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THORPE LODGE
CAMPDEN HILL. W.8.

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S

PERSONAL.

(-

!anh of OhtiOnd,
Sondon, EX.2,

3rd January, 1928.

dear Ben,

The other day when you and I were talking
here about 1:iemeyer's visit and again when I cabled you on the

29th December, of course I had not the least idea in the world
that he would wish to take his wife with him.

I need not repeat

that he is anxious to go just as we are anxious he should go;
for I think it can do nothing but good.

But the question of a

wife's company is one upon which each individual must judge for
himself and I have therefore left him to do so.

Consequently,

as stated in my cable of to-day, Niemeyer and Lady Niemeyer will
sail in the "Scythia" due to arrive on the 15th or 16th January:

there is no better boat about that date and you know well how
limited the choice is at this time of the year.

Of course my own hope and desire was that
Niemeyer should go and live in your pocket at the "Earguery".
Obviously that would not be suitable or convenient unless he were
alone, and so please make suitable reservations at the "Plaza".
This first visit of 27iemeyer's seems to me

very important from several standpoints.

He is in the transition

stage between an Official and a Banker, and having, as I believe,

a keen, clear and receptive mind this is a good time for him to
get hold of Central Banking from various angles.



Then I am most
anxious

PERSONAL.
Page 2.

Benjamin Strong, Esq.

3rd January, 1928.

anxious that he should come to be, not only an acquaintance but
a friend of yours and of George Harrison's and of all the rest of
the party, and that he should thus do a great deal towards
cementing and even improving the lasting relations between our
two Banks.

Besides these more or less banking considerations,

I wish him also to have every opportunity of discussing

(1) the policy and attitude of the Financial Committee of the
League:

(2) the policy to be observed by Central Banks regarding

the future value of gold and the price index:

and that fascinat-

ing, inevitable but dangerous powder barrel (3) the arrangements

which are to supersede the Dawes Plan.

To this list the more you

and he can add the better and, in order that there may be no
misunderstanding as to the object of his visit, Niemeyer intends
(so he tells me) to devote his time to the Federal Reserve Bank
and System just as if he were a good bachelor.

I rely on your help as I so often do and
remain

Yoper,
414t4.4014..

Benjamin Strong, Esq.




CONFIDENTIAL.

Cablegram sent in code to :FEDERAL RESEIVE BANK OF NEV YORK,
Despatched :

1.35 p.m.

(6,ne

NEW YORK.

Tues.3rd Jany.1928.

(date)

(7496) 9/26 -150U

N°

4/28.
1.

Confidential for Strong.

Referring to Harrison's cable No.175/27 - Niemeyer has
arranged to sail per "Scythia" on the 7th January and
on arrival please try to proteot him from reporters and
brass bands.

2.

But as I understand he will be accompanied by his wife the
"Marguery" woula not be suitable and beg you reserve
accommodation at "Plaza" or other such hotel.

3.




Ref erring to your No.14 to Harrison paragraph 4

you will

have been glad to learn of ratification by Central Banks
invited just as we anticipated.

NO ALAS

Park 1064.

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[COP Y]

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The Red House
Hornton Street
Kensington, W.8

Park 1064
J an 7 th 1928

Dear Mx. Strong
It is very kind of you to have written to me + I thank you for the
I hope you are safely + comfortably at home again
letter + your good wishes.
+ that the next time you come you may have time to play as well as to work
with Mont.




My greetings to you + yours for 1928.

Yrs very sincerely
[signed] L.S.P.Norman




Jt

Vault of

ThInb

30th January, 1928.
Dear Mr.Governor,

So far as I am aware there are but few
books devoted entirely to the subject of Central Banking
or to its various branches;

and it has always seemed to

me that the deficiency is a matter for regret.
I feel constrained therefore to commend t
your attention and to request you to accept, as a gift
from the Bank of England, the copy of a recently published
book entitled "Central Banks", which I have the pleasure
to forward yeu to-day under separate cover.

I believe that a work containing a study
of the constitutions of Banks of Issue and an analysis of
representative Charters is a helpful contribution to -Lie
literature of Central Banking and I send it to you now in
the hope that you will find it both interesting and useful.


Benjamin


Believe me,

Your

dear L:r.Governor,

sincerely,

el-n.ta4A,
Strong, Esq.

6-

C+,
PERSONAL.

an gland,

Sado,

E.C. 2.

11th April, 1928.

ny dear Strong,

After being a truant since the end of
February,

I am now back here and find, among other odds and ends,

a two weeks old letter from Professor Gustav Cassel saying that he
sails for New York on the 19th instant.

On arrival in New York

he will stay there until the 15th May and thence he expects to

go to Washington for a few days, but is leaving his arrangements
to Professor Seligman of Columbia.

The particular object of

Cassel's visit is to study your monetary and stabilisation policy
and he wishes above all things to be assured of a friendly and
helpful welcome from yourself.

The object of this letter, therefore, is to
beg you (if still in New York) to be sure and grasp the

Professor's hand and to show him such a welcome as you better than
anyone else can do.
him,

Little as I am personally acquainted with

I know him to be a disinterested citizen; a grand old man

who has done his best for the gold standard even if in some

respects you may think he has not chosen the best best or pursued
it in the best manner.

Perhaps, too, you would take an opportunity of
smoothing his path with the Board - or some members of it
against his visit to Washington.




-

I would sooner you did this in
such

PERSONAL.

Benjamin Strong, Esq.

Page 2.

11th April, 1928.

such manner as you may think best rather than that I should
write to any of them direct.
In just this connection I have to-day come

across your personal letter from Washington dated the 27th March,
in which you recapitulate the views put forward by Sir Henry
Strakosch last December, summing up also his proposals and your
attitude towards them;

and this is likely to be your attitude

towards some of the ideas of Professor Cassel if he should put
forward his published views in regard to the World's gold
position.

I think I am in agreement with most of what

you write, particularly as regards unlimited further development
of the gold exchange standard and the wisdom of allowing the
Dawes Plan to work itself out a good deal further before any
formal action by Central Banks or meeting between them.

I am

sceptical as to how far it would be practicable and how far it
would be wise for the Central Banks to admit in any way that they
can regulate prices through their gold and credit policies:

or,

in other words, how far the power of fixing prices (which would
likely be taken to cover particular commodities as well as the
general average) could or should come within the admitted purview
of any Central Bank.

Yours mom sincerely,

dam,
Benjamin Strong, Esq.







PERSOLAL.
Page 2.

Benjamin Strong, Esq.

oil-can if that is needed.

24th May, 1928.

I hope, too, that Dr.Rist will

be able to quieten you in mind as well as body, and remember
that there is a point beyond which neither the one nor the
other can well be strained.
With warmest retards,
Yours /st sincerely,

g""""Iftwoof

Benjamin Strong, Esq.




PERSONAL.

Aanit of 6ngland,
Sondon,E.c. 2.
11th June, 1928.

Ty dear Ben,
In one way or another we all make mistakes and

I cannot in the least complain if on the two points mentioned in
your letter of the 6th instant your memory was at fault.

Indeed,

I did not want or expect to hear from you on this subject; but no

more gracious or kindly letter can I ever expect to receive nor
could 1 more quickly and gladly add such minor slips of your
memory to the list of misunderstandings already forgotten.
I write this hurriedly and amid the inevitable
pressure of the last day or two of clearing up.

I rejoice to hear

a better account of you from Cis, and whether or not you enjoyed
his visit there is no doubt that he enjoyed your company:
did him good too.

and it

Your next visitor will be ..;alter Stewart, a

kindly and congenial spirit who can only help;

and later on if

you want another visitor we will give you of our best.

You know

full well that I and we all desire nothing more than first of all
to see you well again and then to work with you when you are well.

This of course needs time and patience, but old Friend I fear
there is no short cut.

Your mill must grind out slowly at Grasse

while mine will be doing the same on the Atlantic:
separated but we need not and will not drift apart.



we may be

And you have
many

PERSONAL.
11th June, 1928.

Benjamin Strong, Esq.

Page 2.

many good friends here to be used as anchors during the summer.
So think no more about Roumania or past
remarks or misunderstandings:

they are all forgotten and

With more affection than ever,
I am,

Yours

Benjamin Strong, Esq.

etei

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UNIO
CA LEGRAM 7

CLASS OF SERVICE

Thi
Cabl
dcfc

is a full-rate
m unless its
-haracter is
a suiteding

lb

NEWCOM CARLTON. PRESIDENT

SIG
Full-Rat
Cablegram

LCO

D4erred
Cablegram

CLT Cable Lear

.1. C. WILLEVER. FIRST VICE PEER

WP*Edtter P

Received at 40 Broad Street (Central Cable Office), New York, N. Y.AVA"

LONDON 71

1

WLT BENJAMIN STRONG 270 PARK AVENUE

NEWYORK,

DELIGHTED WITH YOUR AND HARRISONS PERSONAL CABLES BUT SO
DISTRESSED AT NEWS HEARD FROM LUBBOCK AND STEWART AND YOUR
OLYMPIC LETTER THAT AM STARTING WORK WITH A HEAVY HEART STOP

REMEMBER THAT WHEN MOMENT ARRIVES

I

WOULD GLADLY COME ACROSS

AND HOLD HANDS FOR A FEW DAYS STOP MEANWHILE DONT BE

DOWNHEARTED BUT WEAR YOUR OLD SMILE RIGHT ALONG AND TAKE MUCH
LOVE,




PLODGERITE.

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