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BANQUE NATIONALE SUISSI
71 kOklifget

PAM

192.1

MERU litSERVIBiirt

April 19, 1923.

Benj. Strong, Esq.,
President, Federal Reserve 3ank,
New York, N. Y.
Dear Mister Governor:

I took the liberty to cable you to-day as follows:
"As you know Swiss Franc continues weak.
Suppose that expectation of credit
"of 100 millions promised by Swiss banks to Reichsbank on gold deposited here
"stimulates buying in advance foreign exchange. I fear this will increase
"weakness of Franc and study how to avoid it.
Could you eventually advance
"us whole or part of said amount under form and conditions to be agreed or
"would issue of short Swiss Treasury Bills in New York be possible.
Please
"consider this as nuite private and confidential as well as I do.
Schnyder."
Since a certain time the Swiss franc is rather weak.

As the

general economic situation in Switzerland shows rather a tendency to improve
there must be certain special reasons for this fact.

Germany cams to

liquidate to a considerable amount Swiss investments in order to buy Pounds
and Dollars which she needs for payment of coal and other materials.

Besides that,

the very low rate of interest in Switzerland leads the Swiss banks to keep
considerable amounts in foreign exchange and capitalists are rather inclined to
invest in foreign securities.

As you may know the Imperial Bank of Germany has

deposited 100 millions of Gold-marks in Switzerland which will serve as collateral
for credits promised by Swiss banks.

Now I am afraid this operation may account

accumulate the weakness of which will have to be banks for Germany.
They
very much for foreign exchange the Swiss franc as our bought may be inclined to

have a certain interest to keep down our franc till the equivalent of the credit
has been handed over to Germany.

We, as Central Bank, should try t

as much as possible those oscillations and I am studying personally and privately




- 2 -

how it could be done.

Therefore I telegraphed to you thinking it might be

possible to get credits in America up to about the same amount as the above
operation;

this would allow us to give out such quantities of foreign ex_

change as may be needed.

Do you think you could enter eventually in discussion of granting
such a credit; or, in case this would not suit either party, Gould we place
in New York treasury bonds on short term or treasury bills on reasonable conditions?

I would very much like to know your views on this point.

Of course,

I should consider your answer as an absolutely private and personal opinion,
as I beg you to consider this letter as private and confidential.

I have net

yet discussed the question with my colleagues, and my further attitude will
depend much upon your.anewer.

I am thanking you very much in advance for a communication of your
views on the matter.

The cuestion is one of the Tost interesting from the

point of view of the Central Banks and I feel one of the most important for
cooperation between them.
Believe me, dear Mister Governor, yours very truly,

(Signed) Chas. Schnyder de Wartensee.

Benj. Strong, Eso.,

President of the Federal Reserve Bank,




New York.

TaLL:::LAT10:.

CABLMFICT

Berne,

Latod April 18, 1923.
Rocyd April 19, 1923.
Governor Strong,

Federal Reserve Bank,
Now York,

Y.

As you know Swiss francs continue weak,iurpose t'-at expectation of
credit of 100,000,000 promised by Swiss Bank to Reidhsbank on ,7vld deposited
here stimulites buying- in advance foreisa exchanr!e,/ fear this will increase

weakness in francs end study how to avoid it.6ould you eventually advance us
,.,'hole or pnrt of said amount under forms and conditions to be a7reed to or
would issue of short Swiss Treasurz/ bills in New Tbr;c be rossible

consider this as quite privete and confidential as well as i do.




Schnydor
wiss National Bank.

rlone




2113:3101107. 07 CAT=L7GRX.7

April

Schnyder,

ZC, 19r3.

wise NAional oa.nk, berne.

'Implying your cable April 18th we believe your problem more radily met
by sale Lore or Treasury bills which we believe could now be sold in reasonable amounts
on favorable terms,.
here.

If desired would gladly discuss latter with issuing bankers

Tour alternative suggestion of advance from us involves ciuestion of General

2olicy not yet considered in devoloeing our relations with foreill banks of issue

and which Aould meuire discussicn with Federd Roserve Board in Washington and other
Federal reserve banks.

As this, mi6ht delay decit:ion unduly suggest sale Treasury

bills posteoniug rluestion of advance for present..







TRANSLATION OF CABLEGRAM

Translation of Incoming

FEDERAL RESERVE BANK
YORK

Date

CABLEGRAM
4,-M

-46From

101,

-T

677-3

--

-t.-

No. C-

TRANSLAT 1014 4F CAB L 7GBAM

Berne
.lay 1, 1923.

Governor Strong,
Federal Reserve Batik,

New York, N. Y.

Issue of 120,000,000 4 percent Swiss zedaral

',ail raj Loan closed

yesterday has been fully subscribed..




Sclmyder
Pules National Bank.




I

-2-

hurriedly and without reference to the Federal Reserve Board.

Jur operations

in foreign matters are strictly limited by the provisions of the Federal Reserve

Act ma must be approved in principle by the Federal Reserve Board.

I might say

for your private information that I am personally of the opinion, and I think
Governor Strong feels the same way, that we should be prepared to make temporary
advances in reasonable amount s to our fo re ign corresi)ondent s against the security

of gold for the purpose of assisting in tne stabilization of exchange.

However,

I have not discussed this question with iry associates, nor has it been presented

to our directors and tne Federal Reserve 3oard

,

and the ftture policy of this bank

would, of course, be dependent upon their attitude.

As you mentioned in your

letter, the question is one of t he most interesting and important in the relations

between central banks and I have no doubt that

it would be discussed at any con-

ference of central banks vhich might be held in the future.

I trust that my views will be of some assistance to you, and with
assurances of my esteem, I beg to remain




Very t rulj your s ,

J. H. CA3E,
Deputy Governor.




COPY

r.

-2-

M. Charles Schnyder de Wartensee.

worthy and has been brought about by rapidly advancing costs of construct ion.

5/18/23.

The

stock market broke sharply at the beginning of last week, rallied, and at the end of
the week was again so ft.

as to money, the tendency towards firmer rat es , which was

in evidence during March, abated somewhat last month and the trend temporarily at least
seems to be toward greater ease.

Similarly with bank credit , the increasing volume

of loans by member banks for commercial purposes during March, which was accompanied

by a rectuct ion in their investment holdings, has been followed by a mare moderate ex-

pansion in such loans.

It is spparent that since the middle o f March the demand for

credit for commercial purposes has distinctly moderated.

These changes in the loan

accounts of our leading member balks have been alrrost without reflection in the Federal

reserve becks' figures. Imports of gold and liquidation of investment holdings have
enabled member banks to meet the credit demands of their customers without recourse

to the reserve banks. In connection with all this, however, it should not be over-

looked that there has recently been a substantial increase in wages and if things
follow their usual course, it should mean higher commodity prices, particularly in

retail markets. Usually this in turn is translated into increased demands for credit,

so that the future has some interesting potential possibilities.
With renewed assurances of my esteem, aelieve me ,
Very- truly yours,

J. H. CA3E,
Deputy Governor.
Enc.
JEC/CEP







COPY

Rotel du Palais,
Biarritz, France,
August 5, 1925.
My dear Sir:

One of the objects of my visit to Europe this year was
to become personally acquainted with the officers of those banks
with which the Federal Reserve Bank of New York has relations, and I
had hoped and expected to visit Berne in order that T might have the
pleasure of meeting you.
But I have also made the trip in order to have a rest
and holiday with my daughter, who accompanies me, and our time may
prove to be a little short to make the trip.
I am, therefore, writing to inquire if you will be
good enough to advise me whether you are planning to be in Berne
during the month of August in case I should find it possible to
Alec, whether there is any possibility
!rake the trip from Paris.
of your being either in Paris or London at any time during August
or the early part of September, as that indeed would permit me to
have the pleasure of a meeting and save the time of the trip.

There seem to be many matters which it would be profitable for us to discuss if a meeting can be arranged, and I beg
that you will not hesitate to advise me quite frankly of your wishes.
I now plan to be in Paris by about the fifteenth of August
and to ra'nain there until at least the twenty-fifth, - poseJbly a little longer.

With assurances of my best regards, I bog to remain
Very truly yours,

Ions eu r Bachmann,

President, Banque Nationale Suisse,
Berne, Switzerland.




REri.iBLIQUZ FLAN(.:AISE

'Indications de service.

TELEGREJAIVAL

PR -S'ilIENT BENJAMIN
MALIE

C

s Tfi.o

(4tr

fee3

PA

E

.N.1

,

:st

in

Timbre
a date.

Cho: Wet! soutuic h auenne, recponcohilih, a raicon du srrvice de la corregpondance priree par to you
li;biyirphiqur. , Lui du nu nmembre 185o, art. 6.)

111C

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ISMIDUE

DEMOTE..

DATA.

Ut.

DI DEPOT.

Ir. Le toctedi
charr+4tet

IIIENTiONS DC SE

ZUERICH 53034 31 17° 16125:
HOTELACCOMODATI.ONS ARRANFE0 FOR FUIDAY MORNING AT BALE
EUrFR NEAR STATION MEETING tITH PRESIDENCY AN') IIRECT,OR

FOUR THIRTY AFTERNOON AT OUR PANKRUILDING
0




BACHMWN

IIVNQUE NATIONALE SUISSE
c!!!,

29-10-avat

.

LE PRESIDENT DE LA

1S25.

DIRECTION GENERALE

ale-k
Monsieur,

Je reQoie vos estimees lignes du
5 crt. qui m'ont ete alreasees par notre
siege de Berne, attendu que ma residence
se trcuve Z1 Zurich et non e. Ferne.

C'est avec plat sir que j'apprends
que vous me ferez l'honneur dune visite,
qui sera soyez-en certain la tienvenue. Le
President de notre Conseil de banque, Monsieur le Dr. Usteri, serait aussi fort heureux de faire votre connaissance. Nous serions volontiers a votre disposition la
semaine pr9chaine as Zurich ou si cela pouvait vcua etre utile pour abre7er le trajet,
nous pcurrions vcua rencontrer e, Bale ou
si vous le preferiez a Berne. Toutefois it
ne me serait pas possible de m'atsenter de
Zurich lee 18 et 30 aout, jours
je suis
retenu par des seances, main si vous desiriez venir s Zurich l'un de ces deux jours,
je m'arrangeraia volontiers pour vous vcir.
Malheureusement, je ne prevois aucune occasion de me rendre a Paris ou a Londres
ces prochains mole.

Pespere toutefois vivement que
nous pourrons arranger une entrevue en
Suisse et au plaisir de vcua lire, je vous
prie d'agreer, Monsieur, l'expresaion de
mes sentiments bien distinmies.

Monsieur B. Strong, President
de la Federal Reserve Bank
ofjrew-York,
pr.adr.Hotel du Palais,

Biarritz (France)


OANQUE NATIONALE SUISSE
LE PRESIDENT DE LA
DIRECTION GENERALE

ACIONOVVIAELWEAD
SEP 26 1925
Monsieur,

Faisant suite a mea limes du 10 crt
je vous informe que M. le Pr. Jsteri ne sera
pas Libre jeuli le 20 aolat et vendreli le

21 meme mois. Si pourtant l'un de ce3 deux
fours vous convenait le mieux pour une rencontre, le suanomml s'arranzerait pour

litre

votre disposition. Ii vous serait recon-

naissant de nous aviser assez tot si vous
choississiez l'une des dates prdcit4es.
Fans l'attente de vos ncuvelles,
Je vous prie d'agreer, Monsieur, l' expression

de mes sentiments bien distingus.

9.
Monsieur 7. .Ttrong, President
de la Feleral Reserve Bank
of New-York,
pr.alr.Fatel du Palais,
Eiarritz (France)



Banque Nationale Suisse

The President of the General Directory
Zurich,

August 13, 1925.
alw

Si r:

Following my letter of the 10th inst., I
inform you that Dr. Usteri will not be free Thursday,
If, however,
August 20, and Friday August 21.
one of these two days would suit you better for a
meeting, the undersigned would arrange matters so as
to be at your disposal.
He would bygrateful to
you if you would notify us pretty 59 whether you
have chosen one of the dates aforesaid.
In expectation of hearing frorricti;.,1 beg
you, sir, to accept the expression of m"vOty:,Clistinguished regards.
(Signed)

G. Bachmann

Mr. B. Strong,
President of the i'ederal Reserve Bank of Aew York,

present address hotel du Palais,
Bi arri tz

cud A9.0..(luz4




s--tk

France.

cil -71/




ON?UE NATIONALE SUISSE
LE PRESIDENT DE LA
DIRECTION GENERALE

Zite4

.1

th Au-u.st. 19Z5

Yy dear Sir,

In reply to your kind letter of
the 14th inst. I w:.re3 you as follows:

"Fotelaccomodations arransd for Friday
ucrning at Bale Hotel ruler near station
:,:eeting with presidency and directorium
at four thirty afternoon at our bankbuildins".

Our representative in Basle, 7r
Hunsp,erzer, will meet you at the hotel.

For the meeting in the afternoon,

pre-

sident of the Bankboard, Dr. Paul Usteri,

and the vice-president, Dr. Alfred Sarasin,
as aell as the three mmters of the directcrium will be present. All these gentlemen

will have the pleasure to spend the evening
with you and your colleague, rr.Stewart.

With assurance of my esteem, I beg
to remain, Dear Sir,

very truly yours
Yr.Eenj.Strong,7resident
of the Fsderal ile6erve
Bank of New York
Ebtel Va.,;estic, Paris




Au,. 18, 1925.

Monsieur G. Bachmann
Banque Nationale Suisse
Many thanks telegram just received
Bale Friday morning




ZURICH

Taking night trnin Thursday and arrive
Benj. Strong

a
'September 26, 1925.

My dear Mr. President:

Only today have I received your kind note of August 13, which
unfortunately reached Biarritz alter I had left, and hes therefore followed
me to Paris, London and linelly to New YorX.
Lest you limy have felt me to be discourteous in not answering

you more promptly, I write at once to explain, of eouree, the deley and to
beg your indulgence.

The meeting with you and your seeocites in Belo MS moat intereeting ane helpful, and we earnestly hope that the relations of our inetitutions may be of growing value to you, and that you will not hesitete to
comane us in connection with setters sphere

c can te of service in New York.

With cordial regards to you end your essocietes, I beg to remain,
Faithfully yours,

Monsieur G. Bachmann,
Banque Nationale Suisse,
Zurich, Switzerland.
BS. LE,




Hotel Chatham,
Paris, May 17, 1926.

Dear "r. Bachmann:

4y visit to Furope this year will be considerably devoted to
a rest, which I much need, but T can hoping neverthelesc, tc visit Switzer-

land and again have the pleasure of seeing you and your anecciates.

Dr. Stewert was not En- to accompnny ne this year, tut T. have
with me tor. Robert B Warren of our office, who is retraining in Paris

while I am taking a holiday, and it may be that ho will wish to call on
you, se he is plonning a visit to Switzerland.
ter. Warren would like to acquaint himself somewhat with conditions
in Switzerland and with benleing methods generally.

'le is acquainted with

the details of our businesc relations, and you may talk with him quite
freely.

T have given him a note of introduction addreoted to you, and he

will advice you 3n edvemce of hie call.

Anything that you are able to do

to facilitate the object of his visit will ho very greatly c.pprociated.

With kindest regards, believe me
Sincerely yours,

Mr. G. Bachmann,
Banque Nationale Suisne,
Zurich, Switzerland.







S
oh
hotel du Cc.p d'Antibes,
Antibes, Juno 11, 1926.

Dicer ;4r. Bachmann:

Many thanks for your kind note of =lay 20th, vhien has boon foruurdet: to me hero.

The date of my arrival in Switzerland Jo still rather uncertain,
but I shall give you ample notice in advance.

In tho mek;.ntime, you may

receive a call from gr. *.;arren, .:ho is still in 1:.ris.
4.ith kindest rega.rds, ideliorb me

Sincerely yours,

Ur. G. Lachman, irecii.ko.nt,

%now, Nationale Suisse,
Zurich, Ziwitzeriann.




PRASIDENT

DES DIREKTORIUMS

MCHWEIZERISCHE NATIONALBANK
Dear Mr. Strong,

I have your lines of june 11 th and gladly
note that you will let me know as soon as the date of
your arrival in Switzerland has been fixed.
Meanwhile, I shall be glad to meet Mr.Warren,

if he chooses to come and see us, which I suppose he
has not been able to do up to this day.

Trusting soon to have the pleasure of meeting
you,

I beg to remain
Dear Mr. Strong

Mr.Benjamin Strong, Governor of the
Federal Reserve Bank of New York
Hotel du Cap d'Antibea, Antibes.




OSCHWEIZERISCHE NATIONALBANK - BANQUE NATIONALE SUISSE
BANCA NAZIONALE SVIZZERA
ZURICH - BERNE
AARAU. BALE. GENEVE. LAUSANNE. LUCERNE. NEUCHATEL. ST-GALL
LA CHAUX-DE-FONDS. WINTERTHOUR

ALTDORF. BELLINZOBB. COIRE. FRIBOURG. HERISAU. LIESTAL. LUGANO. BOHAFFHOUSR. SCHWYZ. SION. SOLEURE. WEIN:FELDER

DIRECTION GENERALE

ZURICH, August 11th 1926.

W G.
TELICORAMMES: DIRECTIONAL

Mr. Benjamin STRONG, Governor
of the FEDERAL RESERVE BANK OF NEW YO:HK,

c/o. Hotel Euler,

BASLE
Dear Sir,

We take great pleasure in referring to the exchange of
cablegrams of which copies are enclosed in this letter.
Dr. BACHMANN, President of the Board of General Managers,

being absent in holidays this week, we forwarded him your communications
so that he might get in direct touch with you. 7e feel authorized to
express on his behalf our warmest thanks for your messages and to assure
you that he would be very pleased indeed to meet you at whatever place
and day you would choose next week, except Wednesday when on account
of a meeting of the Committee of the Bank he could only meet you in
the evening.

Complying with your wish we have been pleased to arrange

accoAdations for your party at Basle for Thursday evening.
In case you should wish to get any information or other

services of any kind, we are sure, Mr. SCHEUDE, Director of our
Basle Office, will be pleased to be at your disposal.
Believe us to be, Dear Sir,
Yours very truly,

Banque Nationale Suisse
ENCLOSU2ES.



LE PRESIDENT
DE LA DIRECTION GiCNERAILE

BANQUE NATIONALE SUISSE
Dear Yr. Strong,

I beg to acknowledge receipt of your
telegram from Paris reading:

"just received notice that following telegram which
I Bent you from Evian August twenty second addressed
bolder Taldhaus was undelivered insufficient address
quote very sorry am unable stop at Zurich but atill
hope to see Professor Bruins in Berlin kindeet regards
unquote very sorry about delay".
I also received g copy of your cable from
Evian of the 22 d August addressed to polder ¶aldhaus
and informed Professor Eruine that you will probably
meet him in Berlin.

I very much regret that you are unable to
stop at Zurich and hope nevertheless that we shall have
the pleasure to see you in Zurich in a not too far future.
With best regards,
I remain,

Yours very sincer.

Le'

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




Paris




iripUE NATIONALE SUISSE
9 th. .Se.pt -1936

LE PRESIDENT DE LA
DIRECTION GENERALE

Dear "r. Strong,

On receipt of your
favour of September 4th I informed Pro-

fessor Bruins that it will not be possible
for you to visit Berlin at all. I regret

it very much for Professor Bruins, who
would have been so pleased to sae you.

With my beat wishee
for a hood sailing and my kindest regards,
I remain

Yours very sincerely

Mr.Benj. Strong, Governor of
the Federal Reserve Sank of New-York,
Princess Hotel,




Paris

.




ZURICH. L1;

September 14, 1927

LE PRESIDENT
DE LA DIRECTION OENERALE

1110 BANQUE NATIONALE SUISSE
JM.




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

NEW YORK
Dear Mr. Strong,

I received your kind letter of August 31

and hasten to thank you very sincerely for your commun
cations. It gave me much pleasure to learn that I
probably shall have the opportunity of seeing you next
winter.

I

should be exceedingly glad indeed to meet yo

during your stay in Europe and I am expecting your fur
news regarding the place and the date suitable to you
for such a meeting, thinking that you intend to have

a meeting of all these gentlemen together for discussing the problem of gold values.

I have also to thank you very much for your

kindness of sending me the first part of the hearings
about stabilization.

I am much interested in this matt

because even in our country the same question in nearl

every general meeting of the bank comes into discussion

Also I would be glad to receive later on a second part
of these hearings.

With best wishes for your recovery and kinde
regards, I remain,
rear Mr. Strong,

Yours very faithfully










2.

s/e/za.

a .good visit with

All of ehie explanation is simply to preface the hope that I may have
cussing, and I h

ous problem of t

upon prices if th

our interestv are

have the privileg

So, m

hope that it mig

With c

patience in awa

Dr. G.

Fs. CI bill ann,

President, Swiss
Zurich, Stitzerl a

gave n
dictate

411

SCHWEIZERISCHE NATIONALBANK
B/LS.

i-tivA;r 94+zumen. DEN 20.Apri1 1928.

PRAMIDENT

DB8 DIREICTORIUM8




Herrn Benjamin Strong, Gouverneur
der Federal Reserve Bank,
N e w

York.

Mein lieber Herr Gouverneur,
Ihre freundlichen Zeilen vom 8.Marz habe

ich richtig erhalten und mochte Ihnen heute, wo Sie
voraussichtlich bald die Reise nach Europa antreten
werden, noch zum Ausdruck bringer, wie sehr ich mich
darauf freue, Sie baldozu sehen. Ich werde morgen mit
Herrn Prasident Viesering in Luzern zusammen sein un-d
wir werden dabei zweifellos der Wochen gedenken, die
wir vor einem Jahr zuaammen in Atlantic City und in
New York verbrachten. Die Auseicht, dass Sie von Paris
aus die Schritte nach der Schweiz lenken werden, erfUllt
mich natUrlich mit besonderer Freude und Sie kdnnen versichert sein, dass ich alley tun werde, um Ihnen in
Locarno oder Lugano oder dann am Genfersee einen Ort
ausfindig zu machen, wo Sie rich bei mdgliOlst sildlichem
Klima wohl fizhlen kOnnen. Wenn ich in diesem Sinne etwas

fUr Sie vorkehren darf, bin ich gerne Ihree Tinkee gewg.rtiL,t.

Mit Ihnen halte ich daftir, dass die Gold-

wahrungafragen in raechen Schritten zu einer Leung
drangen. In Frankreich wird die Stabilisierung nach













SCHWEIZERISCHE NATIONALBANK

OftWEIZERISCHE NATIONALBANK
ZURICH.

piasIDENIFG

June 18, 1928,

DES DIREKTORIIIMS

4111r. Benjamin Strong,

c/o Morgan & Co.,

Paris.
14 Place Vendome.

My dear Mr. Strong,

I have for acknowledgement your

wire of the 15th inst. informing me of your
leaving for Paris to-morrow, and of our
intention to go to Haute Savoy the following
week.

Fr

this I understand that you :'rill

be in Evian around June 25th, a date which
would permit me to come and see you there.
I hope that your journey to and
from Paris will be very agreeable, and that
I shall find you in good health the week
I should thank you to receive
after this.
a few lines yet giving me definite information as to your arrival in Evian.
With the best of wishes, my
dear Mr. Strong, believe me,




ver sincerely yours,

OSCHWEIZERISCHE NATIONALBANK

ZURICH. DEN July 4th, 1928.

PRAM DEN'Ip G
DES DIRBECTORIUMS

S




Mr. Benjamin Strong,
Hotel Royal,

EVIAN LES BkINS.

***********************

My. dear Mr. Strong,

I beg to thank you for your telegrams of the 3rd and
the 4th inst. from which I understand that my visiting you
will be agreeable any time between now and July 15 th

.

As to my departure I can arrange to leave Berne,

where I have a meeting on monday, early enough to reach
the boat in Ouchy-Lausanne to arrive at Evian at 11.25 A.M.
on Tuesday, July 10th.

I hope that this date will be quite

convenient to you.

You have offered to make reservation at your hotel
on my behalf, which is very kind, and I should thank you
very much for your doing so.
With

very 'And regards, I remain, Dear Mr. Strong,
Sincerely yours,

U.
Royal Hotel,
Evian-les-Baines July 5, 1928.

My dear Dr. Bachmann:

This is merely to acknowledge receipt of your kind letter
of the 4th, just arrived, from which I note that you will probably
reach Evian at 11:25 a.m. on Tuesday, July 10th.

This will be quite

convenient, and I shall arrange to meet you at the pier myself or to
have my secretary do so.

A room and bath has been reserved mt this hotel for your
arrival.

Looking forward to the pleasure of meeting you again, I remain

Sincerely yours,

Dr. G. Bachmann, President,
Swiso National Bank,
ZURICH.
B3:11




Royal Hotel,
Evian-les-Baine, July 17, 1928.

Dear Dr. Bachmann:

Your kind letter of July 14th duly reached me, together with
Lhe enclosure, which I have read with much interest.
I

in pending the lecture to Dr. Burgess with the request that

he investigate the bost medium in which it might be -ubliahed.

On read-

ing it over, I find that some of the idiom employed in the translation
will require changes here and there in order to be perfectly clear to the
average reader, so I am suggesting to Dr. Burgess that he go over it carefully and rend you a text containing suggestions of the slight changes
which seem to be appropriate.

I hope this will entirely meet your own

views, and you will doubtless hear from hin very promptly.
The article certainly has a bearing upon many problems in which

we -re interested, poepibly the most important being the over present
study of the gold exchange standard and the resumption of circulation of
gold coin.

Your visit here gave MR the greatest possible pleasure, and I
really thick it was most kind of you and tho others to make the journey
in order to meet my inability to travel just now.
I am improving here gradually and feel confident that I shall
be able to leave next Monday, the 23rd, for Paris, and to sail for home
on August let.

With kindeet regnrds and every good wish, believe me, dour Dr.
Bachman,

Very sincerely yours,
Dr. G. Bachmqnn, President,
Swiss National Bank,
ZURICH.
BI!U



PRASIDENT FG
DES DIREKTORIUND-4

'I1WEIZERISCHE NATIONALBANK

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

New York.
********************

My dear Mr. Strong,

I beg to acknowledge receipt of your very kind letter
of July 25th, and to thank you for your cordial words regarding our meeting, and also for your suggestion.

As

to

the latter I would inform you that a copy of the original
in German has already been sent to Dr. Burgess.

It was, indeed, with great pleasure that I came to
Evian to see you, and I gladly assure you that the time spent
in your company will ever be recalled as most agreeable.
I sincerely hope that your trip on the Ocean was
enjoyable so that your health could make further progress,
and that by the time you take up your work again, you will
have regained your former strength.

With very kind regards, I remain, my dear Mr. Strong,




Sincerely yours,

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