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F.D. 12)1,3 9 1 0/11.0 0 No Federal Reserve Bank District No. 2 Correspondence Files Division STRo AJ G SUBJECT A) 0 L.LE-- ,490DREsse-s /7.2/ - / 7.2..y - a PAPERS THE ARMY WAR COLLEGE WASHINGTON October 31, 1924, Mr, Benjamin Strong, 15 Nassau Street, New York City. My dear Mr. Strong: Again I am calling on you to address the War College on the subject of "War Finance." Thursday, January 22, 1925 at 9:10 A.M. has been reserved for you. While you are, of course, at liberty to treat your subject in any way that seems good to you, the following suggestions are made for your convenience: We realize that economic force may be as effective as military force in bringing a war to a speedy conclusion. We should like to hear in what ways finance may be used as an offensive and defensive weapon to force our terms on an enemy. Hoping that you will again favor us, I am Very sincerely yours, H. E. FLY, Major General, Commandant. ,011 NOV 2 24 Novecber 4, l9f4. My dear General Ely: It is very kind of you to invite me again to address t'e i,ar College on the subject of war finance, and it is, in fact, a real derivation to me that I am unable to accept the invitation. AS I wrote you Lst year, the sericus trouble which I had with my throat has resulted in the doctor's forbidding me to * make any addresses of that character; and only on that account an sending you this reply. If I can be of any service in securing a substitute, please do not fesitate to call upon me. Tours very sincerely, Major General H. E. Fly, The Army 'iar College, 'ashington, D. G. THE ARMY WAR COLLEGE 9,1 '116Ad''''I7AI WASHINGTON (74,,ro ik ) November 6, 1924. My dear Mr. Strong: I regret exceedingly that your throat trouble still persists and will again deprive us of hearing from you. I am going to take advantage of your suggestion, however, and request that you select a substitute. Your selection last year of Mr. Snyder wax eminently satisfactory. Yours very sincerely, H. E. ELY Major Genera ,U. Commandant. Mr. Benjamin Strong, Federal Reserve Bank, New York City. November 24, Li24. -- My dear General Ely: After thinking over your kind suggestion that I Tight be of assist7 mice by presenting some names for a lecture on War Finance, it occurs to me that Professor Henry A. E. Chandler, who is the economic adviser of the National Bank of Comverce in New York, could make a very interesting talk Indeed. I have a high regard for him, and believe that his ability qualifies him for just such a discussion as you wish. Another suggestion VS Colonel Ayres of the Cleveland Trust Company. It may be that he does eliver some lectures at the War College, for, 5.3 you know, he was intimately associated with Secretary Baker during the war, and you may have already established that contact. I have not mentioned the matter to either of these gentlemen. If you would prefer to have Mr. Snyder, he will be available also, but he feels that possibly you would like to have a change, and either of the two names that I have augAested, I believe, would be satisfactory. Very sincerely yours, Major General H. E. Ely, The Army War College, Washington, D. C. p.. THE ARMY WAR COLLEGE WASHINGTON !low/ St.e24 November 25-, 1924. Mr. Benjamin Strong, Federal Reserve Bank, New York City. My dear Mr. Strong: I wish to thank you for your interest in the War College and for your recommendation of a subI take it that you favor our getting a new stitute. angle to the subject and I have therefore requested Professor Chandler to address us. Regretting that you or Mr. Snyder will not be with us this year, I am Very sincerely yours, H. E. ELY, Major General, U.S.A. Commandant. .. Rol if 2--Ne. r) Ci THE ARMY WAR exiizgqinviroorip WASHINGTON BARRACKS, D. C. JAN 10 Dec. 16, 1921. c-4 Mr. Benjamin Strong, Governor, Federal Reserve Board, New York, N. Y. My Dear Governor Strong: The Army War College looks forward to a talk from you this year on the Financial Aspects of War. As a tentative day, we have set aside Saturday, April 15th, and the hour of 9:10 A.M. You will understand that the will be an entirely new one and a tion of your remarks of last year If, however, most satisfactory. like doing so, I would appreciate you would touch somewhat upon the between finance and storage. audience repetiwill be you feel it, if relation It appears that at the outset of the war, goods were rushed to terminals, causThis led to embargoes, ing congestion. consequent congestion at source and resulting fall off in production. It occurs to me that method of payment was to come extent to blame, - goods were purchased for delivery at certain points and the need of the producer for return of capital urged him to rush shipments. If acceptances had been made at or near source, storage there being required by contract, much confusion might have been avoided. Accepted ' (P. , I could have been moved in car or train lots. In what I have said, I do not wish to restrict you, desiring only to indicate a question which I believe to be pertinent to our military plans. 77 Very ' incerely, E. F. McGLACHLIN, Jr., Brig. General, U.S.A., Commandant. djm 02c (f_a.t44 v 4; /44 e6" 1,44,10L 14,1 e qt, 4.4 -,a-,7041e18,44, January 10, 1992. Dear Sir: Continued absence on accunt of i/lners prevente6 Mr. Strong from sending you Nord sooner in ansNer to your letter of December 11C, with rf,gar,i to hip addrescir- tho students of the Army ?tar College, on Saturday, Aril 15th, at 9:1C a. m. Although Mr. Etrong is ef--c+ed shortly his oP4.1ce, he has ..etked no to returr to vrite you etnting that he *ill be ,,,lez.ked to give the talk you desire .i.rd ci/1 arr-n?;e his engagementb so thet the date mentioned till be catirfnctory to him. Yo rs very truly. Secretary to :Ir. Strong. E. F. .,.cGlac.hlin, Jr., Brig. General, U. S.A., The Army Nar College, iashington Barracks, D. C. GE.MX 466-11---10 11litri-rot\f"1 ( r, c.)P 6v- THE ARMY WAR COLLEGE WASHINGTON BARRACKS, D. C. .111. 16, 1922. *Mr. Benj. Strong, Gov., Federal Reserve Bank of New York, N. Y. My dearr. Strong: The Army War College is very sorry to learn through a letter from your secretary that you have been ill. We are pleased to know that you are now on the way back to full health and that you will meet us again on April 15th. Very sinc rely yours, E. F. McGlachlin, jr., Brigadier General, U.S/A., Commandant. February 6, 192?. My dear General McGlschlin: My illness detained me from the bank until last yeek, and only no an I able to mrite you in responee te your kind letters which indicate that the iar College wishes me to make an address this year, as I did mith so much pleasure last year. In your letter Of December 18, you emphasize the need for some discussion of the relation between finance and storage as applying to the army supply program. This is a. rather difficult is so much out of the line financial or of our part matter for me to deal with because in it direct experience, and in part because in banking sense it must be dealt with in such broad and general terms. ka feel here that the difficulty period and which of transportation, which arose during the war resulted in such congestion at transportation problem than a financial one. of goods to market creates financial terminals, as more strictly a Any interruption in the even flow congestion, that is, the banking up of loans, just as it creates a congestion of goods.But under our present banking system, even as it as in operation during the without serious embarrassment to any war, we were able to deal mith that matter one so far as I am aware, except in the limited way that the Treasury was somewhat concerned at one time; and as you know the meat packers encountered difficulty when ocean transportation fell down. It as al- ways our belief at the bank that the _inherent defect in the program of supplying material to our own armies and to the Allies lay in the failure to adequately realize hoe narrow the neck of the bottle was in the year 1917 and the of 1918. I am referring of course of goods as was then to shipping. In such a required of us, if care could not early part tremendous movement be unloaded and ships General UcGlachlin February 1922. ialmediately loaded at the ports, eepecially the Port of Nev 'fork, as rapidly as goods arrived, the storage and handling facilities along the Atlantic Seaboard in a very short time would, and did, prove quite inadequate to meet the emergency. The congestion at the Port of New York was, of course, tremendous. local problem, which even now, That is a under the present relaxed conditions of our foreign trade, is one of serious moment to the city, and is constantly being studied. That it will be ten or twenty years from now no one can guess, but I apprehend that some radical, far-reaching means for encircling the city with some sort of a belt line, with more adequate facilities for trucking and warehouse storage, and with enlarged literage facilities in the Bay, must certainly be developed if this Port is to continue a growth at all comparable vith that of previous years. It occurs to me that an engineer of considerable note in this city, Mr. J. Kennard Thompson, can speak more autheritetively on these matters than any other men that I know. He has long been studying the subject, has had a. vast project before the city authoritiee from time to time, and I feel sure he can On the other hand, he is very deaf, and Questions make an interesting address. from his audience would need to be repeated to him on the platform. In default of Mr. Tbompaaa,I might further suggest Mr. Irving T. Bush, of the Bush Terminal Company. Mr. ThOmpsfeWs point of view is theoretical. Mr. Bush has had practical ecperience in this matter of probably vider extent than any other individual business man, and is a very good speaker. May not these suggestions afford you the means of getting a better dis- cussion of the subject than could be made by me; end then if you feel quite villing to have ma do so, I could present the subject dealt with last year, either in the same form, or in such revised form as you may suggest. I very much appreciate the honor of being invited to address the College again, and am glad to do so at any time. Yours sincerely, E. F. McGlachlin, Jr., Brigadier General, U.S.A., lashineton. D. C. THE ARMY WAR COLLEGE c:5 WASHINGTON BARRACKS. D. C. February 8, 1922. Mr. Benjamin Strong, Governor, Federal Reserve Bank. New York City. My dear Governor Strong: Please accept my sincere thanks for your very thoughtful letter of February 6th, suggesting that we have Mr. Bush talk to us I have written him today and hope on storage, he may be able to come. Your talk last year was of very great value and a repetition of the same talk will be most satisfactory to us. In asking you as I did to talk a little on the connection between finance and storage, my only thought was to drive home from a different angle the absolute necessity of our considering the method of handling goods ordered in large quantities in war. We cannot forward to the ports or other concentration points the quantities beingt turned out unless we can store; nor can we refuse to accept goods from contractors as this will cause him financial distress; so we must provide ample storage either at the source of manufacture, or at terminals, or at intermediate points from which solid main shipments to ports may be made. not talk on this subject if Please do may be out of place in the scheme of your you feel it talk. I am pleased to know that you are restored to health and look forward with great pleastire to meeting you on April 15th. On your arrival let us know where to send a car for you. Ver sincerely, Jr., E. F. McGLACHLIN, Brigadier General, U.S.A., Commandant. Pea 19e. 7" tio Pt 111... THE ARMY WAR COLLi*,? (:) WASHINGTON BARRACKS, D. C. C.F '144 FebruaggaktV19 1?p- u'tf.' 4°44 Mr. Benjamin Strong, Governor, Federal Reserve Bank, New York City. My dear Governor Strong: Please accept my sincere thanks for your helpful letter of the 6th instant. In accordance with your suggestion I am asking Mr. Bush to talk to us on terminal storage. The lecture which you delivered last year was of great value to the College, and a repetition of that talk is most desirable. My thought in asking you to touch a little on the relation between finance and storage was prompted by a knowledge that embargoes declared in order to free bottle necks or terminal points frequently cause congestion at the source, and that in war we must arrange, in contracts or otherwise, to finance storage at source or at some intermediate point, or production will slow down. My only thought was that if this point of view is a correct one, we should her it home from all points of view. Please do not touch on the matter unless you feel like doing so. I look forward with great pleasure meeting you on April 15th. Very- sincerely, tr-ILAAA51-0-- E. F. McGLACHLIN, JR., Brigadier General, U.S.A., Commandant. I look forward with great pleasure -(7 meeting you on April 15th. Verysincerely, E. F. McGLACHLIN, JR., Brigadier General, U.S.A., Commandant. jr March 4, 1922. My dear General McGlachlin: Very reluctantly, I find the date for my it necessary to ask if addressing the 4ar College may poned until later in the year. not be post- I had no doubt vhen I last wrote you of my ability to attend the meeting and to deliver an address, but unfortunately, because of a recent operation, my doctor is unwilling to have me speak at meetings where it is possible that I might strain my Voice. however, to be able to deliver the address before the College closes this summer. Yours sincerely, Brig. Gen. E. F. MoGlachlin, The Army Nar College, lashington Barracks, D. C. Bs.mv, I should hope, THE ARMY WAR COLLEGE WASHINGTON BARRACKS, D. C. March 6, 1922. eL3CHEi) WV3?7 11902 Mr. Benj. Strong, Gov., Federal Reserve Bank Of New York, N. Y. My dear Gov. Strong: Gen. McGlachlin is absent from the College and, therefore, unable to reply to your letter'in person. I am, however, authorized to speak for him and to assure you that we of the College appreciate your willingness to help us so fully that we will make any rearrangement in the course necessary to meet the demands of your health or business. The course in Supply, of which your conference forms a part, closes May 27th. The College, however, does not close until June 15th. Any date before June 15th will, therefore, be suitable to us. After June 15th this particular class of student officers will be in the field at summer camps or other, similar duty. However much we desire you to talk to us, we feel that we must make no request which might induce you to strain your voice, and if the dates of May 27th or June 15th are both too early, we will rest content in this year's work with an issue to the class for study of your last year's talk, looking forward to a new meeting with you next year. Very sincerely yours, I Harry Smith, / Colonel, Inf. (D.O.L.), Acting Commandant. . May 1922. My dear General McGlachlin: It now appears that it will likely be impossible for me to make the address before the Wnr College, which I had hoped to do, and I am writing have me revise the to inquire whether you would care to ddress which I made lest year, bring it somewhat up-to-date, and put it in a form rather more suitable for circulation ss a document than it is at present. I am very sorry to be obliged to send you this word. Yours sincerely, Brig. Gen, E. F. McGlachlin, The Army War College, Washington Barracks, D. C. BS.MM THE ARMY WAR COLLEGE WASHINGTON BARRACKS, D.. MT . 23, 1922. s 15P,tac 2 Mr. Benjamin Strong, Governor, Federal Reserve Bank, New York City. My,dear Governor Strong: I regret very much that it will be impossible for you to address the War College in person this term, but I shall be very glad to have you revise your address of last year, as you suggest, and send it to us for circulation in the College.. We appreciate your willingness to help us out in this matter, and thank you for the attention you have given it. Very s ncerely yours, E. F. McGLACTILIN, JR., Major General, U.S.A. Commandant. THE ARMY WAR COLLEGE WASHINGTON BARRACKS, O. C. March 13, 1922. Mr. Benj. Strong, Governor, Federal Reserve Bank, New York, N.Y. My dear Governor Strong: I am delighted to learn that you feel you may be able to be with us by June 15th and appreciate your thoughtfulness in accepting the task of preparing an article for us to help out if you can not come. With many thanks to you for your courtesies, I am Very 4ncera1y yours, E. F. McGlachlin, jr., Brigadier General,U.S:A., Commandant. June 15, PDS?.. My dear General McGlachlin: LuuraE Fttlf-- At last I am able to send you the article ehich I promised you sometime ago, and which I hope frill take the place of the address which I had hoped to be able to deliver. Let me explain in regard to the authorship of this paper. I found it impossible to give the necessary time to its preparation and entrusted it to one of my associates in the bank, Mr. George 1. Roberts. ge had discussed the article, which in its inception as intended to be simply a recasting of the paper which I read last year, but 'which you will observe has taken a considerably different form. References to literature that has been quoted will be found in foot- notes, and 4111 enable you if you desire to get direct access to sore of the more interesting literature bearing upcn this eubject. I hope that the delay in sending you this paper'use caused no inconvenience. Assuring you of my deep interest in the work or the Ccllege, and sith kindest regards, believe me, Yours sincerely, Brig. Gen. E. F. McGlachlin, The Army gar College, laehington barracks, D. C. ES.VM (---- THE ARMY WAR COLLEGE 0 WASHINGTON BARRACKA C 11: June 19 NOWLEDGED littO. 1922 f.30.1. yoV Mr. Benjamin Strong, Federal Reserve Bank, New York City. My dear Mr. Strong: AAPOISE IN FILE The artic e that you sent me under date of June 15 arrives in good time, as the class will not leave the College until the last day of the month. The paper will be read to the class by one of the faculty after its return from a reconnaissance to which this week is devoted. It will also be furnished the students for study hereafter. General Williams has told me of your interest in the college. On behalf of the faculty I want to thank you for this evidence of that interest, and to wish you an early and complete recovery of excellent health. We shall ask you present in person. again Very sinc next year to be aly yours, E. F. gcGLACHLIN, JR., Major General, U. S. A., Commandant. June 20, 192?,. .:,ear General McGlachlin: Thank you for your kind note of the 19th instant just received. am indeed interested in the work of the College and I hope you will not misunderstand my saying that I .in especially interested in the intention which seems to characterize the work of the College to place good sound fundamental ideas on war finance in the minds of a highly trained group of men who will, if such an emergency as tar again arises, furnish a background of sound opinion on this most important subject. You may command me st any time and I shall consider it an honor. Yours sincerely, Major General E. F. McGlachlin, Jr., Commandant, The Army lar College, Nashington Barracks, D. C. ES.MM October 6, 1922. Vy deer General McGlachlin: It will be 7( ,,Jeat pleasure to address the Var College at some convenient date this year, as you were kind enough to auggest in your letter of October 4. The date you name, October 40, presents some difficulties, but I am expecting to he in raehington *11 of next week and will telephone you probably on Monday. Tours sincerely, E. F. McGlachlin, Jr., Major General, U. S. A., The Army Wsr College, 'fa shingtartritrt":"*""*,74%. B S. Ma Form 12281 Charge to the account of DESIRED SERVICE CLAS- l'I', 11,1 Day Letter 3_oni. Strong, 15,N,-,ssau St. WESTE TEL", UNION Receiver', No. WESTERN UNION Night Message Night Letter Patrons should mark an X opposite the class of service desired; OTHERWISE THE MESSAGE WILL BE TRANSMITTED AS A FULL-RATE TELEGRAM NEWCOMB CARLTON. PRESIDENT Check AM GEORGE W. E. ATKINS, FIRST VICE-PRESIDENT Send the following message, subject to the terms on back hereof, which are hereby agreed to October l, 1922 Vajor General E. F. -cGlachlin Jr. The Amy War College Washington Barracks shington, D. C. Regret inability to reach you last week Shall be in Washington part of next week and could arrange lecture then or a rew -.eeks later as you prefer Kindly reply New York Benj Strong ' Time Filed CLASS OF SERVICE SYMBOL Telegram P ' Blue Mite ;sage . NL Night Letter --FTwee of these three symbols Ps appears after the check number of words) thiskis a telegram, Otherwiseits character is indicated by the symbol appearing after the check. RECEIVED AT WESTEkbak\ UNION atti 0\4 49* flrEie AM WESTERN UNION zit 1,1rew - NEWCOMB CARLTON. PRESIDENT GEORGE W. E. ATKINS. FIRST VICE-PRESIDENT CLASS OF SERVICE SYMBOL Telegram Day Letter Blue Night Message Nite NL Night Letter If none of these three symbols appears after the check (number of words) this is a telegram. Otherwiseits character Is indicated by the symbol appearing after the check. 0'2' -7" Q.'2011 DC. 16 34? vvi...Et)orr) OCT 17 1922 t)39 BAlL. NEWYORK 14Y F,XCETPT ......01ciaY OR TU SYWIi TACIT LIN liE SAT I SFA.G TORY Form 1228A Charge to the account of 1 WESTE4/gINT UNION AM TEL .egram Day Letter 7, Receiver's No. WESTERMINION 1F SERVICE DESIRED CLA' lonj. Stro, 15 ilancItu St. Check wv, Night Message Night Letter Patrons should mark an X opposite the class of service desired; OTHERWISE THE MESSAGE WILL BE TRANSMITTED AS A FULL-RATE TELEGRAM NEWCOMB CARLTON. PRESIDENT GEORGE W. E. ATKINS. FIRST VICE-PRESIDENT Send the following message, subject to the terms on back hereof, which are hereby agreed to October 17, 1922 ',ajor General E. F. McGlachlin, Jr. Army War College Washington Barracks, D. C. Can address War College Thursday next week if satisfactory to you Am writing Benj Strong Time Filed ALL MESSAGES TAKEN BY TI-US COMPANY ARE SUBJECT TO THE FOLLOWING TERMS: To guard against mistakes or delays, the sender of a message should order it repeated, that is, telegraphed back to the originating office for comparison. 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SPECIAL TERMS APPLYING TO NIGHT LETTERS: In further consideration of the reduced rates for this special Night Letter service, the following special terms in addition to those enumerated above are hereby agreed to: Night Letters may at the option of the Telegraph Company be mailed at destination to the addressees, and the Company shall be deemed to have discharged its obligation in such cases with respect to delivery by mailing such Night Letters at destination, post, age prepaid. Night Letters shall be written in plain English. Code language is not permissible. . . No employee of the Company is authorized to vary the foregoing. October 17, 1922. My dear General McGlachlin: From your letter I have gathered that the paper which I sent to you last year has not been used with this year's course at the War College, and therefore I shall use that on Thursday of next week (the 2eth instant), and prepare myself with some information and labor, as aammente in regard to conscripting you were good enough to suggest, although it would possibly be better to lets any statement on that subject ne made in response to inquiries. I shall be stopping at 1718 - M Street, and await word from you at your Greatly convenience as to the hour of the appreciating your courtesy in desiring me to make this address, and with kindest regards, I am, Faithfully yours, jor General E. F. McGlachlin, Jr., c/o Army War College, Washington Barracits, D. C. BS.MM meeting. THE ARMY WAR COLLEGF7.,,VA,F;i-Fr) WASHINGTON BARRACKS. D, C, 18 i922 Oct. 17, 1922. Governor Benjamin Strong, Federal Reserve Bank, New York City, N. Y. My dear Governor Strong: The date you suggest in your telegram of this date suits us perfectly. We will, therefore, schedule you for 11:15 A.M., Thursday, October 26. If you will let me know where to meet you in Washington I will provide an officer and automobile to conduct you to the War College in time for the lecture. Thanking you or helping us out, I am, ry sincc rely yours E. F. McGLACHLIN, Jr., Major-General, U. S. A., Commandant. ' October 18, 1922. Ny dear General 1,;dGlachlin: Your note of the 17th instant is just received. I am going to Washington on iiednesday the 25th instant, and shall be at 1718 - H Street Thursday morning prepared to attend the lecture at 11:15. Yours sincerely, Major General E. F. McGlachlin, Jr., The Army itsr_golleze, Washrtglini-3arracks,-t. C. 85.MV THE ARMY WAR COLLEGE WASHINGTON BARRACKS. D. C. October 4, 1922. Governor Benjamin Strong, Federal Reserve Bank of N. Y. New York City. My dear Governor Strong: May we not look forward to a talk from you on War Finance on or about October 30th? I presume you have a retained copy of the paper you so kindly prepared for us last year and then, on account of illness, were unable to deliver in person. If you have no copy, I will be pleased to sand you our file copy for your use. There has been considerable discussion, pro and con, at the College and elsewhere of the desirability of a general draft of labor and industry in the event of another great war coupled with a "freezing of all prices" at the outset of the war. You are doubtless aware of some of the proposals which have been made. If you do not touch on this point in your talk, you may expect that some one in the audience will question you along such lines. It is hoped that you may feel at liberty to give your personal ideas in the matter from a practical business viewpoint. Very sincerely yours, E. F. MOLACHLIN, Jr., Major General, U.S.A., Commandant. . ,,,,, ITY sfo'r RtC.SittE0 GovERNOil'S OCi tre THE ARMY WAR COLLEGE WASHINGTON BARRACKS. D. C. November 14, 1922, r. Benjamin Strong, Governor, Federal Reserve Bank of New York, NeW:Ycrk City, N.Y. : dear GovernoeStrong: In the conversation I had with you at the close of the very aluable talk you gave us recently, you agreed to come again and iscuss "The Draft of Industry and Capital - Will It Produce? How Deobilize After the War?" 1 I have formed no fixed opinion in the matter. It does occur to me, however, that many of those who are pressing this idea are doing S) not so much because such a system will produce more supplies for the fighting forces but rather because such a system will avoid profiteering. It seems to me that the tests of any supply system should be: Will it supply the needs of the fighting forces in a manner to give the Commander the utmost possible freedom of action against the enemy? Will it permit the nation to emerge from the war with a sound economic and political structure and a virile people? It may very well be that in the event of a great war while the memory of the last one persists with the people that to pass a Selective Service Law we would need to include a clause for the Selective It would remain to work out the deService of Industry and Capital. tailed procedure under such a law which would cause the least dislocation of our economic structure. I know you will understand that I am not pressing my opinions upon you and that I do not wish to restrict you in any manner as to what you may wish to say. I have felt it only fair to state a few questions which may be put to you. Tentatively I have set aside the date of Tuesday, January 16th, However we shall be glad to arrange for and the hour of 11:15 A.M. the talk during some time when you are in Washington and to suit your (,convenience. c Very sincerely you 1 )e I fr:1- cb E. F. McGLACHLIN, JR., Major-General, U. S. Army, Commandant. s Nov 16 I 92a -}"se relOasJe teiL ea, asecesatetevet 3ovember le, 1g22.. ky dear General McGlachlin: Replying to your letter of Piovember 14, so far as I am now able to tell, Jenutry 16 will be a convenient date for me to address the War College, with the sole possible exception so far as I can now forecast that I may be called upon tc attend a meeting in Sen Francisco sometime during the month of January, but the date has not yet been fixed and will not be until probably the middle of December. I would like very much te accept your suggestion and disuse the question which I understand is very much in your mind just now, namely, whether conscription - which WRET so eucceeeful in raising the fighting forces - may not be extended to industrial workers, to the products of industry, and to capital. It is a subject which is filled with perplexities, and frankly will preparation. One ef the difficultIes in the approach to such a subject is that thich Is encountered in discussing the quantity theory of money. Students and critics approach the subject with e strong desire to develop an exact formula, mfghematically accurate, in expressing the problem, and with the hope that it will be equally accurete in producing the result. require considerable study and The Unfortunately, human nature is too often left out of account. attitude of the public will not always accept and be governed by sound doctrine. biie I personally believe that the most convincing arguments can be advanced to justify the extension of the principle af conscription in time of nsr to practically all the activities of the people, I am equally convinced that would meet with failure just because tMe public sould not understand it, because human weaknesses, such as ignorance, selfishness and fear vould not support the plan, and in the long run any nation which undertook such n program would shortly be forced back to the older methods, inefficient, extreeragant And faulty though they may be. it shell try, however, to prepare something that would be of interest even though I may not he able to teke e definite position myself. 'fleakt I had in mind was to provoke some discussion without attempting te be Quite AB definite and dogmatic as I may have been the last time I addressed the College. Thank you very much for inviting me to oome again. Yours sincerely, Major-General E. F. McGlachlin, Jr., Commandant, The Army War College, Washington Barracks, D. C. 3S.7,4)4 THE ARMY WAR COLLEGE WASHINGTON BARRACKS. D. C. Nov. 18, 1922. Mr. Benjamin Strong, Governor, Federal Reserve Bank of New York, New York City, N.Y. My dear Governor Strong: Vie are very pleased to know that you will be able to talk to us on January 16th, except for the possibility of your presence being required in California. In case you are called away in January I will, of course, alter tile engagement to suit. Very kthcerely, oh E. F. McGLACHLIN, JR., Major-General, U. S. Army, Commandant. ,irrryfru [V'; it';14)11 I ". J st, 'He NOV 21 0 I A922 January 3, 1923. My dear Sir: Mr. Strong regrets that on the advice of his doctor he is obliged to cancel his arrangements to address the students of the War College on Tuesday, January 15. He unfortunately contracted-a severe cold which has settled in his sinus and has EID affected his voice that he can hardly speak above a whisper. The doctor feels that it would be unwise for Mr. Strong to attempt to use his voice to any extent for the neXt Cew weeks. I know you will thoroughly appreciate the circumstances which compel 4r. Strong to defer his visit, but he hopes to soon main set a date when it will be mutually agreeable for him to address the students. Yours very truly, Secretary to gr. 3enj. Strong. MajorGeneral E. F. McGlachlin, Jr., Gomrandant,, The Army War College, Washington Barracks, D. C. (18.11X THE ARMY WAR COLLEGE SHINGTON BARRACKS, D. C. January 5, 1923. Mr. George Beyer, Secretary to Mr. Benjamin Str ng serve Bank Governor of the Federal of New York, New York City. Dear Sir: Please convey t Mr. Strong my regret at his indisposition a d the hope that he may soon recover. I also regret his inability to visit us at the timeischeduled, but we shall be very glad to havb him at some time later in the year and he that he will let us hear from him with regard to it when he is better and at his convenience. Very incerely yours, E. F. McGLACHLIN, Jr., Major General, U.S.A., Commandant. 1016 01"* "010/1:16 _anuery "111 luad 17, 1923.. ,q Dear General McGlechlin: ,:14 0 Thank you very much for sending we copy of the address on War Finance which I delivered at the Army War College in -18.104.22.168,41, October, and whinh I am pleased to have for my nereonal file. Yours very truly, Major-General E. F. 441G1ach1in, Jr., 0/6 Army War College, Washington Barracks, D. 0. * C),'L ifi-L x.-01° /r2-3 /t? THE ARMY WAR COLLEGE IN F REFER TO ACkNOWLEDOED NOV 1 f.) 1923 OFFICE OF THE COMMANDANT AWC 264-39 r4 WASHINGTON BARRACKS, D. C. November 13, 1923. Mr. Benjamin Strong, Federal Reserve Bank, New York City. My dear Mr. Strong: The War College is anxious to have you lecture to the new class this year on the subject of 'Tar Finance." There has been tentatively set aside for you the date of Tuesday, February 15, 1924, at 9:10 A.M. We would be glad if you could tell us of the strategical use of money in war making, both offensively and defensively as: Drafting the dollar. Cutting off the credit of an enemy. Cornering market in supplies essential to enemy. Financing internal dissention of enemy. Borrowing for the purpose of obtaining allies. Financing neutrals to become allies. In other words, looking on money as an arm of the service, in which ways can it be used to attack the enemy and to defend against himt Very sine rel ours, GEO. S. SIMONDS, Colonel, Infantry (D.O.L.), Assistant Commandant. 11:<1 " 1 ' - Eeferring to November 19, 1923. AWO 254-39 My dear Colonel Simonds: It hes ,-lways bier) a great pleasure for me to address the and I heve felt much complimented that you invitation from year to year. interest tar Coll have been kind enough to renew the The subject selected for this year has peculiar and appeals to me strongly. Unfortunttely, I have just recovered from a serious difficulty with my throat, welch has kept me ,Iwey from my work at the bank for nine months, and I have been warned by my physiciane that addresses for a time are absolutely \ prohibited. for me to make it may be that by next February they will feel taet the address; will be s-fe but of course I should be able to let you know well in advence of that so that another speaker on that topic could be selected in case I cannot deliver the address. It #ould be quite possible for me to sugFest a substitute - even some one from our own organization, who has made e special study of these matters and who would be able to give you an interesting discussion. Reluctant es I _a to forego the oprortunity, how would it do for you to advise me by whet date - sty ,t the end of the year - a definite reply would not inconvenience you; or if you need to conclude your arrangements now, I might suggest someone to mek,a the talk in my place. If the latter plan appeals to you, I would be very glad indeed to join in the preparation of the lecture. Assuring you of my appreciation of your courtesy, I beg to remain, Very sincerely yours, Colonel Geo. S. Simonds, prmy ur College, ...saington Barracks, D. C. culkea 4.1-39 THE ARMY WAR COLLEGE IN F REFER TO OFFICE OF THE COMMANDANT WASHINGTON BARRACKS, D. C. November 22, 1923, Mr, Benjamin Strong, Federal Reserve Bank, New York City, My dear Mr. Strong: Your letter of November 19th has just been received. I wish to thank you for the interest you take in this work. The College fully appreciates your position and we are very sorry to hear of your illness. We are particularly anxious to have you talk in person and the matter will be kept open until two weeks before the date set. If in the meantime you decide that it is impracticable for you to "03 with us, we will be glad to have you select the substitute and'it is hoped that in such case you can join in the preparation of the lecture. Hoping that February will find you completely recovered and thanking you again for the interest you take in the Army War College, I am Very sincerely yours, GEO. S. SIMONDS, Colonel, Infantry (D.O.L.), Assistant Commandant. 6 Cre Janua.ry 4, 1924. My dear Colonel Simonds: I have del&yed writing you uo long in regard to the possibility of my dellverine s. lecture at the iar Collese ttt yeur, until developT.enta enabled me to e:end definito advice. After consult!.n:g my physician, he tells me tilat there is too much hard to my throat tc enable me to think- of doine co. I si 7ery sorry indeed becvAss I hare s.lways enjoyed the meeting very much. It there saything I can co to furtter you,. nroEram? do not hesitte to let me know. 71.th cordial reurds, believe me, Tours sincerely, Colonel Geo S. Simonds, la-my tar College, Wsuli=m6ton &Tracks, D. C. If no, 7Aense