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Wed. Jan. 4. 1933:
The Governors met with the Board as an Open Market
Committee this morning. Garernor Meyer stated very
briefly that the position of the Board as to its open
market policy which should be taken today, was one of the----'
most important in the history of the system. He rather
inclined to the view that we should continue our open
market policy without change, for if we changed, the
public would be likely to take alarm, and also the banks
might become frightened and try to dispose of their Government securities. He also spoke of the danger of inflatior,
from bills introduced in the present Congress.
He also stated that the result of the election had
not been such as to inspire confidence in the country.
Secretary Mills then addressed the meeting, stating
that it made practically no di.fference to the Treasury
Whether the System adhered to or Changed its present open
market policy; that of course the Government was getting
money at too low a rate, and begged the Governors not to
consider the interests of the Treasury - Whatever they
might be - in any conausion they reached. He said, however, that if the Boar), were to Change this policy today,
it would undoubtedly give impetus to a great many inflationary
bills now pending. He said that the denand for inflation
was never as great in the country's history as it is today,
and any change in the attitude of the System would simply
increase the agitation for cheap money. He said that further
issues of cheap money, so-called, after being first paid out
to individuals, would drift into the banks, and then into
their reserve account with the Federal reserve banks, merely
increasing the present excess reserves. He Characterized
the pending bill for agricultural relief as an absolutely
insane proposition.
Governor Harrison then addressed the meeting and, gave
a very fair statement of reasons why the policy should be
continued, and at the same time, the principal arguments
axis ting for a change in the policy. He said that today
the WO millions of excess reserves were concentrated in
New York and Chicago, and that if this should increase very
much, the Chance would be that the banks would cease to pay
any interest on deposits ,which would undoubtedly increase
hoarding.
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the banks,
He stated, on the other hand, that if
to die-.
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this would tend to scatt
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in New York and Chicago throughout the
not now obtain.
bring a pressure for using them which did
inclined to think
While ae said he had an open mind, I am
that he favors no change in present policies.
d to favor
Governors McDougal, Seay and Calkins seeme
a change, as also Governor Young.
Governors to
The meeting adjourned at 1 o'clock, the
to be ended by
go into executive session in the afternoon,
another meeting of the Board.
name
In the afternoon, the Governors continued their
a
conference, and finally Governor Harrison brought in
of
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milli
125
of
resolution which provided for the sale
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Janua
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month
short term Government bills during the
ves
but expressed the opinion that the total excess reser
ons.
milli
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500
should not be allowed to fall beyon
Governor Harrison stated that his former statement
that it would be a good tning to scatter the excess
reserves by nutting an end to interest on bank balances
was unanimously opposed by the Governors, as they thought
to
the only effect would be that each bank would have
raging
encou
thus
its,
lower interest still further on depos
hoarding.
The Board objected to mentioning the firmres 125
millions and 500 millions, and also to some other parts of
theproposed resolution. The Board then adjourned until
Thursday.
Thursday. Jan. 5. 1933:
The Board met. Governor Harrison brought in another
,
resolution Which, after some discussion and some amendments
was agreed to by the Board.
The Board then met in conference with the Governors,
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and the final resolution was adopted, no mention being
or
made of the specific amount of securities to be sold,
s.
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of
present
of the specific amount at
3.
There was a gentlemen's agreement, however, covering
four points:
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1. That the Executive Committee is authorized
to allow the maturity without replacement or to sell
up to $125,000,000 of securities from System account
in order to offset an equal amount of return flow of
currency, provided such action does not reduce excess
reserves below $500,000,000;
2. That the computation to determine whether
there has been a return flow of currency to the
amount of $125,000,000 will be made from the high
point of the Christmas holiday circulation;
3. That the present level of excess reserves
means approximately $500,000,000;
4. That if, after selling,anything should happen
to reduce excess reserves below $500,000,000, the
Executive Committee is authorized to purchase
securities but will not increase the System account
above the amount now held, without another meeting
of the Conference.
The question then came up of some public announcement,
and after much discussion Governor Meyer appointed Dr. Miller,
Governor 3arrison, C.S.H. and Governor Norris to retire and
prepare a statement.
A statement was finally prepared based on one offered
by Dr. Miller, but with many changes. C.S.H. thought it
was too long and too much like an essay, and he surges ted
the folbwing as a substitute:
"It was determined that no change should be made
in the general policy of maintaining excess reserves
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104
larch 2. 1933. steeting at 9:30 p.m.
Section 5
Hoover to Board as to emergency powers under
further
of Trading with the Enemy Act, asks Board to give
Federal guaranty
consideration to possibility of some form of
reroorted
of deposits. Governor Meyer reported that Mr. Wyatt
Messrs. Harlan
to him that the Attorney General had authorized
there is
and Wyatt to tell the Secretary of the Treasury that
the Enemy
sufficient color of authority under the Trading with
if he
it
under
Act to. justify the President in taking action
ey
Attorn
felt that the emergency justified it; and that the
of
draft
Gene.ral was then in Mr. Mills' office working on a
of
ance
a proclamation or executive order, with the assist
W. Wyatt, Mr. Morrill, and Mr. &rim.
d the
During the course of the meeting, Mr. Mills advise
thought
he
while
that
Board that the Attorney General had stated
of
5
n
Sectio
of
the President could act under the provitions
great
ncy
emerge
the
the Trading with the Enemy Act if he deemed
feel
not
did
he
and
doubt
enou81, the matter was not free from
t the consent
that he should advise the President to do so withou
on.
strati
and approval of the incoming admini
y should
The Board unanimously felt that the balo2ing holida
tanding
unders
the
on
,
Monday
and
ay,
be declared for Friday, Saturd
not
or
,
Monday
on
n
sessio
extra
that Con ress would be called in
Mills
Mr.
ation.
legisl
rtate
later than Tuel:day, to enact apnrop
so advised. Mr. Woodin, who was with the President-elect.
gaxdh 3. 1933. meeting at 3:00 ipm.
holiday.
Board discussed the advisability of a m.tion-wide bank
ent
Pread
the
with
matter
the
s
discus
to
The Governor left the meeting
be
would
ent
Presid
the
t
though
and on return reported that he
y if the
disposed to issue a proclamation declaring a bank holida
course,
a
such
of
al
approv
his
te
President-elect were to indica
with
matter
the
of
sion
discus
r
and that there would be furthe
aining
ascert
of
e
purpos
the
Mr. Woodin and Mr. Roosevelt for
their attitude.
March 3, 1933. meeting at 12:00 noon.
'arch 3 19334, meeting at 9;15 p.m.
Board had before it, nrepared by its Counsel:
1. Draft o: Executive Order declaring a nation-wide bank
•
holiday.
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Federal Reserve Bank of St. Louis
-2-
2. Draft of Joint Resolution ratifying and
confirming the proclamation if it should be issued.
3. Draft of Joint Resoluti)n declaring a nationwide bank holiday.
The Board unanimously of the opinion that the situation
demanded a nation-wide bank holiday, and, as the Senate had
adjourned for the day, the issuance of a presidential Proclamation or Executive Order seemed to be the only course open.
This view was 2hared by Secretar: Mills, with whom the Committee
was in touch. Governor Meyer talked over the telephone with the
President, emphasized the seriousness of the situation, and
stated that the Board felt that action was necessary tonight.
Following this conversation, the Board decided to address a
letter to the President urging the issuance tonight of a
proclamation or Executive Order declaring a nation-wide bank
holiday.
Dr. Miller, at 10 p.m. went to the Mayflower Hotel to see
the President-elect. He did not see him, but left copies of the
above documents. Subsequently, Dr. Miller adnsed the Board
that he had talked on the telenhone with the President-elcct
and explained the situation to him.
Resolution adopted by Board of Directors of the Federal
Reserve Bank of New York at snecial mee,ing March 3rd, in favor
of a nation-wide holiday, received.
Board drafted letter to the President. Governor I,:eyer
called Secretary Mills, who was then wiflttle President. The
Presiuent answered the call, and Governor. Meyer again discussed
the situation with him and emphasized the necessity for action.
Miller also on the wire with the Governor, participated in the
discussion.
After this conversation, Mills talked with lovernor Meyer
letter to the President
vild told him the Board had prepared
urging the declaration tonight of a nation-wide bank holiday,
and stated it was planned to send the letter to the Secretary
at the White House for approval ann delivery to the Prosidant.
Mills indicated that the Board could not act unless all five
members were present, and asked that the sending of the letter
be withheld until he could return to the Treasury from the White
House. The Board then communicated with Mr. James by telenhone
shortly after 11 0t clock, and requested that he come in to the
meeting.
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Federal Reserve Bank of St. Louis
-3-
etary :dills and Mr.
While awaiting the arrival of Secr
ct that the Governors
Iffe
the
to
James, reports were received
consideration the question
of Illinois and New York had under
e apneared to be conof declaring state holidays, but ther
would take the necessary
siderable doubt that the Governors
11:30 p.m., Chairman
action. Mr. Morrill stated that at
over the telephone that his
Stevens of Chicago advised him
with representatives of
Xxecutive Committee was in session
a resolution of the ExecumeMber barks in Chicago. He read
iate declaration of a
tive Committee calling for the imed
that there would be
national bank holiday. Mx. Stevens said
which would take
very large demands for gold tomorrow,
ably 100 millions of
practically all the gold we have. Prob
d for redemiltion in gold.
Federal reserve notes will be presente
million dollars.
One bank alone is asking about 75 or 80
March 4. 1933, meeting at 12:05 a.m.
to the President
Board considered the pronosed letter
in moved that it be
urging a nt-tional bank holiday. Mr. Haml
he would like to have
sent to the White House. Mr. Mills said
tes:
the following state-ent noted in the minu
authority
"The Attorney-General holds that the
of the
is
under the Trading with the Enemy Act
is the
e
ther
thinnest possible kind and at most
not
does
he
barest color of authority, and that
agreethe
out
believe the President can do it with
a
by
owed
foll
be
ment of the President-elect, to
ld
shou
it
k
thin
I
validating Act by the Congress.
when
g
ndin
rsta
unde
my
be further noted tilat it was
Governor
I left the Presiamt ten minutes ago that
ion he
rmat
info
the
of
Roosevelt felt that in view
sion
occa
the
see
not
did
had from New York that he
ed,
inde
or,
day,
holi
nal
for him to request a nAio
k
thin
I
it.
for
ty
bili
to assume joint responsi
n by the
therefore that in view of the o7inion give
President
the
how
see
not
do
Attorney General that I
tonight
d
Boar
the
of
on
dati
can act on the recommen
. I
ened
reop
be
to
is
unless the whole question
d on
Boar
the
of
ers
memb
r
othe
don't differ with the
midat
now
ts
exis
it
as
n
the practical situatio
Attorneynight. There is no formal opinion from the
General."
er of March 2nd
Ur. Miller called attention to the lett
d prepare a
Boar
the
that
ng
aski
received from the President,
a national holiday
proclamation if it is its view that such
s Dr. Miller stated
mber
reme
should be put in effect. (C.S.H.
the President, and
of
er
that we have never answered this lett
"last night
we should now do so.) Ur. Mills stated that
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Federal Reserve Bank of St. Louis
(Thursday) I informed you that the Attorney-General advised
the President not to issue such a proclamation and on the
basis of that report of mine you decided it was unnecessary
to answer the letter. We didnIt answer the letter last
night or this morning. The Attorney General didn't think
it advisable to issue that nroclamation under all the circuostances."
Mr. Wyatt said that "earlier in the evening (Thursday)
the Attorney General asked me to convey to the Secretary of the
Treasury the message that he had considered the Trading with the
Enemy Act last evening about 8:30 and that he considered it
was sufficient to justify the Presiacnt in acting if he considered the emergency great enou04."
Mr. Mills relied that plater that evening the Attorney
General advised me that in his oninion he was not justified in
acting under the Trading with the Znemy Act and I so reported to
the Board last night."
Governor Meyer stated that "the question of legal authority
is one thing and the question whether you will act with or with.out agreement with the President-elect is another thing."
Mr. hiller referred to the contents of the proposed letter
to the President, and while hr. Mills stated. that he had not
objected to the letter, he wanted to call attention to what had
happened Thursday. Mr. Hamlin pointed out that the members of
the Board had been ac,vised that on Thursday evening in Secret ry
Mills office, the Attorney General had dictated a form of
proclamation for the President to sign, and that it was after
information was received that the President-elect would not assume
joint responsibility that the Attorney General expressed the
opinion that the President would not be justified in acting under
the Trading with the Enemy Act.
Mr. Mills moved to strike out the words of the proposed letter
"referring to your letter of March 2 and subsequent conversations".
Mr. Hamlin did not object to this amendment, and it was passed
accordiney. Reference was made to proposed ,raft of a ratifying
resolutiOn by Congress, but Mr. Mills tiou,s.ht it would be of no
We to sand it, and the Board _ecided not to transmit it.
Thereunon Governor Meyer signed the letter to the President,
and at 12:30 a.m. sent it by his secretary (Mr. Fahy) to the
White House.
The Federal Recerve Board exl)ressed its o)inion that a
national bank holiday is absolutely necessary to prevent a banking
_
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Federal Reserve Bank of St. Louis
collapse. The Board also sent a form of executive order for
the Presidnit to sign.
Secretary nills stated that it would be useless to attempt
to get legislation from Conress Saturday morning, as Senator
Robinson, the majority leader, would not be there.
Governor Lleyer's secretary, Mr. Fahy, returned to the
office shortly after 1 a.m. and reported that, In he arrived
at the White House, he was informed that the Prostient had
retired Lit 12:06 a.m. and that the attendants hesitated to
disturb him. Finally, they telephoned to Mr. Richey, one of
the President's secretaries, who authorized them to deliver
the letter to the President at once.
Mr. Morrill read a telephone message from Chairman Stevens
showing the seriousness of Chicago situation.
Mr. Mills tried to reach Governor Pindhot by telephone,
but was unsuccessful. The Counsel for the Federal Reserve Bank
of Philadel:ihia had been in touch with the Attorney General of
Pennsylvania. Governor Meyer talked with Governor White of
Ohio and Governor Herring of Iowa as to possibility of declaring
bank holidays.
At 2:22 a.m. Mr. Mills reported he had received information
which indicated that, in all probability, the Governors of
Illinois and New York would declare bank holiday; in their respective states. At 2:45 a.m. Mr. Stevens of Chicago advised that
aproclamation was being drafted by the Governor of Illinois.
At 3:10 a.m. Governor Harrison of New York reported that a
legal holiday would be declared by the Governor of New York.
At 3:20 a.m. Chairman Stevens advised that a legal holiday
would be declared by the Governor of Illinois.
=Oleo.
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Federal Reserve Bank of St. Louis
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THE WHITE HOUSE
Washington
1.1arch 4, 1933.
31.1.gene lleyer,
al Reserve Board.,
ngton, D. O.
ar Governor Meyer:
r dated
received at half past one this mornin,-; your lette
basis of
the
on
en
writt
was
r
lette
3rd. I must assume that this
last night for the
motion received by you prior to 11:30 osclodk
in information as
n that before your letter was sent you had certa
ws:
had informed me
a. At 11 o'clock last night the President-elect
not wish such a proclamation issued.
opinion which he had
b. The Attorney General had renewed the same
you were relying
y given to the Board that the authorities on which
tion.
inadequate unless supported by the incoming administra
Chicago and
c. That groups of representative bankers in both
Federal
the
of
or:s, embracing members of the Board of Directors
governors
the
with
nm banks in those cities, were then in conference
them
of
nors
gover
e states of Illinois and New Yotk, and that the
recommended.
s,so
group
states were prepared to act if these representative
s,
ritie
autho
their
pears that the governors did take action undr
thus
and
s,
state
ring a temporary holiday in thes , two critical
ently hzAi in mind.
olishiag the major purposes which the Board appar
why such a
In view of the above I am at a loss to understand
of this
hours
few
t
ication should have been sent to me in the la
er
neith
was
admit
istration, which I believe the Board must now
ified nor necessary.
Yours faithfully,
H-ausERT zooval.
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