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Hotel du Cap d'Antibes,
Antibes, June 20, 1926.

Dear Mr. Governor:

After despatching my telegram of yesterday, I have just now received
your very kind letter of June 23th, and I am most happy to have so cordial and
friendly an expression of your sentiments in regard to the relations between
our two institutions.

Let me also express the hope that these may be continued

and extended, as indeed they should be, by t more intimate personal acquaintance
and friendship.

You have assumed the Governorship of the Bank of France at a time when
its direction, founded upon courage, skill and petriotism, will enable you to
perform great services to your country, and I hasten to congratulate you upon
this opportunity and to offer you my very best wishes for complete success.
Unfortunately, at the moment my own plans are somewhat uncertain.
I had made engagements which I had hoped to be able to csrry out by this time,
but have been ill during almost my entire stay in -.3urope.

It SOWS absolutely

necessary that I should continue my rest for a few weeks and not attempt a continuance of my trip until I am certain that it will nct rick my being obliged
to return home.

The rest here in this beautiful place, with the climate so favorable,
has already done me a great deal of good, and it seems possible that I may be
able to decide upon plans within the next week, if I continue to improve as I
have recently.

You will, I em sure, not hesitate to vrito me about any mutters

cf mutual concern.

ith every assurance of my esteem and high regard and a cordial %velem
as a colleague end friend, I bog to remain, dour Ur. Governor,
Faithfully yours,
Vonsieur 'mile 7.Toreau,

Gouverneur de la Banque
de France,
PARIS.






September 8
BANQUE DE FRANCE LieGOU

Paris

411
(TRANSLATION by 0.E.Moore)
My dear Governor Strong:

/22CL-2
I thank you fcr your kind and comforting

letter.

I shall retain the best cf memories of our

2e c.-6-2.-yet

talks, which were always pursued in the fullest confidence and

may I add, the greatest sympathy.

I profited
-

b y your financial science and your admirable business
sense.

We have worked as best we could to prepare

the economic restoration of the world.
satisfaction fcr us both.

It is a greA

Please accept, my dear

Governor, the assurance of my most devoted sentiments.
(sgd) E. Moreau

LiLAT ION

, 12 of Octoft,

1926.

the acquaintance of

elf to us provided
We conversed,

y and in full con-

to you a rel.ort of

hat your health is
,c)ia that I sin-

mplete recovery.
your very cordially

reau.





http://fraser.stlouisfed.org/
LiDGOUVE
Federal Reserve Bank of St. Louis

BANQUE DE FRANCE
RNEUR

PIF33NA

October 23, 39P6.

My dear Mr. Governor:
In Governor Strong's. absence I want to thank you for your

personal letter to him of October lk referring to Mr. Jay's visit at
your b:Ink.

I wont to teke this opportunity, because of the close pereonal
contact which Mr. Strong had with you while abroad, to tell you of hie
present condition.
As' you h!oie heard, ehortly after he returned to this country

he caught a very bad cold which later developed into grippe ano subsequently into bronchial pneumonia.

For a while he V1&13 quite seriously

ill, but fortunately the pneumonia hae not run its course and while he
is still very weak and in need of the strictest care and quiet, he is
we believe on the right zoci and no* entirely out of danger.
I

am writing this letter, however, not only to let you knot

in more detail of his illness, but also to acquaint you with the fact
that it will frobably be :some while before he will be able to return to

the bank or to aotend to his correspondence.
I

You sill, therefore,

am sure understand my acknowledging both your personal and your

official letters to him.

I shall, of course-, be glad to keep you ad-

vised from time to time of how he




progresseq, but in the meantime I

cctober 23, 1928.

2

hope that you will please feel free, even in hie absence, to call upon
tic in any way in which we may b© of help.

I am, my dear Mr. Governer,
Faithfully yours,

Monsieur L. Moreau,
Governor, Bank of France,

FAhL Fm.noc.




Cc?y)
atuyveeant Reed,
Biltmore Forest,
Biltmore, P.C., February 14, 1927.

PERSONAL
My dear Governor Moreau:

This is indeed a very tardy response to your most kind latter of
Septeeler .tth, but

DerrIson has, I believe, advised you of my dengereue

illness, which in fact has debarred me from either answering cr re-ding most
of my mail.

T am now Gradually recuperating in this lovely place, and only today
am able to commence answering lettere.

I shall not be at the Bank again

until !eer11.

!.totwithetanding this !linen, I have been able, through the news-

papers and otherwise, to gain some understanding of chat has been transprinc
in France, and sly first feeling le one of renewed confidence and conviction,

which developed when I had the pleaeure of meeting you, that you are indeed
performing a great eork for '''rance and for the rent of the world.

It he been

a greet regret tc me that I have had this enforced period of absence when I
could not keep mere closely in touch with you by correspondence.

Of course,

I am aware of the posebility cf difficulties still ahead and of the fitfalls
which may indeed be unescnpable, but there hRs been a vast i.provement in the
outlook and I an sure it gives you renewed hove and courage.

A part of my plan on returning home wan to endeavor to induce you or
one of your associates, Professor Riot or n. uecney, to visit us In I:ew York.
I wantee especially to be there if you were able to come.

The thought is still

in arc ieind very actively, and I am conveyint, the euggestiou to Mr. Harrison.

There Is, horever, a poscibility, oven a likelihood, that I shall be in Europe

this eunner, Uten I hope we may qpin have the benefit of some long Whs.




111

M. Moreau.

2.

2/14/27.

S
If in the meantime you felt willing to ./rite Lae so:newhet of affairs

as they ere now progreasing, I will greatly appreciate it urd hold your communication in -LI° confidence whieL it recuires.
'4111 you not convey my reg:-.rds to Professor Rlet and M. Queeney, and
my

coot'. ,Ushos pleace t:ccopt for ycureelf.

I bef, to rondn, my dear Governor Moreau,
Sincerely yours,

L.,A0 "orottu, Gouverneur,
Banque 4o France,
Croix-doe-Putito-Chcaps,
PARIS.







janquO b0

Paris, le

Ierliarg

1927.




-rAztA.,t1A,

()

(I

2._

my dear Governor:
Few letters could be as pleasurable for me to receive as yours, for in
it I see the proof, not only of your faithful sympathy, but also of the real improvement of your health.

During these past months I have followed, with great concern all the
phases of your illness, sharing the anxiety of your friends when I learned you were
worse, and rejoicing sincerely with them when news from America told me of improvement in your condition.

Today, now that you are able to resume your correspondence, lot me congratulate you warmly; from the time of our first contacts last summer in France,

appreciated your capability, your frankness and your heart; I gave you all my
friendship, and I feel that little would be needed to give birth to sentiments of
affection between us.

I hope that the future will permit us to develop our per-

sonal relations and that before long I shall have the pleasure of finding myself
in company with you.

I thank you for all that you were kind enough to say about the work
already accomplished
express.

in France, and for the sentiments of confidence which you

You have been able to verify that we have not ceased to be inspired by

the principles laid down in the month of August in the meetings of which I have
kept so good a memory.

Budgetary equilibrium is today largely realized, with a margin of security
which insures its permanence.

The Bank of France little by little is freeing itself

from its immobilized assets, replacing them in its balance sheet with important
reserves of exchange.

The state also possesses means of foreign payment:

abundant available ftmds and is quietly consolidating its floating debt.

it has

In short,

many of the difficulties menacing us so imminently last August are today removed;




2

results which one would have believed impossible have been attained, and their
maintenance permits expectation of definitive stabilization for which the atmosphere is created.
I beg you, my dear Governor, to consider yourself one of the authors
of this restoration, which utilizing teohnically a fortunate return of confidence,

has made it possible to give our country more calmness, more hope, and also more
prestige and possibilities of aotion.

While we continue our trsk in Prance, I know that many events are either
happening or in prospect abroad.

I follow them with the keenest interest, and

I shall alwsys be glad to keep contact with you on them SF well.

M. list and

M. ruesnay wish to be remembered to you, and I send you, -my dear Governor, with
our wishns for your complete recovery, ths assurance of ny sincere friendshin.
E. 1oreau.

Tr.ma
6-et-cc-A-Q-A




lot

I

uyvesant Road,
Biltmore 2oreat,
niltmore, N. C.,
March 18, 1927.

My dear Governor:
Your kind letter of ';.arch 1

ti.A.e

touched me very much,

and I cannot really express the pleasure and aatiafaction that I
Unfortunately, ray illness was no serious

have had in reading it.

line: time I knew little of what was going: :Jn, and, of

that for

course, there was no poseitility of keeping in touch with my
friends abroad.

I am so glad to learn that liOnE of my ateociatea

have kept you informed, and now I am glad to be able my,: elf to
bend you satisfactory news of recovery.
'hat kiae especially pleaged me is the evidence c.dntained

in your letter that you understand quite fully the feelings which

have inspired my relations with your good eelf.

Nothing will re-

JOICk me ao greatly an will the success of _your uplendia :lurk, and
the feeling that p'.,ueibly in some small way I heeie had a part in
it.

The record is certainly a wonderful one, and I hope nothing

will aric to interrupt

or delay its coopl3tion.

Py the time this letter reaches you Mr. Harrison will
either have reached Paris or advised you of his cipected vieit
there.

I am sure you will be greatly interested in the message

that he bringe.

You may deal with htm quite as lrankly aE you

would with me, and I am sure that you will find him both able and
sympathetic, and inspired by the same motives of friendship which
you were goo., enough to attribute to me.

''lease be good eno,;gh to thank L. Hist and .,u7snay for

their kind



eesagea.

I reciprocate them very warmly, and to reou,

2

my dear Governor T:oreau,

M. F. Moreau

I take the opportunity to express my

sentiments of warm friendship and high regard.
Faithfully yours,

M. E. Moreau,
Governor, Bank of 2rance.
Paris, 2rance.




t

.

cis;:r Mr. Governor:

You will

I. Lim sure; understand my interest in learning what success
has been. real zed inthe recent Government loan; the newspapers here have given
very inadequate accounts,
.

definite figures being published, and I as wondering
if your-h-opei- for a moderate success had, been realized..
.

no

I am also led to ask whether there is any

the important changes in

figures which appear

as cabled to our. newspapers. It showed 44
but Francs 700,000,000;

changed?

statement

reduction in alsoellaneous assets of

Does this indicate

about Francs 250,000,000; and

that

I am sure you will appreciate how closely




significance in

in last week's published

that the State borrowed

the market Francs C00,000,000.

particular

the

tide of valuta has

we stitch these figures in

//25,3

August 10, 1927.

I

8.10.27

Governor, Bank of Frbnce

2

bueinece developments it seemed desirable that theme demends should bo arranged

et

the loast interest cost which was safe, having in view of course

the poesibil-

iti ea of specul etive developments.
.

The effects of the dreg upon foreign bi.nk reserves because of the

(3)

depressed Curopeen exch:Inges, arising as it did at the commencement of the season

ehen the heaviest payments must be inane in tale country, convinced us that lower

in this country 1as

interest retea

and erevent another large

movement of gold to this

export of our crops

country.

The only consideration

(5)

eaim:it a reduction in

speculation. Personally I was

;...e I believed it

the

41:1.8 more likely to be made in 6olic.ra than in sterling, thereby

the exchanges of the immeciete demand for dollars which would

stock market

tendency

by acting se early as we did the arrangements of credits for

(4)

relieving

the only thing which would overcome thiu

could not

possibly outweigh

I have felt that the

tions, and, in' fact,

willing to

ignore

our rate was

thet as

the importance of the

edvences in

otherwise

the

a factor

other considera-

stock values and the expansion
Anyway, as it

of the stock loan account had pretty well reached the maximum.

11::pp,..ne, President Coolidge's ennouncement that he would not min for another term
t.s President, which tee-pened to follow our

proved

to be

reduction so promptly, has in itself

a check to speculetion and I think the

hended on that score
ee

are

dui ere'd for credit.

now beginning, about a fortnight

which wo might have appre-

later than

usual, to feel the

Our banks are feirly steedy borrowers bee the position is now

er:y edvencire.; interest rates.

conducted

smoothly

And we hope that the effect

n116:6:3 411 be favorable and will continue




danger

Le.c:-now been-reduced.

such thet this necessery financing will be

the axe:

rate

and

probably elthout

upon the position of

throughout the

while
fell.

my plans tor the wi

Governor, Bank of France

3

8.10.27

consideratione,of he,dth, I have about decided, barring unforeseen developments,
to sail for ,Europe some time in November.

As the climate 1r. northern Europe and

very unsettled at that se;rson, I shall probably go direct to the Mediterranean and stay. at 'Algeciras for a time, whore I hope that you and possibly home of

your a.,aociates can give me the pleasure of eeeing you. I would certainly go to
Paris if neceeeary despite bid vretither, and may do eo anyway. Then I hope it will

be possible for me to spend a month or even more in some one of the many delightful

pi.:.caa, on theFrench Riviera having a real root.
riie were very gratified to be able to advise you that both Norman and
Schacht hid agreed to the extension of the Polish Credit arrangement until November
1.

some steady improvement .,?rich is taking place in our bond market, and

be.rrinL; again unseen developments, this should enable the banker() to make progress

to 'wards the sale of a bond issue, but they still feel they must wait a period until
conditions areregards to you and to your associatbs, I beg to remain,
:pith kindest exactly right.
Mr. Governor,

ni cu r E. Moreau

France,




Faithfu ly yours,

.

Maroc' 8, 19t8.

My dear Governor Moreau:

4hile di of ray mail requiriut,s, atten-e,ion he.s *Poen ue.f.i.t Att.
during ray ilineeo, I ba.ve not been able until cow to 61111C VOL

.rcoo,11

a.okno'ilfridt,m,vat of your kind letter of Decer..1:,er a.) in r....4,,;:rd to tho plan

for thr iltabili.tation of tlie
Orly Lt.,. impert.tiNe need ic my return to Ne, York prevented

vicitin6 Peri

t tit time of my trip to Londoc.

I woulc Lave written

you thie tmfore, Lex it n. )t, peen for :by illness.

Your prompt and effeotive cooperr.tion in that transaction, I
believe, w:ta very ,3reti.tly e.ppreoialcd by our Italian cc.l1eeguen, us it

certainly ie..s by me.
140okint; forwa.rv. vdt.h 'teal anticipation to the plearcre of fieeing

you letar this yoz..r, and with corciial reg.rd.6, beliove me, y deur Ir.
Govern'

,Ithfully your b,

Ito si cc r C. lior dta;k1

C/o Bank of Franoe,

Parts, France.




roan 11^N

FRE

PARIS
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LONDON

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e




FILE N
LETTER OR.

----He rr i=_=on

Grand Hotel,
Grasse, June 2, 1928.
1717.aST!IAL

Dear Governor Moreau:

It is quite im;oseible for mo to express the extent of my appreciation of your courtesy and hospitality.

Indeed, the beautiful motor car

which you placed at my disposal enabled me to keep in the fresh air and to
make a trip to Grasse, as otherwise would have been impossible without great
discomfort, and on leaving Paris I also found that you had made arrangements
for my payment at the hotel.

Possibly now you have furnished me the oppor-

tunity to again express the hope that you will accept my hospitality in New
York whenever you are able to do so.
Our trip to Grasse was so comfortable and delightful, the weather
sycellent and the car and driver so good, that I arrived here feeling even
better than when I left Paris.

re are comfortably installed in the Grand

Hotel, and today I am expecting the arrival of Mr. Cecil Lubtock from London.
He will be here for about a week.

Just before leaving Paris I received word

from Governor StrinEher that he hoped to visit me here some time after the
20th of June.

Beyond this, I have not permitted myself to make any engage-

ments whatever, so that you might first express your own desire as to whether
we should have further talks here at Grasse, or whether you would prefer to
come to Evian, where I shall hope to arrive about the 1st of July.
It will be unavoidable that I shall have some other visitors there.
But you know, my dear Governor Moreau, that if occasion arises for me to return to Paris in the interest of any of your plans, I shall be most pleased
indeed to do so at your command, wishing only to have a few weeks of rest




- 2 -

here before risking much fatigue.

So I will leave the whole arrtngement in

your hands, hoping to hear from you at your convenience.
I left Paris before your return from Rome and, without knowing any-

thing of the result of your visit, I express the hope that it was in every
way successful.

with kindest wishes to you, my dear Governor, and to your associates,
I beg to remain as always,
Faithfully, your friend,

Monsieur mile Moreau,
Gouvornour de la
Banque de France,
PARIS.

BS if





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