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FEDERAL RESERVE BANK OF MINNEAPOLIS
NINTH DISTRICT

REC

OFFICERS

zvFILING

S.S.COOK, CASHIER
DI RECTORS

THEODORE WOLD,OOVERNOR

JOHN H.RICH,tHAIRmAN
AND FEDERAL RESERVEAGENT

J. C. RAE S ETT, AGERDEEN,S.D4

APrl 2 `: iii6

D

P.M.HERST,vicE. cHAIRNAN
AND DEPLE, FEDERAL RESERvE AGENT

E.W.DECKER, HINNEAPC LIS ,0 INN.

R.B IGELOW, Sr. RAUL.N1INNESOTA

APR 2

L. B.HA N NA, FARGO, N. DAKOTA

JOHN W. BLACK, HOUGHTON,NIICH.

1915 19 41

F. R. H IXON,Lw CROSSE,WISGONSIN

N. B.HOLTER,HELENA,MON,

FEDERAL RE8thit BANK

April 19,

SiiEIRALREVEBANK

Ad
Mr. Benj. F. Strong, Jr., Governor,
Federal Reserve Bank,

OF NEVI YORK

air494
44°49..e

New York, N.Y.

Dear Governor Strong:

Your favor of the 16th in response to my letter of
the 12th regarding plan of settling balances between the Federal Reserve
Banks and asking regarding the custody and safe-guarding of the gold pool
which is to be contributed by the Federal Reserve Banks, is at hand, and
attached correspondence noted.
In the opinion of Attorney General Gregory, made

public by the Secretary of the Treasury on December 19th, he holds that
the Federal Reserve Board is a separate and distinct board, not a branch
of the Treasury Department, and he holds that the "assessments that have
been levied by officers of the board pursuant to the provisions of a Federal
statute are to be devoted to the payment of official salaries and the expenses
of this official board."

He also holds that this money so collected is no

longer the property of the paying banks, but is money belonging to the United
States, and subject to audit, but under no stretch of the imagination could it

be held that a gold pool,such as is proposed, would be part of the public funds
and subject to audit.

Section 16 of the Federal Reserve Act confers upon the
Board the power to exercise the function of a Clearing House.




I understand

the function of a clearing house to be to accept money from those members
from whom it is due and to pay it to those members to whom it is due, and
where the members of a clearing house association see fit to form a pool,
as they do in a few of the cities, but which is not general in practice,

they safeguard those funds, and it is no reflection upon the Federal Reserve
BoardiOr the members of this pool, which are the twelve Federal reserve banks,
to want to know to whom to look for the safe custody of the funds they deposit.

The Treasury Department advises us that there is no way provided for
the issue of a duplicate registered gold certificate except through an act
of Congress.

The fact that the funds which we deposit will be order gold

certificates and that no one else but the Federal Reserve Board or member

banks can receive the gold represented thereby, does not justify us in not
using the utmost precaution.

From what dealings the writer has had with the Treasury Department and
Government officials, he is led to believe that they assume no responsibility
whatever, but require the other fellow to "hold the bag".

Only recently

our Federal Reserve Agent asked that a quantity of Federal reserve notes be
deposited with the Assistant Treasurer at Chicago so that they might be
obtained quickly in case of an emergency.

After some correspondence, he

learned that this might be brought about, provided the Federal Reserve Agent
or this bank assumed all responsibility in case of loss.

While we do not expect it, do you think we ought to lose sight of
the fact that there might be a loss of some of these certificates, and in
case there was a loss, who would be responsible?

It seems to me we ought to

know whether or not the Federal Reserve Board have the legal right to act as
Trustee of this gold pool, and if so, a clear understanding that the Board
would be responsible.




1L)'"

i "no kt
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19\5

n
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York- - -3

In reference to your letter to Mr. ::arburg, .suggesqm a change in
'

Paragraph 4, its adoption would eliminate the time schedule entirely and
make drafts upon a Federal Reserve Bank immediately par upon receipt.

That

is one feature that appeals to me, but we would probably, in order to protect
ourselves, require member banks to make transfers through requests to us
instead of by check on us, which is the proper way for transfers of funds to
be made.




Yours truly

Governor




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LAEBRIS

OF

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L(6

JG DEPT.
JAN 7- 1915
FEDERAL RESERVE BANK




f

January 6th, 1915.

Dear Governor Welds

Your greeting lad good wishes were
on my desk this morning on my return from

'Mite Sulphur prings, and

IL

hasten to thank

you most cordially for your note and wish you

the same most heartily.
Very truly yours,

Gogernor.

Theodore \:;$31,4eator

Governor, taier,ipeierve Bonk,
Minneapolis, :inn.
B6jr/V05.4




October 15th, 1915.

Dear Governor Vold:
Your wire came yesterday and I wa very sorry

to be obliged to auswer as I did, but the
situation really
would not justify my making an engagement to speak at the
banquet of the Twin City Bankers. If I am able to
go to
Anneapolis for thd conference, as I now expect to do, I

will explain to you more in detail When I see you.
With best regards, believe me,

:incerely yours,

Theodor....;44,.

aovernor, Federal Resorve Bank,
Minneapolis, Minn.
BS Jr/VCM

Estes Park, Col.,
September 2nd, 1916.
My dear Wold:

I have read your address delivered at the Montana

State Bankers Aseociation last month with a great deal of interest and much admiration for your good "puncht lin the interest of the System. It has done a 1ot4L7------1
Or-go-o-4-o,
I noticed
quotations from it in various pub14.0ails,
g the
conservative old Chronicle in. w Yorio ' all with favorable
I

comments.
Z:-77-----;'N
It leads mt,io su .g/myst th* osirability of you being
, /
0 \-/'
one of a number ofio r frater ly to attend the Kansae City Con.rere ar\!, re t.00' some attacks launched at the
vention./' ---I
/
/
Syste, t e and we should be fully and ably represented, if
posoiblt to head
off. If you can go, I,certainly hope you
oh the liberty of writing similar suggestions to
will anNk
1

some of the others.
I heard all about the Boston meeting and wns very
much gratified by the telegrams you fellows sent me. You
can irAlgine my disappointment

at not being there,

With warmest regardsi
Sincere; y yours,

Theodore Wold, Esq.,
Governor, Federal Reserve Bank,
Minneapolis, Minn.
BS/VCM



/77
FEDERAL RESERVE BANK OF MINNEAPOLIS
NINTH DISTR I CT
OFFICERS
THEODORE WOLD,GOVERNOR

OS. COO K. CASH IER

DI RECTORS
JOHN H. RI CH,CHAIAMAN
AND FEDERAL RESERVEAGENT

W.H.LIGHTNER.ospu-ry CHAIRMAN
AND DEPUTY FEDERAL RESERVE AGENT

J. CRASS ETT,ABE.RDEEN,S.OP.H.
E.W. DECKER,N,os,r,mN.
F. R.BIGELOW,s, PAUL-MINNESOTA
L. B.HAM NA, FAR., N. CA ROTA
JOHN W. BLACK, HOUGHTON,MICH.
F. P. HIXON.1-4 CROSSE,WISCONSIN
N. B.H0121-ER,HELens,morcr.

September 6,1916.

Mr. Benj. Strong, Jr.,
Estes Park, Colo.
Dear Governor Strong:

Your favor of September 2nd is at hand, and I thank
you for the kind reference to my Montana remarks.

In reference to the Kansas City convention, aside from
Mr. Treman there was not very much enthusiasm displayed.

A number of them

thought that we might find ourselves in an embarrassing position if we did
go.

Upon my return home I therefore turned over my reservations to

Mr. Hendricks, as he was without reservations.

Since then, however, I

have been urged by Mr. Treman, and now get your letter setting forth the
necessity, in your opinion, and the importance of being represented.

I

defer to your judgment in the matter, and if I can secure reservations
will arrange to go.
Governor Aiken handled the Boston meeting very nicely
indeed, but the meeting was incomplete for the reason that the "King" was
not there.

If you could have heard the regrets expressed and the hopes

that you would soon be with us again, I am sure it would hasten your return
to good health.
Sincerely you s

vernor

TWC



4'6

Estes Park, Colo.,
September 9th, 1916.

Dear Governor Weld:

Your letter of the 6th is just receirtd and I am
feeling a little uneasy in my conscience if my1 fetter led
to decide to go to Kansas City againetIcauz_bls

the other hand, after attending rip-

of bank'

you

judgement. On

Group meetings,

ives of the
c a restraining influence,
Federal Reserke System will
vs vitt in the proceedings.
oven if those preeel,tViret:
.,
it ena es m ers to ask questions and
Then aglii
sence

mn convinced that the more

±

get accurate ane ' s and,

represen

1 more important, it conveys the

bankers that we are interested in
w%14
all e
/
their( ffairs an -ufficiently no to watch what is going on. I

impreedt
hope

o
eCk.

o,and feel repaid for doing 'so.
1La.lay-Ahanke for your letter and for giving considerafollow w

,/

tion to my suggestion which was reallg none of my business.
With warmest regards,

Sincerely yours,

Theodore Jold Esq.,

Governor, Federldheserve Bank,
Minneapolis, Minn.
BS/VOM




T-14,49DORE WOLD

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November 21st, 1916.

Dear Weld:

I have just re ived

o

of the 17th

nd appreciate your writing me very
You can

d w'nnt a depr otion

it is for me to
meeting, but 'nevi

things that are now u

only the Governors

in all the interesting
way.

f my getting on
much as 1 we id like to
the boys my warmest re-

ing along very well and still
hopeful of eturning sore day.
,h warmeet regards,
Faithfully yours,

Theodore Weld, Esq.,
dovernor, Federal Reserve Bank,
Minneapolis, Minn.
BS/VOY

FEDERAL RESERVE BANK OF MINNEAPOLIS




NINTH DISTRICT
OFFICERS
S.S.COOK. CASHIER

THEODORE WOLD,DOVERN.R

DIRECTORS
W.H.LIGHTNER,DEPUI, CHAIRMAN

JOHN HRICH.CHAINNIAN
ANDFEPERALIRESERVEAG

C.BASSETT.ABERDEEN.S.17
F. R.BIGELOW.5-r. FAuL ItAES
JOHN W. BLACK, liouGm-ron,m1.1
Op JO LT E R
/ I

V

ANDOEPUTYFEIDEPALRESEGVIEAGENT
. DECKER MINNEAPOLIS.MINN.
E

Jo

. HA N NA, FARGO, N. DA o-rA
P. HIXON.L.4 CROSSE,WISCONSIN

November 27,1916.

Dear Strong:

I am enclosing herewith a picture of our Kansas
City associate, which before it WS received by me, bore the
initials of yourself and Archie:

The picture has been noted

by members of the fraternity and is returned to you for filing
among the archives.

I called upon your friend, Robert Masson, yesterday
morning, a mighty interesting gentleman.
J/0-1-

Decker, Jaffraytand myself today.

He is to lunch with

My only regret is that his

visit is not going to be longer so that I coul

Benjamin Strong, Jr.,
4100 Montview Blvd.,
Denver, Colo.

him.




November 30th, 1916.

Dear 'old:
of
Thank you for the souvenir wt
the r ivcs where
the 27th. le/am adding it

it will afford permanent evidence of the v stile
the governors
attainments of at leqe
I am glad y
with Vasson.

He

bcst bankers I know and

on a very i
somewhat

heodore Wold

deal Res

sq.,
Lank,
inn.

unity to visit
man, one of the

_re, as you realine,
hovever, is

FEDERAL R ESERVE BANK OF MINNEAPOLIS
NINTH DISTRICT
OF F I C ERS
THEODORE WOLD,GovERnop
FRANK C. DUN LOP. ASST.CASHIER

S.5. COOK CASHIER

DIRECTOR'S
W. H.LIGHTNER, DEPUTy CHAIRMAN

JOHN H. RI CH, CHAIRMAN
AND FEDERAL RESERVEAGENT

.C.BAS ETT. ABERDEEN,S.C.K.
F. R.BIGELOW. ST. PAUL,HINNESOTA

akfef.

AND DEPUTY FEDERAL RESERVE AGENT

E.W.DECKER.,,KNEARo,s.m.n.
L. BRA N NA, [ARGO. N. DA 001A

F. P. HiXON,LA CROSSE,WISCONSIN
JOHN W. BLACK. HOLIONTONJAICH.
N. B .HO LTER,NELENA,moN-r.

February 21,1917.

FEB2 6 1917




Mr. Benjamin Strong,
4100 Montview Blvd.,
Denver, Colo.
Dear Mr. Strong:

I have
receipt of a letter

this

been made very happy by
morning from Mr. Treman,

written after the return of Mr- Curtis from a visit
to you, and I am looking forward

with keenest

pleasure

to June, when you will be with us again, ready to
encourage and inspire us in the work.

Sincerely yours,

,Governor
TW-C




(COPY)
FEDERAL RESERVE BAN( OF MINNEAPOLIS

February 21, 1917.

Mr. R. H.

T4Q2211,
C/o -Federal Reserve Bank,
New York, N. Y.

Dear Mr. Treman:

I am delighted and encouraged with the information
contained in your letter of February 19th, regarding the tmproved"condition of Mr. Strong.

The system needs him, his

ability, experience and his enthusiasm.

Individually, I

need the support and inspiration of the association with him
from time to time.

I shall look forward to June and to his

return with anticipation and pleasure.
Sincerely yours,

(Signed) Theodore Wold,

Governor.

Denver, Colorado,
February 26, 1917.

Dear Wold:

Many thanks for your nice letter
so husky that I could lick my weight

the 21st.
wild cats and

irtly, when

Ihibition

the weather permits, hope to be playin6 golf. The bes
of progress is my weight:

3 pound

Enclosed is a little

Archie Kains.

aithfully yours

Theodore "old, Esq.,

Fedeial Reserve Bank: o
Minneapolis, Minn.




e last June.

us,

FEDERAL RESERVE BANK OF MINNEAPOLIS




NINTH DISTRICT
0 FF I C E RS
S.S.COOK, CASHIER

THEODORE VVOLD,GovERNoR
FRANK C DUN LOP, ASST.CASHIER

DIRECTORS
W.H.LIGHTNER,DEPUTY CHAIRMAN

OOHS H. RI CH,CMAIRMAN
AND FEDERAL RESERVEAGENT

AND DEPUTY FEDERAL RESERVE AGENT

J. C.SAS SETT. ABERDEEN,S.DAK.

E.W. DECKER. MIN NEAPOLIS,ININN.

L. BRIAN NA, FARGO, N. DAKOTA
F. P. HIXON,LA CROSSE,WISCONSIN
JOHN W. BLACK, 00000TON.M1CH.
N. B .80 LTER,HELENA.n. NT.
R.B IGELOW, sr. PAL1L,HINNESOTA

March 1, 1217.

Mr. Benj. Strong,
4100 Montview Boulevard,
Denver, Colo.
Dear Governor Strong:
Your note of the 26th is before me, and. I Irve

had a good laugh over the Scotch joke, unaccompanied by any Scotch
liquids.

So long as a man can enjoyi6eotch stories and put on

twenty-three pounds, there is no o casion for his friends worrying'
over him any longer.
Just to t
some 3mii.2.ing things may be

system, I am enclosing

e the curse off and to prove that

rought out in the development of this

rewith an argument prepared by our Transit

Manager as to why redi counts should be made to member banks without
any charge for inter s
by mail, by freigh
loan them money

.

If we are going/to transfer funds by telegraph,

and by gosh, there is no reason why we ought not to
thout interest, he says.

Sincerely you

Gbvernor

fiw-C

An argument for doing away with the charging of
interest by Federal Reserve Banks on rediscounts of member banks.

The principal argument
Federal Reserve System was based upon
Banks could render their member banks
rendered the service the member banks
business of the country in general.

for the establishment of the
the service the Federal Reserve
and through the service thus
would be enabled to render the

It is stated emphatically by those interested in the
establishment of the Federal Reserve System and those directing the
management of the Federal Reserve Bnaks that dividends on the stock
of the Federal Reserve banks are of secondary consideration and that
The first
little consideration should be given to their earnings.
With this in
consideration is to be given to the service rendered.
view exchange charges are to be done away with and no charge is to
be made for service rendered in the transferring of funds from one
center of the country to another. The reason given for not making
such charges is that such service costs the Federal Reserve Banks
little or nothing. It is stated that such charges "Will surely
be no more than might be properly absorbed by the Treasury Department or the Federal Reserve Banks - for the benefit of the commerce
of the country and the member banks of the system - An incidental
(and possibly subordinate purpose) of the Federal Reserve Banks is
to provide beneficial service to member banks, and the necessary
costs, provided all member banks share in the benefits, may in
many cases be absorbed. Having provided them (the member banks)
with the facilities afforded by reserve depositories, may the
Federal Reserve Banks not properly absorb the cost of such facilities."

According to the conclusion reached by several
authorities the Federal Reserve Banks have been able to entirely
eliminate space and time as regards the transferring of funds
and the benefits derived therefrom should be passed on to their
member banks without charge for the service rendered.
Exchange charges are the most Ancient and honorable
in banking history and until the establishment of the Federal
Reserve System have never been questioned. They are charges made
for the transferring of funds from center to center and have aDays
been recognized as legitimate. The only questions that have been
raised as regards such charges are as to whether or not they are
reasonable and as to who shall pay them.
Interest charges were condemned by all ancients,
both philosophers and lawmakers and it is only in comparatively
recent times that they have been tolerated. Aristotle said,
"Money is barren." The charging of interest was prohibited
by both church and state and the man who charged interest was
without the pale of society.




With the foregoing in view it would appear that

-2-

if the Federal Reserve Banks are in a position to do away with any of the
charges with which modern business is burdened that the first one
upon which effort should be made is that of interest.
It would also
appear from careful study of the different statements of the Federal
Reserve Banks and their combined statements that the Federal Reserve
Banks can well afford to waive interest charges on rediscounts made
with them by their member banks and thus grant to their member banks
a service they are justly entitled to.
Referring to the combined
statements of resources and liabilities of the Federal Reserve Banks
as of December 29th, 1916, we find that the total of rediscounts of
the Federal Reserve Banks at that date was $30,196,000.00. The
earnings of all the Federal Reserve Banks on bills discounted for
member banks for the entire year ending December 31st, 1916 were
$1,025,675.00 out of total earnings of $4,955,343.00. On December
29th, 1916 the Federal Reserve Banks held as deposits of member banks
net $668,786,000.00 upon which no interest was paid.

total

It would appear that by wise and judicious investment, of
a portion of the large amount on deposit by member banks, in government obligations; municipal.warrants acceptances and by dealing in government
bonds, that the Federal Reserve Banks should be in a position to waive
all interest charges on rediscounts for member banks. It would also
appear that the member banks are fully entitled to receive this benefit
in view of the fact that no interest is paid them upon their deposits
and that they are compelled to carry such deposits with the Federal
Reserve Bank.
Some criticism night be raised to such a policy on the
ground that all member banks might not participate in the benefit, but
as long as the privilege was open to all members such criticism would
not apply any more than it does to the doing away with the charges
for transferring funds from one center to another.
It would appear
that it is the duty of the Federal Reserve Bank to co-operate in the
efforts that have been put forth by others from time immemorial in
reference to interest charges, as interest is the cause of our being
afflicted with the idle rich, the drones, the Shylocks and parasites
of modern times.




(Signed) A. Nutt of the

FEDERAL RESERVE BANK OF MATTEAWAN.




EDERAL RESERVE BANK
X

Lay

(THIS

CONFIRMATION OF TELEGRAM

OF MINNEAPOLIS

!.T0.).1LEI-)
D")

BELOW IS A FACSIMILE COPY OF TELEGRAM SENT YOU TODAY
Ohp,'

ez bank

!'e

rx) 1 is

Octobt:r 1,.t17
enj Strong...,

1191
oqTl ui17

.

New York

ii you vry =lei', for

t/

JLT.

paid .when prnsented.
Thc Odoro

W. U.

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Form
"

IF SERVICE SYMBOL
lessage

Letter

Blue

Night Message

NL

TEL

If none of these three symbols
appears after the check number of
v rds)th is is a day message. Otherse
its character is indicateeltrt tps
s

UNION

Bite

Night Letter

WESTE

II appearing after the -ftfk.

(JEiia mEm..60N.5gs,DENT

CLASS OF SER ICE
*Day Letter
Night Message

AM

GEORGE W. E. ATKINS. FIRST VICE-PRESIDENT

appears after the check number of
words)this is a day message. Otherwise its character is indicated bythe
symbol appearing after the check.

SU MINNEAPO IS MINN 520P OCT 15 1917
BENJ STRONG JR
.'

FEDERAt_ RESERVE BANK NEWYORK

ARE OF THE BOY DRAFT WILL BE

THEODORE WOLD
'

y

0'T1 7/917

631P

Bite

NL
If none of these three symbols

16 BROAD ST. N.Y.
457 NA ANV 17

PROAPTLY PAID WHEN ?RESENTED

Be

Night Letter

RECEIVED AT

THANK YOU VERY MUCH FOR TAKING

SYM r IL

Day Message

,-9aasu

March 6, 1919.

AND CcaFIDaTTIAL

My dear Governor Welds

For some time I have been interested with some friends in a study of some

of the

problems of

ties of a

our national financial system and particularly to the possibili-

reform movement

which might

result in the establishment of a scientific

The need for this has been made apparent to me uuring the

plan for a Federal budget.

past two years and as a result of

contact

with the

opportune

Some of my friends believe the time is now
est the people

of the

financial machinery
for

a

in Washington.

general attempt to

inter-

financial reform.

country in national

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

if both individuals

is particularly true

with

The

national

for fur-

debt must be reduced and can only

and the Gavernment practise sensible

spending.

It

the GOvernment but cannot be made possible until scienti-

fic machinery is installed to accomplish it.

Students of this subject seem to be in general agreement
budget system is the only solution.
be installed, a nonpartisan

It is

a scientific

To persuade our peopie that s

organization

paign of publicity inaugurated.

that

should be built up and a wise and sane cam.

a

plan of that sort in which some of my friends

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

In the meantime

steps must be taken to prepare the publicity, and the personnel of the organization

must be

developed in advance.

It is, of
tions as such

for

course, out of the question to utilize

the Liberty Loan organiza-

an enterprise of this character.

It does not

proper for me to ask you if in your experience with the Liberty Loan, -:iar Savings, or

other organizations in connection with the




war, you have

come in contact

with

individuals

# 2

in

your

March 6, 1919.

.

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

be qualified for service in such an organization and who would do so as a matter of
public duty.

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

take charge of the movement and direct it in the State.

He should have qualifications

to enable him to become a leader of the ,Aate movement, some ability as an organizer,
should be public spirited, able to grasp the suoject and willing to study it, and
should be regarded locally as without political prejudice or purpose, and have the
confidence in general of the people of the State.
In addition

to State directors, similar organizers must be appointed in

the various counties and

principal

cities.

I shall be greatly indebted to you if you can let me have suggestions and

names of men in your district for this work without,
to them.

You may now them well

however, mentioning the matter

enough to make ,:efinite

because you came in contact with them

recommendations

not only

in Liberty Loan matters, but other public

spirited activities with which you are acquainted or connected.

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

to refer

will be

At our meeting in Washington on t
to this matter more specifically.
Sincerely yours,

Governor.
Theodore Wold, Esq.,

Governor, Federal Reserve
Minneapolis, Minn.

BS/DT




Bank of Minneapolis,

4

April 3, 1919.
Dear Mr. ';old:

I nm anxious to gez suggestions from you as to some one to do 6=18 work
in 3outn Dakota in oonnection with a proposal now being haped for kederal legisla-

tion designed to establich a financial budget for our Government.

The work revired will not be very onerous, but it will need the services
of a an who oar develop an organization for the purpose of some little educational
and publicity work to bring about a better understandina, of this subject.

it will

be necessary to raise a small amount of money, and,generally, to carry out the
program which will be laid out by ,trie organization at the ew fork headquarters.

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

of the Government's finance, and who is sufficiently interested in the subject to
be

1l.Ling to delote sor:e time aud energy to brin;.;ing about an Improve:a:Lt.

It

would be preferable to have some one 4ho would be capable of making an occasional
address on this s,..zioject, and who ' iold be xillial himself to study and understand it

by an examination of literature

L vill later be furnished.

I will greatly appreciaLe any help you can tjive me in this connection,
by suggesting anyone you think could undertake this work successfully.

iaithfully yours,

Theo. 701d,

sq.,

Governor, iederal 7:ieserve Bank of linneapolie,
ainneapolis, Linn.




April 11, 1919.

Dear Mr.

.. 01d1

It 'vas very good of you to make the further auggestions
contained in yours of the ninth of possible South Dakota mpresenta-

tives, and I thoroughly appreciate your cooperation in this matter.
Sincerely yours,

Theodore o1d, Esq.,

Governor, Ped-ral Reserve Bank of Minneapolis,
Minneapolis, 4inn.

USB







42-1-

IPI

September 14, 1921.
Dear Governor Young:

You will recall that about two years ago we had some correspondence in
regard to the work of the National Budget Committee.

In part, at least, passage

of the budget legislation by the Congrees was due to the work conducted by that
Now that the basis of the budget system has been adopted by Congress,

committee.

our organization is endeftvorine to cryetallize public sentiment for the support
of the progray of governrent economy and thereby to insure permenent success for
the new national budget system.
y

re are eeking to extend this work by eelecting, so far ?,fii poseible,
bankers to accept active chairmanehips in various of the eore important cities,
simply to carry on work which will be laid out for the by the national oommittee.
The scope of the work is described in the enclosed memorandum.

Can you sudgest representative rea, prefereoly bankers, who might be

willing to accept such appointr,,ents in the cities of dinneapolis and St. Paul.
At the present time I shall only ask you to suggest neoess, but leter on
poeeibly you would be willing to commtnicate yeah them directly and further our

object of having them accept these appointeents.

If for any reason you think it unwise to make these sugeestions, will you

not write me quite frankly and, if you ere willing to do so, give me your reasons.
With best regerds, and thanking you very- cordially, I am,
Yours very truly,
R. A. Young, Esq.,
Governor, Federal Reserve Bank of Minneapolis,
eenneapolie, Minn.
BS:UM

enc.






November 28, 1921.

Ok

Dear Governor Young:
00

Mr. John

tion

he is

T. Pratt just wrote me of the warm

receiving at

the hands of my good friends in connec-

continental

tion with his

recep-

trip in the interost of

the National

Budget.

He particularly mentioned the pleasant and profitable

visit he had :fah you, and with what
It is

Budget matters.

the National

enthusiasm you discussed

gratifying to,knom

Budget Committee is

that the chairman of

meeting mith such

hearty

cooperation, and that good progress is being made in forming
I deeply appreciate your

organizations.

courtesies

and um glad he had the opportunity of meeting you.

With

best

aishes, believe me,

Yours sincerely,

Mr. R. A. Young,

Governor, Federal Reserve
Minneapolis, Minn.

Amp

Bank of Minneapolis,

State

to Mr. Pratt,




-790
FEDERAL RESERVE BANK
OF MINNEAPOLIS
November 30,1921.

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

e),1159 2 'C

92/

()))4''

7)ear Governor Strong:

willja

mawledge receipt of
In my humble way I
attempted to do what I could for Mr. Pratt when he
was here, and am more than pleased that he has been
so appreciative.
This

your letter of November 28h.

I am sending you in confidence
a copy of a letter I wrote the Federal Deserve Board
I am rather keen
in reference to Exchange drafts.
about this question and hope they do not remove the
I know that you are against removing the
limit.
limit, and if it is not askin.g too much, I would be
interested in having a copy of your reply to the Board
I can assure you in advance that any
on the question.
information furnished me will be used with discretion.

With kindest pers
Yours

1 regards

I am

y t41117,

Gove*Jor
RAY-C

FEDERAL RESERVE BANK

//




F MINNEAPOLIS
January 30,1922.

<1;)

4

,/

4ek.it

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

4,
f

1.63
s

'f2
'<<9

Dear Governor Strong:
Under date of June 30,1921,
Mr. S. P. Gilbert, Jr., Under Senretary of the Treasury,
dispatehed' Memorandum No. 90 to all Federal Reserve
Banks. An excerpt from the second paragraph of the
memorandum reads as follows:

"Federal Reserve Banks will
not be reimbursed for postage and registry fees Incurred
in connection with exchange transactions of issues dated
prior to July 1,1921, including exchaages of temporary
for permanent bonds".
Would you be kind enough to
advise me if your bank is absorbing this expense without
reimbursement from the Treasury Department, or whether
you have discontinued reimbursing banks in Your district
such fiscal gency
for postage and registration fees
transactions?
Yours very

RAY-C

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