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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 -

-

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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.

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