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STRONG PAPERS, Norman to Strong, 1923 - 1924 (List redone 5/2004, to include all materials) 1923 February 3 (w/ Prospectus of the Austrian Gov't Guaranteed Sterling Treasury Bills, February 24, 1923) [March 6] - (may have been on earlier list by mistake; Feb. 3rd letter is stamped "Acknowledged March 6") March 27 April 9 April 28 C May 2 (to Case) October 8 November 13 December 3 1924 January 7, w/ memorandum re: establishing a discount & issue "Gold. Bank" in Germany January 30 (February 4) May 16C (May 17) May 27 C June 16 June 19 [August 25 (from Lubbock), with resolution of London Conference, and Manchester Guarding section, August 19, 1924] (September 17) (September 17) September 20, with letter to Woodward (dated September 17) October 16 November 15 November 30 Strong Papers Key: 06/01/04 [ ] = At earlier date, item was listed as present but no original or copy is now in Papers was copied if no copy existed STRONG PAPERS, Norman to Strong, 1923 - 1924 (list redone 5/2004, to include all materials) 1923 February 3 (w/ Prospectus of the Austrian Gov't Guaranteed Sterling Treasury Bills) March 27 April 9 May 2 October 8 November 13 December 3 1924 January 7 (w/ memorandum re: establishing a discount & issue "Gold Bank" in Germany) January 30 February 4 April 28 C May 16 May 17 May 27 C June 16 June 19 September 17 September 17 September 20 September 17 (to Mr. Woodward) October 16 November 15 November 30 STRONG PAPERS Norman to Strong, 1923 - 1924 ipar1923 Feb.23,with prospectus of Austrian bills, Feb.24,1923 Mar.6 Mar.27 Apr.9 Apr. 28 C May 2(to Case) Oct. 23 Nov. 13 Dec.3 1924 Jan.7, with memo on Gold Discount Bank Jan.30 May 16 C May 27 C June 16 June 19 Aug. 25 (from Lubbock), with resolution of London Conference, and Manchester Guarding section, Aug. 19, 1924 Sept. 20, with letter to Woodward Oct. 16 Nov. 15 Nov.30 -0-13attit of (en.tilanb 3.7onbott,E. VIM 23rd Fe TY, i9 2 3 Vs1 P0-4 My dear Strong, ,` (40 Vo I am forwarding to you two copies of the Prospectus of the Austrian Government Guaranteed Sterling Treasury Bills as evidence of the practical co-operation among Central Banks. Yo sincerely, LseA4A/LAN1, Benjamin Strong, Esq. Austrian Government Guaranteed Sterling Treasury Bills. Issue of 1,800.000 at 12 months' date. THE GOVERNOR AND COMPANY OF THE BANK OF ENGLAND are authorised by the Austrian Government to receive applications for the above-mentioned Bills, which will be issued at the fixed price of 193 per cent. Arrangements have been or are being made for similar issues of Bills and/or Bonds, ranking pari passu with this issue, to take place in Belgium, France, Holland, Sweden and Switzerland, in the respective currencies of these Countries, the issues to be for such amounts as will in conjunction with this issue be sufficient to raise sums approximately equivalent in the aggregate to £3,500,000. The Austrian Government may not dispose of any funds derived from these issues except by authorisation of the Commissioner-General nominated by the Council of the League of Nations. The issues will be free from all Taxes, Dues or Charges, present or future, levied by the Austrian State. These issues, together with other existing short-term liabilities of the Austrian State amounting to about £3,500,000, are in anticipation of, and will be repaid out of the proceeds of, a Guaranteed long-term Loan sufficient to produce a sum not exceeding 650,000,000 gold crowns (approximately £27,000,000), the issue of which is contemplated under the Protocols approved by the Council of the League of Nations on the 4th October, 1922. To secure the due payment of these issues, as well as of the existing short-term liabilities referred to and of the service of the contemplated long-term Loan, the gross receipts of the Customs Duties and 'robacco Monopoly of the Austrian State are being and will be paid into a special account under the sole control of the Commissioner-General, who in his discretion will duly make provision therefrom for such payment as well as for current needs of the Austrian State. Due payment of the Bills will be guaranteed by the undermentioned States, to the extent in each case of the proportion stated below, by the deposit, with the National Bank of Switzerland, of their own Treasury Bills of like maturity :Great Britain to the extent of 244 per cent. France ff 244 244 244 ff 2 I, Czechoslovakia Belgium /2 /5 Italy fl fl TOTAL If ff ff ff 100 per cent. Holders of Bills of this issue will be offered an option to convert their holdings into the proposed Guaranteed long-term Loan on terms to be arranged when the issue of such Loan takes place. The Austrian Government reserve to themselves the right, subject to 30 days' previous notice by advertisement in the London " Times," to repay this issue at any time under discount at the rate of 4 per cent. per annum in respect of the unexpired In the event of such notice being given, term of the currency of the Bills. discount at the said rate as from the expiration of the notice will be deducted from the face value of all Bills whenever presented. Holders of Bills may register at the Bank of England an address to which a copy of any such notice will be forwar,led by registered post. The Bills of this issue will be in amounts of £500, £1,000, and £5,000, and will be payable at the Bank of England; they will be dated the 1st March, 1923, and, if not previously repaid under the provisions of the preceding paragraph, will be payable 12 months after date, without days of grace, viz., on the 1st March, 1924. Applications, which must be made on the printed forms obtainable at the Bank of England and at the Bank's Branches, must in every case be accompanied by payment in full of the amount due (viz., £93 per cent.) in respect of the Bills applied for, and must be lodged at the Chief Cashier's Office, Bank of England, not later than 3 p.m. on Wednesday, the 28th instant. In case of partial allotment the sum overpaid will be refunded by cheque. This issue is made at the request of the League of Nations and of His Majesty's Government. BANK OF ENGLAND, 24th February, 1923. CODV of handwritten letter Hermitage Hotel, Nice, France, March 27, 1923 Dear Old Men. Of course your .;.otter wa, 1:),-d reading: it isnt what I wanted to hear either for MY sake or for pour own. I want aelp on your -Ice & one of taps- days may went can give it but Lou: it -ill be year: before anyone it b:dly & suddenly: None_ con & harl yerr too. Then it_ miserable Lr you to have to go west: the need to vn rttner than t,lc joint:: but I understand tint nohow else can you get reel Rest 0- reel Cuiet. Of cour,..,- You we:- too lighthearted about yo,A,-.7 soua, oown iL IT;tnington bsIt old tag now & I will not rake it uo. I did not ;peak to Ben bout thEtl, you till he stoke to me: tern I wrote him - lEttPr, c.cvi int him to stcy on in ant but I think intends to go home errly this. London. He i; doing o fcr to Lumen I dont know why & I dont know what you wish, Personally I dont think he h.s Eb_orbed enough of London to ensure his permanent rood. You know he has hEd the grippe -slightly & is (to my delight) coming here, (into the next room) in 3 drys for a couple of weeks: that will put him right for sure. I saw twaddy" in Paris last week; debt- collecting a: usual but without much success. along well with Pobineau - but politics make his position uncommon difficult & until his Govts position is balanced, he can get no real independence. Goodness only knows how & when this Pihr muddle i- to end: I am not at all happy :bout it- There remain a number of details to be settled between our Treasuries before the debt iE really put away (on paper!) . I will write = gain in a dry or two. God bless you MN ck. iiii-nzikaefe, ti p . THORPE LODGE, CAM 43 P" HILL. W. a ea ct-Ci. ino.Aet (co . G:c* cowc44, ye.4 cort.4 41141, avtic wit, tA J waAAta, Eo ke.4 jug frc : iscup,a44, /0 tx.gg-Net.t P's77W ..fowt 6 0 - 5, ma.v.if kap ay.. yeta (%uz.. 6014412, Oar nkoaf wa4t4 Sn Ai Os% akt codtfri Ik ita 16140C4 e4AL, etAtr swte. 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LaZ6AkAbbl, 'e'41-131112.4.43 04A-egelkiwca Ravi, AtAtotAt A Co .PQ kat, Cuvin alet4 tk --- 4444 $14,4' rWAt&44 xvdnivt44,1, 1 kkoZa Co 4. .14(66 ftgAtscul, awe )1r-Alufr 4i,64 tOrd&A; Lictw Ayaztity ceetwitas ky:vik61444' AnAkek, _ CAW (4/u, k4va Aca 42: CX444, Iva fdst Stvik Peulzo &IA akcak,, k RA4,tvie.44, 44 do AAA( cuktvkk.) ceivt4,tk:s tOSKAA.) Ak. de_, (--0-1A-.Z Yaw kitus44 kt; /010VatAktAtk. iCon - 41) V-i&ett; ihtk a-4A3oLikt Coi.paiUr!) - 4efoe J tat ardr:: Copy of handwritten letter Hermitage: Nice, 9, 'pril 1923 ittr dear Len. I said I would write & tell you about young Ben: he has been here for about ten days & is so well that it would do you good to see him. if there was anything wrong back of his nose it has entirely cleared up: he eats & sleeps like a pig & enjoys .11 the chaff with which Mr. Stansfeld & T manage to provide for him. S o von can make your mind easy about him. Personally I wish he were staying longer in London for it takes time to settle down first & then more time to get into the feel of the pi. ce & draw from it permanent impressions & experience: But that i_ his affair: he is determined to go home next month so tats the end of it. I shall be here another wePk, making three in Ell. Things seem to be going s moothly in London: money is abundant: stock m.rket, strc trade rather bad L our floating debt greatly reduced. I am both sorry & surprise( that the $ Exchange is weak rather than strong, especially as commodity prices hardly rise at all. At the end of next month I hope we may be able to issue the Long-term Loan for Austria, throughout Europe as well aa in London. I am very anxious that Morgans should then do the tune in Nv R. think they are willing to help: if they wont or cant then Ppeyer & Wallga.rten will likely do so, a:: both h. ve approached us . If we can thus set up Austria, we must tackle Hungary nex t, so as to establish one by one the new parts of Old Austria. & then perhaps the Balkan Countries. Only by thus making the various parts economically sound & independent shall we reach what I believe to be the ultimate solution for E astern Europe viz Economic federation to include half on or near the Danube free of customs barriers &c. Poumenia will present difficulties, because she deLpises all the Ex-Enemy Countries & 's too proud (or insolent) to make any sacrifice for the general good. Italy too because she claims a special podtion & special priviledges (of domin_tion) in those parts. But while the active cooperation of RoumeniE is essential, only "live & iet live" is needed from Ital The black spot of '-'11rope & the world continues to be on the Rhine: there you have all the conditions of war except that one side is unarmed. Ho-,F long can Germany continue thus? If Poincs14 is to last another year (till the next elections in t.T.rice) where will German industry go? Her export tr,de & her necessary imports? We may yet see Eelief Credits to prevent starvation between Harvests! I wish to know the future course of money & commodity prices in N.v. I guess London has been buying - or buying back- Securities owing to the difference in money rates & this may be affecting the exchange: but we cannot expect call money in N.Y. to be twice the rate in London for an indefinite period? apart from that the prospects of trade are so poor that I see no real lloca4 ne ed for higher rates in London. I hat to think of you, banished, alone, in Colorado. But like a wise man you hf-ve tackled this trouble bravely & early & the sooner I look to see you back in hErness. Vh6re,we need you or shall do: there must be many ups & downs ahee of us & though everything at the moment "eems easy, the greater part of the world is waiting to be set on it' feet again before the war will really be over. -s ever Nm : THORPE WAGE, CAMPDPN HILL. W.8. Atitti. 4Aeak Z°044p 06 . r sat A. .5 , got: cvvt ti so ape .% cma, ANN-A, Oc tc-ee (rt Af2, kao 4-e g" 41* Ptiotti4C 010 &t.p : / 4.4%/70 eet4v.is vvst. S Stg. tv (044, fot;(1" rtauo (1.41-oc WIGIAL YeAla trvi4a4,,,,ac cot,-.4. /mu 0-ittz (91% 40..$44_ifte (re elk Uzi) 61444.¢. ivvk 441,14 c; Ot4 citat:At 6 gef-fx&mc ftg.vf ntovak Sm /La; J }(kate, feat cow. 6, 0. ot,,t, Ortz. ptLeAti 0 hato f4oge-N:Ak firiroui.outitk (44.. faiLitgAtz kto-its2, o" C44 fire iti40;1, rViA4104i e.v1 4,6,044 ttc444 ke.A. &L.. *flu, 04 b-fed3 Cact ,vtlAtt. eLif( 4,1%4 Arrta. h1444 at/21, pre-vt'dt, V &4.t. yoft goo dAD 41w%. kare wtt.4. ciA,ty vnifjuil degat41 f %145-44, ct404-91% 4k12,4, to.tild At to c194.nkA(g4) q/n2 ors'. Ate. 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J kyt, N/444; eipi2et. A: 040%, t,904 foot4 ff.& 5rik eau_ lvtrA(rk.44i' ak firc 4c4 J kt.3,49.c rata m706041014 ia4u,,Aza, al-Otte/4k' Cdeol)Jo , kaAfrz, &k( itt4;i (Ve"4-6-eer 41. ogenat r/43,64, 60 tet yAlug. FL 3Litg coc /Uzi yo.44 So ito4u.n..4) .a.ka4L.4 nts-wv2A4A- .6G22w3 Ett/s sVii.a. mit vs 04.&,.5 ese Sck CtAt. 4.L wear toa ..e4f4Iii3XA, 0-04 %/41pAnk 11,,,cr othAtZ owaL.44, y19*.. 6-411LA44 Vie. seo&i 6e, &Ice, fts cut cAacdett peclii)a errnAkei/Z itatt - EkeitAkAke.: .6t44 cue/ rtmluzito kitt, miL/4 4a,e1A, AAAAJA fy.44ttAA,4 (kie4b c) It-44 42. scicutgAmiz_ ,(64'0:ed 'laza zrck, kee-,trA2 pte/3 aa,t443-44,t . /KA/6e at6ri-lAk'cri.e CA.AAtisi. rat 3 /64114%, 44AArvt.5 iet4vitit;.4 oco-,4:04, n'16-Alt 7 ot FvvicAreti 4441vt_e iv: y. COM/WW:kli tr)4-eal °to-4 corAro 4- 7died: Translation of cablegrarr______ London, England. April 28, 1923. Federal Reserve Bank, New York, N. Y. CONFIDELT1AL FOR GOVERAOR: No,2 First - Recent easy money and low rates are due mainly to our loan to Reichsbank against gold deposits and these are likely to increase. I do not see how these loans can be repaid except by eventual sale of gold and it would seem that Germany is thus using up her liquid assets in order to allow her industries to continue work as long as possible in spite of restrictions from Ruhr occupations. Second - Present easy conditions Ore hardly justified taking into consideration high rate on your side as well as weak sterling exchange so that sooner or later we may have to bring our rate nearer yours. Third - We are hoping for issue Austrian long term loan 5 or 6 weeks in most European capital but adjusted. there are many difficulties of detail to be As regards New Cork the advice and cooperation of J. P. Morgan & Co. has been sought and it is of vital importance that adequate issues be made on your side. Bank of England. COPY -2- our respective rates. We do not wish to make any change yet awhile but must not be blind to future r&juirements. I hole you have good and increasingly good reports of Governor Strong; and ma; I tell you that a few days ago your son was so kind as to make himself acivainted with me. I am planning to get in touch with him again. With very kind regards, Believe me, Yours sincerely, (Signed) M. C. Norman. J. H. Case, Esq. 111111 11M1 p y of handwritten letter) 8 October 1923, Bank of Fngland Pe rsonel My dear B.S. I have certainly been a wretched & ungenerous correspondent of late, for which I can make no apology. It wa, useless to write to you about business & probably bad. for you too: & I had no time to write & gossip with you. no-s, from the news So I have silently watched your progress these months cast Peacock brought lsA week from Jay I know you will just be .turning your great nose eastwards in t couple-of weeks time. You may be sure you will be welcome in N.Y. & your being there will be welcome here. Q0 long as you are away the physical gulf becomes a. psychologic-1 gulf between here & there.. & there is no bridge. This i, not intentional -but it just grows: you know it as well as I do. These months past have seen the Center of Europe worsen right along & although the outsiCes have somewhat seemed to inc:!rease their equilibrium, Furope as a whole has gone backward: this I think is in geaerai a true picture. Trade has not improved becaus e it can only redly improve as a whole (& world trade is poor just as Furopets trade is): added to which Ltionelism - sometimes called Patriotism- has been active. Look at the spirit of Italy against Greece; at the hatred of her neighbours toward Hungary: of France FgEin,t Germany & so on to Bulgaria. & Turkey. In spite of ell this, equilibrium has more or less been reached (as I said )by the Czechs & Austrians & is nearer to the Poles & Roumanians than it we. Gradually I think you will see improvement in Eastern Europe but for the Center no hope is in sight so far r: my poor eyes carry. This country is in Furope - tut is becoming less & less of it. I think we should have done more good had we formally divorced ourselves a year or more ago; for nothing has been been done of late by the allies to whili we either did not object or only unwillingly Egreed. ruring the winter I hope some plans may be worked out for Hunlary whin will be feasible: the plans are easy, but the Egreement of France & the Little Fntente is still remote, ' without it no money csn be raised. Austria has started on an even keel: if she has the grit to s51-.40y there, all will be well. 'then you back into harness just you look around & see if you cant join hands with us Clank I mean) in some of our venture-VI/what :.bout Germany? or(-, reEce? or Hungary? all central-bank business pure & simple which is already started: or Albania & Pantzig which Er- to follow? I cm sure you would like to take a hand but I fear you cant. America as a country is less & les. disposed to take a hand & so I guess will continue till after the Presidential Election. It is Ja ck Morgan 11 personally whom we have to thank for the fact that Austri got money in N.Y. And besides the next election there is, I know, another reason cgains t you & we joining hands & that is the Fatherhood of the League in all these non -rationalistic & Elmo,t altruistic ventures. I saw Mr. Mellon s everal times when he was over here & the only point about him that I did not like was the way he talked about your (F.R.B.)Rate as it was hict.1 Which reminas me again that relatively our two rates are still wrong: I suppose they Copy of handwritten letter, Norman to Strong, Oct. 8, iV2i (continued) always will be: or rather they will be till we recover the Gold Standard. We can have & perhaps deserve nothing but troubles until we are again anchored to Gold. How & when ccn we do it? I wish you would write me about this or perhap:: you will come here & spend Christmas as you did on the way home from the East. Tell me something about Ben & Phil & K: They cant all three have vanished & yet I dont hear F word; which is rather suspicious because of some matrimonial rPmours which were picked up on my wireless sets They of course would explain everything or rather remove the need for any explanation!! /nyhow, my dear Ben, I hope to heaven you ere well for good 3c all. I have told you dozens ar times that we cant get along without you & you need to be in the E ast & not in the Wes t. I want your he p, from your international mind: its not common in the FRS in Washington o lsewhere. This Bank will begin to disappear fnr rebuilding in 1924: Our pa,-ty has lately s uffered one loss & that was Babington-smith who died strangely & almost suddenly a couple of weeks ago. Trotter has gone to Poland to help them construct a proper Bank. 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J ttt` Venk 74,,, .a,CL G-tta tmaio Frnit-ei gi 4Lfte, tattuolv Or atGeLio cokuuLSI. % exi___Ac3 co Low. iktpi,tek eattlY)%0 CK4k 'Ie4Lt VekVNI 469ct-e1/ a4 ate. CO et Aktui 6cteic lk Mat 2.40, co-ktAAN,;tib ve4-01 5agv (-t404.tgley/trr4.04 Lak, glf-go- fa_el 4s4- evw,tmuy tA4. Ar- y. At. tu2- Kit i/Ceite4,;°Lino eftsv wica \/ eyrvIcrywo? v---ra-41) -tx4 itro-9n-4 '74V /e9,7yrt ivov st-IrJ,3%0:tyrir r7ry, r71-%Ax 0.ft-y2y11-w ionylryn Airpg-t5w rip crr'w-at vraq rb"zr4 *--r rn°2-w e-07 cfr Irrd 19 'N-J9 .`"T° 1301,kim cwv-D ;35' XYP 43,14-0 -vv4/-k '71sy amp wan, /7x,*114-v 43" c7v0-17ywvaivaD 44-nrw -7'1'4 4m0CA V),014IA'Ait "'--1714."73' 4/4"717i21 u0,9 coo/ 114-7 w."4.1(CeliN° 4rV/Pg 4/"."$17 Cot etuA._ &cox, hubvtAN/ it4A;44,4"" broxtds-ea42 unexkig, cd-et 11,44% 44teitita r4E, 4415i47-* oeuz44/ cistvve, eto 101/44.04-----tu;vt Aka_. . AcitAk L./3 oNt ceAtc, 44-e, vi spma pci(Ariz. coovi va-94,3;_o 0CocZialvut4 t Ni9.stkiz, lea /WV POitUt_IA A .AA 1-4e kak krevik3 IASCk-c cacomt 6 cw, cia,t4 eat knxgt, Acuot, Ne&IA-- 3 /emit- Aut.,i, co9 ticaNyr ult:et;a4A4 e,e.A4,444e, 0(10 &Mg/ AULIV 1,VVLOtilLta )4441tOCCO krelktev 10e41-cam ly) (94A, ArVti 4,t,Zet244 sck 5vIvi._ cotevig,i0114Agau cLradia, ciirtfue4t,,,t's Vanit a 60110 tat9f 1LeAvteAre, Iteit,2$ /trt AAAY &r<LctAxAtkcc;44 ilkluyekockt., nvf---Des.4% 4241.414.4tv %.14944- 91voike}1 AxAt firr c.o.? tc ig,f,tAZ(ZStitsOit, (91 Cr.(44% itaLijai (4,14efc,1 tea. C&VJ Arr. 1&14 74411A- iLst ukkaAtivi7,0,4.1r(g, 6Vtteillt/a ct(0 t'f6,16f Si,ifte/10 Pe-eok2 143 kap C tv 3frttA- 4. Poo fs4r- tt ulk 44,64e4 u'14 "vi CT" iqj 4ctitiall) Kr-dtka, kt44 e4sptte_. Utettr, 4e--401-0-14 crAtt, "(A afr. dtifie CONFIDENTIA ACKNOWLEDGED CONFIDENTIAL 12th November, Benjamin Strong, Esq. fiscal policy of this country. 1923. Thus you get the prospect of a General Election with its bone of contention nominally in Protection as a cure for Unemployment. The latter evil, to my mind, is likely in any case to remain uncured for a long time, if not to prove incurable. But practically the alternative to a Conservative Government seems to be Labour (Socialism) or the Extreme Left - whatever it happens to be called - and with this, as a cure for the bogey of Unemployment, you have the worse bogey of Confiscation or Capital Levy, &c. The mere idea of these bogeys brings about our present sufferings: depreciation in Securities through sales, largely by foreigners: depreciation in exchange, favouring of course your dollar: instability of London: general unsettlement and cold feet. To-day I have nothing to tell you. could come here. Is there anything we can do? and hold out your old hand. I wish you At least write It must be about a month ago that sent you a welcome for your home-coming from the West. With warmest regards. Yours Benjamin Strong, Esq. t sincerely, PRIVATE Page 2 Benjamin Strong, Esq. 3rd December, 1923. III Pace 3 Benjamin Strong, Esq. 3rd December, 1023. IP above and beyond all else and the Labour Party on the Left, advocating Free Trade as an incident but socialistic schemes in the main (these schemes being earmarked to what has come to be looked upon as the key stone of the policy, viz., a Capital Levy). It is, in my opinion, the uncertainty of the results of this General Election and the possibility of Socialistic legislation which accounts for the great uneasiness which has prevailed here for the last two or three weeks, the great fall in our exchange, the heavy selling, especially by foreigners, of sterling securities and the general unwillingness to enter into comnitments in sterling. This is as true a picture as I can give you in a few lines of what has happened in the last few weeks. There was, as you surmise, sine uncertainty as to the position of Mr.McKenna but he is only one among many_ and at fkud., 4-444/ heart I believe him to be /more orthodox than mow of the others. But Some people cannot avoid the limelight: yet it is difficult for them to enjoy it unless they give their audiences and the Public a spice of apparent heterodoxy: I do not for a moment believe that the result of the coming Election will be socialistic legislation. I do not pretend to know: What it will be more likely narking time rather than a definite change in the fiscal policy in one direction or the other. The rise in the Swedish Bank Rate was simply on th threat to their exchange position. The rise in our rate last July has effected nothing definite during the last few weeks, because, as you know, our troubles have been due to politics which have engendered IP Page 4 Benjamin Strong, Esq. 3rd December, 1923. (engendered fear and not to an intrinsically weak position or any special demand here for cotton or other exports from your country. While it is true that the climax in the Entente has doubtless frightened people I think, as I have already said, that our domestic and political position is infinitely more to blame than the European situation. On the other hand, I am convinced that the rise in our rate was justified and necessary when it care in July for two reasons: partly because it steadied what might have been an acute bull position on the Stock Exchange and partly because it steadied or even improved the Dollar exchange and enabled us, well in advance, to 'lake provision for the service of our indebtedness to Washington. This answers your rambling sort of letter in a still more rambling manner. To-day it is not possible without the gift of prophesy to read the future clearly. Not only are we waiting to know what our own Election will bring forth but we are also waiting with some anxiety to know whether the two Co7mittees which the Reparation Com mission now propose to set up will indeed see the light of day. Believe me, Your ' t sincerely, evo,LAAA, A:Art Benjamin Strong, Esq. CONFIDENTIAL CONFIDENTIAL t 4641Page 2. Benjamin Strong, Esa. 7th January, 1924. Foreign support would be essential, and as it cannot be had from the Publics, it must come from the Central Banks: to some extent I think this can be arranged in Europe. The President is on his way back to Berlin to see what can be donelhaving met Vissering yesterday in Amsterdam. It will be a good many days before anything definite can be settled. At present, therefore, there is no scheme but merely an idea of a scheme: this I enclose. If some such scheme comes to be put into effect, it would be a grand thing from every point of view if you could co-operate. That is why I am writing to-day. When you receive this we can exchange cables if you are at all attracted by the idea of such co-operation. For the present you must please keep this entirely to yourself: or rather let me put it another way, there is only one person in America to whom you can mention the subject and that is Jack Morgan. Benjamin Strong, Esa. Believe me, Yours mo t sincerely, 61 Al4X4104 3.Strarg. 7sq, coNurErTIAL. 0 1; :1,72,1oRATTum. It is proposed to establish a Discount and Issue "Gold Bank" in Germany which would temporarily be separate from, but be operated and absolutely controlled by, the Reichsbank. The initial capital to be, say, the equivalent of r,15,000,000 (? it Gold larks) , of which P,51000,000 (? Preference Shares) to be subscribed forthwith by the Reichsloank. The remaining fa0,000,000 to be subscribed by German. Nationals and others. (It is hoped that payment for these Shares and for the Notes to be issued by the "Gold Bank" would be made mainly from the large amounts of foreign currency now held abroad by Germans or hoarded in Germany.) Existing "Gold Barks" in Gerrary to be absorbed as quickly as possdble. The "Gold Bank" and its Notes to he based on sterling and its Reserves to be held outside Germany. In the event of the "Gold Bark" being established, the Bark of England, in conjunction vrith such other Central Banks as may be willing to participate, propose to lend up to £5,000,000, as and 'rher required, to the Reichsbank, for a nerl_od CONFIDEIITIAL. CONFIDENTIAL. Page 3. 06 Benjamin Stro fitted at a moment when your he when your family all wish to set one reason, but I cannot weigh i the present inwardness of the pee but I see signs from one or two over finance in the System, a fa Harding to play with the idea of you give way to terptation and t or writing, then, as it looks to Banks goes overboard for the pre be maintained because the sole u missine. As to myself, here for another fifteen months. I should have Committee of the Reparation Com to be in two places at the same devote several months to hard an and at the same time mind his ow if that Ccmittee will be findin culties. I have not seen the Co twice in Thris within the last c with Kindersley and others it is different angles of vision as th As I wrote to you on the 7th Janu c oh-F Ei7-2 'Am . Page 4. Benja CONFIDEKOIAL. Page 5. http://fraser.stlouisfed.org/ the Reichsbank Federal Reserve Bank of St. Louis Benjamin Strong, Esq . 30th January, 1924. in spite of the Comittee,if we cannot obtain CONFIDENTIAL. TRANSLATION OF CABLEGRAM England London Ilay 16, 1924 Federal Reserve Bank, New York, N. Y. #80 Your #39// #1 3TRLCTLY CONFIDINTLIL FO! GOVERNOR: I understand that with the exception of approximately :;10,000,000. all sums required for payments on June 15th have either boon invested until that date or will not be paid to J. P. ::,organ & Company until near that date. '..ut while questions must eventually be decided from stand point of our Tro sury you are at liberty to consult J. P. Morgan & Company as suggested regarding payments due next month #2 Perhaps simplest ways of avoiding such disturb- ances as you fear on June 15th and December 15th would be for your trasury to allow liberal discounts on prepayments of interest during months / immediately prededing each interest dat of your recovery Y //7 #3 Greatly rejoice to learn #4 Could you assist towards the recontruction of Hungary or austria by suggesting names of suitable persons for vacant position of adYiser to New Central Banks in BudIpest or Vienna Norman 41) 17th ? ?ay, 1924. My dear Strong, I am now writing as arranged when you were here with referenoe to your letter of the 6th March on the subject of the balance maintained on the Federal Reserve Bank's account here. if the present balance of some £165,000 I would propose that £1)0, )02 should be made productive; I suggest, as an experiment, that one-half of that sum should be invested in Commercial Bills and the other ..E50,1)0 be employed for short periods at interest under the Bank of 4.rigand's guarantee. You are, I think, aware of our procedure in the latter case under which the interest earned is a little below the weekly Treasury Bill "tap" rate. As regards the purchase of Bills we shall operate as far as practicable in accordance with your wishes. but of clurse Commercial Bills remain less abundant than formerly and it may well be impracticable to obtain Bills, e.g., with American drawers or endorsers. Perhaps you will let me know whether this proposal will be satisfactory. We do not purchase bills for the Bank of Prance and seldom, indeed, for other Banks: and I do not PI:;RST4A1.1 4 .. Page 2. ,O11.4111P illwelmo :Me .. ... Benjamin Strong, Eq. Mo. WIMOIROOMPO. 1014,00.1. give you advice that would be of much assistance pproaching M.Iobineau on this point. I think that it is quite time the Bank of ened an account in New York and for that purpose o transfer to our credit with you very shortly a 0,000; which we may add to later. Believe me, Yours most sincerely, tStaNEW M. NORMAN. rong Esq. 17th May, 1924. TRANSLATION OF C.03L17, MOM:INC London, England. May 27, 1924. Federal Reserve Bank, New York, N. Y. STRICTLY CONFIDTLITLIL FO1 GovEmoa: No. 84 Your number 43. Tbrsonally I should favor appointment of an American as Reparation Agent and I think Tandersley would probably take the same view but I am doubtful if Lo7an would find general support either here or in America. YXER3 Bank of Last word mutilated: England. CONFIDENTIAL """. ACkNOWLEnn -04 3 nit of angland, 1(324 joadon, E.C.2 16th June, 1924. My dear Strong, I was especially glad to receive your letter of the 3rd instant because it gives so good a report by Dr.Miller. about yourself and-describes the occurrences in Paris as simply an accident., Letters between us are comparatively of little 2: value because conditions are changing so quickly and we must come more and more to rely upon the cable. Anything therefore which I now write will probably be wrong by the time it reaches you. your views on the stabilisation of German Currency. I knot I am not sure that I entirely agree with them because I am not sure that, at any rate up to the present time, the European currencies were not better stabilised on Sterling than on Gold: a case in point has been Austria. But as conditions are changing, I think it is very likely that Germany will not be a case in point. Anyhow, the Dawes Plan apparently stipulates for a Gold valued currency and your view is therefore to prevail. 3. V of page 2. All this is linked with your remarks at the top What is to be the position of Sterling and what are we proposing to do? The reduction in your rate to 30 may, at first sight, lead one to believe that our rate ought to remain at 4%. I do not think so. I want to get our rate up, but it is necessary to S CONFIDENTIAL 16th June, Benjamin Strong, Esq. Page 2. 1924. to find an excuse for raising it and at this moment no excuse is very apparent. I want, as I say, to get our rate up with yours down because I want to see our exchange improve as a definite step towards our attaining gold parity. There is no need for great hurry in our reaching gold parity, but there is great need for hurry in having a policy which is clear to everybody and which is definite and final. In one way or another we must somehow try and work towards that end during the next few months. This, I am sure you will agree, is in line with the discussions we had when you were in London. 4. The remarks above on the subject of a gold valued currency are somewhat pertinent in the case of Hungary at the present moment. Hungary, as you know, is undergoing reconstruction on lines more or less similar to those of Austria under a plan of the League of Nations. To carry through the plan a foreign loan is necessary of the equivalent of £12 millions Sterling. It was expected, until a week or two ago, that one third of this sum would be found on the Continent, one third in London and one third in New York. It now seems that nothing may be forthcoming from New York: a third is therefore left in the air and rather than let the reconstruction scheme fail we, (the Bank), may have to find this £4,000,000. Is it necessary under those conditions that Hungary should start off with a Gold currency? If so she must transfer the proceeds of her foreign loan to New York in order CONFIDENTIAL CONFIDENTIAL Page 4 Benjamin Strong, Esq. 16th June, 1924. Norman Davis seemed to me the best name you mentioned, but nobody believes that he would consider for one moment going either to Budapest or to Vienna. For the time being the position is being temporarily held by an Englishman and a Dutchman, respectively. But permanent appointments ought to be made as soon as possible as the Central Bank in Austria has already suffered greatly during the last few months from having no Adviser, and therefore no adequate and independent support for its President against the greed of the Viennese Bankers and the glamour of the Austrian speculators. 7. Shepard Morgan was here for half an hour last week but has now gone back to his secluded castle in Savoy: Mr.Saunders called, too, in a hurry to get home for the democratic convention, and Mr.Case, I am glad to say, is to be here during the next few days. Believe me, Benjamin Strong, Esq. of igngland, ACKNOWLEDOED 3011d0II, EC. 2 JUL 3 192A 19th June, 1924. R R. My dear Strong, I am p:rateful to you for your letter of the 4th June on the subject of the Houblon tankard. It is very good of you to have taken so much trouble in the ratter; but I have rot sent you a cable (as you sugisted) because I confess I cannot take any step which might be interpreted as an indication of willingness to ask the New York Clearing House Association to nd over to us an oblect of great interest and value. We such rerrret and are preatly to blame that when the Houblon family Darted with the tanimrd it was not acquired by the Bank of England; but I should feel that I was acting ungraciously if I were to suarsest in any way that we drudged the possession of it to the Clearing House Association. 1 Believe me, Yours sir cerely, 1)4A(ert.tA. Benjarrir Strong, Esq. low 17th Sapte-bor, 1424. dear Strong, Por a long tire past I have been having letters at intervals .Trom 'Tr.TTenry A.Porster and I used to acknotyleth7e them without comment. Lately they have been coming more frequently, and I begin to think that Mr.Porster rust be light in the head. I enclose three lottors recently received . from him. Perhaps you could maim some erquiries about him and tell re hov to treat him. With 1,:indest reards, Yours rest sircerely, (SIGNED) M. NORMAN.. Benjamin Strang, Esq. 41411(44.1.4444 4 17th Septenbor11924. My dear Strong, I am sorry that there has been so long a delay in acting upon your letter of the 15th July last, but as you know I have been away from the Bank since the and of July though owing to the London Conference my holiday did not start until same time later. I have, however, to-day put into effect the arrangement which I discussed with you in the Spring.. You will accordingly receive for our credit a sum of S250,000 while on the other hand I am employing at interest, under the Bank's guarantee, £50,000 from the balance on your account here and a further sum of approximately £50,000 has been invested in prime oormerdalaMseaso,under the guarantee of the Bank of England. An official letter is being written to you on the subject by the Chief Cashier and cable advice has also been despatched to you http://fraser.stlouisfed.org/ Benjamin Strong, Federal Reserve Bank of St. Louis . Believe me, Yours sincerely, (EIGNED) M. NORMAN.; Esq. aCkNOW!,,EFKIEID (P,atilt OCT 2 8 1924 n of (6upland, 34111dME.C.2 cia 20th September, 1924. My dear Ben, I came back here two or three days ago after having spent a month more or less in Savoy and a month more or less at the Conference. It is indeed my intention, as it has been for a long time, to write to you about a good many things which are in my mind; but the trouble is how to find the time. Itt t, Meanwhile I have written YOU one letter about car.. your account in London and now I write again because I have just opened your letter of the 11th to Lubbock (Lubbock I must tell you has just gone away for some weeks and it is not worth while for your letter to be forwarded to him). I an not really familiar with the intrigue he has been having with you about the Houblon Tankard but I think your enquiry about a replica is answered by the enclosed copy of a letter to Mr.Woodward. It is a letter I signed but no more. With kindest regards, Yours very sincerely, OnustAit,. Benjardn Strong, Esq. COPY PERSONAL 17th September, 1924. Dear Ur.Woaiward, I have tc acknowledge the receipt of your letter of the 5th September with regard to the Houblon Tankard. You tell me that the Tankard has been presented by the New York Clearing House Association to the Bank of England and that it is being forwarded to us. When it arrives it rill be formally accepted at the ensuing meeting of the Court of Directors, but it will be difficult for them to express adequately their sense of the great generosity of your Association in making them such a splendid gift. It will be deeply gratifying to us to possess an object so closely connected with the earliest years of our Institution and your gift will always stand as a link of friendship and gratitude between the Bank of England and your Association. As soon as it arrives, we shall at once proceed to obtain a replica, which we shall have the pleasure of forwarding to you. Believe me to be, Sincerely yours, (Signed) William Woodward, Esq. M.NORMAN. CONFIDENTIAL . CONFIDENTIAL CONFIDENTIAL. Page 3. Benjamin Strong, Esq. l6th October,1924. psychology in our favour, as could have been done by showing publicly that we had confidence in the Exchange and in the returr to gold. But it would have been difficult, and perhaps dangerous, to have proclaimed such confidence at any particular moment. There have always been some here to whom the idea of gold was repugnant because they favoured, or pretended to favour, some, new -tangled scheme: there have been public speakers, notably one ,Barlaw, a year ago who were liable to torpedo confidence at any time: there have been many who feared a crisis if prices were deliberately forced down and margins on loans eliminated, Lastly, there has been the position of Germany - uncertain until the Dawes Plan was an accomplished fact and now possibly liable to be as much a danger as a help to sterling, though on balance I do not think so . Therefore, on the whole, my feeling is that however wearisome the pace has been, we have been wise so far to hurry slowsr. I agree entirely that we shall need some sort of an understanding between us as to the future gold policy. I think you are helping to this end if you keep your rates as low as possible and lend freely to the rest of the world as your Market is now doing. At the moment. I do not think that we can do anything more than hold our rates where they are and reduce our loans to the rest of the world to a minimum- If a demand for credit should spring up, we might later have to raise our rates which would be all the the good; and if your. Market had CONFIDENTIAL. C C/IF ID =,11 IAL . copy of handwritten letter 41, Thorpe Lodge, 30, Nov., 1924 My dear Ben. Of course I ought to have written to you much more often than I have done. In particular I ought t o have told you about the question of future Governors, which has been perplexing, because their duties have so greatly changed since the system (of which they are a part) grew up. Lubbock is a loyal & good fellow & by next April will have done the 2 ye ars which, by tradition, is all that could be asked of him. He would have enjoyed & welcomed the dignity of being Governor but he has not the training as things are - nor at his age can he acquire it. So he is to be succeeded, practically speaking, by the next on the List-Inderaonwho, like Lubbock, does not seem to have the training. But he is a masterful & strong man, who becomes Deputy Gavr. more as a duty than as a pleasure. Thus, as you know, it comes about that I continue for anothe r year from next tpril: perhaps it will turn out to be for another 2 years - I dont know. We are still holding on to the traditional 2 year Governorship, to which I am considered to be an exception. Collectively we hope to return to our tradition as soon as world-conditions will allow us to dispense with me. I hope things may work out that way: anything else would involve all sorts of difficulties within & without, as you know very well from your understanding of our conditions. I write this in answer to your cheering letter of the 18th. I could not have written on the subject from the Bank & for weeks past I have been too pressed & too weary to write at home. My work has been very heavy, owing chiefly to Germany & Europe, whose problems are everlasting. I rather hope to see you a month or so hence & am waiting for a cable from you. There are many questions for us to discuss face to face for they cannot be answered, at this stage by writing ldtters. I have been rather held up the last 6 weeks by "pins & needles" in my right arm: some trouble with the nerve, it seems, which endless houts of treatment has not yet put right. I cannot at present write much or easily. God bless you, my friend. I wish the Ocean were not so wide. Ever yours MN 11444944-101, altHORPE LODGE, eiCAMPDEN HILL. W.8. 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