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F.D. 124.3 L6

a/ 01

No.

7

Federal Reserve Bank

PER 5

STRo /t)

District No. 2
Correspondence Files Division

SUBJECT
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Hotel Ritz, Paris
July 31, 1919.

My dear Mr. 7elsh:

Your favor of July 3nth is received, and I regret that my cable of
July 28th has been transmitted through the Embassy rather than through
the Mission and the Department of State.

Will you by good enough to refer to the cable of July 3, seat by
the Acting Secretary of State, as follows:
"Ammission, P-ris (Franco)
"Benjamin Strong, Governor of Federal Reserve Bank of New York,
Is sailing for Europe on July 12th in connection with the purchase
by Federal Reserve Bank at request of Supreme Economic Council of
German gold marks now at de Nederlandsche Bank in Holland and National Bank of Belgium in Belgium.

":fir. Strong will have occasion to transmit cables through the
Mission to Department for

Upon request by
Federal Reserve Bank.
him so to do you are ant orized to transmit cabAss to the Department and to deliver to Mr. Strong cables from the Deeartment.
"Please inform American Peace Mission Paris and repeat to

London, Brussels and The Hague.
"POLK, Acting"
It is desirable that cables which I um sending to' the Federal
Reserve Bank in relation to these matters proceed through the usual channels, and I esuld aepreciate also having the enclosed copy tranamitted 48
promptly as possible.

The cost will be defrayed if I can be advised of the amount

Very truly

C. B. Welsh, Chief Clerk,
American Commission to Negotiate
Hotel de Crillon, Paris.

BS/V



Peace,

yours,

thereof.

Hotel Ritz, Paris,

July g, $09.

Gentlemen:

Availing of the courtesy arranged by the Department of State

in respect of private cables, I am taking the liberty of asking you
to transmit the enclosed cable addressed to the Federal Reserve
Bank of New York, through the Treasury Department, Washington.

It would be desirable to have this cable transmitted under
the protection of your code.
Much appreciating your courtesy, I beg to remain,
Very truly yours,

American Mission,

Hotel Crillon, Paris.

BS/1




July 14, 1919.

=LE TO TREASURY :REPM1SENTATIVE, PARIS amm THROUGH STATE
DEPARTUENT ON BEHALF FEDERAL RESERVE DANK OF NEW YORK.

One

Federal Reserve Bank has received cable front National Bank of

Delgiam giving 'full details of pro1iminar7 exlvination whiCh
satisfact,ory to 2ed3ral Reserve Bank.
Two

Before maJ2:ing advance to Grain Corporation Federal Reserve Bank

requires following:




Receipt of confireator7r cable giving results of
exaaination from Nationea Bank oe Belcium in State

Department code sent through American laaloter to
State Department;

Javice from you that necessary aseurance has been
giv em by Delgian Goverment that co/d me*, be Emported;

(0) Advice from yaa that conditiono of cable 1104 have been

definitely accepted by Germans and other parties con,
corned aad have been complied with.




AMERICAN COMMISSION

TO NEGOTIATE PEACE
30th July 1919.

My dear Mt.. Strong:

I 'ave received your letter of the 28th instant,

inclosing the telegram which you desire to have sent to
the Federal Reserve Bank, New York, through the Treasury
Department, Washington.

As the Commission does not usually

send private cables, and furthermore, as it has no system
of billing cables I have sent your letter with ti44,e inclos-

ure to the Embassy for transmission to Washington through
it.

Very truly yours,

Chief Clerk.

Mr. Benj. Strong,
Hotel Ritz,
Paris.

CBW/b




L

/




Hotel Ritz, Iexis,
August 16, 1919.

My dear Yr. Shaw:

Thank you for your memorandum which I find awaiting me on my return
from Brussels.

I deeply regret being unable to call upon Mr. Dulles and Judge
Ginn, and I shall mob be able to do so at once as I am leaving toWill you not kindly
morrow with General Harbord for Constantinople.
explain this to both Mr. Dulles and Judge Ginn and tell them that I
shall be sure and advise them immediately on my return.

Very truly yours,

Mr. Thomas Shaw,

Hotel de Crillon,
Paris.

Hotel Ritz, Paris,
August 1,

1919.

My dear Mr. Shaw:

would greatly appreciate your having any telegrams received for me
repeated to me in cure of the National Bank of Belgium, Brussels, to Luld
including Tuesday, August 5; thereafter, until otherwise advised, cure
Nederlandsche Bunk, Amsterdam.
Any telegrams that come as late as Thursday or Friday of next week
can be repeated to me cure of the Nederlundsche Bank nd copies of them
retained in your office for me, as I shall be in Paris at the end of
next week aid will pick them up then.
Sincerely yours,

Mr. Thomas Shaw,
American Mission to Negotiate
Hotel de Crillon, Paris.

BS/V




Peace,

Hotel Ritz, Paris,

July 31, 1919.

Dear Sir:

Mr. Strong wishes to thank you for your

addressed to him at London,

gation at

the 24th and 2,th,

containing copies of letter from U. S. Le-

The Hague of the 22d and of cablegram

July 23, respectively.
Very truly yours,

Thomas Shaw, Esq.,
c/o American Mission to Negotiate Peace,
Hotel de Orillon, Paris.




letters of

iTreasury 11,2, dated




AMERICAN COMMISSION
TO NEGOTIATE PEACE

Hotel de Orillon, Paris,
28 July, 1919.

Dear Sir:

For your information, there is trammnitted herewith copy
of self-explanatory letter today received from F. M. Gunther,
Charge d'Affaires at The Hague.
Very truly yours,

Attached -to Mr. Norman H. Davis
(Absent), U.S. Finance Comtr.

Governor Benjamin Strong,
Federal Reserve Bank,
c/o Bank of England.

AMERICAN COMMISSION
TO NEGOTIATE PEACE

Hotel de Crillon, Paris.
28th July, 1919.

Dear Governor Strong:

Enclosed is copy of cable received by the Compission, and
which I asked them to repeat to you to the Bank of England this
It could not be

morning, not knowing of your arrival in Paris.

decoded, as the office- here did not have a copy of the proper code.
Very truly yours,
)

frez

Attached to Mr. Norman H. Davis,
(absent), U.S. Finance Com'r:

Governor Benjamin Strong,
Hotel Ritz, Paris.

P. S.

I have telephoned Mr. Taft's office of your proposed call
tomorrow morning.

If you have any letters or telegrams to be sent to Washington, I will be glad to see that they are properly forwarded.




wet, -toted

,

AMERICAN COMMISSION
TO NEGOTIATE PEACE

Hotel de Crillon, Paris.
25th July, 1919.

Dear Sir:

For your information there is enclosed copy of dable
today received from the Treasurj at Washington, which may pos-

sibly be of interest to you.
Very truly yours,

attached to Mr. Norman H. 'Davis

(absent), U.S. Finance Corer.

Governor Benjamin Strong,
c/o Bank of England, London.




legation of the

(C 0 P Y)

United ';tates of 'aerica

The Hague, Netherlands.
July 22, 1919.

Referring to my letter of July 18, 1919, I take pleasure
in transmitting to you for your information the following translation of the cable which I transmitted to the Department of State
for the Nederlandsche Bank under date of July 17, 1919:
First lot approximating twenty million gold
marks completed stop gros weight kilo 7943 grammes
906 ounces 255402,3 stop coins are genuine stop
are weighing second lot 996002
I am, Sir,

Your obedient servant,
F. M. Gunther
Charge d'Affaires,

Norman H. Davis, Fsquire,
Finance Commissioner,

American Commission to Negotiate Peace,

Paris.




AMERICAN COMMISSION
TO NEGOTIATE PEACE
Hotel de Crillon, Paris.
24th July, 1919.

Dear Sir:

For your information, there is transmitted herewith copy
of' self-explanatory letter today received from F. M. Gunther,

Charge d'Affaires at The Hague.
Very truly yours,

Pri
Attached to Mr. Norman H. Davis
(absent), U.S. Finance Com'r.

Governor Benjamin Strong,
Federal Reserve Bank,
c/o Bank of England.




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Dr. L. 3. ZOM,

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Vashin7ton, D. 0.
Doom Dr. Rom:

just learn than you rem ;pod enogil to te1o6rVii
to the lo/lootor at Ems 7onlz: in rof;ard to my proloned trip

to nurope, ant. IAM not nn2;7 most ,;rateful to you for Cat
'Out rlto far tic macrostion an to Ur. Vanthml Ino ban agrood
to co to 77Turo10 71t77. no o7.1.e,.. nho, 1 or mare, .1111 wove a
:M431;t Competent secretary.




Sireerely Tom's,




CAA

,00

Janu!Iry 24th, 1916.

Dear Mr. Collector:

Your very kind note of the l8tt was on my desk on
my return from Washington and I am grateful to you for your

interest in my trip, and for confirming the report that I am
a law-abiding citizen.
If you should look over the rocords of your o:fice,
you would find tat on various and sundry occasions I have made
deciratione on the dock that have cost me largo :Lums of money

in times poet, and I confess that I hd some uneasiness about
that fur coat lest, in my innoomon, I should be persuaded that
I ought to r'y duty on thnt.
I will let you know without fail when T am coming back.

oanttae, would like right well to have a visit with you before

goig.

I will ca7t1' you up with the hope of hving you take lunch-

eon with me 3ome day this week.

Very truly yours,

Dudley Field '_:alone, 'sq.,
United F3ttes Custom Service,
New York City.




Jr/VOM

TREASURY DEPARTMENT
UNITED STATES CUSTOMS SERVICE
NEW YORK

OFFICE OF THE COLLECTOR
DISTRICT No. 10
ADDRESS ALL COMMUNICATIONS FOR THIS OFFICE
TO THE COLLECTOR OF CUSTOMS

NEW YORK. N. Y.

January 18, 1916.

IN REPLY REFER TO

Hon. Benjamin Strong, Jr.,
62 Cedar Street,
New York City.
My dear Governor:

No matter what you do with your fur coat
I promise you that, while I am Collector of Customs here,

you will have no inconvenience or difficulty, for I have
heard a tttrttrewt report that you are a law-abiding citizen.

And this is at least one rumor in which I am willing to
place at least temporary credence!
I do hope I may see you before you go.

And you must

promise that, when you are coming back, you will send me

either a letter or a wireless, in order that we may be on
hand to welcome you.




Yours most faithfully,

PRSONAL.

January 13th, 1916.
Dear Mr. Collector:

hat dot's an Lmerican citizen need to do when he gees

to Europe and takes a perfectly good fur coat purchased at Gunther's

with him and wants to get it back into the country on returning without being subject to arrest, fine, imnrisonment and disgrace?

I an likelj to make ,t hurried trip to London pretty
soon and as they say it is rather cold on the water just now, I want
to take a fur coat with me and be sure of getting it back home again.
Your advice will be very much appreciated.

Very truly yours,

Honorable Dudley Field :111one,

Collector of Customs,
Custom House,

New York city.
BS Jr/VCM




o




/

COPY
Any reply to this letter should be addressed
to The Secretary,
Treasury,
ithitehall, London,

SA.1

and the following number cuoted

TREASURY CHAMBERS
30

June

1920.

260.

Sir,

I am directed by the Lords Commissioners of his Majesty's Treasury to
address yo vi relative to the recent negotiations between the Honorable Albert

Rathbone of the United States Treasury, and Mr. Basil P. Blackett of this

Department regarding the liquidation of the liability of hie Majesty's
Government to the United States' Treasury in respect of the purchase of

Pittman silver on behalf of the Government of India, and to inform you that
the proposals agreed between Mr. Rathbone and Mr. hlackett (subject to
general agreement upon other matters under discussion) have been laid before
the Secretary of State for India with a view to the concurrence of the Indian
Government being obtained.

My Lords have received a reply from the Indian Government expressing
agreement in the proposals as a whole.

6ith regard however to the provision

that telegraphic notices should be sent to the Federal Reserve Bank of New
York reasonably in advance of each and every weekly or other offering of
rupee credits by the Indian Government in London or elsewhere in Great Britain,
the Indian Government draws attention to the rules applying to the sale of bills

and telegraphic transfers on India (of which four copies pre enclosed herewith)
and writes as follows:"It will apparently be necessary for the Federal Reserve Bank to have

its own agent in London for the purpose of submitting tenders and it is suggested
that it will be unnecessary for His Majesty's Government to engage to give
notice of each weekly sale to the Federal Bank in New York.

It will be under-

stood that any tender put forward by or on behalf of the
Secretary of the United




-2-

States' Treasury in connection with the normal ofeering of drafts on India
by the Secretary of State will rank equally with tenders put forward by
banks and firms in this country or elsewhere.

No preferential treatment

is proposed in connection with these sales, and the acceptance, or otherwise, of any tenders on behalf of the Secretary of the United States'
Treasury will be determined on the same conditions as apply to the tenders
of other applicants.

It will be observed from rule 7 that payment for

bills and transfers must be made before the Tuesday next after the day of
allotment, and in the event of an allotment being made in respect of the
United States' Treasury it would be convenient that the sterling amount
be
due under the proposed arrangements /paid by Hus Majesty's Treasury to the
Secretary of State's account at the Bank of England in accordance with
the regulations.

The matter will be adjusted by the receipt of dollars

in New York simultaneously."

I am to ask whom the United States Treasury woad wish should act
as their agent both for the purpose of making tenders and receiving notices
I am to add that it would be convenient to the Government of Indis
that the United States Treasury should give as long notice as possible when
they propose to apply fcr the grant of the special rupee credits to be

placed at the disposal of the Federal Reserve Bank at New York at the fixed
exchange rate of 4e 2/3 cents per rupee.




I am, Sir, Your obediert servant,
(sgd) B. F. BLACEFTT

CORY
TREASURY DEFARTMENT
fodiSHINGTON

July

1920.

Confidential
Dear Sirs:

I enclose a memorandum of an agreement proposed to be entered into between
the United States Treasury and the British Treasury concerning the repayment by the
British Government of certain of its obligations held by the United States Treasury
in the amount of $122,017,833.57 regarded as having been given by the British

Treasury for advances made to it by the United States Treasury in order to enable
it to purchase silver under the Pittman Act.

You will observe that sub-division III of the proposed agreement provides
that in order to afford American Nationals an opportunity to acquire rupee credits at
the same cost as such credits are offered to British Nationals the British Government will arrange to make available rupee credits to the United States Treasury as
set out in the proposed agreement, which 7rrovides for arrangements to be carried out

by the Federal Reserve Bank of New York.
I also enclose a copy of a letter dated thane 30, 1920, from Mr. B. P.

Blackett of the British Treasury to the Secretary of the Treasury, in which he states
that the proposed agreement has been laid before the Secretary of State for India

with a view to the concurrence of the Indian Government being obtained, and that the
Indian Government has expressed agreement in the proposals as a whole, but points
out that under the rules applying to the sale of bills and telegraphic transfers
on India it will probably be necessary under the arrangement for the Federal Reserve

Bank of New York to have its own agent in London for the purpose of submitting tenders
and suggests that it will be unnecessary for His Majesty's Government to engage to
give notice of each weekly sale to the Federal Reserve Bank in New York.

The copies

mentioned in Mr. Blackett's letter of the rules applying to the sale of bills, and



-2-

telegraphic transfers on India have not been received.

Subject to receiving copies

of the rules, and in view of the assurances contained in Mr. 13-Lockett's letter of

June 30, the Treasury is inclined to believe that telegraphic notice to the Federal
Reserve Bank in New York in advance of weekly or other offering of rupee credits
by the Indian Government in London or elsewhere in Great Britian can be waived on
the understanding that in lieu thereof, similar notice shall be given in writing to
the agent of the Federal Reserve Bank in London.

The Treasury will be glad to know

whether in case an agreement is eatered into bet'veen the two Treasuries, either in the

form of the memorandum or in the form of the memorandum as modified regarding notices.
as above mentioned, the Federal Reserve Bank of New York is prepared, if the Secretary
of the Treasury shall so reouest, to act under it.

Of course, until an agreement is

finally concluded, no action under the proposed arrangement is to be taken.
In order that it may inform the British Treasury, the Treasury will be glad
to learn whom the Federal Reserve Bank of hew York would wish should act as its agent
in London for the purpose of making tenders and receiving notices in case the proposed

agreement is entered into between the two Treasuries, and the Federal Reserve Bank of
New York is prepared to act thereunder.

In such circumstances I assume the Federal

Reserve Bank of New York would wish to meet the convenience of the Government of India
by giving as long notice as poAsible when it proposed to apply for rupee credits at

the

fixed rate of exchange of 48-2/3 cents per rupee.
Very truly yours,
N. KELLEY

Federal Reserve Bank of New York,
190 Broadway,
New York, N. Y.
Attention:




Mr. J. E. Crane

July 22, 1920.

Dear Mr. Kelley:

Your letter of July 16 has been received enclosing a memorandum of a pro-

posed agreement between the United States Treasury and the British Treasury concerning
the re-payment by the latter of certain of its obligations held by the United States
Treasury in the amount of 4122,017,633.57, and considered as having been given by the
British Treasury for advances made to it by the United States Treasury in order to enable it to purchase silver under the Pittman Act.
We note that sub-division 3 of the proposed agreement provides that the
British Government will arrange to make available rupee credits to the United States
Treasury under the conditions outlined therein which provide for the arrangements being carried out by this bank.

In reply we write to inform you that in the event

al'

an agreement being en-

tered into between the two Treasuries, either in the form of the memorandum or in the
form of the memorandum as amended with regard to notices, we shall be glad to act under the agreement in behalf of the Treasury Department if the secretary of the Treasury shall so request us.

With regard to our naming an agent in London for the purpose of making tenders and receiving notices of sales of rupees, we should prefer to have the Bank of
England act for us in that capacity.

However, before giving you a definite answer,

it will be necessary for us to communicate with the Bank of England and ascertain whether
they would be willing to do so.

If the Treasury Department desires us to communicate

with the Bank of England at this time, we request that you advise us to that effect.
Very truly yours,

Honorable Eicholas Kelley,
Assistant Secretary of the Treasury,
Washington, D. C.

JEC/ELS


L: F. SAILER,
Deputy Governor.

Draft of May 17,

Pittman Silver Advances.
I.

Of the obligations of the British Government held by the United
States Treasury,

122,017,633.57 are regardeu as having been given for

Pittman silver purchases.

The interest on these obligations has been paid

up to but not beyonu the following dates, viz: as to 60% of said principal amount April 15, 1919, and as to 40% of saiu principal amount May 15,
1919.

Demand obligations of the British Government now held by the Secre-

tary of the Treasury, aggregating in principal said sum of 3122,017,633.57

will not be exchanged for obligations having a fixed date of maturity, but
the principal thereof anu the interest thereon are to be paid in accordance
with the following arrangement.

The British Government will forthcvith repay 317,633.57 of said prin-

cipal amount and in addition the interest accrued thereon, at the rate of
5% per annum to the date of payment from, as to 60% of said principal amount,
from April 15, 1919, and as to 40% of said principal amount, from May 15,
1919.

The British Government will repay the remaining 3122,000,000, together with the interest accrued anu to accrue thereon;
(A)

As to 60%.of the aforesaid :3122,000,000, to-wit the sum of

373,200,000, together with the interest accrued anu to accrue thereon as
follows:




On the 15th day of April in each of the years 1921, 1922, 1923
and 1924 on account-of principal the sum of 318,300,000.
On the 15th day of April, 1921, the interest accrued on said
sum of $73,200,000 from April 15, 1919, to April 15, 1921, at the,

rate of 5% per annum; and on each 15th day of October and 15th aay

of April thereafter a semi-annual installment of interest at the
rate of 5% per annum, which has accrued up to said respective date
upon the portion of said principal sum of 373,200,000 from time to

time remaining =mid.

(B)

As to 40% of the aforesaid 4122,000,000, to-wit, the sum of

448,800,000, together with the interest accrued and to accrue thereon,
as follows:

On the 15th day of May in each of the years 1921, 1922, 1923
and 1924 on account of principal the sum of ;12,200,000.
On the 15th day of Nay, 1921, the interest accrued on said
sum of 448,800,000, from May 15, 1919, to May lb, 1921, at the
rate of 5./.; per jsnnum; and

on each 15th day of hovember and lbth

day of May thereafter a semi-annual installment of interest at
the rate of 5,6 per annum, which has accrued up to said respective

date, upon the portion of said principal sam of 448,800,000 from
time to time remaining unpaid.

Until the payment in full of said principal sums with interest,
in order to afford American nationals an opportunity to acquire rupee credits at the same cost as such credits are offered to British nationals, the
British Government will arrange, within the limits and in the manner hereafter stated, to make available rupee credits to the

United states Treasury

at the cost and otherwise as hereinafter provided.
Telegraphic notices will be sent to the Federal Reserve Bank of New

York reasonably in advance of each and every weekly or other offering of
rupee credits by the Indian Government in London or elsewhere in Great Britain.

The Secretary of the Treasury, through'the Federal Reserve Bank of hew

Yoik, may make tenders to purchase rupee credits so offered by the Indian
Government.

To the extent that such tenders are accepted, the British

Treasury will make payments therefor in sterling for account of the Federal

Reserve Bank of hew York, and the Federal Reserve Bank of New York will forthwith pay the equivalent amount in dollars to Messrs. J. P. Morgan and Company
for credit of the British Treasury Account.

Payment in dollars shall be made

at the cable rate for sterling fixed by the

Federal Reserve Bank of hew York

at noon of the date of such sterling payment in London.

The British Treasury,

having made the necessary arrangements with the Government of India, upon the




request of the Secretary of thb Treasury, v111, in addition, place at the
disposal of the Federal Leserve Bank of New York rupee credits at the rate
of exchange of 43 2/2 cents per rupee in amounts not exceeding 1 crore in
any one month and not exceeding 7 crores in any one year.

Forthrith upon

the sele of such credits by the Federal Reserve Bank of Yer York payments
therefor at the rate aforesaid rill be made to Lessrs. J. F. Iorgan and
Company for credit of the British Treasury Account.

Rupee credits thus acquired may he availed of by cable transfers
upon the Ccntrolier of the Currency, Calcutta, by the Federal Eeserve Bank
of New York, and may be disposed of by said Bank but not at a lesser price
than their actual cost to the Federal Reserve Bank of 7ew York.

The dollar

auounts to paid for repee credits fortimith, upon their deposit as aforesaid, shall be used by the British Treasury to repay the principal of the
obligations hereinbefore mentioned not previously paid.

ac6rued interest

upon the principal amounts so repaid to date of payment shall simultaneously
be paid by the British Treasury.

All principal amounts so paid in any year

shall reduce correspondingly the fixed annual installments of principal payable in that year as hereinbefore provided, and payrents of interest thus

made shall reduce the interest payments to be made as hereinbefore providee.

The aforesaid payments are to be made at the illace and otherwise as

provided in the demand oblirstions for the payment whereof, both principal
and interest, prevision is made as aforesaid.

Sc long as the arrangement hereinbefore set forth is being carried
cut the Secretary of the Treasury 71_11 not demand, nor rill the British
?rovernment made, payment of the principal or interest of the aforementioned

demand obligations in the principal amount of $1Z2,017,6?-7.57, except only
to the extent that such principal and interest rill become payable under
the terms of this arrangement.




'

- 4 -

VI ,

Without prejudice to the obligations of the British Government
.both under the arrangement hereinoefore

set

forth and upon its demand o

ligations held by the Secretary of the Treasury, the British Government
is released from

28, 1918, to
ther payments




its

obligation contained in Lord Reading's letter of May

assistant Secretary of the Treasury Leffingwell

in

gold for

Pittman

silver purchases.

to

make fur_

Misc. 54

FEDERAL RESERVE BANK
YORK

COPY OF TELEGRAM
11.

10;11,07 0/0

firr7lir oar tolephane ormyv,
?..618sailize .cfn tlya 71.:A1Otcos'L,

.S1.111

4f3pteiJ0r

anthelsotand thttttor ttiz
vIrfix to fisoilitz.lAng

Sowel




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- y411.cso ,:d.th a.

Ortge
171:4-Ja

)n
1..-(y1 that




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21-9

Hotel Ritz, Paris,
August 27, 1919,

My dear Judge Ginn:

I beg to acknowledge receipt of your letter of the 26th inetant

enclosing copy of report of examination of the 10th lot of gold at he
Hague, for which I thank you.

Very truly yours,

Hon. Lurtin R. Ginn,
Assistant Comptroller of the Treasury,

2 Rue des Italiens, Paris.

V







eiith lot equal amount oompleted Kilogrammes 7844 comma 212 troyounces 255412

comma 1562 germanweight 7944 grams 63 dif-

ference grams 149 coins genuine total amount
200 million now weighed OCAPAL

TREASURY DEPARTMENT
WAS HI wropt

Paris, France,

OFFICE OF

COMPTROLLER OF THE TREASURY
IN REPLYING QUOTE INITIALS

No. 2 rue des Italie ns




August 26, 1919.

Governor 1.,u.a amin Strong,

Hotel Onion,
Paris.

My dear Governor Strong:

I hand you herewith copy of report received from the Charge d' Affair es at The
Hague relative to the result of the examina-

tion of the tenth lot of gold.
Re spe c ully,
lc.
1,7-3

lurtin R. Gi

Assistant Co

,

r 011 er

Hotel Ritz, Paris,
August 21, 1919.

My dear Judge Ginn:

You will I trust pardon my not having earlier acknowledged your various
notes containing copies of advices received from the Charge d'Affaires at
The Hague relative to the results of the examination of the gold held by the
Nederlandsche Bank.
During the few days that I was in Paris and on my way to Holland, and
which
seeing

since my return, I have been rather overwhelmed with =J.1100 cables
accounts for the delay as well as for not having had the Pleasure of
you.

I have now received your favors of the 18th and 20th advising the completion of the examination of the seventh, eighth and ninth lots of gold by
the Nederlandsehe Bank, and I had already been advised of the completion of

the first to the sixth lots, inclusive, from New York.

For the completion of your files the advice of the examination of the

fifth lot is as follows:

"Fifth lot approximately equal amount gold marks completed

Gross weight kilograms 7946 grams 8 troy ounces 25,469,8989
German weight 7945,998-1/2
Difference gr4ms6-41/2
Coins genuine
Are weighing sixth lot"

After the completion'of the tenth lot it was arranged that a method of
approximate valuation of the gold shall be followed, and it is expected

that shipments to London will start this week.
I much appreciate your courtesy in keeping me advised of reports

which reach ma of coarse much more promptly than those repeated from New
York.

Very truly yours,
Hon. Lurtin R. Ginn,
Assistant Comptroller of the Treasury,

2 Rue des Italiens, Paris

BS/IT







copy

Ninth lot equal amount completed Kilogrammes 7944 comm 902 troyouroes 255434 comma

3402 germanweight 7945 comma 1245 difference

grams 2221- coins genuine are weighing tenth lot
IMAM

TREASURY DEPARTMENT
*WASHINGTON
OFFICE OF

Paris, Prance,

COMPTROLLER OF THE TREASURY
IN REPLYING QUOTE INITIALS

No. 2 rue




des Italiens.

August 20, 1919.

Govern or Benjamin Strong,
Hotel Cri 1 lon
,

My deer 'Governor Strong:

I handl you herewith copy of report re-

ceived from the Charge d'Affaires at

The

Hague relative to the result of the exami-

nation of the ninth lot of gold. I have
telegraphed the

Charge d'Affaires for the

report of the examination of

which has not

the fifth lot,

been received by me.
Re woe C t ully,

Lurtin R.
Enc.
EEJ-3

Assistant

troller




00Py

Eighth lot equal amount completed
Kilogrammes 7945 grams 93i troyounoes 255440
oomna 497 germenweight 7945 comma 5103 dif-

ference grams 216.8 coins genuine are weighing ninth lot EPIRAR




UOPT

Seventh lot equal amount completed
Kilograms 7945 comma 2725 troyounoes 255466
comma 252 germanweight 7945 comma 4138 dif-

ference grams 141 comma three coins genuine

are weighing eighth lot MERU

TREASURY DEPARTMENT
WASH,INGTOW
OFFICE OF

France,
August 18, 1919.

Paris,

COMPTROLLER OF THE TREASURY
IN REPLYINO QUOTE INITIALS

No. 2 rue des




Italiens.

Governor Benjamin Strong,
Hotel Crillon,
Paris.
My dear Governor Strong:

I hand you herewith copies of

reports

received from the Charge d'Affaires at The
Hague relative to the results of

nations of
gold.

the exami-

the seventh and eighth lots of

The report of the examination of the

fifth lot has never been received by me.

Copies of all the other reports have been
forwarded you.

Respect

Enc.
EEJ-3

lly,

Lurtin R. Gin.
Assistant Com.. oiler.

Paris, 4th August, 1919.
National Bank of Belgium,

Brussels, Belgium.
ror Strong from Ginn.

Followinl received free! Leffingwell. QUOIT Treasury WO.
Your T-4 received. Treasury ia ready to dissues funding demand loans

whenever the British 4overnment desires to take the mqtter up. This
the British Government knows.

It has had neither Ambassador nor High

Commissioner here for months. There is nothing that the lomerican

Treasury can do about the matter.

If British bankers era worried why

don't they request their government to act! I do not understand that

British Government shares any fear that there will be difficulties on
acsount of interest payments in the autumn.




UNQUOTX

DUW1
se ion




TRANSLATION
Sixth lot approximating equal amount goldmarks
completed grossweight Kilo 7945 grams 903 troy
ounces 255466 comma 5231 germanweight 7946 grams

93 comma six lifferente grams 190 comma six coins
genlline are weighing seventh lot OMERER

TREASURY DEPARTMENT
WA6H1NGTONt=
OFFICE OF

Paris, France,

COMPTROLLER OF THE TREASURY
IN REPLYINCI QUOTE INITIALS

No. 2 rue des Italiens.




August 11

1919.

Governor Benjamin Strong,
Hotel Crillon,
Paris.

My dear Governor Strong:

I hand you herewith translation
copy of cable received August 7, 1919,
at the American Legation, The Hague,
retherlands, from the Uederlandsche
Bank. In the letter of transmittal to
Mr. Davis it is stated that the cable
has been transmitted to the Department
of State.
Respec

Enc.
EEJ-3

lly,

Lurtin R. Gi
Assistant Corn
an

Treasury

roller

presentative.




TRANSLATION

OF

CABLEGRAM.

Fourth lot approximating equal amount goldmarks
completed gross weight kilo 7945 grams 317 troy
ounces 255447,6827 german weight 7945,2348
difference grams 82,2 coins genuine are weighing
fifth lot.

TREASURY DEPARTMENT
-WASHINGTON:
Paris, prance.

OFFICE OF

COMPTROLLER OF THE TREASURY
IN REPLYING QUOTE INITIALS

August 7, 1919.

No. 2 rue des Italiens.




Governor Benjamin Strong,
Hotel Crillon,
Paris, France.

My dear Governor Strong:

I hand you herewith translation copy of
cable received August 4, 1919, at the American
Legation, The Hague, Netherlands, from the Nederlandsche.
The Translation of the cable was sent
to Mr. Norman H. Davis, who has returned to the
States.
It has been referred to me as the present
Treasury representative here, in Paris.
Sincerely yo

SB.3.

Lurtin R. Gic]
Assistant Com ,roller.




TRANSLATION OF CABLE.

"Third lot approximating equal amount
goldmarks completed gross weight kilo 7945
grams 705 half troy ounces 255460,173 german
weight 7945,7735 difference grams 68 coins

genuine are weighing fourth lot amilar".

TREASURY DEPARTMENT
-::WASHINGTOW:
Paris, France.

OFFICE OF

COMPTROLLER OF THE TREASURY
IN REPLYING QUOTE INITIALS

August 5, 1919.

No. 2 rue des Italiens.




Governor Benjamin Strong,
Hotel Crillon,
Paris, France.

My dear Governor Strong:

hand you herewith translation copy of
cable received July 30, at the American Legation,
The Hague, Netherlands, from the Nederlandsche
Bank.
The translation of the cable was sent
to Mr. Norman H. Davis, but as you know, he has
returned to the States, and therefore, it was
referred to me as the present Treasury representative here in Paris.
Sincerely

,J.L3

3

ours,

Lurtin R. Ginn
Assistant Comp oiler.

(C 0 P Y)

Translation of Cable.

Third lot approximating equal amount goldmarks completed
gross weight kilo 794.5 grams 705 half troy ounces 255460,173 german

weight 7945,7735 difference grams 68 coins genuine are weighing
fourth lot amilar.




AMERICAN COMMISSION
TO NEGOTIATE PEACE
Hotel de Crillon, Paris.
5th August, 1919.

Dear Governor Strong:

There is enclosed copy of cable No. 1170 to you, just received from the Treasury.

It was not thought advisable to repeat

this for you to the National Bank of Belgium or the Nederlandsche
Bank, in accordance with your request to Mr. Shaw, as it was not
known in what code it should be put and it could not well be sent
en claire or paraphrased, as its contents appeared to require secrecy.

Furthermore, it did not appear to be extremely urgent.
I also take pleasure in forwarding herewith copy of trans-

lation of cable in Bentley's code, received from the Charge d'Affaires at The Hague, which is self explanatory.
Very tru y yours,

Treasury Representative

Governor Benjamin Strong,
Nederlandsche Bank,
Amsterdam, Holland.




aris.




/4\

J:Y

24')

'

1A4

itze

5-7

January 17th, 1916.

1!-y denr Kr. Fluhrer:

Your favor of the 14th inst. in regard to my fur
colt is very much appreciated and -a the coat is mink with

a beaver collar, I will now anticipate no difficulty in its
return to this country.
There is some uncertainty as to the date of my re-

turn.

I am expecting to take an :nerican line boat Which

would vet -le here some time between the 15th and 20th of :.larch,

In view of your suggestion, I think I shall take the liberty
or writing the Collector scrne time before sailing and take advantage of the courtesy which you were good enough to suggest.

Very truly yours,

:4inton_F1uhrer,

Jffice of the Collector,

Juitea 3tates Custom ''ervice,
New 'fork City. A




Jr/VCM

TREASURY DEPARTMENT
UNITED STATES CUSTOMS SERVICE

NEW YORK, N. Y.

OFFICE OF THE COLLECTOR
ADDRESS ALL COMMUNICATIONS FOR THIS OFFICE
TO THE COLLECTOR OF CUSTOMS
NEW YORK, N.Y.

January 14, 1916.

IN REPLY REFER TO

Hon. Benjamin Strong, Jr.,
62 Cedar street,
New York City.

44,,

My dear Mr.Strong:

In the temporary absence of the Collector,

who is to-day in Boston, I am in receipt of your letter of
January 13th,

This will be placed before the Collector on

his return to the office on Monday.
For your information, however, I may state that you

will have no trouble at all in regard to your fur coat, on
your return to this country, provided that the coat is not
made of fur seal taken in certain waters in the Pacific
Ocean north of the thirtieth parallel of latitude, which is
prohibited from Importation under Treasury Department
ulations.

reg-

Your statement to the inspector on arrival,

that the coat was taken out with you, will be sufficient.
I know that the Collector will wish that you will let
him know on what steamer you will return,

so

that he may

make arrangements for the immediate examination of your
baggage.




Sincerely,

Private Secretary.







JANf

)

I

I'

BRARY
JUL 1 2 1919
FEDERAL

RESERVE

July 11, 1919.

Dear Norman:

Thank you for your note or the tenth, and tor
the notes Of introduction you were good enough to enclose, which

I shall certainly use to great advantage.
It was a privilege to have that fine visit with you and
Tom, which I thoroughly enjoyed, and Which much simplified my

work on the other side.
With thanks for your good wishes, I am,
Sincerely yours,

NOrm44_gADafis,

3sq.,)c

Treasury Department,
WaShington, D.

BS/MSB

OA

B IN




TREASURY DEPARTMENT
WASHINGTON
July 10, 1919.

Dear Mr. Avenol:

This will introduce to you my friend Mr. Benjamin
Strong, Governor of the Federal Reserve Bank of New York, who

will probably desire to talk over with you some of the financial matters which have taken him to Europe.

I shall appre-

ciate any courtesy which you may extend to him.
We had a smooth and restful return passage, and I

am of course very glad to be at home again after so long an
absence.

I shall always retain, however, the pleasantest

memories of my experiences at the Peace Conference, and of
the friendships which grew up out of our labors in the common
cause.

Believe me, my dear Mr. Avenol,

Very sincerely yours,

M. Avenol,
Bureau de Ravitaillement,
Rue de Bassano,
Faris, France.




t

oreham,
on, D.C.,

1i.61919.
JULiAlP;
Dear Ben:

For your information, I have left with Judge Lurtin
R. Gina, Assistant Comptroller of the Treasury, copies of all
cable and letter correspondence relative to the Gerlan gold.
I have the originals of all this correspondence with me, and
am turning them over to the Treasury Department, who will either
forward them to the Federal Reserve Bank of New York or hold
them here.
Captain A. I. Henderson, whom I left in the office
with Judge Ginn, is probably still there, and you will find
They can get you in
them in the Hotel de Orillon, Room 323.
touch with Hoover and his organization for anything that may
arise in connection with the gold.
know, is Hoover's financial representative, with Mr. Joy, a
Boston banker, as his assistant.

Frank McKnight,

In Paris, I would suggest that you have talks with M.
Avenol and M. Cellier, and I mn enclosing a letter of introduction to each of thew.
In the French Treasury,,Cellier corresponds to Leffingwell here, and Avenol acts more or less as liaison officer between the Bank of France and the French Treasury.
He speaks good English, and can be reached at the Bureau de Ravitaillment, Rue de Bassano.
.Amy cables that you wish to send back can be handled
by Captain Henderson or Judge Ginn, and you may feel free to use
my office as your headquarters while you are in Paris.

Wishing you a pleasant trip, I am,
Sincerely yours,

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




41",44e161

ir

'




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