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No Federal Reserve Bank STRO IUG P PP ER S District No. 2 Correspondence Files Division SUBJECT S PRes/DEAri-S /7/4 - - (/. ot, ' /71 Form OF SERVICE SYMBOL Day Message ICLASS Day Letter Blue Night Message Nile Night Letter NL If none of these three symbols appears after the check number of words) this is a day message. Otherwise its character is indicated by the symbol appearing after the check. WESTE0,sm UNION TEL AM WESTERN UNION NEWCOMB CARLTON, PRESIDENT GEORGE W. E. ATKINS, VICE-PRESIDENT BELVIDERE BROOKS, VICE-PRESIDENT RECEIVED AT CLASS OF SERVICE Day Letter Blue Night Message Nite Night Letter NL If none of these three symbols appears after the check number of words) this is a day message. Otherwise its character is indicated by the symbol appearing after the check. -)enver, Colorado, December 21, 1916. Honorable Joseph P. Tumulty, The "Alite House, Washington, D. C. All you kindly convey to the President my conviction that his efforts to restore peace in Europe will be rewarded with success and with the enduring gratitude of the world. His determination that our awn country shall share in the obligations and benefits of some arrangemont between the nations to prevent future warfare cannot fail to remove the chief obstacles to success :.Ind I believe will receive the support of public opinion hare and abroad. Benjamin Strong. Chg..- Benjamin Strong, 4100 Montviaw Blvd., Denver, Colo. SYI Day Message Form CLASS OF SERVICE SYMBOL Day Message Day Letter Blue Night Message WESTE 47ASKNA Nile Night Letter NL If none of these three symbols appears after the check number of words) this is a day message. Otherwise its character is indicated by the symbol appearing after the check. WESTERN UNION TEL IRLNWIN UNION AM Day Letter Blue N ite Night Letter NL If none of these three symbols appears after the check number of words) this is a day message. Otherwise its character is indicated by the symbol appearing after the check. Denver, Colorado, December 21, 1916. Honorable Joseph P. Tumulty, The White House, ';iashington, D. C. Will you kindly convey to the President my conviction that his efforts to restore peace in Europe will be rewarded with success and with the enduring gratitude of the world. His determination that our awn country shall share in the obligations and benefits of some arrangement between the nations to prevent future warfare cannot fall to remove the chief obstacles to success and I believe will receive the support of public opinion here and abroad. Benjamin Strong. Chg. Benjamin Strong, 4100 Montview Blvd., Denver, Colo. SYI Day Message Night Message NEWCOMB CARLTON, PRESIDENT GEORGE W. E. ATKINS, VICE-PRESIDENT BELVIDERE BROOKS, VICE-PRESIDENT RECEIVED AT CLASS OF SERVICE THE WHITE HOUSE WASHINGTON Dear Mr. Strong: I aril sending you herewith a letter of introduction to our Ambassador at Paris, which I hope will be of service to you. With best wishes for an enjoyable and safe trip, Cordially yours, SecretEry to the President. Hon. Benjamin Strong, Jr., 62 Cedar Street, New York City. enclosure. January 24th, 1916. dear Mr. Tunulty: Your favor of the 22nd, enclosing a letter of Intl-eduction to our Anbassador at Paris is just received and greatly appreciatea. Please accept my thPrks and believe me, Cordially yours, J. P. Tunulty, Esq., The White Aouse, Washington, D. C. VCI'd Denver, Coloradov. karCh $0, 1917, Dear!. President: have just received the following'telegram fram my son; 'Regiment mobilized. 11ay leave today. Destination 7 uncertain." - He is twenty years Old and. a Sophomore at ',11.*cOoton University. .0 He joined the National Guard about a year aSo_pf hisiorn volitim, and .. 4..._ -----:------1 i - solely from sense of duty. He is one ofmanythousands of boys who ----.., are doing the same thing, from the ati;Tiabtives. Esving cls;erfully al- V /,/ lowed him to volunteer for the,:Conntry's service, I feel justified in /7/ ,,,, , 1 3 expressing my protest against the ndowooratle, unoise and dangerous ,..' - 4" astem of volunteer military-Berne°, 7anyhich our country must now -,\ 1/7 depend unless our laws are _ i 4 -- \s \ Any system for I should say 1' oul _c . - - of system, which encourqges -\ i boys of his;.t.ge to spade what kind Iof duty they shall perform in time _hi of Nat1 onal peril is wronzsp---Censideration cannot be given under this syst // -----''' \\.' to special qualifications of the individual. Those whose trainin3. 1-\\ i miz;h make thorn of greater value elsewhere than in the army or the DaVj, ..\ // arc aft rded no opoor_tunity or encouragement to give their best service. The great raid-OT those who voluntarily enlist, possibly to go to the front and lose their lives in the ranks, are those who can least be spared and, generally spvIcirtg, I believe they arc the ones whose enthusiasm for public service would enable the to qualify most promptly as efficient officers. am letting this boy leave college for military duty in the 2. conviction that ho vill be doing a large share of the service Which should be done by men viilo stay at home, who are glad to stay at bone, who are glad to escape risk and hardship by taking advantage of his patriotism, and all because our Government does not see fit to equire a fair and equal distribution of service of this kind 0302%:.; its cit 'seas. i(// Should our country depend for its prrection in time of war upon the gift of the lives of the best youth of ha country any mbpe than it 1 should depend for its revenues 1;91.ra-of-tease upon dona ons of money by those who are patriotic elle) gh tO give itf Mot respectfully 1 4141 writing to urge grass and the resIonke oA at it is tine that Con- ars of our GovArnment undertook to remedy this Matter. There are man-fathei's-of-boys who, like the writer, believe - that their sons are lik/ ely o ome the victims of a perilous weakness in our Country's affaira, and rtho,'are looking to you, as I am, to urge Cong4to wet a .114pOr dlitary service law. Resnactfully yours, Hon. Woodrow ?resident of he United States, Washington, . C. BS/CC. THE WHITE HOUSE WA S H I N GTO N April 3, 1917. My dear Mr. Strong: For the President I beg to acknowledge the receipt of your letter of the 30th of March. I shall be glad to call it to his attention at the earliest possible moment. Sincerely yours, - Secretary to the President. _ Mr. Benjamin Strong, 4100 Montview Doulevard, Denver, Colorado. Misc. 34 1DERAL RESERVE BANK OF NEW YORK Sent by morem (SEND TO FILES) IPAT DAY MESSAGE COPY oT13917tttGRAM rilLJUNCI K1, JUN -11917 ZulLre May 31, 1917. Joseph P. Tumulty, White House, Washington, D. C. Would it be possible for me to have an appointment to see the President for a few minutes at any time to meet his convenience? Stop. Ulm go to Washington any time. Stop. Would appreciate re- ply by telegram. Charge B-5 LibsstyxLetn, Treasury Dept. Benj. Strong. 120xlitilkarty4 Official business. Government state. CLASS OF SERVICE CLASS OF SERVICE SYMBOL SYMBOL Day Message Day Message Day Letter light Message Blue Day Letter Blue Nita Night Message Nits Night Letter NL Night Letter NL If none of these three symbols If none of appears after the check number of words) this is a day menage. Otherwise its character is indicated by the appears after the check number of worde)th is isaday message. Otherwise Its character Is Indicated by the symbol appearing after the check. GEORGE W. E. ATKINS, FIRT VICE-PRESIDENT NEWCOM B CARLTON, PRESIDENT RECEIVED AT r' B147W 20 GOVT AN ANS THE WHITE HOUSE A SHINGTON DC 12461' 1 BENJAMIN STRONG NEWYORK TELEGRAM RECEIVED THE PRES I D NOW WOULD APPRECIATE A LETT these three symbols REGRETS HEbANNOT SEE YOU J P TUMULTY. symbol app acing after the check. 1 JUN --41917 arA2ri lb/J.2 Jane 2, 1917. Dear Mr. Trtmulty: have received your telegram with regard to an appointment with the President and, of course, realize the bxtent of demands of this character upon his time. .A statement outlining the matter with regard to whioh I wish to see him will be prepared and sent to him as soon as possible, and if arrangements can later be made for re to have the interview I will greatly aRre- elate it. Very truly yours-, Oovernor. Honorable Joseph Tumulty, Seeretary 60 the President, 'Washington, 1.). C. BS/ RAI 'DERAL RESERVE BANK OF NEW YORK (FOR BINDER) SentbellS:VDM FAST DAY MESV.'i ,ESTER UNION flg(77. COPY OF TELEGRAM October 8, 1917. Joe. P. Tumulty. TrirlIntteiriftW Warhingtcn, D. C. Tried to roach you On Saturday and Sunday in endeavor to find if you could hold out any encouragement regarding subject of our conversation in connection with meeting at Carnegie Hell on eighteenth. Stop. Have discussed matter with associates here and they think it exdeediegly important that thiu plan be carried out if possible along lines of What is at stake in the war. Stop. We all feel this would stimulate the whole country as well as Liberty Loan Organizations to greater effort, which is much needed,as returns re somewhat discouraging. Stop. Have arranged to hive Committee go over to aehington if you can offer any encouragement but pressure of work on Liberty Loon is so great they await word from you before doi,g no. Stop. Will be glad to go over again myself if necessary and you think it advisable. Stop. Am anxiously awaiting an ewer. http://fraser.stlouisfed.org/ 5-4 Federal Reserve Bank ofcherre St. Louis Stronr, Governor. .3,MOIllI1 V ...los L-ara WASHINGTON 9 October 1917. , emit el Ihit cr4 Dear Governor Strong: Your telegram of yie ninth of October is before me, and I hive taken its contents He does not feel up with the PresideXt. P that the time is pportune for him to speak in behalf of thi Liberty Loan; but as there are several mcke campaigns of this sort to come, he th ks he ought to reserve himself , for a late should p effort in case the subsequent loans ve more sluggish than this one. am sure/you will appreciate the situation. Sincerely yours, Secretary to the President. foil. Benjamin Strong, 11:' S. leedere.Reserve Bank, . New York City. I October 10, 1917. Dear 1r. uraralty: Your note of yesterday has just reachdd me and naturally is disappointing. It seems to be necessary that I should explain the exact situation in retard to the Liberty Loan, as it will meke clear why I have felt so urgently the need for assistance from the President at this time. war. The people of this country do not yet realize the issues of the The object of the meeting in earnetie Mall, when Lord Reading ie to make an address, is to submit to the peoele of the country the fact that the issue in this war is constitutional government. The president alone can give the meeting exactly the character and influence desired. But there are other considerations bearing on the success of the loan which are causing us much anxiety. The burden of taxation to be imposed by the new revenue bill will necessarily be very heavy. It partic- ularly applies to corporations which, while they have wade large profits, have at the same time so increased investments in plant and inventory that they must borrow heavily in order to pay their taxes. And to add to the difficulties of a very complicated situation, many of the large railroad systems of the country and the holders of their securities are also beginning to have gravd anxiety as to their ability to raise money or absolutely necessary purposes, including refunding, and to make heavy tax payments, during the period that such enormous demands are being madd by the Government upon the money makkets. It is no exaggeration to say that the country's money center has Joseph P. Tumulty, Esq., #2 12/107. developed a desperately gloomy view of the outlook, which is seriously af- fecting the results of our labor of placing the Government's bonds. I believe this can all be sweet away and the last weak of our campaign be made a stampede if the President could arrange to make an address in New York and make it one of confidence and reassurance. It is probably unnecessary for me to state in detail what is being done here to insure stable monetary conditions in the Government's interest. This bank Is lending its resources just as freely as may be demanded of it. The banks of the city are taking hundreds of millions of the Government' obligetions every weak or two in order that temporary finencing may be successful pending the bond issue. sixty seven of the largest New York City banks and trust companies have undertaken to lend generally in the money markets a total of 4231,000,000., which amount they will firms end institutions increase if necessary. The represented on the Liberty Loan Committee, of Which I am chairman, heve just entered into an obligation to purchase up to 4100,000,000 of the outstanding 3 1/2% bonds and the new 4% bonds in order that they may not sell below par while the new issue is being placed. with total resources of e1,600,000,000. have Reserve System. Trust companies been brought into the Federal Other things of less importance are being done as needed, but it is nevertheless a feet that e ereat deal of concern exists in financial circles as to the outlook for the railroads and corporations that must soon be heavy borrowers. and nothing will change this situation so positively as an address by the President. I also want to point out one important feature of this loan. minimum of 0,000,000,000. must be greatly exceeded. If this loan is very heavily over-subscribed, succeeding loans will be undertaken with a degree of confidence that will not exist if this one is barely sold and no more. Tumulty, Esq., 10/10/17. In other words, I believe, to make this loan a success will have a greater effect upon subsequent loans than anything else that can be done, and it is most important that we should not approach the spring, when even larger borrowings must be effected, with a feeling that the financial situation mast be rescued, but rather that it does not need rescue. You will be interested to know that we have now, according to the best estimate, about one hundred thousand people in this district working on the loan. They themselves today need encourarTement. I regret very much feeling the necessity for writing so urgently on this matter, but feel sure that the President realizes that the men who are associated with me in this work are devoting evc;ty energy and resource at their command to make the loan a success, and I am convinced that nothing will be so encouraging and contribute so greatly to making their labor a success as the support of the President's well known courage, publicly stated at this time. Very truly yours, Governor. Joseph -5?. Tumulty, Esq., Secretary to the President, Washington, D. C. Bs/Titin September 21, 1916. My dear Mr. President: Your kind letter of 3eptember 1011 is received this morning, and makes me feel rather guilty in possibly having appeared a little insistent about our invitation. You must, I am sure, understand the earnestness with which this great entreprise is undertaken by our entire organization, and it may be on that account that we do not always consult the convenience of others as fully as we should. really hesitated to send you an invitation at all. ly inspired by I It -vas particular- the fact that after a year an a half, during which the people of this city, and particularly the bankers, have submitted themselves in wonderful fashion to the views all matters pertaining to the war, any at this time would be the greatest and wishes of the Government in recognition which could be made possible assistance in connection with the loan, and, if I may say it, to me, personally, in a very arduous task. We all wish for you the greatest possible freedom from anxieties, in these days when it seems as though new anxieties developed every day, and, particularly, health and strength to complete your great work. Cordially. To the President, The ';,:hite House, Washington, D. O. BS/1433 Governor. THE WHITE HOUSE WASHINGTON 2 October, 1918. dear Governor Strong: That wee certainly a most generous letter you wrote me on Monday, and I thank you for it very warmly. You may be sure I rendered such service as I did render with the best will in the world and most gladly. Cordially and sincerely yours, Hon. Benjamin 2trong, Governor, Federal lieserve Bank, New York, N.Y. THE WHITE HOUSE, WASH I NGTON. To the President: Cables from France today indicate a continuous advance of the American forces over a front of twenty (20) miles from the Argonne Forest to the Valley of the Meuse, North of Verdun, passing beyond the Hindenburg line on the entire front and gaining back one hundred square miles of French territory. The movement was sharp and rapid. casualties were light. MARCH Our November 26, 1918. Dear Ur. Zumulty: I am to-day addressing a letter to the President, of which a copy is enclosed, and am anxious that it should reach him at the earliest possible moment. If you find opportunity to also convey a message to the president from me, I would greatly appreciate your say- ing to him that if there is anything bearing upon this important matter concerning which I am writing him, which could be in any way elucidated by my going to Washington to see him, I will go instantly that I get word, which could be conveyed to me over the Treasury Department private telephone line. With kindest regards, I am, bincerely yours, Honorable J. P. Tumulty, Secretary to the President, The White House, Washington, 0, a,, B3/USB Enc. November Z6, 1918. ,;ear Ir. President: My only justification for writing you thls personal letter is tbo sonosrn which I oar. UJLhelp feeling As to the Goverament's fi- nauoial program fol1owini3 Secretary MCAdoo's resignation, and I venture to write yau this frank letter containing au ailression o: my osn views with the hope that you will realise that it Is dictated solely by a destrs to be of some slidht survise in this matter. iisoretary loAdoo has acoomviishad, in his administration of the Treasury, a most wonderful achievement, largely because of his sourage nld Liz full appresiation of Vas sound monetary And financial principles union mast govern the finanoing of t4e war if 0122 country io to escape suan disastrous oonsequences as nross through the raiz-handling of cur finances during the Oivil War, and snah au I fear will be encountered by some of the belligerent nations of Zurope in futuro years. He is leaving hia office I am sure from nesessity which is santrolling, at a ticsv'ren our problams ars inoreasinz in difficulty, rather than the reverse, and when it will require a strong band and sound judgment to ie U.3 from the undoing of much of hi a good woric of the past. The Im- portance of the program of tax legislation he 4as Pally realized. I am :pot so sure that his ouoseasor will. The future borrowino of LLe Government for at least six months, and possibly longer, will probably be of larger amount than at any period, and the difficulty of placing these loans will now be vastly greater than the diffiaulties encountered during the perio4 of ,, ative hostilities. Thero is owirs.; to us eight billion dollars by foreign governments, the terms for the adjustment of which indcbtadseas hnvo not .;, ot ,bosit rettlol, end, upon tho settleyent of these terms very much of our future prosperity will depend. Problems will shortly arise in the international exchanges growin out of the trellondoas otlatv,Ti in our International trade, waioh 044 only be dealt with by one uf the fully familiar with the ieloji hiJtory 32 tho Treasury Jepartmeht up to the present time. As a result of the elections. We 41'0 . 41.1:rozturvately, Q.'Jaroated with the deporable situation where an adverse, and possibly hnstil° politleal party will be in control of dongress aad will not sontinuo a symnathetio-..upport of Use policies or -She admi.nistration. We may L,e threatened by a revival of demands for a protective tariffi which would mermaoe j1.22' futnre prosperity aed finhnaial security. It is not impossible that, strive as you may to avoid such a development, the results of she peace conference will not protect the world Against a reversion to a speoies uf commercial barbarism in the strife which may be sr.:nested to arise in the effort of the crippled nations of urope to reestablioh and rehabilitate their foreign business. Sheet No. 2 Henorable oodrow 411son 11/26/18. All of the various difficulties reach into And effect aur demestic finanoial position, and in an important way our international fir-ncial relatieos. Probably you unleretarl elate fully thet my or relations with eecretary licAdoo and his associates and, generally, with the nreasurs Derartmeat, heve affoedel me a knowleege of the worleini;s of the department, of the men in the organization, and of the prebleme with whie, it ha e ieelt, of more intimate a nature than almest aayone outside or the department itself. The object of ttis letter le, teorefore, meet respectfully to urese upon your Attention the grave noeeesity that Secretary e:cedoo,e suocesser shar be a men of the greateee thet oen bo found, who would un6ertake the work still unfinished in the e,pirit of patriotism and with no other purpose tnen to cc the eeuntry -t,t1,1f4 ansi fertifted ageinet the piny dengere which menace arAlvea and the thole world. I am fully aware, Xr. Preeident, that a situation He grave an that eitak whleen 4e are Low eonfronted eonid 8602 to demend the apnointment of aome one who would commnnd the oonfidence of everyone by reason Of a reeerLI with whie everyone le tally acquainted. It is probably a fact that 7ecretary cedoo has been able to aommand, to a degree never aajeyed by ley of hie 17redecessora, the oonfidence and respect of the benkere of the country. This haz been due to his courage. ability and resoarcefulnees, end, in pert, to the admirable selection of associates and assistants that be hns !le. I know all of them, and know of the un- eelfisil, patriotic epirit in ei.ice they have undertaken their duties. Dolieving as l do that no consideration will be allowed to enter into this matter except that of the public welfare, I have become convinced that the interests of the netion will be best served if ciroumstances permit of the akpointmert of e7r. Leffingwell to sueceed Seeretary UcAdoo. lie has carried a very large share of the burden of that office during the period wher. necretery Kcloe has been in charge of the railroads. Aecesearilye he has had a very intimate and direct contact with the Eederal reserve ben:es and generally with the benlecre of the country. He commands their reepect and confidenoe. The advantage of appointing eomeone Of hie experience and irtinate kuoeledere of the vane-tie problems, to which I or outweighs, I believe, every consideration that might be advanced in favor of eome other avointment, such, for Inetance, as the advantage of ap- pointing someone who is better known as a financier and statesmen. The chancee are that he hts not the remotest thought of such an appointment, and were it suggested to him I an inclined to believe that he would not feel ::eeltfied to accept it. I am oonfident, hover, that ha is fully capable of filling the office; that he will do so with credit to himuelf and to tha Jepartment and to the entire satisfaction of the country generally and particularly of the bankers who must be relied upon still for many months to come for unreserved support of the Treasury 3heet No, 3 Honorable Toodrow Wilson 11/L6/18. :Afepartment. - You will, I am sure, understand the object of this letter. :::tve never before fell; justified. it addressing si:loh a letter to you, , do so only '000aase of vau onoloqs-les of tho imlort,ine of matter and of Lly intkmate familiarity with the voec of the ,asury Dekartment. With aesuranles of m4 esteem, bcz to ramain, Respectfully youl%-,, o tho Present, The "vhi.te 1101148, c. THE WHITE HOUSE WASHINGTON November 27, 1918. lay dear Governor Strong: I have received your letter of ovan 26th, and, in accordance with your request, have brought the communication to Whi h you refer to the attention of the Presiptent. Sincerely yours, Secretary to President. IftemMMOKSEINIINMOWTOMPAPia. Hon. Benj. Strong, 15 Nassau Street, rew York City. THE WHITE HOUSE WASHINGTON Novenber 27, 1916. lay dear Governor Strong: // I have received your letter of Novem 26th, and, in accordance with your recilrt, have brought the communication to Whi,Ch you refer to the attention of the kresiAent. Sincerely yours, '4e Secretary to Hon. Benj. Strong, 15 Nassau Street, Eew York City. 4 President. cc Cs. THE WHITE HOUSE WASHINGTON 28 November, 1918. My dear Mr. Strong: Thank you sincerely for your 26th. etter of November This is a very brief acknowledgement, because of the hurry of the day, but you may be sur14 that your advice will not receive brief consideration. / and sincer ly yours, /Cordially Hon. Benjamin Strong, 15 Nassau Street, New York, II Y. THE WHITE HOUSE WASHINGTON 28 November, 1918. Ly dear Er. strong: Thank you sincerely for your rter of November 26th. This is a very brief acknowledgement, because of the hurry of the day, but you may be sulè that your advice will not receive brief consideration. / Cordially and sincer i( yours, ly Hon. Benjamin Strong, 15 Nassau Street, New York, N Y. Form 1220 iMBOL CLASS OF SERVIC : SYMBOL Telegram i.4111fr Blue Day Letter Nite NL If none of these three symbols NL -bree symbols the check (number of Night Letter ,.. is a telegram. Otheraracterit Indloatedbythe appearing after the check. Blue Night Message Nite appears after the check number of words) this is a telegram. Other- NEWCOMB CARLTON, PRESIDENT GEORGE W. E. ATKINS, FIRST VICE-PRESIDENT wise its character is indicated by the symbol appearing after the check. &COVED AT 40 BROAD STREET, NEW YORK CITY 47:; AON 102 GOVT TH 4UITE HOUSE WASHINGTON DC 345P 16 Sti3 BENJAMIN STRONG FEDERAL RESERVE BANK 15 NASSAU ST NEWYORK NY AM DESIROUS OF INCLUDING YOUR NAME IN THE FORTHCOMING CONFOlitfl ON UNEMPLOYMENT TO BE HELD IN WASHINGTON IN ABOUT TEN DAYS ST',. OBJECT OF THE CONFERENCE IS TO INQUIRE INTO THE VOLUME AND DISTRIBUTION OF UNEMPLOYMENT TO ADVISE UPON EMERGENCY MEASURES CAN BE PROPERLY TAKEN BY EMPLOYERS AND LOCAL AUTHORITIES AND BODIES AND TO CONSIDER SUCH MEASURES AS WOULD TEND TO GIVE IMftL_ TO THE RECOVERY OF BUSINESS AND COMMERCE TO NORMAL STOP GLAD IF I COULD HAVE YOUR ACCEPTANCE STOP I I W01.11-1= DO NOT PROPOSE TO MAKE. ANY PUBLIC ANNOUNCEMENT UNTIL THE LIST IS COMPLETE WARREN G HARDING 403P 11 4a. ./ Ytt THE WHITE HOUSE WA SHIN GTO N September 26, 1921. My dear Governor Strong: I had your note of September 20th and very much appreciate the spirit of helpfulness which is given expression therein. I have told Mr. Hoover of its contents,and have no doubt he will welcome the helpfulness which I know you will be able to afford him. Please know of my awn appreciation. Very truly yours, Hon. Benj. Strong, 1718 H Street, Washington, D. C. çJ I-' /1 IN VCTHE WHITE HOUSE WASHINGTON September 26, 1921. My dear Governor Strong: I had your note of September 20th and very much appreciate the spirit of helpfulness which is given expression therein. I have told Mr. Hoover of its contents,and have no doubt he will welcome the helpfulness which I know you will be able to afford him. Please know of my awn appreciation. Very truly yours, Hon. Benj. Strong, 1718 H Street, Washington, D. C. May 26, 1922. My dear Mr. President: With considerable' reluctance I am asking for sufficient of your time to read the following comments, which I em taking the liberty of addressing to you, in regard to the bill which has just passed the Congress, providing for an additional member of the Federal Reserve Board, and containing in addition a provision that no building shall be constructed by a Federal reserve bank at an expense in excess of *250,000 except with the approval of Congress. The latter provision I understand does not apply to buildings now in course of construction. As to the provision regret its necessity. enlarging the membership of the Board, I deeply It appears, however, to afford the opportunity, if you should think it wise to do so, to reappoint Governor Harding as a member of the Board and Governor of the This I believe is essential to the welfare Board. of the System. As to the limitation upon building operations of the reserve banks, that this is the first step by Congress in the direction of a political and legislative control of the affairs of the permit me to respectfully maggart banking system, which, if extended as may indeed be impair its usefulness hereafter legislative restriction, which and to subject the case, is liable to it to repeated and progressive in the long run will be dangerous if not fatal. Executive assent to this first step would appear to me to be encouraging to those who are now criticizing legislative supervision. the Syetem,towerd the extension of this sort of May 26, 1922. 2 You will, I am sure, understand, my dear Mr. President, that I am submitting this personal expression of views to you most respectfully from the most disinterested motives and because I believe it to be in the interest of the Federal Reserve System and of the country that the bill should be vetoed. as to the bank buildings were If the provision omitted I would not feel this way - in fact, in my last talk with Secretary Mellon I took the liberty of expressing the view to him that I thought the enlargement of the Board by the addition of one member, as proposed by the bill, was the only method by which the subject of agricultural representation ma the Board could be dealt with se as to avoid sacrificing Governor Harding. If it might appear to you that I am guilty of any impropriety in writing to you directly on this subject, I hope that you will ascribe it to the deep interest which I feel in the welfare of the Federsl Reserve System, with which I have been connected since its organization, and in the service of which I have given some years of hard work and anxious thought. With g-.seurance of my esteem, believe me, Respectfully your, Benj. Strong, Governor. To the President, The White House, Washington, D. C. BS.Mik - WHITE HOUSE WASHINGTON FILES JUN 9 ADERAL 1.4."'' Riii, RyyjifikV, 1922. ,JF My dear Mt. Strong: I am writing to acknowledge yours of May 26th, which came to me through the Secretary of the Treasury, expressing certain Objections to the amended Federal Reserve Act as presented to me for signature. I recognize the force of some of the objections offered, but I very much question the wisdom of returning the act without approval an that account. I trust we shall be quite able to maintain a helpful and dependable course under the modified provisions of the act. Very truly yours, Mr. Benj. Strong, Federal Reserve Bank of New York, New York City, N. Y. E VVH ITE HOUSE FILES 0 WASHINGTON JUN 9 ELEAL - P_FZ-t R \iTjt*V) 1922. Nzvi My dear Mr. Strong: I am writing to acknowledge yours of May 26th, which came to me through the Secretary of the Treasury, expressing certain objections to the amended Federal Reserve Act as presented to me for signature. I recognize the force of some of the objections offered, but I very much question the wisdom of returning the act without approval an that account. I trust we shall be quite able to maintain a helpful and dependable course under the modified provisions of the act. Very truly yours, Mr. Benj. Strong, Federal Reserve Bank of New York, New York City, N. Y. jek4,43 rHE WHITE HOUSE WAS SHIN GTO N September 12, 1922. My dear Mr. Strong: I am grateful to you for your message of September 11th. It has been comforting and encouraging to know of the interest and good wisheswhich your message conveyed. Gratefully yours, Er. Benjamin Strong, 15 Nassau Street, New York City. 30 Ce`_,--'1-HE WHITE HOUSE WASH IN GTO N September 12, 1922. Lay dear Ir. Strong: I am grateful to you for your message of September 11th. It has been comforting and encouraging to know of the interest and good wishes which your message conveyed. Gratefully yours, Mr. Benjamin Strong, 15 Nassau Street, New York City. ft F./ (La Whom he it itncitun that b rrnt 1ritt tome irtuz of autkoritR intresteb in nme lierrtp caimtitute a a.a.ciate Itteratv of tile HARDING _MEMORIAL ASSOCIATION PRESIDENT.