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O 14 atter- f ) (;fri L.4441.614--,6,Let., 944 / ember 27, 1914. M. Eldon pisbee, 40 Tall St., New Yo* City. Sir:-' have your letter of to(lay, In the matter of ?,24149.4qtraJund, tet!ier with the encloouree az ztated, for which IRt.1 very mucL oblized. 1 will hand Mr. Varbur'd copy to him tomorrow morninE. Very truly yours, !,lecretary. JVC-RAH-27 (YY--/ November 30, 1914. Ur. Eldon Bisbee*, 40 W*11 Street, Pew York, /1.Y. dear Mr. Bisbee: have your letter of Novelift 30, with its enclosures in reference to the Cotton Loan Fund, for which please,accept my thanks; us well as for your personal note. Yours very truly. Secretary. 0 RUSHMORE, BISBEE & STERN ATTORNEYSAND COUNSELORS 40 WALL STREET, NEW YORK CHAS. E. RUSHMOR E ELDON BIS BEE HENRY R.STERN GEORGE N. HAM LIN EMIL J VILLANYI FRANK CA LLAHAN CABLE ADDRESS "A LLE RVIC K" N EW YORK December 2, 1914. EB/AR Re Cotton Loan Fund. Dear Mr. Strong: I have been requested to send you copies of papers affecting this matter as they are completed. Accord- ingly, I enclose herewith what I trust will be the final revise of the statement of the plan, copy of consent of the Central Committee to act and form of subscription agreement, which am now sending to each member of 'the Cotton Loan Committee. Very truly yours, BENIAMIN STRONG,JR., ESQ., 16, Wall Street, New York City. I. Doomibor 3rd, 1914 Donx Sir: zb 41 lodcp r-.oeirt o:f wor oS1.1.oe,ra>or '44, alo.losing cirou- 7ou:r lrAr ontitled. "Ca. plated P1:21 for Cotton Levi ThuI or vlbich plxvn cl000pt tl-oxika. Tory trakr ryura, Covaraor. Eldon Bisbee, Esq., 40 Wall Street, New York City. If 1Y) )/r October 5, 1922. My dear Mr. Chadbourne: I have invited a few of the directors and officers of the Federal Reserve Bank of Few York to attend the Budget dinner to General Charles G. Dares, at the WaldorfAstoria Hotel, on Friday evening at suven o'clock, October 15, 1922. The enclosed check for t50.00 is to cover twelve 'laces. As absence in Washington next week will prevent y attending the dinner, I have asked my colleague Mr. Case to act as host in my stead. Yours very truly, Mr. Wr. M. Chadbourne, 340 Madison Ave., gew York City. en C. 033.11M CHADBOURNE, HUNT, JAECKEL & BROWN 165 BROADWAY WILLIAM M.CHADBOURNE RICHARD CARLEY HUNT 3ERT F.JAECKEL WARD H.BROWN CHARLESU.R.DAVIS CABLE ADDRESS"BOURNECHAD" NEW YORKJ clune 28, 1927. < LL1 0 _Cr kij 1,t Dear Mr. Strong: Your letter und.er date of June 27th addressed to Mr. Chadbourne has been received. Mr. Chadbourne is abroad. and. will return about the middle of September at whieh time it will be brought to his attention. Very truly yours, Secretary Benjamin Strong, Esq., 33 Liberty Street, New York City. (4J(96ti a/CA . (C 14LA letW'CRS J3ND3At... -11,01S.1H V.111.20a0A03 Lx,c,za Ili , c ...,:. t c- --' v.:(7-..,:: to 4 C.) CD - nili: LL. WI c.D LL !.... c-c.-,-; 0-) LI _: LI. 1 , .G. C.,'LL M CZ) -,--::5 N Li_i C) Lu ,_,_ -) :: > ciD tli of, 0 [Li (. ....-_.-. 6 irl::: CC t-t-' rn a tab .te.f)ctu -.. boy !soars )17.crociba eLi4 %adage e, Load . *Erik. .t.trois assId-si t&imIcr el 1.1.:w it art14. --rsV CHADBOURNE, HUNT, JAECKEL & BROWN 165 BROADWAY WILLIAM M. CHADBOURNE RICHARD CARLEY HUNT ALBERT F. JAECKEL ,WARD H. BROWN :ARLES J.R_DAVIS CABLE ADDRESS BOU RN EC HAD" NEWYORK September 21, 1927. 4 Dear Mr. Strong: Your note of June 27th which ared during my absence abroad has just been brought to my attention. Your note asked me to join in 4gning a re solution to be sent to the family of Mr.Aohn T. Pratt I should esteem it a privilege to;ign the resoluti on and thus add my tribute to the memory of one of the most generous, unselfish, self-effac ng and intelligently patriotic men who ever lived. Believe me Very truly yours, 4 4 ;)) Benjamin Strong, Esq., 33 Liberty Street, New York City. .9206/44.,. CHADBOURNE, HUNT, JAECKEL & BROWN 165 BROADWAY WILLIAM M. CHADBOURNE RICHARD CARLEY HUNT ALBERT F. JAECKEL OWARD H. BROWN -IAR LES J. R.DAV IS CABLE ADDRESS-BOURNECHAD" NEWYORK November 14, 1927. Dear Mr. Strong: Thanks for the copy of Mrs. Pratt's letter which reached me with your note of November 10th. Believe me Sincerely yours, (1U 61cotL Benjamin Strong, Esq., 33 Liberty Street, New York City. ozl (-4 hiht Cift- 1111#.11 ifr4- / f)--t A ftlqq,61-_-,0 ) _ 4 , December 16, 1921. My dear'Ir. (ottc.)n: ite--iying to your letter of December 13, Mr. Strong will:. be unable to attend the luncheon meeting of the board of directors for 4-ednesday, December 21, at the Down Town Association, owing to illness. Yours very truly, Secretary to. Mr. Strong. Joseph P. Cotton, Esq., c/o national Budget Committee, 7 7,cst ath St., netv York, N. GB.MM Y. , (Lt, 6 2 4- cl) >4tz- / 50 0 This is copy of letter to Mr. Davis, which was sent to r Glass. 6.41i)posi copy January 19, 1923. My dear Mr. Davis: Enclosed is some further correspondence from r. Randolph. Since he first wrote me I have been turning over in my mind the various approaches to this subject from the standpoint of the one who has the responsibility of making an argument before the Supreme Court. I am not at all sure to what extent the procedure in that Court imposes limitations upon the range over which the arguments may extend. If', however, the Court can entertain an s.rgumeriet of' so eeneral a character as to include a review of' the relationships between credit control, the function of issuing notes, of holding the reserves of a:alike, and of managing the system of domestic payments and settleeents, I think a very strong case could be built up as to the ',inescapable necessity for the establishment of' - some system of control of the domestic exchanges: uncier our ereset banking system such as has developed after long years of experience in &igland, France an d Germany, sn\d. such as is bound to develop in any country where this type of banking is practice. The points of approach to this are principally three: First. The effect upon the fiscal opergtione of the United States Government. Second. The need for elimination of the varioup barriers which existed under the old system, which had the effect of preventing funds held in one part of the country being promotly and economically available in other rafts of the country either in the form of bank credit or of currency. Third. The enormous cost to the commerce of the country of a leas scientific eystem than the present one. was stressed in lay lettee to Mr. Randolph. It was really only the latter point which January 19, 1923. Mr. John W. Davis. 2. It hes also occurred to me that en argument along those broad lines, which frankly would require considerable preparation and a mod deal of knowledge of the rather intriaaie technicalities of domestic exchange, might find the other side wholly uni-reeared to make an answer that would be effective before the Court. Please de not think that recall to your memory something I am intruding in this thet I metter. I am lad to believe Macaulay once wrote, which I can not quote verbatim, but the substance of which is about as follows: "Parliaments a.ccept a greater responsibility for the remote and unexof the laws which they pass than they do for the immedinte cted objects sought to be accomplished by those laws." This collection situation is a typical example of what is suggested by These purely local and accidental disputes or mistakes or blunders Macaulay. might conceivably lead to the establishment of a line of decisions in our Courts, the immediate eoneequences of which would pe.eeerito simply punish or restrain offenders who have been carried away by mistaken zeal. consequences of these (lecisions, however, The ultimete or remote might conceivably he to bring about a return to a thoroughly unsound, dangerous and exeensive system which would eel'en the foundations upon which the operations of the Reserve System and the Treasury to a considermb'e extent depend for their success. I beg to remain, Yours vary truly, Mr. John Y. Davis, c/o Messrs. Stetson, Jennings 15 Broad St., New York City. BE.31iti Enc. Russell, July 10, 1924. Jetr Mr. Davis: most sincerely tad heartil7 congratulate you upon your nomination. You will, I am sure, understand that it relieves my mind of N very greet anxiety not only as to the interests of the country as a whole but selfishly in some respects as to the special sork in *slob I am interested. You will not mind my eendine, you q few very personal words in regard to tatters in which we are both interested; so much 3o in feet in my own case that my decision as to how I shell vote in the next election will largely, turn upon an appraisal of the prospects in thosp mAtere. nave long believe that s mistaken understanding of our interest in Furopean &Mire 'hits led ue into a eituation where we have no foreign policies on subject5of reat importense to the country and that we may indeed pay dearly for not nal,ino dealt with these matters ffirmstively rsther then negatively. I refer especially to come of the preseini. economic queetione where the weight of this country's influence and wealth can Ls applied to ,romoting reconstruction which will benefit the world as a whole, will greatly benefit our own people, and will be the particular if not the only means of relief to the agricultural population of America, who are entitles to every effort which our government can exert in legitimate and proper ways to alleviate their present distress. No. 2 July 10, 1924. Sometime I hope I may have the pleasure of eeeing you and dis- cussing especially this eubject. In the meantime, allow me to expreEs the relief and satisfaction that it has given me to find that a fliend snd associate, for whom I have such great admiration and respect, has been so honored by a great psrty and in s way which exhibite the confidence which the country in ready to ,-ive him. With cordial regards, believe me, Sincerely yours, Yr. John t. Davie, 15 Broad St., New York City. BS.UM JOHN W. DAVIS August 2,1924. Dear Mr. Strong: I am taking the first op- partunity after my return to thank you for your cordial message of congratulation. I know that you are sure of my readiness to receive aftice from you at any time that you care to give it and for this reason I am grateful for your letter. With the hope that I may see you in the near future, I am, Yours sincerely, Benjamin Strong; 15 Nassau Street, New York, N.Y. - 406, Is4 identical letter to 9 ClaTement 4v. Prof. Samuel McCune Lindsay Mr. lm. M. Chadbourne Mr. Manny Strauss 165 Broadway N.Y.C. N.Y.C. 43 East 58th Strect " Columbia University " Dr. Nicolas Murray -Butler. June 27, 19E7. Ny deer Mr. Ni"iffi: Nationel Pudget Committee The original *embers of the 'fork lest week to discuss whether hfld er impromptu meeting in Sew John T. Pratt's family it might not be eppropriete to send talir. their eppretietion of the splendid service porno Fort of evidence of It Wationel Budget Committee. be perfoyned es chairmen of the resolution of ehich the enclosed reselted in the preperetion of E to tisk if you mould be willing to ir e copy. I em now eriting others who are interested eigr euch a reeolution, together vitt) the desire to do N3 the resolution will be in this sork, and if you do engroeeed. sent you for that purpose when it hee been I be to rewein, Very truly yours, Mr. John T. Nricy 44 Nall Street, New York City. eve AeleueYeeeee-61 1460_40. A/ti-tri-c 6 (fel The men, who under the leadership of John T. Pratt, formed and 0 constituted the National Budget Committee, desire to record their deep sorrow at his untimely death. In 1919, when the Committee was organized, the number of those who were able to envisage the impelling necessity for the adoption of a budget system by our country was pitifully small; but there was one citizen who coupled a full vision of the great object to be achieved with the courage and unselfishness to give his entire self to the accomplishment of an end which then appeared far beyond the reach of actual attainment. During the years of the operation of the Committee, Mr. Pratt gave his thought and his energies without reserve. There were times when he carried on the Committee's work almost singlehandedly, and when it was only his moral and material support that enabled the Committee to keep its flag flying. It is due in no small degree to the untiring efforts and never failing idealism of Mr. Pratt that the United States today enjoy the immeasurable benefits of an orderly system of budgeting, and for this the country owes him a deep debt of gratitude. It must be a consoling thought to those near and dear to him that their grief is shared by his friends and admirers all over the United States. Mr. Pratt's old associates of the National Budget Committee desire to express to his family their heartfelt sympathy; they will,always cherish the memory of their loyal friend and inspiring leader. P') 7 AMERICAN COMMISSION TO NEGOTIATE PEACE MEMORANDUM To Strong froIntir. Dulles. August 26,1919. TRaT81.4.TIO1 Btrfe.A5' woomiamelomer ma* 1115AILLUZ, August 6, 1919 TIE EtBSIDZIN OF TIE GEFNAN DIMGA.TICE1 FROLI: Broil von.2. 1iSIER TO: LionsictorlaRleUR have the honor to send you as an annex six provisional lists of provisions, forage, fertiliser, and rem aiterials vtlich will be necessary to Germany in the near future. The German Government will, communicate later What actual purchases in the open mareat are tedng eonsidered, on credit; parch:Islas for which we will get into relation with the Allied and Associated Governnerte by Virtue of l'aticle 235 of the peace conditions. I should be at el if you would let me lasow *ether among the goods figuring on the lists Germany might be Au-Lashed with any xaing from the countrie.,0 of thei'zatente, and wieLt would probably be the quantities and quality, and what the price. Signed: Von LFE.211121. ,-.S Pb 1949 Provisions neoessary to Gereany during the next few. zontbe (to be furnished ore fourth 084W =VW. Meat. .... 980 0o50e8 Fats 9 0 120,000 torts . 40o 04 800 Oereale (including riae and-dry vegetables) . Milk. . OOOOOOOO Potatoes. ..... . * 6),000 . 600,000 6,000,000 ewes worth (gold) 0 O cr, quantities not yet determined 0. Forage and fertilizers necessary to Gene/Any for the next jamaiket. (to be furniehed one twelfth eaoh mouth). Forage and 900,000 tons fertilizer0owcakee Bran.. . . * 600,000 * 00 a a Indian oorn . . 1,200,000 . Barley tif the entire quantity of barley eannot be famished, it oar be made up by °orresponding gmentitiee of °ern). .. Meat and fish flour O . 850,000 * 600,000 a . . 600,U00 Various forage Thefts phosphate. .9 I a ft .. ft 1,000,000 Orude Phosphate (the Thomas phOephate may be re placed by crude phosphate in the preportion of 2 to 1, ortvice-versai 1,500,000 LIST Raw material necessary to Germeey fee the next Iaeemerthe. Textile a: Cotten Base fully rid. d1 Wm., or aa much as 1/3 inferior to fally lua middling. and 1/3 superior to fully good middling, 26 to 26/30. East India ootton a *... ***** . In ease inferior cotters only aculd be delivered, Nato cotton. . . . 42,000. to , 20,000 bales 20,000 ,r/ details and eamples zould be desirable, in order to examine the poesibility of using them, In no ease is "linters" desirable. A. g De 1949 Qualities of ootton thread. 2,000 tons Base 20/20 and 36/42, going down to 16 4. thread.. 1,000: " Prop 60 and abave Linen. ..... . 6,000 . All qualities owing from Belgium, Ruosia and. Iruland. for podium chains, principally gool zatters from Blanitz. If this linen is not available, it Pay be replaoed. by oorres- ponding quantities of Neapolitan. Linen thread. . . Only chain of nuntext 30/60 5,000 n Hard fibers . . =nails. or Sisal do s r 1,500 n S 0000000 Soft Hemp. ft 500 Orude hepp fromBoloeme, Lapleu, the Indies or Russia1 a quarter of which maw be Strapaturs. . 5,000 * °atm: Ontzde oakum of the best kinds 00003 Fibre. o .... 600 * Silk,' . Of all sorts end origins 300 os * * Bourette Shope a 8chappegespinet * All origins can not be utilized WI). Wool. . . . e . . .. 350 " 350 e 15,000 0 0 Washed Bpunwool and carded wool 2,000 # All origins utilizable Material for fancy weaving 20% cotton St07 wool, of which: 7,000 40;i; for stockings 4C6 for thibet 20% for undurolothes LIST IV. Raw material ma= neoessary to Germanys Leather: Skins of large animas. 2/3 heavy sans, 25 kilos or more (fresh hides) 1/3 under 25 kilos rak. 2/3 E Idlos and over 1/3 under F kilos Fresserfelle 7,900 tons 637,000 piece,. (fresh hides) . . p 200 toms - 104 1%9 . . name Calm, * * 220 0113. Rai acme pieooc * bolo! 220 era. ISO* is** oe Stoop erd lart altiaL% Lia..4 8 *** 0 0.8 10 * goat Saw 4 5 . * U. 4. .500,000 0 fi 616,000 4 a/3 Vamb skim 4 'aloe ard, over 1/5 Jric.1 . taanaLpg tate/isle. .,. T. Z .11011..11110.wel...... now mterizt neoessarg to Gormarg wIthin t xt11.104.Th'atia 1,034 (1A msti be ix ore) 401,000 tom; ib,000 Tin plate . 6,000 " Tip 900 0 :7-1:111e1 Omer (ale:n=1:mA )opper (ore) Z44.000 II 24,04X) * 18,000 * 21113 (OM) .ix,tinzr7 1,800. 0 .1teroLtry ki00 " 7,a00 * 9,000 0 AIWA= Dislaxtb. 81.10or 18 " 150 kW* Platinum .00 40.1111..... zaterl4 rieoeesary Misoellanook.st, ;Vude ribber Lomas arad.e give Tin-pal/131e /WW2 Owl Gam le.orpor Libostos 100,01(0 to 2b,000 Pare taming mtorl.sie, Mete.le: . 2,1;00 two 4,200 w.rletleits 4400 0,000 to 16.000 " 760 0 SOO " 150O * AMERICAN COMMISSION TO NEGOTIATE PEACE MEMORANDUM r -:017RNOR STRONG: Mr. Dulles was sorry he was not here when you called, end hopes he may have the pleasure of seeing you on your return to Paris. AMEPICAN COMMISSION TO NEGOTIATE PEACE August 22, 1919. Benjamin Strong, Jr., Esq., Hotel, Ritz, Paris. My dear Mr. Strong: I attach hereto a copy of cable from Gunther at the Hague. Gunther's plan? nhat do you think of Personally, I feel that such a meeting should be held in the United States, if the United States is to participate. Ativ , -treolvt4 e3.! , SULLIVAN & CROMWELL CABLE ADDR ESS:"LADYCOURT: WM.NELSON CROMWELL. ROYALL VICTOR. HENRY H.PIERCE. GEORGE H.SU LLIVAN. EDWARD H.GREEN. JOHN FOSTER DULLES. WILBUR L.CU M MI NGS. EUSTACE SELIGMAN. WILLIAM F. CORLISS. ALBERT S.R D LEY. EMERY H.SYKES. RALPH ROYALL. PHILIP L. MILLER. 40 HORACE G. R EED. REUBEN B.CR !SPELL. ALFRED J AR ETZK I,J LAURENCE A.CROSBY. MAX SHOOP. Benjamin Strong, Esq., 33 Liberty Street, New York, ,4497-1( October 17, 102F:. ' N. Y. 'near Mr. Strong: As I mentioned to you over the telephone, I hope that Dr. Schacht and you swillbe able to give me the pleasure of dining or lunching with me during Dr. Schacht's visit here, provided we can find a mutually agreeable date. I would appreciate an opportunity of courtesies which Dr. Schacht has reciprocating the shown me in Berlin. Also, if time permits, this would enable me to ask to meet Dr. Schacht a few persons who, from my association with German financing, I know would be interested in meeting him. I am, GOVERNOR'S OFFICE RECEIVED oc-r EDF 1925 II IT ri,:t!trA, November 9, 1925. My deer 4r. .Dullez ht7e bed memorandum before 1/15 ever since Dr. Schacht arrived of your desire to entertain nim pt luncheon or dinner, and he Whb anxious to Accept such an invitetion if it were possible for him to find the time. De hGe been obliged to make two trii)s to Ushineton snd one, to Chico which heve occupied so many evenings otherwise 6vailwble, that he fsars there will be no chAtnce before he leaves. the subject. He may write you himeelf on With kindest regsrds, believe me, Sincerely yours, J. Foster Dullea, Meei,ra. Sullivan & Cromwell, 49 tall Street, New fork. HS.I.S ParisiuLEWARY W,fia--t JUN 1 9 1919 FREDERIC R.COUDERT. LORENZO SEMPLE. JOHN P Mu PRAY. FEDERAL RESERVE BANK 414,. PAUL FULLER, R. CHARLES B. SAMUELS. HOWARD THAYER KINGSBURY. JAMES BARCLAY. JAMES E.HOPKINS. CHARLES A.CONLON. JUN / June 17th, 1919, 410 Hon, Benjamin Strong, Federal Reserve Bank, #15 Nassau st,, City, Deal' Mr Strong, Your letter of the 10th arrived and I now learn from your secretary that yoWhave found a satisfactory person to accompany you to France, If it should turn out otherwise, please during my absence , let:me know, and I will do what I can to be of assistance. Yours very truly, PF,Jr:M1 LIBRARY JUN 19 1919 June 18, 1929. FEDERAL ESERVE Dear Mr. Puller: Thank you very much for your kind note of the seventeenth. I have been fortunate enough to secure just the mull needed to go abroad with me, but appreciate, nevertheless, your assistance. Very truly yours, generous offer of Esq., Coudert Brothers, 2 Rector :Street, New York, 1:1V/L3B BANK . L.,41.,e1V r, ,g7 40) COL. HENRY L. STIMSON, Treasurer, N' .01 Budget Committee, 3Lttadison Avenue, New ra, N. Y. Dear Sir: (---) Please send me tickets at $3.50 per ticket for the National Budget Committee dinner at the Hotel Astor on April 28th, 1922. I enclose herewith my check for $ Name Address The names of my guests appear on the back of this card. (7, RRONSON WINTHROP HENRY L. STIMSON ALBERT W. PUTNAM GEORGE ROBERTS FRANCIS L. ROBB! NS, JR. ALLEN T. KLOTS G. HERBERT SEMLER WASHINGTON OFFICE NO. 800 SOUTHERN BUILDING I5D AND H STREETS, N. W. WASHINGTON, D. C. LAW OFFICES OF WINTHROP, STIMSON, PUTNAM a ROBERTS MUTUAL LIFE BUILDINGS, NO.32 LIBERTY STREET FREDERICK W. STELLE PERCY W. CRANE JAMES N. DUNLOP F BAYARD RIVES HENRY L.STEITZ FRED H. LUND, JR. ARTHUR E. PETTIT WALTER P. PFEIFFER S. LEROY FRENCH HAMILTON HADLEY ELBRIDGE STRATTON JAMES W. HUSTEO, JR. , NEW YORK CITY CABLE ADDRESS -WI NSTIM- NEW YORK CITY June 29, 1927. Benjamin Strong, Esc., 33 Liberty Street, New York, N. Y. My dear Mr Str ong I shall of course be very glad to sign the resolution which is, to be sent to Mr. pratti s family. Very sin erely yours, HLS/N 3-1" New YORK, Jul? 26,1927 NATIONAL BUDg,3T COMMITTEE Flines&Rotansim ngrossers a tii/ Blues ant) llottinsort Rittminatar,s. IlcuiYork- 20613raa.bnuty 206 BROADWAY TELEPHONE / 7406 CORTLANDT 7407I TERMS. NET ORDER NUMBER 41955 To memorial to John T.Pratt DETACH AND RETURN WITH YOUR CHECKCANCELLED CHECK IS RECEIPT 41955 National Budget Committee t- RESOLUTIONS ENGROSSED MARRIAGE CERTIFICATES BOOK PLATES, COAT-OF-ARMS $150.00 AMES DIPLOMAS, CATALOGUE AND BOOK COVERS. ETC., ETC. July 26,1927 't 8c ROLLINSON 206 BROADWAY, NEW YORK STATEMENT OF PURPOSE OF THE COMMITTEE ON AMERICAN JAPANESE RELATIONS peace of the Pacific and for limiting naval building programs, the relief contacts and intimacy GROWING have brought to light of relations questions of exceeding difficulty resulting in ominous states of mind and feeling. They are questions concerning the significance of race difference, immigration, assimilation and naturalization, treaty rights, population and territory, relations with China, economic competition and national policies. On all these matters there is much misunderstanding in both countries and no little positive misinformation. Unethical practices also on both sides of the Pacific aggravate the situation. These funds sent by America for sufferers in questions manifestly require careful, United States and Japan have for two generations maintained unique relations of mutual consideration and good-will. The earliest treaty pledged "perfect, permanent and universal peace, and a sincere and cordial amity between the United States and THE Japan and between their peoples respectively without exception of persons and places." The return by the United States to Japan of the Shimonoseki Indemnity (1883), the generous gift by Japan to San Francisco for the relief of suffering at the time of the great earthquake and fire (1906), the mutual agreements by the United States, Japan and other powers for maintaining the Japan by earthquake and fire, and other acts on both sides have throughout the decades manifested the spirit and fulfilled the mutual pledge of that first treaty. broadminded and impartial consideration. They cannot be stated, much less can they be solved by offhand, popular dogmatism. of irritation must not be CAUSES work out their inevitably left to Committee on American Jap- THIS Relations has been formed in anese should be promptly taken in both coun- order to attain these ends, in so far as their attainment depends on the people and Government of the United States. We rely on enlightened leadership in Japan to take corresponding action in that land. International good-will between America and Japan depends on what America and Japan both do. We tries to provide the people with the both must practice the inescapable prin- needed information, -and to secure the ciples of right international relations. Deeds are what count, not words. disastrous consequences. Courageous and loyal patriots in America and in Japan must face the facts. They must insist that all matters of difficulty can and should be settled by reason, conference and conciliation. Steps necessary changes in the national mind. "Sincere and cordial amity" must be maintained, misunderstandings removed, wise policies adopted and appropriate legislation enacted in both countries. For the attainment of the ends thus defined, this Committee adopts the following statement of objects, and urges its wide endorsement by American citizens and organizations. PROGRAM 2. That on t: part of the Cultivation of an informed and rational public opinion in the United States in regard to Japan, inspired by a friendly spirit and sympathetic un- United States privileges of citizenship be g quate federal legislation for the protection of aliens and for the enforcement of their the problems involved. of friendly relations, both for Gentlemen's Agreement, providing 1. That on the part of Japan the further issue of passports to those coming to the United States for per- as ARTHUR J. BROWN JOHN BATES CLARK STEPHEN P. DUGGAN MRS. J. MALCOLM FORBES recognition, JAMES H. FRANKLIN to zenship of children of Japanese parentage born in the (f) United States. To correspond with societies and persons in Japan who believe in settling international difficulties by conference and mutual consideration and in accordance with our existing arbitration treaty with Japan, and to co-operate with them in urging both countries to adopt policies, make treaties and enact laws WILLIAM I. HAVEN JAMES G. McDoNALD MRS. WILLIAM F. MCDOWELL NEHEMIAH BOYNTON National Committee on American Japanese Relations PAUL MONROE FRANK MASON NORTH GEORGE A. PLIMPTON LINDSAY RUSSELL FENNELL P. TURNER HONORARY MEMBERS abolish the evils of dual citi- these nations and the government and people of China and United States and Japan, to take the place of the present F. S. BRocKmAN of expatriation, so their own sake and for their effect on American-Japanese friendship, between each of c) To advocate the adoption of a new treaty between the Treasurer Secretary CHARLES H. LEV.MORE Secretary SIDNEY L. GuLicK, Executive Secretary HENRY A. ATKINSON either by treaty or by legislation in Japan, of the right (b) To advocate the cultivation Chairman V;ce-Chairman GEO. W. WICKERSHAM HAMILTON HOLT EDWIN G. MERRILL LINLEY V. GORDON Presidents Harrison, McKinley, Roosevelt and Taft. To urge the and scientific discussions of Asiatic mainland. MEMBERS treaty rights, as urged by the United States by frank the other countries of the ed to all who persodally qualify. To urge the enactment of ade- derstanding of her needs and problems. A square deal for Japanese in the United States. Specifically we propose: ( a) To oppose actively the jingo, anti-Japanese agitation in NATIOr e, COMMITTEE ON AMERICAN JAPANESE RELATIONS UMW (Partial List) JANE ADDAMS JAMES R. ANGELL GEORGE GORDON BATTLE PERCIVAL P. BAXTER JOHN GRIER HIBBEN OTTO H. KAHN HENRY CHURCHILL KING SAMUEL MATH. FRANKLIN Q. BROWN LUTHER BURBANK THOMAS BURKE M. L. BURTON SHAILER MATHEWS CARRIE CHAPMAN CATT JOHN R. Morr FRANCIS E. CLARK GEORGE W. COLEMAN SEYMOUR L. CROMWELL R. FULTON CUTTING HENRY W. DE FOREST ROBERT W. DE FOREST CLEVELAND H. DODGE 1924 E. Y. MuLLINs FRANCIS J. MCCONNELL WILLIAM F. MCDOWELL MRS. Wm. A. MONTGOMERY MRS. HENRY W. PEARony FRANCIS G. PEABODY MRS. P.CY V. PENNYBACKER CLARENCE POE JULIUS ROSENWALD GEORGE EASTMAN CHESTER H. ROWELL CHARLES M. SCHWAB IJIVINGSTON FARIUND ROBERT E. SPE. bearing on international rela- W. H. P. FAUNCE ELBERT H. G.Y manent residence be rigid- tions, based on justice and ly restricted; good-will. HowAno HEINZ W. C. SPROUL FRANK A. VANDERLIP WILLIAM ALLEN WHITE STEPHEN S. WISE All communications and cheeks should be sent to SIDNEY L. GULICK, Executive Secretary, 287 Fourth Ave., New York City FRANKLIN H. GIDDINGS 287 Fourth Avenue New York VIII twhat can be done? Support Secretary Hughes . in his opposition to the passage of -ineligible alien- clause in the ti Johnson Immigration Bill. 2. Urge that the United States move for A new -Gentlemen's Agreement-, or A new treaty, or A commission appointed by the United States Government to confer fully with a corresponding commission to be appointed by the Japanese Government. Questions about American Japanese Relations ASI Has the Immigration Bill introduced into Congress by Representative Albert Johnson (H.R.6540) an thing to do with California's recent legislation which prohibits an "alien ineligible to citizenship" from owning or leasing land, or from sharing in the profits of land cultivation? No, the Johnson Bill is a Federal immigration bill. No state has the constitutional right to deal with immigration. II What is the clause in the Johnson Immigration Bill affecting Japan? It is a clause which says that any For further information, NEW FACTORS IN AMERICAN JAPANESE RELATIONSA CONSTRUCTIVE PROPOSAL, may be obtained from the National Committee on American Japanese Relations, 287 Fourth Ave., New York. -alien ineligible to citizenship- may not enter the United States. There are certain exceptions, such as students going to an accredited college, teachers, professors and former residents in the United States. religious III VI Why is this discriminatory against Japanese? Because Japanese have been declared -ineligible to citizenship." g of Does Japan wish to send thousands of her citizens to the IV clared that it is not asking immigration privileges. It stands ready to restrict immigration still further. Why does Secretary Hughes and why do many Americans object to this clause? Because it abrogates by mere act of Congress, without conference and consultation with the Japanese Government, certain clauses of the Treaty of 1 91 1, and also the -Gentlemen's Agreement" through which, since 1908, Japan has stopped labor immigration of Japanese to this country. V Has Japan kept the "Gentlemen's Agreement"? Statistics prove that she has. But Japanese leaders have frequently stated that, if the terms of the present Gentlemen's Agreement are not satis- factory, Japan is willing to change them on consultation. United States to overflow this cour'-y and create another "race problem' No, the Government has de- VII What does Japan ask? She asks that there shall be no discriminatory legislation in America directed against those of her people lawfully here. She asks equality of treatment with other nations. She asks that those of her people who have already come and are law- fully here shall be given the same treatment, civil rights and opportunity that are given to immigrants from other lands. She asks for conference between her Government and that of the United States. WHITE CAS 137 COURSE LLORS -AT -LAW J.DU PRATT WHITE GEORGE B.CASE CHARLES J.FAY ROBERTS WALKER http://fraser.stlouisfed.org/ JOSEPH M.HARTFIELO Federal Reserve Bank of St. Louis 14 WALL TIZE RIO NEW YORK CITY RESOLUTION re THE TREATY BETWEEN THE UNITED STATES AND JAPAN and , THE "GENTLEMEN'S AGREEMENT" WHEREAS, The Proposal in the immigration bill (H.R. 6540) to deny to aliens "ineligible to citizenship" the privilege of contraadmittance to the United States Sec. 12 (b) venes the existing treaty with Japan and abrogates the "Gentlemen's Agreement", without conference with the Japanese Government; and RHEREAS, Acts of Congress overriding treaties and international agreements, while constitutional, in effect invade the function of the treaty-making power and are unnecessarily offensive to nations affected thereby, tending as they do to the creation of unfriendly feelings and to the disturbance of stable international conditions; therefore RESOLVED, That we respectfully urge the Senate and House of Representatives to eliminate said Proposal Sec. 12 (b) from said bill now under consideration (H.R. 6540) before passing it. RESOLVED, That the Chairman be requested to send copies of this resolution to each member of the Senate and House of Representatives with a suitable covering letter. NATIONAL COMMITTEE CkNowLEDGED ON LIAR 3 AMERICAN JAPANESE RELATIONS n Chairman Geo. W. Wickersham Vice-Chairman Hamilton Holt Treasurer Edwin G. Merrill MEMBERS Henry A. Atkinson Nehemiah Boynton F. S. Brockman Arthur J. Brown John Bates Clark Stephen P. Duggan Mrs. J. Malcolm Forbes William I. Haven James G. McDonald Paul Monroe Frank Mason North George A. Plimpton Lindsay Russell Fennell P. Turner Mrs. William F. McDowell Mr. Benjamin Strong, HONORARY MEMBERS Jane Addams James R. Angell George Gordon Battle Luther Burbank Thomas Burke Carrie Chapman Catt Francis E. Clark Seymour L. Cromwell R. Fulton Cutting Cleveland H. Dodge George Eastman W. H. P. Faunce Elbert H. Gary Franklin H. Giddings John Grier Hibben Otto H. Kahn Henry Churchill King Samuel Mather Shailer Mathews Francis J. McConnell William F. McDowell 1924 Secretaries Linley V. Gordon Charles H. Levermore Sidney L. Gulick Executive Secretary Phone Gramercy 3475 287 FOURTH AVE, NEW YORK. New York City. February 29, 1924. My dear Mr. Strong: May we have your cooperation in seeking to secure more satisfactory relations between America and Japan along the lines stated in the enclosed folder? Since we mailed to President Coolidge and Secretary Hughes, and to all members of Congress, copies of the enclosed resolution and covering letter, Secretary Hughes himself has expressed forcibly in a letter to the Honorable Albert Johnson his opposition to the proposal of the Johnson immigration bill to deny admission to the United States of "aliens ineligible for citizenship". The immediate need is for letters to members of the Senate and House of Representatives protesting against the proposed legislation. Anti-Japanese forces are now massing their support behind the Johnson bill. Those who support Mr. Hughes and desire that America shall keep faith with Japan should speak out strongly in support of Mrs. Wm. A. Montgomery the position taken by Secretary Hughes. John R. Mott E. Y. Mullins Alton B. Parker Francis G. Peabody Mrs. Henry W. Peabody In order to carry forward effectively our policy and our program until it is accomplished, we feel the need of the moral support of many men and women of influence in all sections of our Mrs. Percy V. PennybackeiCOUntry, and it is for this purpose that we are forming a Committee Clarence Poe of One Thousand. William C. Redfield Kermit Roosevelt Julius Rosenwald Chester H. Rowell Mortimer L. Schiff Charles M. Schwab Robert E. Speer Julian Street Henry W. Taft Frank A. Vanderlip William Allen White Charles D. Williams Stephen S. Wise May we have the honor of including your name on this Com- And will you kindly suggest names of influential leaders who might be interested in the purposes of this Committee? mittee? Respectful sincerely yours Chairman. We shall be glad to send you, upon request, copies of three P. S. important pamphlets presenting the facts in regard to Japanese in the United States. They are "Should Congress Enact Special Legislation Affecting Japanese", "New Factors in American Japanese Relations", and "Japanese in Hawodi". Jame Dear Sir: Following the instruction of the Executive Committee I have the honor to enclose a copy of the resolution passed at its recent meeting, February 2, 1924. Permit me to express the hope that the members of the Senate and the House of Representatives will take this request into serious consideration. Were there no other possible way of dealing with the situation the case would be different. The proper way by which to change a treaty or an international agreement, it would seem to me, is by treaty or agreement negotiated through the Department of State. If Congress deems. such change advisable, a request made to the Executive will without doubt bring such action. Responsible Japanese have repeatedly declared that, if the "Gentlemen's Agreement" is not satisfactory, the Japanese Government will gladly reconsider the whole matter and make some new arrangement. In the face of such assurances from Japan of desire to maintain neighborly relations with us, and in view of their earnest desire that the United States should not pass discriminatory and inevitably humiliating legislation aimed at Japan, the passage of the proposed act by Congress would certainly be resented by Japan as a gratuitous act of unfriendly character. The need for the proposed measure is far from obvious when we consider the facts in the case. The statistics of admittances and departures of alien Japanese, published by the Commissioner General of Immigration, show that since the "Gentlemen's Agreement" went into effect (1909-1923) 22,737 more males left the United States (including Hawaii) than entered; and that the net increase by immigration of Japanese in the continental United States during these fifteen years has been 8,681, consisting of woman and children. It is evident that the Japanese Government has been administering the "Gentlemen's Agreement" with careful fidelity. Naturally the proposed measure would convey an implication to the contrary which a proud and sensitive nation would resent. The statement that the proposed measure (H.R. 6540-b) is not particularly aimed at the Japanese, for it concerns all peoples "ineligible for citizenship", is too specious to need extended reply. It is enough to point out that practically all such peoples are now excluded by existing laws, the Chinese, by name, and the Hindus, Thibetans, Dravidians, and many other peoples of Asia and Polynesia by definitions of latitude and longitude. The real purpose of the proposed measure is the abrogation of the "Gentlemen's Agreement" with Japan. If there is any sound reason for such Congressional action I have not seen it stated publicly. Earnestly hoping that the proposed section of the immigration bill is duly deleted before the bill is passed, I am Respectfully yours, GEORGE W. WICKERSHAM Chairman. March Z, 324. My dear Mr. Wickersham: I have just received the circular letter from the National Committee on Americat:ilypanese Relations, and am replying at once to exp:ese my sympathy with the terms of the resolution which hocompanied the letter, and to express the hope that it may be effective in defeating proposals in Congress which cannot fail to impair the good fellowship which should exist between this country and japan. If it will be of any service to add my name to the com- mittee, I will be glad to have you do so. The definite and unequivocal position which President Coolidge habitually takes on all public questions leads me to elagreut that it might 11.4.6 a Ait#2,07-CY effective to place in his hands the supporting argument in regard to irlifproposed immigration law, and attach to it the names of those who feel as you and I do. Yours very truly, Mr. George t. Wickersham, c/o Messrs. Cadwalader, raft it Wickershem, 40 Wall St., New York City. BSAN NATIONAL COMMITTEE ON AMERICAN JAPANESE RELATIONS EXECUTIVE COMMITTEE Chairman Geo. W. Wickersham Vice-Chairman Hamilton Holt Treasurer Edwin G. Merrill Henry A. Atkinson Nehemiah Boynton F. S. Brockman Arthur J. Brown John Bates Clark Stephen P. Duggan Mrs. J. Malcolm Forbes James H. Franklin William I. Haven James G. McDonald Mrs. William F. McDowell Paul Monroe Frank Mason North George A. Plimpton Lindsay Russell Fennell P. Turner Secretaries Linley V. Gordon Charles H. Levermore Sidney L. Gulick Executive Secretary Phone Gramercy 3475 287 FOURTH AVE., NEW YORK. HONORARY MEMBERS (Partial List) Jane Addams James R. Angell George Gordon Battle Luther Burbank Thomas Burke Carrie Chapman Catt Francis E. Clark Seymour L. Cromwell R. Fulton Cutting Cleveland H. Dodge George Eastman Charles W. Eliot W. H. P. Faunce Elbert H. Gary Franklin H. Giddings John Grier Hibben David Starr Jordan Otto H. Kahn Henry Churchill King Thomas W. Lamont Samuel Mather Shailer Mathews Francis J. McConnell William F. McDowell Mrs. Wm. A. Montgomery May 12, 1921 Mr. Benjamin Strong, New York City. My dear Mr. Strong: The recent precipitate &Ition of the Senate drastic and humiliating provisio0 in the immigration bill, so far as it bears upon Japan, has dong serious damage to the cause of goodwill and mutual considera,ion between that country and our own. if Whatever adjustmerfts President Coolidge may secure, friends of fair and friendly reAtions have an urgently important task ahead. There is pretsing need of educating the responsible citizenry of the United/States in regard to the facts and in support of constructive pftgrams for the solution of the problems, due to the presence on our Pacific Coast of about a hundred thousand Japanese. The activities of anti-Japanese agitators and the atitude of the editOrial writers of our sensational press constitute a serious menace/ They bid fair to give trouble for at least a ,- decade to come./ John R. Mott /1 E. Y. Mullins In View of the situation that has taken such an unforAlton B. Parker Francis G. Peabody tunate turn during the past few weeks, ee feet it important to Mrs. Henry W. Peabody strengthenttind enlarge the work of this Committee. It has been Mrs. Percy V. Pennybackerd ecided ti form a Committee of One Thousand outstanding American Clarence Poe citizens/In every part of our country composed exclusively of William C. Redfield America' citizens - and to enter upon a plan of constructive educaKermit Roosevelt tion Wonder to make widely kncwn the essential facts in regard to Julius Rosenwald Japane'Se in America and the laws dealing with them, and al-o to proChester H. Rowell Mortimer L. Schiff moteAide acceptance of concrete proposals in line with the stateCharles M. Schwab ment' of our purpose and program, as embodied in the enclosed folder. Edwin R. Seligman Robert E. Speer We have appreciated hIghly your co-operation in permit/ Julian Street ting the use of :our name as one of our Honorar;; Members. In order Benjamin Strong ilto make cur work more effective, may we ask three favors: Henry W. Taft Frank A. Vanderlip Paul M. Warburg let. Does the enclosed Statement of Purpose and Program William Allen White express in substance what friends of justice and goodwill should Stephen S. Wise stand for in American relations vith Japan? Your suggestions or criticisms will be highly appreciated. 2nd. May we place your name on the list of our regular membership? We feel that advantage will be gained if the entire membership is on the same basis. 3rd. Will you kindly suggest the names of men and women of influence who, you think, might be glad to have a part in this movement for promoting right and' friendlyrelations with Japan. Again thanking you for your co-operation in the past, I am ire, Very sincere} / 7/ Chairman. &Jo Taedasfa :1d1 rfl . e1X adt mo mA; tuaY orszlg ow ItJo arS et qidcladm elilat edit 11 herttal ad Inv sarloAlika imxf e3r41-r,ft!:if In aemcoy has 4am le Beim! ed* *aegsma.y;bali uo,z ILIW iomc:11400VC II cf tiZ:'"Likrt evad of be; -ed *d32a; d*lw anotteel ,tanoitt btu= od* al ao/Jameqe-eo 10:A lA vo/ gaittsdd aimiA 04001 11410;Z/cilia aumaniadO uoT February 27, 1918. My dear Adrian; In asxing me to dictate the sustance of what I stated last Friday to Mr. Root, you have imposed upon me a considerable undertaicing which, in fact, I have not the time just now to carry out in full. This letter will supplement the article which I sent you. It is my belief that the country faces the choice of two courses. The first is to rely upon educating 100,000000 people by strictly educational methods to practice thrift by denying themselves the purchase of luxuries, and in fact, anything and everything that they can set along without during the period of the war, so that materials and labor may be released from supplying those things and in place thereof be employed in the production of things essential to the prosecution of the war. The alternative is to aban- don the educational means of accomplishing this and actually exercise control by legal methods over production and consumption in such a way as to produce the same results in a much shorter time. Failure to produce the result desired; that is, reduce consumption, means that the materials required for the war, both by this country and by our allies, must be produced as an addition to the normal production of the country in peace times, therebn causing a tremendous expansion of credit, a shortage of labor and materials, constantly rising prices for labor and materials, a much more expensive war, domestic discontent with living hardships, and a mortgage upon the production of future nnmerations that may prove to be a staggering load. The goods now produced and consumed in war, without the germ of reproduction in them, will be paid for partly by taxes and partly bn bonds sold to those who have incomes in excess of their Adrian Larkin, Zsq., *2 present needs. 2/27(18. Those who buy the bonds must some day have their loans repaid by taxes collected from others in the future. The loans are mortgages upon the productive efforts of all the people. Assuming, therefore, that either by educational or compulsory methods consumption must be curtailed, what means can be employed with safety and with-: out disorganizing the country's affairs to get prompt results? This is too big a question to answer offhand and without getting advice of men familiar with many branches of our business and financial life. My own ideas are rather crude, but may be expressed roughly as follows: First, as to credit: Our banks should be organized and their officers educated, or in time required, to discriminate in the loans they make to their customers so that no credit will be wasted for purposes not essential to the war. If the 25,000 banks of the country could each curtail their bank would be 10,000. on the average, the loan and deposit accounts of the reduced by 42,500,000. to the money centers. The bank reserves woUld Interest increase. rates would be reduced. credit Money would flow The consumption of material and employment of labor which would have resulted from granting these loans would be saved, with, of course, some influence upon the prices both of materials and of labor. Second, as to raw materials essential to war industries, feeding and clotlking the people and other industries contributory thereto: The Govern- ment's policy in fixing prices operate6 either to restrain production divert tion in the application or to of labor on farms and elsewhere to changing the produc- form so as to escape the operation of the price fixing policy. A farmer who may have ten or twelve ways of empapying his soil or of applying his labor to it, might find wheat much less profitable at $2.20 than'some other product of his farm, which miglit even involve feeding his wheat to stock. Unless all economic laws can be suspended or repealed by Act of Congress I feel that it would be 'sounder to fix maximum prices for luxakies and let the prices 2/27/18. _drian Larkin, Esq., present needs. Those who buy the bonds must some day have their loans repaid The loans are mortgages upon bs taxes collected from others in the future. the productive efforts of all the people. Assuming, therefore, that either by educational or compulsory methods consumption must be curtailed, what means can be employed with safepy and with- out disorganizing the country's affairs to get prompt results? This is too big a question to answer offhand and without getting advice of men familiar with many branches of our business and financial life. My awn ideas are rather educated, crude, but may be expressed roughly as follows: First, as to credit: Our banks should be organized and their officers or in time required, to discriminate in the loans they make to their customers so that no credit will be wasted for purposes not essential to the var. If the 25,000 banks of the country could each curtail 410,000. on the average, the loan and deposit accounts of reduced by 42,800,000. to the money centers. The bank reserves woUld increase. Interest rates would be reduced. their credit the bank would be Money would flow The consumption of material and employment of labor which would have resulted from granting these loans would be saved, with, o course, some influence upon the prices both of materials and of labor. Second, as to raw materials essential to war industries, feeding and clotAing the people and other industries contributory thereto: The Govern- ment's policy in fixing prices operates either to restrain production or to divert the application of labor on farms and elsewhere to changing the production in form so as to escape the operation of the price fixing policy. A farmer who may have ten or twelve ways of emplpying his soil or of applying his labor to it, might find wheat much less profitable at 42.20 thasesome other product of his farm, which migh even involve feeding his wheat to stock. Unless all economic laws can be suspended or repealed that it would be sounder to by Act of Congress fix maximum prices for luxukies and let feel the prices sess____ #5 Adrian Larkin, Esq., 2/27/16. of essential raw materials that enter into the production of these luxuries find their natural level. The consequence would be the cideniin; of the margin of profit on the production of essential raw materials and the dimin- ishing of the rrgiri of profit to the produoer of non-essentials, which mlighg, in fact, release labor and material and plants for Government use. This may not be the way to deal with the price quest lea, but it illustrates the ineffectiveness of price fixing for some of our production and no control of other thins. Third: ;Ilether consumption io restrained either by control of credit, control of raw matorials, or by any other means, one oonaeouenco it to throw labor out of emPloyment and make factories iele. Such a policy brings discon- tent and might, In fact, make the war unpopular. To deal with this makes it necessary for our Government to organise the industries of the country for war work just an rapidly as they are released from other work as a result of some uniform policy of restraint of consumption. To illustrate this point, let us assume the case of a shoe anufacturer whose normal production is 30,000 pairs of shoes per month. The Government, needing shoes very badly, asks him to increase his output so that he can deliver 90,000 pairs of shoes a month to the army. This manufacturer finds it necessary to add to his plant, to vastly increase his purchase of raw material, to buy mom machinery, to attract more labor to his plant and train it, to furnish housing for it. or is that all. It becomes necessary to provide expanded hank facilities; to enlarge trade and transit facilities in the town where his plant is located, and generally to reorganize the community to take care of an establishmaat three times as large as normally. How mudh better it would be for the Government to take Oiter some existing plants, even located disadvantageously in some respects, and siold all of this disorganisation. If a plant manufacturing some other article could be converted into a shoe factory to produce 60,000 pairs of shoes a month, buildings Adrian Larkin, 44 q., 2/27/18. could be used; existing power plants could ue used; labor already located there could be trained; banking, mercantile and transportation facilities will be adequate and no disorganization would result. The sole requirement would be to have the original manufacturer furnish supervision and a nucleus of men to train existing labor in the reorganized plant, and new machinery would beed. to be pur7haeed and poseibly the plant somewhat rearranged for its new produc- tion. The one notable exception necessary for suc a program is ship-bui1ding, whore absolutely new plants must be built at tide water, and, of course, labor attracted there to operate them. 3xieting plants employed for other purposes cannot 'easily be eonverted into ship yards. Fourthl Taxation for just an Important a part of the program for the conservation of resources as the first three named. If prices are to be fixed for raw materials under the policy now adopted, wasteful consumption must be restrained in order to insure a well-balanced price level so that the maximum prices fixed will not operate to strain production. Probably consumption taxes, skillfully employed, particularly to articles of luxury which contain raw materelements which are essential for war purposes, are the only effective means of enforcing economy of consuprtion. TheE.,e few suggestions are really intended to point out what I believe Is the conviction of many thoughtful people, that our present policy is not well- balance4 either as regards credit, raw materiel, labor, industrial plants taxation. and he whole program of organizing the nation for war should be revised so that the maximum pressure can be applied to the one elementary and fundamen- tally national need at the present tim) reduce unnecessary consumption and timulate the production of essentials. Beyond the economic problems there is an equally important social or )olitical problem. 7e can lose the war lust as promatly by failure of poralar support of the war as we can by military defeat or exhaustion of resources. #5 Adrian Larkin, Esq., 2/27418. If the nation's activities are not reorganized concurrently and by a wellbalanced program, hardship is bound to by unemployment, or in the other result, caused in inflated prices and consequent always be borne in mind that one of the extreme by living hardships. So that it must the one extreme principal objects of a well-balances program is to keep people employed and contented and enthusiastic about the war, rather than discontented and sullen and reactionary. Very truly yours, Governor. Adrian Larkin, Esq., Messrs. Joline, Larkin & Rathburn, 54 Wall Street, New York. -IV Bill