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410




'7

cn

e-n

VA,

June 19,

cl

`-,

1919
c.)-

Dear Sir:

Th is letter, together with my passport and his own,
will be presented to you by m7 secretary, Mr. Vaughan.

I ex-

pect to visit Belgium on official business of the Federal Re-

serve Bank at an early date, sailing from New York on or bout
the 1st of July, and shall Appreciate it very much if you can
accomplish the formalities of visaing these passports without

requiring my personal presence, as the present pressure of
business would make it very inconv-nient for me to attend.
Very truly yours,

Governor.

Cons .1 of Belgium,

25 -adison ave., Aew York.







--)1,01,0t-tc

-)1/ 41-il6Z
ritt

ED. BUNGE

rre face

Preface

If there is one point on which

S'il est un point au sujet duquel
it y a actuellement unanimite dans le

perfect unanimity in the world exists,

monde, c'est que de la lutte presente

it is that the outcome of the present

Union

struggle should be a union of Nations.

dolt sortir une

des Nations. -En

d'autres termes, qu'aux rivalites et

In other words that to nationalist ri-

ambitions nati onali Rte., dolt succeder

valttes and ambitions should succeed

un regime assurant dans la pair

a regime assuring the development in

et la

liberte, le developpement des forces

peace and liberty of all productive

productricee. C'est le phenomene con-

forces. Individuals, families, tribes

stant de l'volution du monde. Succes-

and even nations have successively

sivement les individus, lee families,

!after more or less protracted periods

lee tribue et mime les nations, apres

of strife renounced regulating their

des periodes plus ou moins longues de

conflicts through force of arms and

combats, ont renonce a regler leurs

have instead accepted a peaceful ju-

conflits par la force des armee et ac-

risdiction. This time again the strug-

cepts de se soumettre a une juridic-

gle between peoples will have the sa-

tion pacifique.Cette foie encore, la

me result, the war will bring about a

lutte des peuples aura ce resultat et

definite peace between groups of

la guerre amenera la paix definitive

growing importance.

entre les groupements de plus en plus
in portants.

The new regime will necessarily

Au regime nouveau s'imposera une
double mission: reparer le passe et

have to fulfil a double mission: it

assurer l'avenir.

must mend the past and assure the fu-




ture.

-2-

Reparer le passe, c 'est faciliter
Mending the past means faci li taaux generations qui suivront la liqui- ting to the coming generations the li
dation des charges qui pese rant sur

qui da ti on of the charges wherewith the

elles par suite de la folio de destruc- folly of destruction, which has blown
tion qui a souffle sur pre sque tout le over nearly the whole of the civilized
monde civilise. Cee charges comprennent world has charged them. These charges
les emprunts contra° tee pendant plus
comprise the loans contracted during

d'un demi siècle pour la preparation

more than half a century in prepara-

de la lutte, les depenses actuelles de tion of the struggle, its actual cost
guerre et celles qu'entra.inera sa 11- and the expenses which its liquidation
c 'est a ai re , la re pa ra. ti 0 n
des dommages causes par destructions,
re qui si ti one, etc. , etc.
Assurer 1 'aveni r, crest etabli r
les relations economiques sur la base
la plus propre au li bre developpement
qui Ca -Gi on,

de touter le s activi tea: exploitation
deb .d.chesses nature lles, manufacture

et distribution des prociui ts.
Pour cola, i I faudra fai re di sparartre les barriLres qui entravcnt
lee relations ,'concmiques et, avant

tout, ref rme r la circulation

moni

tai re.

ot; teuX pa rce




re qui si ti o ns etc. etc.
As su ri ng the fu to re means the

establishment of economic relations
on the basis most conductive to the
free development of all activities:
the e)sploi iati on of natural riches,
the manufacture and distribution of
the products.
Towards this end all barriers,
which hinder the development of economic relations, must be removed, above

all the monetary circulation must be
re f c rat d.

L'instrument d 'echange , tel qu'i 1
exi ste ac tuel le !tent, lest i nsuffi sant

et

i s sure to occasion, viz, the reparation
of all damages caused by de structions

it

The instrument fo r e:=.cranoe as
ate to - day, i fa insufficient and

'i 1 a etc Stabli Cs? costly .z:n account of its protecting







-

trj.nseque, dont i 1 fallai t emlAcher la pred
tok
depreciation.
Bornone-noun, sane entre r dans
1 e xamen appref endi de c e tte que ti on,
a. cons tate r que 1 'inetrument monc. tai
re

pour reeipli r son role, doi t :
1° N'avoir selcune yaleur i ntri nsaque ;

into

se 1
inat

must

1°

2° 111:et ster en quanti tea suffisan-

2°

tes pc.air taus les besoi no;
3° Avoi r force li be ra toi re i llimi t4e.

3°

Pour cela, l& nouve 1 instrument
d'4change devra i nepi rer une confiance merit
anti ere a ceux qui e 'en servi rant.
conf
De la, la r4cessi
'lien organiser 1 'emi sei on
de facon a le me ttre en rapport
in su
avec 1'4 tat nouveau qu'amenera
the n
1 'Union des Nations. Une itanque cenNatio

trale, charge .de ce se rvice, sera
ti on
le corollai re indispensable de 1 'Une on servi
Beenomique. l;1le time ttra, sows is garan- indis
tie soli dal re des tats nertici -pants
This
des billets de banque qui aurcnt courts and s
dans 1 'Uni on toute anti ere, et fourni
S ta _e
ra aux *tats, tout au moine partiela e pt
leeient, les re ssources n4cessai re s
triee
pour se libe re r des lourries c'ne.rges

them




-5consequences de la preparationleast partially of
at h la
lutte,' e t re la lutte el le-m'eme; lour through th
e ncurred
c rikti on pr4servem
t4 des
the struggle and th
-"aux so ciaux re doutable s ueand humanity may be
l'impusiticn exceaeive des masses palling consequence
rendrait
non in4vi ta:ole,.
unavoidable excessi
MA83e3.

tat peuvent Ei to. te sde bts m
se
range r dais ten categories eulvante 13;
three categories:
1° ire tte a payable 3 au c omptant; deb-La pajtible
2.°
2° De tte s reeiboursable s a tichian20 debts payable w
Les de t tt

ce rappr..ohoc,e;

Jetted perpe. tuelle s ou L. 6chean- tual debt
3° pe rpe
ce tre s 61olgnee.
long time to ru

La premi; re ca tea° ri e coetprend fi rs t categ
The

en pi'esi r lieu la ci rcula ti on fi first ine tance th
the duci kti re xi sque pays, ci
tante en
lati on which exists
culati on qui p-iur des rai sone evi circulation which fo
,

dente s, dui t e t-:e re.11,..durdiCe e t ceu-

plactie par lee nowreaux billets. Elle
eolipn:nd. an u.itre, le -i;aieme et de 3
requi ei ti one et les indereni t4s pour

must be paid off and
new n.)
t include
ment of all rrquialti

sustai !led through the

dotmagee subj. s.

verve 1^ deuxierne catAgorie se
range nt le e bone cu Tr4 nor, 1 s tra,iteo e. i5ch6ance
,
etc. - En

classed all treasury
short sight e Lc. - I It

ce Cita cencerne ces deux categories

as 1-..-.garde these two

i 1.

est tree simple pour leo 4tats de

In the eecond ca

the Geve rev/lents will m

-6-

se se rvi r de la nouvelle monnaie mime

a leur disposition; leur obligation
Aant preci Bement de couvri r lee cr4-

new notes placed at their di sposal,
the obligation incurred by them being
precisely to pay off their r c redi tors

anciers en leur remettant, de sui to

under these heads by means of a mone-

ou a court to rme , un symbols mon6tai re

tary token of liberating force.

ayant force li be ratoi re.
Pour la troi sieme cat4go ri e, 1 ' oFor the third category, the ope1,4 rati on ne pourra se fai re que plus
ration must of a necessity be more
slow, the conditions at which the loanp
le ntement en tenant compte des modali tes qui ont pr4si df5 a 1 'emi eel on de were contracted having to be taken into account. The Governments have bound
chaque ernprunt. Lee dtate Re Rent enthemselves not only to reimburse the
gages, non seulement a rembourse r
lone by means of legal tender, but very
1 'emprunt en monnaie coursable,
of ten also, to reimburse them only
aussi frequemment a ne le rembourser
after interest should have been paid
qu'apres avoi r pays pendant un temps
on them during a given period, under
te rni n4 un lo ye r fi xe pour le s
all circumstances however the use of
avoi re; qui lui ont pte confies. Il

n'en est pas mum ns vrai que lee 'state
trouveront dane 1 'usage dee billets
rai S un soulagenet important a leure

the notes will signify an important
alleviation to the Governments of
their charges of interest.

charges d'int4rCts.

"ais ici se pose la question de
eavoi r si, en agissant ainsi , ile
n'enfient pas la circulation outre..
me au re ?la Ba nq-le me t tan t a la di spo -

si ti on de see associAs lee moyens
leur pe rme ttant de rembourrser une

partie notable de leurs de tte s de



Here however the question naturally ari sea, i f by so doing, they do no
risk an undue i inflation of thei r ci roulati on. The Bank putti ng at the ii apo-

sal of i to partners the neans wherewith to pay off a considerable part of
their wardebts, the result might indeed;




-7-

developments?

veni r?

The abundance of available capiL'abondance des capi taux di sponibles
tal will induce its owners to look for
amilkera lea de tenteurs a en re che rcher un emploi avantageux et develop- paying investments, it will thus s ti pera, par suite, 1 ' espri t d'ini tiative , mulate the spirit of enterprise,
tandie que le bon marche de cea capi- whilst the cheapness of the capi tal

taux rendra plus lucratifs lee efforts will increase the re turns of producde s producteurs.

ti on.

I1 est tnutefoi s certain que la
realisation de ce plan se heurte ra a

It appears nevertheless certain,
that the realisation of the plan will

1 'opponi ti on de nombreux cPpi tali stets

have to contend wi th the opposi ti on

qui y verront une expr,_ priati on de la of numerous capi tali atm, who will look
fortune privee. Ile ne devrai ent point upon i it as an attempt on private for.
perdre de vue que lee depenses de gue r- tune. Such ought however not to loose

re engagees par des gouvernements reguile reme nt consti tues ont

atteint

eight of the fact, that the wardebte
contracted by regularly constituted

cette fortune , et :iue le seul problems governments, have in fact placed that
fortune in jeopardy and that the only
qui se pose est de savoi r comment
aricette diminution d'avoi r dolt etre di s- question to solve is, how the loss
sing therefrom is to be di stributed on
tribuee sur la masse du public.
the public.
-.

La plupart des financiers et des
economistes sent d'avis gulll est nece ssai re de recouri r a un imp8 t eur is
capi tal. La perte, subie une foie pour
toutea, laissera une situation ne tte
infiniment preferable au boulet ec ra-




Most financiers and economi eta

are of opinion, that a tax on capi tal
cannot be avoided. The lone once bor-

ne wi 11 leave a clean si tuati on, 1 nfini tely preferable to the crushing
charge, the service of a loan would




-9-

-10-

le s 'desiderata qui devront ; tre
de si de rata, which can and must be reaa6s par le nouve 1 instrument financier, lived by the new financial organi saalVssoi re indispensable de 1 ' Uni on des ti on, same being an indi penmable acNati one, qui pourrai t, peut-e tre, e t re ce sso ry to the Union of Nations and
consti tue sur les bases que nous don- which might perhaps be edified on the
nova ci- a pre B.
bases ,given hereafter.




(

La Banque des Peuples

Societe Cooperative Beige d' emi si on
agissant pour ceux des Gouvernements alli6e







-3la Bf /wile endears d 'un delaf de trui s

months time to exchange them at thei r

mole. Cee autres billets eeront four-

National ttnk against other notes of

la Banque 34a ti onale en question

the Bank such o thc. r notes to be furni par le. Rarque, l'associe
s'o-oli- shed to the National Bank in question
geant a. lee rembourse r a celle-ci enby the Bank and the excluded partner
deans 1 'annee qui euivra la A.ate de sa
ng himself to reimburse within
decheance esoi t en bi e is avant
one year the amount thus paid out by
dans lee pays des ase oci es re s tants
the sat d Nati °nal nk. Such reimburse soi t par la remi se a la Banque d'un
me nt to be affected either in notes of
ac tif approuv4 pr4alablement par elle. the Bank bea ri ng the distinctive marks
T Jute per'-.e pvuvant r!!sulte r
la, non of the remain' ng 12artne re or in the
03,1, ...vati on partielle ou to tale de
shape of any o the r as set to be previ ous
cetts s
par I 'aseoci4 d4ly approved by the Bank. Any lose which
,.;ha sera sapport4e par la Banque.
may ari se through the excluded parts

'2

ner r-mai ning in de fault i n thi a respect to be borne by the Bank.
Les 9.ssoci4e fondateurs sont
les sui 'rants :
Le Gouverrement de I 'Angle to rre et
Colonies
4uo0 parts
Le °olive rneme nts den !tats Uni

4000 parts
Gouvernement de la France

4000 parts
Le Gouvernement de 1 I tali e
2400 parts
Le Go.,Ive rneme nt du Br4si 1




1600 parts

The founders of the Be nk are
the followi ng :
The Goverment of Great Br:, tai n and
Colonies
4000 shares
The Government of the United. States

4J00 shares
The Government of France

4000 shares
The Government of Italy

2400 shares
The Government of Brasil
1600 shares

-4,-

G.;uvernment dr. la Belgique
parts
etc. etc.

The Government cf .Belgium

400 shares
etc. ate.

41:04e

:

30 and

The durati on :

siege

I.

:

'Bruxelles

Tie seat

lie Conseil d'Admi ni stration: Chaqae
parts donne. ra
souse ri ptiondde
droi t a la nomina ti on d'un membre.
Lee mmrrbres ell ront e ntre eux u rt Pre -

:

30
Br) s ae is

The Board : 7ach subscription of
cha

e to e.nti tle the subscriber to

the no7ti nat. t on of one member. The mem-

be Ts to elect a chai rman amongst themsident qui de v ra ; trs de Naticnc.lite
selves. The chap rman to be of Belgian
Nationali ty.
Be I ge
21.2raysisia:
re v r.0 de la Banque con- The revenue of the Bank
Le revere: la
s te ra. en un. ire IeveTe, nt arnuel

ti /e tent ii rime Bur la ci rculati on de
bi lle ts de chacun fee associ es et au
debit de celui -ci Ce pr6laveme nt sera
calcule de mani re pe nnet tre h. la
Pancius de couvri r see frai s. I1 se ra
r3serve 1e .1e ann.uelle
consti
de 5% des benfices.

to cone st of an annual and relatively
small contribution to be paid by each
;partner on the amount of the notes in
circulation bear] ng his It etinctive
mark. This cont:d.bution to be calcula-

ted in such a way as to form the approximate amount of the R-rik' B e
flees.
A reserve account to be formed of 5%

of the Penn's annual profits.
mints .nrapruntent ou po7.1r7oient aux

GovernThe princir:les,
ments borrow or provide for the finan-

be soi ns fi nr.nci e re de leers rays sur-

cial wants of their respective countries

tout de deux mani C re s

pri nci pa 1 ly i in two ways:

,Les Princi-ces. Le but : Les Gouverne-

:

l °au rnoven de 1 'cimi smi on de ti tree

aortint

Clefit de ce tte mare que le s b lli 1;4 rants se sont




1° by issuing bonds bearing interest.
It is in this way that the be 11i Re re nt
powers have procured for themselves







6-



'

-8-

Cat en question porte la marque distinc interveni ng National Bank to the debit of the partner whose distinctive

tive.

mark the certificate bears.

Il sera imprime in fine de chaque

certificat un

recu que

le porteur de-

tachera au moment de la conversion de

A receipt will be printed in fine
of each certificate which receipt the

holder will detach and keep at the

son certificat en billets de la Banque. moment of the
pourra

a tout temps moyennant pr4-

conversion

of his certi-

ficate into notes of tht Bank.

bentation de ce recu et pal eme nt du

will be entitled at any time to claim

montant y mentionne se faire dllivrer

delivery at any of the National Banks

un nouveau certificat par une des

of the guarantors of a new certifi-

Banques Nationales des garants,

e.

eon

mentioned in the receipt.

choi x.

Il reesort de ce qui

pr4ce de

que

la Banque sert d'institution d'emission

cate against payment of the amount

a tour lea associes indistincte-

ment.Ils lui en accordant le mono-

It appears from what precede
that the Bank will ei...rve as Bank of

issue to all the partners, they will
grant it a monopoly to that effect.

pole.

Les Banques Nationales des associes conti nue ront

a

e xi ster sans qu'

aucun changement ne soit apport4 ni
leur fonctionnement ni

e.

'Furs avan-

The National Banks of the partners will continue to exist as be-

fore without any change as regards
their functions and advantages. They

tages. Ellen me ttent lours services a

will hold their services at the di-

titre de correspondants h la disposi-

sposal of the Bank as correspondents.

tion de la Banque.
Conclusions et commentai re 8: La forme

Commentaries and conc lusi one: The

de la Societ6 Cooperative Beige a 6te

form of 'a belgian cooperative Compa-

choisie parce qu'elle s'adapte parfai -

ny has been chosen un account of its




-9teevent au but aseign4 e, la. Banque, ce- perfect adaptability to the object of
.
lui cis creer une base financiers com- the Bank, that object being the creation of a financial basis common to
muAlaux peuples qui deviendront see
asmoci6s. own capital peat, au gr4 du the peoples which become its pertners.

Conseil d'Adminietration, ;tre en tout The capital of the Bcnk can at any
temps augment.4 ou liminuA et 1"lasti- time,according tc tha decision of the
Board, be either increased or reduced
cit4 sue la Vgielation Beige lut
donnee rend possible dane un sens g4n4.- and the elasticity of Belgian legislation in the matter allows to group
ral le groupemeet dens une souls orwithin the limits of a single organisagem sati on, d lintAr;;te *west d1stincts
tion interests as distinct as are thequo ceux dee Gouverne!ments qui auront
se of the Governments which may ad- 4,
adh4r6 a see statute,

here to its articles of association.
La Natioretlit4 Beige s'impose par

The Bank is conceived to be Bel-

is fait qu;elle est cello d'un peuple gian as a tribute to the Belgian peoqui au point de vue de la civilisation pie whose civilisation is on a level
enrolee de pair avec let grandee puis-

with theft of the Great Western powers

srnces de l'ouest et qui s'est acquis
lee sympathies univereellee par le 1.'61. qu'i1 a jou4 et joue encore dans

and which on account of the part it
has played and is till playing in
the pre sent war, has ge ned universal

laze rre actuelle.

sympathies.

lets nati onaux, onsac re ra 1 'exc 'dant
la. conversion de sa Bette de guerre.

reanke to the credit opened by
the Bank, each partner after having
reimbursed his own notes in circulation, will apply tile surplus towards
paying off its wardebt whereby the

De lk un notable allegement du servi-

financial service of that debt will

ce financier de cette dette. Les

be ccnsiderably reduced. Acting in

Grace au credit octroy4 par is
Banque, chaque associe, apre a evoi r

rerebours4 la circulation de see bil-







-10-



'




-12-

raison (1qtre dee cterti ricets

The reas

refei ea (Lane. le fait que le remboui7eement should be c
guerre
that the reimb
lap et eimplc de de ttes

moyen de bi llete de la Barque i nont rad. t 1, pays de pa pier, s.i,ore qu.e
tc.'ut Iff!tenteur de titre's de glierre opte re. certainemInt pour leur remplacent par- den cf-rti ficate lui aeseurant
Intl rat, dui t 1l est v ral , mai.s
u
lai r.p:-ertant en compenna ti on la. cone rti bi 11 to i tout moment en argent
c

4". ant, certi :feats d 'ai 1 leu re

?.

'a.bri de touts fluctuation de bourse,

of rardebte b

Be nk wet 1 d r

c.cuntriss wit

warbonds wi
their bonds r

yielding it i

only, but bei

time into read
the Bank and

such co nve rti

Farce quIdinei co rye rti hie. a. Corms ces ever falling

certificate ?current b. la convenance
du propri4tai re etre convert! s tout

compensation

moment en billete 1 nte rnati onaux, de
parel
nte temporal res e^ntreplac
rrn+t dam, lee moeure et sill rout au-

ficates being
the holder rec

to*,ati querne nt (levant la menane d 'unis
actsumulati on etomentanee

cans emploi..

capi taux

rate of inter

into internatio
rary investme

appreciated b
tomatically a
any accumula

rily without e

Pour lee aseoci4s lItiodetenc des
For the
certi fists si gni fi era outlet la esuppes- existence of
si on de tout danger d nflati on, larei.- flea practical
ducti on dee taux d'int4rets consentis 'Lion of all d




-13-

-14-

de faire libeller les billets portant

will serve as legal tender in the countries of his copartners however to be
printed on the face of the notes. Eve-

sa marque distinctive en sa monnaie
la pari to en valeur d 'arbi trage
pour laquelle cee billets auront cours ry partner will be si cies determine the
importance of the cuttings according
dans les autre is pays y figurant concurremme nt. Chaque associ

de'etermine-

ra e n outre 1 'importance des coupures
portant 8:3 marque distinctive suivant
lee exigences de 3,)n cemmerce et de

to the exigencies of his own commerce
and industry.

son induetrie.
It is imperious in order to give
I1 faut puur dormer tout le pre stide posei Die aux Dille is de la moue all possible prestige to the notes of
the !tank making them i n point of fart
soient en
pour qu
dee ie.uple
an equivalent of gold t° -iat they should
nt de 1 ' r, les faire
fed t 1 ' qud
be guaranteed jointly and severally by
garenti r soli d.ii rernent par toue les
as eocl es. l'our les grandee Ali esance t3,
ce -L

fz,a. rant). e rrciproque pour de s

noner.nte equivalente ou

L.

oeu prs,

te, it n'y

n'off re. aue

ae :ea que le 8 -0e1 ese.nce s reoyennea e

petite s ctamnti es per leurs coeas soc

6r; pcu r t, rn

Fiorrime

v ront garanti
scrip e plus fur'

niui Aid re qui de-

cre.ndee pour tine

l llee truuve etot,t
na uric cempeneati or) (bent le

cue cc-epar, tieeeeent 3 leer imti
curoportaLce le c'eemp
mique :lee la po use eel on des billets



all the partners. ior the great powers
such a guaranty given reciprocally for
similar amounts wi 11 be of no di fficul ty, only the case of the medium and
small powers which ea 11 have to guann tee their more important cops.rtne re
for a large r amount than they themselyee will be guaranteed for, deeerees
attention. The ems.1 le r pow, re will hew-

eve r find a compensation for thi s in
tlee fact, that the field of AC ti vi ty
Which the possession of the notee of
tee .Eten.ic opens to the

owi ng to the




-15-







Les Billets







Appendice.
Relative7lent a ce qui PEt dit a la page VII concernant la probabilit4 d'une unification ultArieure des syst-raes mon.ctaires actuelle-

-nent en existence, t'id'e peut parattre discutable de libeller lee
Billets de la. Banque des Peuples en une nouvelle monnaie destine
a devenir universelle a laquelle les publics des pays associ}s
s'habitueraient de la sorte. Dans ce cas, la circulation des billets
nationaux conti nue rai t a subsi ste r avec ce rAsultat quill y aurait
deux esi:ces de billets circulant dans chaque pays interchangeables
a tout moment a un taux d4terminer.
Les Billets de la Banque des Peuples contiendraient 4videmment outre

le libelle en la nouvelle monnaie lee pari t4s de celle-ci avec les
monnaies des associes dans les pays desquels ils seraient coursables
plus la mention de la garantie solidai re et la marque distinctive.







The Note a.

Although all nctes issued by the Bank of the Peoples are

legal tender in all the countries of the guarantors indistinctly,
it appears certain that the notes which have been issued to one of
them in perticular will circulate mainly in that guarantors co..intry.
Every National Bank will thus be free to order notes at the Bank
of the Peoples of the shape it considers best appropriated to the
wants, customs and usages of its public. All the notes of the Bank
of the Peoples will however invariably bear the following inscriptions

:

10 that the note is guaranteed jointly and severally by all
the partne rs.

the name of the country to
2° the distinctive mark
which it is more specially destined.
3° the parities at which the note in question is a legal
tender in the countries other that that to which it is more
specially de stined.
Specimen of a Note handed over to Great Britain.
The Bank of the Peoples % eel
LS

q.)401,4`)*

Glittfr"

ORE HUNDICD POUNDS

ea

This note is jointly and severally guaranteed by the
Governments of Great Britain, France, the United States
etc. It is accepted as
of America, Belium,Italy etc. of the guarantors. Its
legal tender in the countries
value is
L. LA.). -. In Great Britain
:

and Colonies
In France
In the Waited States
In Belgium
n

taly

Signature of a member of the
Board, preferably of English



Nationals ty

Fre. 2516.-Fre. 2516. -Fre 2516. -etc. etc.
Signature of a member of the
Board, preferably of English
Na ti onali ty

V

Nil

This receipt confers upon the holder the right to effect at any
411

time an e Ychange of a Aura of
L.

5w. 000.

STERLING

FIFTY THOUSAMD

to be paid fn by him at any- rHf .he Nati o-ial 33.°Iks

f the Guarantors

against a certificate ()f the sane tenor as the above.
T"

ink of tn{land
the BUM o of PI

ti fi

1,avincr,

'nu I T SANE -2c.0.7.TDS S

7-e

f,r) rn

}ILI NG a3ai n 8 t

rance to 'iira of a certificate to the same amount bearing
nate
the lir 3777 the money

.receive.d. being placed to his s credi t

as a deposit free of j. nte rest.
London,
Si znz

of

the

r

of the Bank of England

si gnu tun. of a member
of lie Sant of *England

460.SM MI

E. B.

The a mourt paid into any of the National Barks of the Gua ran-

te'rs will continue as a deposit during the time the certi ficate
remains in circulation. It will be transferred to the credit of th
MTAional Brink which effects Its payment the day on which the notice
of such payment roaches t}' National Bank which has given out t1.7.e
ce rtif. crate.




S ecimen of a certifica.t hnied over to Great Britain
AA.°1'0
N?fild

(4e0(
46.

The Bank of the Peoples
Endorsable certificate N° 3'777

45),

41

/ (cot??

the paymf:nt of which at seven days sight is jointly and severally
guaranteed by the Gov, rnments of Great Britain, iraace, the United
Stp.te.s cf America, Italy, Belgium etc. etc.
Any ore of the '7.z,,tional Banks of tt-.e above raentiuned

guarantors will pay tit raven_ days sight to the holder of the present certificate, upon preeentation of same, the BUM cf
L.

50:oo.--

FIFTY THJusArD P.,UNDU ST:U(1,LN°

plus the interest which will have rocrued since the date of issue
of thin certificate untill the date of its encashment calculated
at the rate which the lahrac,of the Peoi:-les will have made public
ouch intPr.t. rs.yment will be effected in notes of the said Bank.
The time during which the certificate maL. remain in circulation is undetermined. The Bank of the Peoples however reserves

unto itself the right to assign a date at which it will have to be
finally encashed, such date to be made known at least three months
in advance in a way which is left to the discretion of the said
Bank.

Brussels, the
signature of a member of
the Board, preferably of 'English
Nationali ty

signature of a member of
the Board, preferably of Englith
Nati onali ty

to be detached by the holder at the moment of encashment



Endorsable receipt N° 3777

p

erdi
AIMMERNI.M.

Rela,ing to what i s said on page VII concerning the

probability of an ulterior unification of the actlially

4-4

Ftin-

monetary systeas, i t may appear worth whi le to di scuss the i d.ev.

of having the no tes of the 3ank of the Peoples made out in El new
currency cle stned to la, come universal later on to which the pu:blic
-would in thi way get accustomed. In such ea se the circulation

of all natioal notes would continue to exist with this result that
there would )e two kinds of notes circulating ir. each country
being 4. me i-aangeable at any moment 9.4 a fixed rate.

re notes of the Bank of the Peoples would nevertheless
contain, amides the amount expressed in the new currency, the
(:)., they wGuld re pre sent legal tender in the countries
parities
of the 7.1ne re, the statement of their. being jointly end severalt-

ly guare.e.ed by them and the di sti no ti ye mark.







74
Aeje".9M'




0
sent you and the Deputy-Governor of the Bank large photographs
of the bust, and since I have had no answer I take the liberty
of asking if they were received. I had hoped to be able to go
to the United States in October but 'Tan proposes and God
disposes."

You are undoubtedly aware that I am very closely

concerned with the famous polemics on the subject of the

inscription of the Library of the University of Louvain. In this
case I acted as my conscience dictated, especially out of
consideration for the artistic qualities of my very good friend,
your corpatriot Mr W. Warren. It would require a book to
describe this affair in detail, but I shall not burden you
longer. Nevertheless I may assure you that the American public
has no real knowledge of the intensity of Belgian public
opinion in this matter. Mr viarren and America have risen more

than ever in the esteem of Belgium and it is unfortunate that

politics has become so entangled with a question which was
merely one of highly spiritual purposo and of the legal rights of
the artist.

Day I also recall to your mind, my dear Mr Governor, the
project of which you spoke to me-- namely, that of making a bust
of Mr Montagu Norman, Governor of the Bank of England? It would

be a great pleasure, as well as an honor, if this work might be
entrusted to me.

I shall be vcry grateful, my dear Mr Governor, if you will
let Le know what your ii,prc,ssions of the bust are when you

receive it, and whether it cones up to your en:pactations.



In anticipation of your reply, I an,

v_WtavR Gov




,;







( A-444A.

/ 9/

2
16) fa7




28 aocit 1919

Cher Monsieur,

J'ai l'honneur d'accuser rece7,tion de

votre aimable lettre du 21 de ce mois nar laquelle vous
m'annoncez le. ,rochain envoi de New-iorktdedivers docu-

ments concernant les Reserve Banks et :e vous en remercle bier sincerement.
:ar meme courrier,je Pais adresser h, la

Reserve Bank & New-York un exemrlaire de nos
statuts, ainsi que le recueil " Discussion generale du
ro,'et de loi nrorogeant la duree de la Banque Nationale

de Belgique" (Loi du 26 mars 1900)

Je ne manquerai -as de vous faire en-

voyer regullerement nos situations hebdomadares ainsi
que le ra,-.,:ort annuel de la Banque.

Veuillez agreer, Cher Monsieur, les
assurances cle mes sentiments les meilleurs.

A Monsieur B. Strong

Gouverneur de la Peural Reserve Bank de New-York



iaris




TELEGRAM



Paris, August 21, 1919.

rt
S
Hotel Ritz, London,

September 8, 1219.

My dear Monsieur Janssen:

Under separate cver I am sending you a package containing the
various documents listed below, which I trust may prove to be of
service in connection with your proposed trip to the United States,
and I hope they may reach you in sufficient time before you leavei
Fifth Annual Report of the Federal Reserve Board.
The Federal Reserve Act, as amended to March 5,
War Loan Organization Charts (2).

It now seems that I am likey to sail on the Baltic on the 1?th
New York probably on the 26th, and, while you
of this month,
may be in Atlantic City shortly after your arrival, I hope that you
will be good enough to leave word at the Bank where it will be ;_>ossible for me to reach you.
77ith :.:any thanks to you for your courtesies to me while I was in
Brussels, I beg to remain,

Faithfully yours,

Monsieur Albert E. Jaen,
c/o La Banque Nationale de Belgique,
Brussels.

BS/V







04.
TELEGRAM:

Amsterdam, August 11, 1919.

Edgard Rokbouts,

'r Rue de l'Ermitage, Ixellos-Bruxeliel

Am arrivIn6 in Erusseis tomorrow Tuesday evening and trust it
may prove convenient to arrange u meeting with the

Evymatime on

Wednesday also to conclude our discussions in regard to other matters.




PERJAMIN STRONG

TtLEGnArdzan OFFICITEL
Aliktion3 do reception-

31

BE NJAM

Nit

p

ONG HOTEL RITZ PARIS

r

EETEIRE.,

----

SOMBRE
DE WWI'S.

SS BRUXEL _,ES 77511 20: 23

DATE.

PE pair.

MENTWIS DE SERVICE.

16 }"._' 25-

WILL HAVE THE TREAT PLEASURE NEXT .WEEK TO PAY YOU
VIS IT
POMBOUTq




o

PROM ISED.




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