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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 Sirke/t)G ecveRES. 7-#4 Q7hA6 /7/f. - /Ad 7-mE" . 77(6.9-s /2.. V 04 P7- 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. 0 %t 4 / " ",'"4t... Tiashin 0213 BRA 'RN JUN art() Aget 1n9 IkEsEME 13hc14 Dr. L. 3. ZOM, AOC! Stftnt Secret:1AT of the Troarorr, 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 -on t - y411.cso ,:d.th a. Ortge 171:4-Ja )n 1..-(y1 that /1//-if LLt ?(\-:&;:t .a. 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 '