to serve as Honorary
Curator and the Library is greatly indebted to him for his constant watchfulness and valuable suggestions.
The collection is built, naturally about the reports of the finance
In
ministers and the statistical publications of the several countries.
the case of the larger countries our data is fairly complete, the file of
the financial reports of France, for example, being continuous from 1812 to
The reports since that time have not yet been issued. We are receiving
1915.
the current reports from a score of countries and the statistical publications
from almost as many more. Including the colonies and mandates, about seventy
jurisdictions are represented.

Aside from these reports there are a large amount of documents relating
to reparations, to the Dawes settlement, to the inter-allied debts, the
resumption of the gold standard, the economic rehabilitation of Austria and
Hungary, the stabilization of the finances of Chile and Poland, and the relation
between finance and disarmament.
Professor Kemnerer's intimate connection with the development of many



2

of these problems has resulted in the acquisition by the Library of a large
amount of material, some of it in manuscript, of the highest importance.
Ambassador McMurray is assisting us in developing our Far Eastern resources,
and some of the departments at Washington have been most generous.
In order to keep abreast with foreign financial history, Miss Turnbull
reads regularly the issues of about seventy periodicals. The information
collected in this way is transcribed on cards classified by country and,
where important books or documents are noted, they are secured.

pane

Needless to say, the collection is open for the
use of students
without as well as within the University,and the Library is at all times
glad to be of such assistance as it may to the alumni and the friends of the
University.







May 19, 1928

My dear Dr. Gerould,

This is to advise you th,...t I shall Aladly forward

your letter of May 18, aim' enclosure, to Mr. Strong at the
earl i est Opportunity.

But as he is tnvelling abrotA, it

my be some time before a reply can be gotten to you.
I hope this will cause no inconvenience.
Very truly yours,

-cretAry to
Or. Benj. Strong.

Dr. James Thayer Gerould,
Liorarian, kr1oce3tun Univ ors/ ty ,
Princeton, 1%. J.

COPY
PRINCETON UNIVERSITY
THE LIBRARY
PRINCETON, NEW JERSEY

May 30, 1928.

Mr. J. Herbert Case, Deputy Governor,
The Federal Reserve Bank,
New York.

My dear Mr. Case:

As was suggested in our recent conversation, I am sending this memorandum regarding Mr. Strong's gifts in support of the collection on Foreign
Public Finance in the Princeton Library.
In the years' previous to 1920, when I became Librarian, Mr. Strong
had been a generous benefactor, his most important gifts being the extensive
collection of newspaper clippings relating to the War, the equally valuable
collection of emergency war currency, and contributions for the purchase of
books on the financial problems resulting from the War.

In 1921 Mr. Strong undertook to provide annually the sum of $500
for this purpose; and in 1924 he increased the amount of the annual gift to
$3,000, to enable us to employ An assistant to collect and index the material.
Miss Laura Turnbull, a former research assigtant of David Hunter Miller and
later of Professor Ehotwell, was appointed, and is still in charge of the work.
The collection is being developed primarily as a. library of documentary material relating to the economic and financial problems of foreign nations.
We seek to obtain the chief financial and statistical reports of these countries,
including the national banks, and all documents and publications related to any
significant event or movement within this field.

Miss Turnbull reads regularly over a hundred Periodicals, mostly
foreign, besides examining official reports and the publications of the League
of Nations, in order to keep in touch with current events and new publications.
Special attention is given to bibliographies appearing in the periodicals. The
titles of articles and books, significant tables and facts thus gleaned, are entered on cards in a subject file.
Publications not already in the Lib
requested as gifts or ordered. The response to letters, especially those to
government offices, has been very generous, and in this way many valuable things,
often of a fugitive nature, have been obtained and preserved.
A memorandum file of the official financial and statistical publications
At present there are received, the
received is kept at the desk of the curator.
reports of the minister of finance for 37 countries, the chief statistical publications for 43, the reports of 45 central banks, 71 mandate and colonial reports,
beside the financial reports and studies of the League of Nations and the publications of the Reparation Commission and the Transfer office.
The students who use the collection not only refer to the subject card
file, but come to Miss Turnbull for suggestions as to the sources in which to
study some particular problem, and for initiation into the intricacies of valuable
 but complicated series, such as the British Parliamentary Papers,
The graduate


Mr. J. Herbert Case

5-30-28

students of the Departments of Economics and Political Science and the seniors
use the collection most, but at the time of debates and for the preparation of
special papers many other students resort to it.
Naturally it is u
Occasionally
the professors in the Departments of Economics and Political Science.
a request comes from outside the University for information, and this service no
doubt will become more extensive as the collection becomes better known.

There has recently been published a Handbook on "Interallied Debts and
Revision of the Debt Settlement," prepared by Miss Turnbull ,with the collaboration
of the Librarian.
Mr. Strong has recently decided that he can no longer continue his annual
contribution, though he expresses a hope that some means may be found to secure
the necessary funds. Unfortunately the University is not at present in the position to add this expense to the Library budget; although I regard it, in every
sense, as a proper charge. A similar collection on Railroad and Corporation Finance is supported by a budget charge of over $4,000. Within a few years, we can,
I think, take it over, but if support cannot be secured during the interim, the
collection must lapse, with a consequent loss in value of the work already done.
This I regard as most unfortunate.
It has occurred to me that a group of Mr. Strong's friends might be induced to guarantee, for a five year period, the sum of $3,500 annually, the extra
amount of $500 being needed so that we may increase Miss Turnbull's salary to
$2,500.

I shall be very greatly obliged if you will undertake to secure these
funds for us.
I am enclosing letters addressed to me by Professor Kemmerer and Mr. Fisk
regarding the value of the collection.
Very truly yours,
(Signed) James Thayer Gerould,
Librarian.

Enclosures (2)




COPY
BANKERS TRUST COMPANY

16 WALL STREET
NEW YORK
May 25, 1928.

Mr. James Thayer Gerould, Librarian
Princeton University Library,
Princeton, New Jersey
Dear Mr. Gerould:

I have your letter of May 25 and I am glad to know that there is no
reason why you should not proceed with your efforts to find someone who will
provide for the work which Governor Strong originated and has enabled us to carry
on for so many years.
I am not in a position to say positively what other institutions may be
doing in regard to collecting data upon which to base studies of the public finanMy impression, however, is that our colces of the various nations of the world.
lection of documents on that subject, due to Governor Strong's initiative and his
contributions, and due to your own interest in the subject, is probably one of the
best collections of its kind. Possibly the Hoover Collection in Stanford University
may be as good or better; we all know that the Economic Department of the New York
Public Library is doing excellent work along this line, and I presume that we would
find that Mr. Eaton at Harvard, in connection with the Baker Memorial Library, has
pretty complete data of the same kind.
However, it is one thing to gather data such as we have been gathering,
but it is another thing to make that data useful to economists, to business men,
and to the students of the university, especially the graduate men who are preparing
themselves for important government, teaching and business positions.
I regard the
work which you are having done in cataloguing and indexing, and in otherwise putting
our collections in a form where they can be readily used, is of prime importance,
and I do not know of any other institution where similar work is being done.
It is
quite possible that others are doing such work, but as far as my knowledge goes,
we are taking the lead in that direction.
I feel strongly that we are performing
almost a public duty in keeping on with this work, and as time goes on adding to
our staff so that our collections may be made more and more useful.
I hope that
you can arrange so that the collection can be called for all times the Benjamin
Strong Collection.




Wishing you all success in your efforts, I am
Sincerely yours,
(Signed) Harvey E. Fisk.

COPY
PRINCETON UNIVERSITY
PRINCETON, NEW JERSEY
Department of Economics and Social Institutions

May 29, 1928.

Mr. J. Thayer Gerould, Librarian
Princeton University
City

My dear Gerould,

I am writing you this note to express my earnest hope that the inability
of Governor Strong to finance the maintenance of the Benjamin Strong Collection in
foreign finance shall not be permitted to interrupt, even temporarily, the maintenance and development of this most valuable collection. For many years Princeton
has been trying to build up a strong collection of material in the field of international finance, and in this field we have at the present time one of the best colFor some countries, notably a number of countries in
lections in this country.
Our
Latin America, our collection of finance material is probably unequaled.
students are taking an increasing interest in this field of study. In connection
with the foreign advisory work, which I have been doing, I have found this collection of material of invaluable help in making preparations for the different Commissions; and from time to time I have taken 8 substantial amount of this materiel
abroad with me to be used by the members of our Commissions in connection with our
foreign work. In all the countries which we have served, we have endeavored to
collect material for the Library, while we have been abroad and in this way have
built up strong collections for a considerable number of countries. The usefulness
of such collections depends largely upon their being maintained strictly up to date;
and even temporary lapses in the work of collecting and organizing the material
would be very unfortunate and would materially detract from the value of the collection already made.
This material is very well organized and catalogued at Princeton, and its
usefulness is greatly enhanced by the excellent work Miss Turnbull has been doing
in putting it in such a form as to make it easily available to students of financial problems.

Miss Turnbull is an exceedingly capable librarian for the collection, and
I sincerely hope that her services may be retained indefinitely and that she may be
given increasing assistance for her as the collection of this financial material
grows.
Anything that I can do to be of service in this connection, I will very
It would be a pleasure to me at any time to talk with Governor Case or
gladly do.
with any other interested persons with reference to the matter.




Cordially yours,

(Signed) E. W. Kemmerer.

PRINCETON UNIVERSITY
THE LIBRARY

PRINCETON NEW JERSEY

0
October 24, 1929

Mr. Benjamin Strong, Jr.,
International Acceptance Bank,
52 Cedar Street,
New York, E. Y.

My dear Mx. Strong:

The bronze bust of your father reached the Library this
morning and it is being exhibited in the Trustees' room today during
the meeting of the Board. I will talk to President Hibben,as soon
as he has leisure,in regard to its permanent location. I am, of
course, acknowledging its receipt to Tiffany & Company.




With my sincere thanks,

Very cordially yours,
jaLeo Thayer Gerould,

Librarian.




PRINCETON UNIVERSITY
PRINCETON. N. J.

CilESIDENT'S

May 10, 1918.

ROOM

My dear Mr. Strong

It gives me much pleasure to inform you that the Board

of Trustees of Princeton University wish to confer upon you the
Honorary Degree or Doctor c Leus at our coming Commencementi, ir

recognition of your service to the country at the time of financiA,

anxiety and of possible peril. Our Commencement day will be on Saturday,
June 15th, the exercises taking place at eleven o'clock in the morning.
With warmest regards,

Faithfully yours

To-




Mr. Benjamin Strong,
New York City.




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dRV} E BA NK

N YORK

"Cluneden,"

Lake George, r. Y.,

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113

Jy dear Yr. Ribbon:
Tir"V
Without stenographic help, and I i_ear-yi..

o

for work EATICO leaving the office, I baNe sadly neglected a growing pile of

mail.

This is a nnch belated comment on lir. Traser's letter.of_Dece:4ber

13th of which he has sent ma a copy.

Vhat is recomuended in that letter I most heartily approve, and

particularly that a preliminary course be undertaken, at least in the
sophomore year, and that the staff of instructors be strengthened as rapidly
as finances permit.

Due possibly to a natural bias, I an in addition inclined to urge
developing the two courses entitled "2-ablic Finance" and "oney and,P-mkint'"

to as high a degrco of efficiency as possible - for two main reasons.
As to public finance, no country pretending to a sound system of

goverailent, much less the richest in the world, should continuo to suffer
under the mon2troas lack of system in raising and spending revenues, that

we do in the United Ctates.

Oar college non can serve their country and

possibly themselves, by learning mom-AM/is' about it, and taking an interest

in the n,-,:iter tatolli3ently in later years. Ye need a "reform bill", but
no one seems to accovi or care much about It
As to ioney and banking.

It bids fair to be the 'world problem

and possibly controversy for a generation. \hat I stated at luncheon is

°Jut:, literally true. .1';n1cers, so called, in this country, hcvo simply bean
money lerdel,s end money makers, blirA to the real nature of their functions,

and frequently to their duties.
son people do now and tieo.

I shall not call theu pa,,nbroe.es, but
Ihi30 I would be the last to advocate atte-Tt-

tag to tean a "trLde" in a university course, I would greatly like to see



RVE RANK

COPY

FiERAL J YORK
OF

a class of young men leaving Princeton every y1t,q. nt.thAs

and

there learn banking, with a ground work of good sound knowledge of just what

good bankir,, is - in an economic sense.

r

17,1
-

The Federal resorvo banks could

17L'IM:,1 7 L
use every one of them, and would be glad to gat

POP

', VI? nir
r

If time ever permits T shall spend some days In Princeton and
learn first hand, if I may, how some of this work is done. Then, and I

fear not until then, it may be possible for me to be of some help.

The

above suggestions T really send with mach diffidence, foeling so poorly
equipped with knowledge of the present work.

ray I add that the Cunliffe report, just printed, would make a
good subject for study by any university, - and with profit.
Very cordially yours,
(Signed) BENJ. STRONG.

To:

Rev, John G. Eibban,

President, Princeton university.
Princeton, New Jersey.




rf-f,-,m 4-1112(

M.y 23, 1922.

Dr. John Grier Hibben,

Prenidet, Princeton U.liversity,
Princeton, Ne

My dElir Doctor Hibben:

Some time no I Epoke to M-1-.Gerould

f,Jther v.hich the fmily ould lik6 to
rigrding
preent to Princf,ton for location in the librry, 4ith
thLt it mig_bt be uitbi for v,h1Ltevr ep3ce you znay
iter,Ulot in the nay, library building to Bs.ning,and Inter.nntional 1 irnee.'Vr.'Gerould s.med to feel th!A the
University 7,ou1d.be 10 to F2,ocept it !nd, holf thst the bust
t-is 9,1:rived in Nel: York,
to plce the rtter before
you in definite rnner.
bw-st of 1Y,y

By way of expination I might mention
thJj. the bunt is a bronze, stndinl.7, or v:ooden pedowLA., !nd
is jj excict roCiica of one novc stnding in the Directors' room
ct the federl Fe2erve Bnk of hen
k., It
dohe by
M. riul de Soete in
:It the ruulest of the B,:nque
N.f'.tionle de Belgique, Brussels.
the 1i.tter, through
The
Ambse,ador, presented it to the Fed6ril F,,:rve Bank
of iei York F..fc 'eks 5fter my f.AnertF, death, to commerrorte
-tn.e .sF:ist-..nce rendered by the Nec. York bk in restoring the
Blgium currency to
oid :,,t,ndrd. A du21ic7.te is d(., at
rf.y
tht it
reclucnt ler the fmily, but we 0..1
uld bcJ very .:f.ppropriatc to riresent it to Princton in connection with ufl- Benj:Ndn Strong Collecticm.
The bust is et iesc.nt at .Tiffany

c

Co.

edting our instructions regding nn ensrvl plte to he

ct I

1
ploed on th. front of the wooc.:.n
ind a
77y nu.11 :21c1 eimpic rectf,npuir rte on which could be
t
comt- such inscription
fol loving -

B-E;JOIN STI,ONG
1872-1',328

Prea,:mted to Princeton UniverElity by his f!J:sily
The only tdditton night possibly bL,,, the Fonorry Degree conferred. on him Jt Princeton.




I ould very mue
'ect.e your c,, inion on
vAA. ,;3 your E:to!gtion tou
inecrition in
genur-A. Fo.5ab1y thc U2ivrs1ty

thic

in ttlf_vst, LFAtere tich it tould be well to folIo.
Uith kir:deiA regnrds, I riin




FA.ner:Tay your11,

PRINCET )N UNIVERSITY

2:44N /IS

PRINCETON NEW JERSEY

,160,7

PRESIDENT'S ROOM




May 24, 1929.

MY dear Mr. Strong:
I have received your letter.

We will

be very glad indeed to have the bust of your father for
the University Library,

I hone that in the

we will have a new library building and the

next few

years

Benjamin Strong

.Collection will have a special space allocated to it
and there we will finally place this statue.

I would

certainly put upon the inscription the date of your
father's degree of LI. D. from Princeton, which is
June 1918.

With my warm regards to you and your
brother,

Faithfully yours,

Mr. Benjamin
52 Cedar St.,
New York.

Strong, Jr.,

ifit-rne

err.i !Az

bit cf y f t.nr,

f
hI

"tr

tl

y

.
1;

b

t,

;t31,

oie f1f.1 f ._-_
1.

u

r

?

t

;::

1:

4n

I

tDcfl
Ey

i th

L' 1'

711

a.:'-7

C

rt

-




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in

;
t,

n

,sirs

r

r,

y
t.

;.

!7:: y

di2J.

C.

tc.

to tlic UrLivity.
Cordi,:qiy yours,

0

Dr. John

Prc:1.1t, Prinoton

Pvin0c:ton,




jery.

PRINCETON UNIVERSITY

zr4,00,

PRINCETON NEW JERSEY

PRESIDENT'S ROOM




October 9, 1929.

1.7.y dear 7..".r.

Strong:

am very glad to received your
letter and we -ill look with interest and pleasure
to the comiwt, of the bust of your father.

7e will

be very pleased to have this placed in our present

Library and whn the new Library is completed we
will have it arranged so that it will become a part
of the Benjamin Strong Collection.
Will you kindly express to your sister,

Mrs.

Humphrey, and your 'id'rother Philip, my grateful

appreciation of this gift, both officially and
personally.
1ith my warm re._;ards,

Faithfully yours,

fCcr,
Ur. Benjamin Stronz,
52 Cedar 2,treat,
Ne7; York, T. 7.




THE JOHNS HOPKINS UNIVERSITY
BALTIMORE, MD.
POLITICAL ECONOMY
JACOB H. HOLLANDER

Gr-RGE E. BARNETT
V
.1AM 0. WEYFORTH
THEO JACOBS
0ROADUS MITCHELL
GEORGE H. NEWLOVE
GEORGE H. EVANS




October 28,l9?

Governor Benjamin Strong,
Federal Reserve Bank,
New York

My dear Governor Strong:

I(
You will, I am sure, hay heard from
others what a rare evening we had/ thanks to your
hospitality, on Saturday. The alisence of a host
is always a matter of profound regret to those
who benefit by his hospitality/ But in this case
it was made even more acute bi the loss of your
part in the stimulat ing disclission which marked
the evening. I can only tilist that you have quite
recovered from your indispOition, and that you
will take this not e as a farther evidence of my
great appreciation of you6. kindness.
Finally, may add that Dr. Schacht
made a very deep impr Os ion upon all of us by
his competence and hi S s incerity.
Faithfully yours,




OFF\C7

BO\IEV,OR'S

ED

RECE.N

9
M5
OCT




(COPY)
THE JOHN HOPKINS UNIVERSITY
BALTIMORE, Md.

June 22, 1926.

Mr. Pierre Jay,
The Federal Reserve Bank of New York,
33 Liberty Street, New York City.
Dear Mr. Jay:.

Your note of the 21st with the check for $3600
enclosed came to me 'this morning.

It is an entirely adequate

compensation - indeed taking into account the immense pleasure
that the five weeks yielded me, I am almost
it as more.than adequate.

clined to regard

My dear old teacher, Basil Gildersleeve,

once said that the highest joy of life was in being paid to do
that which you in any event wanted to do, and surely the dictum.
applies here.
With lfind regaIds, believe me,

Sincerely yours,
(Signed)

Jacob H. Hollander




er/

UNIVERSITY OF PENNSYLVANIA
PHILADELPHIA
WHARTON SCHOOL OF
FINANCE AND COMMERCE

October 14th, 1925.-----

ACKNOWLEDGED
Governor Benjamin Strong
Federal Reserve Bank
New York, New York.

OCT 2 21925

B. S.

My dear Governor Strong:

It is my understanding that Dr. Schacht will be
in America shortly.

I am anxious to know how long he will be here

because I would like to get him to speak at the University of Pennsylvania if it can b e arranged.

I realize the difficulties there are in

doing this, but on the chance that it is possible, T have an invitation to extend to him on behalf of the University.

If you can let me

know when he will arrive and something of his stay I shall appreciate
it.

I have had the pleasure of meeting Dr. Schacht, and I am fairly

well acquainted with Dr. de Haas, who I understand is coming with him.

Very cordially,

EMP/MH.







3OVERNOR'S OFFICE

RECEIVED

so Al
uul 15 F-225

r)..114,

October 15, 1925.

My dear Professor Patterson:

I have your favor of October 14, concerning

Dr. Schacht's vieit and the desire of the University of

Pennsylvania. to have him speak there.

Of course, I shall be glad to advise Dr. Schacht
of your invitation upon his arrival, but I feel very certain
that he will be unable to accept it. he is coming here to
return a priveta visit, and has told me that he will make
no public addresses whatever during hie stay here.

Naturally the final answer must come from
Dr. Schacht, but I am sure you will understand me writing
you quite frankly in the circumstances.

It is good of you to make the suggestion, and I
am sure Dr. Schacht will appreciate it.
Very truly yours,

Pressor Lrneet M. Patterson,

Wharton School of Finance and Commerce,

University of Pennsylvania,
Ph:daflelphis, Pa.
mar.L$




UNIVERSITY OF PENNSYLVANIA
PHILADELPHIA
WHARTON SCHOOL

FINANCEAND

MMERCE

October 16th, 1925.

Governor Benjamin Strong
Federal Reserve Bank of New York
33 Liberty Street
New York, New York.

My dear

Governor Strong:

I thank you very much for writing me so promptly
about Dr. Schacht and his plans.

I feared that he might be unwilling

to speak while here, but it seemed worth while at least to inquire.

Cordially

EMP/MH.




yours,




00

30VERNOR'S OFFICE

R El L, NED

9
1925

Ouf




1

October 22, Ig26.

Vy dear Profecnor Plittersont

Upon my arrival in New fork, Govrnor 5trong
mentioned to Met your kindness in inviting me to epeuk
at th(,. University of Pennsylvania, 9nd auch to my rogrct
I feel obliged to 93ic him to . .cjvise you of Lay imbility

to aveil myself of this opcortunity because of tha large
numbar of engia:gaments wLich Itv,ve been obliged to mate

snd the very short time which I he for my visit.

Please be emetired thst I appreciate your kir.dnese and this evidence of your hospitality.

I beg to rein,
Sincerely yours,

Petter&on,
Professor Ernest
Mnsrton ochool of rinzoce snd Coamerce,
University of Penneylvanis,

Philadelphis, P.




October 22, 19?5.

?rofaaeor iatterdon:

Thiu id wy first oportunity to have N ttak with

Dr. ..;chaent in fegard to your kind note of October 14.

Hd finds it will not de pousible for him to accept

the invitation you were good enougn to extend to him to spesk
at the University of Pennsylvania, and I am writing in hie
DaLhai. to zxpreaa hi 6 regret.
1 hag to remain,
.iAncerely yours,

Proisor Ineet M. Patterson,

4hurtor, 6chool of Finance and Comwerce,
Univerdity of Penhdyivdnia,

Philadelphia, Ph.
1146.1X




.4)/6

&Jog
t

3-

,.30*

Woods Hole, ran.,

AuguLt 11, 1313.

Deer proro.?, Alchardo.n:

I ala very glad to have your note of tha llth 'instant,
evidencing good provese in assembling the titles for trio new
acquioitions.
Without an unlknitod puro I am
.Louanze only to co distribute the buying that 1 vill not be over-burdenod et any ollo point.

At the present time the clinDinge and oter tl outaia or

special purchaees, such cs currency, costs. att . 3O3.T a month.

Foy 14:Au1d it do to go rigt ahead wft;:i tha purchaza of to bAn11inG, finance, taxation, and other opacia/ b00%s aFs raoidly as they
cayl be ohloined and purchase with sono diccrimintion az to valoo in

thosabjects that ara not quite so narrcilly spooialised, so that to
cen distriuta the pdreaot; semeriat over a pariod V/t ta objezt,
nevertheless, of completing the list ultiL:ately, but, in the meantime,
idz of co3ts.
gatting
Tis Canaan titiezc3 are os-ccedingly
moderate in cost aad should, of course, all be acquired. Prob..:_bly
our 1-;ut,::

cDrra.:pcncIsnt could attend to that and I can arransa for

transpori.ntion treugh the aato deneent. 1,:a to the ;T;liglich aad
Fronoh titles, / na inclined to gs right aaad getting the, undo
of course, if insurance and costs of trensportation ere prohibitive,

we con have then stored for a ttcle in 1,0:0::Tii until conditions
All of this, of courue, is with a vier; to nocatoary var-tino eosnoray;

On the other hand, if you find it ponciblo to estimate the
coot of the rlhols osllectinn with reassnubla accuracy, and it is irlt
orohibitive, I might rind it -Joasiblo to do tiva whplo thing t once.
'At, in u evc-flt, / an anxious tit tho collection should ho tho
best in the country.
i'on't hesitate to Go ahead purc.riaoin,,z along the line of your
diiuball3 as vidly as reiyiburfJoLeot io dosird.

sue, c.otion,

The addition to our currency collection viii be found of
unusuol intem< I a,a sure, and 1: am keor to got it over hsra and hove

a look at it.

P0::tora and ot'r,ermaterial are arriving at the office nalv

in large cu,;ntitie.

Vdth varmest regards, Y

Faithfully yours,
Profeosor :1, O. Richardson,

Propect,

Lyo, Conn.






41-4eee0.1

ZLI-mr-C-44

6




IT).411

December 17, 19111,

Q.u:a.

Till you be good onou&I to give me ctomo

reoardin:s ne dogrce of fonality of tho mootin,3 on tTarrusry 15n? TIe recuost is rp00 in cr-d0r

littlo auidnce in the matter of

that I rIT hz.vf
drosD.

I vuu3d E,.-prcleir-te it if you would seal'
I.Lo conics of a fc-N of tile c.dresslos that hrva

dolivd c

i1ir. Cot]. cro

hrv,) CoMe

1.0.0ct

thic COLI2GO, that
cir

the ohorzl-zto:2 of

I aa to
you ia a1vin)3 for t:!:as

.0c-1 y ye-Jrz

0

.

CA),N-I)

-

337

-

Jalunry ilth, 1915.
Hy dear rir. Sayre:

You will doubtlatm aepreciate how difficult it

been for me

to give sufficient time to the urcTaration of the nanuscript for an :address
to the studento on the 15th.

Raeryninuto here seono to be occupied, and

that includee rot nveninivi.

The enclosed Knnuscrint, I fear, =All not covoly eetlywith the
susrations con.tainP6

t';12:.1 melLorandvva

3oeivod fro; l you t141:.;

hoa2vor decide to vait reading a1)07...tiou 0,7 It and adi :sonethinL; more
personal -vhd exto7ifloranaoas la tho end.
The orianiza4.1ci. of Lhr..., L'00,ora1 L.?,200 3aaf:s

brought about much ab1icit 'h:.1t I pn....maally do Lot enjm.

Of coul-ce, I

rP.alJzo Vac liter', trr the

very stro1y,

eTc?:caDaoe

=

n--.:1K;a1c to

and with so:ne diffidarnee I truLr;e:at that v3 little

possib10 coa-

slate:ill; with th obj.2ot tG be sea,,le,:,

inaece..

Ilafo:tuuately, to tievcIo the Lazbjet of Lly paper, it will be ueccasary to iwe two, clIzz-tn, two or three f-,et t;rvarce, y'nich IU. sond in advanoo.
7 0:00/6 to leave 3.i.o7] York via the Fev York Oclitra1 at 12;50

arrivIee at YA1lis4e-s,in. at Lobe) 1'. Li,

yorro,
Vroaols B.
W1111c;v3

BEVr/VOg






rfz",1 "Ti,

Nemo ran duolof
BOK L'oX'ANXil COURn

The air of the Bok Lecture Course is to place before the

students of Williaos College the idoals as well as the practical
probleos of the several professions and business vocations.

Too

often the college o,on, instead of making a studied choice of his

life work, drifts along the eaoieot way into the profession which

offers the least reoiet,nc.., ,oithout conscious purpose or ideals.
Eoreovor, the average college clan has not a sufficiently cozIprehonoiva knowledge on which to ground the choice of hie life 77ork3

The lectures have, therefore, as their object the bringing hone to
the students a more intimate conception of tho work to be done in the
variouo occupations and professions into which they may enter after.

leaving college, together with the standards to be followed in these
end the ideals to be sought,

Vo wish to give to tho student a high

conception of the standards of each profession, and a belief Li whoot

its guiding principles should bo. To quote fro the words of Jor. Bo%,
the founder of the course:

Ino great note

-

- should be efficiency

based on the highset business ethics and moral titondards. That, to my

mlad, is what the average college man needs to be told, --no

by

preachers on Sunday but by the foremost profesoionol and business men

on a secu)or day in a secular loct,_Ire.v

Vilth this aim in view, lectures are given on the egver:1 p.00occupptions,

For tneV:=1.,

locol&suript be prer.orod by the lecturor-

is requested that

yo in advance and that

adoonce copies be forded to Lr. Sayre at lAllianstown so tit the
leC,ure any be given out to the pro-es

It ie not ozdected, hDw::vers

t3,e lectuoor shall Leccosorily rood his m_nuzorip, as the bost
results are vor.o fro1uont1;, obto:Inod and tho 0-Ircctooes of
00000din-17 i-,cu'esod by a ore or loos sf,ontnoo,zs folk,

eppoal

These foral lectures are supplemented by infer:a:A "Round
Table Talks" (in ordinary business clothes), at rhich the epsaher,in

0

the centre of a mail group of students gathered around
-




,

discusses

various aspects of the profession ,3hich has boon described in tho
formal lecture, and answers a running firs of questions put to him
by the students. Although these found Table Tans aro attended by a
much smaller group of students, i.e. only such as are considering entering the profession describsd, yet their practical islportauce in the

sories is r cry great and we aii to secure for the:o men of just as

great ability

AC1

for the formal lectures.




)

/9,411

JUN
.7ERAL,
OP

.)

7

201922

Ri'nRVE

NEW Y
ORK

BAN't

Juno 19,

1922.

Dear Professor filliame:

Carl Snyder /elks into my office every morning with a nee chart or e

bucket of quantity theory, so that my regular diet yould be a bit indigeetible
(he is here as I am dictating) were it not for his charming personality. I have
that
ended the sentence in this form because he interjected/the statement with ehich

I opened this letter was libelous.
In fact, the entire responsibility for this letter is his
suggests that I renew in 'writing

because he

a comment which I made when you were in my

office, in regard to yet:1r paper on the balance of payments.

The statietics in support of any theory on this puzzling matter are

not only difficult to obtain but are liable to

be

misleading because of their

incompleteness, and I fear also because of the misleading character of those

having to do with the visible balance of trade.

It, therefore, seeme to me

that me discussion of this subject can be considered complete unless it is
dealt 4th from en argumentative as aell se a sL-extisticel basis, and now I will
repeat the statement which I made to you, and which I hope may suggest a

thought for use in this article.
During at least the
in

latter half of the past three years 4e have been

a period cemmonly described as liquidation.

In those times merchants !who

sell goods not only desire to collect their accounts promptly,
banking conditions,

should do so.




but as a

rule

the high cost ef credit, etc., makes it imperative that they

Not American goods sold for export are rately sold for terms

2

longer than 90 days.

Professor Silliams

June 19, 19?2.

Jheat and food stuffs generally, including packers' products,

copper, steel products, and many of the large items of export are sold practically
for cash.

Cotton is eold largely on 60 and 90 day bills.

But during a period

ehen exehange is fluctuating widely, any arrangement for deferred payment which is

not covered by foreard eAehange contracts, involves a speculative risk which has
a etrong tendency to reduce the terms of open accounts to a minimum - in fact,

during at least the last two years there has been every iaceative, both to the
buyer and to the seller, to conduct trade with this country upon ae aearly a cash

basis as possible, lith the exception of these credits negotiated for long enough
periods te justify the expectation that exchange -you'd recover.

Such oredits are

in fact funded loans negotiated for the purpose of actually -putting trade upon a

cash basis, and again increases the tendency to reduce the siee of the current
account.

My argument is that under these conditions, calling for prempt collection
of accounts and for the avoidance

exchange risks, it mould be abecletely im-

poesible for most of the foreign exchanges to advance in varying amounts renging

all the may from 10 to 50 per cent, or more.

The pressure for dollars with which

to pay the vast mass of overdue accounts veuld be so etrong that ee aeuld have

mitnessed an appreciation, of the value of the dollar measured in foreign currencies

rather than an appreciation of foreign currencies measured in dollars. Thet in a
word is the nub of my argument in support of my. on belief that the amount of
this co-called open current account has been greatly exaggerated by some who have

studied the subject and by some mbo believe they have studied the subject.
Fleaee eo net quote me in this matter, and receive these modest comments

for *hat thsy are worth.
Professor john H. 4illiams,
Iidener Library,
Cambridge, Macs.
HAM




Yours sincerely,

2

longer than 90 days.

Professor Silliame

June 19, 19?2.

Sheet and food stuffs generally, including packers' products,

copper, steel products, and many of the large items of export are sold practically
for cash.

Cotton is sold largely on 50 and 90 day bills.

But during a period

when exchange is fluctuating widely, any arrangement for deferred payment which is

not covered by foreard -exchange contracts, involves a speculative risk which has

a strong tendency to reduce the terms of open accounts to a minimum - in fact,

during at least the last tvo years there has been every incentive, both

tx.)

the

buyer and to the seller, to conduct trade with this country upon zee aearly a cash

basis as possible, eith the exception of these credits negotiated for long enough
periods to justify the expectation that exchange eeuld recover.

Such credits are

in fact funded loan s negotiated for the purpose of actually putting trade upon a

cash basis, and again increases the tendency to reduce the size of the current
account.

ly argument in that under these conditicne, calling for prompt collection
of accounts and for the avoidanee o-7 exchange risks, it would be abeolutely impossible for most of the foreign exchanges to advance in varying amounts renging

all the may from 10 to 50 per cent. or more.

The pressure for dollars with which

to pay the vast mess of overdue accounts would be so strong that ee aeuld have

'witnessed an appreciation of the value of the dollar measured in foreign currencies

rather than an appreciation of fcreign currencies meesured in dollars. Thtt in
word is the nub of my argument in support of

my

own belief that the amount of

thie so-called open current account has been greatly exaggerated by some who have

studied the subject and by some who believe they have studied the subject.
Fleaee do not quete me in this matter, and receive these modest comments

for what they are verth.
Professor john H. Williams,
Widener Library,
Cambridge, Macs.
B.S.1157



Yours sincerely,

F. W. 'reuse°

HARVARD UNIVERSITY

T. N. CARVER

27F14-nt

". Ripurr

DEPARTMENT OF ECONOMICS

BuLLocit
A..... YOUNG
W. M. PERSONS

474 Widener Library
CAMBRIDGE, MASSACHUSETTS

E. E. DAY
H. H. BURBANK
A. S. DEWING

June 28, 1922.

J. H.
A. E. MONROE

A. H. Co.
R. S. TUCKER
R. S. MERIAM

Dear Governor Strong,

It was certainly very good of you to spend as much time on
me and my precious paper on the balance of payments as you did
I cannot say adequately
In your delightful letter of June 19.
how much I am indebted to you, both for your permission to make
use of the statistical material and for your very effective
statement of the argument which you had previously outlined to
It seems to ne wholly convincing and indeed unanswerable.
me.
How in the face of the conditions we have had, with everyone
pressing everyone else for payment, the exchange could have
moved up from an average of 3.64 in July, 1921, to 4.44 in May,
1922, if the world had owed this country several billion dollars
on current account, is more than I can see. I think that the
explanation, on that hypothesis, would tax the ingenuity of even
my good friend Anderson.
I shall certainly try to make effective use of your argument
in this article, and thank you for permission to doso.
I understand, of course, that I am not to quote you in the matter.
Very sincerely yours,

Governor Benjamin Strong, Jr.
Federal Reserve Bank of New York
New York City




bos

ft

4 OD

,

(




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