The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
STRONG PAPERS, Norman's memorandum re: central bank conference & Strong's revisions and draft
letter of acceptance
(List created 6/2004)
1.
June 1922, typewritten draft of "Letter of
Invitation to Governor or President" to
Central and Reserve Banks' meetings to be
held at the Bank of England
2.
June 1922, typewritten draft of "Letter of
Invitation to Governor or President" w/
Strong's handwritten notes re banks invited /
attending
3.
June 1922, typewritten draft "Agenda" for
the Central and Reserve Banks' meetings to
be held at the Bank of England w/ red
typewritten revisions
4.
June 1922, typewritten draft of "Letter of
Invitation to Governor or President" w/
Strong's handwritten revisions
5.
June 1922, typewritten draft of "Agenda" w/
Strong's handwritten revisions
6.
1922, typewritten draft of "Agenda" w/
Norman's (?) handwritten revisions
7.
June 1922, typewritten draft of "Agenda"
(earlier version)
8.
Undated, typewritten "Part II" of "Agenda"
w/ Strong's handwritten revisions
9.
13/June/1922, printed "Agenda" for Central
and Reserve Banks' meetings at the Bank of
England
10. Undated, draft of Strong's acceptance to the
Central and Reserve Banks' meetings with
Strong's handwritten revisions
11. Undated, Strong's proposed acceptance
letter "For Mr. Jay, to be returned to B.S."
12. Undated, Strong's handwritten notes
regarding debt, Germany to Belgium, etc.
13. Undated, Strong's handwritten notes re:
stabilization, reparations, etc.
06/15/04
Strong Papers Key for years 1922, 1927, 1928:
( ) = Document is in Papers but prior to now had not been photocopied and included in research binders
[ ] = At earlier date, item was listed as present but no original or copy is now in Papers
{ } = Photocopy exists but original is missing
Jtrong
Jan. 30
Feb.2
Feb.7
Feb.7
Feb.;
Feb. 17
2eb. 17
Feb. 17
Feb. 17
tab. 13
Feb. 13
Feb. 13
Feb. 13
Feb. 16
Feb. 13
Feb. 10
Feb. 10
Feb. 21
Mar.
L.
Ear. 9
Ear.
Mar. )
Ear.
Ear.
Ear.
Var.
Ear.
Mar.
Mar.
Mar.
Max.
22
22
22
22
22
22
22
22
2_
22
Mar. 22
Mar. 24 C
Ear. 2
o 1....)..
J
June
22
June 27
June 27
June 27
July 6
July 6
July 13
July 14
July 14 C
July 18
July 18
July
27
J
J
July
27
Aug.3, with clipping from N.Y.Tines
Aug. 24
Sept. 7
Sept. 15
Oct. 2
Oct. 15
Oct. 18
Oct. 25
Nov. 3
Nov. 10
rov. 15
Dec. 1
Dec. 21
Misc.
Conference of Central Banks by A.LansbuEgh,
sent to Strong by Wadsworth of Treas. Dept.
Aug. 16, 1922
Central Banks, information prepared by
Foreign Information Service, Reports Div.,
Statistics Dept.
::ar. 20
2ar. 29 C
:
,ar. 30
S. R. Resolution, 160, in House of Representatives, Mar. 16, 1922
Mar. 30
:Par. 30
Dlr.
:ar.
Apr.
Apr.
Strong's handwritten notes on debts,etc.
30
31
3
3
German Reparation Payments(table,1920/50)
Apr. 10
Draft(with Strorre's handwritten changes) of
acceptance of invitation to attend meeting;
letter of invitation, and Agenda.
,Apr. 14
4,pr. 14
Sirdlar C.ocurants sent by Strong, to Jay
.",pr. 3
A:er.
lr
attendance at bank
conference in London
Similar with changes in red ink.
May 115,witli
19
June
June
June
June
June
1
9
12
19
21
Draft of resolutions, with changes written in
red ink.
copy
in a position to pledge the Bank of
as
regards all subjects which may come up for discussion.
Requesting a reply at your early convenience,
I am
Federal Reserve Board for Governor of
)
Bank of France
Federal Reserve Bank of New York
National Rank of
Belgium
Bank of Japan
Bank of Italy
South African Reserve Bank
Netherlands Bank
Imperial Bank of India
Bank of Sweden includes
National Bank of Egypt
( Bank of Norway
(
(
Bank of Denmark
National Bank of
Poumania
National Rank of
Switzerland
Bank of Spain
Reichsbank
Bank of Portugal
Queries
Imperial Ottoman Bank
Bank of Finland
Bank of Poland
Bank of Ireland
National Bank of Greece
Commonwealth Bank
Banque Nationale de Bulgarie
(omit South America)
PRIVATE AND CONFIDENTIAL
LETTER OF INVITATION TO GOVERNOR OR PRESIDENT.
I am directed to enclose herewith a Report adopted by the
International Conference of Genoa, on the recommendation of its
Financial Commission, and in accordance with Article
I have the honour to invite you to attend a Meeting at the Bank of
England at
o'clock on
,
the
June, 1922.
It is suggested that this Meeting shall be followed by others
during the week beginning on that date and that the Agenda shall
limited generally to the subjects mentioned in Articles
Articles
and
of the enclosed Report and to the Economic
relation of inter -State indebtedness now existing in consequence of the
:iar, to the reestablishment of the former gold standards and of stable
exchanges.
I am to say that the proceedings at these Meetings will be non-
political and confidential although it may be convenient to publish such
formal conclusions as ma. be finally reached.
In view of the limited accommodation at the tank of J,:rgland,
I
am to ask that you will consider this invitation as prsonal to yourself
S
or he (as the case may be) will be in a position to state the views of
or to such gentleman as may be chosen as your Substitute and that you
as regards the subjects to be discussed.
the Bank of
Requesting a reply at your early convenience,
I am,
VFederal Reserve Board for Governor of
V
Federal Reserve Bank of Diew York
V National Bank of Belgium
Bank of Japan
I/
Bank of Italy
17
Netherlands Bank
VSouth African Reserve Bank
V
Imperial Bank of India
V/
VBank of France
,0/7
Bank of Sweden includes
(
Bank of Norway
National Bank of Egypt
1#f
(
Bank of Denmark
V
National Bank of Roumania
V
National Bank of Switzerland
V Sank of Spain
Reichsbank
Bank of Portugal
Imperial Ottoman Bank
V/
kna,o,
Bank of Finland
Bank of Poland
At
Bank of Ireland
6 ":)
VNational Bank of Greece
Commonwealth Bank
CAO
IBanque Nationale de Bulgaria
(omit South America)
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a.
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AGENDA
http://fraser.stlouisfed.org/
4. Bank
Each
such
Federal Reserve
of St.
Louis
Bank should. recognize the importance of international as
When progress
(2)
permits, certain of the participating countries will
PRIVATE & CONvIlrNTIAL
CUTER OF INVITATION TO GOVTRIZR OR PR79InENT.
I am directed to enclose harswith a Report adopted
by the Intermitional Conference of Genoa, on the recommendation
of its Financial Commission, and in accordance with Article
I have the honour to invite you to attend a Meetin-' at the
Bank of England at
o'clock on
,
the
June, 19?2.
It i3 suvested that this Meeting shall he followed
by others during the weak beginning on that date and that the
Agenda shall be limited generally to the subjects mentioned
of the encloeil
and Articles
in Articles
4.'
-,le
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Report and to tbs6osomomirossol44)of Amt inter-State indebtednes$
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as now existing in consequence of the Ihria
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,
acchti4evo
I am to say that the proceedings at these Mootiogs will
be nonpolitical and confiiential although it may doibillomslom
convenient to publish such formal conclusions as .ray be finally
reached.
In view of
11,rits4 aocomLoition at the Rank of
Fngland, I am to ask that you will consider this invitation as
personal to yourself or to such gentleman as may he chosen as
Your Substitute
and that you or be (as the case may be) will be
as
in a position to state the views of the Bank of
regards the subjects to be discussed.
fib
Reluesting a reply at your early convenience.
I am,
Federal Reserve Board for governor of
Bank of France
National Bank of Belgium
Federal Reserve Bank of New York
Bank of Japan
Bank of Italy
South African Reserve Rank
Netherlands Bank
Imperial Bank of India
Bank of Sweden includes
National Bank of Pgypt
(Bank of Iormmy
Bank of nenmark
National Bank of Roumania
NationiAl Bank of Switzerland
Bank of Spain
Reichshank
Bank or Portugal
ieries
Imperial Ottoman -Sank
Bank of Finland
Bank of Poland
Bank of Ireland
National Bank of Greece
Comonnwealth Bank
Banque Nationale de BulTarie
http://fraser.stlouisfed.org/
(omit South
Federal Reserve Bank of St. Louis
Agarioa)
AG7NDA.
PFSOIUTIONS proposed for adoption by the Governors or Presidents
of Banks represented at Meetings to be held at the Bank of Englani.
June, 1922.
Part 1.
Resol,tions concerninz Co-operation
The Bank
here repreo nted approve the folloring
principles:
1.
Autonomy and free Toro from political control are
(ILIA
kjA.
twet-
iesirable for all Central Banks.
01
2.
Subject to confor,Aty with the above clause Vardier
Alex f
of continuous co-operation is desirable among ;Antral
Banks, wherever situated,
3.
-ithollt hampering their freedom, co-operation should include
confidential interchange of information and orinions among
Sikok_
Artg702-00---eir-
asaWat
" ABankeliapew1131_ragaz-4,
,I1J01/1,0
sudhcqeeetlutrO)as Pates of Diqcount:
Txchanges ani the movement of Gold.
the stability of
to
#0,
4.
Each AientIrS1 Bankrecognisey the importance of Inter -
/010-6E*
national as oosystaci-414th National interests in the
reestablishment of the world's tza4e-ead economic 4mAa
9tAbility,
a
likar praky-f Acittd
71d-
r
02:16realef.
5.
Each Central Bank should conduct its foreign Banking
oper ttions fly 14r exci-viiv3ly with the
rfr kt,ettere../
respective Central Banks of other countries.
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friri-Or
6.
each Contraa Bank should extend adequate and proper
Banking facilities, without undue regard to profit,
to all other Central Banks:
such facilities
to
include the custody of gold, monies and securities
and the diqcounting of approved Bills of Exchange.
7.
Each Central Bank should take such steps as may be
possible to .the absolute right of withdrawal
of all gold, monies and securities held on behalf of
other Central Banks.
P.
C
1)
11
A
.
/
-
RESOLUTIONS proposed for adoption by the a.e.vern-cr-m-r--Frart-T
e Banks represented et ke.4t n-s to *De 1,e1d
he 71-nk 9g. Fryl,-.
dam, 191c2.
Part 1.
fiesolutions concernitu. Co-operation.
//)
The,Banks here represented ap;,rove the following
principles:
1.
Autonomy and freedom fro
politic',1 control are
desirable for ell Centred and Feservo 9anicr.
2.
Subject to conformity with the above clue a policy
of continuous co-oper.q.ion is desirnble among eimeh3,-inks, wherever situated,
3.
.4ithout hampering their l'reedom, co- operation shoUld include
confidential interchange o" information and opinions
&mom. such 1-3.nks
7ith reg-Ird to such matere as
kstes ofjilecount:
the move73ent of gold
the st-bility of &changes and
4.
E-,ch Sank should recognise the importnce of
Inter-
national as well e.e WAional interette in the
reest5bliehment of the world's economic 'nd trade
EtYytli
5.
E.ch Cefit/pal Be.nk chould A Nis to conduct its f-oreicn knk-
in
operations exclusively with the respective
Central or PeEerve /35nks of other countrieP.
P.
EchiBank should endeavor to extend adequrtte and proper
1,1§nking fat!ilitiee, without undue regerd to profit,
to aik other Centred and Reserve
.nke:
such
f-cilitiee to include the custody of gold, monies
and securities and the dismIntin:-.; of approved
bills of ?xchsnFe.
7.
Ench Centrnl Rank should take such steps aP may be
4
possible to eneure at 511 tisee the absolute
right of wittdrawel of t,11 cold, monies and
securities held on behslf of other Centr5119anke.
Part
Reeolutions concerning an Internetionel Monetary
Convent i on,
in-zcz.artfttrp-a-rt
The Centrel 'nd Peeerve Bsnke here represented agree to urge
forthwith upon 'heir respective Governments that an Intern!tional Monetary
Convention be eummoned to consider and report upon the folloeing programme
for the tconomic Keconstructian of the 46rld, vie:
(1)
The Government') of the perticipating countries declare
thet the restorstier of the preees gold bests is their
ultimete object, there sunh beets does net noefexist,
and the; agree to curry out, es rapidly 48 ma;;
their power, the folloeine
a.
in
rogrammet
In order to gain effective control of its own currency,
ech Government must meet its annual expenditure eith
out resortinc to the creation of fiduciary money or
bank cred.ite for the parpope.
b.
The next step *ill oe, as soon
the economic
circumstences permit, to determine and fix the !'old
v.que of the monetary unit.
'hie will not necessarily
be tt the former gold par.
c.
The sold value so fixed must then be mode effective in
a free exchange market.
d.
The maintenance of the currency at its gole value nut
be eFeured by the provision of en -deluete reserve of
approved assets, not necesarily eol:.
(2)
"hen progreFs permits, certlin of the perticipating
countries till esteblith a free merket in gold and
thus become gold centres.
(3)
http://fraser.stlouisfed.org/
Federal Reserve
A Bank of St. Louis
A participating; country, in addition to any gold
re:aerv© held at home, may meintein in any other
participetine coun`r,' reserves of approved eeeete in
the form of bank balences, bills, short-term securities
or other auitabla liquid resourcee.(4-eleare.44ear--cld):
(4)
The ordinary practise of e psrticipatine countre +ill
be to buy nn
sell exchanee on other porticipating
countrier within a prescribed frection of perity, in
exchange for ite own currenc
(5)
on demand.
The Convention Sill thus be based on a gold exchange
standerd.
The condition of eontinuine membership will
be the maintenance of the netionel curreno
prescribed value.
unit et the
Feilure in this respect till entail
suspension of f.
(f)
E ch country will be responsible ier me4-R4r.-1-rf
ee.
be li
t.
entirely free to deviee and aptly the meens,
whether through regulation of credit by
erve
A
(7)
central
and
'inks or etherelee.
Credit will be resuleted, not only with e view to
But they,
meintainine the currencies
it par with one enether,
but oleo with t view to preveetine undue fluctuations
in the purchasing poer of
however, that the
be
It is not contempleted,
: :old.
discretion
of the
tattered by any definite rule
ntrel4iinnke should
from d for thir purporep:,e25-eZe'/
record their deep conviction that such n Conve
ion ceeeriet-
in t position to state the views of the Bank of
as
regnrde the oubjeots to be Ascu9sed.
1.oqueetir
n reply at 'rour earl\ convenience,
I
am,
Falerml Reserve Board for G vernor of
)
Bank of France
Federal Reserve Bank of lel, York
National Rank of 9e1;71um
B:nr,. of Japan
Bank
of Italy Bank
Netherlands
South African Reserve r-.ank
Ben', or Fieden includes
( Bank of Norray
Imperial Bank of India
( Bank of Denmark
National 3:nk of Egypt
Notional Rank of Roumania
National dank of Fait7erland
1:1rik of :pain
Teichrbank
Bnn: or Portual
^ueries
Imporial Ottoman iiank
Bank of Finland
Bank of Poland
Ban'-: of Ireland
National BAIV of Greece
Commonweblt;1 Bank
B,,nque Nationale le dulgarie
(emit Souttl Ameria)
5.
As a general rule the greater the Reserves (in Gold or
Part II.
Resolutions concerning an International Monetary
Convention in accordance with the Report of
the International Conference of Genoa
The Central Banks here represented agree to urge
forthwith upon their respective Governments that an
International Monetary Convention be sumPoned to consider
and report upon the following programme for the Economic
Reconstruction of the World, viz:-
(1)
The Governments of the
that the restoration
ultimate object, and
rapidly as may he in
programme:-
participating countries declare
of a gold standard is their
they agree to carry out, as
their power, the following
a. In order to gain effective control of its own currency,
each Government must meet its annual expenditure without resorting to the creation of fiduciary money or
bank credits for the purpose.
b. The next step will be, as soon as the economic
circumsterces permit, to determine and fix the gold
This will not necessarily
value of the monetary unit.
be at the former gold par.
c. The gold value so fixed must then be made effective in
a. free exchange market.
d. The maintenance of the currency at its gold value must
be assured by the provision of an adequate reserve of
approved assets, not necessarily gold.
(2)
When progress permits, certain of the participating
countries will establish a free market in gold and
thus become gold centres.
(3)
A participating country, in addition to any gold
reservesheld at home, may maintain in any other
participating country reserves of approved assets in
the form of bank balances, bills, short term securities
or other suitable liquid resources.
(4)
The ordinary practice of a participating country will
be to buy and sell exchange on other participating
countries within a preF.cribed fraction of parity in
exchange for its own currency on demand.
(5) The
Part II
Resolutions cone ern in: ; an .International Monetary
Convention in accordance with the
',.oport of
the International Conference of Genoa.
The Control, Banlm hare represented agree to urge
forthwith upon their respective Govenaments that an
International Monetary
Convention be
sursooned to consider
and report upon the following pro{ xemme for the :;economic
Aeconstruotion of the World, viz:(1) The Governments of the participating countries
declare
that the restoration of * gold otoniard is their
tufan.L.Sud. 6a4u.kciito 2o-
'laza
ultimate object , mot they cgre0 to carry
A
rapidly as nary be in their power, the followtag
pro gram!
: --
a. In or - -or to gain effective control of its own currency,
each Government mast rivet its annual expenditure with-
out resorting to the creation of fiduciary money or
bank credits for the purpose.
b.
The next step will be, as soon as
the
economic
circuzutances permit, to determine and fix
0.
value
of the monetary
be at
the
unit.
This will
not
the gold
necessarily
former gold par.
The gold value so
fixed mast then
be made effective in
a free exchange market.
d..
The maintenance of the currency at
its gold
value must
be assured by the provision of an adequate reserve of
approved assets, not necessarily gold.
, nen prot;rebt: permits, curtain of the pmeticipating
countries will establish a free market in gold and
thus became gold centres.
(3) i participating
country, in addition
reserves hell at home, may
maintain
to any gold
in any other
participating country reserves of approved ascots in
the form
of bank balances, tills, short term securities
or other suitable
reshcos
(inoludin,; gold).
(4) The orOirnry practice of a participating country will
be to buy and sell exahan6e on other participating
countries within a prescribed fraction of parity in
exchange for its own currency on demand.
(5) The Convention will thus be based on a gDld exchange
standard.
The condition of continuing manbership will
be the maintenamee of the national currency unit at the
prescribed value.
gailure in this respect will entail
suspension of full membership.
(6) Each country
will
be responsible for maintaining the
international value of its currency at par, but will
be left entirely free to devise and apply the means,
whether through regulation of credit by central banks
or otherwise.
(7) Credit will be regulated, not only with a view to
maintaining the currencies at par with one another,
but also with a view to preventing undue fluctuations
in the purchasing power of gold.
however,
that
It is not contemplated,
the discretion of the central
bankshould
be fettered by any definite rules framed for this purpose.
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http://fraser.stlouisfed.org/
programme
succeed
Federal Reserve Bank of St. Louis
CONFIDENTIAL.
AGENDA.
BANK OF ENGLAND.
Z
DRAFT
13-6-22.
CONFIDENTIAL.
AGENDA.
RESOLUTIONS proposed for adoption by the
and Reserve Banks represented at
Meetings to be held at the Bank qf England.
Central
1922.
PART I.
Resolutions concerning Co- operation.
The Central and Reserve Banks here represented approve
the following principles :1.
Autonomy and freedom from political control are desirable
for all Central and Reserve Banks.
Subject to conformity with the above clause a policy of
continuous co-operation is desirable among Central
and Reserve Banks, wherever situated.
3.
Without hampering their freedom, co-operation should
include confidential interchange of information and
opinions among such Banks with regard to such
matters as rates of discount,
the
exchanges and the movement of gold.
stability
of
4.
Each such Bank should recognise the importance of
international as well as national interests in the
re-establishment of the world's economic and trade
stability.
5.
Each such Bank should endeavour to conduct its foreign
banking operations exclusively with the respective
Central or Reserve Banks of other countries.
6.
Each such Bank should endeavour to extend adequate
and proper banking facilities, without undue regard
to profit, to other Central and Reserve Banks :
such facilities to include the custody of
monies
and
securities
gold,
and the discounting
of
approved bills of exchange.
7.
Each such Bank should take such steps as may be
possible to ensure at all times the absolute right
of withdrawal of all gold, monies and securities
held on behalf of other
Central and
Reserve
Banks.
8.
Each
such Bank should endeavour to assist in the
establishment of a free market in forward exchange
in its own country when no adequately organised
market exists.
R
PART I
I.
Resolutions concerning an International Monetary
Convention.
The Central and Reserve Banks here represented agree
to urge forthwith upon their respective Governments that
an International
Monetary Convention be summoned to
consider and report upon the following programme for the
economic reconstruction of the world, viz :(1)
The Governments of the participating countries declare
that the restoration of the pre-war gold basis
is
their ultimate object, where such basis does not
now exist, and they agree to carry out, as rapidly
as may be in their power, the following programme :
a.
In order to gain effective control of its own currency,
each Government must meet its annual expenditure
without resorting to the creation of fiduciary money
or credits for the purpose.
b.
The next step will
be,
as
soon as the economic
and fix the
circumstances permit, to determine
gold value of the monetary unit.
This will not
necessarily be at the former gold par.
unit at the prescribed value.
Failure in this
http://fraser.stlouisfed.org/
Federal Reserve Bank of St.successful
Louis
results until
(Tr
Jaz_ Tat?
P-AT7- ,b6 it-tte,c)
Governor Strong will accept an invit tion * to a meeting
of Central and Reserve Banks to be held in London in July or
September in accordance with the request of the Genoa Conference
for the following purposes:
1.
To et rte -he principles of and devise means for con-
tinuous cooperation betrven Central and Reserve Banks
within the legal limits prescribed for the operation
of each Central Bank or the Federal Reserve Banks.
2.
To consider a recommendation to their respective
Governments for calling an inter -National Monetary Con-
vention
http://fraser.stlouisfed.org/
* The invitation
Federal Reserve Bank of St. Louis
to approve ths m sane suggested by the Genoa
Conference for reestablishing the pre-war gold
basis (where such basis does not now exist).
This recommendation for a Monetary Convention
may involve stating thst it should not be
held until the essential antecedent condition
o' complete an
final settlement of all inter_
government debt questions arising out of the war
shall have been reached by the Governments
concerned.
as now proposed is att-ched, and the above is subject to any
http://fraser.stlouisfed.org/
Federal Reserve
Bank of St. Louischanges
subsequent
which may be male nece!,Fftry as, for example, by
I
411"
Governor Strong will accept an invitation to a meeting
of Central and Reserve Banks to be held in London in July or
September in accordance with the request of the Genoa Conference
for the following purposes:
e...
1.
To state the principles and devise means for con-
e
tinuous cooperation between Central and Reserve links
within the legal limits prescribed for the operation
of each Central Tank or the Federal Reserve Ranks.
2.
To consider a recommendation to their respective
Governments for calling an inter-NAational Monetary Convention
4fe.00.
4:0utz
t.,
4
,,--
t.
44
lo approve means sugastel for reestablishing
i
A
the pre -war gold basis (where such basis does not
now exist) ,
*Wrecommendation
for a Monetary
Convention may involve stating that it should no
held until the essential antaasda
l
be
condition of
and final settlement ofaicomplete inter-government
"
etLR
debt arts ng out of the war shall have been reached
by the Governments conzerned.
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