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OFFICERS

DIRECTOR,

M. B.W ELLS° R N,

EDW. T. BROWN,
AT LAN TA, GA.
F.W. V° 0

CHAIRMAN OF THE BOARD

EIDW, T. BROWN,
DEPUTY- CHAIRMAN.

JOS. A. McCOR D.

GOVERNOR.

GILES

NILSON,

NO M !SS.

FEDERAL RESERVE BANK

NASH VI LLE, TENN.

L.P. HI LLYE R.
W. H.K E TTIG,

.JEPUTY-GOVERNOR.

W. H. TOO LE

J. B. PI BE,

SECRETARY.

OF ATLANTA.

DECAg,,, GA.

''WI

'.0.e.A2IV'FOI 'ALAN'S, LA.

CASHIER.

February 1,

M.W. BELL,

ASST. CASHI ER.




MACON, GA.

DIRM ING HAM, ALA.

J.A.McC NARY,

1915in

3

NDER, G A.

M.B.WELLBORN,

AN NISTO N, ALA.

0;=

Dear Governor Strong:-

We are in re, ipt of your letter
of the 30th ultimate relative-to the gold pool
transfers and have carefull- noted colireTirfr'''
We also/acknowledge receipt of the
set of circular letter,-sent us by the Gold Fund
Committee relative to/distribution of the fund on
hand. We have read/these carefully and do not see
wherein we will be/balled on by any of the banks to
receive any of this fund. Nearly all of the contribte
tors to the fund/are willing to accept New York
checks in transfer, because New York exchange is at
a small premium and they would prefer to have the
funds at New/York to having funds here, in order that
they may 114uidate Eastern credits.
However, we will take pleasure
in payi g out any fund that you may direct, or
any of/our subscribers may request shall be depos-

ited;With us.

Yours very truly,

///
JA4/C

Mr. Benj. Strong _Jr.,
Governor Federal heserve Bank,
New York, N. Y.

'4/1

Go

CO'

OFFICERS

?IL ING

M. B.VV E LLE30 R N,

CHAIRMAN OF THE BOARD.

EDW.T. BROWN,

DEPUTY- CHAIRMAN.

JOS. A ',CORD,

GOVERNOR.

GILES ..,.WILSON,

DEPUTY-GOVERNOR.

w, H.TO 0 LE,
J. B. PIK E,

SECRETARY.

FEDERAL RESERVEABANK
il
OF AT LAN Trot AI Brpr,,,,

Elm ncatnvt BANK

CASHIER.

DIRECTORS

Err EOW. T

F.W.FOOTE,

HATTIESBURG, MISS.
W. H. HA RTFOR
LNLAySEHVILLE,TENN.

W. H.KETTIG,

DECATUR, GA.

WI' H.H.S.TAOr's1FL;CFEANS' LA.

ANNISTON, ALA.

ASST, CASHIER.

March 26, 1915.

Ir. V. C. McLaren,
Secretary to Governor Strong,
Federal Reserve Bank of New York,
New York City.
Dear Sir:-

Referring to your letter,of the 24th instant,
addressed to our Governor McCorcY, enclosing copy of
a letter written to Governor Strong by Governor Hamlin
of the Federal Reserve Board, which Governor Strong
wished our Governor McCord t1O read, we beg to advise that
Governor McCord is at pres
absent attending the Bankers'
Convention in Florida, bu your letter will be submitted
to him immediately upon is return Monday, Llarch 29th.
Yours very truly,

JBP:D.




WINDER, GA.

M.B.WELLBORN,

M.W. BELL,

4

MACON, GA.

BIRMINGHAM, A LA.
J. A. McC RARY,

0

FILING DEPT. cy

OFFICERS
M. B. WE LLBO R N.

/Or. 6- 1915

CHAIRMAN OF THE BOARD.

EDW.T. BROWN.

DEPUTY-CHAIRMAN.

FEDERAL RESZEME

JOS. A. MeCORD,

-

GI LE

GOVERNOR.

WILSON,

9-uttiAt.

DEPUTY-GOVERNOR.

W. H. TOOLE,
J. B. RIK E.

M.W. BELL.

. ,

OF ATLANTA.

SECRETARY.

'EllIANK

CASHIER.
AsST, CASH IER.




March 30,1915.

Mr. V. C. McLearin,
Secretary to Governor Strong,
Federal Reserve sank of New York,
New York, N.Y.
Dear Sir:

On my return tor,k6anta I find your letter
of the 24th inst., enclosing copy of a letter written
Governor Strong by Gover r O. S. Hamlin, for which
please accept my

tha77,

I am glad to know that Governor Hamlin is
recovering right along, and hope that he will soon be
back to his usual good health.
Yours very truly,

JAM:F

DIRECTORS

EDW. T. BROWN,

AT LAN TA . GA.

F.W. FOOTE,

HATTiESBuRG, MISS.

W. H. HA RTFOR D

NASHVILLE, TENN.
L.P. H I LLYER,
MACON, GA.'
W. H.KETTIG,
BIRM NO HAM, ALA.
J. A. MCC RARV,

DECATUR, GA.

P.H.SAU N D ER 5,

NEW ORLEANS, LA.
W. H.TOO
WINDER, GA.
B.VVELLBORN,
ANNISTON, ALA.

DIRECTORS

Fl C ER S

E DW. T. BROWN,

AT L ANTA,GA.

F.W. FOOTE
HAT TIESBURG,MISS.
W.H.HARTFORD,
NAsHv IL LE,TENN.
L.P.H I LLY ER,
MACON,GA.
W. H.KETTIGr

T. BROWN,
EDW.-BRUNO-DEPT,
DEPUTY-CHAIRMAN.

:::::011fW11915

FEDERAL RESERVE BANK

BIRM1NGHAM,ALA.

,EZZar-RntRvE
M.VV.BE

J.A.MCRARY,
0 ECATu

OF ATLANTA.

,J.M.SLATTERY,

BANK

M.B.WELLBORN,

AN N iSTON,ALA.

ST.CASHIER.




Wednesday, November 17, 1915.

1.1x. Benjamin Strong, Governor,

Federal National Bank,
New York City.

Dear GOvernor Strong:Beg to acknowlec:ge receipt of

your letter of the 12th inst in reference to your
proposed circular relating to application to sell
United States Bonds and note that you are sending to
the 41ederal Reserve Board t number of the circulars ond
application; blanks with/the recuest that they arrange
-

with the Treasurer of the United States that

proper 1)1'0,7'

vision be made irk' his office for the handling of the
applications upon receipt by him.
Yours truly,

Li-s

GA.

P.H.SAUNDERS,
NEW oR LEANS, LA.
W. H.TO OLE,
wiNDER, GA.

41'

OFFI CEPS'\

DI RE CTO RS
E DW. T. BROWN,
ATLANTA ,GA.
F.W. FOOTE

M.B.WE LLB9ORN, ediqt,1
CHAIRMATT THE" A

EDW.'

E.,n71)\-1

f

,-PAII=2:1.1AN

JOS. A. M COGRcpcir'N'oR

W.H.TOOLE,

DERAL RESERVE BANK

MAC ON, GA.

BIRMINGHAM,ALA.

OF ATLANTA.

U.A.MqCRARY,
ECATUR, GA.
P.H.SAUNDERS,

NEW ORLEANS , LA.

CASR

W. H.TO 0 L.,E,

AS ST.CASH14:;''




N AS HVI L LE,TENN.
L. P. H1 LLY ER,

W.H.KETTIG,

SEC,4TA

J.M.Sg,FTLITTE,*ECF

M.Vv.BELL,

H AT TI ESSU RG.MISS.

W.H.HARTFORD,

January 7, 1916

AN NISTON,ALA.

Jr.

Benjamin Strong, Jr., Chairman Conference of Governors,
c/o Federal Reserve Bank of New York,
New York, N.Y.
Dear Governor Strong;

We are in receipt of your letter of January
3rd, enclosing us copy of the report of the examiners into
the gold fund and the gold in the hands of the Treasurer of
the United States for account of the Federal Reserve Lgents.
In rem1y, beg to say that it is our opinion
that the gold in the gold fund of the Federal Reserve BankOshould
be segregated and separated from the gold that is for account of
the Federal Reserve Lgents. While we do not anticipate that there
should ever be any discrepancy or shortage, yet if the two funds
were combined, it would be hard to determine who was responsible
and who should bear the loss; whether the Federal Reserve 'Banks
should bear the loss, or whether the Government should stand the
loss for its Federal Reserve Agents. We therefore think it is decidedly nreferable to have the two sums of money kept entirely
separate and apart.

Id
In reference to the other matter mentioned in
your letter, beg to say that we have received from it._311erMan
Allen, Assistant Secretary, his letter of January 4th, enclosing
twenty-five code words for our use in making transfers of funds
in the gold pool, which I trust is fully satisfactory and completes this arrangement.
Yours very truly,

WINDER, GA.

M.B.WELLBORN,

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67

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PERSONAL AND CONFIDENTIAL

March 6, 1919.

My dear Governor Wellborn:

For some time I have been interested with some friends in a study of some
of the problems of our national financial system and particularly to the possibilities of a reform movement which might result in the establishment of a scientific
plan for a Federal budget.

The need for this has been made apparent to me during

the nest two years and as a result of contact with the financial machinery in Washington.

Some of my friend's believe the time is now opportune for a general attempt

to interest the people of the country in national financial reform.

The campaign for saving, thrift and sensible spending, incident to the flotation of Government loans has put many of our people in a receptive mood for further suggestions in these matters.

ir

be reduced

The national debt must be r

both individuals and the Government practice sensible spending.

It

is particularly true with the Government but cannot be made possible until scientific machinery is Installed to accomplish it.

Students of this subject seem to be in general agreement that a scientific
budget system is the only solution.

To persuade our people th

be installed, a nonpartisan organization should be built up and a wise and sane campaign of publicity inaugurated.

It is a plan of that sort in which some of m5, friends

are interested with a view to activity after the next loan is placed.

In the meantime,

steps must be taken to prepare the publicity, and the personnel of the organization
must be developed in advance.
It is, of course, out of the question to utilize the Liberty Loan Organizations as such for an enterprise of this character.

It does not, however, seem Lm-

proper for me to ask you if in your experience with the Liberty Loan, War Savings, or
other organizations in connection with the war, you have come in contact with individuals



March 6, 1919,

2

in your district who would be likely to be interested in this movement and who would

be qualified for
public duty.

service in such an organization and who would do so as a matter of

That is first needed is a representative in every State, competent to

take charge of the movement and direct it

in the State.

He should have qualifica-

tions to enable him to become a leader of the State movement, some ability as an
organizer, should be public spirited, able to grasp the subject and willing to study
it, and should be regarded locally as without political prejudice or purpose, and have
the confidence in general of the people of the State.
In addition to state directors, similar organizers must be appointed in the
various counties and principal cities.

I shall be

greatly

indebted

to you if you can let

me have

suggestions and

names of men in your district for this work without, however, mentioning the matter
to them.

You may know them well enough to make definite recommendations not only

because you came in contact with them in Liberty Loan matters, but other public
spirited activities

with

which you are acquainted or connected.

This is a matter in which I have a strong personal interest and will be
grateful for your assistance.

At our meeting in Washington on the 20th, I hope to

have an opportunity to refer to this matter

more specifically.

Sincerely yours,

Governor.

M. B. Wellborn, Esq.,
Governor, Federal Reserve
Atlanta, Georgia.

BS/ICH




Bank of Atlanta,

April 3, 1919.

Dear Ar. Vellborn:

I am anxious to get sacgestione from you as to some one to do some work
in Tenneesee in cunnection with a propoeal now being shaped for federal legislation

designed to establish a financial budget for our Governrent.
The work required will not be very onerous, but it will need the services
of a man who can aevelop an organization for tne pury.ase of 40M6 little educational

and publicity work to bring about a better understanding of this subject. It will
be necessary to raise a small amount of money, and, generally, to carry out the
program which will be laid out by the organizaldon at the New York Headquarters.

It needs the services of a man who is interested in the economic aspects

of the Government's finance, and who is sufficiently intereetod in the subject to
be willing to devote some time end energy to Oringing aoout an improvement.

It

would be nreferable to have some one who would be capable of making an occasional

address on this subject, andnwho would be willing hienseit to etndy and understand

it by an examination of literature which will later be furnished.
I will greetly appreciate any nelp you can give me in this eonnection,.
by suggesting anyone you think could undertake this work successfully.

faithfully yours,

M. Bellborn, Esq.,

Govereor, federal Reserve Bank of Atlanta,
Atlanta, Ga.
Be.i/M3B.



p

LIBRARY
May 8, 1919.

MAY 9

1919

FEDERAL RESERVE BANK

-c.

4.7

Dear Mr. Wellborn:

Your note of the sixth, suggesting Mr. Miller

as a possible Tennessee Budget representative is just received
and I want to express my thanks for your cooperation and help

in this matter.

It is very much appreciated.

Cordially,

M. B. Wellborn, Esq.,
Governor, 2ederal Reserve Bank of Atlanta,
Atlanta, Ga.

M1313




9eptember 14, 1921.
Dear Governor Wellborn:

You will recall that about two years ago we had some oorres-oondence in

regard to th

oric. of the National Budget Committee.

In party at least, paz,sage

of the 4,462t legislation by the Congress was due to the work conducted by that
Now that the baeis of the budset system has been adopted by Cowese,

comi;ittee.

our organization is s.-;deavorir& to crysta11i7.e public
or the i4.%,:ra of

rr.

sectilent for the 6urt

thereby to insure per/0-3ent feceet for

t econor,y it.nc-

the new natiobal budget system.

ike are seeking to extend this or by sel6atinE, co tar ar possi le,
bankera, to a.cce0, active c

simply to carry on work #bi

ir.nhi'

a vr!.riouo of' the oore iffroortant cities.

i11 be laid :,ut for tUien. by the roltibbl ebr- ittee.

The scope of ale 4ork is described in the eonlsed Remomadum.
Cava you sus...;ez-A 1.regoritative

:,raferably banker, who

,i,;11t-, be

Alling to 6.uoopt such appointiLant6 it th-,T Aties of Atlnt, l';iminghall, Nashville
and Sew Orleans.

At the orent time A shall only :i,ek yo-.1 to suet naules, but later on
possibly you would be willing to cowunicate with them directly and further our
objecc or ha.via2 them acoept these appointmente.

If for any reason you think: it unwise to make these nug4estions, ill you

not write 'e quite frankly and, if y3u are willing to do so, give me your reasons.
With Dest regars, sod thanking you very 'cordially, I o,
our very truly,

M. B. Wellborn, Es;.,
Governor, Federal Reserve Bank of Atlanta,.
Atlanta, Ga.
BS:UM

enc.




leptember 14, 1921.
Dear Governor el/born:

You 4111 recal) that about t-yo years aw we bad aome corres:Jondance in
regard to tne mork of the National Budget Committee.

in part, at let., passage

of the 64det legislati:,z by the Congrese vas due to tho work conducted by that
r;oti that the baeii

cone.ati:,ee.

f the bud!;et system has oeen olGai,t0C by Cowes',

our organization iE e:IdeavoriT,1, to cTy5tal1i7e public eoatimEzt for the e'ui.çort
oe

the prrs of zo%eri.1,,...:t ocono7y

theroby to insure, permanent i;oceet for

the aew national bude,et syEtem.
Oie 4re seeking
bwattet

to Locel,A

to

e,temi thiP work by teloting-,r

Vs.r

r potsible,

chaimenshi: la vKriouE; o2! the Aore im?ortant cities,

simply to carry on e,-,rk which will be laid out fc,r theil, by the national eorittee.
The scope of the itor i6 described in the enolossd p:emors.adum.

ycu ut r,, ,:rmqoAtative me,;" :,reforably bmnkera, who ni/ht be
willing to 4QC,624, mot

tLen

L

tb

its of AtLint, BirtinghaN, Nashville

and New Orlearla.

At tha ,reseat tile i snail only 6.sk yo-4 to 6uest naiAss, but lr.ter on
possibly you would be willing to comninionte rtIth them directly Ind forthar our
object of having them aooept these auvintmente.
If for any reason you think: it unwies to make he

ug4esti3ns,wi11 you

not write Te quite frankly and, if you are willing to do so, give me your reasops.
With uest regards, and thanking you very'oordially, Iala,
:fours very truly,
B. Wellborn, Esq..,
Governor, Federal Reserve Bank of Atlanta,
Atlf:ata, Ga.
BS:MU

en o.



FEDERAL RESERVE BANK
0
OFFICE OF

GOVERNOR

June 27, 1922.

Ur. Benjamin Strong, Governor,
Federal Reserve Bank,
New York, N.Y.

Dear Governor

Strong:-

With reference to your letter of June ast
I mired you this morning that, inasmuch as our
Board of Directors had on several occasions taken a stand
in favor of our Bank's being reimbursed for Fiscal Agency
expenses, before going any further, I would wait until the
next meeting of the Board in July, at which time I would
place your letter before them.

A member of our Executive Committee today asked me
whether I had made a formal request to be reimbursed for Fiscal Agency expenses.
As I had only written to the Secretary
of the Treasury, enclosing an estimate of Fiscal Agency expenses for the six months period ending December 31, 1922, I
presumed from your letter that such action on my part had
not been construed as constituting a "formal request."
Therefore, in accordance with the desire of our Beard of Directors,
I have today addressed a formal request through the Secretary
to the Treasury for such reimbursement.
I consider that you are due this explanation from me
of the course the natter has taken since your letter brought
it to ray attention.

Very truly yvmrs4

Governor.
4




103W/ff.

FEDERAL RESERVE BANK
c)v ATWPA
OFFICE OF

CA,TE RNO.

June 27, 1922.
.s




Mr. Benjamin Strang, Governor,
Federal Reserve Bank,
New York, N.Y.
Dear Gdrernor Strong:-

With reference to your letter of June 2/st I wired you this morning that, inasmuch as our
Board of Directors had an several occasions taken a stand
in favor of our Bank's being reimbursed for Fiscal Agency
expenses, before going any further, I would wait until the
next meeting of the Board in July, at which time I would
place your letter before them.
A. member of our Executive Committee today asked me
whether I had made a formal request to be reimbursed for FisAs I had only written to the Secretary
cal Agency expenses.
of the Treasury, enclosing an estimate of Fiscal Agency expenses for the six months period ending December 31, 1922, I
presumed from your letter that such action an my part had
not been construed as constituting a "formal request." Therefore, in accordance with the desire of our Board of Directors,
I have today addressed a formal request through the Secretary
to the Treasury for such reimbursement.

I consider that you are due this explanation from me
of the course the matter has taken since your letter brought
it to my attention.

Very truly yours4

Governer.

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FEDERAL RESERVE, BANK
CIOF
OFFICE OF




August 3, 1922.

Mr. Benjamin Strong,
Governor,
Federal Reserve Bank,
New York, N.Y.
Dear Governor Strong:-

I desire to acknowledge receipt of your

letter of July 26th, relative to your talk with
the Comptroller on the subject of the expense of
reports of examination Of national banks, and the
method of custody and

safeguarding

of those reports.

I note that the matter will be more fully discussed
at a subsequent conference between the Comptroller

and the

Governors of the nearby Reserve Banks, and

that I will be advised of any action that is taken.

Thanking you for

this information, I am
Very truly yours,

X)/z/V\LI2A2f4-,f,
Governor.

17.




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WESTERN UNION

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NEWCOMB CARLTON, PRESIDENT

GEORGE W. E. ATKINS, FIRST VICE-PRESIDENT

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