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Collection Tilde
THE PAPERS OF
CHARLES SUMNER HA.MLIN
DIARIES
Series and/or Container
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Shelf/Accession No.
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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C. S. fiamlin.
V OUNE
6.
Aarch 28, 1920 - Oct: 12, 1922.
Accaints e Federal Reserve Board
Ad.uinistration amendruents tc Federal Reserve Act provide for
audit ing of, by a public auditor An1 nct by the Auditors
of the Treasury.
"Aarch, 1921. 81
Ad interim tariff provision
.
C.S.H. sends letter to Sec. Mellon slagFtating an, for nroposed
tariff bill ani enclosing draft of sae.
March 31, 1921. 73
Adams
lhatrraan of Rep. Natl. Co:n-nittee, strongly urges President Harding
to realooint Gov. Harding to Federal Reserve Board.
Aug. 8, 1922. 179
Administration bill, Feieral Reserve Act
Gov. Harding shows C.S.H. a copy of.
Analysis of Icntents.
tar. 21, 1921. 60
Agricultural bloc
Appointzuent of Hord as Class C director, Fein-al Re.erva Bank of
Eanass City Trill greatly please.
Dec. 1921. 123
Agricul tural :onference
Gov. H. feels if rates ,,.re to be rlduced it should be done
before, meets, - in April.
Mar. 29, 1921. 6'?, 68.
Agricultural interests
Pre )11ent Harding says Feloral Reserve Board is to low!r
discount rater. to help.
April 2, 1921. 86
Papers :Arincuncs that by directim of President Raiding, the
Beleral Reservo Board is to take up que,ticn of denat ion
of inchstrial values withcrut injury to.
April 26, 1921. 86
Papers sky it is "unierstocd" that Feler;t1 Reserve '3oard, in
future, 'Nill take s taps to aid.
April 26, 1921. 86, 87.
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Federal Reserve Bank of St. Louis
Agrianitur al paper.
Miller moved eellendaant to sec. 11 M making, and
cattle raper having maturity not over 2 years eligible.
Pospponed.
May 23, 1c21. 92, 93
See - Cattle loans
Aiken. 9hawmut Natl. sank
Federal Reserve Agent Curtiss assures that, will not fa or
reduction of discount rate at Boston from 7 to 6 %, as
it :night nezessitate le ring his rates to his
customers.
April 9, 1921. 74, 75.
Edward Hamlin said had. heard a rumor that, had asked. Winshi-o
his Vice Prek.ident to help in matter of buyini the
calf pasture.
May 6, 19.:2. 159
kldredge, G.
Appointed Collector of Customs, New York City.
for Congress in 1910 by Havens.
vens
wocke for
A scandalous, spoils 9.ppGintrumnt.
April. 21, 1921. 84.
Defeated
Alexander. National Bank of Canierce, New York City.
Told. Brookings the Federal Reserve Bank of New York should
find sane position for Sec. Houston.
Mar. 17, 1921. 57
Harding advises Sec. Mellon to telephone, and ask his
Gov.
opinion as to reduction of Federal Reserve Bark of N. Ye'.
di sccunt rate.
April 4, 1 921. 71
Allied lob ts
C.S.H. asks Gov. Strong if Great Britain coat not at once
establish a free gold market if released from immediate
payment of interest on her debt to U.S. Gov. Strong
;ayes an evasive answer.
May.3, 1922. 157
believes Gov. Norman's real objet in visiting!, U.S.
C
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to serare postp nement by Gregv 3titain of intere, it
on her debt to U.S.
May 3, 1 922. 157
Gov. Strong and Nornan that the lonference of central banks
to be :ailed by the Bark of England necessarily would
involve the cries ti on of debt adjustment. They both seemed
to favor, but not in any expres, terms, a gen.!ral
moratorium for a perioi during which no interest pAyments
ahoul d accrue.
May 9, 1922. 161, 162.
Amendments to Federal Reserve Adt
Adminibitrati on bill. Snpopsis.
Mar. 21, 1921. 60
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Federal Reserve Bank of St. Louis
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kaerican Abrasive Metals Co.
Sec. Iviellon 3.ives ov. arding & letter from, complaining
that Trowbridge, our consulting architect is urging
banks in Canada and Ii, S. to take his vault specificatbns,
the -esult of the Sandy nook tests; that these tests were
not fairly :tonducted; asked fai a hearing.
Federal Recerve Board gave hearing.
C.S.H. feels Sec. Idellm should not havi prelented this letter,
,he cabpa.ny, which company
as he has or had an interest in .
was evidmtly trying to utilise his influencewi th the
,
Fe1,
r11 Re:- erve Board.
Feb. 28, 1922. 129
See - Travridge
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Anderson, 9. M. Jr.
Pcdinted out that a material part of the 3 or 4 billions of
rchasers by our exporters had
credit gran id to foreign
been carri 1 out through rediscount of war paper and that
the Federal Res :rye system was rally carrying this load.
20
Nov. 19o.
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Angell, Dr.
Brookings tells C.S.H. that the resignation by Dr. kngell from
Presidency of Carnegie Foundation to become President of
Tale University leaves a vacandy which he is trying to
secure for Tx-Secretary Houston.
Mar. 17, 1921. 57
Architects fees. Fed3ra1 Res-...rve Bank, N. Y.
Federal Reserve Board decides to "irterpose no objection" to
See - Building, Federal Reserve Bank, N. Y.
Mar. 29, 1921. 69
7
Assistant Secretary, U. 5. Treasury
Admini a trative bill amending Federal Reserve Act provides that
one, shall be a member, ex-officio, of Federal Reserve
Mar. 21, 1921. 60
Board.
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Attorney General
Hcruston declines request of Corcptroller Williams, male just
before leaving office, to ask opinicn of,as to legality
of security companies controlled and organized by national
tanks. This request was bassi on an opinion of o1. Gen.
Lehman, under Taft Administration, that such holdings were
illegal. The Taft kiminis tration took no action under this
opinion, nor did the Wilson Administration, al tho McAdoo
.vas repeatedly urged to do so by Williams. Atty. Gen.
Daugherty told Houston he would be glad to give an opinion
if he •asked for it, but Houston refusal to ask for it at
this late lay, although ',finials showed him a letter from
his counsel Buchanan that such holdings were illegal.
"ore Ur. 4, 1921.
request was made just
Mar. 19, 1921. 581 59
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Federal Reserve Bank of St. Louis
4.
Attorney General (Cfmt.)
Sec. Mellon asks Opinicn of Attorney General Daugherty whether
Federal Reserve Banks coild pay lividends out of
krurplus. Attorney General'Daugherty told Nolellon he
-wished to "cocperats" in every way and therefore wished
to know just what kind of opinion Mellon wanted, and that
he would andaivor to fnrnish a "satisfactory" one.
Later, he answered the question in the affirmative. A
truly extraordinary Attorney Gen.:re.1)
April 27, 1922. 149
Attorney Gene,ral 2:Ive3 affirmative answer.
May 1, 1122. 152
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Bailey, Capt. Claude
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nests Lord inch..,ape, a London barker, and ship owner
at house of.
Told C.S.H. Great *Britain woai never ask to bcors its intere.t
paymmts on its debt to TJ...S. postpohed.
May 18, 1922. 169
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Baker, Sec.
Justice Clarke left no taibt in rAnd of C.S.9. but that, had
told him C..L would surely be the next Sec. of the
Treasury.
Mar. 28, 1920. 1
Balfour, A.
Gen. Bliss tells Charles Warren that if, were to write a bock
similar to Lansing's he would have to atnit that Lloyd
George had treated hi.0 .nany tialez exactly as Lansing
complained that Wilson had treated him.
April 10, 1921. 78
Bang cr (Maine
C.s.H. at, to at tend funeral of Frank wlincalls on
Mrs. Hannibal Hamlin.
May 7, 1922. 58, 60.
Bank of England
Fact that, has reduced its discount rate to 60 may induce
Gov. Strong to do likewise.
April 28, 1921. 88
Directorships of, include many so lanai. Merchant Bankers,
acceptance hoiises.
lay 25, 1921. 93
Dr. Miller says, neiyr incr....ases or decrease= lisco)nt rates by
more than 1% at one time.
May 25, 1921. 94
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Federal Reserve Bank of St. Louis
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Bank of England (Cont.)
Bank of England cables Federal Reserve Bark of New Tork as to
attending confereme of Central 1Nropean banks on the
suggestion of the -Genoa Conference. The cables interchanged
showed, that originally the invitation was intended for
Gov. Strong personally, or as representing the Federal
Reserve Bank of Ne v York, but later was broadened and changed
so as to invite the Federal Relive Board.
Gm. Harding sail the Administration felt that no member of the
• Federal Reserve Board shoul.d go, as they were officers of
the U.S. Gov. Harding intimated, arininistration favored a
corninittee of 3.
Gov. Harding cr Aitchell sug;ested, Gov. Strong, Warburg and
latts of St. LCU.U.
Later nave of wing, Boston, was suggested.
C.S.H. thcu.ht Ab ov, 3 na-Des sould be criticized as can.)osed of
e
the extrene, so-called Reacticnary grcup.
C.S.H. suggests Festus Wade of
Louis as a broad, democratic
banker.
Mitchell t,aici Watts and Wale were bc)th Democrats.
C.S.H. s aid he did not refer to politics in using word. "Democrats
Stay 2, 1922. 152, 153
Gov. Harding said he was to dine at the White House this evening
and he thought the President would speak of tills Batik of
9:ngland matter
May 3,1'422.
153
Fe ieral Reserve Board has meeting with Gov. Strorg as to Bank of
ng1and invitation.
Gov. Harding reads part of his address At Amer. kcceptance Council's
dinner relating t o Bank of England invitation.
Gov. Harding lid not specifically refer to the Bank of !gland's
invitation but pointed. out the liinitations or the Firiral Reserve
Act.
Brought out :learly that no Reserve bank c oalJ take .;ny action wi.thcut
.approval of Federal Reserve Board.
Gov. Strong suggest el that above ref srenc es should be omitted; that
it woulri be strange to malke. the.ie refnierces just becre the
arrival cf Governor Norman; that the Board zhould
least
hear what Gov. Norman had to say, if itnything, .n the vubject.
Gov. Strong also said President Harding had told the Press he
was interested in the matter, and that, presumably, he had some
plan in his mind,, and that the above r!fersnces of Gov. Harding
might be construed as a slap 'at the President.
Gov. Strong said he had good authority for saying that President
Harding was very Angry with the Federal Res.rve Board. for
"voting him down" in matter of Comstock for Class C director,
Federal Reserve Bank of Ransaa Ci y.
Gov. Strong said he also had authority for say n g that the above
references of Gov. Hardin would be resented by President
Harding.
C.S.H. believes Gov. Harding mile these rez'erences more as a hit
against Gov. Strom! than or .Any other ;:ilrpo2s.
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Federal Reserve Bank of St. Louis
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Bank of ngland (Cont.)
C.S.H. also believes Gov. Strong was using, Presideng Hardin
g's
name to further his own purposes.
Gov. Strong spoke rather contemptuously of Preeident Hardin
g,
saying that Sec. Mellon told him that he approved, of
accepting the invitation and thcwht a connitt%e
of three shculd be sent but forgot to enjoin secrec
y, with
the result that President Harding ot once told. the
-press representatives about it.
Gov. Strong intimated that Pred.d , Harding knew nothin
nt
g about
banking, and that, even if, - as sugge:43d by
C.S.H., toad him his addre..s and obtained his consent to use
the
references, the President would still be mad if critic
s
wer-: to say that Gov. Harding was hi tting at
him.
C.S.H. took tht3 posit in that Gov. Harding should
not make these
referewes at least before hearing what G07. Norman
had to
say, and not then unless President Harding consen
ted..
C.S.H. pointed out that a hostile critic might claim
that these
re...ferences constituted an attack both upon the Presid
ent
and Gov. Strong, and that it sot-oriel sol:ewhiit
,
of our warning
to the oanks in 1916 against overinventment in Britis
h
Itxchegaer notes, and also of the "Round Robin"
signed by
Republican Senators when President Wilson went to
Paris.
Go- . Harding finally rewrote the ref•rencas to
,
the ratisfaction
of Gov. Strong, - as he told :as later but ltd
not show
me the text.
Gov. Strong s'ild he thcught Gov. Norman's -purpos
e in coming over
was merely to consult.with Sec. Mellon as
to payment of
interest on the British debt.
Gov. Strong said the only way to stabilize foreig
n exchange was:1. To establish a free gold -narket in Great
Britain.
2. To establish a q.old exchange standard, i.e.
the
so-called "Limping" standard.
3. To peg exchange.
Gov. Strong said. Grmat Britain would .river alopt
two and th,at, three
sus not a :rood method,
Gov. Strong said Great Britain had beln buying
dollars and had
thus depressed British exchange; that it vas bad for
a
foreign Govt. to manipulate exchange.
C.(1.H. asked. Gov. t3trong whether Great Britain would
not at once
establish a fres gold market 'fan, could obtain a
remiss ton
of interest payments to
for, say, a reir or tso.
Gov. Strom: gave an evasive ans-er.
C.S.H. believes this vas the real reason for Gov.
Wm-Ian's visit
to U.S.
also believes G07. Strong and Go-,.. Norman have
worked cut
so:ne plan to this end ',filch they are un-silling to
state
to the Federal Resvve Board.
Gcv.Norirsan kept tayinr se iaust adhere to the i:old
f
standard, with
which, naturally, ws
igres.
May 3, 1922. 153 to 158
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Federal Reserve Bank of St. Louis
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Bank of 'England. (Cont.)
Federal Reserve 'Board liacused qu.e; ticn of accepting invitation
.
of, all day. Voted. finally to accept but later -oted to
expunge
raiktter from Record.
May 8, 1922. 160
Federal Reetrve Board meets with Go-. Norman. Go. Strong
said que. ticn of gold. stabilization de -.)ended on acce
:
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adjustment of the debt question.
Gov. Norman said the bankers of Turopt at the conference
will probably agree that the stronger if,ur4ea.n central
banks will protect the weaker central banks; that
they would probably rev:mend central banks for all
countries; that they would re.cor.,Tend low discount
rates for banks having large reserves.
C.S.E. raised the point that a recom.randation for central
banks, if Gov. Strong should so vote, might be construed
as a vote of want of confidence in the Federal Reserve
system, Maicn is not a central banking siystem, and. in the
Federal Reserve discount policy which might feel called
upon, at some tits, to keT relatively high rates or even
increase than, even though the system had high reserves.
G071 Strong said he could avoid this.
Gov. Norman and Gov. Strong agreed that if the proposed
conference should. advise calling a Monetary Conference
the question of debt adjustment would necessarily be involved.
Gov. Norman and Gov. Strong both seemed to favor a moratorium
for some period of time, 'tiring which interest should not
accrue.
The Federal Reserve Board 'olt that this was a question for the
administration to settle, as. it was not, strictly, a banking
questi on.
Gcv. Strong said U.S. should call a Monetary Conference :Ind that
the suggestion of a banking mcratorim should be frankly and
boldly made, in wane way that Sec. Hughes °reposed a plan for
naval disarmament.
C.S.R. moved, and it was voted, that Sec. :viellaa be asked to sans
into the Board meeting and thrash out the :natter.
C.S.H. asked. G. Norman if Great Britain colic' declare a free
gold market if in crest paymenta should be postponed.
Go-. Norman ::aid he thought not.
Crissinger said tbe cabinet had been diazussing the matter by: lid
not seem to know just what to
-Platt said he had seen Sec. Mellon, who said he would decide :is
to 2Criling into the Board. meeting after he h..d talked -gala
G07. Forman
Platt •
Sec. Mellon thrught that Go-*. strong as to attend. the
conference -.erely as representing the Federal Nessrve Bank
of New York.
Th3 Federal Reaerre Board all felt that Gov. Strong should
represent the 12 Fe1,1141 Reserve b ariez , - otherwise the
charge might be akads that the Board. h I abdicated tc
11%11 Street.
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Federal Reserve Bank of St. Louis
8.
Bank of England (Cont.)
C.S.H. favored attendance of Gov. Strong at the conference, but
as many matters might come up there outside of the
Board's jurisdiction, tne administration should let the
Board kncv ivnat instructions it desired given to Gov. Strong.
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C.3.H. ia satisfied that Gov. Norz.an's real purpose in calling a
conference it; to ec-ure postponement of interest payments
by Great Britain.
May 9, 19Z2
.
161, 162, 163
Crissinger tells Board that Sec. iiellon will not ,:.ttend the
Board's melting until he nas conferred with S c. Hughes
and Sec. Hoover.
Gov. Norman and Gov. Strong waited. around all day to hr fr an
SedI. '4,11 on
GCM• Strong said he felt a'ire President Harlin- wc,11d nct approve
,
of his attending the ccriference, and that, in any event, he
mould not go unless and, until the adminis trial (n tld hi' its
n
attitude as to posaible postponement of interest payments
and as to calling a odionstary Conference to be held in U.S.
C.S.H. told Gov.(
.,trong that if such a Monetary Conference
were called ttet subject of Intern. bimatalliaL .soild be
brought 120, and pointed cut that, in1896, the Re-publ party
declared for the gold standard only until a bimetallic
Conference could be called and that Lodge insisted on
adding, - Nlihich we pledge ourselves to bring about."
May 10, 1922.
163, 164
Aitchell tells
that Sec. Hoover toll Gov.'
/
1Tornan
4
that Great "Britain shculd most certainly pay her intereat,
when due, ind that when that was paid, they could decide
as to the other countries.
May 11, 1922. 165
Gov. Strong and Gov. Norman have been ccnf erred with
and Mitchell for past two is.ra; at sans, C.S.H. was invited, at others not.
C.S.il. tried to find Gov. Norman, who is to dine with tali this
evening, and found ni. in Dr. ,4111er's rock. with
Mitchell and Gov. Strong.
They were going a
/1r a a4e.,orand1rn presents I by Gov. .1orman,
1
outlining a call for a conference to be 1:zsued by Bank of
&ngland.
The memorandum tipuled certain things each ',ank as tc be
asked to agree to, - cooperation between con t,ral banxs,
retoration of geld standard, etc.
Several changes -Nees suggested and discussed.
9.
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Federal Reserve Bank of St. Louis
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Bonk of England (Cont.)
Gov. Strong presented a merAcranduin of propoaed instructions,
at the eni of /Mich SAS a clause recegniz!.ng that
the conference might declare that the restoration of
the gold i3tand.rd could not be aained unless a final
iirrangs,rient as to the debt adjustment was male as a
condition pracei?.nt.
Gov. Strong sail that 'resident Harding, Sec. .1.allon and
Sec. Hoover agreed that the invitation when foraially
received should be acceotsd, b-t they prefn'red a date
later than that originally 3uggestel, - say in September.
Gov. Strong :said .hey had not definitely agree! as to his
instric ti cns.
C.S.H. feels he will have to know m.
uch mere about this ma.7,t.er
before he can vote intelligently on it.
7:30 p.a..
Norman iires vi.th C.S.H. at apartment.
Gov. Norman iaid Turope can not get back to gold
stan'ard until the iibt question is settled; that
if Great Britain began paying int r et to U.S.
it would ore.lte a very bitter feeling amcng
the allies.
C..:.H. firmly believaa, - although G07. Norman did not say
so specifical y, - that Gov. Norman feels that
Great Britain ia in no condition to begin interest
paymInts next fall.
Gov. Norma.ntold C.F.H. that the matter of payment of interest
involv
gr!..ter aria i.-•; than payment of th, principal,
fcr the latter, of ..1c,arse, ,Pcilld be funded.
Go-r. Norman asked C.S.H. whether it would be for the bet
interest of Great Britain to settle the interest
questicei now or to ?pait.
C.S.H. said he was not aufficiently aiiiliar vith the details
of the matter to advise him.
Goy. Norman ,aid he met Mr. and '/Ire. Augu::.tus Hansnway on
the steamer coLing over.
said they
very close friends and he vorill speak
to them of this.
Gov. Norman -AL d they would knce him cnly under the name cf
rilonzazne, miler ahlsh name he travelled.
Gcv. Nonr.an also sail he as registered at the Shoreham under
an assu -mi name. (Presumably 4ontsgue)
May 12,1922.
165, 166, 167.
G07.
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Bank of North America
latter of p - tt ing an end to all restrict/one in export
and ir...port of coin, bijiliri, etc.
Rusiia cale to 42t
head on tn.s
r.lcn cf tee, to 'send money to Ruasia.
The Feitral Reser?) Boari ita, refused this app1icthn
on .,.dvice of Wi1
o said this bank 1141 an unsavory record
Dec. 1923. 23
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Federal Reserve Bank of St. Louis
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Bank pool
rile:ylr and Gov. Strong urge formatio
n of w., of western
bankers to assist cattle raiaers.
June 7, 1921.
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Banker:, Acceptances. Regulation A,
1922.
Ccracittee. of N. Y. Bankers, W.I..
rburg, Broderick anA Kent,
tc.)gether with lienzee of Federal
Restrav Bank of N. Y.,
cane before 3oard end urged a libe
ralization of Regulation
A as to tankers ac7eptanceb in
import and export trade. The
existing regulations 1. .1.1ed for ,
iecurity on 'such bills,
altheugh the Federal Reserve Act only
required +security
when beyond the 10% limit.
OQIL-Littet sai't that exports/raver,
turning to sterling bills
because of the harshne:.:. of our
regulations.
Tha .:orrittee said foreign bark
ers loc.,ked askance t cur
banker b ills as they rrever coul
d tell whether they were
eligible or not under our regu
lations. "iicKenzel agreed
with what they said.
The Beard had a new dr.ift of Recr
ulati cn A prepared by Mr. Logan,
Our general counsel, which greatly
sitrrolifiel the regulations
as to Lapott and export trade, but
made no change as to
doines t ic bank erz bill a.
The Bord unanimously f3lt that
the question of security for
such bills (within the 10% li!n
it) should be left to the
judg.nent of the mer,lber bank Ahic
h discount,' trial, and to
the Federal Re.ierve oank with whic
h they were rediscounted.
suzgezted that the proposed draft
should be sent to
all Federal Reserve banks for exam
ination and cor=uent.
So voted.
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also sug. ested an opinicn from
:di! Federal Advisory
Council or its executive coi.itte
e. So voted.
Gov. Harding also zonthurted Wng
of Boston who strongly
favored it.
All consulted fetvored it exc
t Go7. ..ricnouczal of Chic..,..go
who as in doubt and ,
,
erio said the 'sailing bank in
Chicago dcul)t3C. its a.17isabi1it
y.
le..tr. 15 - 20, 1922
134, 13o
Bal, T. 7'.
Strongly f6:vored reducing, redi
scount rate a' Feleras.1 Reserev
Bark C: Boo tcn f'rom 7 tc 6%.
Bern
April 9, 1921. 75
Dr. !rfiller, and Crissinger line
with Eugene. •4yer
to meet Mr. BergTan, en offi
cial of the German Gait. .tho
co.t.s to U.. with a plan for
stabilization of the mark.
Bergman
tha..; German,y !vasth spleniid
ccndition
industrially; that tianufacture
rs
.m.iying all the cottcn,
copper, and grtn. tucy needs'',
and had nc diffilulty in 'pawing
cash (...foli) for them; he deni
ed that Ger. was issuing mark
s
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Federal Reserve Bank of St. Louis
11.
!AP
Bergman (Cont.)
to meet her expenditures; that the German people were all
speculating in marks, turning all their property into marks
and buying foreign exchange with the proceeds; that this
was what caused the demarefor ..v.rks; that the German people
,
(not the Government) held at least a billion icllars in
foreign ex lia.nge.
Bergman's plan?
To borrow 50 millions of gold, or arrange ,credits for
that :amount in ftvor of the Genran Government; the
Gerraan Govt. then to kontaince that it was to buy ui...rk s.
This would psychologically ircrease the value of marks
tni depreciaLe dollar exchange.
The German people would then ji3:713 to sell foreign exchange
for marks, and this Laa.rss would be stabilized in
value at, say, 2/1 cents.
This increased value fcr the mark would. mean higher wages
which ul t twat ely would atop tile injury done by Germarw
to foreign countries by dumping her p millets at
absurdly low rtces, ani ou1d. revive honsit oetiticn.
Berglian said few marks would have to be bought as their value
would increase psychologically as did cotton following
the 100 nilitcri dollar loan, only one loan of about
$27000 being actually made; that th-e G . Govt. cculd
thus acquire dollar exchange on rya- alable terms.
s
•
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As a conditicn precedent the Reparations Coin ittee should make
this loan or credit preferred over all reparation claims.
Board saw no object icn to submission to it by Bergman of a
specific plan as above.
While Board saw no legal difficulty in working it out through
the Federal Reserve banks, it iici not cormit itself to
plan.
The Board thcwilt the Federal Re,:erve banks, un13r their open
market y °wars, could sell gold to the Reichaleank or buy
bills drawn on the Reichsbank by the Ger. Govt.
suigested that N -s, York banks coild dravi, as under the
Brown Brotkers credit, and then the Federal Reserve banks
could. buy the bills.
'le di ST.Ualied only questi cns of leg:lity and expresi.sJ no oc tni on
on the merits.
Bergman said that while Ger.marnif-cturere vere prosperous, thlaborers and those who had. to live on fixed incomes were
beina crushed out of existence by the inflated pries's.
Nev. 1, 1921.
116, 117, 118.
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Bermuda
t
.nd Anna sail for.
Nov. 19, 1921.
118
Dec. 23, 1921.
H.P.H. and Anna sail from.
Jan. 31, 1922.
125
C..H. sails for.
Bimetallic conference
Rep. party in 1896 declared for the g_old standard only
until a, could. be arrangld for.
May 10, 1922. 164
•
Bimetallism, International
C.S.H. tells Gov. Strong that if tilt U.S. should call a
monetary conference, International bimetallism Nould be
likely to corne to the front again, as the Repub. party,
at Lodge's insistence, plelged itself to pro:Lote it.
May 10, 1922. 164
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Federal Reserve Bank of St. Louis
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Birmingham Branch Bank
Gov. Harding asked Plat: to write Rettig of Birmingham
to Show Mg. why the branch should not be lis-zontinued.
Gov. Harding thrught this wonl d stir up the Birmingham
bankers and -nake thew bring pres6ure cn Sen. Heflin's
brothers to let up in his fight aTainst Gcv. Harding'
reacpointment. C.
cbj tct-id to this; said, it would
put Board in position of playing -politics, Aioali Ave
Sen. Harlin a real 7.aue for grievancm, and would
certainly be disastrous to Gov. Harding.
Platt agreed vi th C.S.H. but thought it would do no h.--rna
to
write Kettig that he had heard a rumor that scue
insurance =many wished to buy the building nog os,
....upied
by the branch bans, and :vest the advisability of
selling the prop.,rty and discontinuir.g the ' ranch.
,
C.S.H. said he never would agree to this and that it would
be
sheer, crazy, folly to do such a thing.
Aug. 1.6, 1922.
187, 188.
Bliss, Gen.
Told Charles Warren that if 3alfour were to write a book
Lansing's, on -.he Peac Conference, he would have to
admit that Lloyd George had often treated him exactly as
the treatment Lansing sA,id he received from Wilson
.
April 10, 1921. 78
Boardman, Mi3f
C.5*.H. and H.P.H. lunch with, a Country Club.
May 1, 1921.
88
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Federal Reserve Bank of St. Louis
la.
Boldwvik Ruasia
See - Russia
.
..
Bond.; of N. Dakota
Whitt, Treasurer of U. )., certified '4:A1,kt certain, were all
right and would be paid at maturity.
Instead of dt once removing White, the Treasury iseued a iihcrt
statement that White's signature has not been authorized
by the Department.
This is a an bus attempt to c,..rry favor with the crazy
PoPulists of N. D.
Mitchell real to the Board a letter by a prominent Republican
demanding White's remc,
Jal.
June 1, 1921. 94, 95.
Borden, Dr.
See - Operations
Tic a tan Cl ear ing Rouse Cammi t te e
ee - Federal Trust Co.
Bob ton Transcript
Attacks President Harding for not reaRpointing Gov. Harting.
Mentions Colstock lAse.
Aug. 25, 1922. 189
Bridge, Major
C.S.H. calls on, ,tt Mattapoisett and learns that Ales Bridge
has just come lown Nith the mumps, cdught froT Mr. Harker
at the house party at Bar Harbor.
Sept. 1921. 112
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British Caumissicn
Condermed gold -Alba lay, 'taring the war.
Mar. 29, 1921... 67
A
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Broderick
One of cam:Atte, of N. Y. banker- to aak liotralization of
Regul-Ation A. bankers acceptances.
Mar. 15- 20, 1922. 134
See - Banlers acceptances.
4.;
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v.
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41 7 1
, 4,
Brooking%).
Houston asks C.S.H. to ask, to call him up at Ir. Crane's
a.urtment, N. Y.
Houstcn a,ks C.s.H. to a*.k, if there ia any trouble atC his
being -,ent abroal by Federal Reserve loard.
!Aar. 11, 1921. 53
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Federal Reserve Bank of St. Louis
14.
Brookings (Cont.)
calls up Brookings, mho says the matter locks well but
will not be decided before next Wednesday, :dare 16. Said
he hal written Sec. Mellon and. the Pre4dent.
This puts the Board in an aAkward posithn and C. '.H.
regret4 Brookings acticn.
Mar. 12, 1921. 53, 54.
3rodaings of his tA.k with •i3c. Mellon who
Gov. Harding tells 1
expreismi doubts a, to propriety of sending Hou.ston abroai.
Mar. 17, 1921. 54
Brookings tells C.F.H. that at Dr. %41.1.1erts request, he ha -i written
Hou.ston some days before abcu.t :he matter, - that Dr. ;tiller
dictated the letter.
Gov. HardInz said the matter had bet er be dro-ooe , to which
Bro( ings agreed.
-k
,
iiggestei to Br; rkings to write Houston that the matter
cculd not be worked out satisfactorily ,J.nd to .i.ggest
that Houston co-ne down to Washingt
C.'.H. said he woutd wire Houston to come to his house.
Brookings told C.F‘.H. that he had orgel Gov. Strcn?_, to mass
Houston a Deputy Governor of the Federal Reserve Bank
of N. Y. but that Gov. Strong felt there Atas no place
for him there 'and. .uggested his being sent abrc..,d by the
Fe .eral Reefas Bank of N. Y.
Brock ings said he had asked .dr. Rcberts,of the Naticnal City
Bank, N. Y., to find a place in the bank for Houston in
an advlsory capacity, but he said there was no call for
such a posit /en.
BrocAings said he talked with Alexander of the Naticnal Bark
of Commerce of N. Y. who said there ought to be a place
for Houston in the Federal Reserve Bark of N. Y.
Brookings said he thought he could secure for Houston the
Presidency of Columbia. University, Missouri, but that Houston
did not want to live in Columbia.
Brookings said there gas a vacancy as heal of the Carnegie
Foundation caused by the resignation of Dr. Angell 4;0
accept the Presidency of Yale. University, and that he had
:
written nil= Root about it who replied very pleasantly
and cordially; that Houston said he would like this
above all things.
Mar. 17, 1921.
54, 55, 56, 57.
Brookings tells C.S.H. that Dwight Davis had wired him of
his apn intment as a member of the War Finance Corp or ti ad,
asking him as to its function, which C.S.H. explained..
Brookings zaid Davis was 4 good man, of great wealth but
entirely ignorant of finance; that Davis was a liberal
acntribut or tc the Rep. campaign fund snd that this was
undoubtedly the sole rea.scn for his a.ppointment.
Aar. 22, 1921.
61, 62
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Federal Reserve Bank of St. Louis
15.
Bu-:hanan.
Advises Com,pt.lliarns that it is Mat:rill for
National banks to establish .;scurity companies
owned or controlled by theme
Mar. 19 1. 58
Budget ki
Sir Felix Schuster ay Federal Reberve Sy.etezr should
cling to it gold as it could later put it to
valuable uses to help foreign nations which had
balanced their budgets.
April 28, 1922. 150
Cats:anger re -I-love:, in chii.r ,e of Feleral ReJerve note
divisim of his office.
Tells C.S.H. of the charge:.; against him.
Aug. 9, 1922. 180, 181
Delano tells C.S.H. Buell 4.as an obstructionist while
ne Ali& on Federal Restrve Board.
181
Building, Fe.i?.ral Reserve Bank of N. Y.
Federal Re s t:ve Board conAi iers :Aims, involving the
founriati on, some steal work xr architects fees,
the la - ter amounting to $850,000 ntt, based on
.
ai Ono
The ccnnis icn for th FsIral
Re-:serve bank of Chicago viaa only 5ri.
(
Trowbridge, our consulting architect, advised us that this
fet wa., all riPht and in strict accordance with the
rules of the N. Y. architects
Assoc Lttion
Board of Directors, including the 3 Go!t. directors, were
,
unanimous in approving the fee.
The Federal Revlerve Board felt the fee was very
high.
Dr. Miller raised the point whether we wtre bound to pass
on the matter; he said if we wert bound he would
noreistr vots his appr oval.
Ou.r cou.sasel advised us we were not bound to approve
it
affirmatively as the N. Y. ctirectcrs hall the right
to make cont,racts, and. the Act was silent as to any
.
approval by the Federal Reberve Board, that our only
power ',was that of general elapervision and control,
=pled with the power to remove directors for
Iratlfeasancs in office; that while •NC clearly o oulti
inveutigate .*ay matter, the mere fact that our opinio
n
differend from that of the firectori woul I give us no
right tc disaporowe.
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Federal Reserve Bank of St. Louis
16.
Building, Felens." Reserve Bank, N. Y. (Cpnt.)
Coumel said car :et acursi 'vas. to say .;h_it we
"interposed no objecticn.4
Sea. '4411on told Gov. Harding he knew perfectly well
abcut N. Y. architects fees, that these fees
were not extortionate and that he shculd vote to
approve tneu. if present t the rues', ing.
.44r. 29, 1921. 68, 69.
Building for Fed.iral Reserve Board.
AdrainistraAve bill &mending Fe -in*al Reserve Act
authorizes purchase of a.
Mar. 21, 1921. 61
Bureau of Engra ring and Printing.
,
Removal of Wilmeth et all.
tiet - Carramay
Wadsworth
Willaeth
-C-
Cabinet
atatei next to, ‘.%t dinmr of the ristrict of
Colurtoia Banker. Association.
April 26, 1921. 86
Trouble brewing in d*oinet 4.4 to foreign policy.
Sen. Keyes criticizes HutLbes to H.9.H.
lay 1, 1921. 89
Useu poli Lical presstre cn directors ot Federal Reserve
Bank cf Chicago t c secure reduc t ion of discount
rates. Platt says he sill tell Sea. fiellon
he fssents this bitterly.
May 5, 1921. 89, 90
Gov. Ha:ding isyi the cabinet is knocking him hard and
that Sec. Weeks is his only sup,:orter.
July 8, 1921. 99
Crissinger says the f.?binet has been considering the
Bank of EnEland invitation to a central bank
conference ant they setriled not to i:now 'ghat
should be done.
May 9, 122. 162
Cafeterias, Treasury.
Sec. Mellon tells C.3.H, that the quektion of closing is.:p
the, 'pas before him, but he hai not yet locked
into it.
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Federal Reserve Bank of St. Louis
17.
Cafeterias, Treasury (Cont.)
C.S.H. adtised him to go slowly.
Mel'on said he thcugh t I t vats be t ter for the ezpl oye es to
go out t o lunch.
C.S.H. pointed cut that they were now getting lunch, at
about 1/2 the rate they would. is..4.ve to pay outside.
suagests pollirg the inaployses before taking
,tny actirn.
C.S.H. said that H.P.H. personally would be greatly
relieved if they were closed u:p but felt it would
be rilost unformnate for the entployoes.
called attention to the great success of the,
from a financial point of view.
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Calf pastueee
George Hadalin tells C.S.H. tralt Charles Whittier said he
represented interests which desired to buy 30
acres in the calf pasture.
G.P.H. told, him he was to hat.ve a conference with the
owners on Monday to determine whether they
wished to abandon the id,EL cf gelling it for a
railroad terminal, .ind to sell it in small lots
f or manufacturing. purposes.
Whittier said his clients would be willing to buy the
whole calf pasture, - that they .vert very powerful
and wealthy.
Whittier aed the price, and G.P.H. said they were ask 2.1g
$1.00 per foot.
. Whittier
- but wi thtut any apparent surprise, would you expect me to aivise my clients that the
calf pastire is worth $1.00 per foot?
G.P.H. replied`
"No. The south part is not as valuable as the
Whittier said be agreed with that.
north part.
Whittier said he would talk with his clients on Monday
and let G.P.H. know..
Georle (4 Ned said they had ":i!Lrd that Aiken, Prezident of
.
the Shawmut National Bank, had asked Vice President
Winship to help in the nu tter of buyinF calf
pas tura.
aid he Ara.; going to call on Winship that dAy to
talk with him as to the election of Wills into
the Cosmos Club (in -*Lich Winsl.ip was greatly
intertzted) and. that perhaps Winship 1.i.Fht say
some thing abcut the calf pas tur e.
C.S.H.
on Winship and casually said he vas on his way
to
-t his P)ro .hers Aril had told him they had.
received 2 offers (in additicn to Whittier's) for
purchase of small lots of from 15 t o 20 acres;
18.
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Calf piasture (Cont.)
that they were shortly to de(Ade whether to a.
)andc.)n the
*Ian of a railroad ter-Anal, and sell the calf pasture
in k;mall lots.
Winship at once said:"They must not do that. They must hold it. Certain
large and powerful inter's ta have agreed that
the future of Boston lies in the development of
the calf pasture for a railroand port plan.
They are going tc buy it. it is absolutely
settled. I had a plan of the calf pasture on my
desk only a few days ago, ,,r41 I have seen two
letters from S. S. comi-anies agreeing to take
a lease or 50 years if docks are d-v.loped
there. The -•e intere.:ts have considered Jeffrey's
Point, East Bostcn, but were unanimous that the
calf pasture .vas fax better and should be
developed at ones."
C.S.H. tells above to Ned .,nd George.
May 6, 1922.
158, 159, 160.
Winship lines with
and H.P.H. in W.:1:Al1n;ton. Spoke
of the calf pasture, but more guardedly than 1st
week in Boston.
C.S.H. thinks peltaps. he knows less about it than he appeared
to know last week.
Wins ip said he dii not knov who vas behind the plan, but
would find cut in his return to Boston and let
C.S.H. know, and th,it he would gush the matter.
C.S.R. told him he (.C.S.H.) had a small interest in the
south part, but that H.P.H. had a substantial interest,
although relatively small as compared with tne
interests of Ned and George.
May 13, 1922. 167, 168
C..g. sends Ned a special delivery letter a,. to above.
iday 14, 1922. 168
Califcrnia special savings accounts.
See - Savincr,s accounts; reserves.
Qi.rborundum company
Rec. Mellon gives F.R. Board a letter f ran the, of
Niagara. Falls, N. Y. (Mr. Toone, President)
zomplainIng about action of our consulting architect,
Mr. Trom'cririge in advising banks in 'IL'. ani Canada
to take his specifications for vault walls based
on the Sandy go* te.ts. Feb. 29, 1922. 129
See - dellon
Trowbridge
t!
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
19.
Carnegie Fcunda ti
Brookings is tr ing to have Houston cnaie President of.
7
!Aar. 17, 1921. 5"
3rockings
3e.e
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Carraway, Sen.
Introduces resolution asking Prezi :lent Rardirg to inform ^gnat,
whether he had reduc...ed or discharged any army or navy
veterans rated as ",zood" in the Bureau of -Kngrstving
_nd *Printing, in con/Intim Pith the *errov.A1 of Wilristh, etals.
Sen. Sterling moved to ref 3r this to committee in civil service,
with the intenti cn of killing it.
'Phs 05ocrats claimed there was n( thing to "refer," but finally
offered an ilLenimsnt that comittee shonll report within
20 days.
Amendment lefeated. Lodge voted against arLenclaient.
President Harding in a. violaticn of the
An at tempt .to
laN:
c.'ervice
145
April 14, 1932.
Case, Dept. Gov. Federal Reserve Bank, N. Y.
Tells Gov. Harding he will aeret to lower di count rdtes if the
of Gcvt.
:
Fsiaril Reserve banks will thrr.- 500
bonds cn the ,Larket to keep money off the N. Y. .--tock
exchange.
May 25, 192-3. 174
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Catholic Priest.
president . :Tarding appcints a, living in Marion, Ohi
!
member of the Conciliar Service. The public gr ea. tly
stirred -up at this.
',far. 10, 1921. 33
C ttle loans.
Fedenal Reserve Board. ciders 2 bills providing that the franchise
,o
tax payments of Federal Reserve banks in - the Treasury
...hall be used to advance funds to cattle raiser.
The Federal Reserve 3oard had alrelat asked Platt to suggest to •
under secretary Gilbert to draw a bill providing that a
certain percentacTe cf the funds nay held by Ftieral Reserve
banks :Li "reserved for franchise tax" be paid at once
into the Treak:ury, to be loaned. by the Secretary to cattle
raisers, thrcugh tt,e Federal Re-,erve banks, Fame Loan banks,
or 'Tar -Finance Ccrp cr at ion.
Dr. filler sullenly moved that the "Soar! prepare and send to
Congrek.s wit its approval a n amendment to Sec. 11 N, to
the effect that the Federal Reserve r,card, - by affirm.Ative
vote of 5 mmibers, could ..futhcrize Federal Re.--erve banks to
redi. count agricultural cc cattle paper a7in a waturity of
not ,,,ore than 4 years.
20.
C ttle loan=: (Cont.)
The Federal Reslrve Board was dunazed and riddled Dr. Miller with
questions.
Dr.
Acttai tted proposed bill bald frau point of vis, of liquidity.
,v
If Board does not act quickly, he fears the
atainis tra.ti cn will at and act quickly.
"'Ad not say, hcwevar, what it was the adminis7.ration
might do.
Admitted that LIC hai discussed the :natter ,,trith Sec. Hoover
3.71ral times.
h3 agreed it might b3 cetter to await result of'
Platt's talk with. Grlbert,
to :he :3o.ardla
suzgation as to use of franciiise tax payments.
May 25, 1921. 92, 96.
I;
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Federal Reserve Bank of St. Louis
V.
tfui.
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Central bank.
Sen. Glas. tells C.S.A. that just before the draft of the Federal
Reserve Act as agreed
on was published, McAdoo,
Untermeyer and Williaria gave him a draft of pl.in for a
central bank •mhich they strenply fa-rored.
To obtain the 6oli needed to start tho central bank, they
favored seizure by the Govt. the gold in the Treasury held
against outstanding gold certificates.
Glasa saa dumbfounded, as they had all agreed upon the plan for
the Feteral Reserve Act as dr._,Z tad.
McAdoo said eminent bankers Thvored his Ilan and cited
Reynolds, of alicao, as one.
Glass .vrcte Reynolds zondemning tha
.nd .44i.ed if .,
'IcAdoo
had quoted hin correctly.
*Reynold; wrote back absolutely repudiating the plan, 'out
adding that he had to be “diplcm.tic" with lacAdoo as
his bank vculd have to do business with hi
hile he
Nis Secretary of tiae Trtaasury" — in other -vords, re
practically said he ma:le 'icAlLo think he favored his
plan although in reality he vas absolutely opposed. to it.
President Ifilacn, latsr, see ,d much intere -ited in IcAdools
plan, ani quoted. Reynolds as approving it.
Glase told Wilson vhat Reynolds had Ywrit ten him, ..3nd this
kills i the wr.cle matter.
Glass resented bi t early McAdoo's conduct.
Glass said McAdoo:At at the tine, waa pledged to the Federal
Reiurve Act as then draw.vn, and claims' to be in absolute
accord with its principles.
If IcAa.00's plan bad peen published,
thinks it would have
cauaed such opposition ,,hat the Federal Reserve Act itself
might iliVO b33n 1!feited.
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Federal Reserve Bank of St. Louis
21.
C311
tra.nk (Cont.)
if,cAdoo, luring the war, suige.....ted. to Federal Rel-i-r ve 3oard.
to consider aeriously seizing the 7old behind the
gold 05rtificates..
.4ar. 17, 1922.
131, 132, 134.
Dr. 'Villie tells C.S.fi. that VicAd.00 was not disloyal to the
administration in advocating a central bank, as it thAt
We the bill had not been definitely btareed
Mar. 20, 1922. 133
Central banks.
Bank of rI:nglani. Conf....rem, of.
See - Bank of England.
Chairman of 13oard. Federal Reserve banks.
See - Comstock
Chairman of Federal Re-ierve Board.
Mellon tell.; Gov. Harding that the Secretary of the Treasury
ahould remain as,
April 14, 1921. 82, 8i
Charter, National Bank.
See - Criasinr
138 ,169
Cnase N,tional Bank, N. Y.
Gov. strong sa;.'s Comptroller Willia:as did not elms a copy of the
"yellow sheet" to Fs ieral Reierve 13ark of Nev York; that
the exa.l.iner stated generally in his report hat the
bank was in good condit ion, inor cri ti ems only, being
pointed out; that there was nothing in this report to imt
the Federal Reserve Bank of New York on notice of anything
wrong a to
credit standini; that the Canptroller
should have pt the bank on tr.e "3pe,cial" liat if he
found any pr-ctices of the internal management open to
criticism; that the Comptroller lid not even exaihine the
bank twice daring 1920, as required by 'Lit and. made no
examination at all between Oct. 1919 and Aug. 1920; thett
he had exartine I only a portion o" the N. Y. banks twice
luring 1919, and examined nc N. Y. bank twice during 1920.
The Executive Committee of the Federal Re..erre Board reported
that Canptroller Wi1lia.iia a•Aa responsible for he se:ious
condition in the, because of his violation of the law in not
,
nking a second examination.
Feb. 26, 1921. 33, 34.
G. strong asked Comptroller Williams whether an examin.tion of
the, early in 1920, could not have resulted in a
correction of the seri,us condition, but Williams gay, bn
eviia. lye nsvr.
Fe.. 28) 1921. 35
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Federal Reserve Bank of St. Louis
22.
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Chase National Bank (Cont.)
-pr °duces a co.gy of the. "yellow sheet", in
examination of October 1919 and read part of it.
The reading disclosed that he examiner reported that its
condition Mils sourrl and its management oafs.
Vir 11 lia'ne explained that this vas mersly the opiniLn of the
examiner under the conditions then ixisting.
Willia,Ta hal the effrontery to claim that tile Federal Reserve
Bank of N. Y. had been put on notice of conditions which
the examiner reportedas sound:
Report of Exerrutive Comniit . el of Feleral Re- erve Board read:
s
Severely arraigned Williams fcr not having examined
the, tiring early part of 1920, in accordance vi th
the law.
trad he so examined it, the ccnlitiona later found would
have been corrected.
Placed en tire rasp onaibili ty for these conditions on
williams..
Pointed out that he had examined twice in 1919 only a
lbortion of the 28 national bank.. in N. Y. City.
Pointed out that the Feieral Reserve Bank of N. Y. had
received no report of a second examination of any
Rational bank in N. Y. City tiring 1920.
points out that if williams hai examined the, thiring
1920, the conditi(ns complaied of would have been
corrected, and, tnat he '.s
eolutely responsible
and. was not justified in attempting to shift the
responsibility to the shoulders of the Federal
Reiaerve Board.
Feb. 28, 1921. 39
ints out Lbat when Williams called the officers of the,
to Washington durint the latter part of 140, he treated
,
them with great ccniden.ticn, and al_Lost leniency,
although he condemnei their practices; that Willia
did not
even knov of tneir il1,a1 pr,Actice fran his examiners
reports, but learned it only when Ryan ctLes down arid
cannlained of them; that under ordinary conditions ne •would
have rent the air with indienation but in this ce
patiently heArd the officials and tried to work the
atter out; that, on his annual report, 113 even recommended
an amendn.ent to the Federal Re..3rve Act permitting the
diaccunt by Federal ReLerve Banks of paper slcured by stock
and bond. collateral, stating to the Board, this va,a for the express purpose of helping the, vhich had, very little
eligible conLercial paper.
C.F.H. ald
Yet here 'van Rillians, attacking the Federal Reserve Bank
for giving such large discounts to the, and 'it the
time f:
.ivoring an amendment to the F-ederal Re.:erve
Act throwing down all barriers!
23.
Chase National Bank (Cont.)
Sore membera of the Fei.ral Rs.ilrve Boarci thcuwht the,
hal been very shreNd in retaining McAdoo as its
cOUniel)
Feb. 28, 1921. 43, 44.
Board explaining vthy he had not examined.
write.
the, or any N. Y. Bark ctur ing early curt of 1 920.
Mar. 3, 1921. 45
Williams dii nct examine the, 41:1 other N. Y.
latt thinks
banks twice in 1920, for the reason tiut a number
of them were favoring his ccnfir.ra.tion as CoLgotroller.
Mar. 3, 1921. 45
Strong that a Carsitte: of the iir32tcri of the, hat
Gov.
4reported fJioring the indictalen. of Eugene Thayer for
conspiracy to use its funds for his personal gain; t11. t
Thayer was in A sanitarium ani Nas half def.vented and
that two other officers had tendered their resignations;
that the directors did not dare to puzh the matter
dit this time, fearing tnai, the publicity might
panic.
precipitate
Alar. 3, 1921. 45
4
U
4•
(See stenographic report of ta,..Itimony before 7,auptrol1er
showing a gift of money from Ryan to Thayer etc. e ta.)
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Crisainger tells Board th.at Williams, just before leavirg
office, had Alas Piper cut out of th: "official"
1.A ter book all letters referriti; to the Chase National
Bank, etc. etc., - a criruinal offense under the U.S.
Rev. Statutes.
70
April 4, 1921.
Chase National Bark, told
Cotton, Attorney with McAdoo for
t..11 all future at 41.1 AU a
Harrison that they would k.
Rerr, Board.
Williazts v•.
April 5, 1921. 73
trying to dominate Eugene Thayer,
that the men
r. aller
of the Chase National Bark, began their work by
involving Thayer with 40.1.13 chorus girls; that Thayer
had let all his property in speculations; that a
prominent N. Y. banker, whose word -.cult' be relied on,
toll hilt this.
April 5, 1921. 73
tells vicA600 that WilliwAr told the Feieral Resrve Board
that he, 1.cAloo, vas (-canoe' for the Cr/se National
Bank, McAdoo ..ade no reply.
July 13, 1 921. 100
Chief Exa:Aner Henson, 142, 171
Reports that Federal Re3er-e Bank of Da/la. had tr.?atsd all
banks Just as it lid the Claybcrn Naticnal Bank in
matter of collection of note., thus absolving Federal
Reserve Agent, W. 7. Rarpsey and the 'Federal Reslrve Bank
on this :barge.
May 22, 1922. 171
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Clay-ocrn TIat tonal Bank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
34.
Christian, Secretary.
Rumor that, told President Harding that he, under the
Federal Reserve Act, pers amilly made the appointments
of Govt. directors at Federal Re11111VO banks. President
Harding las disabused of this idea by Gov. larding
but still persisted in matter of Caastookis appointment.
Dec. 3, 1921. 134
Clarke Justice
TOok supper with C•Sa.
C.S.H. tolls his in catiderse as to Secretary of Treasury and
of unlikelihood of C.S.I. being appointed.
Si was very snob shocked; said there were influences operating
on Wilson *I& were at grave menace.
Said Wilson was out off frcm outside world and saw and heard
nothing not given given to him thrcu& perhaps
prejudiced sources.
Did not think McAdoo had as much inflvenc• with Wilson as
formerly, but C.S.E. disagreed.
He thought the outsi do influences operated through Tomulty and
Grayson.
Said he felt certain C.S.R. would be appointed Sec. of Treasury.
Did not say directly how he knew tits, but loft no doubt in
C.3.1.1s mind but that he had gale to Sec. Baker in my
behalf and Sec. Baker had told him it was settled that
COOL was to be appointed.
Thought present condition very critical; evidsntly feared that
Wilson was not having a free hand, sal that he was not
fit to have one in his present condition.
Enthusiastic about Gov. Cox as a Presbdiintial candidate; said
he was a self-made man, strong and courageous and
would make a good President; that be would surely
carry Chic.
Spoke confidentially abut the Supreme Ccrort; said that no judge
woad resign shile Wilson was President; that Chief
Justice Whit* was old and ill, very deaf, and had a
chronic bladder tr cable; that, ehile naainally a
Dem03rat, he had little sympathy for Democratic do3trines;
that he was more like an old time 'staid pats
Republican; that he had no sympathy with Wilson or his
policies.
May 214 1920. 1, 2.
Told C.S.N. one day *hat Chief Justice White voted by mail for
larding for President.
Nov. 1930. 19
During summer of 1930 Justice Clarke wrote C.S.R. that he
had had his prostate gland removed by Dr. Hugh Young
at Johns Hopkins Hospital in Baltimore. Ns got out of
the hospital within 3 weeks but had a wretched time
all sommer.
Class C. Director, Federal Reserve Bank, Kansas City
See - Comstock
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Federal Reserve Bank of St. Louis
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goo. Mellen asks Gar. larding fee •list of all,lbs.e
terse at the end of the year and aloe asked as to the
political affiliations of each.
Gov. larding fears trouble is brewing.
Oct. 6, 1921. 112
Committee of Federal Reserve Board :wort they are not yet
ready to report a list of, to be appointed.
Dec. 3, 1921. 121
Bee - Comstock
Federal Reserve Agents
Politics
Clearing Haase Committee, Boston
See - Federal Trust Co.
Cleybatin National Bark
Go% larding and Crissinger conferred all the awning with
Texas District Attorney and the Chairman of the Grand
Jury who have been in, estigating into the failure of
the.
Gar. larding said the Federal Reserve Bank had held notes
rediscounted for the, mistimes for 2 or 3 months after
maturity without forwarding them for collection; that
in seas of theselhe makers had given their checks to
Norwood, the President, in payment if these notes, which
checks Norwood had hold,and were found in his desk after
he had absconded and gone to Mexico.
Ow. larding said if this was true, he had lest all fat th
in Federal Reserve Agent Ramsey.
The Beard directed Chief Urines Berson to go to Dallas and
examine into the relations between the Federal Reserve
bank and the Cleyborn NationalBank.
The Beard summcned Ramsey to cone to Washington on April 13,
se he would be away from the Federal Reserve Bank en
April 15 when Hereon was to examine it.
Noreen said the Federal Reserve notes in questi on may have
been excess collateral, but still should have been
presented alion due.
Ranseyis relations with Norwood have always been very close;
the night Norwood absconded his ant* was found
abandoned near Ramseyis house, giving rise to the
anoint sa that he had been at his house.
The Board also received an anastrairaa letter attacking Ramsey.
The Board some time ago appointed Gev. larding. Crissinger,
and Mitchell a awaittee to investigate Ramsey's
relations with Norwood and.
April 6, 2922.
141,142,143.
Federal Reserve Agent Ramsey appeared before the Board to
answer charges as to his relation with Nerw•od and the.
April 13, 1932. 144
See - Ramsey
26.
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Federal Reserve Bank of St. Louis
Cleybern National Bank (Cent.)
Chief ixaminer arson reperted that the Federal Reserve
Bank of Dallas had acted as to collection of notes
in the same "wryer as to Ill other banks as it did with
the. This absolves Ramsey and the Federal Reserve
&ink as to this particular oharge.
May 22, 1922.
171
Clearing system
C.S.R. tells Dr. Wilmot that the aoticn of the Federal
Reserve Board as to exchange charges had angered the
Dem, party in the south and southwest.
July 22, 1921. 103
Coin and bullion, Russia.
Board votes tormsove all restrictions sato export and import
of coin, bullion, etc. between U.S. and Russia.
Dec. 18, 1920. 22, 23, 24, 25, 26
See - Russia
Colby, See.
Saulsbury said
a few days before
State and that he
abaci Wilson and
BX-SOM6
a close friend of his had talked with,
his appointment as Secretary of
!poke very bitterly and contemptuously
his policies.
April 4, 1920 4
Collector of Oultems, N. Y.
Appointment at "Boss' Aldridge as, is a scandalous one.
No was defeated for congress in 1910 by Ravens and
C.S.N. spdke at Rochester in behalf of Havens.
Re voted solidly for Narding in the National Convention
See - Newton, Byron.
April 21, 1921. 84
Colaibian Treaty
Senate ratifies.
N Y. Times criticises Lodge's attitude.
.
April 21, 1921. 84
Son. Keyes tells a:4.c he voted for ratification of, but
0
could not understand how conditions were different
nowfrom what they wore When Wilson favored it and
Lodge attached it.
May 1, 1931. 89
Columbia University, Missouri
Brookings mays be could get the Presidency of, for Houston,
but Rouston does not want to live in Columbia.
Mar. 17, 1921. 57
Columbia University, N. Y.
Gov. Ranting says, has just offered him the degree of L.L.D.
May 3, 1922. 153
27.
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Federal Reserve Barks Riohmond
!Way, Gov.
Commission Merchants paper'
federal Iteservealloard believes bill making cotton factors
paper eligible when secured by warehouse receipts
covering readily narks table staples, if passed at all
should be broadened so as to apply to cosies ion
'merchants paper as well.
The Board, however, by majority vote disapproved the bill.
CA.& and Williams voted in favor of the bill.
COL H. pointed out that the federal Reserve Bank of I. T.
was discounting paper of commission serchants no
sere eligible than is cotton factors paper.
C.S.N. appointed a amodttee to look into this.
Nov. 1920. 23
eammodity paper
C.S.R. moves for establishment of a rate on, of 4% when
secured by warehouse receipts covering staple
agtoultmeal proGmats, applicable only to paper on
which the mumber bank discounting had charged the
borrower not over 0.
The Board, on Governs* !larding, earnest suggestions
.
voted to frame a tentative regulation and send it
confidentially to all federal Reserve backs for
comment and suggestions.
This motion of COAL are fleas a letter sent his by
Sen. Ramsdell asking for rates on farness paper as
low as commercial paper at federal Reserve Batik of
I. Y. Same Federal Reserve banks have a rate of
big on this paper.
C.8.11.14 original idea was te establish a maium rate
at all federal Reserve banks on all farmers paper
secured by warehouse receipts covering readily
marketable staples.
C.8.1. believes a note se secured is the best paper in
U.S. and should have a unifors rate.
Counsel feared however we could not do this as to one
kind of paper, and finally the Board voted as above,
applying a rate of
otwering all paper complying
with the above conditions.
Aug. 2, 1922.
178
(All of the federal Reserve banks aoseept Bailee were
against this. The federal Reserve Bank at N.Y.
through Rarrison claimed Board had no authority
to fix a rate dependent on the kind of collateral
the note sus secured by. C.S.N. thinks there
be sone force in this.)
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
38.
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Comptroller of Currency.
$oo. Mellon tells Board he will consult than before any
appointment of, is made.
Mar. 5, 1921. 48
8•0- Well on
The administration bill provides for aboliticn of office of,
his duties to be performed by the Federal Reserve Board
through its Governer or other sembers selected by the
Board.
Mar. 21 1931. 80
Mellen tells Gov. larding he had made up his mind that the
office of, should be abolished.
April 14, 1921. 82
MA. believes that soon the Republicans will take position
that the, elm:Imelda& be abolished, as they will sant
the office, and this in spite of their demand for its
abolishment wilen Wilson was President and even during
the campaign %hen it was used as a campaign issue.
April 14, 1921. 93
see - Crissinger
filliama
Comptroller of the Treasury
Rules that Federal Reserve Beard can assess the Federal
Reserve banks for any expense involved in advising
the Sec. of the Treasity as to loans to railroads,
under Railroad Transportation Act.
Mar. 20 1920. 2
Comstock
The Federal Reserve Board appointed Platt, Mitchell, and
Crissinger a special comaittee to report a list of
Class 0 directors to fill vacancies stitch would occur
at the end of the year.
These men were appointed to go over the ground carefully and
give the Board the benefit of fresh blood and not
primarily became they were republicans.
The only controversy before the Board arose out of the
desire of one Ocostock to be appointed Class C Director
to fill a vacancy in Federal Reserve Bank of Kansas
City, and later, as it will be sham, to be designated
as Federal Reserve Agent in place of A.!. Ramsay,
ehose term would not expire until a year later, but
who, as it later appeared, was to be removed so that
Comstock could get the place.
Comstock never approached the Board, in the early stages of
the isntroversy, bat went direct to ?resident Harding,
as an original Harding man, and asked for the office
as apolitical plumb. Comstock, in fact, - according
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
39.
I
•
Canstoak (Cont.)
to Go,. larding, - told Mr. Z. F. 8winney, a prominent
banker of Kansas City and, as well, an eminent Republican,
that he did not give a damn for the Federal Reserve
Board but would get the office frail President Harding!
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President Harding wrote a letter Is Crissinpr asking him
to see that Couto& was appointed F. R. Agent.
This letter vas placed by Crissinger on the files of the
Federal Reserve Board and C.S.E. read it there.
President Harding wrote as if he aonsidered the appointment
as *spoils" which he could distribute as he wished.
Gov. Harding answered this letter by a very temperate but
)
very able and courageous letter to Sec. Mellon "ditch
he asked him to show to the President.
In this letter Gov. Harding pointed out that under the
terms of the Federal Reserve Act the President had
nothing to do with the appointment of Class C directors
nor the designation of Federal Reserve Agents but
)
that the Act gave tie Federal Reserve Board absolute
power and responsibility in the natter.
Gov. Harding also pointed out that it would be grossly
unfair to the other states in the Kansas Citydistriot
to appoint another Kansas City man on the Board as 5
out of the 9 directors were already Kansas City men.
Gov. Harding also pointed out that the Board had carefully
considered the qualifications at Caistoak and had
reached the conclusion that he had not the necessary
qualifications for Class C Director, mach less for
that of Federal Reserve Agent, and that, to give
him the latter positica, the present Federal Reserve
Agent, Mr. Ramsay would have to be rotated as his
)
)
term would not expire for over a year.
(This letter is quoted from memory but C.S.H. is satisfied
it is substantially as above.)
Gov. Harding's letter was sham by Sea. Mellon to
president Hardin.
President Harding a few days later, however, wrote a
)
second letter to Crissirger insisting on the alpointment
of Casstock.
(Both of President Harting's letters to Crissinger were
filed with the records of ihe Federal Reserve Board
when C.8.11. read them, while engaged in investigating
into Cosstoak's qualifications.
Later, on April 101 1933, C.3.11. sent again for the files
and found that these two letters had disappeared
and no one knew what had become of that)
•Its
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Coastoak (Cont.)
The members of the laird, after inquiry, became satisfied
that Comstock Rid not have the necessary qualifications
for either of these positions.
Is had a few dollars from Bank Presidents and a very
esikligistic one fraa Mr. Flower, statirg that Canto&
- hal erne his bank for some 20 years.
This letter of Plower was somewhat disingenuous for on
inquiry it appeared that Comstock had been only
his executive secretary, and that when Flowery s bark
was consolidated
th &bother bank, Comstock was
dropped which would hardly have been the case if he
had been an extraordinarily good man.
Gov. larding consulted with Mr. Swinney and other barkers
and the consensus of opinion given to the Federal
Reserve Board was that he was not qualified to fill
either position,
After leaving flower's bank he held no badting position, but
was, apparently, •ont or a Job."
Dec. 3, 1921.
119, 120.
Mr. Mitchell acted that all of the present Federal Reserve
Agents, at present holding office as such, be
redesignated for the coming year.
This motion did not effect Ramseyes office as Class C
Director which would not expire for arother year, but
it redesignated him as Federal Reserve Agent for the
casing year.
Dec. 3, 1931. 1.31
So Board, after a long discussion, voted in favor of
Mitchell's motion. 131
Criasinger dole voted "WO° but said he had not other
candidates to suggest for any of .the positions.
Crissinger said?.
Many of the Federal Reserve Agents are mediocre men.
Should not be resepointed.
All salaries shoal be fixed in &drams of notification
of designation or redesignation.
Dr. Willer:
Attacked all of the Federal Reserve Agents.
Good enough to take care of Federal Reserve note issues.
Utterly unfit to be chairmen.
Said he should move to reduce their salaries radically.
Cries Inger agrees.
Will advocate amendment of Act separating the
ftnottossof chairman and pedsral Reserve Agent.
•
31.
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Federal Reserve Bank of St. Louis
.r
.
Casstoak (Cant.)
Board asks Special Caraittee to report what, if any,
salary real:lotions should now be made. 123
Miller moved that the natter of redesigsation at Federal
Reserve agents, previously Toted upon, he laid on the
table. 133
The vote was a tie; CO.& voted No as did Gov. larding
finally, so the motion was defeated.
Mitchell voted awe, apparently contused as to the issue, as
he. lime the mover of the motion to redesignate all of the
Federal Reserve Agents, including Ramsay, of Kansas City.
The Special Cousittee has several names before it for
Class C Director at Kansas City, other than Cc:mistook.
The most prosinent name is Hos* of Nebraska. 133
c.s.a. thinks Committee will report in favor of Nord.
See - Hord.
The Federal Reserve Bank has thrown down the gauntlet to
President Harding in redosignating Ramsay for Federal
Reserve Agent (for Comstock would not want to be Class
C directcr except as• atop to the Federal Reserve
Agency), and it will repeat it in the appointment
(COAL predicts) of Hord as Class C director.
President Harding, hmairrer, sasey well Militate when be
realises that the Beard will doubtless appoint Nord
and that the thole district will be pleased, especially
the agricultural bloc.
the other band, If the Presidant had his way and Comstock
were appointed the appointaent would be purely political
at a sian whose -only distinstion is that he was an
original Harding assn. 123
Gov. Harding said he bad hoard a rumor to the effect that
Christian, President Rardinges private secretary, had
told him that under the Federal Reserve Act he, the
President, appointed the Class C Direetars and Federal
Reserve Agents. 134
Gov. larding, however* had eet4im straight as to this.
Dec. 3, 1921.
119,130021,123,123,124
The Special Comaittee reported against changing the
salaries of any Federal Reserve Agents at the present
tine.
The Board voted to aocIpt this report and to notify each
Federal Reserve Agent of his redesignation.
Crissinger was not present but be had joined in the
committee report.
Dr. Miller, who hat threatened such dire things as to
salaries, meekly voted with the rest of the Baird.
32.
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Comstock (Cont.)
Gov. Harditte said Cong. Mandell had said to him that he should
at once see Attorney General Daugherty and ask him
to advise the President to keep his bands off the Board
in the future, as the Board should not be interfered
with poll U.:telly.
Gm. Nardi,* said Platt had seen Sec. Weeks who said the
Board was absolutely right in turning down Comstock,
that President Nlirdins had been deceived, and that he
would, if racessary, back up the Board..
(ir. Nord 1,118 a Republican)
Bee - Hord.
Dec. 6, 1921. 134, 125
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Federal Reserve Bank of St. Louis
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Aiwa ed: 10 4sel ra3 d/lw Lie/or
eI,ct, feel:141as
Mitchell told Board he had written a letter to President Harding
regretting that he could not vote for Comstock and
explaining the importance of keeping tie Board free
frompolitical influences; that on Dec. 9 he received
an acknowledgment from President Harding saying that
he fully appreciated Mitchell's efforts and emphasising
the importance of keepirg the Bard out of politics.
The letter was so strange, in view of President Harding's
attitude as to Comstock that the Board members suspected
that it was written in a view of sarcasm, and
Mitchell shared this feeling.
Mitchell said be had been told, I think
Sen. Kellogg, that,
notwithstanding the letter, Prest4àt Harding vows
very angry with' the Board for •
voting" him on the
Couto* matter.
Dec. 21, 1921. 125
Gov. larding tells C.S.N. that he ant to Crissinger and
asked him to toll the President that he gots sorry be
could not vote for Comstock* and that if the President
wished his resignation he would give it at once.
Gar. Harding also said that Orissinger said he thought
it would relieve the President if he should resign now.
Gov. Harding said Criesinger sam the President who said
Gov. Harding should stick to his JOb.
Jan. 11, 1923. 125
wtnnsy of Kansas City, walking bock with C.S.N. from the
Metrqpolitan Club at a luxich given by the Board to the
Federal Advisory Council, spa. about Comstock as
follows:Comstock his no qualifications for the place;
he is utterly unfitted for it.
It would have been aoastrous.
http://fraser.stlouisfed.org
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Oomstosk (Cont.)
No was secretary to directors of hair's bark, - the
Presidential Trust Company.
He got the place solely through his brother-in-law,
Hagerman, one of flower's directors.
When Illowerss Nutt was consolidated, Hagerman left the Board.
Comstock was immediately dropped from his position.
He was out of a job when President Harting asked the
literal Reserve Boer& to oppoint him.
Swinna added that he did not believe • single bank or banker
in Kansas City could or wbuld conscientiously indorse
Coam took for such a position; that it *is bac amprehens ibis
to him how President Harding couli have pressed him upon
the Federal Reserve Board for any appointment.
April 28, 1923. 151, 152
Goy. Strong tells Federal. Reserve Board that he has good
authority for stating that President Herding is very
angry with the Board for "voting his dole in the
Comstock matter.
May 3, 1922.
154, 155.
Mitchell read to C.S.H. President Harding's letter of
Dec. 9, 1921, t o him, as to Ccas took, ant said he knows
President Harding wrote this in a view of sarcasm;
that he is still very ugly about the natter, and
that this was the reason why he does not want to reappoint
Gov. Harding.
Aug. 8, 1922. 179
Gov. !larding is satisfied that the President is getting even
with his for his refusal to vote for Comstock.
Aug. 16, 1923. 186
Boston Transcript refers indirectly to Comstock in criticising
President Harding. 189
Confer MO
Bee - Governor's conference.
Conrad, W. Davis
Dr. Willis asks C.S.H., in behalf of W. Davis Conrad,
whether he,C.S.11., would accept the Presidency of a
cooperative association of country banks, to be called,
"The United Bank Directors, incorporated.'
Its Atrpose would be to engage in investment operation,
discounts of acceptances, etc. etc. for its somber*.
(See letter of Conrad, Feb. 2, 1922.)
Dr. Willis said Conrad and his directors wanted C.S.H. for
President, at a salary of 650,000 per year.
http://fraser.stlouisfed.org
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association, and asked C.S.N. What he thought of it.
M.N. said he could not become connected with it under any
oirmametances, as he enjoyed his work on the Federal
Reserve Board and had no thought of gating it up.
C.S.N. said he could not give any opinion as to its
desirability as it wouldundonbtedly compete with the
member banks
and it would not, therefore, be proper for
him to express any opinion.
Dr. Willis then asked C.S.N. if he womld see Conrad if he
should write him and ask for an interview and C.S.N. said
yes.
Later, the letter of Feb. 2 referred to above, was received
from Conrad.
January, 1922.
126, 127.
Jr. Willis and Conrad call on C.3.N.
C.S.H. had not as yet answered Conrad's letter.
C.S.N. tells them he could not, many event, join this
company.
They then asked C.S.N.'s opinion as to the need of such a
company.
C.S.N. said he had read Conrad's letter and the prospectus;
that the company evidently was more of an investment
than a banking company; that investments were outside of
the jurisdiction of the Federal Reserve Board; that
neither C.S.N. nor the Board could properly give an opinion
on such a question.
Conrad said he needed an opinion from the Board to help raise I
the necessary capital,
C.S.N. replied that this would place a grave responsibility
on the Board stitch be was sure it would not care to
assume, even if the capital had all been raised.
Dr. Willis asked if the Boer& would express an opinion as to
whether acceptances discounted by such an corppration would
be eligible, as bankers accoptances, for discount by
Federal Reserve banks.
C.S.H. said he thought the Board would carefully consider a
formal reqmest for such a ruling.
Feb, 27, 1922. 127, 128
MA. tills Baird of this interview.
Present, Gov. Harding, Miller, Crissinger and Sec. Roston.
They are all agreed that whet C.8.8. had said was right.
Gov. larding said he told Dr. Willis the same yesterday.
Jib. 28, 1922. 128
Coolidge, Vice President
C.S.H. and H.P.H. give informal anon' to, and Mrs. Coolidge.
Mar. 21, 1921. 51
Mrs. Corbin tells C.S.H.and H.P.H. that she personally knew
that, had only contempt for Lodge.
May 29, 1921. 96
http://fraser.stlouisfed.org
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Coolidge, Vice President (Cont.)
Mrs. Hoc. Weeks says if Lodge had been faithful to
Mass. Coolidge would row be President.
llay 15, 1922. 168
Cooper, R bort
Bee - Crissingsr; Comaar. National Bank, Wilmington, N. C.
Cooper, Wade
gee - Crissinger; Cam National Bank, Wilmington, N. C.
Corbin, Mrs. Oen.
C.S.E. and II.P.R. call on.
Mrs. Corbin said:
Lodge wont to Marion, (i°, atter the election
and practically demanded to bo Sec. of !not*.
Harding replied, impossible, as it would make
Ben. MoCumbor chairman of For. Relations Comm.
Lodge conspired with Inas to prevent Root being
made Sec. of SULU.
Consul Minot, - Lodge's granddamlib ter I
said
Lodge said Root's appointment wool& be a calamity.
She personally knew that Tice President Coolidge
bad only contespt for Lodge.
Harvey opposed Root for Sec. of State because he
knew Root would not make him Ambassador to
Great Britain.
Harvey really minted Will Hays to be nominated for
Pres idsnt.
Harvey got Root to commit himself on L. of N. in
order to kill his off as Sea. of State
Harvey cabled Root tiles on L. of N. but got no
answer.
Harvey tingly cabled Root for definite answers to
certain questions on L. of N., and asked him to
rsply to Harvey, in care of Harding at Marion,
Ohio.
Harvey did not fell Harding of these cablegrams.
Root, thinking Harding wanted this information,
fell into the trap and cabled, advising Harding
not to repudiate the L. of N.
This cablegram reached Harding Just after he had
declared against the L. of N. in a porch speech.
Harding, not knowing of Harvey's cable, was very
angry and said to Harvey, - *Root is a Butinskil"
Root lator explainod all this to Harding.
Said she could not understand how larding, knowing
all this, could have appointed Harvey as
Ambassador.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Corbin, Mrs. Gen. (Cont.)
She intimated that Warding did not dare to refuse.
Harding did not expect to or want to appoint Sawyer as
Brig. General, but, dm big the campaign Sawyer
said he had hoped Harding would still keep him as
his physician and Harding said smoothing good
naturedly about taking him to Washington with him,
if elected; after election Sawyer insisted that Harding
mast keep his promise and Harding had to yield.
She also said:A Auld of $150,000 was being raised to boos larding
for the nasinatim; that Harding said the amount
was beyond him and wanted to pull oat bit they would
not let him; that ithen Daugherty It als left
Washington for the Natio:al Convention, larding
went down to the railroad station to see them off,
and wanted to pull out, but Daugherty said,
r•part at Chicago and we will do the rest."
$1* spoke contemptuously of Hughes and said he
himself annomred his own pappointasentl
May 29, *ill.
1
'13 .,'4.4 .•
95, 96, 97.
Corcoran, Na. Mutts
C.- .11. and H.P.H. dine with, and act Sec. Mellon there.
No (Mellon) ems very bitter against John Skelton
Williams,
70
Mar. 30, 1931
Cotton.
Gar, larding saidthat Cotton, Attorney, with McAdoo for
Chase National Bank, told Harrison that they would kill
off all future attacks of Williams against the Federal
Reserve Board..
Aril 5, 1931. 73
Cotton factors paper
Bill introdmed a tesweeks ago, making, eltgible.
The Board all agreed that, if passed, the paper should be
secured by warehouse receipts covering readily
marketable staples and that the yard "cott cn" should be
stricken out making the bill apply to all factors and
c omission merchants paper.
The Bard voted against this bill but Williams and C.5.&
voted for it.
Platt said he thought the bill would do no harm, but
voted against it.
C.S.R. pointed out that the Federal Reserve Bonk of N.Y.
di so canted commission merchants paper not differing
in principle from cotton factors paper.
C.S.11., at his own request, mho appcinted a committee to
lock into this.
Nov. 1920. 21, 22.
37.
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Board is beseiged by, et also to instruct Federal Reserve
banks to advis• member banks to increase loans to,
stated that alleged policy Cl deflation had nearly
ruined them.
Gov. larding au! Houston gave out figures showing that loans
to farmers sins* the armistice had increased
morn CU.1117.
Nov. 1920. 20
Coughlin, Dr. John W.
C.S.I. acts as honcrary ball bearer at funeral of.
Nov. 1920. 19
Cox, Gov.
Justice Clarke enthusiastic for, for President. Says he
is a self-made man, strong and courageous; would make
a good President and would surely carry Ciao.
Mar. 28, 1920. 1, 2.
Crane, C. A.
Ions ton asks C.S.H. to ask Brookings to call him up in N. Y.
at apprtatent of.
Mar. 11, 1921. 53
Crane, Ralph A.
C.s.H. advises Shidehara, Japanese Ambassador, to retain, as
architect of the new embassy building ditch Japan is
considering erecting in Washington. Tells him about
Crane's bodt on Japanese art, and his high rank as an
architect.
bar. 26, 1922. 136, 13?
Crane, W. Murray
Mrs. Sec. Weeks vela. to C.S.14 as to treachery
and Lodge to Coolidge in National Convention.
May 15, 1922. 168
Crissinger, D. I. Comptroller Cl Currency
Sec. Mellon tells Board he will consult thus before any
appointment is made of Comptroller of Currency.
Mar. 5, 1921. 48
Sec. Mellon tells Gov. Harding he had never even heard of
Crissinger until President larding wrote him a note
asking that his commission be made out.
Mar. 10, 1921. 51
The President's appointment of, is a hard blew at
Sec. Mellon
3e.
Crissinger, D. It., Canptroller of the Currency (Cont )
.Platt said if he were Sec. of the Tre?sury he
would instantly resign, on such anaftraht
ost.: tv,
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C.S.I. feels that if Mellon, with all his financial power,
bad threatened to resign, President larding would have
'come down' quickly.
The Presidents action has humiliated Mellon befcre the
Federal Reserve Board, as he told us he would consult
us before making any recommendations and that the dittos
would not be filled for the present.
Mar. 10, 1921. 52
President larding has greatly stirred up the public by
the appoth tment of Crissinger as Comptroller and other
appointments from Marion, Ohio.
Mar. 10, 1921. 53
Crissinger sworn in as Comptroller.
Mar. 17, 1921. 54
Tells Gar. larding that President Harding has just sent
word to him that he desired to have all insurance
taken out by the Federal Reserve banks on shipments of
money, taken away from the insurance agents now holding
the contracts and turned over to a man he sent over to
Crissinger, whose name C.3.8. does not remember.
Gov, larding told Crissinger this could not be done as the
matter teas in the hands of the Federal Reserve banks
and he advised him to drop it.
This insurance was placed by Dielanoy who was in the Treasury
during thw war.
Mar. 21, 1921. 60
The administration bill abolishes the With* of.
Mar. 21, 1921. 60
Crissinger further explains the insurance matter, telling
Gov. larding:Preaident larding telephoned him that the man in
qaestion las his cousin; that he wished
Crissinger would arrange to turn over to him
all insurance taken out by Federal Reserve banks
on currency shipments; that, of course, he
should evect theism, his cousin, to give to
the Federal Reserve banks as good or better
terms than those given by the present agents/
lvidently, public office is a 'private" trust
to President Harding!
Mar. 22, 1921. 61
Crissinger agreed with C.6.N.Is objections to the petition of
Wing for First National Bank of Boston to bay 15,000
shares in Warburg's foreign acceptance corporation and
yet voted with the majortty to approve the purchase.
Mar. 26, 1921. 64
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Crissinger, D. R., Camitroller of Currency (Cont.)
Crissinger told the Board that he had told President
Narding about William's attacks on the Federal
Reserve Board and that the President said: - "why
don't you tell him to g0 to hell!"
Mar. 31, 1931.
Crissinger, wife and daughter, take supper with C.S.I.
and WM.
April 10, 1931. 80
Crissinger votes with M.N. and Gov. larding against
Platt's motion to make Boston reduce from 7 to 60
instead of to 6%.
April 12, 1921. 80
Crissinger votes with C.S.N. against Dr. Miller's notice
to raise rates on paper secured by U.S. Treasury
certificates at Boston, but motion vas carried.
April 12, 1921. 80
Mellon tells Gov. !larding he believes the office of
Comptroller of the Currency should be abolished.
April 14, 1921. 83, 83.
C.S.N. predicts that before long the administration
'intake the position that the Office of
Comptroller of tkie Cwrrency should sat be
abolished, in spite of the Repub. dsmand for
abolishment during the last campaign. This would
be amusing if it comes true1
April 14, 1931. 83
Crissinger agrees with C.S.I. that if N. Y. should
recommend reduction in discount rates even down
to 6%, they would vote for it.
April 36, 1931. 86
Miller mores to fix N. Y. rates at SO. Re is evid3ntly
"Acting" for purpose at impressing Crissinger.
April 38, 1921. 87
Gov. Mores sends C.S.R. a oopy of the U.S. Investor
severely criticising Crissinger for giving a
charter for a national bank to Max Mitchell and
his friends.
The Federal Reserve Bank of Boston advised Crissinger
who at first rejected the applicatica.
Later, Max Mitchell got Thurston, Chairman of the Rapt.
State Caamittee of Mass. to go to Washington and
use his political "pull". The article said
Thurston got Crissinger to grant the charter.
May 13, 1921. 91
Philip Stockton President of Old Colony Trust Co. of
Boston, :letter a meeting of the Federal Advisory
Council, walked with C.3.N. to lurch at the
Metropolitan Club and told C.S.N.Re intended to protest to Crissingsr against
giving a charter to Mitchell and
his friends.
http://fraser.stlouisfed.org
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Orissinger, D. 1., Comptroller of Um Ourrency (Cont.)
Crissinger lunched in Boston with the directors of the
Federal Reserve lank of Boston, on his way to
Now
pshire.
The directors .11 protested to Crissinger.
Crissinger, at first, declined to grant the charter.
Max Mitchell then sent Thurston, chairman of Mass. Rep.
State Committee down to Washington to see Crissinger.
Crissinger, on advice of Sec. Weeks, subsequently promised
to grant the Charter.
Max Mitchell had contributed $5000 to Rep. campaign fund
in last election.
This charter sas sold by Crissinger in return for this
o ontribut ionI
This was a terrible scandal'
Cris singer had been toldall these facts
May 16, 1921. 91, 92.
Tells C.S.R. no charter has yet been granted to Max Mitchell
and his associates, but that a name had merely been
reserved for it.
June 1, 1921. 98
Crissigger, Mitchell and C.S.N. lunch with Dr. Wilmot
at the Mot. Club.
July 22, 1921. 101
Crissinger, Dr. Miller and M.N. dine with Rosen() Meyer
to meet Mr. Bergman an official of German Government
to hear his plan as to mark stabilisation.
Nov. 1, 1921.
116, 11'7, 118.
Comstock appointment. 119 to
Se. - Comstock
Crissinger voted against redesignation of all Federal Reserve
agents for the coming year but said he had no
other candidates to suggest.
Dec. 3, 1921. 121
Crissinger said that many oftha Federal Reserve agents were
mediocre men and should not b• reappointed and that
all salaries should be fixed before notice sent at
reds signat ion.
Dec. 3, 1921. 121
Crissinger backed up Miller in statement that he should move
to reduce their salaries radically.
Dec. 3, 1921. 121
Crissinger joins in report of the special committee against
*hanging salaries of Federal Reserve agents at the
present time, although he was not present when the
report was offered at the Board fleet ing.
Dec. 6, 1921. 124
Gov. larding says he asked Crissinger to tell President
larding he was sorry he could not vote for Comstock,
and if the President wished for his resignation he
sould hand it in at once.
http://fraser.stlouisfed.org
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Crissinger, D. R. (emit.)
Gov. Harding also asked Crissinger to tell the Treat cleat
that the stat Iment recently made in the Senate that
he had. voted for him was not true.
Crissinger told Gov. larding it ,would relieve the President
if be should resign now.
Later Crississr told Gov. Larding he had given his message
to the President who said to tel Oar. //arcing to stick
to his j ub.
Jan. 11, 1922. 125
Federal Reserve Agent Martin of St. Louis Galls on C.S.H.
and said:
Crissinger gave a charter to the Farmers National
Bank ofStutgart, Arkansas.
The Chief National Bank Tzsminer and the
National Bank laminar reported adversely.
It bore every evidence of a *political"
designation.
There are 3 banks there now, and ane is greatly
overextended.
The country roundabout is fit only for rice.
Occupied largely by tenant farmers.
The banks lean on the growing crop although the
tenant farmer may have no assets.
When the crop is good, much Jamey was made.
When the crop failed much money visa lost.
The banks there had been compelled to tighten
their linea for safety and tried to secure
indorsements of the land Diviner.
This new bail, Martin believed, although the
fonder* seemed good men, was really formed to
go into this speculative loaning, and disaster
must ultimately result.
There las absolutely no need of a new bank, unless
to grant speculative loans discarded by the
present banks.
The Federal Reserve bank scald not discount this
paper as a class.
C.S.H. explained that th3 Board, a week ago,
directed Martin to issue Federal Reserve bank
stock to this bank, as it +las obliged tad°,
inasmuch as the Cocptroller had issued the
charter.
Mar. 31, 1922. 138, 139
Crissinger and Gov. Harding conferred with the Texas
District Attorney and the chairman at the grand Jury
as to the failure of the Clibarn National Bank.
April 5, 1922. 141
Crissinger, Gov. Harding and Mitchell same time ago were
appointed a camaittee to investigate Federal Reserve
Agent Ramsey of the Dallas Bank. Thecommittee has been
waiting to hear frail the abate men 41= Crissinger and
Gov. Harding were conferring with.
April 5, 1922. 143
http://fraser.stlouisfed.org
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Crissinger, D. R. (Cola.)
Tells Board the cabin, t has been discussing the Bank of
&island invitation to a central bank conferame, but
did not seem to know just Ithat should be done ab out it.
Kay 9, 1922. 162
Gov. See/ writes to Board, as to issue, by Crissinger of a
charter to commercial Nati onalBank, Wilmington, N.C.:Bank before actslasion was known as Amer. Bank &
Trust Co.
It applied as such for admission to Federal Reserve
Sys tem.
Federal leserva Bank of Richmond examined it but
found its condition so bad it rates' to
recommend admission.
The bank then applied to Crissinger for a National
Bank clarion
The National Bank Nmainer repartedadversely hecause
of its condition.
Crissinger granted a charter on condition that the
directors put $100,000 into the bank assets.
This $100,000 was nominally paid in but only a
small part in cash and the balance in doubtful
paper. The condition, therefore, as not
caviled with.
Gov. Sew said the banks entire capital NILS wiped
out and it sus in a condition of insolvency.
The President is W. B. Cooper, a brother of Wade
Cooper, of Washington, law fought William's
coatirmati on.
Another brother is Robert A. Cover, Lt.Gov•rnor of
N. C. and recently appointed ociF•deral Farm
Loan Board.
Gov. Seay enclosed a cow of a letter fraa sudother
brother, T. I. Cover, to Mr. Botha, the
Vice President of the Casa. National Banks
urging him to rush discounts into the
Federal Reserve Bank and not to be too
particular; he pointed out that no credit
statement was required if the note did not
exceed $4,999; that if the cashier gave a note,
and the cashier owned a farm, he should be
called a farmer, etc. eta.
It is astounding to C.S.R. that Crissinger should
have granted a charter to such a bank.
C.S.I. fears the reason was purely *political", like the Max Mitchell case in Boston.
The Board asked Sec. Noxton to call up Gov. Nov
to find whether Crissinger asked the opinion
of the Federal Reserve Bank.
Kay 19, 1922.
169, 170.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Crissinger, D. R. (Cont.)
Ikactcn called up Goy. Beaty who said Crissinger did not
ask the opinion of the Federal Reserve bank.
May 21, 1922. 176
Gov. Harding says hots satisfied that President Harding
wants to appoint Crissinger on the Board and
designate him as Governer, with Welliver or Ccestock
as Comptroller, thus turning the Board into a political
machine.
Aug. 8, 1922.
179
After the meeting this a.m. Orissinger asked C.S.H. to
step into his office.
Crissinger explained at some length his reasons for
dismissing Buell, the Chief of the Federal Reserve
note division.
Aug. 9, 1922. 180, 181.
Delano, the other d&7I said Buell was an obstructionist
while he was a amber of the Board, add was very
difficult to get alms with. Is seemed to feel that
Crissinger was justified in removing Basil for bust nese
reasons.
Aug. 9, 1922. 181
Crissinger told C.S.H. that Buell was not fit for any position
on the Federal Reserve Board, (Buell had asked
Oar. Harding and C.S.H. to give him an appointment),
and that he would vote against it.
Aug. 9, 1922. 181
Crissinger then said to M.N. that it was pathetic to see
Goy. Harding so disturbed at the failure of the
President to reappoint him.
C.S.H. asked Crissinger when the new appointment would go in.
Crissinger said he had no idea,
that he had net seen the
President for 3 weeks.
Crissinger thought it strange that Gov. Harding wanted so
badly to be reappointed; that sane time ago, Gov. Harding
asked him to tell the President he would be glad to
resign; that he told, this to the President, who told him
to tell Gov. Harding to stick, bat that, later, Gov.
Harding told him he did not want to resign under fire.
(See supra, p. 125, Jan. 11, 1932)
Crissingar evidently feels that the President will not reappoint
Gov. larding and C.S.H. believes he •sae trying to
"sound" him, (C.3.8.) on it.
Aug. 9, 1922.
180, 181, 182.
C.S.H. told Crissinger that even frail the standpoint cf practical
politics, it would be a fatal mistake not to reappoint
Gov. Harding; that it would be interpreted throughout
the country as a blow at the Federal Reserve System and
as an expression of confidence in Williams and Sen. Heflin,
and, as well, as a condsionation ar the poliales of the
*re,
44.
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Crissinger, D. R. (Cont.)
Federal Reserve Board; that Governor !larding had made a
splendid record.
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Federal Reserve Bank of St. Louis
his campaign for reelection as Senator, if Gov. Sardine
were not reappointed, as Lodge originally bitterly
opposed the Federal Reserve Lot in the Senate.
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COAL also said he feared there would be a determined effort
in the next Dam. Natl. Convention to induce the
Democratic Party to declare for an "easy credit" policy*
and the failure to reappoint Gov. Harding lroul cl be cited
as an approval by the President of the policy of "easy
credits" which it Would be difficult for the President
to answer.
C.S.H. is convinced that Crissinger was. trying to "sound"
him for the Provident.
Aug. 9, 1922. 182, 183.
Gov. Sea; says C. was influenced purely by politics in
granting charter to lit National Ba,k of Wilmington, N.C.;
that he was very angry at Federal Reserve bark for
telling the Board about it; that he took away from
Richmond the Chief National Bark Ecantiner; that Richmond
is the only Federal Reserve City without one.
Sept. 29, 1922. 193
Gov. Ma's. says Orissinger permitted the directors of the
Merchants National Bank of Worcester to buy the Park
Trust Co. of Woreester at a very extravaigant figure*
altho Federal Reserve Agent Curtiss, as one of a committee
to examine it, reported that it was in a rotten condition;
that thus weakened the Merchants National so that the
directors had to put up a large stua of money to make
good the less.
Federal Reserve Agent Curtiss told C.S.N. later that certain
of the directcrs made the purchase without the authority
of the full Board and that Crissinger, knowing all the
facts, told than to go ahead. Gov. Mores and Federal
Reserve Agent Curtiss say it is a clear case of politics.
Sept. 29, 1922.
193* 194.
Gov. Sow says it is reported that Crissinger says he will have
the Federal Reserve Act amended to prevent Federal
Reserve banks examining national banks.
sot. 29* 1922. 193
Votes against permitting a 3% reserve against California banks
special savings accounts.
Oct. 10, 1932.
199
Federal Reserve Agent Rich complains because Cris:Urger granted
3 charters to banks in his district, altho adverse reports
were made by the National Bank Examiners and by the
Federal Reserve bank* and says every Federal Reserve Agent
has had similar °sees in their respective districts.
Oct. 12, 1922. 199
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Federal Reserve Bank of St. Louis
Curtiss, Federal Reserve Agent, Boston.
Says the vote of the Best= directors to reduce discount rates
was unanimous; that condition in the district
from 7 to
had so improved that such reduction was absolutely
necessary and they did. not want to delay it a day; that 61%
would not be satisfactory; that T. B. Beal strongly favored
6%, whild Ripley opposed it; that they had not consulted
Aiken and Wing as they assumed they would oppose it, being
heavy borrowers from the Federal Reserve Bank; that a 6%
rate, if N. Y. remained at 7% might drive many customers
froa New York to the Federal Reserve Bank af Boston, but
that they could take cars of this.
C.S.R. feels it would be a heavy responsibility to refuse
Boston's restos t, especially as wages have been materially
rioduaed in New England.
April 9, 1921. 74, 75
Daugherty, Attorney General
Mrs. Cerbin says Harding wanted to withdraw as a Presidential
candidate, but that, would not let hits.
May 29, 1921. 97
l says he will ask, to advise President Hardin to
Cong. Mendel
keep his hands off the Federal Reserve Board in the
hiture as to its appointments.
Dec. 6, 1921. 124
asks opinion of, as to whether Federal Reserve banks
Sec. Mellon
can pay dividends out of surplus.
April V, 1922. 149
Daughterty asks what the opinion of the Bederal Reserve Board
and Mellon is on the above question, as he wishes to
cooperate in every way and would try to furnish a
'satisfactory' opinioaS
April 27, 1922. 149
Daugherty replies in affirmative.
May 1, 1922. las
Davis, Dwight
Wires Brookings at his appointment an War Finance Corporatiaa
and asks what the duties are, as he knew nothing about
its functions.
Brookings asks C.S.H. and he explains its functions.
Brodcings said, was a good man, at groat wealth, but entirely
ignorant of finance; that he was a liberal contributor
to the Rep. campaign fund and that this was, undoubtedly
the solo reason for his appointment.
Mar. 22, 1921. 61, 62
C.S.H. and H. P. H. dine with.
May 15, 1922. 168
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Deflation
Farmers claim that alleged, by Federal Reserve banks has
nearly ruined them and ask Board to instruct Federal
Reserve banks to advise member banks to increase loans.
Gov. Harding and Sec. Houston give out figures to show
that loans t farmers since armis tide have enormously
•
increased.
Nov. 1920. 19, 20. •
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Board appointed Delano, Uri:rate, and Itnedley Palmier as a
oimmittee of 3 to assist Board in advising secretary of
Treasury as to loans to railroads under transpeetation Act.
Mar. 29, 1920. 2
C.S.H. fears Wiliion will not want to appoint Delano, but
he is well qualified for the work and Sec. Hou.stcn said
nothing as to any eppositicn of Wilson.
Mar. 29, 1920. 3
Justice McReynolds calls en C.S.H. and asks his opinion as to the
aapeintment of Delano by the Supreme Court in a
case involving large oil interests in the southwest.
ter 11'
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.ano II:au% .51
Washington Post and New York Times anncunce that, by
direction of President Harding, the Federal Reserve
Beard is to institute a special inquiry into the problem
of deflation of industrial credits without injury to
agricullural interests, and that "it is undesstood"
that the Board will take some steps to aid agriculture
in the nIar future.
(See scrap books.)
April 27, 1921. 86, 87
.
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Davis, Norman, Under Secretary if State
Federal Reserv• Board has conference with, and ether
State Dept. officials as to putting an end to all
restrictions on import and expert of coin, bullion,
and currency between U.S. and Bolshevik Russia.
December 1920.
22, 23, 24, 25, 36, 27
See - Russia
C.S.H. strongly indorses Delano but feels it his duty to
acquaint McReynolds with the fact that Delano wrote a
letter against Wilson, - Adamson Act - in 1916 and
announced that he should take his 'thole family to Chicago
for the express purpose of voting against Wilson.
47.
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Wan% F. A. (Cont.)
C.S.H. also told McReynolds that, in spite if these facts,
he had strongly indorsed Delano to Glass for
reappointment to the Federal Reserve Board, on his
return from Burepe, although Wilson declined to make
the appointment.
C.S.H. added that, in his (pinion, the Supreme Court could
not find a better man.
April 6, 2920. 4
Platt tells C.S.H. that Delano, some time age, talked with
President Lowell as to giving the degree of L.L.D. to
Governor Harding.
April 20, 1922. 146
Delano tells 0.5.11. that Crissinger was justified in removing
Buell, for business reason.
Aug. 9, 1922. 181
Delaney
Was insurance agent who placed insurance with the Federal
Reserve barks for currency shipments. Presidat Harding
asked. Beard to take this insurance away from, and
give it to his cousin.
Mar. 21, 1921. 60, 61.
See - Crissinger
Democratic Conference
One day in late summer e 1920, Sec. Houston told. C. S.H.
that, while he was in the hospital, a dinner was held
at the Chevy Chase Club by a number of Democrats, in
response ti a rig:Lest e Wilson, to consider whether
he owed a duty to the party to rrn again for President;
that while a large majority tilt it would be most
unwise, a somewhat equivocal answer Has made to Wilscn.
Soc. Houston said Mrs. Wilson was most anxious to have him
run again, but that Admiral Grayson said he had not the
physical strength to do
Summer of 1920. 19
Dessoarats
President Harding tells Gov. Harding that Mellon is a
fine man but does not know a damn about poliSics; that
"you. Democrats run averything in the Treasury and
Mellon praises each of you by name every day and wants
las to retain you all."
April 25, 1921. 85
C.S.R. tells Dr. Wilmot that the Beard's action on exchange
charges had angered the Democrats in the south and
southwest.
July 22,1921. 103
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The Republicans, on coming into power in 1921 found that
in the Yedral Reserve system there were 'PO Republican
directed* as against 38 Democratic directors; that only 5
of the 12 Federal Reserve Agents were Demo crate, and
only 5 of the Governors were Democrats, - total 48
Democrats eat of 132, or 3$%, the Republicans outnumbering
the Democrats by 84 to 48.
Oct. 21, 1921. 113
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Democrats (Cont.)
Gov. Harding poi& out to Sec. McAdoo that th: Democratic
attacks on the Federal Reserve Board by his supporters,
Williams, Heflin, Watson and Simmons may goad the
Republicans to remove all Democrats from the Federal
Reserve Board and turn it into a vast political machine;
that such a machinec ould p rev ant Mold° of $ nominat ion
for President, etc. etc.
Oct. 21, 1921.
113
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Sen. Underwood says that if Heflin can control 15 Democrats
in the Senate he could block Gov. Hardingis nomination
if made.
Aug. 9, 1922. 183
Depar tme nt of Lab or
In matter of removing restrictions on trade between Russia and
U.S. in coin, bullion, etc. C.S. H.c itas action of, in
deporting Martens on ground that he i‘los sent here by
the Bolshevik Government to overthrow oar Government.
Dec. 1921. 26
Deposits
Gel!. Strong points out that while the curve of wages ems
practically constant, the curve of deposits had fallen
off considerably.
April 9, 1921. 76
Gov. Strong said we should not reduce discount rates until
the curve at wages, deposits and prices mu more
nearly together.
April 9, 1921. 77
Soo - Red Cross
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Federal Reserve Bank of St. Louis
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Mellon says there should be no, rates on loans secured by
Government securities, but that they should take same
rates as commercial paper.
Mar. 29, 1921. 66
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Federal Reserve Bank of St. Louis
Director, Class C
See - Comstock
Directors, Class C
Mellon asks Gov. Harding far a list of, %those terms expire
in December, with their politics.
Oct. 6, 1921. 113
Special Coomittee of Board not yet ready to report list of,
for election.
Dec. 3, 1921. 121
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ewe) beH
Oct. 21, 1921. 113
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Dinners, lunches, etc.
Crissinger, wife and daughter take supper with C.S.H.
and H.P.H.
April 10, 1921. 80
Sec. Mellon gives Federal Reserve Board arxi Governors
a lunch at Met. Club.*
April 13, 1921. 82
C.S.H. and Ei.P.H. give Vice President Coolidge a dinner.
April 13, 1921. 82
C.S.H. attends dinner of District of Columbia. Barkers
koril 26, 1921. 86
:C.S.H. lunches with Mitchell, Dr. Wilmot and Crissingar
at Met. Club.
July 22, 1921. 101
C.S.H. dineswith tgene Meyer to meet Mr. Bergzan
Nov. 1, 1931. 116
C.S.H. and K.P.H. dine with Platt. of Federal Reserve Board
Mar. 17, 1922. 131
C.S.H. lunches with Warburg to Lneet Sir Felix Shuster
April 28, 1922. 149
Gov. Norman dines with C.S.H. &
May 13, 1932. 166
C.S.H. and H.P.H. dine with Mrs. Dwight Davis
May 15, 1922. 168
See - Coolidge
Mellon
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Discount rates
Williams moves to reduce all, to 6%. Lost.
Feb. 1921. 32
See - Progressive rates
Dallas increases rates to 7% to protect its reserves.
Fob. 1921. 33
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Discount rates (Cont.)
Mellon says time has nearly come for a reducticn of, from
7 to 8%.
Mar. 29, 1921. 66
Gov. Harding says if there is to be a rethrticn it should
come before the agricultural confererc e in Washingt on
about April 14, so that Board would not appear to be
forced by the conference.
Mar. 29, 1921. 67, 68.
Mellon favors reduction of, from 7 to 6%, but no reduction
where banks were now charging 6%.
April 4, 1921. 71
Gov. Harding feared this would cause a great expansion of
loans, but Mellon doubted this as loans were now at
a maximum. Mellon said he thought commercial rates
slight decrease would
were now sagging and that
have a good psychological 'Milt.
April 4, 1921. 71
Dr. Miller claimed that such a recession in rates would
accomplish more if we waited until condition had
improved more than now.
April 4,1921. 71
Board finally weed to wait until the conference of Governors
next week unless any of the Federal Reserve banks
asked for lower rates meantime. (e.g. the Federal
Reserve Bank of New York).
Gov. Harding suggested to Mellon to telephone Alexander in
New York and get his opinion and Mellcs said r.e wcauld.
C.B.H. suggested telling Boston it could reduce to 6% if it
wished to, but Gov. Harding said it di d not want to
unless New York did the same, except that Gar. Mss
would like to.
Gar. Harding said if any reduction is to be made it should be
done before Congress convenes so it would not appear
that we acted under pressure.
April 4, 1921. 72
rate, but Board decided to await
Boston asked to put in a
Governors conference next week, altho C.S.H. urged
pennies
Federal Reserve Agent Curtiss tells C.S.H. over telephone the
vote of the Directors was unanimous, and that every
Director was present; that cc:editions had •o improved
in the District that such a reduction was absolutely
necessary and they did not want to delag it a da4r,
that 61% would not be satisfactory; that T.P. Beal
strongly favored 6% while Ripley of the Merchants
National Bank opposed it, that they had not consulted
Aiken or Wing, as they assumed they would oppose it,
being heavy borrowers from the Federal Reserve bank,
and (I assume by Curtiss did not specifically se/ so)
feared it would cause lower custaaers rates; that while
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Federal Reserve Bank of St. Louis
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Discount rates (Cont.)
a $ rate might drive many customers to the Bost cr,
banks, if N. T. remained at 7%, they could take
care ct this.
C.S.H. feels it a serious responsibility t o deny Bost ca this
request, especially as wages in New
gland hate been
materially reduced.
April 9, 1922. 74, 75.
Gov. Strong violently opposed lowering cr Boston rates; if
lowered, public opinion would demand that N.Y. do the
same; that this would cause a violent speculation in
stocks; that the stock market was swept clean and that
only a little encouragement was needed to start a violent
speculative move.
Gov. Strong said the curve of wages was practical ly a straight
line; that deposits had fallen off coisid.erably; that
retail prices had fallen moderately; that wholesale
prices had fallen precipitously; that lower rates would
force up wholesale prices, and prices and wages would
be stabilised at too high a level; that we should wait
until wages were lower and the curve of !ogee, deposits
and prices, wholesale and retail, were more nsarly
togsther, - on a much lower basis.
Gov. Harding said that if we reduced rates now and a
speculative boon set in, public opinion would never
permit us to raise rates again.
Dr. Miller rather favored some reductions but feared this was
not the psychological time to do it.
C.S.H. felt and said that if conditicns in Bostcn called f or
lower rates he did not see how the Board could properly
forbid Boston taking such actions because ce conditions
in other districts; that the Federal Reserve Bank of
Boston was an independent bank and nothing but the
strongest reasons ct public policy would justify our
refusal.
April 9, 1921. 76, 77
C.S.H. moves approval of Boston's request to reduce rates on
commercial paper from 7 to 6%.
Platt moved to substitute 60. This amendment of
Platt was lost. Platt and Miller voted for itand
Gov. Harding, Cris singer and C.S.H. voted against it.
Dr. Miller moved to increase rates on paper at Boston secured
by U.S. Treasury certificates from 51 to 6%.
Carried.
C.S.H. and Crissinger voted No.
52.
(*MOO)
,
0J41 $ncr)
Discount rates (Cont.)
C.S.H. pointed cut that while the Board had power to
fix rates of its oen volition, it had never
exercised this right except where the Federal Reserve
bank had refused to put in the rate desired, and that
it would be better to approve the 6% rate at the same
time expressing our earnest desire to have the Bank
increase the certificate rate, and if the Bankrefused
we could then act. This increase, however, affected
only 8% of the total paper held by the voston bank, 80
it was not very material.
April 12, 1 921. 80
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At the conference at' Governors, which began today, Sec.
Moll= bras present and heard reports on discount rates.
Every Governor opposed any decrease except Bos ten
and Atlanta.
Atlanta earnestly deeired loiter rates.
April 12,1921. 81
New York discount rates considered.
C.3.H., Gar • Harding and Crissirger said that if New York
at its directors meeting tcmorrow voted to lower rates
even down to 6% they would vote to approve.
s voi;
Dr. Miller and Platt said. they might approve 6116.
Platt said we ought to delay any reduction until at least
next week.
Gov. Harding will be in New York tomorrow and will confer
with the W. Y. Directors
Eddy, Gov. H4
rdingis assistant, said the press representatives
had been in saying that the President had just told
them that the Federal Reserve 3oard .as to lower rates
generally and help the farmers.
C.S.H. refused to be interviewed by them.
April 26, 1921. 86
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The New York Times and Washington Post announced that, by
direct ion of the President, the Federal Reserve Board
was to make a special inquiry into the problem of
deflating industrial values without seri outs injury to
agricultural interests, and that "it is understood"
that scale steps to aid agriculture mq be taken by
the Board in the near future.
(See scrap bocks)
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April 27, 3921. 861 87.
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Federal Reserve Bank of St. Louis
ol nese: od
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sift
Discount rates (Cont.)
Dr. Miller throws a basb shell into the meeting 'of the
Board by moving to fix the Federal Reserve Bark
of New York rate at 60. A ccmplete surprise, as
he had always opposed the lowering of rates.
He was evidently "acting" before Crissinger.
He did not mention the press statement that the Board, by
direction ofthe President, was to ratios rates, although,
during the Wilson administration, any suggestion of
influence, even by McAdoo, made him fairly Mg vdth rage.
Miller evidently .smaito to be reappointed.
Gov. Hardirg reported that, at the meeting of the N. T.
direcitcr s all war opposed to any reductionexcept
Peabody and Palmer; that Peabody wanted rates reduced
to 8% but stated that in view of the press statement of
Presidential *influence" he sharld oppose any decrease.
They all seemed to feel it would be well to reduce rates at
other 7% banks.
Dr. Miller, after telephoning Gov. Strong, said that while
he believed the N. Y. rates should be lowered and that
such decrease would not start up speculative activity, he was inclined to defer to the feeling of the N. T.
directors and wait a few weeks.
C.S.B. moved to amend Miller's motion to reduce to 60,
so that, when we took up the N. T. rates we should
take up the discount rates at all Federal Reserve banks.
Dr. Miller seemed troubled by this amendment of C.S.H.• as
he evidently hoped the Chicago rate would not be
reduced.
Dr. Miller finally admitted that a reduction at N. T. would
necessitate a reduction at Chicago, but he did not want
the reductions to be simultaneous.
The Bank of Inglazd has reduced to 60.
C.S.R. thinks this may influence Gov. Strong.
April 28, 1921. V, 88.
Board oppose& Atlanta's application to reduce to 6%.
Miller voted for it andanswered Plattss objections!
May 5, 1921. 89
Board approved Chicago application to reduce to 60.
Platt said this was brought about by political pressnre
of the cabinet following the press statsment as
to Presidential influence, and that he would like
to tell Soc. Mellon how deeply he resented this.
May 6, 1921 89, 90
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Discount rates (Cont.)
C.S.H. points out that Miller a year ago voted for increase
of New 'fork rates from 4 to 0, fought against
reducing Bottom from 7 to 0, put up Boston's Gov. Sec.
I
paper rates from 5 to 6%, and now votes for reduction
in Atlanta rate to 6%.
May 26, 1921. 94
V '10
;
--
Federal Reserve Board has conference with Governors and
Federal Reserve Agents
Lasted through the week.
Gov. Harding addressed conference and suggested rate
reductions!
New York, Phila. & Boston to 41%
Cleveland, Chicago etc. to 6%
The borrowing districts to 50
—
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Conference at first was almost unanimous against this
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suggestion, but at the joint ccmfereno• of Pride,
October 28, they all seemed to favor it, or at least,
with the exceptiml
to agree that it would do no harm,
of Gov. Morse and Gov. hicDtAagal who we re emphatically
opposed to the suggested. reductions.
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C.S.H. addressed conference favoring Gov. Hardirg's
proposed schedule.
Miller also favored. it and said that in viewaf the
precipitous decline in wieesbe now was ashamed
for having voted to increase rates to 7% in 1920.
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Federal Reserve Bank of St. Louis
ILIE.,41.aes.s4* al141
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Miller prepared a copy of his remarks, and finally struck
out the last reference to his vote for the 7% rate,
in view of Gov. Sardines remark that his vacillation was
such that he (Governor Harding) had about made up his
mind to resign from th Board. Gov. Harding told C.B.E.
that he was satisfied that Miller's change of views as
to discount rates dated from the day he had to pat up
so imachmaney to save his interest h the Globe Milling
Compaar.
Oct* 35, 3921. 115
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Dr. Miller bitterly attacks Federal Resells Agent Jogs
saying that his statement at the joint conference, that Federal Reserve banks should lust in increasing
discount rates, but follow downy when changes took
place in market rates, -was puerile and sophomoric,
and stamped him as unfit to be Federal Reserve Agent.
122
Dec. 3, 1921.
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Discarnt rates (Coat.)
Dr. Miller moved that it wo,s the sense of the Fedsral
Reserve Board that the discount rates of the Federal
Reserve Bank of New York could, with advantage, be
reduced.
Psychological
His reason was - 1. Too high reserves. 2.
on market rates&
effect of reducticn
a proposition,
C.S.R. said he was not prepared to vote at such
giving to the Federal Reserve Bank of
without first
New York an opportunity to be heard as to conditions
in their district.
C.S.H. moves to amend Miller motion by requesting the Federal
Reserve Bank at New 'fork to report at once upon rate
conditions in the district, giving fUll reasons for
opinion whether or not reduction in the rate was
advisable.
C.S.H. said if the Board adopted Miller's resolution it wculd
have to mains goodand decrease rates; that while the
Board had paver under the Federal Reserve Act to fix
rates of its win volition, it should not exercise
such power except under unusual and extraordinary
conditions, and that he (C.S.11.) wished to know,
before voting, last what the rate conditions we in the
New York district.
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Platt said that later we might have to raise rates again, and
that it would be easier to Ita3rease from 4% than
from 40.
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C.S.H. thought the reduction of 1/2% could with more advantage
be mad.' later.
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C.B.H. asked Miller if business Ass being hampered by the
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C.S.H. believes shin that time canes, thers will be a strong
demand for laver ing rates belay 4% rather than increasing
them above 4.
The Board voted davn amencinent of C.S.H.
Miller's motion was then carried by 4 to 1, Gov. Harding
not voting.
C.S.H. voted No.
Gov. garding w d ILtatallyes terdear were strongly opposed to
Miller's motion, and I do not understand Mitchell's
vote or Governme Hardirgls failure to vote.
56.
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Ger. Harding said Dep. Gov. Case said he would agree to
lower rates if the Federal Reserve banks would
throw 500 millions of Govt. bonds on the market
to keep money off the stock exchange.
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Discount rates (Cont.)
Gov. Harding intimated that if he voted it would be Aye
Sec. Mellon, last evening, dining at Miss Pattens, told
C.S.R. that he saw no reason for lofty trig rates
at the present time.
Nay 23, 1 922.
171, 172, 173.
Feri rep,1 Reserve Bank, N. Y. asks Gov. Harding to give the
reasons of the Board for favoring lower rates.
C.S.H. said their request was reasonable in view of
the resolution of the Board.
Miller became very excited-Rates are out of line (tut did not say how).
Merchants are entitled to laver rates.
Wirg to keep up rates for fear of speculation in
call loan market.
C.S.R. said fear of speculaticn 'vas not his reason for
keeping rates at present level; that business %vas
moving satisfactorily towards better conditions,
and frozen credits were being liquidated, and
that there was no demand for lover rates.
Gov. Harding tells C.S.H. he believes Dr. Miller wants
lower discount rates for per sonal reasons, — that
he had Sought for lower rates ever sine he had
to put up $500,000 for tr.* Globe Milling Co.
May 25, 1922. 174, 175.
C.S.H. motes establishment of a casmodity rate of 30
en leans secured by warehouse receipts covering
readily marketable staples, where the makber banks
have charged customers not corer 8%.
Referred to Federal Reserve banks for comment.
Aug. 7, 1922. 178
See - Commodity rate.
Disstrict of Columbia Bankers Association
C.S.H. attends dinner ef.
April 26, 1921. 86
Dividends
Sec. Mellon asks Attorney General Daugherty whether
Federal Reserve banks can pay, out of surplus,
and Daugherty replies in affirmative.
April 27, 1922. 149
May 1, 1922. 152
See - Daugherty
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
57,
Dollars
Gov. Straits says Groat Britain has depressed sterling
exchange by buying dollars; that it was a bad thing
for a foreign Government to manipulate exchange.
May 3, 1922. 157
Durant loan
Gov. Strong asked Williams if he considered the Directors of
the Federal Reserve Bank if New 'fork responsible
for the Durant loan made, by a member bark at 200,
which had, long ago been paid off and which neither
the director the Federal Reserve Board, nor Williams
over knowof until long after payment, Williams himself
not having known it until 5 months after the
national examiner had filed his report. Williams
gives an evasive answer.
Feb. 28, 1921. 35
• Wt.
•
•
Mir marking of gold
Gov. Strong wants to earmaek gold in the Bank of England
to keep it out of our reserves.
Mar. 29, 1921. 67
last River Watt cmal Bank
McAdoo acted as counsel of the, long befor• the 2 year
limitation had expired.
Feb. 28, 1921. 44
Mibassy building for Japan
See - Shidehara
Izaminatton of national harks
See - Chase Natimal Bank
aa
Rxchange charges
C.S.H. tells Dr. Wilmot that the opposition of the Federal
Reserve Board ti, had angered the Democrats of the
south and southwest.
July 231 1921. 103
5.7
Farm Baran Federation
Off• Harding says, favors his reeppoin talent
Aug. 91 h922.
,
183
58.
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Federal Reserve Bank of St. Louis
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Beg Federal Reserve Board to instruct Federal Reuerve banks
to advise member banks to increase loans;
claim that alleged deflation policy has nearly
ru.ined them.
Nov. 1920. 19, 20.
Gov. Harding and Sec. Houston give out figures to sham that
loans to farmers, since armistice, have greatly
ircreased.
Nov. 1920. 20
sking that Federal Reserve Board
Senate passes resolutiona
pursue a more liberal policy in discou.ntirg paper of
Nov. 1920. 21
tells Gov. Harding that farmers must
President Harding
bear their lessee Net as others.
April 25, 1921. 85
President Harding tells press representatives that the
Federal Reserve Board is to lower rates So help
farmers.
April 26, 1921. 86
New York Times and. Washington Post announce that, by
direction of President Harding, the Federal Reserve
Board is to make a special inquiry as to deflating
industrial values wi thout injury to farmers, and
i
that " t is understood' that the Federal Reserve
Board will take steps in the near future to aid
farmers.
April 27, 1921. 86
Federal Reserve Board considers two bills providing that
franchise tax payments shall be used by Treamiry
to advance funds to cattle raisers.
Federal Reserve Board already has favored an appr opriat ion
by Congress, coal of the binds reserved by Federal
Reserve banks for franchise tax, far loans to cattle
raisers by Federal Reserve banks, Fed. Farm loan
banks or War Finance Corporation.
May 25, 1921. 92
Miller moves that the Federal Reserve Board favor an
amendment to 5ec. 11 Id of Federal Reserve Act making
agricultural or live stock paper eligible for
rediscount if having a maturity of not more than
years.
May 25, 1921. 93
Board voted to postpone action awaiting result of its
suggestion quoted above.
May 25, 1921. 93
Appointment of Hord, as Class C Director, Federal Reserve
Bank of Kansas City will please agricultural bloc.
Dec. 3, 1921. 123
See - Agricultural per
Ccuunodity rate
Cotton factors paper
I
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Federal Reserve Bank of St. Louis
Federal Reserve Agent Morton protests against charter granted
to, of Stu.tgart, Arkansas, by Comptroller of Currency.
Mar. 31, 1 922.
138, 139
See - Crissinger
Federal Advisory Council
Advises sending some one abroad to study banking conditicne.
Warburg made the motion ani evidently had Holston in
mind.
Feb. 1921. 50
Gov. Harding says Dr. Miller and he brought this about.
Mar. 17, 1921. 57
Regular meeting of.
May 16, 1921. 91
Federal. Farm land banks
See =pre- Farmers
Federal Reserve Act
Administrative bill
Gov. Harding ahows C.S.H. a copy of the administraticn
bill amending the:Two year limitation stricken out.
Six awointive members
Ix.
-officio member, - an Assistant Sec. of Treasury
Office of Comptroller of Currency abolished; his
duties to be performed by Federal Reserve Board
through the Government, or such member as
Board shall designate, su.bject to supervision and
control of Board.
Board made absolutely independent of Sec. of Treasury
Board accounts to be audited by a public accountant
and not by auditors of Treasury.
Board authorised to purchase a building fcm• its use.
Mar. 21, 1921.
Amendments
Williams in annual report favors an amendment
authorising disc cunt by Federal Reserve banks,
in emergencies, of per secured by bond
and stock collateral.
Feb. 28, 1921. 43
1kt leaving office Williams cut out of official files
all clorreepondnos relating to this amendnint.
April 4, 1921. 70
11/11a• mores to favor an amendment to Sec. 11 M making
agricultural and live stock paper eligible
if within 3 years maturity.
May 25, 1921. 92, 93.
60.
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Limitation, Two year
Removed wider proposed administra,t ion Lot.
Mar. 21, 1921. 60, 61
McAdoo
to by him,
Glass says, not faithful to draft of, agreed
when he advocated a central bark.
'gar. 17, 1922. 132
of,
Willis denies this, sawing that the first draft
had not then been agreed upon.
Mar. 20, 1922. 133, 134
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see - Perrin
Federal Reserve Agent Rich
See - Rich
Federal Reserve Agent Ramsey, Dallas
see - Ramsey
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Federal Reserve Bank of St. Louis
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Conference, Joint
Oct. 25, 1921. 115
Gold
ed
Dr. Miller wants to deposit with, all gold receiv
Reserve banks, to reduce liability on
by Federal
Federal Reserve notes.
Mar. 29, 1921. 67
r
National bank charte
to
Protest cf Federal Resaive Agent Martin iiLS
r granted to Farmers National Bank,
charte
Stutgart, Arkansas.
Mar. 31, 1922. 138, 139.
ations ct.
Political affili
ccnsidsrs,
C.S.H. tells Dr. Wilmot that Board never
appointments.
Federal Reserve Agents in making
July 22, 1921. 1D2
the 12, are Republican.
Seven it of
113
Oct. 21, 1921.
I (IC
hi
Ramsey, Dallas
See - Same, Pr. heading
Redesignation of. 119, 121, 122
See - Comstock
Salaries
Reductions proposed.
Dec. 3, 1921. 121, 124
See - Comstock
kal.j•1411111111111111.1111.1111111.1ir—
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Gov. Harding asks Platt to intizate to Kettig that
Birmingham Branch may be abolish-id in order to stir
up barkers to bring pressure agairat Sen. Heflin to
make him drop his opposition to reappointment of
Gov. Harding. C.S.R. cpposes
see - Discount rates.
bfi!
Aug. 16, 1922.
187, 188
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Federal Reserve Bank of Boston
Gov. Mores protests against elcmptroller's granting a charter to
Max Mitchell and his associates
May 14, 1921. 91, 92
C.,
2.H. attends group conference.
Sept. 29, 1922. 193
See - (Curtiss, FedIral Resarve Agent
(Discount rates
(Federal Trust Co.
(Morss, Gov.
Federal Re3erve Bank of Chicago
Discount rates
See
McDougal, Gov.
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Federal Reserve Bank of St. Louis
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Increases discount rates to 7% to protect its reserves.
lob. 1921. 32
Williams writes Gov. Van Zandt that the Board wishes to
abolish the.
April 12,1921. 81
National Bank
See - Cleborn
Ramsey
Federal Reserve Bank of Kansas City
See - Comstock
Miller, Gov.
Federal Reserve Bark of New York
See - Bank of Ingland
Building contract
Case, Dep. Goy.
Discount rates
licuston, Sec.
Peabody, George
Strong, Gov.
Williams, John Skelton
Federal Reserve Bank of Richmond
Protests against charter granted by Crissinger to Gonsnercial
National Bank of Wilmington, North Carolina.
May 19, 1922. 169, 170
See
rissinger
Ssay, Gov.
62.
•
Federal Reserve Bank of San Francisco
Los Angeles Branch refused to discount for member banks paper
of Globe Milling Conpanyi because e shrxinken inventories
May 5, 1921. 90
See - Miller, Dr. A. C.
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C.S.H. moves •stablistment of a, rate of 3% when secured
by warehouse receipts covering readily marketable
agr icul tural staples, wham member bank does wt
charge customer more than 6%.
Referred to Federal Reservaf banks for conslderation ani.
comment.
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(All of the Federal Reserve •banks except Atlanta, and
Dallas opposed this.)
Aug. 7, 1922. 178
6
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Federal Reserve banks
Class C Directors
Sec. Mellcn asks Gov. Harding for a list of, whose terms
expire on Dec. 31et, stating their political
affilia ti one.
Oct. 6, 1921. 112
70 of the 108 directors are Republicans and only 35
are Democrats.
Oct. 21, 1921. 113
Report of special committee on.
Dec. 3, 1921. 121
See - Come took
•
Discount rates
See - Same
Dividends
Attorney General rules that, logy be paid out of surplus
April 27, 1922. 149
152
May 1, 1923.
See - Daugherty
Franchise Ultx
Federal Reserve Board recommends to Gilbert &bill under
which Treasury may loan to cattle raisers a
certain proportion of funds held by Federal
Reserve banks as "reserved for franchise tax," to
be turned at moo into Treasury.
May 25, 1221. 93
• Germany
Federal Reserve Board thirics Federal Reserve banks could
legally lean gold to German banks for mark
stabilisation, by selling gold to Reichsbank
or buying bills drawn oy Ger. Govt. against the
Reichabank, or by an arrangement similar to the
Brown Brothers credit.
Nov. 1, 1921. 118
Group conference
C .S.H. at tends,xt Bost ca. Sept. 29, 1922. 193
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See same
Harding, Gov.
Insurance on currency movements
President Harding asks Board to turn over to his
cousin all, taken out in future by Federal Reserve
banks.
Mar. 21, 1921. 60, 61
Mitchell, John R. 99
See Gam
Politics, Federal Reserv• Agents am'. Governors. 113
Reserve., 67
See - Miller
Strang, Gov.
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Federal Reserve Bank of St. Louis
Agricultural paper
Amendments
Bank of England
Chase Natl. Bank
Commodity rate
Comstock
Cilttal factors paper
Crissinger
Daugherty
Delano
Discount rates
Dividends
Fanner s
Federal Reserve Agents
Federal Reserve Bank of Boston
Federal Reserve Bank of New To*
Federal Reserve Bank of Richmond
First National Bank, Boston
•
Franchise tax
Glass, Sen.
Hamlin, C.S.
Harding, Gov.
Harding, President
Hord
Rousted
Insurance
Limitation, two year
Live stook loans
McAdoo
Mellon
Mitchell
Politics
Railroad loans
Ramsey
Regulation A, 1922
IS.
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Russia
Savings accounts; reserves
Strong, Gar.
Tan Zandt
Williams
Willis
Feieral Reserve notes
Dr. Miller wants to deposit all new gold with the Federal
Reserve agents to reduce liability on Federal
Reserve notes.
C.S.I. rather favors this but isle 11 am opposes it.
Mar. 29, 1921. 6?
Federal Reserve system
Arderson says a material part of the 3 or 4 billions of
credits granted to foreign purchasers are being
carried by Federal Reserve erten through rediscounts
of commercial paper and paper secured by Govt.
$ecurities.
Nov. 1920. 20
Federal Trust Company, Boston
Absorbs the Cosmopolitan Trust Company and the Back Bag
National bank, both of Boston, and applies for
membership in Federal Reserve system.
Elects Mahoney, former Chief Natl. bank Izaminer and
clearing boa e examine rs as Pres'dent.
Goy. Mores owe Mahoney had a plan calling for only one
million of capital against 20 millions of deposits,
which he promptly turned down; that finally 11 millions
of extra capital was provided for; that even this left
the ratio somewhat high.
Gov. Mass said the 3 banks were all weak and would probably
fail if something were not dons quickly; that such
failure would be a hard blow to Boston banking already
severely injured by the trust company failures, that
the Bost cn clearing house ccmmittee had carefully
examined an 3 banks, and that Wing and Ripley,. of
the committee had reported to him that the comthittee
unanimously asked the Federal Reserve bank to admit the
Federal Trust Co. to membership; that the clearing
house wculd be responsible for the banks success, and
that he - Gov. Mores - should advise the Bawd to admit
the bank.
196
Sept. 29, 1922.
Files of Federal Reserve Board
President liardingls letters to Crissinger as to Comstock
have disappeared from,
April 10, 1922. 120
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First National Bark, Boston
Wing asks authority of Federal/ Rosary* Board to subscribe
to 15,000 shares of Warburg's foreign acceptaioe
corporatism.
First National's capital and surplus is 33. minims; 10%
of this, - 3.3 millions is all the banks can subscribe
t• under Sec. 25, Federal Reserve Act.
The bank has already subscribed to 1 million of the First
National Corporation and to $625,000 of the French
American Corporation, a total of $1,825,030.
Deducting this from 3.3 minims then, is left available only
$11575,000.
The $15,0030 shares of Warburg's company at par would mnount
to only $1,500,000.
On the snag,
of the transoc ti on, the ref ore, the bank was
entitled to mibscribe.
Mr. Wing's letter did iist, however, reveal that each subscriber
to Warburg's corporation was bount to pay an extra $50
per share, when and if ca1le4, to be carried as surplus.
The real subscription, therefore, was $1,500,000 plus
$750,000 for surplus, -a total of 0,350,000, or
$575,000 more than the limit of its inv..tment power,
$1,675,000.
Logan, oar counsel, said this was not legal, as investment,
urger Sec 25 meant really "subscription."
0.5.11. agreed with this, saying the case was as if there had
been no par value, but was sold at $150 per share,
a certain amount damn, and balance if and when called.
Gov. Harding said bark had to pay down only $100 per share,
and that the balance might never be called; that if
called, in future, then the bank would have t
dispose of sone of its other holdings, or of this stock,
or add to its capital or stoplus.
Governor /larding regarded the $ao liability as contingent, like
the double liability of member barks on Federal Reserve
stock, or the double liability of stockholders of
national banks; or like case of a cerpsraticn giving
acceptances in excess of 10% against actually existing
value and later discounting than, thus making them
OX401114 loans.
C.S.11, did not agree, as in this case, the liability was not
contingent but absolute, the contingency of a call not
being, within fair meaning, a contingency.
The Federal Reserve Beard voted to grant the application.
;.S.H. alone, voted against it.
Crisiinger agreed with C.S.H. Unit the liability was absolute
and not contingent, yet he voted to approve tho
44)1icat ion4
Mar. 26, 1921. 62, 63, 64
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Anderson points out that a material portion of the 3 or 4
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Nov. 1920. 20
See - Anders on
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Federal Reserve Beard votes to &null an, restrictions
between Russia and U.S.
Dditi. 1920. 22
See - Russia
Sir Felix Schuster on stabilisation of.
See- Sckuster.
April 26, 1922.
149, 150, 151
Got. Strong on stabilisation of.
May 3, 1922. 156
Gov. Strong on pegging of.
May 3, 1922. 156, 15'?
May 9, 1922. 161
See- Strong, Gov.
Sterling exclumg•
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Federal Reserve Bank of St. Louis
RAM
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Florida and Georgia H.R. 131
See - Hardirg, Gov.
Williams
•
Soo= hf'Vli
taiLf"Uldil
Fletcher, Sen.
Gov. Harding gave a copy of his letter to, in re Williams
attacks, to Chairman McFadden.
Mar. 10, 1921. 52
Flower, liehry
Writes C.S.E. an oulogistic letter as t• Comstock.
Dec. 3, 1931. 119, 151
Si. - Comstock
o
f:*.nat (i3
First Naticnal Corporaticn, Boston.
Si. supra - First National Bank, Boston
•
Foreign policy
Tiviani is trying pathetically to induce the
administration to join the L. of N. He dined with
President Harding andapparently also had interview
with Sec. Hughes.
14
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Foreign policy. (Cont.)
Apparently, however, he was told. as to the foreign policy
of the &Ministration at a dinner given by
Sen. McCormick, of the Foreign Relations Coma.
at which the "irreconcilable" Senators were present.
At this dinner, if the press is correct, the foreign
policy was laid down and printed, in extern°,
in the press. (See scrap books)
This oust have been humiliating te Sea. Hughes
April 6, 1921. 74
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Vivian' dines with, and some of the "irreconcilable"
Senators at house of Sen. McCormick, where he is told
that the U.S. will never enter the L. of N.
April 6, 1921. 74
Mrs. Corbin says Lodge went to Marion, Olio ard demanded
to be appointed Secretary of State, but President
Harding said it was impossible as it would make
gen. .A,Cumbar chainnan of the.
May 29, 1921. 95
Four power treaY
Baron Shidebara tells C.S.H. that he believes Japan will
ratify the, without any reservations.
Mar. 26, 1922. 136
Trance
.vof, oily"!
ti;
Sen. Keyes intiostes to H.P.H. that Sec. Hughes and Lodge
are not in accord as to foreign policy.
May 1, 1921. 89
Evidently trouble is brewing as to.
Lodge live that after passing the separate peace (Knox)
resolution anew treaty with Germany will be necessary
This will place administration in antagonism with France.
C.S.H. hears Hughes is being dominated by Lodge and Knox.
The peace res oluti on is i nfamoug
May 1, 1 921. 89
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into the L. of I.
Mar. 37, 1921. 65
Secretary of the Treasury, tells C.S.H.
Gilbert, Under
that Sec. Hughes letter to Germany azxl ?rest dent
Harding's attitude towards a separate peace oats for
purpose of "throwing & scare" into 'Prance.
April 10, 1921.
78
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Baron Shidehara tells C.S.H. that he believes Japan will
ratify the, without any reservations.
Mar. 26, 1922. 136
France
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Foreign Relations Committee
Vivian' dines with, and some of ths "irreconcilable"
Senators at house of Sen. McCormick, where lra is told
that the U.S. will never enter the L. of N.
April 6, 1921. 74
Mr.. Corbin says Lodge went to Marion, Ohio and demanded
to be appointed Secretary of State, but President
Harding said it was impossible AS it would make
sea. .d.Cumber chairman of the.
May 29, 1921. 95
1
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Sens Keyes intimates to H.P.H. that Sec. Hughes and Lodge
are not in accord as to foreign policy.
May 1, 1921. 89
Evidently trouble is brewing as to.
Lodge says that after passing the separate pease (Knox)
resolution a new treaty with Germany will be necessary
This will place administration in antagonism with France.
C.S.H. hears Hughes is being dominated by Lodge and Knox.
The peace resolution is infamoue.
May 1, 1 921. 89
trJtorietca
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.lo
Foreign policy. (Cont.)
Apparently, however, he was told as to the foreign policy
of the administration at a dinrar given by
Sen. McCormick, of the Foreign Relations Coma.
at which the "irreconcilable" Senators were present.
At this dinner, if the press is correct, the foreign
policy was laid down and printed, in extern°,
in the press. (3e3 scrap books)
This must have been laminating to Sec. Hu.gheel
April 6, 1921. 74
41101.4:1).
• 31
•
Jftt t * IC;
Baron Margate, says France is opposed to actaitting Germany
into the L. ofi.
Mar. V, 1921. 65
Gilbert, Under Secretary of the Treasury, tells C.S.H.
that Sec. Hughes letter to Germany and President
Harding's attitude towards a separate peace Ails for
purpose of "throwing a scare" into France.
April 10, 1921.
78
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
68.
France (Cont.)
While Sec. Hughes said that Germany must pay all she is
able to pay, C.S.H. believes he really meant that
Great Britain and France were asking her to pay
too much.
April 10, 1921. 78
Sac. Hughes statement that he believed that Germany was
sincerely desirous of dot_ g right in the matter,
C.S.H. believes to be a direct slap at Great
Britain and France.
April 10, 1921.
3.S.H. predicts that, socner of later, the U.S. will
break with Great Britain and France and, to all
/mkt •nts and purposes, will side with Germany.
April 10, 1921. 80
A separate !meaty with Germany will put the administration
in antagonism to.
May 1 1921. 99
Franchise tax
Federal lowirve Board considers two bills providirg that
the &imamate paid to the Treasury for franchise
taxes shall be used to advance funds to cattle
raisers.
The Board had already asked Platt to suggest to Gilbert
to draw a bill providing that a certain perctentage
of funds held by Federal Reserve banks as
*reserved for franchise tax* shall be paid at once
into the Treasury, and that the Sec. of the
Treasury shall use the funds for loans to cattle
raisers through the Federal Reserve banks, the
Federal Farm loan banks or the War Finance Corp orati on.
May 25, 1921. 92
.0
-
Germany
Baron &gat& said there was a strong movement in favor
of admitting, Into L. of N.; that Great Britain
favored it but France opposed it; that the
movement initiated with the smaller nations,
influenced by Germany.
Mar. 27, 1921. 65
••••••••••111.2.1....111.11.•••••••••..---
69.
Germany (Cont.)
Gilbert tells C.S.H. that lea. Hughes note to, and
President Harding's attitude) towards a separate peace
was undoubtedly intended to "throw a scare into
France.* C.S.H. believes Mellon told this to Gilbert.
April 10, 1921. 78
N
4 I&
46.zu tut
Sec. Hughes, in his note to Germany, said that Germany must
pay all she was able to pay, but C.S.H. feels he
really meant to convey the idea that Great Britain
and France were demanding too much.
April 10, 1921. 78
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sec. Hughes also said he believed Germany was sincerely
desircus of doing right, - a direct slap, C.S.H.
believes, at Great Britain and France, - the latter
claiming that Germany was playing false, and fir
this reason being desirous of occupying Germany
territory.
April 1C, 1921. 78
Sen. Keyes tells H.P.H. that he voted for the Kncix Peace
resolution, and supposed it was part of some general plan
but did not know What the plan was.
88, 89.
May 1, 1921
Lodge stated. that after passing the Knox resolution a treaty
with Germany would be necessary.
The peace resolution is infamous.
May 1,1921. 89
C.S.H. dines with ugene Meyer to meet Mr. German, an cf ficial
Nov. 1, 1921. 116
of.
S3 3
Bergman
See also - Hughes
Lodge
Gilbert, Under-Secretary-of the Treasury
Sec. Mellon greatly disturbed to learn that the term of,
expired on &Aar. 4, 1921, his appointment being a
recess appcintment. Mellon asks Houston to
ask Gilbert to remain, if only for a short time and
said he mould ask President Harding to appoint him
at once.
Mar. 5, 1921. 48, 49.
Tells C.S.H. that, undoubtedly, Sec. Hughes note to
Germany and President Harding's attitude towards a
separate peace treaty, was intended to *throw a
scare" into France.
April 10, 1921. 78
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Federal Reserve Bank of St. Louis
70.
Gilbert, Under Sec. of th-a Treasury (Cont.)
Platt suggests to, to draw a bill providing that franchise
tax hinds may be loaned by Sec. of Treasury to
cattle raisers.
Mat 25, 1921. 92, 93.
Tells Gov. Harding that Sec. .dellon again spoke to
President Harding aaking him to appoint him on
Federal Reser", Board, but that President Harding
threw up his hands and said he was too busy with
the coal strike and railroad strike to think of anything else.
Aug. 6, 1922. 177
Tells Gov. Harding that Sec. idellon, last Friday, sent a
letter to Preaident Harding asking for Governor
Harding's reappointment which was almost mandatcry
in the terms.
Aug. 16, 1922. 186
Glass., Senator
C.S.H. strongly urges, to have Delano reappointed on the
Federal Reserve Board.
April 6, 1920. 4
Tells C.S.H that McAdoo, Williamsand Untermeyer, just
before the draft of the Federal Reserve Act was
agreed upon, gave him a draft of a plan for a central
bank, which they strongly favored.
To obtain the necessary gold their plan provided that the
Government should seise all gold in the Treasury
behind the outstanding gold certificates.
Glass said he was 4.tuab founded, as they had all agreed upon
the draft of the 7e13ra1 Reserve Act.
McAdoo said eminent bankers favored the plan and cited
Geo. W. Reynolds of Chicago as one.
Glass wrote Reynolds condemning the plan and asking if
McAdoo quoted him correctly.
Reynolds replied absolutely repudiating the plan, but said
he had to be "diplomatic" with McAdoo as his tank
would have to io business with him T.vhile he .gas
Secretary of the Treasury; in other words, he
admitted that he had made McAdoo believe he
favored the plan when he really was absolutely
opoosed to it.
Later, Glass said, President Wilson spoke to him abcut the
plan and seemed untsh interested in it, quoting
Reynolds in its favor.
Glass told Wilson what Reynolds had written hill, and this
killed the whole matter.
Glass f elt very bitter as to McAdoo, as he said McAdoo
was plsdged to In s draft of tha Federal Reserve Act
as at that time drawn and claimed to be absolutely
in with its principles, whereas his proposed central
bAnk bill, if published, would very likely have caused
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
71.
Glass, Sen. (Cont.)
such opposition, that the Federal Reserve Act itself might
have been destroyed.
Mar. 17, 1922.
131, 132
(During the war McAdoo asked the Federal Reserve Board to
consider aeriously the desirability of enacting
legislation for seisure of the gold behind the
gold certificates.)
H.P. Willis tells C.S.H that McAdoo was not treacherous in
.
advocating a central bank as at that time the bill
had not definitely been agreed upon.
Willis said, however, that McAdoo did his best Oo defeat
Giass for chairman of the Banking and Currency
C
bit without success, and that, one day,
Mc A doo said to Glass, - "well, you have beaten me!"
Mar. 20, 1922.
133, 134
Globe Milling Company. 90, 116, 175
See Adolph C.
Gold
Gov. Strong wants to earmark, with Bank of England to
keep it out of Federal Reserve bark reserves.
Mar. 29, 1921. 67
Members of Board think the Federal Reserve banks could
legally sell gold to Rsichsbank, to furnish hurls
to Germany for buying marks under a stabilization
plan.
Nov. 1, 1921.
118
McAdoo!' central bank plan involved seizure by the Govt.
of all gold. in Treasury bdind the gold certificates.
Mar. 17, 1922.
132
Gov. Strong says that establishment of free gold market is
one way to stabilize foreign exchange.
May 3, 1922. 156
Gov. Strong gives an evasive answer to C.3.H.Is question
whether Great Britain would not establish a
free gold market at once if excused, for a year ar
two, fron paying interest on her debt to U.9.
May 3, 1922. 157
Gov. Strong and Gov. Norman have repeatedly said Great
Britain and U.S. must adhere to the gold standard, to
which, of course, the Federal Reserve Board agrees.
May 3, 1922. 157
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Federal Reserve Bank of St. Louis
72.
Gold (Cont.)
Gov. Strong says foreign exchange could be stabilized if
Great Britain wouldadopt the gold exchange standard,
otherwise known as the "limping Astandard", it that
Great Britain would never adopt it.
May 3, 1922. 156, 157.
•
Gov. Strong says whole qu.es ticn of gold stab ili zaticn depends
on some adjustment of the debt qu.estion.
May 9, 1922. -161
Nbether Great Britain could
C.S.H. asked Gov. Norman
declare a free gold mariost in the near future if
•
interest payments cn bar debt to U.S. were postponed.
Gov. Norman said he thought not.
May 9, 1922. 162
C.S.H. points out to Gov. Strong that the Republican
National platform of 1896 declared for the gold
standard only until an international bi-metallic
conference could be arranged Icy which the party
pledged itself to promote.
164
May 10, 1922.
Gold certificates
See supra - Gold
Gold standard
See supra - Gold
Gold subsidy bill
Sec. Mellon tells Cove Harding that the McFadden gold
subsidy bill is to be madean administration
measure.
Mar. 29, 1921. 66
feud that support of the McFadden gold subsidy
bill by the administration will result in severe
criticism from econazists, as a gift to mina 0WIere
like the old sugar bounty in 1894 and will stamp
the Republican pity as a soft money party. Gold
subsidy was condemned by the British Casa, the
Strauss Treasury Caam. and by the Interior Dept.
Commit tee.
Mar. 29, 1921. 66, 67
Government Beaux.iti es.
Sec. :Million believes that paper secured by, should take
same rate az cog:teetotal paper.
Mar. 29, 1921. 66
Governor, Federal Reserve Board
See - Harding, Gov.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
73.
Governor of Federal Rezerve banks.
Conference
Rate si tuati al discussed.
April 12,
Joint conference with Felaral Res3rve Agents
RatesituaticNn dicussed
Oct. 25, 1921. 115
See - Discount rates
Politics of.
Dr. Wilmot assumes change of actainistration will bring
about @hangea in Governors and Federal Reserve
Agents. C.S.H. corrects
'July 22, 1921. 102
of the 12 Governors are Republican.
Seven oat
Oct. 6, 1921. 113
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Wilson through Manny and.
Mar. 28, 1920. 1
not the physical strength to run vain for
Says-Wilson has
President.
June, 1920. 19
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Favors admission of Gennany into L. of N. 65
Niar. 27, 1921.
statement in letter to Germany, tbat Germany
Sec. Hughes's
was she erely desirous of doing right in the matter
of reparations, wais, C.S.R. believes, a direct slap
at France and.
April 10, 1921. 78
will side
C.S.H. predicts that, sooner or later, the
with Germany and. break with France and.
80
April 10, 1921
Sir Felix Schuster says Gr3at Britain could he brought
about stabilization of sterling ezzhange had it so
desired, as it had ample holdings of U.S. securities
with whic'n to do this, but that British bankers
thought it better to remove all artificial manipulation;
tnat British exchange wo id surely rei.ch par within
a year; that ultimately the one pound note either of
Bank of England or of Great Britain wculd be in universal
use, sustained by a gold reserve, aot 100%, but more like
-3;
out Federal Reserve note: that Great Britain now
permits rede,nption of notes in gold. in small amoants but
if large amounts are presentld careful inquiry is
ins ti tu ted.
April 28, 1922.
149, 150, 151
See - Schuster.
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Federal Reserve Bank of St. Louis
74.
Great Britain (Ceist.)
Gov. Strong points out 3 possible ways for Great Britain
to stabilise foreign exchange.
May 3, 1922.
156, 157
See - Strong, Gov.
Discussion with Gov. Strong and Gov. Norman as to debt situe,tion.
May 10, 1922. 165, 166.
See - Bank of IC/4gland
Norman tells C.S.H. that payment by Great Britain of
Gov.
interest to U.S. would cause bitter feeling among other
Allies.
May 12, 1922. 166
Gov. Norman evidntly believes that Great Britain is in r.o
condition to begin payment of interest.
May 12, 1922. 167
Lori Inchcape tells C.S.He that Great Britain will never AO!
postponements of her inter ist payments to U.S.
May 18, 1922. 169
Gregory
Van zandt ccmplains that Ramsey increased the salary oft a son
of Attorney General Gregory, in the Federal Reserve Bark
Of Dallas, but he said this was after his father had
left office.
April 35, 1922. 148
Guaranty Trust Co.
Williams writes Federal Reserve Board attacking.
Feb. 28, 1921. 35
Sabin, President of, is notorious for profligacy
Miller says
April 5, 1921, 73
Federal Reserve Boadrd that the, was
Gov. Strong told
perfectly solvent; that it had charg4d cif about 10
millions for bad assets; that it had ocnoealed.prefits
of nearly that much; that its capital and surplus would
be intact; that his credit examiner, from extra precaution,
advised the establishment of a new fund of 7 or 8
millions, and an increase ce its capital, but he did not
think the Federal Reserve bank directors would deem it
necessary to advise this.
April 9, 1921. 751 76
Beard votes to send Waliams letter attacking, to Federal Reserve
46
Bank, N.Y. for issnediata reply. Mar. 3, 1921.
Hamlin Anna
Full account of accident and operation.
Aug. 14,1921.
104 to 112
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Federal Reserve Bank of St. Louis
75.
Hamlin, C. S.
ss.-4
See - Bank of Englat
Bergman
Bermuda
Brookings
Calf pasture
Comodity rate
Coartroller
Comstock
Conrad
Coollige
Cotton factors paper
Cri as Inger
Dinners
Discount rates
First National Bank, Boston
Glass, Sen.
Hamlin, Anna
Hamlin, Edward
Hamlin, Frank
George
Hamlin, Hannibal, Ars.
Hamiln, H. P.
Ha-ding, Gov.
Hamlin, Charles S.
Celebrates 61st birthlay.
Aug.
Opera.tI one Prostate gland
First operation,
Final operation
Left hospital
Dr. Chutes bill
Cyst over left eye
Harding, President
Houaton, Sec.
Lamar, .rs.
McAdoo, W. G.
Meta, Baron
Mellon Sec.
Miller, A. C.
Mitchell, J. R.
Platt, 7
43.
Politics
Ramsey
Regulation A, 1922
Russia
Shidehara
Strong, Gov.
Wadsworth, Ast-7t. Sec.
Weeks, 'drs. Solna tor
Williams, J. S.
Willis, H. P.
Wilmot, Dr.
Norman, Gov.
30, 1922.
189
April 17, 1920. 5
iday 6, 1920.
14
June 9, 1920
18
18
Feb. 27, 1921.
59
Mar. 12, 1921.
Take X ray treAment
Mar. 14, 1921.
Cyst under right oar
April 3, 1921.
Fleshy tnaor cn right knee.
May 21, 1921.
Cyst under right arm
July 17, 1g221
59
First report
Votes
See same
Hamlin, Edward
See - Calf pasture
59
70
92
176
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Federal Reserve Bank of St. Louis
76.
Haltlin, Frank
7,.S.H. attend, funeral cf, at Bangor
May 7, 1922.
158, 160.
Hamlin, George
See - Calf pasture
Hamlin, Hannibal, Mrs.
C.S.H. calls on, in Bangor
May 7$ 1922. 160
Huybertie Proyn (Ars. C.q.H.)
3en. Keyes tells
Voted for Knot pea,es resolution and supposed it Ass
plot of some general plan, but does not know
that the plan Ass.
Said Hughes would doubtless do well if left alone,
ad intimated that Lodge and Hughes were not
in accord.
Voted for Colusbian treaty but could not understand
conditicns had changed since Lodge at tacked
it when negotiated by Wilson.
May 1, 1921. 88, 89.
Obtaina a license to run automobile.
June 1921. 98
Starts from Washington by auto
Stops over at Bernardsville for wedding of Cornelift Sage.
Saturdaor, June 11, 1921.
and goes to Delphi, N. Y.
C.S.H. meets her at Kingston, N. Y.
Saila fa: Bermuda with Anna.
Nov. 19, 1921. 118
Sails back from Bermuda
Jan. 31, 1922. 126
Harding, Alice
C.S.H. and H.P.H.
t,tend wedding of, to itir. Pell, at Beverly,Mass.
Sept. 7, 1922. 189
Harting, Govsrnor
Administrative bill. Federal Reserve Act
Sec. Menai gives, a co -y of.
April 14, 1921.
Apri11I6, 1921.
82
83
Attorney General
See infra- Daugherty
Bank of ngland. Central bank conference.
Suggests that Federal Reserve Board, rather than
Gov. Strong be invited to attend.
May 2, 1922. 152
to ref trerces in diaft of
Gov. Strcng, objects
Gov. Han:tingle proposed addresa in N. Y.
May 3, 1922. 155, 156.
rewrites criticised portion.
Gov. Harding
May 3, 1922. 156
77.
Harding, Governcr (Cont.)
Bergman
Talks with, as to stabilization of mark.
Nov. 1, 1921. 118
Birminghaa, Branch
Wants Platt to intimate to Rettig that, may be
discontinued to induce bankers t) pull off
gen. Heflin's opposition. 3.S.H. protests.
187, 188
Boston Transcript
Criticises President Harding for not having reappointed
Gov. Harding. Refers to anger of President
Harding because Federal Reserve Board declined to
appoint a politician for Class C. Director.
(meaning Cans tock). 189
Building plans, Federal Reserve Bank, \I. Y.
18
Discusses.
Carbensadun Colnpany
Sec. Mellon gives, copy of letter from, protesting
against our consulting architect advising banks
to take his tests for vaults.
Feb. 28, 1922. 129
Dept. Gov.
Case,
Tells Board that, agrees to loffr discount rates
provided Federal Reserve banks will throw
500 millions of bonds into mark et to keep money
off New York Stock Exchange.
174
May 25, 19221
Chase National Balk
gee -Wi1liaiis, President Harding
Christian, Sac.
Says, deceived President Herding by te fling him las
had the appointment of Class C directors.
Dec. 3, 1921. 124
Cies C. Directors
Sec. Mental asks, for list or ciao. C directors
whose terms expire in December, with their
political affiliati ons.
Oct. 6, 1921. 112
•
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Federal Reserve Bank of St. Louis
• 10
Columbia University
To give degree of L.L.D. to
May 3, 1922. 1513
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Federal Reserve Bank of St. Louis
78.
Harding, Gov. (Cont.)
Commission as member of Federal Reserve Board.
President Harding signs, of Governor Harding, but
holds it up at last mozent. 186
Commodity rate
Board votes, et earnest suggestion of, to refer draft
of proposed commodity rate to Federal ReAerve banks
for c ons iderati
Aug. 7, 1922. 178
Cosa took. 31, 32, 33, 34, 35, 36, 37, 72, 90, 95, 199
Ccine took, Principle Heading
See
Crissinger, "
Conrad
Refuses to giv 3 Opiaii.es.:as to new company to be formed
by, fat discounting aczeptancea.
Feb. 28, 1922. 128
paper
Cotton factors
Votes against bill making, eligible
Nov. 1920. 22
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Sec. Mellon tells Gov. Harding how, became Comptroller
Mar. 10, 1921. 51
see— Mellon, Pr. heading
Talk with Crissinger as to request of Pres. Harding that
insurence on movement of currency taken out by
Federal Reserve banks, be turned over to his cousin.
Mar. 21, 1921. 60, Ea.
Talks with Crissinger as to Comstock. 31
See — Corns took, Pr. heading
Asks Crissinger to tell Pres. Harding he is sorry he
could not vote for Ccoastock, but is willing to
resign.
Jan. 11, 1922. 125, 126
Pres. Harding tills Gov. Harding to stick to his job.
Jan. 11, 1922.
Lie 126
Confers with Crissinger as to 'Ramsey
April 5, 1922. 141
Believes Pr. Harding wants to make„ Governor of Federal
Reserve Board, and Welliver Comptroller. 179
•
•
•
Crissinger tells C..3.H. that Gov. Harding asked him to
tell President Harding he ‘eas willing to resign.
Aug. 9, 1922. 181, 182.
Crissinger says Gov. Harding is almost pathetic in his
desire to be resppcinted.
Aug. 9, 1922. 181, 182.
.
C S.H. tells Crissinger it would be bad policy and
bad politics not to reappoint.
Aug. 9, 1922. 182
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Federal Reserve Bank of St. Louis
79.
Harding, Gov. (Cont.)
"rissinger (Cont.)
C.S.H. believes President Harding does not intend to
reappoint.
Auc. 9, 1922.
182
Daugherty, Attorney General
Says, asked Mellon what B.rd's opinion the Board wanted
as to ;whether dividends could be paid out of
surplus as he wished to cooperate and give satisfaction.
April 27, 1922. 149
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Discount rates
Says that if any reduction is to be made, it should be
dons -before the Agricultural Conference in Washington
about April 14, 1921, so that Board would not al:near
to be influenced by the conference.
Mar. 29, 1921. 67, 68.
Fears lower, will cause great expansion of loans.
April 4, 1921.
71
Says that if bill limiting *minium discount rates of
Federal Reserve banks to 5% passes, he and a =mbar
of members of Board will reign.
Nov. 1920.
21
Suggests to Sec. Mellon to telephone Alexarrler in N. Y. and
ask his opinion as to reduction of, at Federal
Reserve Bank, New York.
April 4, 1921. 73
Says Boston, excepting Governor Mores, does not want to
reduce, to 6% unless N. Y. does.
April 4, 1921. 72
Says if any reduction is to be maie, it should be done
before Congress convenes so that Board will not appear
to be acting under pressure.
AprIl 4, 1921.
72
Says if, are reduced now, and later a speculative boctn
should result, public 'minion would not permit the
Federal Reserve Board to increase, again.
April 9, 1921. 76, 77.
Votes against Platt's motion to approve a 61% rate in
Boston instead of 7% as moved by C.S.H.
April 12, 1921. 80
Votes for Dr. Miller's taotion to fix, of own volition,
the Boston rate on paper secured by Govtl
securities A 6% (present rate 51%0
Addresses conference of Governors on, recornmercling lower.
• April 12, 1921. 111
gays he will vote to tporove 6% rates if New York dinctors
so vote.
April 26, 1921. 86
Will confer with N. Y. directors tanorrow.
April 26, 1921. 86
80
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Discount rates (Cont.)
Reporti that all of the New York directors except'Palmer
and Peabody opposed any re dye ti ; that Peabody
wanted 8% but should oppose any reduction in view
of Presidential *1 nfluerc e."
April 28, 1921. 87, 88
Addressee's joint conference of Fedral Reserve Agents and
Governors, favoring reduction oftNew York, Phila. & Boston
Cleveland, Chicago, etc.
Borrowing districts
C.S.H. favors Governor Harding's recconendati on.
Oct. 25, 1921. 115
Says itillerls vacillation is so great that he has almost
made up his mind t• resign.
Oct. 25, 1921. 115
Tells C.S.H. he is satisfied that Miller's desire for loser
rates dates from the time he had to rut Ivo cash
to L,hve his interest in the Globe Milling Car,pany.
Cot. 25, 1921. 115
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Did not vote cn Miller's mot'cn that it was the sense of
the Board that New York rates should be reduced, but
intimated that if voting, he snould vote ays•
May 23, 1922.
171, 172, 173.
Gov. Harding was strongly opposed to Miller's motion
- Yesterday and C.S.d. does not understand *4 ho
did not vote against it.
May 23, 1922.
171, 172, 173.
Federal Reserve Bank of New York asks Governor Harding to
give reasons if 3card for above resolution.
May 25, 1922.
174, 175
Says Dep. Gov. Case said he would agree te loser, provided
the Fellrakl Reserve banks throw MO millions of
Government bonds into the market to draw money off
from N. Y. speculative market.
May 25, 1922. 174, 175.
Tells
that ne believes Miller lants loser, for
personal reasons, - that he had Nought for lower
rates ever sins. he had to put up $500,000 to protect
his interests in Globe Milling Co.
May 25, 1922.
174, 175
Earnestly suggests that C.S.H.'s plan for a commodity rate
be referred to Federal Reserve 'dirks for comment and
augges ti ones
Aug. 7, 1922. 178
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81.
Harding, Governor (Cont.)
Election of President Harding
Wash. Times said that Governor Harding had done
everything to promote the, Compatible with his office,
and will be reap ointed.
April 14, 1921. 82
Fed3ral Advisory Council
Says Miller and he induced the, te favor sending Houston
abroad.
Mar. 17, 1921. 56
Federal Reserve Act
Sec. Mellon gives, copy of administrative bill amending.
Mar. 21, 1921. 60, G.
See - Senate bill
Sec. Mellon opposed having an additional member on
Federal Reserve Board, but finally tells
iicFad-ion to let the bill pass as President
Harding said he could not reappoint Gov. Harding
unless the bill passed.
May 24, 1922. 1 73
Feleral Reserve Agents
Gov. Harding tells C.S.H. as to political affiliatiora of
Oct. 21, 1921. 113
Votes against Mill via motion for reconsideration of
vote of Board redesignating all, for the coming
year.
Dec. 3, 1921. 122
Feilral Reserve Bank of Atlanta.
See - Birmingham Branch
Federal Reservl Bank of Dallas.
See - Ramsey
42, 43, 44.
Federal Reserve Bank of N. Y.
See - Building, Federal Reserve Bank of N. Y.
Dis ccun t rates
Strong, Gov.
Federal Reserve directors
s C.S.H. of political affiliations of.
Oct. 21, 1921. 113
First National Bank of Boston. 15
See same - pr. heading.
Gilbert, Under Secretary
Tells, of Sec. Mellon's talk with President Harding
as to appointment of.
Aug. 2, 1922. 177
Globe Milling Co.
See infra- Miller
Gold subsidy bill
Mellon tells, 9dministraton will support the McFadden
Mar. 2q, 1921. 66
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
82.
Harding, Governor (Cont.)
Governor, Federal Relerve Board
Tells C.S.E. he will not accept a reap-oointment unlesa
designated as.
Aug. 16, 1922. 186
.S.
C
Very sympathetic with, in his illness.
April 1920. 8
President
Harding,
Talk with Crissingeras to turning over insurance col currency
shipments to cousin of.
60, 61
Mar. 21, 1921.
Washington Tine s says Gov. Harding lid all he could,
compatibly with his office, for the election of, and
that ho will be reappointed.
April 14, 1921. 82
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April 25, 1921. 85, 86.
Gov. [lard ing writes to, as to Coma took.
Dec. 3, 1921. 12n
Mondell tells Gov. !larding hewill ask Daugherty to tell,
to keep nis hands off Federal Reserve Board
apoo intments.
Dec. 6, 1921. 124
Says Christian deceived, as to right to appoint Class C
' directors.
Doc. 3, 1921. 124
Criesinger tc tell, he is willing to resign
Gov. Harding asks
tter.
because of Come took
Jan. 11, 1922. 125, 126
Gov. Harding to dine at White House with.
153
May 3, 1922.
can not reappoint Gov. Harding unless an
Tells Mellon he
extra umber is added to Federal Reserve Board.
May 24, 1922. 173
says, notwithstanding his letter of Dec. 9, 1921, is
Mitchell
very angry with Federal Reserve Board as to Comstock.
Aug. 8, 1922. 179
thinks, will yield and will send in Gov. Harding's
ititchell
name t *lay.
Aug. 8, 1922. 179
Crissinger says Gov. Harding asked him to tell, he is
willing to resign and that, sent word to stick to
his job.
Aug. 9, 1922. 181, 182
Cos .H. tells Crissingsr it is very poor politics for, not
to reappoint Gov. Harding.
Aug. 9, 1922. 182
C .S. H. believes, does not intend to reappoint Gov. Harding.
Aug. 9, 1922. 182
Sends for Gov. H. and has a talk pith him.
Oct. 4, 1922. 196
See infra-. Reappointment
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Federal Reserve Bank of St. Louis
83.
Harding, Gov. (Cont.)
Harvard University
C.S.H. writes Lave11 favoring degree of LL.D. for.
April 20, 1922. 146
Heflin, Sen.
Accuses Gov. Harding of speculating in cottcn.
Gov. Harding denies charge in letter to Sen. McLean.
Aug. 7, 1922. 178
sea - Infra,Reappointment
Hoover, sec.
Gov. Harding says, knows little of conditions in U.S.
July 8, 1921. 99
Houston, Sec.
Gov. Harding talks with Sec. Mellon as to sending, abroad
Mar. 7, 1921. 99
Mar, 10, 1921.
Mar. 17, 1921. 54, 55.
See - Houston, Pr. heading
Mellon "
Says Houston would not care to go abroad surely to wcamine
foreign branches of banks which are not nat tonal
banks.
Mar. 17, 1921. 55
Says he and Miller got the Fedral Advisory Council to
'
pass resolution favoring sending sone ore abroad.
Mar. 17, 1921.
56'
Insurance
See
ra.• Harding, President
Rettig
See supra- Birmingham branch
Columbia University to give, to
May 3, 1922. 153
C.S.H. writes Lowell favoring an LL.D. from Harvard
• April 20, 1922. 146
Lowell, A. L.
C.S.H. writes, favoring LL.D. from Harvard
April 20, 1922. 146
McAdoo, w. G.
gvv. Harding eaals on, in New York
Said to McAdoo:The quartet- Heflin, Watson, SimIncnr,
and Williams,
who are attacking the
Federal Reserve Board, :ailing the members
criminals and crook., -are ;Dor friends
anti supporters. They claim the Republican
Administration is responsible for the
continuance in office of the Board.
The Republicans are restive under the attacks.
84.
.nattrolf
Harding, Gov. (Cont.)
McAdoo, W. G. (Cont.)
Governor Harding said to McAdoo (Cont.)
They may be Ros.ded into removing all Democrats
from th3 Board and using it az a political
That the Republican,s, on inquiry, found
machine
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that the re ware 70 Republican /.1 /recto is and only
38 Democratic directors; that 7 out of the 12
Federal Reserve Agents and Governors were Republican.
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but there is grave danger of their taking it up
again.
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a political machine it would have teemendove power
and could absolutely prevent McAdoo's nomination
for President.
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That McAdools strong cord for the ncminati en was
that be bad created. the Federal Reserve 3y s tam and
had kept it. out of politics, etc. etc.
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and said he would send for Williams and. tell him
his attacks on the Board. .Nere injuring him and
must be s topped.
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and, he t•rplied, most unfair; that ylien Williams
got started,he never could stop, etc. etc.
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McAdoo spoke very highly of C.S.H.
Gov. Harding urged C.S.H. to -All on McAdoo and
point cut the danger of Republican political
control of the Federal Reserve system.
Oct. 21, 1921. 113, 114.
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Gov. Harding told McAdoo he himself made the motion
to increase Gov. Strong's salary to $501000, which Williams particularly objected to, •- and tba
the Board felt obliged to make this fact public, lb
and that Williams, himself, voted far it.
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letters, which C.S.H. feels he ought not to
have done. Mar. 10, 1921. 52, 53.
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Aug. 7, 1922. 178
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Say a failure to reappoint Gov. Harding wculd be a
damned outrage.
L3c;
Aug. 16,1922. 183
Mellon, Ailsa
Tells Margaret Harding that her father, - Sec. Mellon,
is very angry with Prezident Harding for hie
failure to reappoint Gov. Harding.
Aug. 7, 1922. 177
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Talks with Gov. 1:larding as to sending Hcuston abroad.
Mar. 7, 192.. 49, 51, 54, 55
Tells Gov. Harding how Crissirger became Carrptroller.
Mar. 10, 1921. 51
Tells Gov. Harding that the administration will push the
McFadden gold subsidy bill.
Mar. 29, 1921. 66
Talks with Gov. Harding as to the administrat ion bill
to amen - the Federal Reserve Lot:Says off ice of Comptroller should be abolished.
ea°. of Treasury shculd remain chairman of Board.
April 14, 1921..
82, 83.
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McFadden (cont.)
Mellon tells Gov. Harding that the administrati
support th3 McFadden gold subsidy bill.
Mar. 21, 1921. 66
Gov. Harding says Mellon told McFadden to let the
bill, - adding a 6th member to the Federal Reserve
Board, -to pass a President Harding said, if not
passed he could not reappoint Gov. Harding.
May 24, 1922. 173
Malan, sen.
Gov. Harding, in letter to, denies Heflin charge of
c,
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Asks Gov. Harding for list of Class C directors whose
terms eroire, in Dscember, with their politics.
Oct. 6, 1921. 112
Gives Gov. Hardirg the protest of the carborundum Colipany,
in which he ii interested.
Feb. 28, 1922. 129
Tells Gov. Harding he asked McFadden to let the bill
creating a 6th member of Federarlieserve Board,
beccme lea, as otherwise Pre?ident Harding said. he
could not reappoint Gov.
rding.
lay 24, 1922. 173
Gov. Harding tells Mellon he should pref3r not to be
reappointed.
May 24. 1922. 173
,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
86.
Harding, Governor (Cont.)
Mellon, Secretary (Cont.)
Governor Harding calls to say good-bye to.
Aug. 9, 1922. 184
Mellon tells Gov. Harding that Mrs. Edward McLean told
President Harding it wculd b• political folly not
to peappcint.
Sept. 15, 1922.
190
Gcv. Harding tells Mellon not to hesitate to withdraw
his name if, at any time, he demi it advisable,
at Mellon says he will not withdraw it.
Sept. 15, 1922. 190
Mellontells Govaarding he is confident he will be criven
a recess appointment after Congress adjourns, in about 2 weeks.
Sept. 15, 1922. 190
Miller, Dr. A. C.
Gov. Harding says, dnd ha got -she Federal Advisory Council
to pass resolntion favoring sending Houston abroad.
Mar. 17, 1921. 56
Gov. Harding talks with men interested in Globe Milling Co.
arxi believes the Federal Reserve Branch at Los Angeles
did right in refusing to tie!' its paper, altho
Miller urged Board to overrul• this.
May 1921. 90
Gov. Harding said Miller had to put up $100,000 to protect
his wife'. interest in the Globe Milling Co. and
believes Miller is dominated by self-interest.
May 6, 1921. 90
Gov. Harding tells Miller that his vacillation on discount
rate matters was such that he - Gov. Harding, - had
almost made up his mind to resign.
Pct. 25, 1921. 115
Gov. Harding says Miller nowfavors low discuunt rates and
began to do so just after he had to put up money
for the Globe i1tlling Co.
r),It. 25, 1921. 115
Gov. Harding votes against Miller's moti al to reconsider
the redesignation of all Federal Reserve Agents for
next year.
No. 3, 1921. 122
Gov. Hardim says he belies, wants low rates for personal
reasons; that he had fought for lower rates ever
since he had to put up $500,000 for Globe Milling Co.
May 25, 1922. 174, 175
Mitchell, John R.
Pre4i dent Harding consults Gov. Harding as to al:point:ant of,
on Federal Reserve Board.
April 25, 1921. 85, 86.
87.
Harding, Gov. (Cont.)
Mitchell, John R. (Cont.)
Gov. Harding says appointment of, Mts hold up by U-clham,
Treasurer of Rep. Natl. Comm.
July 8, 1921. 99
Says Prestient Harding notwithstanding his letter of
Dec. 9, 1921, is very angry with Gov. HarJ ing
and the Board as to Comstock.
Aug. 8, 1922. 179
Thinks however, Pres. Harding will yield and appoint
Governor Ha..ding.
,
Aug. 8, 1922. 179
Mendell, C ong.
Tells Gov. Harding he will ask Daugherty tc tell
Pres. Harding to keep his hands off Federal Reserve
Board appc intments.
Dec. 6, 1922. 124
IloatroD vsostvbi Lsb.t e.
ibalcura tiolsuali anilines 3
National gxchange bank
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but will await decision of
Aug. 16, 1922. 186
Owen, Sen.
Says will vote against con!imat icn of, but if mains ted
he will be ccnfirmed. 191
Platt, Edmond
Res supra- Bimaingham Branch
P°it tics
Washington Times says Gov. Harding did ev)rything he
could, compatiblewith his office, to bring about
the election of Pres .. Harding, and that he will
be reappointed.
April 14, 1921. 82
Mellon asks, for a list of Class C Directors alai as to
their politics.
Oct. 6, 1921. 112
Gov.Harding says that 70 of the Federal Reserve bank
directors are Republicans and only 38 are democrats;
that 7 out of the 12 Federal Reserve Agents and
Governors are Republicans.
Oct. 21, 1921. 113
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Gov. Harding confers with Crissinger as to.
April 5, 1922. 141
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Federal Reserve Bank of St. Louis
88,
Harding, Goy. (Cont.)
Ramsey, Federal Reserve Agent, Dallas (Cont.)
AppoInted on Committee to investigate.
143
April 5, 1922.
resit.
Tells Gov. Harding he intends to
April 13, 1922.
144 to 148
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Wash. Times says, used every effort, consistent
with his office, to secure ftlecti.on of President
Harding, snd that he will be reappointed.
April 14, 1921. 82
Says Cabinet is knocking him hard: that leeks is
his only friend.
July 8, 1921. 99
Mellon he would prefer not to be
Tells Sec.
reappointed. C.S.R. told him this was not fair
to those who were working for him.
173
May 24, 1922.
Mellon, just after passage of Act providing
Sec.
for an additional member of the Board, - June 3,
22, - tells, that his reappointmont is settled.
Aug. 7, 1922. 176
Sen. McLean tells, that his nage and that of the
additional members should be sent in together
and he would see that they were acted on
together and would hold up the new name until
both were settled.
176
Aug. 1922.
tee has .been decided
Sec. Mellon tells, the new appoin
upon and that b 0th names would go in soon.
Aug. 1922. 176
g
nee. Mellon gives cut an impersonal statement ststin
, and tells, that
that, would be reappoimed
his name will surely be made this week.
Aug. 1922. 176,177
Sen. Heflin attacks.
Aug. 1922. 176
Gilbert says Mellon spoke to Pr3. Harding, but he
threw up his hands and said he was so engrossed
with the coal and railroad strike that he
could not think of anything else.
177
Aug. 122
Ailsa, tells Margaret Harding
Sec. Mellonts daughter,
that her father is very angry with Pres. Harding
fcr not reappointing Gov, Harding.
Aug. 1922. 177
that
Sec. Mellon tells Gov. Harding the same and added
would believe he had little influence
the public
with Pres. Harding.
Aug. 1922. 177
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Harding, Gov. (Cont.)
Reappointment. (Cont.)
C.S.H. believes Pres. Tiardirg regards the appointments
as Ovals" and wants to appoint a Republican in
order to capture th. Board and make it a political
machine.
Aug. 7, 1922. 177
believ3s Prat. Harding does not quite dare to
do this,l but will allow Gov. Harding's term to
expire, watohing Sen. Heflin's at tacks in hopes
something may turn up to relieve him of the
nelessity of reappointing Gov. Harding.
•
Aug. 7, 1922. 177
The President's weaknesi is really shocking,
considering that the press is almost unanimcu.s for
Gov. Harding.
kig. 7, 1722. 177
sen. Heflin 04011368 of speculating. in cotton; Gov.
Harding writes 56n. McLean in denial.
Aug. 7, 1922. 178
Sec. Mellon goes to Pr3s. Harding and urges
reappointment of.
Aug. 7, 1922. 178
Sec. Mellon saw the Presidea t, who said that while
he would not ccmmit himself, he thought he would
reappoint Gov. H.
Aug. 9, 1922. 179
Adams and Upham, Chairman and Treasurer of Rep. Natl.
Caznittee see Pres. Harding and strongly urge
reappointment of.
Aug. 8, 1922. 179
Mitchell says, notwithstanding his letter of Dec. 9,
1921, is very angry with, and the Board as to
the Canstock matter, but he belleivis he will
yield and send in Gov. Harding's name today.
Aug. 8, 1922. 179
Gov. Harding believes the President wants to make
Crissinger, Governor, end to appoint Welliver as
Comptrdler of Currercy. Aug. 8, 1922. 179
Sec. Mall on tells, that President Harding has
°surrendered% and that his only doubt is as to
his confirmation. Aug. 8, 1922. 180
et3. Mellon ,tells, that Sen. Underwood should see
.
the President; that his name would be sent in
tomorrow if Underwoodls interview vas satisfactory.
Aug. 8, 1932 . 180
CETI that it is pathetic to see
Crissinger tells
Gov. Harding's desire for reftpointment, especially
In view of the fact that Salle time ago Gov. H.
asked him to tell President Harding that he was
willing to resign.
Aug. 9, 1922. 181
C.S.H. tells Criasinger it would be a.great error not
to reappoint Gov. Harding; that the lcuntry %valid
interpret it as a blow at the Federal Reserve
system and as an expression of confid.enc a in
Williams and Heflin; that Gov. Harding had made
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
90.
Harding, Gov. (Cont.)
Reappointment. (Conte)
a splendid record; that failure to real:point him would
injure Lodge in his senatorial fight; that there wou.ld
be a strong movement in the Democratic Party to come
out for an "easy credit" poliny, and that failure to
rsappoint Gov. Harding would be cited as proof that
President Harding favored "easy credits."
Aug. 9, 1922. 182
C.S.H. believes Pres. Harding does not want to reappoint
Gov. Harding. Aug. 9, 1922. 183
C.S.H. believes Crissinger was "sounding" him for the
President.
Aug. 9, 1922. 183
Gov. Harding tells C.S.H.!
`3sw Sen.Underwood last night.
Ile 17 pessimistic as to conf irrnat ion.
Says Heflin can hold up c onf Ism ti on until Mar. 4
next if he can Fret 15 Democrats to help.
Fails that Senatorial courtesy is involved.
Said he had told Heflin he should vote for Gas. Harding
but that he had to live with Heflin, which made
it hard tc fight him.
He told Underwood the 1
1%.‘rm Bureau "rederati cn favored
him, - which made Underwood less despondent.
Gov. Harding also told Underwood that the bill
providing for an extra member was passed under
a "gentlemen's agreement" that he should be
reappointed, and tha t,f or this reason Underwood
should insist that both names should stand or
fall together.
Underwood felt better about it and laid he would see
Pres. Harding at once.
Aug. 9, 1922. 183, 184.
Gov. Hardt rg goes to Sec. Mellon and sax! his desk
12 cleared and he should go to N.Y. tonight, his
term expiring at midnight. Aug. 9, 1932. 184
Sec. Mellon tells Gov. H. he is utterly at a loss to
understand why Pres. Harding had not sent his
name in today.
Aug. 4, 1922. 184
Gov. Harding tells Sec. Mellon that if Pres. Harding
sends his name in and conf Lima tion should be
held nr, he, after 3 or 4 weeks, would ask
Pres. Harding to withdraw it.
Aug. 9, 1922. 184
Sec. Mellal said this was a good suggestion and he
would carimuniat te it to Pres. Harding.
A')g. 9, 1922. 184
C.S.H. feels Gov. Harding erred in stating as above,
for Pres. Harding amid send in his na!ne and
easily arrange to have it held up for 3 or 4 weeks.
Aug. 9, 1922. 185
men. Underwood sees Pres. Harding and urges reappointment; saying it would surely be confirmed.
Aug. 10, 1922. 185
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Reappointment (Cont.)
Sen. McLean told Platt that the failure to reappoint,
Was a "damned al trees."
Aug. 10, 1933. 185
Wash. Post says Pres. Harding is so busy -mi. th railroad
strike that he will make no appointment for
several weeks.
Aug. U, 1922. 185
Free. Harding writes Carmi Thompson who urged Gov. Harding's
reappointment, that he fully spprecitted Gov.
Harding's strong indorsemsnts, but that there were
two sides to the qvestion, and. he would give trie
matter careful con ideraticn.
,
Aug. 16, 1922. 185, 186
Boston Transcript severely criticizes Pres. Harding for
not reappointing, and makes an indirect reference
to the Comstock case.
Aug. 25, 1922. 189 '
Mellon tells Gov. Harding he is confident he will be
given a recess appointment after Congress adjourns, in two weeks.
Sept. 15, 1922. 190
Tells Mellon not to hesitate to withdraw his name, but
Mellon saws he will not withdraw it.
Sept. 15, 1922.. 190
Mrs. Idward McLean tells Pres. Hardt rg t would be political
folly not to reappoint.
Sept. 15, 1922. 190
Sen. Omen says he will work and vote againet confirmation
of, but if nominated he will undcubtedly be
continued.
Sept. 20, 1923. 191
Pres. Harding serds for Gov. Harding -rid says that at
first he had no intention of reappointing him;
that later the preoeure for his reappointment
was very strong; that Sec Mellon and Sen. Reed
(Pa..) were 150 for him; that he feared that
failure to reappoint him would be coons trued as
approval of Williams and Heflin's attacks; that
he mas told that reappointment would take the
Federal Reserve Board out of politics but he
feels it would plunge it into politics; that he
would take the matter up after the alto ti ons.
Pres. Harding gave no assurance that he would reappoint him.
Oi.t. 4, 1922. 195
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See infra - Williams
Regulation A, 1922. Bankers Accntances.
Asks opinion of Wing as to. Mar. 29, 1922. 135
Republican Natl. Ccezzittee Upham and Adams
See tors - Reappointment
92.
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Republican Natl. CO1Pried Treasurer
Gov. Harding says Upham, held up Mitchell's app cintment
July 8, 1921. 99
See - Mitchell
Resignation
Tells Senate Cownittee that he and several members of the
Board sill resirn if the bill limiting Federal
Reserve discount rates to a raaxinnim of 5% becomes law.
Nov. 1920. 21
Tells Minir he is so vacillating as to disccu.nt rates
that he is tempted to rev ign.
25, 1921. 115
Tells Miller he will be glad to resign.
July 8, 1921. 99
Asks Cri3Einger to say to Pres. Harding that he will
resign - because of the Coma took matter, - if he
desires it. Criss Inger does this but Pres. Harding
says to stick to hie job.
Jan. 11, 1922. 125, 126.
Crissinger said, before speaking to the Preivident, that
he thought it would relieve the President if Harding
should resign.
Jan . 11, 1922. 125
Crisainger tells C.S.H. of &bye incident.
Aug. 9, 1922. 181, 192
Tells Mellon, that if appointed and not confirmed within
2 or 3 weeks, he will ask that hit: nomination be
withdrawn.
Aug. 9, 1922. 184
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Suggests that Bank of England shouldinvite Federal Reserve
Rot rd,rather than Gov. strong alone, to the central
bank conference.
May 2, 1922. 152
Gov. Strong objects to refarsices to Bank of England
confererce in draft at address of Gov. Harding.
May 3, 1922. 155, 156
Gas. Harding rewritel the passages criticised..
May 3, 1922. 156
Term? Ecoiration of
Aug. 9, 1922 at milnight.
Aug 9, 1922
. 176
Thompson, Carmi
See su-pra- Reappointment
Underwood, Sen.
See supra- Reappointment
Upham
See swra Mitchell
Reappoinnent
War Finance Corporation
Opposes revival of. Nov. 1920. 20
Wash. Ties
Says Gov. H. did all in his pow-3; consietently,
,
with his office, to bring
cut el3cticn of Pres.
Harding, and that he will be reappointed.
April 14, 1921. 82
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
93.
Harding, Gov. (Cont.)
Weeks, Sen.
t.
Says Weeks is his only frierxi. in cabine
July 8, 1921. 99
with the Board
Tells Gov. larding he sides with hini and
in the Comstock ma': ter.
Dec. 6, 1921. 124
Wellivsr
wants to
Gov. Harding says he believes the President
Comptroller of the Currency.
*point, as
179
Aug. 8, 1922.
w ill Jams , John Sisal ton
.
Attacks Gov. H. and discount policies of Board
Feb. 1921. 28, 29, 30, 31, 33, 35
Hov. Harding replies
28$ 29, 30, 31, 33$ 35
ams
ng asks C.S.H. to express his views cn Willl
Gov. pardi
at 'Jack.
Feb. 28, 1921.
38
ic
Refuses to give Williams a copy of the stenograph
he may inspect
minutes of last two meetings but save
them.
Mar. 3, 1921. 46, 47.
7
Gives McFadden a co - of one of Williams lettsra.
Mar. 10, 1921. 52, 53.
king
Says that Williams nhowed Gov. Seay his letters attac
the Board.
April 12, 1921. 81
and Miller
Says that Williams wrote Gov. Van Zandt, Norris
1q2l.
April 12,
t
that Williams wrote Van Zandt that the Board wishe
says
to abolish the Dallas Bark.
April 12, 1921.
Tells Board of two actions of Wil1iams:1.
Williams remained Treasurer of the Red Cross
for some time after ceasing to be Comptroller.
As Treasu.rerof the Red Cross, although it had
for some time been trying to comentrate
its deposits, be made a deposit of $250,000
s
with the Rilhmend Trust Co. of which he
,- an amount equal to
chairman of the Board
,
1/4 of all the cieroosits of ths Prix t Po., an oral agreement, - between
and entered into
himself for the Red Cross and his brother, as
President of the Trust Co., - that the deposit
should not be drawn upon for a f ixed time
and then only in certain sisal amounts each
month.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
94.
Harding, Gov. (Cont.)
Williams, John Skelton (Cont.'
Gov. Harding also said•Eliot Wadsworth, who succeeded Williams, carrying
cut the policy of concentratirg deposits,
began to draw down this deposit, but was
shown the agreement arxi considers the Pad
Cross bound by it.
Williams had made certain attocks on the Red Cross
and C.S.E. believes it did not dare to draw
down the account, but bcught peace in this
way.
Feb. 28, 1922. 130
2.
Williams spoke in Augusta, George, last June or
thereabouts.
He became vary angry with the National Exchange Bank,
for lack at attention to hi.n while in Augusta.
He, as Receiver of the Florida and Georgia Railroad
had been keeping deposits in the Nations,' Exchange
Banks
The Merchants State Bank paid him marked et tention
while in Augusta, which flattered him.
He drew out his deposits from the National Exchange Bank
and out them in the Merchants State Bank, which
was not a member of the Federal Reserve system.
The Merchants State Bank shortly after became
irsolvent and these deposits were held up and
possible loss as involved.
Mar. 8, 1922.
131
Gov. Harding says he is forced to the corclusi on from
the above, and other thlng, that Williams is a
crooki
Mar. 9, 1922. 131
Pres. Harding tells Gov. H. he fears failure to
reappoint him will be construed as ar. indorsement
of Williams' attacks.
Oct. 4, 1922. 196
Wing.
Discusses petition of, for leave to invest in stock of
Warburg's Internat torsi Ac -ep tance Corporation,
by First National Bank, Boston.
Mar. 26, 1921.
62, 63, 64.
Asks opinion of Wing as to Regulation A, 1922.
Mar. 29, 1922. 135
Harding, Margaret
Ailsa Mellon tails, her father, Sec. Mellon, is very angry with
President Harding for not reppointing Go'. Harding.
Aug. 7, 1922. 177
95.
Harding, President
Aldridge
Auucints, Collector of Customs, N. Y.
Pure politics
An original Hardirg man.
Defeated for Congress in 1910 by Havens.
April 21, 1921. 84
gee infra-. Mellon
Newton
Bank of 'England
Central Bank oonfereme
Dens not want any msmber of Board to attend, as they are
officers of the TJ• . Prefers a Committee of 3.
May 2, 1922. 152, 153
Gov. Harding is to dine with President. Her ding this evening
and he may tell him his views as to.
May 3, 1922. 153
Gov. Strong says, has told the press he is much interested
in the matter and that presumably he ha some plan,
and that Governor Harding's references to the matter
-nn-trued
in his draft of address in N. Y. would be e..
as a slap at the President.
May 3, 1922. 154
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Gov. Harding
that even if,as suggetited by
to the President his remarks and obtain
should read
his consent, the President nevertheless would. be
mad if the critics should say that Gov. H. gas
hitting at him.
May 3, 19. 155, 156.
C.S.H. said Gov. H. shculd not refer to the natter unless
Pres. Harding consented, as a hostile critic might
say he was attacking both Goy. Strong and Pres.
Harding; that it savored strongly of the warning of
the Board not to overinvest in British 3.7cchequer
notes in 1916, and of the sound robin of the
irreconcilable Senators on the Versailles Treaty.
May 3, 1922. 156
Gov. Strong says he is sure, Azill not approve of his
attending the conference, and that in any event
he wculdnot go unless, instructed him billy as to
his attit icie as to possible postponement re interest
,
payments, and as to calling an Inter-Monetary
May 101 1922. 164
Coifference.
vimis x.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Boston Transcript et tacks, for not reappointing Gov. Harding. Says reason
is that Bard refuse to appoint a politician
(Meaning C.:on:stock) at requeFtt of.
Aug.25, 1922. 289
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
96.
HardIne, President (Cont.)
Bureau of Engraving and Printing
See i nfra- Senate r s()hut icn
Walsworth
Wilmeth
Campaign fund
,.
Mrs. Corbin sell nt!_g business" raised a fNind for
nomination of, of $150,000.
June 1, 1921. 97
Priest
Catholic
Pres. Harding causes much ocnnent by giving a place in
tho Consular Service to a, living in Marion, Ohio.
53
Mar. 10, 1921.
Christian, Sec.
Cali to have deceived, by telling him he could appoint
Claes C Directors under Federal Reserve Act.
Dec. 3, 1921. 124
Civil Service
Wadsworth ..aid, gotaround the, in removing Wilmeth,
by abolishing the office.
April 2, 1922. 140
Wilmeth by, is a terrible
C.S.H. feels remove..1
,
blow at, reform principles and at the Civil
Service law.
April 2, 1922. 141
litenate resolution asking whether, had removed any
army or navy veterans marked "good" in the
Bureau of lingraving and Printing, referred to
Covaittee en Civil Service, - a virtual killing
of the rescInti on.
Lodge voted to refer in order to Shield., in siolaticr, of
the Civil Service law.
April 14, 1922. 145
Commission
Gov. H. says Pres. Harding had signed his commission
but at last lament held it back.
Aug. 16, 1922. 186
Comstock
Desired to be appointed Class C Director of Federal
Reserve Bank cr Kansas City, and also Federal
Reserve Agent in place of Ramsay whose term
ices not evpire until Dn. 31, 1922.
Did not come near the Board, until very much later,
but went direct to r3s. Harding and asked
appointment as an original Harding man.
Dec. 3, 1921. 119, 120
tr.
Harding, President (Conte)
Told Swinney he lid not give s down for the Ferier
al Reserve
Board bit would gat the office from Pres. Hardi
ng.
Dec. 3, 1921. 120
Pres. Harding wrote Crissinger to arrange for
his appoIntment.
120
N
Pres. Harding etidently assumed that this office
was part of
the spoils which he could distribute as he saw fit.
120
-
Gov. H. wrote a very courteous but courageous lette
r to Sec.
Mellon asking him to show it to the President, point
ing
out that Class CDirectors and Federal Reserve
Agents
were appointed by the 'Board; tnat there were already
5 directors fr cm Kansas City and to add another
would
be unfair to the District; that, further, inves
tigation
had shown that Coasto* vais not fit for either posit
ion;
that the Federal Rererve Baird never considered
politics in connection with any appointment.
(Quoted from memory bit am sure this is corre
ct.)
Sec. Mellon showed this to Pres. Harding.
Ded. 3, 1921. 120
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Pres. Harding then wrote another letter to Crissinger
insisting that the Board appoint Comstock to both
posit ions, although this would necessitate the
r emoval
of Ramsay, who, al though not eminent as iredera1
Reserve Agent, yet was well up to the amera
p•
Dec. 3, 1921. 120
C.S.H. personally saw snd read these two letters on
the
official files of the Board, Later, on April 10,
1922, C.S.B. sent for the files and found that these
two letters had disappeared, and no one knew where
they had gone!
Dec. 3, 1921. 120
.
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as to Comstock,
that Pres. Harding had been deceived and that,
if
necessary, ha would back up the Board.
Dec. 6, 1921. 124, V5.
The Srecial Committee, Platt, Mitchell and Criss
inger finally
recommended Mr. Hord of Nebraska, who was later
appointed by the Board.
Dec. 3, 1921. 123
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Pres. Harding
and C.S.H. believes he will be furious. To have
appointed Couto* would have dragged the Board into
,
the mire of cheap, gutter politics.
Dec. 3, 1921. 123
98.
Harling, Presidentv(Cont•)
Comstock (Cont.)
Pres. Harding, howivar, may well hesitate in his
wrath as the appointment of Hard was indorsed by
the two leading Ctnaha papers, Democratic Imd
Republican, by the whole Nebraska delegation, who
originally suggested another roan, and by the
)
leading bankers of the District as well as by the
Mr. Hord hb..ppens also to be a
agricultural bloc.
Re:publican.
Dec. 3, 1921. 123
have
If Pres. Harding had prevailed, his appointee would
distinetion was that
been a politician whose chief
11.- was an original Harding man.
Dec. 3, 1921. 123
Gov. Harding said i t was rumored theit• Sec. Christian
had decilyed, into believing that he had the right
to make these appointments.
Dec. 3, 1921. 124
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Ccmatock and adding that the Board had been
consistent in keeping the Federal Reserve System out
of politics; On Dec. 9, Pres. Harding grote Mitchell
that he appreciaed the desire of the Board to keep
politics cut o the system.
Dec. 9, 1921. 125
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Mitchell tells the Board, on the authority of son.
Kellogg of Minn. that this letter was written in
a spirit of sarcasm and that the Pres. was very
angry with Gov. H. and the Board.
Dee. 21, 1921. 125
Gov. Harding asks Crisetnger to tell Pres. Harding he
was sorry he could not vote for Cans took but
rding desired.
was willing to resign if Pres.
Jan. 11, 1922. 125
Swinney tells C.S.H. that Comstock was utterly unfit
for either position, that not a single bank or
banker in Fsnsas City *mild conscientioualy indorse
him, and that it was incomprehensible to him how
Pres. Hording could have pressed him upon the
Board for any appointnent.
April 28, 1922. 151, 152.
Gov. Strong says he has good authority for stating that
' Pres. Harding is very angry at Gov. H. and the Board
as to Comstock.
May 3, 1922. 154, 155.
99.
Harding, President (Cont.)
Comstock (Cont.)
1
Mitchell reads to C.S.H., President Har(.1.ngis letter of
9, 1921, and says he knows it was written
Dec.
oarcastically and that President Harding is still very
ugly about Canstock and that that is his reason for
not reanisointing Gov. Harding.
Aug. 8, 1922. 179
Gov. Harding believes President Harding may appoint Comstock
Comptroller of the Currency, if Crissinger is appointed
on Federal Reserve Bcard.
Aug. 8, 1922. 179
C.S.H. believes Pres, Harding would like to do as above and
turn the Federal Reserve System into a political machine.
179, 190
Aug. 8, 19 22.
Corbin, Mrs.
See infra- Harvey
Ncminat ion
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r
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Cans took
Gov. Harding says President Harding is getting even with him
for refusing to vote for Canto*.
Aug. 16, 1922. 186
Boston Transcript severely criticises Pres. Harding fir
not reappointing Gov. Harding, intimating that his reason
was anger towards the Federal Reserve Baird for not
appointing a "politician", at his request. (Meaning
Cans took.)
Aug. 251 1922. 189
i
See - Comstock, Tr. heading
“
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C.S.H. tells Crissinger that if Gov.Harding is not reappointed
the public will infer that vres. Harding believes in
an easy credit policy.
Aug. 9, 1922. 183
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Mar. 10, 1922. 53
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See - Crissinger. Pr. heading
Mellon
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
100.
Harding, President (Cent.)
Crissinger (Cont.)
Crissinger tells Gov. Herding that Pres. Harding desires
that 41 insurance taken out by Federal Reserve
banks in currency rhinments be turned over to his
cousin, what he sent over tc Crissinger, telephoning
this request.
uld expect his cousin to
Pres. Harding said of course he sh ,
give as good or even better terms than the present
insurance agent.
Gov. Harding told Crissinger the matter was i.n the hands of
the Federal Reserve banks Aind that he had better drop
it.
Evidently Pres. Harding believes that public office is a
priests trust'
Mar. 21, 1921. 60, 61.
Tells Pres. Harding of Williams attacks on Fedeial Reserve
Board, and Pres. Harding/replies, - "why dcnst they
tell him to go to
Mar. 31, 1921. 70
Gov. He asks Crissinger to tell Pros. Harding he was sorry
he could not vote for Cats tcck but is wi..111ng to
resign if Pres. Harding wishes. Pres. Harding says
to stick to his job.
125
Jan. U, 1922.
Crissinger tells (Inv. Harding he thought it would relieve
pre:. Harding if he more to
Jan. 11$ 1922. 125
Gov. Harding is satisfied that Pres. Harding vrithes to make
Crissinger Governor of the Federal Reserve Baird.
Aug. 8, 1922. 179
Crissinger tells C..H. that Governor Harding askedhirn
to tell Pres. Harding that he was willing to resign.
Aug. 9, 1922. 181
(See also p. 125)
Crissinger cells C.S.H. that he has no idea whom Pres. Hardkig
will appoint on the Federal Reserve Board; tnat he
has not seen him for 3 week's.
Aug. 9, 1922. 182
1.S.H. believes :Irissinger was "sounding" hii in behalf
of Pros. Harding. 182, 183
C.q.H. tells Crissinger hoe poor politics it imaild be
fcr Pres. Harding not to reeppcint Gov. Harding.
Aug. 9, 1922. 182, 183
'Cl.
Harding, President (Cont.)
Daugherty
Pres. Harding went to railroad station to see Daugherty
off for Rep. Natl. Convention; ,vanted to pull out by
"You report at Chicago &Adme will
Daugherty said,
do the rest."
June 1 1921, 97
Is to conduct an investigation, after the fact, to set
what good grounds there were for removal of Wilmeth,
considering his attack on the Civil Service law,
for Daugherty to investigate ?resident !larding is
like a wolf investigating the slaughter of lambs by
other wolvesi
April 2, 1922. 141
Davis, Dwight
Brookings says, knows nothing about banking, but was
appointed to War Finance Corporaticn by President Harding
because he vas a liberal contributor to Rep. National
Committee campaign fund.
Mar. 22, 1921. 61, 62.
Deflation
Press announces that, by direct icn of Pres. Harding the
Federal Reserve .Board is to consi der deflet ion of
industrial prices without serious injury to agricultural
interests.
April 27, 1921. 86
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Tells Gov Harding he •Nould be alad to have a slight reluctioa
of, but hoped Board would do nothing to cause any more
inflation; that. his views expressd to Gor.H. at Marion,
Ohio, were unchanged.
April 25, 1921. 85
Newspipper representatives say that President Harding had just
told them that the Federal Reserve Pos.rd cos to,
lager, gere rally, and helpthe farmers.
April 26, 1921. 86
Prpss states it is "understood" that Federal Reserve lioard
will take steps to aid farmers in the near future.
April V, 1921. 86, 87.
C.S.H. oelievss Vie President is playing politics and that
his action will be resented by Federal Reserve Board.
April 27, 1921. 87
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Miller moved to fix N. Y. rates at 60 aril says nothing
about the press statements that the Board is to
reduce rates "by direction of the Presid-_,nt„.
although during the 'Nilson administra tionany suspicion
of Extc-ative influence made him fairly heave with rage&
April 29, 1921., 87
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Discount rates (Cont.)
are all
Directors of Federal Reserve Bank, N. Y.,
reducticn of, except Palmer and Peabody.
opposed to
April 28, 1921. 87
ally wanted to reduce to 6% but in view
Peabody origin
nce,
of press statement as to Presidential influe
he opposed any decrease.
April 28, 1921. 87, 88
ion to 60
Platt says the application of Chicago or reduct
was the result of political pressure of the cabinet
following the interview of Pres. Harding; that he
ed this.
would like to tell Mellon how bitterly he resent
May 6, 1921. Kis 90.
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Elect icn car.
Wash. Times says that Gov. Harding - so far as was
compatible with his office, had done everything in
g.
his power to help sure the election of Pres. Hardin
14, 1 921. 82
A-or il
g that the
Gov. Harding asks Cries in ger to t ell Pres. Hardin
that he hal voted for,
statement aade in the Senate
was not true.
125
Jan. 11, 1922.
Farmers
their losses
Tells Gov.Harding that the farmers mast take
just as others.
April 25, 19a . 85
rates
See supra- Discount
Federal Reserve Board
Democrats run
Pres. Harding tells Gov. Harding that "you
lellon praises each of you by
everything, that Sec.
-name and wants me t o retain you all."
April 25, 1921. 85
reapprint Gov. Hardine unleso. the
Tells Mellon he can not
bill adding one member to the Federal Reserve Board
passes.
173
May 24, 1922.
liardLng that by reappointing
Carali Thompson tell. Pres.
.
Gov. Harding he will demonstrate t: at the Federal
absolutely apart frcrn politics,
Reserve Board, is
t
but Pros. Hardin replied that this 111 net interes
!thawing his desire to 'Jake the
him at all , - thus
Board a part of the spoils system.
Aug. 31, 1922. 188
See supra- Comstock
Discount rates
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
103.
Harding, President (Cent.)
Foreign policy
C.S.H. firmly believes, has no foreign policy, and that
in his message he will wiggle Nobble trying to fool
both the pro-leaguers and. the irreconcilable's.
April 10, 1921. 80
•
Germany
Under Sec. Gilbert tells C.S.H. tFit Hughs.:1 8 note and
PresidInt Pardingts attitude towards a separate peace
had. behind it a purpose to throw a "scare" into France.
C.S.HL believes Mellon must have told this to Gilbert.
A-aril 10, 1921. 78 ,
•
Hamlin, C.S.
Says Sec. Mellon bad a clear riaht to consult Pres. Harding
on matter of sending Houston abrcai. far. 10, 1921. 51
Believes President Marding is a political wea.thero_tne.
Odt. 4, 1922. 197
See supra- Bark ef Ensland
Orly Inger
,
Di scOvnt rates
See infra - Russia
•
Harding, Gov.
7
,
Tells 0.q.f. . that Vial= who originally opposed the bill
adding another member to Federal Reservs Board, finally
told McFadden to let it pass as Pres. Harding said he
could not otherwise reappoint Gov. Harding.
May 24, 1922. 173
-- •
See same - Principal heading: Harding, Gov.
Harvey, Ambassador
Mrs. Borden Harriman tells H.P.H. tha Prs. Harding atd
to Vanderlipitt a dinner in N. T., - "well, Harvey
spilled the beansi"
June 1, 1921. 95
t
Mrs. Corbin says:Harvey really wanted Will Hays norsinatad for President.
Harvey fought Root for Sec. of Stat• because he knew
Root would never consent to his appointment
as Ambassador.
Harvey, - in order to induce Root to declare himself
on the League of Nations and thus kill him
off for Sec. of State, - finally cabled Root
for an answer to dertain specific quest ions as to
the L. of N.
Harvey asked Root to answer him in care of Pres.
Harding at Marton, Ohio.
104.
Harding, President (Cont.)
Harvey, Ambassador (Cont.)
Harvey c onc salad this from President Harding.
Root, thinking Pre-. HardIng wanted the informatl
fell into the trap and cabled, strcngly advising
Preto. Harding not to repudiate the L. of N.
This cablegram reached Pres. Harding just after he
had made a Porch speech against the L. of r.
Pr3s. Harding, not aware of Harvey's duplicity, was
very angry with Root amd raid to Harvey, "Root is a "butinskil"
Root, later, explained all this to Pres. Harding.
Mrs. Corbin could not see hom Pres. Harding, knowing
allthis, crsuld have 'rade Harvey Ambassador but
she intimated tilt he did not dare to refuse.
May 29, 1921. 95, 96.
Heflin, Sen.
C.q.H. tells Crissinger that failure to reappoInt Gov.
tiarding would. be construed by the public as an
indorzement of Heflin by 1.3relq. Harding.
Aug. 9, 1922. 182
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.
s ton says Pr 33 Hard inz's inaugural addres vas
almost menacing, vith I s platitudinous meaningless.
.iar. 1, 1921. 47
Sec. Mellon eve he wishes to consult with Pres. Harding
before he decides as to sending Houston abroad.
Mar. 7, 1921. 49
Brookings tells C.S.H. he has written Pres. Harding
as to Houston.
Mar. 12, 1921. 53
Houston
F3C. Mellon suggests that instead of sending
one to be picked out by
abroad, W3 send some
Pres. Harding whom he wishes to reward,
Mar. 17, 1321. 54
Inflati on
Pres. Harding tells Gov. Harding that while he would
be glad to have a slight reduction in discount
rates, if possible, he hoped the Board wcold do
nothing which would cause any inflation, end said
his views expressed. to Gov. Harding at Mx ion, Ohio,
along the sane lines, - were urr.hanged.
April 25, 1921. 85
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*wait
mut or..
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Sends his cousin to Crissinger vith a telephone
message asking crisssinger to arrange to heve the
agency forinsurance taken it by Federal Reserve banks
on currency shipments transferred to his cousin, -
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
105.
Harding, President (Cort•)
Insurance, Federal Reserve banks (Cott.)
adding that, of ccurze, he should expect his cousin
to give as good or better term than Delanoy, tha
present agent.
Gov. Harding said this matter Nag under the control
of the Federal Racer", Banks and advised him
to dro-u it.
en , 61.
Mar. 21, 1921.
League of Nations
Vivian/ has an interview with President Harding and
dinrer, trying to induce him to favor joining the
League of Nati cns.
Apparently he learned authoritatively what President
Harding's policy was at a dinner given by
Sen. McCormick at which the :oreign relations
com..ittee and some of the "irreconcilable"
Senators Were present. President Harling's policy,
If the pres. (yan be trusted, was stated to Viviani
at this dinner, and th3 proceedings were printed in
exten‘o in the -capers.
Row humiliating to Sec. Hughesi
April 6, 1921. 74
The Pro -League Republicans were circu3ating an appeal
to Presidgnt Harding not to repudiate the Versailles
treaty and the L. of N., claiming that the
voters in the Presidential election had dlclared
for the League of Nat ons with th I Lodge
reservations, but this morning's papers announced
somewhat mysteriously that the petition had been
ed.
withdrawn and that no further signatures would be
r`.S.H. believes this can only mean that.Pres. Harding
has given them s one assurance that he was not
cc:matted against the L. of N.
The press, t* iveeks ago, said Pres. Harding was
committed against the L. of N. and .suld so declare
in his message to Congress next Tue3day.
Later sorra doubts were expresed as to this and the
'Nashington Post said there were many things in
the Versailles Treaty which tie U.S. could accsept.
April 10, 1921. 79
C.S.H. believes that Pre.. Harding, in his message to
Congress All "wiggle wobble" and try to fool
both the Pro-League Republicans and the irrecon°Rabies.
/turn 10, 1921. 80
106.
Harding, President (Cort.)
Lodge
ng it
Mrs. Corbin says Lodge went to President Hardi
Marion, Ohio, and practically demanded to be
appointed Sec. of State; that President Harding
said this was impossible as it would result in
gn
Sen. McCvmber becoming chairman of the Forei
Relations Commi ttee.
June 1, 1921. 95
Committee
Lodge voted to refer to the Civil Service
cimt
Sen. Carrawaysa resolution to investigate Presi
voted
Harding's removal of Wilmeth. Lodge 'thus
of tie
to shield President Harding from his violation
the Comiittee
Civil Service law. The reference to
was intended to kill the resolution.
145
April 14, 1922.
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McCumber, Sen.
Sec. of State
Pres. Harding dIclinras to appoint Lodge as
McCimber chairman of the
as it would make Sen.
Foreign Relaticris Committee.
June 1, 1921.. 95
•
McLean, Sen.
Gov. Harding
•
Tells Platt tin tth failure of, to reappoint
is a "damned caltrage1"
Aug. 10, 1922. 185
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C.3.H. tells Crisainger that failure of Presi
injure Lodge in his
to reapp.oint Gov. Harding will
Senatorial campaign.
162
Aug. 9, 1922.
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Mellen, Sec.
r
Tells Gov. Harding he near ar had heard of Cris singe
H'Arding sent him a note wking
until Pres.
that his ncminat ion papers be male cut.
tar. 10, 1921. 51, 52.
blew
Platt says the Preuilrmt has given Mellon a hard
nting Criss in ger and that if he
by thus appoi
were Secretary he would ina.tentlY resign at
such an affront.
52
Mar. 10, 1921.
C.3.H. believea that if :Aellon had quietly tendered
his resianaticn Pre'. Harding would hare
“co'ne down" at once.
Mar. 101 1921.
52
107
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Mellon, Sec. (Cont.)
The acti cn of Pr i dent Harding has placed ,vie lion
in an tuiforttulate -position as to the Federal
Reserve Board, for he told the Board the vacancy
would not be filled for the present lind that he
would consult the Board before making any
recommanlaticn to Pres. Hardiri
Mar. 10, 1921. 52
Mellon tells Byron Newton he knows nothing about the
action of Pres. Harding in calling for Newton's
resignation, through Sen. Calder, nd this
satisfies C.S.H. that Pres. Harding is working
behind Mellon's back.
April 21, 1921. 84
Pre-;. Harding tells Gov. Harding that "Mellon is a
fine man but does not know a damn about politics.
You Democrats run everything. Mellon praises
every one of you by 12&139 and wants me to retain
you sill"
April 25, 1921. 85
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Federal Reserve Bank of St. Louis
Sec. Walsworth says he and Mellon saw Prea.
Harding at the White House just before Wilmoth
was removed as Chief of the Bureau of Engraving
and Printing; that there were no charges against
Wilmeth and that the removal was made by
Pres. Harding over his hew and over his protest.
He implied tat Sec. Mellon alsc ?retested.
April 2, 1922. 140
.
t
_
*Adsworth said 'Pres. Harding evaded the Civil Service
law by abolishing the office.
April 2, 1922. 140
See - Wadsworth
45,
See also - Harding, Gov. ; reappointment
Mellon Sec. Pr. heading
Miller, Dr. A. C.
,t,
aq * N.Y. but avoids
Moves for lower discount rat
referring to the prase atateaent that the
Board, by dirwtion of the PresidInt, was
to reduce discount rates, although during
the Wilson administration the mere suspicion
of Executive interference made hi,L boil
with rage.
April 28, 1921. 87
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
108.
Harding, President (Cont.)
Mitchell, J. R.
,
,
!roe. Harding consults Gov. Harding as to appointing
first
on Federal Reserve Board. This is the
time a President has consulted the Acard as to
an appointment.
April 25, 1921. 85
Gov. Harding rays Upham, Treasurer of Republican
st
National C ommi t tee protested to ores. Harding arain
Federal Reserve Boyd,
appcintment of Mitchell on
b ecau se he was asked for a $3000 sub 1113 r ipti on
and refused to pay it as he felt it would be used
in Minnesota solely to defeat the non-partisan
league.
July 8, 1921. 99
Reads Pres. Harding's letter to him of Dec. 9, 19211
and says it was sarcastic as Presidint Harding
is very angry with the Board for not appc:nting
Comstock and that this is why he does not want
to reappoin t Gov. Hardin.
Aug. 8, 1922. 179
Newton, Byron
Sen. Calder told Newton &QM time ago that Pres.
Harding wanted his resignation as Collector of
Oistccas of Port of New York, although his term
did not expire until Oct. 1921. Newton called
on Sec. Mellon who said he knew nothing about it.
Meantime without waiting for his resignation,
Pres. Harding appointed Aldridge.
See supra- Aldridge.
*WO*.
mkt
April 21, 1921. 84
Nomination of.
raised
Mrs. Corbin said a furrl of $150,000 was being
to secure the.
wanted
Pres. Harding !laid the amount gas beyond him and
not let him.
to pull out, but Daugherty would
Firally a large sum was raised frau "big businessw
in New York for this purpose.
Harding
When Daugherty left fcr the Convention, Pres.
wanted
off, and,
went to the statirn to see him
to pull out but Daugherty said, - "you report
iagc and we will do the rent."
at Chic
.Tune 1, 1921. 97
109.
Harding, President (Cont.)
Peabody, Geo. Foster
Said he wanted to reduce NeN York discount rates
from 7 to 8% but because of Ixecutive
interference he should oppose any dscreaze.
April 28, 1921. 87
Platt, Edmund
by
Says President Harding has given Mellon a hard blow
ware Secretary he
appointing Crissinger and. if he
would instantly resign because of such an affront.
Mar. 10, 1921. 52
go
Says the application of Fedaral Reserve Bank of Chica
from 7 to 61% was
for reducirkg discount rates
the result of political pressure brought by the
Cabinet f ollowing the announcement fr an the
White House as to lower rates and that he should
like to tell Sec. dellcn how dee-oly he resented
May 6, 1921. 89, 90.
this.
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Politics.
of the
Pres. Harding appoints Crissingsr as Comptroller
purely personal and political
Currency, - a
appointment. sec. Mellon told Gov. Harding he
had never 3 ven heard, of him, until he received
a note from President Harding dirscting the.t his
naninat ion be made out. A deliberate af front
at Mellen, who had told the Bcard the vacancy would
not be filled. for some time and that he shonld
conc.:it with Board before making any recoTamendation
to the Presid-nt.
Mar. 10, 1921. 51, 52.
ng)
sec. Mellon (evidently at sugge3tion or President Hardi
of sending
suggests to the Board that, - instead
Houston abroad to study banking conditions, - it
ng,
send sane man to be suggested by Presirisnt Hardi
•
sane one whom he wish-d to reward.
Mar. 17, 1921. 54
Pres. Harding, through Criasinger, ask-. the Federal
Reserve Board to turn miter to his cousin, Ahom he
sent to Crissirger, the agency for insurance by
Federal Reserve banks of currency shimments,
stating that his aousin would give as good, if
not better rates than the present Agent (Delanoy)
Mar. 21, 1921. 60, 61.
nted
Brookings tells C.S.H. that Pres. Harding appoi
ration, a
Dwight Davis on the War Finance Corpo
e
man who knew nothing about banking, climply becaus
he leis very rich and ms a liberal contributor to
Republican campaign funds. Mar. 22, 1921. 61, 62.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
110.
Harding, Presidnt (Cont.)
Politics (Cont.)
ines
Pres. Harding announces to the press re-oresentat
is to make a general
that the Federal Reserve Board
reduction of disc runt rates in order to help the
farmer.
April 26, 1921. 86
) that,
Given cut t o press (presumably from White House
the Pres ident I the Federal Referve
:by direction of
problem
Board is to tasks a special inquiry into the
of deflating industrial values without sericus
injury to agricultual interests.
Aril 27, 1921. R6
al
re,- also qtates "it is understood" that the Feder
future to
Reserve Board will take steps in the near
aid agriculture.
4.1Dri1 27, 1921. 86, 87.
ve Bank of
Platt says the application of the Federal Reser
7 to 60 was
Chicago to reduce discount rates from
the cabinet
the result of political pressure brought by
fromthe White House
following the above announcements
and that he should lilee to tell S90. lellon how
bitterly he resents this.
May 6, 1921. 89, 90.
Max Mitchell
Crissinger promises a national bank charter to
the protest of
of Boston and his associates over
of
the Federal Reserve Bank of Boston, on advice
this promise was obtained
Sec. Weeks. '3tockton said
lican
from Crissirger by Thurston, Chairman of the Repub
went to Washincrton and.
State Conmittee of Mass. who
told Crissinger that Mitchell had contributed
Mitchell,
$5000 to the Republican campaign furl.
mr management of a
later, was indicted fcr improp
Mass. Trust Ccmpany.
May 13, 1921. 91, 92.
charter. Crissinger
C.S.H. protests to Crissinger as to al)olle
ed it, but has merely
says he has not yet grant
:
given 4, -)erri a name end 211.1111b tr.
Jun, 1, 1921. 98
Class C
Sec. Mellen asks Gov. Harding for a list of
terms expire in December, with
Directors whose
their political affili at icns.
112
Oct. 6, 1921
, states
Pres. Harding, through letters to Crissineer
es the Board to appoint Comstock a
that he desir
Class C Director in Fed-ral Resmrvs Bank,
Remiss City.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
111
Harding, President (Cont.)
Politic.(Cont.)
an "original
Comstock was unfitted fa the lace but was
not
Harding man." Comstock told 5winney
but would
give a damn for the Federal Reserve Board,
pointment from Pres. Harding.
get the
nt Comstock and
The Federal Reserve Board declines to appoi
. Pres.
appoints Mr. Hord of Nebraska, a Republican
"voting
Harding is very angry with the Board for
him dove in the Comstock matter.
Dec. 3, 1921. 120, 123
Dec. 21, 1921. 125
155
May 3, 1922.
See - Comstock, Pr. heading
nal Bark of
Crissingsr gives a lharter to Farmer's Natic
Nat ional Bank
Stutgart, Arkansas, al though his
Examiner and the Chief National Bank Examiner
reported ag..linst it.
Reserve Bank
Federal Reserve Agent Martin, of Federal
indication of politics;
of St. Louis said it bore every
Vies not
that these were 3 bankst there arri a new one
, although they seemed
needed; that the organisers
on
good men, intended to make spean1rtiv3 loans
, properly , had been
the rice crop, Aitch loans
disaster
declined by the cther banks and that ultimate
would
must result; that the Federal Reserve Bank
paper.
decline to disc cunt its
138, 139.
Mar. 31, 1922.
were no charges
Asst. Sec. Wadsworth tells C.S.H. that there
al by
against Wilmeth and no grounds for his -emov
Sec. liellonand he were at the
Pres. Harding; that
removal
White House in the afternoon just before the
st; that
and that it was made over his head and. prote
nt—
he asked C.S.H. to help him find sane other awpoI
Service
mint; that Pres. Harding gotaround the Civil
Act by abolishing the office.
139, 140
April 2, 1922.
nal Bankof
Crissinger grants a charter to the CCIIMI• Natio
Wilmington, N. Car.
t Co., a
The bank wasorig ma ily the Amer. Bark and Pm:
state institution.
ve system,
It applied for ad:utast cm into the vederal Reser
and. its
was examined. by the F.R . Bank of Richmond,
condition 118P found tc be so bad that it declined
to favor its aim'sa Ion.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
112.
Harding, President (Cont.)
Politics (Cont.)
The Bank then applied to Crissinger for a National bank
_lharter.
The Nati mail Bank examiner reported adversely because of its
tad condition.
Criesinger gave it a charter on condition that the directors
put up $100,000.
The condition 'Ass not caxplied with as only a ' al 1 part of
-'11"!
the $100,000 was paid over in cash, the balance 'oeing
paid tn doubtful parer.
The bank's capital was '
,viper/ out and itwas, in fact,
insolvent.
Gov. Seay inclo”d coy of a latter frcm Cooper to
Botha, the Vice President of the 3ank, telling him
to rush disccxints into the Federal Reserve Bank and not
to be toe particular, that if a note did not exceed.
$4999•99 no credit statement was necessary and that if
the cashier gave i note and owned a farm he should call
it agricultural paper, eta. etc.
Sec. Hoxton called up Gov. Seay who said Crissinger never
consulted th. Federal Reserve Bank as to the application.
C.S.H. firmly believes there is politics in this.
May 191 1922. 169, 170.
Mellon , who originally opposed the bill adding a member
to the gederal Reserve Board, told Gov. Harding he had
told McFadden tc let 1. t go through as Pres. Harding said
he could not otherwise reappoint Gov. Harding.
May 24, 1922. 173
Gov. Harding tells Senatcr Underwood that there was a
gentleman's agreement that, if an additional member
were provided for, Pres. Harding would reappoint Gov.Hardint
Aug. 9, 1922. 184
Sen. Watson's private secretary telephoned Hatton, Sec. of
the Board and said the Senator wished toknom the
75olitics of each member of the Board.
Mitchell said ironically he would move that the Board renly
that it was none of his business.
Finally the Board told Hoxton to tell the messenger who
took the message to reply that he did not know,
and later we fcrind that this was just the reply he had
already sent.
The entire 'Board took this a-. an insult.
Jure 29, 1922. 175
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Federal Reserve Bank of St. Louis
113.
Harding, President (Cont.)
Carmi Thompson, Republican nominee f or Governor of Ohio,
dined with President Harding and tdd him the
reappointment of Governor Harding by a Remblican
President would be a great orcportunity of demonstrating
that under a Republican alministration, the F.R.
system was kept ateolutely free from politics.
Pres. Harding at once told Thorson that this did. not interest
him at all.
Reappointment of Gov. Harding
Sae - Harding, Gov.: Reappointment
Resignation, Gov. H.
Gov. Harding asks Crissinger to all, that he is willing
to resign because of the Ccmstock matter but Pres.
Harding tells him to sticktc his jot.
Jan. 11, 1922. 125
Aug. 9, 1922.
182
See - Cris s Inger
Gov.Harding asks Mellon to tell Pre-. Harding that if
,
nominated and not confirmed within 3 or 4 seeks, he
will ask, to withdraw his nomination.
Augl 9, 1922. 184
Root, Klitru.
See supra- Harvey
Sawyer, Gen.
Pres. Harding astonishes the Inblic by appoiating
his private physician, Dr. Sawyer, a Brigadier
Genera.
MT • 1921. 53
Mrs. Corbin said Pres. Harding did not intend or vont
to appoint Savlyeribut during the campaign Sawyer
said he hcroed he could continue as his physician
if he %%as elected, and Pres. Harding good naturedly
.3asifi "clothing about taking Sawyer with him and
that Sawyer insisted that Dres. Harding keep his
promise and he had to yield.
June 1, 1921. 96, 97.
Smith, Sen.
South Carolina
Harding tells Gov. H. that, in his opinion,
Sen.Scoith is a wild man.
April 25, 1921 85
Pre*.
Strong, Gov.
Says Gov. Her lingts proposed remarks on the Bank of
England conference mould be construed m a slap at
Pres. Harding.
May 3, 1922. 154
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
114.
Harding, President (Cont.)
Strong, Gov. (Cont.)
Says hs has good authority fcr the s tatement that
Pres. Harding ie very angry .Nith Gov. Harding and
the Federal Reserve Board for "voting hi rdown"
in the Comstock matter.
May 3, 1922. 155
Says proposed gtatements of Gov. Harding cn Bank of
England invitation would. be rented by Preq. Harding.
May 3, 1922.
155
Gov. Strong speaks rather contemptuously about
Pres. Hardirg; that :Aellon told Pres. Harding that
he approved ofaccepting the invitation of the Bank
of England, but thought 3 persons should go; that
he forgot to enjoin secrecy and. as a result, the
President at once told, the press about it.
May 3, 1922. 155
Insinuated thst Prep. Harding knew nothing about banking
and that even if Gov. Harding got his consent to
use the statement he had iarepared, - as C.S.H.
had suggested, he, Pres. Harding, would nevertheless
be very angry if any critic should claim that
Gov. Harding was hitting at him'
May 3, 1922. 155, 156.
Says he is confident that Pres. Harding will not approve
his going to the Bank of Zngland conference, but
that, in any event, he would not go unless and
until the administration instructed him as to its
attitude as to possible postponement of interest
payments and as to calling an International
Conference in the U.S.
May 9, 1922. 164
Swinney, E. F.
Tells C.S.H. how utterly unfit Comstock is for
appointment as Class CDirector and Federal Reserve
Agent and that it is incouprehensible to him how
Pres. Harding could have pressed him upon the
loderal Renerve Board.
April 29, 1922. 151,152.
Thomps on, Carmi. 185, 186, 188
See supra- Politics
see Thumps on, Pr. heading
Underwood, Sen.
frebls Pres. Harding that Gov.Harding should be
reappointed and that he would certainly be
confirmed.
Aug. 10, 1922. 185
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
115.
Herding, President (Cant.)
Vamderlip, F.
Pres. Harding said to, et dinner in N3W York, "Well, Harvey spilled the beansi"
June 1, 1421. 95
Varsaillea Treaty
Pro-League Republicans were circulating an appeal to
Prs. Harding not to overthrow the League of
Nations and Versailles Treaty, claiming that
the 1920 vote was a declaration fa* the TA• Of No
with the Lodge ritervations; the press annainces
somewhat mysteriously this A.4. that the appeal
had been withdrawn and no further signatures would
be asked.
April 10, 1921. 71
C.S.H. believes this means that Pres. Harding must have
given than some assvr once on the matter as
condition for its withdrawal.
April 10, 1921. 71
The press, a few weeks ago, said Pres. Harding was
committed against both and that he would so
dedlare in his message next Tuesday; l&tor, some
doubts were thrown out
to this anithe Wash.
Post stated editorially that there were many things
in the Versailles Treaty which the U.S. could
accept•
April 10, 1921. 79
Viviani
Lunches with Pres. Harding and tries to persuade him to
cane out for the L. of N.
April 6, 1921. 74
Pres.Hardingts policy .as annourced at a dinner given
by Son. McCornick to Viviani, at which .nmnbers
of the Foreign Relaticns Canfnittee and sane
"irreconcilable" Senators were present, and full
accounts were given by the press,- a queer way
to choose of announcing Pres. Harding's policy.
April 6, 1921. 74
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4
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Tells C.'6.H. there was no good reason fer Pres. Harding's
removal of Wilmeth; that there 'sera no charges
against h1.4 Ua t the removal was made over his
head and over his protest; that Pros. Harding
evaded the Civil Seriice law by abolishing the
office.
April 2, 1922. 139, 140
See - Wadsworth, Pr. heading
At'
116.
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Weeks, Sec.
Tells Platt the Federal Reserve Board war right as to
Comstock, that Prea. Harding had been deceived, and
that he would, if necessary, back upthe Board.
Dec. 6, 1921. 124, 125
vt1c .14
rrcv1.2.
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ft'
Harding, President (Cont.)
Washirg ton Post
States editorially that there are ;many things in the
Versailles Treaty which Pres. Harding could
accept.
Aoril 10, 1921. 79
Says Pres. Harding is so busy with the railroad strike
he will. :aake no appointments on Federal Reserve
Board, for several weeks.
Aug. 11, 1922.
185
•re ,q2 Nfliose,
snit;141!
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Gov. Harding believes Pres. Harding mill wale, Comptroller
of the Currency if he puts Crissinger on Federal
Reserve Board.
Aug. 8, 1922. 179
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Justice Clarke tells C.S.H. that, voted for Pres. Harding
by mail.
July, 1920. 19
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Federal Reserve Bank of St. Louis
C.S.H. tells Irissinger that the failure to
resp-ooint Gov. Harding will be zonstrued as
an approval by Pres. Harding of Heflin and
Williams.
Aug. 9, 1922. 182
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Crissinger says Pres. Harding said to him, "why doesn't
the Board tell him to go to helli"
1922. 70,
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Senate Republicans vote to refer Carraway resolution
investigating Pres. Hardingis removal of, to
the Civil Service Committee in order t o kill t
aid to shield Pres. Harding from his violation
of the Civil Service law.
April 14, 1922.
145
See supra- Wadsworth
ff 3eftLt
levo bets baed'
11.v10 *4.1 bitave
et
(End of, Harding, President)
Harriman, Mrs'. BorJen
Tells H.P.H. that Pres. Harding said to Vanderlio, Harvey spilled the beansi"
May 1921. 95
117.
Harrison, G.
Points out to tha Board, as General Coumel, that Williams,
by cutting out official records and, removing them frau
his office when he left, 'Atte subject to fine and
.
imprisonment under U.S. 14a v Statutes.
April 4, 1921. 70, 71
Preaares a draft fu' rely to Williams
April 4, 1921.
Cotton, Attorney with McAdoo for the Chase National Bank, tells
Harrison they will kill all future letters of Williams
attacking the Federal Reserve Board.
April 5, 1921. 73
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Harvard TTniversity
C.S.H. writes ?resident Lowell suggesting that, give Gev.
Harding the degree ct' Ll.D. and Lowell replies that
it has already been voted.
April 20, 1922. 146
1tot:o7:1qato0 telfzet 411, grxilmit9 soft:I Latetegt cto 'tegra Sive) &Svc en 11
95, 96
Harvey, AmbasEador
cee supra- Harding, President;
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Defeats!. Aldridge for Congress in 1910.
epoke for, in Rochester, N. Y.
April 21, 1921.
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Harvey's first choice for nomination for President was
Will Haze.
June 1, 1921. 96
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Federal Reserve Bank of St. Louis
-oelieves Pres. Harding is watching the attacks of
Sen. Heflin hocitg SOW thing may turn up which will
relieve him of the necessity of reappointing Gov. H.
Aug. 7, )922. 177
Charges Gov. Harding with speculating in :;otten.
write3 to Sen.lcLean in denial.
178
Aug. 7, 1922.
InTstJw%41 I brIttAF ,10 tr7)
,iie- oftIebefaV o$ Nes lxiblAP .11F147
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Heflin, Sen.
Gov. H. tells McAdoo that Sen. Heflin and others claimed
tc be his friends and yet were injuring him by
attacking the Federal Reserve Board.
Oct. 21, 1921. 113
Atta2ka (low. R. hest bitterly.
Aug. 7, 1922. 176
sileT
Gov. H.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
118.
Heflin, Sen. (Cont.)
C.S.H. tells Criaringer that failure to reavnoint
GO7. Harding will be construed as an indersement
of Sen. Heflin's' attacks on Federal Reea ITO
Bard.
Aug. 9, 1922. 182
Sen. Uniarwood :=ears, an hold up confirmtit ion of Gov.
Harding until Mar. 4, 1923, if he -un get 15
Democrats to assist him; that he thought Senatorial
courtesy was involved; that he hvi told Sen. Heflin
he should '70 LA for Gov. H. but that Gov. Harding
should realize that he had to live with Heflin,
which made it difficult to fight hirc, etc. etc.
Aug. 9, 1922. 183
Gov. H. asks Platt to intimate to Rettig that the
Birmingham Branch may be discontinued, in order to
stir up tha Birmingham bankers to bring pressure
on 9en. Heflin's broth:1r and force bin to drop his
opooeiticn towards Gov. Harding. C.S.H. protests
against this.
Aug. 16, 1922.
187
Charge' that surpluli amendment to Federal Reserve Alt
was sneaked thrv the Senate at last moment with
aid of Rep. voteslas a fact, Heflin voted for this
ameninent in the H.73.
Sgot. 20, 1922. 192
Pre9. Harding fears failure to reappoint Gov. H. ,Nill
be construed as aspyroval of Heflin's attacks.
Oct. 4, 1922.
196
Reperman
Comstock got his position under Mr. Flower because cf,
a director anti brother-in-law cf Canstock.
April 28, 1922. 151
See - Como took
Hemenway, Augustus
Gov. Norman meets Mr. and Mrs., tn ship but they knew
him as "Captain Mo•ntactriel under which nanr he
May 12, 1922.
167
Renton, Chief Euuniner
Board directs, to investigate the relations between
Federal Res r vs Bank of Dallas and the Cletrum Natal
Bank, as to collection of notes.
April 5, 1922. 142
Heron reports that the Federal Reserve Bank of Dallas treated
the Clebo •21 Natl. bank in smut manner as other banYs
,
in collecting notes, - thus exonerating Ramsey as to
this particular charge.
May 22, 1922. 171
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Federal Reserve Bank of St. Louis
Herrick, Myron
Rumor that Pres. Harding is to appoint, as Ambmwsador to
Frage., in connection with the otter Ohio appointments has
di* turbid the public.
Mar. H, 1 922. 53
Hichborn
Tells C.q.H. taat wqliams
confirmed as Compt. of
on the outgoing of the
Feb
authorized him to state that if
the Currency he would inztantly resign
Wilson Administration
1 1, l21. 27
Was a gue.st of Williams when he entertained the Federal RePerve
Board at his house in Richmond.
Feb. 11, 1921. 27
tchcP^)
-, In.
Indorsed Hord for Class C Director of Federal Reserve Bank of
Kansa: City.
Dec. 3, 1921. 123
Hoover, Sec.
Houstcm is rire that, will object to his being sent abroad, and
would claim that he.. Hoover - knew all about fors t&
conditions.
Mar. 7, 1921. 50
Sec. Aellon intimates that sending HPuston abroad might encroach
on the jurisdiction of Hoover.
Mar. 17, 1921. 54
Miller says Hoover does not like the Federal Reserve Board and
thinks no banker should be on it, citing the Bank of
Tngland.
93
May 25, 1921.
Sec. Houston is very bitter against Hoover, - a self seeking
insincere man, very shifty, could not look you in the
face, etc.; his letter saying would accept Rep. nomination
confiraed him in his o,lin ion of hia4
3
Mar. 31, 1920.
M811er, C.S.H. believes, made motion for amendment :poking
,
agricultural end cattle paper eligible if of not mr re than
2 years maturity, in order to be able to tell Hoover he
was working t o help farmers.
May 25, 1921. 94
Gov. F. -lays that Hoover may know of ccnditions abroad, but knows
; was bitter towards
very little of condi ti ons in the
July 8, 1921. 99
Hoover.
Sec. Mellon says he w1l not meet with the Board,as to the Bank
cf Enzland confererce until he hm consulted with Sec.
Hughes and Hoover.
May 10, 1922. 153, 164.
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Federal Reserve Bank of St. Louis
120.
Hoover, See. (Cont.)
rain should certainly
Hoover told Gov. Norman that Great Bri
then it
TT S.
pay her interest debt to ' ,vhen due, and
interest debts.
could be decided as to the other Allied
May 11, 1922. 165
nd invitation, but
'icor er favors acceotane of Bank of ngla
it a later date, perhaps in September.
May 12, 1922. 166
Hord
e cattle interests in
Is a banker, a Republican, having larg
indorsed him,
Wyoming. The whole Nebraska delegation
ce; also the two leaditg
although net their original choi
blican, and
papers cf Onlahaf. - the Qr.aha Bee, Repu
non-partisan
Sen. Hitchcock's paper. An absolutely
very pleasing to the
recornagendation, but it will be
agricultural bloc.
Dec. 3, 1921. 123
Houqe 0r. Representati-res
Federal Rerierve Board.
PISSIeS bill to add a sixth member to
later told McFadden to
Mellon originally opposed this but
.Igh, as tires. Harding said otherwise
let it go thro,
he could not reappoint Gov. Harding.
May 24, 1922. 173
Hoye ton, gee.
C.g.H.; mere vary much
Sec. and Mrs. Houston rolled in with
e House at
disturbed because Wilson has taken Cran
said it was a disaster
Woods Hall for the summer;
etc. Intimated they
to them, would spoil their summer,
H. for a good
would go to Mr. Boydents house in N.
part of the miner.
Mar. 31, 1920. 3
lty to Wilson.
C.F..11. is shocked at their lack of loya
3
.ar. 31, 1920.
said he wise a thoroughly
Houston very bitter tovrards Hoover;
ty, could
self seeking, insincere :man, - very shif
this had always
not look yoi in the datct, ectc; that
Hoover's letter
been his feeling towards Hoover; that
nomination ci Tly
saying he would accept the Republican
confirme1 him on us opinlon of him.
Mar. 31, 1920. 3
illness.
Very sympathetic towards C.S.H. in his
April 6, 1920. 8
ble, and seemed much
Tells C.S.H. he fears hehas galls trr-l
April 6, 1920. 9
worried abolt it.
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Federal Reserve Bank of St. Louis
121.
(Cont.)
;
Tells C. - .H. of a dinner held. at Chevy Chase Club, after C.S.H.
had left for hospital, by some Democrats at request of
Pres. wilson to consider vvhether Wilson owed any duty
to Party to run again for Presidant; that a large majority
thouc4-ht it we'lld be most unwise, b-ut g,ave Wilscn a
somewhat equivocal answer; that Ars. Wilson 7.e.s Lott &nit:Ills
to have him run again, but Admiral Grayson faL:lid he had
not the physical strength to do 20.
July, 1920. 19
F013 stOn
Gives out figures to show that loans to farmers have increased
enormously since armistice.
Nov. 1920. 20
Opposes revival of War Finance Corporsti on.
Nov. 1920. 20
in Board's acticn in censuring Williams and in
112.11y concurred
ite letters angvnring Williams attacks.
Nov. 1920. 20
of Williams acti on in sending out copies of his
Tells Wilson
letters attacking the Federal Rezerve Board.
Feb. 28, 1921. 40
Wilson tells, he ha:1 received Williams rasigrution and will
reply te it: that Williauts was a most difficult man to
get along with; tint he thought he had been an efficient
Comp tr oiler.
t
111, . 28, 1921. 40
,4‘04ces les
?
:ND
Stays with C. .H. after Ars. Hcust on le ft Wa h ing ton.
Mar. 1, 1921. 4?
.
Corms back to lunch with C.S.H. after the Inaugural ceremonies
and says Pres. Harding's inaugural address was almost
menacing in i tt DiPtt it,/d incris mean ingles s.
Mar. 4, 1921. 4?
Says he met Sec. Mellon there, \mho was very shy and seemed vary
frightened; that he was almost in a p.irspirati on; that
ingtcn
he said a number of Pennsylvanians had come to
with him and that he should like to be sworn in that p.m.:
that he reminded him he had not yet bean confirmed by
the Senate and probably would not b3 until late in the
af ternoon.
Mar. 4, 1921. 47, 48
Houston later went with Aellon to Sen.Knox's office, and Chief
Jucitice White aiministered the oath of office.
Mar. 4, 1921. 48
.11• "••,
"
,
tells Houston that a ''13.preme Court Justtice, not being
not lawfully administer the oath
a notary public, can
of office.
Mar. 4, 1921. 48
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
122.
Houston, Sec.(COnt.)
a Notary Public.
Mellon Mae nrivately sworn in before
5, 1921. 48
Mar.
ipression on him, that
,
Houston says *4ellon nr3.de avery good. 1.
d env knowledge of Treasury
he modestly disavowe
Houston told
matters: that he vas almost aghast when
atd Kelly
hi:r that the tern., of Asst. Secy Gilbert
their apt:Join tments
expired by limitation on •4ar. 4th, as
asked Houston to
had been recess aplointments; that h3
only for a
try to induce them to remain over if
President to appoint
short time, and said13 would a4 the
them iimodiately.
Mar. 5, 1921. 48, 49.
ton abroad to examine
Mellon strongly approves sending Hous
trust companies
operations of member state tanks and
and 25 A, Fed'iral
having branches abroad under Sec. 25
Re$:.erte Act.
Mar. 7, 1921. 49
Harding about it.
Mellon says he ought to speak to Pres.
Mar. 7, 1921. 49
experFeJ, of $2000 per month
Mellon agree.; to salary, including
for Houston.
Mar. 7, 1921. 49
tins ago, passed a
Federal Reserve Bank of N371 York, so.rie
to send Hous ton
unanimous vote asking eons ant of Board
ing and financial
abroad for the bank to axamlne bank
condi t ions.
Mar. 7, 1921. 50
the Board, nd nct the
Dr. v'filler objected, on grorni that
send Houston abroaJ.
FeJeral Reserve Bank ithculd
Mar. 7, 1921. 50
two weeks ago passed a
Fed. Advisory Courcil at its meetirg
abroad for this
resolution favoring sending sane one
purpose.
Mar. 7, 1921. 50
object to his going abroad
Houston says he believes Hoover will
50
Mar. 7, 1921.
best man to send, but wants the
Mellon says Houston is the
order to
matter postponed for a day or two, in
ing. Mr. , 1921. 51
consult are.. Hard
to del him up at
Houston asks C.S.H. to tell Brockings
asks C.7.H. to
Mr. Crane's apartment in N. Y.; also
ahead as tc his
tell Brookings if there is ainy trovble
thought this foolish, az
being sent aorcad, but
the Board :ust settle this.
Mr. 11, 1921. 53
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Federal Reserve Bank of St. Louis
123.
Houston, Sec. (Cont.)
Brookings tells C.H. that HOLIE tcnIs matter looked well
but would not be settled until next Wednesday,
Mar. 16th; said ha hal written •Iellon and President
Harding about it.
Mar. 12, 1921. 53
C.S.H. mgrets this, as it putt the Board in a queer position.
Mar.13, 1921. 54
Mellon zays that while Houston is the best man to send, we must
be careful not to encroach on the jurisdict ion of Hoover
who is very jealous as to his prerogatives.
Mar. 17, 1931. 54
Mellon says Houston could not go abroad w'thout being put in
the position of apparently representing the Administration,
which might cause confusion.
Mar. 17, 1921. 54
Mellon naively suggests that the Board send horne one abroad
who should be chosen by Pres. Harding, - some one
whome he wished to "reward!"
Mar. 17, 1921. 54
Gov. H. tells Brookings all of above, which C.S.H. regrets es
it was official busines:4 af the Board.
Mar. 17, 1921. 541 55.
Brookings says ha has written Houston at suggestir of Dr.
Miller, who dictated the letter.
Mar. 17, 1921. 55
Gov. H. thinks we ought to drop the whole !:.atter and C.F3.H.
suggests to Brookings tc wri te Hems ton that the
natter %vas in such shape it could not be worked out
satisf.tctorily and, that ha had better come down to
Washington.
Mar. 17, 1921. 55
C.S.H. said he would wire Houston to stay at his house if
he came down.
Mar. 17, 1921. 55
has reached the conclusion that Houston :cull not
go abroad without appearing to represent the
administration, ,which might cause trouble; that this
could be avoided by sending him merely to .1xamine
foreign branches of member barks which were not
national banks, but Gov. H. said Houston would not
want to be limited in this way.
Mar. 17, 1921. 55
Mellon, while dining with C.S.H., spok.e very lnfly of
Houston and
id ha wanted to consult hii on several
matere %hen next ha came to Wat:hington.
Mar. 17, 1921. 56
Brooking a tells C.S.H. he tried to intace Gov. Strong to
make Houst on a Deputy Gov. cf the Federal Reserve
Bank of New York., but that Gov. Strcnz felt tiv re
was no place there for him, but that, 1 Aar, he
suggested sending him Abroad. for the F.R. Bank of
N. Y.
Mar. 17, 1921. 56
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Federal Reserve Bank of St. Louis
124.
Houston, Sec. (Cont.)
Gov. Harding aicl ne and Miller
respcnsible for
resolution of Fed. Adv. Council favoring sending some
one abroad to st liy banking And finanItal condit ions.
,
56, 57.
Brookings sail he saw McRoberts of Natl. City Bar, N. Y.
and asked him to find some plass for Houston In the
Bank, in an :Acivisary capacity, but NicRo'oerts said
there las nc call for such a position. 57
Brookings also said ha talked with Mr. Alexander in N. Y. ,vho
sail the F.R. Bank ought to find some ple for Houston.
57
Brookings said he tliou.ght he could have Houston made
Presifient of Columbia University, Aissouri , but that
Houston did not want to
in Columbia. 57
Brockinas said there was a vacancy In che head of the Carnegie
Foundation caused by Dr. Angell accepting the ?rest dency
of Yale University; that he hari Iritten Elihu Root about
it, who replied very pleasantly; that Houston said he
would like this of 311 things.
57
Sec. Mellon told C.S.H. that Houston, but for the 2 year
limitation, could und cub ted.ly secure sie tanking pc),4_ t an.
57
Houston tells C.13.11. that Williams, just before leavingoffices
tried to induce him to ask for an opinion from the
Attorney General as to the legality of security companies
formed and controlled by national banks. Williams said
his request was foanded on an opinion given by Sol. Gen.
Lehman; thlt the Attorney General told him he grould be
glad to render an opinion if so requested by the Sec. of
the Treasury.
Hoy., an declined, unless some specific case was pending, which
demanded I t.
Williams then showed him a letter from 3uchanean (his legal
adviser) suggesting such n (minion; this letter was
mere rehash of Lehmanls opinion, and rlisclosed no
emergency.
Houston positively declined, to ask for an orinion.
See - Williams
Hoxton
Calls up Gov. geay Itho says Crissinger never asked the F.R.
Bank as to proposed charter to Commercial Natl. Bank of
Wilmington, N. C. 170
See - Crissinger
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Federal Reserve Bank of St. Louis
125.
Hughes, Sec.
C.3.H. tells, that Baron gegata, coming back from the L.Of N.
meeting and a delegate would 54 hcrtly visit me. He said,
of course, he would be iziad to meet hi
but did not seem
to be particularly i.npreq.e.d.
•
Viviani has an interview with, on L. of N.
See - Vivian/
74
Gilbert says Hughes letter to Germany and Pres. Harding's
attitude towards a separate peace treaty, Ass for purpose
of "Or owing a .are into France,". I suopect Sec. Mellon
told him this. 78
C.S.H. believes that Hughes, in gaid. letter, in tying that
Germany muat pay all she was able to pay, re l lly ment
that Englani and Frace were a3king too much, altholah
the vress lid not so conFtrue it. 78
Hughes also 3all in the letter, that he belilved Germany 'was
sincerely desirous of doing right in the matter. C.'.H.
believes thin %as a slap at England and France who
claimed that Germany was playing false, and gave this
as a reason for occupying German territory.
April 10, 1921. 79
•
•
•
Sen. Keyes responded rather feebly to
is praise of
Hughes, said Hates would loubtle.,s do well if let alone;
cautiously intimated that Lodge Pe linqhes were not in accord.
May 1, 1921. 88, 89
C.S.H. fears Hughes is dominated by Lodge and Knox.
May 1, 1921. 89
I
Mrs. Corbin sneaks contempturynely of Hughes; ;ays he announced
his own appointment. June 1 4921. 97
Sec. Mellon Gays he will not attend a .neaz;ing of the 'Board 9.! tc
the Bank of England conference until he has cons-ilted
May 10, 1922. 163
with Sea. Hughes.
Inauguraticn day
See - Holston
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Federal Reserve Bank of St. Louis
126.
Inchcape, Lord
rae-qs, at house of Capt. Bailey R. No Lord Inchcape,
is a prcminent Hank -_..r and ship owner. He told C.S.H.
that Great Britain twould never ask for a pogtponement
of hr interest pa,yment3 due to U.S.
May 18, N22.
A9
nflati on
While C.S.H. fears that revival of the War Finance Ccrporation
may bring about some inflation, i'et he feels it might
ticn al thcugh frcm th3 Treasury standpoint,
relieve the at
it may increase the many existing perplexities.
May 1920. 20
].S.H. 'enemas inflation is an almost inevitaole result of war,
and he is not sure but that in acme degree it is ensential
to restore peace conditions.
.
Nov. 1920. 21
President Herding told Gov. Harding that, altho glad, if possible
to have a slight redtrtion of rates, yet he hoped the
Board vvol d do nothing which would cause any more inflation,
and told Gov. Harding the -riews he expressed to him at
Marion, nnic, before his inauguriticr were till held by him.
(At this latter interview President Harding said deflation
was inevitable after inflation and that the farmers
must learn this.)
Insurance, F. R. Banks
For transmission of money.
Pres. Hardtna wants Federal Reserve Board to turn over the contra7t
for, to his cousin.
Mar. 21, 1921.
6n, 61
.! - CrIssinper
Harding, Pres.
Interest on Allied indebtedness
Gov. Strong gives evasive answer tee %lust; ti cn of C.S.H. whether
Great Britain would not at once inaugurate a free qold market
if she could be released from paying Interest on her
indebtedness to U.s. for a few years.
Ilegy.3, 1922. 157
'loth Gov. Strong and Gov. Norman ceeTred to favor a pclicy of
pomtponemfint of interest payments on Allied indebtedness
Ma7 9, 1922. 162
to U.S.
C.S.H. believes Gov. Ncrfnan's real purpose in calling th? Bank of
England conference is to e 'sure a postponement of Inters.t
payments on Allied indet tednes-.
May 9, 1923. 163
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Federal Reserve Bank of St. Louis
127.
Ynterest, etc. (Cont.)
Gov. Strong tells C.Q.H. that, even if designated he would not
a ttend the Bank of England confer ance nle ss and until
the adminietration advised him of it.; attiturie as to
possible postponement of 1lied interest payments etc.
May 10, 1922. 164
Mitchell tells C.S.H. that Hoover told Gov. Norman that Great
Britain must meet her intare.-)t phymenti when iue, ,sid that
then they coull. decide as to the other allied countries.
May 11, 1922. 165
Gov. Norman tells C.S.H. tnat if Great Britain paid its
intere.st indebtelnss it vvculd •.reate a bitter feeling
among the allies, and., while he did not say o specifically,
0.5.H. has no ioubt bit that Gov. Norman beliives that
Great Britain is in no position to begin paying interact
next fall.
May12, 1922.
166, 167.
Gov. Norman tells C.S.E. that payment of interact involved a
greater arisis than lvment of the principal, for the
latter could be funded.
May 12, 1922. 167
Gov. Norman asks C.S.H. if he thcught it fa* the best interest
of Great Britain to set*le the matter of interest payments
nay or to wait. C.S.H. said he was not sufficiently
familiar with all of the details to alvise him.
May 12, 1922. 167
Lord Inchaape tells C.S.H. (at Capt. Bailey's house) that
Griat Britain 4111 never ask for a postponement of its
interest payments.
May 18# 1922. 169
Interior Department
A Commission, disapproved gold cubz1,
17# some time ago, during
Mar. 29# 1921.
67
Internaticrial bimetallism
C.S.H. tells Gov. Strong that, if an International Monetary
Conference is --Yalled by the Administration in Washington,
as suggested., he fears the question of International
bimetallism will be brcught up and points out that in
1896 the Re-publican Naticral Convention dc.ilared for the
gold standard only on mditi an that a bimetallic lonfarence
be called, and. that . (Acre insisted on adding "which we
1
pledge ourselves tc urcnote."
May 10, /922. 164
128.
Jarlkson, Mrs. J. Norman
C.S.H. and H.P.H. visit grave of.
Sept. 7, 1923.
Japan
See — Megata
qM lehara
189
Jay, Pierre
tacks Jay for his statement, at the cceerence
Dr. Miller .3itter1y
of Governors and Federal Reserve Agents, thit Federal Reserve
banks should lead in putting up discount rates, but should
follom the market in reducing rates; said it was childish and
sophomoric ant that Jay was not fit for the positlon of
Federal Reserve Agent.
Dec. 3, 1921. 122
Jeffries Point
Winship tells C.S.H Cot the Boston interests had considered carefully
Bostn, but were unanimous in favor of the
Jeffries Poir
pasture and its immediate development.
calf
May 6, 1922. 160
3
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Av. t 4!•7 f-- i :q ''.. 1..'i- .,V :', s Aw . er .-,- i.
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'
' 81
4-
Jewish Relief Society
,
The mat - er of removing restrictions on trale .)vith Russia came to a
head through the aptlilAtion of a, to sent' money to Russia through
the Bonk of North Arnerina. We had previously turned down this
applicut ion as WiLl's said the "Bank had an unsavory ricord.
Dec. 1920. 23
.
.
isa
.-..
•
I i-ag
z 1 .:i ; V.
..?Z
CAIL100
,91
Kelley, Asst. Sec.
Sec. yellon bags Houston to induce, to remain in the Treasury even
tho for a short time, and says he will ask Pres. 1/.1v-ding
to send his name to the Senate at owe.
Mar. 5, 1921. 49
116
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Federal Reserve Bank of St. Louis
Kent
•
•
•
•
Ccwes to Washingten 'frith a Connittee of N. Y. bankers to urge more
liberal regulations in mat ter of bank re "ore ign trade
acceptances.
!ler. 29, 1922. 134
:
;)
•i", • . fIV
r
Kenzie
Agreed entirely with statement of tie N. T. bankers coaritttee above
Mar. 29, 1922. 134
129.
lettig
Gov. Harding wants Platt to intimate to Kettig that the
Birmingham Branch may be discontinued in order to
force the Birmingham bankers to bring pressure on
Son. Reflin's brother to make him pull off Son. Beflin's
opposition to reappointment of Gov. Harding. C.S.H.
objects.
Aug. 16, 1922.
187
:ate
Keyes, Ben.
Tells H.P.H., at a luncheon given by Mrs. Boardman, that
he voted for the Knox Peace Resolution and ,sucloose4 it
was part of some general plan, but did not know what
the plan was.
Responded rather feebly to H.P.R.Is praise of Bee. Hughes;
said he would Ioubtless do well if let alone and intimated
that Lodge and Ebighes were not in accord.
Said also that he voted to ratify the Colombian Treaty, but
that he could not understand ham conditions now could be
different from what they were when Wilson wanted the
Treaty and Lodge attacked it.
May 1, 1921. 89
.be+tet.torivr,
elf./ lo noval
avuman.11
.StiV1
II*
;401,L.04; . toiit41 0
.
a 0 em.w.Isle,
i.03 ±1w
°re- :?staI
.dirontit alseiiflei
erfi :f6t.fet:0 Itaerf
(0
al (mot bentto tistio
t
s* .etistecaA 14
11,14 le inaE e.s:t
rzovtetw na t.eri intae *fi
rm.
er't10
.1`
• 1.s .owr
2.m14 au
m brie, coo ,a
111101**111ften
aril ntnel
Knox Peace Resolution
See - Knox, Bent
Knox, Ben.
Mellon was sworn in by Chief Justice White in the office of
Sin. Knox.
Mar. 4, 1921. 48
(C.S.H. told them this was not legal and Sec. %gallon later
took the oath befon a Notary Public.)
.cce .'eA
rave roo....ever erk nil 4,11...41ePtol t elovfirl a deilevtqf owl atel—
,
zalb-aff sAttgr 'LagII
ed alos tale lecal$ :%%diti a -1-tct
it
LvE ii1 *1 seam aid fraf..e
en
Lodge stye that after the Knox Peace Resolution is passed,
a treaty with Germany will be necessary.
May 1, 1921. 89
C.S.R. believes the I:woe Peace Resolution is infaaous.
May 21, 1921. 89
Eitoto evict
vissinad
stall nii.tene
44',1
.7.se
loo ea3throo0 a! ct.'1 filSIffilleor
,
'
,
east(
Ito:tem rt.t ertcatelopet Saute:
.sscruaktetti,
rs *.ieW
Mrs. Corbin says Son. Knox conspired with Lodge to prevent
Root being made See. of State.
June 1, 1921. 75
See - Keyes, Son.
evOda ,,e!licumn e'elhed .Y .
MI .5SP: •PS .•;
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(1114
intutlksJb dill xlenione Ice-
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
130.
Lamar
e of her house leased by us.
Mrs. Lamar notifies us of sal
June 7, 1921. 98
te
Lansing, Robert
ren that if Balfour were to wri
Gen. Bliss tells Charles War
that Lloyd George had
a book he would have to, admit
n Lansing claims that
many times treatedhim worse tha
Wilson treated him.
April 10, 1921. 78
Lawrence, Bishop
y kindly daring their stay
Treats C.S.H. and H.P.H ver
at Bar Harbor hospital.
August, 1921. 110
d
League of Nations
-sn
m the L. of N. coast ot, sai
Baron Morita, returning fro
ely
d work and would sur
the L. of N. was doing goo
U.S.joined it; that it had
live whether or not the
stions in the hope that the
postponed many important que
ng
was a strong movement favori
U.S. would join; that there
favored and
ch England
the admission of Germany, whi
German
t the movement emanated from
Prance opposed; tha
ions.
influence over the smaller nat
Mar. 27, 1921. 84, 65.
or to persuade the U.S. to
Viviani is pathetic in his endeat
erviews with Pres. larding
join the L. of N. TO has had int
ever, he had to learn
and Sec. Emboss Apparently, how
wirreconcilablew
of the policy of the U.S. from the
6 McCormick, referred
SOV
Senators at a dinner given by
ng for Rughesi
ly in the press. Haw humiliati
to extensive
8, 1922. 74
April
culating an appeal to
e
The Pro.iLeague Republicans wer cir
ing the Versailles Treaty
Pres. Harding against overthrow
t the vote in 1920 favored
and the L. at N., claiming tha
ations. This morning's
the L. ell. with the Lodge reserv
ounce that this appeal has
papers somewhat mysteriously ann
r signatures would be asked.
been withdrawn and that no furthe
ding has given some assurance
This can only mean that Pres. Har
ted against the treaty
that he is B2L. absolutely commit
press said some weeks ago
and the L. of N., although the
that he at so cc:mitts&
.081
131.
League of Naticns (Cont.)
Later same doubts as to thts were
post stated editorially that
the Versailles Treaty which
April
•
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4.11 14A
,
, bee.,411
td
.
.iCe I 4"nLL
lc
u seilton
*olio
C.S.H. believes Harding has no policy but will wiggle wobble
in his message trying to fool both the Proe•leaguers and
the lirreconcilables."
April 10, 1921. 80
a 11 ..,t, o$ t.'sew 'too 11/8. 11 ilati.2 thrytaW a sluoci0 eil let ialLE
1 , evzo ttc: vitol‘f .
:14d
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t.
(Pres. Harding did mildly favor, in his message, accepting
the Versailles Treaty with reservatims.)
April 10, 1921. 79
MrsL Corbin said Harvey tried to make Root declare himself
as to the L. of N. in order to kill him off as
Sec. of State; that Harvey cabled Root as to L. of N.
asking him to reply care of Fri.. Harding at Marie;
that Root Sill into the trap and cabled Harding not
to repudiate the L. of N.; that Harding received
this just di ter having declared himself against
the L. of N. in a porch speech.
June 1, 1921. 96
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Lenin
Baron Megata tells C.S.R. that Lenin is doing much in
teaching the Russian piasants to read and write,
dividing them up into small groups; that Japan had
great difficulty in trading in Siberia, the
regulations were so strict; that maw/ Russians,
supporters of the Cites had gone there and that they
did not agree with the Siberians.
Mar. 27, 1921. 65
See - %legate.
.1 .;sr
f.J •
Gave an opinion under Tat administration that security
and trust ocapanies founded and controlled by
national banks were illegal.
Mar. 19, 1921. 58
See - Houston
b ;k•
71,
t. ro , 4 111. 'to
•
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IYvtaneu o
we; Ai:4;A.: Idirgeff aoE4.1.e...1.... 11 eel:
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4 1
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et issiLt7.11
. sl011
a
)1' . •
See - Harvey
Root
east
714
.
.
:
,r't-10.
tJO
express, and the Washington
there were many things in
the U.S. could accept.
10, 1921. 79
Li' :411.1Z
ell, btu
,
1t.674
$4ezns
Liberty bonds
Sec. of Treasury fixes the rates and it beccmes the duty
of the P.R. Board to protest these rates.
Dec. 1920. 26
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
132.
bank notes
Liberty bonds
ferential rate on 15 day
Williams motions as to pre
banks after
uired by the
secured by Liberty bonds acq
dawn.
April 1, 1917, voted
Feb. 11, 1921. 31
Limitation of armaments
See - Shidehara
the,
Limitation, Two year
eral Reserve dot wipes out
s tratiai bill amending Fed
Admini
Federal Reserve Board.
applicable to members of
Mar. 21, 1921. 60
ndard
Limping standard
inent of a limping gold sta
. Strong says the establisl
Gov
Britain to stabilise her
would be one way for Great
do this.
t she never would agree to
foreign exchanges but tha
May 3, 1922. 166
,
Lloyd George
See - Bliss, Som.
Megata, Baron
securities
Loans secured by Govt.
e on.
inst any preferential rat
Sec. Mellon aga
Mar. 29, 1921.
66
son wanted
Lodge,Sen.
Colaabian Treaty when Wil
Attacked ratification of
but now favors it.
May 1, 1921). 89
accord.
Lodge and Hughes not in
May 1, 1921. 89
new treaty
resolution is passed, a
Says that when Enos Peace
d.
with Germany must be enacte
May 1, 1921. 89
hority, that
knows, on the best aut
Mrs. Corbin says that she
o, after the Presidential
Lodge went to Marion, Ohi
demanded of Harding to be
election and practically
that Harding said it was
appointed Sea. of State;
an
leave Sen. McCumber Chairm
impossible as it would
t Lodge
Comaittee; tha
of the Foreign Relations
ng made
Knox to prevent Root bei
conspired with Sen.
hter, Consul
ge's granddaug
Sec. of State; that Lod
t's
grandfather said that Roo
Minot,said that her
t she personally
amity; tha
appoittment would be a cal
y contempt
sident Coolidge had onl
knew that Vice Pre
for Lodge.
June 1, 1921. 95
133.
Lodge (Cont.)
Carraway for
Lodge votes against a resolution of Sen.
engraving
'investigation of the removals in the Bureau of
to the Como. on Civil
& Printing, by voting torefer it
ring
Service and by voting against an amenchent requi
days. Lodge thus
the committee to report within 10
Service
shielded Pres. Harding - his attack on Civil
law and principles.
April 14, 1922. 145
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about Lodge; she
Mrs. Senator Weeks spoke tit C.S.R. bitterly
ge he
said that if todge had been faithful to Coolid
treachery
would now be President; she also alluded to the
running for
of Lodge and Crane to Sen. weeks when he was
the Presidency.
May 15, 1922. 168
reappoint Gov. Harding
C.8.11. tells Crissinger that failure to
will injure Lodge in his Senatorial campaign.
Aug. 9, 1922. 182
1U
ti
nal Convention
C.S.R. reminis Gov. Strong that the Rep. Natio
gold standard only on condition
in 1896 declared for the
d, ani
that an Intern-bimetallic converence be calle
g "which we pledge ourselves to
Lodge insisted on addin
promote."
May 9, 1922. 164
Lodge reservations, L. cf N.
See - L. of N.
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of San Francisco.
Los Angeles branch, Federal Reserve Bank
C.
See - Miller, A.
Lowell, A. Lawrence
. frau Harvard
C.S.R. writes to, favoring degree of L.L.D
University to Gov. Harding.
April 20, 3922. 146
e
tAte.
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d upon.)
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•
•
Lyon, Tracey
return of C.S.R.
Was at C.S.R. hawse in Mattapoisett on
from Bar Harbor hospital.
Sept. 1921. 112
Mal oney
See - Federal 'trust Co.
Marion,Ohio
See - Harding, Pres.
Lodge
134.
Martens
Russian
C.S.R., in opposing,removal of restrictions from
the U.S. Goverment of
trade cites the deportation by
Martens, in Which it was stated that the Bolshevik
to try
Goverment was sending gold and men to the U.S.
to overthrow its Governnent.
Dec. 1920. 26
Martin, Federal Reserve Agent
nal Bank,
Protests against charter granted to Farmers Natio
Says that the National Bank Examiner
Stutgart, Arkansas.
adversely;
and the Chief Nallamel Bank Examiner reported
purely "political," that the country
that the grant was
t
was fit only for Rice and occupied largely by tenan
crop and that
farmers; that the banks loaned on the growing
when the crop
the tenant farmers had no other assets; that
d,
was good they made much mcney, but When crops faile
lled
much sae last; that the banks there had been compe indorsee
to tighten up for their safety and tried to secur
of the new
ments of Abe land owners; that the founders
was speculative
bank were good men, but that their purpose
there was
loaning which meant ultimate disaster; that
speculative
absolutely no nled otanother bankexcept to make
that the
loans which the present banks would not mks;
this paper as a
Federal Reserve Bank would not rediscount
class.
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C.S.H. explained why the Board had directed
, - it had no
Federal Reserve Bank stook to this barik
the charter.
discretion as the Comptroller had granted
1922. 138
Mar. 31,
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C.S.H. returns to, en route for Washington
Harbor hospital.
Aug. 23, 1921. 111
t
4
•'
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Lc.!
banks
Maximum discount rates, Federal Reserve
e fixing, at 5%.
Ameninent offered in Senat
some members of
Gov. Harding tells Senate committee that
will resign if this is passed.
Federal Reserve Board
NOV. 1920. 21
Tel
4
.•,)7..`.
eel,
Mathieu
The Ambassador from Chile dines with us.
April 13, 1921. 82
ILL
to,"
Mold co, W• G.
his influence with
Justice Clarke says, has lost much of
Wilson.
Mar. 28, 1920. 1
Board to advise him as to loans ti
Asks Federal Reserve
no and Bradley
railroads. Board appoints Warburg, Dela
Mar. 29, 1920. 2
Palmer as a comuittee.
135.
McAdoo, W. G. (Cont.)
Justice McReynolds tells C.S.H. that McAdoo is a "damned crook."
April 6, 1920. 5
Williams says he gave McAdoo a copy o.t his letter at'.acking the
Board, explaining that McAdoo was counsel of the Chase
National Bank, New York. Platt said if this was true,
he ihould denounce McAdoo for acting as Counsel before
the expiration of the 2 year limitation under the Federal
Reserve Act.
Feb. 28, 1921. 44
Scale maulers of Board thought the Chase National Bank acted very
shrewdly in retaining McAdoo as Counsel.
Feb. 28,1921. 44
McAdoo was also ccumsel of the last River National Batik of N. T.
prior to the expiration of the 2 year limitation.
Feb. 28, 1921. 44
Miller criticised Mellon for saying he wished to consult Pres.
Harding before deciding as to sending Houston abroad,
but C.S.H. pointed out that McAdoo frequently consulted
Wilson.
Mar. 10, 1921. A51
McAdoo refused to comply with Williams request for an opinion
from Attorney General as to right of a National Bank to
organise and control a trust company.
Mar. 19, 1921. 59
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Federal Reserve Bank of St. Louis
sf
2
Cotton, counsel with McAdoofor the Chase National Bonk, toll
Harrison that they would kill off all further att.ACks
if Williams in the Federal Reserve Board.
April 5, 1921. 73
Miller does not object to administraticm influence now to secure
lower Federal Reserve rates but any such intimation when
McAdoo was secretary made him fairly howl with rage.
April 28, 1921. 87
C.S.H. met McAdoo in Treasury corridor and he come into C.S.H.'s
roam. C.S.H. told him about Williams attacks and that
Williams had said he was counsel for Chase National Bank.
McAdoo said he had read only one printed letter of
Williams - C.S.H. can scarcely credit this, - and he was
very evasive and semmd not to want to discuss the matter;
he did say, however, that Williams lacked tact and was
too impulsive, but that he was a man if high standaris
and character.
July 13, 1921. 100
Gov. Harding called onMaAdoo in N. T.; he told McAdoo that the
quartet engaged in attacking the Federal Reserve Board, -
•
.881
136
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Gov. Harding urges C.B.H. to call on McAdoo and point out to
him the clinger of political control of the Federal Reserve
system.
Oct. 31, 1921. 114
L
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Federal Reserve Bank of St. Louis
,Y .1! ra a°LADE no balLs: 3ri.itta.R .vofl
.a.t
Gov. Harding told McAdoo that the Board felt obliged to make
public the fact that McAdoo called a special meeting for
the express purpose of increasing Gov. etrcag's salary to
$50,000; that he pleaded with the Board to make this increase,
and voted for it, as did also
Oct. 21, 1921. 114
McAdoo spoke to Gar. Harding in very complimentary terms of C.LH
Oct. 31, 1921. 114
.
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Gov. Harding said. McAdoo was terribly stirred up, and, said he
would send for Williams and tell him that his attacks were
injuring him and mast be stopped. McAdoo said he was able
to control Williams when he was a subordinate, but doubted
whether he could now; that W illiams attacks were most
extreme and, he implied, unfair, that Williams could never
stop when once started.
Oct. 21, 1921. 114
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'
McAdoo W. G. (Cont.)
Heflin, Watson, Simmons and Williams - all posed as close
friends of his; that they were attacking the Board members
as criminals and crooks; that the Republicans were becoming
restive and that there vas danger that they might be goaded
into removing all Democrats from the Board and try to run the
system as a political machine; that when the administration
came in they made a careful inquiry but fourA that of the 108
directors of the Federal Reserve banks, 70 were Republicans
and only 38 were Democrats; that? out of the 12 Governors
were Republicans and. 7 out of the 13 Federal Reserve Agents
were Republicans; that thereupon they dropped the matter but
that there was great danger of a revival of their partisan
spirit; that if the system was contmlled by politics it would
make a tremendously powerful political machine, to the injury
of the country; that such a machine could. end all of McAdoo's
he for nomination for the Presidency; that MaAdools strong
card was that he had practically created the federal Reserve
system and had kept politics out1
Oat. 21, 1921. 113, 114
.1‘wi•
be41nIe$104
Son. Glass tells C.S.E. that, just before the draft of the
Federal Reserve Act as first agreed upon was made public,
McAdoo, Williams and Untsrmeyer gave him a draft of plan
providing for a central bank which they strongly favored.
To get the necessary gold their plan provided for seisu.re
by the Government of all gold held in th3 Treasury on
gold certificates.
137.
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4ctiar.;#.1..tp. eotrit xeriJ 'ilk LtLf o Sal set.
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Federal Reserve Bank of St. Louis
McAdoo, W. G. (Cont.)
Glass said he was dumbfounded as they had all agreed on the
draft Just ready to be made public.
Ben. Glass said that McAdoo said many eminent bankers
favored this new plan, mentioning especially Reynolds
af Chicago; that Glass wrote Reynolds asking if McAdoo
quoted. him correctly; that Reynolds replied absolutely
repudiating McAdoo's plan, but saying that he bad to
be "diplomatic' with McAdoo as his bank would have to
do business with him as Sea. of the Treasury.
• Mar. 17, 1922.
131, 132.
Glass said Wilson spoke to him about McAdools plan and seased
much interested in it, qioting Reynolds; that he
eitplairsd to him about Reynold's letter and this
killed the matter.
Max'. 17, 1922. 133
Glass complained bitterly as to McAdoo's conduct as he said
he was pledged to the draft as then drawn,
whereas, if his central bank plan had been published
it would have aroused such opposition that it would has
very likely destroyed the Act as agreed upon.
Mar. 17, 1922.
133
During the war McAdoo suggested% Federal Reserve Board to
carefully consider seising the gold behind tit* gold
certificates, intimating that the cabinet favoredit.
Mar. 17, 1922. 133
H. P. Willis tells C.S.R. that McAdoo *as not disloyal to
the administration in urging his central bank plan,
as at that time tha Act had not been definitely agreed
upon.
Mar. 20, 1922. 133
Willis said McAdoo ad his best to peevent Glass being made
chairman ofth Banking and Currercy Committee, but
without avail, and that finally McAdoo said to Glass
one day, —
you have beaten me."
April 20, 1922. 133, 134.
Willis says that last summer (1921) McAdoo asked him to attack
the Federal Reserve Board in the N. T. Journal of
Commerce, eta., of which Willis vas an editorial
writer, as did also Williams in a number or letters.
June 12, 1922. 175
138.
3
•
McCormick, Sen.
According to press reports, the attitude of the U.S. towards
the L. of N. ass made known to Viviani by the
"irreconcilable's" at a dinner given by Sen. McCormick.
This must humiliate Sec. Hughes.
April 6, 1921. 74
Member, Sen.
Pres. Harding told Lodge he could net make him Sec. of State
for the reason that Sen. Member, by right of seniority,
would become chairman of the Foreign Affairs Committee.
June 1, 1 921. 95
McDougal, Gov.
Opposes reduction in discount rates at Chicago to $%.
Oct. 25, 1921. 115
Opposes liberalisation of Bankacceptance regulations and said
the leading bark in Chicago doubted the advisability.
Mar. 29, 1922. 135
McFadden, Cong.
Gov. Harding shows, ccpies of Williams letters. C.S.H. feels
he alight not to have done this.
Mar. 10, 1921. 52
•
At request of Sec. Mellma drew administration bill to amend
Federal Reserve Lot, abolishing the Comptroller and
taking the Sec. of Treasury off the Board.
April 14, 1921. 83
See - Mellon
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mellon tells McFadden to permit the bill adding a 6th meaber
to Federal Reserve Board to go trough.
May 24,1921. 173
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Mellon tells Gar. Harding that the aininistration will support the
star. 29, 1921. 66
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C.S.H. feels such action will arouse bitter criticism from
eaonasists. It will be a pure gift. This measure has
been condemned by the British War Commissicn, by the
Straus Treasury Coumission and by the Interior Department
Committee.
Mar. 29, 1921.
lye
McGrath, J. W.
Obtairss champagne from Boston for Anna in Bar Barba' hospital.
Aug. 1921. 111
139
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Tells Pres. Harding not to reappoint Gov. Harding would be an
act of political folly.
Sept. 15, 1932. 190
McLean, Sen.
Tells Gov. Harding his name and th* of the new member should be
sent in together, and he would see that they were acted on
together as he would hold up the new name until both
could be considered.
Aug. 7, 1922. 176
Gov. Harding writes, denying Sen. Heflin's charge that he had
speculated in cotton.
Aug.?, 1922. 178
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F.R. Agent Ramsay induced the Directors of the Federal Reserve
Bank of Dallas to drop Van Zandt and elect McKinney as
Governor.
April 5, 1922.
.L. •
Tells Mr. Platt tat the failure of Pres. Harding to reappoint
Gov. Harding was a claimed outrage.
Aug. 10, 1922. 185
McReybolds, Justice
Calls on C.S.H. and asks if F. H. Delano would be * good man for
the Supreme Court to appoint as receiver in certain
litigation involving oil properties in the Souttsest. C.S.H.
strongly indorsed Delano but told McReynolds that he felt
he ought to tell him that Wilson was very an&ry with Delano
for annobncing in 1916 that he %vas going to take his whole
fmnily to Chicago to vote against him, and for writing a
letter to Mr. Shattuck, a memberof the Board of Overseers
of Harvard attacking him. C.S .H. also told him of his experience
with Delano over the Governorship at the Federal Reserve Board.
C.S.H. added that, in spite of these facts he had strongly
urged Sec. Glass to ask Wilson to reappoint him on his return
from Europe, and he again sternly indorsed Delano fcc this
receivership, and the court finally appointed him.
April 6, 1920. 4
Speaks at the political situation with C.B.H. and alludes to
McAdoo as a "damned crook.'
April 6, 1920. 5
Says he believes Wilson is a dying man.
April 6, 1920. 5
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Federal Reserve Bank of St. Louis
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Brookings asks, to give Houston some position in an advisory
capacity in the National City Bank but tlat McRoberts said
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
140.
McRoberts (Cont.)
there was no call for such a position.
Mar. 17, 1921. 57
Megata, Baron
C.S.H. tells Hughes that, returning frau the L. of N. meeting
is to visit him; Hughes said he woad be glad to meet
him but did not seen particularly interested.
Mar. 19, 1921. 58
at
Lunches with C.S.H. and &PA. with his son who is in school
Worcester, Mas. was a delegate to the assembly of the
L. of N. and now is returning to Japan. He said that
the Leagae had dcee good work and would surely live whether
or not the U.S. joined it; that it had postponed rainy
important questions in the hope that the U.S. would finally
join; that therewas a strong movement in favor of admitttng
Germany, which was favored by Great Britain but was
y
%posed by Prance; that this movement sprang from German
*. He said that
using her influence over the smaller nation
no trade could be swarmt by any agreement with the Soviet
Government, like that put through by Lloyd George. Hs
said much Soviet money had been put out in Japan and that
there were at least 1000 Soviets in Japan engaged in
intrigue and propaganda.
him
Be said that a Japanese delegate who had been in Russia told
to teach the Russian peasants to
that Lenin was doing much
road and write, dividirg thin up in small groups.
Siberia
Be said that Japan found great difficulties in trading with
were so strict; that many Ru3sians,
as the regulations
but
supporters of the. Csares Government, had gone to Siberia
the Siberian.
could not *grope with
people had
He despaired of the future of Poland and felt that the
tion, that it was doubtful whether
been so long under subjec
they could govern themselves.
Mar. 27, 1921.
44,65
U.S. law,
Called on C.S.H. at Treasury and asked, C.S.H. if, under
he could accept a high decoration from the Japanese Govt.
r
C.S.H. explained that he could not while he was an office
of the U.S. and added that after lowing office, he hcped
to visit Japan with H.P.H. Baron Megata said when C.S.H.
Ltd he would receive a high decoration.
Mar. 28, 1921. 66
C.S.H. lunches with the Japanese Ambassador to meat Baron
Megata.
Mar. 28, 1921. 66
141.
Ailsa
Tells Margarat Harding that her father (Sec. Mellon) is very
angry with President Harding for not having reappointed
Gov. Harting.
Aug. 7, 1922. 177
Mellon, Secretary of the Treasury
Houston meets,at Capitol; said he seemed very sby and almost
frightened; was almost in a perspiration; that he said
a number of Pennsylvanians had cane town with him
and that he should like to be sworn in that -afternoon;
that he told him he hal not yet been confirmed ant
probably would not be until late in the afternoon;
that later he was confirmed and went to Sen. Knozis
office with him and was sworn in by Chief Justice White.
Mar. 4, 1921. 48
Notary
C.S.H.teile Houston that the Chief Justice, not being a
the oath of
Public had no authority to ackainister
office.
Mar. 4, 1921. 48
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the oath of office again before a Notary Public.
Mar. 5, 1921. 48
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The Federal Reserve Board went in ant were presented
favorable impression and
Sec. Mellon. He made a very
sail he should consult the Board before he made
any recommendation to the President as to the new
Comptroller and the new Board member.
Mar. 5, 1921. 48
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Houston said Mellon made a very favorable impression on
disavowed any knowledge of
that he modestly
Treasury matters and hoped the old officials would
remain; that he seemed slowest aghast when Houston
told him that the terms of Asst. Secretaries Gilbert
and Kelly expired by limitation on Mar. 4th,as
their appointments bad been recess appointments which
the Senate had refused to ratify; that he begged
Houston to indium them to stay over if only for a
to
short time and said he would ask the President
send in their names again at C420 •
Mar. 5, 1921. 48, 49
; said that
Mellon strongly approved sending Holston abroad
H. if the
he was the best man to go; asked Gov.
Harding
matter mist be settled at once and vthen Gov.
going south ,
said no, Mellon said that Houston was
t
for a few days, and that he felt he ought to consul
the President about it, although, personally, he
143.
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Mellon, Secretary of the Treasury (Cont.)
strongly favored it.
Mellon said the corspensaticn suggested, - $3000 per month,
including all expenses, Ass perfectly satisfactory.
Mar. 7, 1931. 49
Mellon tells Gov. Harding he is satiated that Houston
was
the best man to send abroad, but he should prefer to
postpone the matter for a day or two in order to
consult with the PresiOnt.
Mar. 10, 1921. 51
Dr. Miller said it Mks scandalous for Mellon to refer a busines
s
matter Of the Board to the President for approval,
but C.S.H. pointed out that the Secretary of the Treasur
y,
being chairman of the Board, before voting on any
cp.estion before it had an undoubted right to consult
the President or anybody else; that Sec. McAdoo constantly
exercised this right.
Max. 10, 1921. 51
Mellon tells Gov. Harding, - with reference to the nasination
cI Crissinger for Canptroller, that he had never even
heard of him until he received a note from the President
asking that his designaticn be made out for transmission
to the Senate.
Mar. 10, 1921. 51
This action of the President is a hard bloc for Mellon. Platt
said if he were in Mellon's place, he would instantly
resign.
C.S.H. fears that the Treasury will be ran frau the White
Haus* and that Mellon will be merely a figurehead.
C.S.H. believes, that if Mellon with all his financial
power, had quietly tendered his resignation to the
President, he would have "come down" qiickly.
The President's acticn has humiliated Mellon before the Board,
ai he told the Board he would consult it before aaking
any recaasendalion and that the office would not be
filled for the present.
Mar. 10, 1921. 52
Brookings tells C.S.H. he has written Mellon about Houston.
Mar. 12, 1921. 53
Moll cn tolls Gov. Harding that while he believes that Houston
is the best man to send abroad, the Board should be
careful not to encroach on the jurisdiction of Hoover,
who was very jealous of his prerogatives.
Mar. 17, 1921. 54
143.
Mellon, Sec. (Cont.)
Houston, if
Mellon also told Gov. Harding that he feared
he went abroad, would Vs put in the position of
cause
representing the administration, shich might
confusion.
Mar. 17, 1921. 54
Ha:ding
Mellon then made the naive suggestion to Gov.
Board
(evidently inspired by the President) that the
by the President,
send scow. one abroad, to be picked out
and some one whom the President wished to reward!
Mar. 17, 1921. 114
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1921. 56
Mar. 17,
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Mar. 17, 1921. 56
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Federal Reserve Bank of St. Louis
1.
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on, referring
C.S.H., A the dinner, proposed a toast to Mell
banker, a patron of art, and
to him as an eminent
prove to
a philanthropist, and predicted that he would
.
be an equally eminent Secretary of the Treasury
ently much
Mellon made a brief, modest reply and was evid
references.
pleased at C.S.H. es
and asked
Mellon spoke very appreciatively of Houston,
him when next
C.S.H. to tell him to surely come to see
ult him
he came to Tashingtcn, as he wanted to cons
on several matters.
Mar. 17, 1921. 56
dly secure sans good
Tells C.S.H. that Houston could undoubte
the 2 year
position in some bank were it not for
limitation of the led3ral Reserve Act.
Mar. 17, 1921. 57
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alow fat
nistration has decided
Mellon tells Gov. Harding that the admi
Such action,
to push the *Fadden gold subsidy bill.
d by all economists, as
C.S.H. believes will be condemne
rs like the old
it would be a Pturie gift to gold. mine
cause inflation and
time sugar bounty, and it will
soft money. Such
stamp the adninistration as favoring
ng the war by the British
subsidy was condemned duri
ittee and the
COWLS, Cep Oa Strauss Treasury Comm
Interior Dept. Committee.
Mar. 29, 1921. 66, 67.
41.,
ed. /Luc
r4r# f risk#6.,
has nearly come for a
Mellon tells Gov. Harding that the time
ount rates frac 7 to
reduction in Federal Reserve disc
mightrevive
0; to Gov. Harding's fear that it
on replied that a
speculation in the stock market, Mell
144.
Mellon, Secretary (Cont.)
d not be
little speculation activity in stocks woul
harmful.
tial on paper secured
Mellon also said there should be no differen
that it should take the
by Government obligations but
same rates as commercial paper.
Mar. 29, 1921. 66
use the imported
Says he is opposed to Dr. Miller's plan to
y on Federal Reserve notes.
gold in reduction of liabilit
Mar. 29, 1921. 6?
Eustis Corcoran.
C.S.H. meets Mellon at dinner with George
Mar. 30, 1921. 70
' favored reduction
Attends at Bcard meeting for the first time?
ssary where rates
frau 7 to $ but thought no change nece
are now 8%.
t expansion of 1 wins,
Gov. Harding feared this would cause a grea
new were at the
but Mellott disagreed and thought loans
and would soon
maximum poiht, and that rates were sagging
ease in Federal
fall in any event and that a slight decr
l effect.
Reserve rates would have a good psychologica
71
April 4, 1921.
d; he seemed to know
Mellon made a good impression on the Boar
the situation very well.
April 4, 1931. 72
sivambolocztvimPrziarirePwaiwg,
diel1It.imma=
provision for relation
C.S.H.writes Mellon enclosing draft of
ff bill to date
back of duties finally fixed in the tari
edged this.
of April 15, 1921. Mellon neverecknowl
(See scrap book).
April 5, 1921. 73
emu .. ;"momestpiiiimrwm
low
for Gilbert's remark
C.S.H. believes Mellon was responsible
designed to "throw a
that Hughes note to Germany was
scare into France."
April 10, 1921. 78
ta4aLrxio;.*
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ds.tzliatE %-14
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taa
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d reports as to rate
Attends confereroe of Governors and hear
l 12, 1921. 81
Apri
situation.
tFTvobria
b,"‘”1 04 414,
III
btu
opolitan Club.
Gives Board and Governors a lunch at Metr
l 13, 1921. 82
Apri
araut
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trdler of the Currency
Tells Gov. Harding he believes the Comp
ided in the administration
should be abolished as prov
in on the Board
bill, at that thl Secretary should rema
as Cr.airman.
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Mellon originally wanted the Secretary taken off the Board,
as well as the abolishment of the Comptroller, and
McFadden prepared a bill which Mellon said would be pushed
as an administrative measura.
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provided for, to sit in Board meetings.
April 16, 1921. 83
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Mellon tells Newton he knows nothing about the request for
his resignation as Collector of Port of N. Y. given
Newton by Sen. Calder. Pres. Harding is evidently
working behind Mellon's back.
April 21, 1921. 84
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the Coinptroller be A21 abolished. Such a volts face,
however, would be startling in view of the Republican
demand in the campaign that the office be abolished.
April 14, 1921. 83
-
President Harding tells Gov. Harding that Mellon is a fine
man but does not know a damn about politics; *that
you Democrats run everything, and Mellon praises each
one of you by none and wants me to retain yal
April 25, 1921. 85
Mellon, after a talk with Gov. Strong over the telephone,
said that dale he believed the N.Y. rates should be
reduced, and that such redixstion would not cuts'
speculative activity, yet he was itclined to defer to
the feelings of the N. Y.Directors aid to wait a few
we 5.
April 28, 1921. 88
Platt said the reduction of the Chicago rate to 60 was
the result of political pressure brtught by the
cabinet followbg the interview of the President,
and that he should like to tell Mellon haw bitterly
he resented this.
May 6, 1921. 8i), 90.
Mellon issues a statement that the act of U.S. Treasurer
White in giving a certificate that certain N. Dakota
bands were all right and would be paid at maturity,
was not =thorned by the Treasury. This is essadalouo
White should have been removed.
June 1, 1921. 94
146.
Mellnn, Sec. (Cont.)
Announces approval of act to permit Secretary to
loan 50 minims to War Finance Corporation
for loans to cattle raisers.
Ihine 6, 1921. 98
Agrees at conference between Board, Gov. Strong and.
Meyer to favor a banking ppol to raise money,
combinsticn between New York tanks and western
banks, - for benefit of cattle raisers.
June 7, 1821. 98
^
and
Gov. Harding tells Mellon he is tired of criticism
any time.
woad be glad to resign at
July 8, 1921. 99
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ng them was before him;
said question of closi
that it seemed to him better for the employees
Bank
to go out for lunch; that they did that in his
C.S.H. advised him to go slowly;
in Pittsburg.
only
that the employees were getting food at rates
than 1/2 of what they woald have
slightly more
taken.
to pay cutside; that_he should have a poll
July 19 , 1921. 100
C Directors
Mellon asks Gov. Hardt rg for a list of Class
whose tams expire this year, andalso asked
Harding
as to their political affiliations. Gov.
fears trouble.
Oat. 6, 1921. 112
letter
Gov. Harding writes Mellon a vary ecurageous
C
asking him to toll the President that Class
ve Act, are
Directors, under the Federal Reser
appointed by the Federal Reser ve Board and
not by the Pradd dent.
Dec. 3, 1921. 120, 124.
See - Comstock
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and the American
Company of Niagara Nails
personally
Abrasive Metals Co. (in which Mellon was
g against our supervising
interested) complainin
to take
architect,. Trowbridge, for advising banks
for vault walls, formed frcm
his specifications
the Sandy Hook tests.
he should have
Sec. Mellon should not have done this;
Board
told the companies to go before the
themselves.
Feb. 28, 1922. 129
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Mellon
Asst. Sec. Wadsworth tells C.S.H. that he and gee.
Wilmeth's
were at the White House just before
removal; that the removal was made over his protest.
While he did not specifically say that Mellbn also
this
protested he left no doubt in my mind but that
Was So.
April 2, 1922.
140
of the
Gov. Harding said that after Mellon, at the request
ey General for an opinion
Bcard bad asked the Attorn
whether dividends of Federal Reserve Banks could be
paid out of surplus, the Attorney General said he
wished to "cooperate" in every way and that he wanted
at opinion Mellon anti the Board wanted,
to know just
y"
and that he would endeavor to furnish a "satisfactor
one i
April 27, 1922. 149
l Reserve
The Attorney General gives his opinion that Federa
banks can pay dividends cut of surplus. This was
eminently "satisfactory" to Mellon and the Board.
Apr 1, 1922. 152
ing the
Mellon told the President he approved of accept
but
Bank of Znglandis imitation to the conference,
thought 3 ought to go.
May 3, 1922. 155
to the ccnference
Mellon understood that Gov. Strong was going
l Reserve Bank of
but merely as representing the Federa
he
New York. He told Crissinger to tell the Baird
Board to settle this
would not go to a meeting of the
until he had conferred with sec. nigh's.
May 10, 1%12. 163
their heels
Gov. Strong and Gov. Norman have been kicking
hoar fr cm Mellon.
together all day waiting to
May 10, 1922. 164
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Mellon and the President favor accepting the
a later date; they have not
intitati on but 'suggest
agreed, however, as to ins tru3tions.
May 12, 1922. 166
that he sees no
Tolls C.S.H. at dinner at lies Pattens
disoornt rates at the present time.
reseal for lowering
May 23, 1922. 172
.4L:
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Mellen , though opposing the bill provid
McFadden
on the Federal Reserve Board, finally told
g said otherto let it go through, as President Hardin
wise he (mild not isappoint Gov. Harding,.
May 24, 1922. 173
148.
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Gov. Harding tells Mellon he should prefer not to be
reappointed.
May 24, 1922. 173
p.
•
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for a 6th
Mellon, just after the passage of the Act providing
ng it was settled that he
member, told Gov. Hardi
have the
Wika to be reappointed; that he was trying to
name together with that of the
President send in his
new member.
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Mellon tells Gov. Harding the new name has been agreed
that both would go in soon.
Treasury stating
Mellon gives out an iversonal statement frau the
that Gov. Harding would be reappointed. Nothing
be
happened. Mellon told Gov.Harding it would surely
made that week.
Aug. 7, 1922. 176, 177.
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n spoke to
Under Secretary Gilbert tells Gov. Harding that Mello
he was too
Pres. Harding who threw up his hands and said
busy with the Railroad and coal strike to think of
anything else.
Aug. 7, 1922. 177
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Mellon told Gov. Harding that the public would
little influence with the President.
Aug. 7, 1922. 177
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Aug. 7, 1922. 178
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Mellon tells Mitchell that he saw President Harding
, - I think G. Hardt ng
would not commit himself but added
will be reappointed."
Aug. 8, 1922.
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Mellon tells Gov. Harding that the President has
he had was whether the fight over
and said the only doubt
black
his confirmation might not last 2 or 3 smiths and
n said he wished Sen. Underwood
the senator business. Mello
ng said
would see the President about this. Gov. Hardi
with Underwood for that very night
he had an appointment
and would arrange it.
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Mellon told Goy. Harding that the President would
satisfactory.
in tanorrav if Sen. Underwood's interview was
Aug. 8, 1922. 180
149.
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desk was
Gov. Harding goes to Mellon to tell him his
going to New York that night.
awed and that he was
rstand why
Mellon said he vias utterly at a loss to unde
the President had not sent in his nano that day.
S
M.
and held up for
Gov. Harding said if his name were sent in
t to withdraw it
3 or 4 weeks, he would. then ask the Presiden
4 AC
that he would tell
Mellon said this Ass a good suggestion and
the President of it.
Aug. 9, 1922. 184
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gnation fortbs Senate
Gov. Harding tells C.S.H. that his desi
had been held up
had been signed by ?nisi dent Harding but
at the last moment.
186
Aug. 16, 1922.
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Under Secretary Gilbert tells Gov, Hard
almost mandatory in
sent President Harding another letter
a its terms.
Aug. 16, 1922. 186
will be given a recess
Tells G. Harding he is confident he
- in two weeks.
appoirament after Congress adjourna,
15, 1922. 190
Sept.
ing'• name altho Gov. Harding
Says he will not withdraw Gov. Hard so.
tells him not to hesitate to do
Sot. 15, 1922. 190
McLean told President Harding
Tells Gov. Harding that Mrs. Edward
an act of political
that not to reappoint hiM would be
Ike tj
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Sept. 15, 1922. 190
that Mellon is 150% for him.
President Harding tolls Gov. Harding
196
Oct. 4, 1922.
Merbhants National Bank, Worcester
Criesinger
See
Merchants State Bank, Augusta. 131
See - Williams
Meyer, awns
Western banks to help cattle
Favors a banking pool at N. Y. and
raisers.
June 7, 1921. 98
Berne* of Germany.
Mat. dims with, tomeet Mrs.
Nov. 1, 1921. 116
See - Bergman
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He admitted this was bad legislation from
not do
view of licpidity, but said that if we did
act and act
t
something to help, the administration migh
gatokly•
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Miller says Hoover does not like the Fede
of England, no bankers
and feels that, like the Bata
should be on its Board.
ett $40411134;.,
st-rvItba seartsaot
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(The Bank of Ingland, however, elects
ce houses, as directors.)
I. e. discount and acceptan
May 25, 1921. 93
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with Hoover.
admitted having discussed the quostion
Platt's
Finally he agreed to await the result of
osed bill to
talk with Gilbert as to the other prop
payments
effect that part of the franchise tax
the Treasury
might be made available for loans by
to cattle raisers.
May 25, 1921. 92, 93
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Miller, Adolph C.
Administration. Soo -AG:it:cultural paper
Agricultural paper
nt to
Moves that Board prepare and send, an amend=
Sec. 11 M of Federal Reserve
Congress providing that
rve Board, by
Act be amended so that the Federal Rese
Reserve
an affirmative vote of 5, may permit Federal
paper having
banks to discount agricultural or cattle
a maturity of not more than 2 years.
1.41teastrA oinal atist8
*AMU,- ear
so he could tell
Miller evidently made the above mction
ing hard for the cattle raisers.
Hoover he was work
hoesbeient, Federal Reserve Act
Bee - Agricultural paper
Federal Reserve Agents
Architects fees
S•• - Federal Reserve Bank, N. T.
Bank of Ingland Conference
Confers with Gov. Strong and Gov. Norman.
May 12, 1922. 165
Bergman
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Discusses with, his plan for stab
Nov. 1, 1921.
."
California special sag ires accounts
118
See •A• Savings accounts.
Cattle paper
tee- Agricultural paper
101
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Discount rates, Federal Reserve banks
of
Differs with Sec. dollop and says that a reduction
accomplish more if the Board
disc malt rates would
than
would wait until conditions had improved more
at the present time.
April 4, 1921. 71
. .
S
have
Did his best to help Crissirger in his effort to
later
Canstost appointed Class C Director and
Federal Reserve Agent of th Federal Reserve Bank
of Kansa, City, at direction of President Harding,
by attacking the Federal Reserve Agents as a body,
thnmatening to have their salaties reduced and preventing Board from redesignating the present
Federal Reserve Agents.
121, 122, 124.
Dec. 3, 1921.
Delano, F. A.
loan
Proposes name of, for Reserve Board's railroad
committee.
Mar. 29, 1920. 2
sin.ad
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Miller, Adolph C. (Cont•)
Chase Nati onal Bank
Says the crowd trying to dcminate Eugene Thayer,
President of, began by involving Thayer with
sane chorus girls; that Charles Sabin was
notorious for his profligacy; that Thayer had
lost all his money in speculation; that a prominent
New York banker whose word oould be relied on, told
him this.
April 5, 1921. 73
xabt
request to
On C.S.110s motion to approve Boston's
substitute
lower rates from 7 to 6%, Platt wired to
but it was
Gitt and Miller an Platt voted for it
and C.B.H. voting no.
lost, Gov. Girding, Crissingsr
voting as e.S.H.
C.S.H.es motion was then apyoved, Miller
antsl:1 Ale 101 mak
ases ,r .vow
811
reversion in
Said that while he rather favored some
discosnt rates he feared this sus not the
psychological time to reduce them.
April 9, 1921. •77
chi oinlv seauvoila
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April 12, 1921.
80
rate of 50 on
Miller then moved to irgroase the Boston
paper secured by Govt. securities to 6%.
voting No.
This was voed, Crissinger and C.S.H.
any revest from the Bank
This rate was put in without
be heard, - a case
and without giving it a chance to
152.
Miller, A. C. (Cont.)
Discount rates (Cont.)
ve in
of exercise of Board's power to take initiati
fixing rates.
April 12, 1921. 80
announced at the
Gov. Harding, Crissingtr, and
ing that if the N. T. Directors at
meeting this morn
cing rates
their mating tomcrrow voted in favor of redu
even down to 6%, they should vote to approve it.
mated that
Miller and Platt said they would asa,but inti
they might approve 60.
April 26, 1921. 86
,
1111 4f4 41,7
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11,‘”
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(This afternocn, April 26th, press represen
them that the
Eddy that the President had just told
farmers
Federal Reserve Bard was going to help the
and mlild lower rates gene nallY.
April 26, 1921.) 86
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at 60.
moving to fix the N. T. rate
n, this motion cone
As Miller had been opposing any reductio
C.S.H. ti (light
as a great surprise. Gov. Harding and
ess Crissinger.
Miller was merely "acting" so as to impr
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ident Hardinga
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as to
the Board was to make a special inquiry
out injury to
deflating industAg,,,values, with
4nderstood that
agricultural interests and that it is
be taken by the Board
steps to aid agriculture will
in the near tutors.
April 26, 1921. 86)
w
above press reports
Miller never referred in any way to the
ident would
that the Board by clirection of Os Pres
the Wilson
reduce rates geneally, altho during
executive
adminis,tration the bare intimaticn of
rage, and even under
influence made him fairly howl with
scandalous for
this administraticn he had said it was
t with relation to
Sec. Mellon to consult the Presiden
sending Houston abroad.
directors were all,
Gov. Harding reported that the N. T.
to any reduction;
except Palmer and Peabody, opposed
cticn to 6% but in
that Peabody said he favored a redu
erred to above) he
view of Presedetttial influence (ref
should oppose any decrease.
Apr 11 28, 1921. 87
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Miller, A. C. (Cont.)
Disocunt rates (Cont.)
as to consider
C.S.H. moved to amend Miller's motion so
banks when we considered N.Y.
reduction of rates at all
ntly did not
Miller'seemed troubled at this as he evide
ed.
want the Chicago rate reduc
the N.Y. rate
Miller finally admitted that reduction of
ticn of the Chicago rate but
would necessitate roduc
he did not want i t done similtaneously.
April 28, 1921. 88
reduction down
n
Board voted to approve Atlanta applicatio for
to 8%.
against Platt's
Miller voted for it and even defended it
object ono!
May 5, 1921. 89
objected to the
Miller has several times during last month
for discount
action of Los Angeles branch in rejecting
ornia; he said
paper of the Globe Milling Co. of Calif
se of shrinkage
its relatively poor statement was becau
stockholder in it
of inventories; that he was a large
d dividends.
and was losing $40,000 annually in passe
had to put up $100,000
Gov. Harding told C.S.H. that Miller
000, and that,
to save his investment in it of $500,
ed views in favor
in his opinion, Miller's chang
of his personal
of lower discount rates •vas because
intsrests.
May 6, 1921. 90
sentatives of the Globe
Gov. Harding had a talk with repre
it had loaned large sums to
Milling Co. and found that
condition and,
a subsidiary conpany which was in bad
ment, the Los Angeles branch
that, on its credit state
.
had properly refused to disc cunt i te paper
May 6, 1921. 90
al Reserve Agents,
At a conference of Governors and Feder
a rate reduction to 40 for Boston,
Gov. Harding suggested
Cleveland and
New Ircek, and Philadelphia, to $.% for
the Federal Reserve banks which
Chicago, and to foi% for
were borrowing banks.
at had ecurred
view of
Miller approved this and said that in
he had, voted to
as to prices, he now tip asliamod that
Oct. 25, 1921. 115
increase ratio to "ft in 19301
vacillation on the rate
Gov. Harding told Miller that his
had almost made
questtn had been so great that he
, and Miller finally
up his mind to rosignfrom the Board
report of his remarks
said. be would strike out frau the
to the increase to 7%
before the conference all allusion
25, 1921. 115
Got.
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C.S.H. said we should first hear from New York Directors
and moved to amend by asking New Tcrk to report at
once as to rate conditions and as to whether or not
a change was desirable, giving full reasons.
May 23, 1922. 171
C.S.H. said there was no evid.ence before the Board that
business was in any degree pampered in N.Y. by the
present 410 rate.
Miller admitted that this was true.
reduction could be made to better
C.S.H.. felt that this
later.
advantage
The Board voted down COOL Is motion.
Miller moved adoption ct his resolution ant it was so voted,
C.S.H. alone voting No. Gov. Harding did not vote.
May 23, 1922. 171, 172, 173.
itkr
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Miller moves a resolution that it is the sense of the Board
that discount rates at Federal Reserve Bank of New Tcek
could with advantage be reduced.
C.S.H. said that if such resolution be passed without
hearing from New `fork, the Board would seem bound to
lower rates, no matter what conditions an inquiry
might reveal, and that, while the Board had pow to
initiate rates, it should never do it except for
unusual and extraordinaar conditions, and that before
voting, he wished to have a report frcm the N. T.
directors showing just what the conditions wera.
ticruld to•ft v..4 01
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Miller, A. C. (Cont.)
Discount rates (Cont.)
Gov. Harding tells C.S.H. he is satisfied that Miller
bad changed his views on discount rates, since and
beoso.ss of having to put up so much money to protect
his intirests in the Glob• Milling Co.
03t. 25, 1921. 115
•:'.m.ityfok10
state
The Federal Reser* Bank cf New 'fork asks Board to
.
the reasons for above resolution
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he
Miller became very excited andtalked at great length;
rates were out aline, but did not
said the N. T.
say bow; said the Merchants were entitled to lower
rates; that it was wrong to maintain high rates imply
for fear of speculation in the stock market.
C.S.H. told Miller that was not his reason for holding
peresent ra es, that his reason was that business
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
155.
Hiller, A. C. (Cont.)
Discount rates (Cont.)
Seemed to be moving satisfactorily towards better conditions
under the present rates, that frozen credits were being
liquidated, and there seemed no demand nor occasion for
lower rates.
May 25, 1922. 174
Gov. Harding tells C.S.H. that, in his opinion, Miller wanted
lower rates and easier mcney for personal reasons, ever
since he had to put up $500,000 to save his investment
in the Globe Milling Co.. (S.orhe time in April, 1922)
May 25, 1922. 174, 175.
Miller bitterly attacked Federal Reserve Agent Jay for saying
at the joint conference that Federal Reserve banks should
lead in increasing rates, but shaeld follow the market
in decreasing them. Miller said this vats puerile,
childlike, and sophomoric and that Jay was unfit to
be Federal Reserve Agent,
Did.. 3, 1921. 122
Federal Reserve Act
Proposed amendment to Sec. 11 M.
See - Agricultural paper.
Fe ieral Reserve Agents
Mitchell moved to redesignat• for the fdlowing year all
of the Federal Reserve Agents. (his was done to
prevent Comstock being made Class C Director at
Kansas City and later being designated as Federal
Reserve Agent in place of Ramsay.)
After long discussion the Board so voted, Crissinger alone
voting No. Crissinger said he had no sther candidates
to suggest, but that he felt that many of the Federal
Reserve Agents were mediocre men and should not be
redesignated; also that all salaries of Federal Reserve
Agents should be fixed before notice sent of
ridesignati on.
Miller, evidently intending, as Gov. Harding and the other
members believed, - to'belp Crissinger.Yndirocar,
in his attempt to secure Comstock's designation,
vigorously attacked all .of the Federal Reserve Agents;
said they were doubtless good enough to care for Federal
Reserve rotes, but were utterly unfit for Chairmen of
the Boards; that he should move to reduce their
salaries radically.
4
• ;.
1
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Crissinger backed Miller up.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
156.
Miller, A. C. (Cont.)
Federal Reserve Agents (Cont.)
Miller then said he favored an amendment to the Federal
Reserve Act separating the funoticns cr Chairman
and Federal Reserve Agent.
The other members said they would be glad to take this up
and it was voted to appoint a special col:mitts* to
consider whether any changes in salaries should gow
be made.
Dec. 3, 1921. 121, 122.
Miller then moved that the action of the Board in redesignating
the present Federal Rise-ye Agents be laid on the
table.
It was a tie vote, C.S.H. voting in the negative, and Gov.
Harding finally voted No., tilts defeating the motion.
Dec. 3, 1921. 122
Miller bitterly it tacked Federal Reserve Agent Jay for his
statement at the joint ,c cnf arenas that Federal Reser ye
banks should take the lead in increasing discount
rates but should follow the market in reducing them.
Miller said Jay was puerile, childlike and sophcmoric and
was unfit to be Federal Reser,. Agent.
Del:. 3, 1921. 122
The Special Commit tee reported unanimously against changing
salaries of Federal Reserve Agents at the present time.
The Board voted to notify each Federal Reserve Agent of his
redesignati on.
Crissinger was not present but joined in the coinnittee report.
Miller, - kill() had threatened such dire things agairst the
Federal Reserve Agents, - meekly voted with the rest
of the Board.
Dec. 6, 1921. 124
Federal Reserve Banc of New York
11114er raises point whether the Board is bound affirmatively
to pass upon the building plans and fees of architect,etc.
The arahitectiste• here 4111s over 1 million dollars, out
of which engineering ea:missions cd $150,000 were to
be de tucted, leaving a net fee of about $850,000,
based on a f$ conmission.
only
The ccmnissicn on the Federal Reserve Bank of Chicago was
5%.
Out supervising architect approved the architect's fee,
of
stating it was strictly in accord with the rules
the N. Y. Board,
the N. Y. Architects Associaticn, and
157.
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Out courmel advised us that it was acat our duty specifically to
approve or disapprove as the directors had the right to
make contracts, under the Act, and nothing was said as to
approval of the Board; that our only paver was that of
neral supervision and control, with the power to remove
•
directors for malfeasance in cities; that, while we had the
power to investigate the mere fact that we might differ in
judgment from that of the directors, gave us no right of
disapproval.
Soo also - Discount rates
,
4
4,011
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thought the fee was very high.
Miller said if the Board was bound to approve or disapprove he
should vote to disapprove.
Sec. Mellon said he knew perfectly well about N. Y. architects
fees and that these were not extortiorste, and that if
present at the meeting he would vote to approve them.
Mar. 29, 1921. 68, 69.
T. :."
(X.i
We all
Ccinsel suggested that tha Board =rely say that it interposed
no- objection.
v,11.4r111
t
Miller, A. C. (Cont.)
Federal Reserve Bank of New York (Cont.)
including the 3 Govt. directors, were unanimous in approving it.
Federal Reserve barite
See - Agricultural paper
L Z•
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Globe Milling Company
Miller bas complained several times during the last month at
the action of the Los Angeles branch bark in refusing to
discount paper of the Glob. Milling Co. of California,
offered by a member bank.
Miller has several times asked the Board to look into this, as
the poor statement of the Globe Co. was the result of
shrinking inventories.
'314
411
111, f
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Miller said he was & large stockholder in the company and had
lost $40,000 yearly dividends, which had been passed.
While Miller asked Baird action on inplreonal grounds, it was
evident whose os was gored.
May 6, 1921. 90
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Gov. Harding had several talks with Robinson, Presidnet of the
Loa Angeles Bank, and with representatives of the Glcbe
Canpany and found that the Company had loaned large sums
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
158.
Miller, A. C. (Cont.)
Globe Milling Co. (Cont.)
to a subsidiary canpany which was in bad condition, and that
It. credit statement shed the Los Angeles branch bank had
*roperly declined to discount its paper.
May 61 1921. 90
Gov. Harding tells C.S.H. that Miller had to put up over
$100,000 to protect his investroent of $500,000, and expressed
the opinion that Miller was dominated by his personal interests.
May 8, 1921. 90
Gov. Harding tells C.S.H. that he believes Miller wants lower
discount rates and easier money for personal reasons; that
he has fought for lamer rates ever Gime he had to pit up
$500,000 to protect his investment in the Globe Milling Co.
May 25, 1921. 174, 175
Gold..
the U.S.
Miller wants to care for the ioported gold caning into
ve Agents to reduce
by depositing it with the Federal Reser
liability on Federal Reserve notes.
it ear-marked
C.S.H. thinks this is a bitter plan than having
Gov. Strong suggests, but Mellon
with the Bank of England as
Is opposed to it.
Mar. 29, 1921. 87
of Miller, Sir Felix Schuster told the
In reply to a cpestion
al banks,
Board that gold should be centralised in the centr
r of the
and that in the future the 1 L bank note eithe
or the Bank of England would be universally
British Government
used, subject to gold redemption when demanded.
but a reserve like
B. did not mean to have a 100% gold reserve,
.
that required for Federal Reserve notas
April 28, 1922. 149, 150
Hoover
al Reserve Board; that
C.11er says Hoover does not like the Feder
like the Bank of
he thought no bankers shculd be on it,
ingland.
May 25, 1921. 93
and approve an amendment
Miller introduces a motion to prepare
tting the Board, by
to Sec. 11 M, Federal Reserve AcØ, permi
Federal Reserve banks
affirmative vote of 5 members, to allcw
e paper wi th a matu.rity of
to discount agricultua 1 or cattl
not over 2 years.
would be bad from the
Miller admits that such an amendment
that if the Board did not
viewpoint of liquidity, but said
tion be feared the
do as something to help the situa
ly.
administration might act and act quick
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
159.
Miller, A. C. (Cont.)
Hoover (Cont.)
Miller eid not say just what the administration would do but
he admitted having discussed the situation with Hoover.
C.S.H. believes this shows conelusively that Hoover is trying
to dominate the Board through Miller.
May 25, 1921. 93
Nous ton
Miller objects to the vote of the Federal Reserve Bank
at New York to send Houston abroad, taking the
ground that if anions is sent he should be sent
by the Federal Reserve Board.
May 7, 1921. 50
Miller said it was scandalous for Mellon to consult the
President as. to sending Houston abroad, but C.S.H.
pointed out that as chairman of the Board the
Sec. of the Treasury in determining how to vote
on any matter could consult the President or anybody
else and that .4cAdoo did this freely.
Mar. 10, 1921. 51
Miller dictates a letter for Brookings to sign and send
to Houston.
Mar. 17, 1921. 55
Gov. Harding says he and Miller got the Federal Advisory
Council to pass a resolution favoring sending some
one abroad.
Mar. 17, 1921. 56, 57.
Maturity of agricultural and cattle loans.
See - Agricultural paper
Political interference
Miller moves amendment to allow Federal Reserws banks to
discount agricultural and cattle paper having not
more than 2 years maturity, and warns the Board that
,
if it does not take sane such action, the administraact and 313t quickly.
tion may
Miller did not explain this threat, but admitted that he
had been talkingwith Hoover. This, to C.S.H., is
a clear effort to force action on the Board through
political influence.
May 25, 1921. 92, 93.
Just after the press agents had told Eddy that the
President told them the Federal Reserve Board was
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exerted by the aiministrat icn.
April 28, 1921. 87
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Yet two days before Miller said he would not vote to
reduce to 6% but only that he might consent to
60, while In April 4 he was against any reduction
add again on April 9, while In April 12 he opposed
Boston going down to 6% and secured an increase at
Boston from 51 to 6% an paper secured by Govt.
securities.
See pps. 711 77, 80.
Tot nom he wants toll.* 61% at N. T. on Board's
ed
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Miller, A. C..(Cont.)
Political interference (Cont.)
going to help the farmers arrl would lower all di , count
rates generally, and just after the press anncuncement
that, by direction of the President, the Board would
make a special inquiry as to deflating industrial
values, vdthout injury to agriculture, Miller who had
hitherto opposed all reductions in rates, suddenly changed
his conts• and moved to fix the N. Y. Rate at 61%
reducing it from 7%.
April 28, 1921. 87
aut
Sabin, Charles
Miller says, of Guaranty Trust Co. is notorious for
his profligacy.
April 5, 1921. 73
Savings accounts, California
Votes against 3% reserve on California special savings
accounts.
Oct. 10, 1922. 199
Section 11 M, Federal Reserve Act
See - Agricultural paper
Thayer, Eugene
See - Chase National Bank
Williams, John Skeltcn
Miller says he wants to confer with C.S.B. before making
any motion as to report of committee on Williams
letters.
Feb. 28, 1921. 38
On C.S.H. stating to Board in presence of William that
he shall vote for the report if a motion is made,
Miller moved that the report be accepted which was
Feb. 28, 1921. 38
voted.
161.
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Miller s Gov. Federal Reserve Bank, Kansas City
Received frcm Williams copies of his letters attacking
the Board.
April 12, 1921. 81
Mitchell is bitter towards Gov. Miller.
July 8, 1921. 99
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Said, that her grandfather, Sen.Lodge, said that Root's
appointment as Sec. of State would be a calamity.
June 1, 1921. 95
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the remosal of U.S. Treasurer White for publicly
certifying that certain North Dakota bonds were good
and wculd be paid at maturity.
June 1, 1921. 95
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Pres. Harding consultor Gov. Harding as to the appointment of,
cn Federal Reserve Board.
April 25, 1921. 85
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Gov. Harding says Mitchell's appointment on Federal Reserve
Board was held up for sane time becatse of the opposition
of Upham, Treasurer ofthe Republican National Commit tee,
who told the President that Mitchell was called on
during the Presidential campaign of 1920, for a $2000
subscription, but refused to pay it on the ground that
it would be used in Minnesota soley to defeat the Non.
partisan League.
July 8, 1921. 9 9
hot
Gov. Harding tells C.S.H. he believe3 that Mitchell is a red
towards
Republican politician, as ohm by his feeling
rederal Reserve Agent Ramsey of Dallas and Gov. Miller of
Kansas City, and that th 3 Board will have trouble with
him.
to the
(Gov. Harding was very much mistaken. Mitchell has gone
free from political influence.)
limit in keeping the Board
July 8, 1921. 99
C.S.H. attends lunch given by Mitchell to Dr. Wilmot of
Texas, formerly on Federal Advisory Council.
July 22, 1 921. 101
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Board appoints Mitchell, Platt, and Crissinger a special
C
committee to report a list of appointees for Class
Directors.
Republicans
The Board appointed them not simply because they were
162.
Mitchell, John R. (Cont.)
fresh
but primarily because the Board wanted the advice of
that the committee was a good one,
blood. It was felt
as Platt was appointed, although a Republican, by President
Wilson and the others by President Harding, and we had
cortidence in their good judgment.
Dec. 3, 1921. 119
to report a
Mitchell's committee reported it was not yet ready
list of Class C Directors.
Dec. - 1921. 121
ve Agents
Mitchell moves that all of the present Federal Reser
g year, which was finally
be redesignated for the comin
voted.
Dec. - 1921. 121
vote,
Mitchell voted for Dr. Miller's motion to table above
confused as to the issue.
apparently being
Dec. - 1921. 122
the letter he
Mitchell tells the Board that, notwithstanding
ing him
received an Dec. 9th from President Harding, thank
Comstock,
for explaining his reasons for not supporting
should be kept
in which the President agreed that the Board
was really
free from political influence, - the President
Comstock, and
very angry with the Board for notappointing
this from
with him especially, C.S.H. thinks he learned
Sen. Kellogg.
Dec. 21, 1921. 1Z
179
Aug. 8, 1922.
ccoutittee with
Mitchell, soms time ago, was appointed on a
to investigate Federal Reserve
Gov. Harding and Crissinger
the Cleburn
Agent Ramsey of Dallas and his connection with
bank failure.
April 5, 192E. 143
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Federal Reserve Bank of St. Louis
rg ard Watts to go to
Mitchell suggests names of Goy. Strong, Warbu
were too
Bank of England ccnference. C.S.H. feared they
broader and
being
reactionary and suggested Foetus Wade as
than Watts.
more Democratic
. said he did not use
Mitchell said Watts was a Democrat and C.S.H
the word in apolitical sense.
May 2, 1922. 153
that Great Britain should
Mitchell says Hoover told Gov. Norraan
on her loans from the U.S. Govt.,
certainly pay the interest
e as to the other
when due, and that then they could decid
allied countries.
May 11, 1922. 165
163.
•
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Federal Reserve Bank of St. Louis
Mitchell, Jain R. (Cont.)
Mitchell has been having conferences with Gov. Norman, Gov. Strong
and Miller about the Bank at ngland conference.
May 12, 1922. 165.
Mitchell votes for Millerts motion that it ie. the sense of
the Board that the N. Y. iates should be reduced
although yesterday he seemed to agree with C.S.H. that
first we should call on the N. Y. directors for a
report.
173
May 23, 1922.
e rS,
The private secretary of Sen. Watson of Indiana cri led up
the Board's office and asked as to the politics of
the Board members. Mitchell ironically, but sincerely
moved that we tell him it is none of his busiress
but the moticri was not voted on.
June 29, 1922. 175
Says Mellon saw Presicbnt Harding yesterday who said he would
"I think Gov. Harding
not emit himself but added,
be reappointed."
will
Aug. 8, 1922. 179
is
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Mitchell reads to C.S.H. President Harding's letter to him of
Dec. 9, 1921, tharking him for keeping politics out
of.the Federal Reserve Bard (Comstock) and says that
he knows President Harding wrote it in a sarcastic
sense and that he feels very ugly about Comstock and
that this is why he does not reappoint Gov. Hard ng.
Aug. 8, 1922. 179
littchell says Republican pressure is so strong that he believes
Harding will yield grind he thought he might send in his
name today.
Aug. 8, 1922. 179
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Mitchell says President Harding is surrounded by very ppor
political advisers.
Aug. 8, 1922. 179
Tells Platt that Sen. Underwood told President Harding that
Gov. Harding should be reirppointedand that he would
oertainly be confirmed.
Aug. 10, 1922. 185
Mitchell says that Carmi Thcmpson, Republican candidate for
Gov.d'Ohio, dined with Pres. Harding and told him the
reappointment of Gov. Harding would be a fitting
the
demonstration that Pres. Harding intended tokeep
absolutely free from politics,
Federal Reserve Bard
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Federal Reserve Bank of St. Louis
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but that President Harding said this argument did not
impress him at all, thus revealing his desire to make the
Board a part of the spoils system.
Aug. 21, 1932. 188
112,:s
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Sept. 6, 1922.
189
Vot3s, with C.S.H. for 3% reserve on California special savings
Oct. 10, 1922. 199
accounts. Defeated.
Mitchell, Max
See - Crissinger
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Gov Harding says, told him he would at once see the Attorney
General and tell him to advise President Harding to keep
his hands off the Federal Reserve Board in the future, referring to the Comstock matter, - as the Board should
not be interfered with politically.
Dec. 6, 1921. 124
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Monetary conference
Gov: Norman and Gov. Strong both7,said that if another Monetary
Corf arenas were called, as suggested by the Iftropean central
banks, it would necessarily involve the cpestica of debt
adjus tment.
Me?, 91 1922. 161, 162.
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May 9, 1922. 162
C.S.H. said he feared if such a conference were called, the
whole subject of International Bimetallism would be
revived and pointed ait that in 1896 the Republican "gold"
platform declared for the gold standard only on condition
that a bimetallic conference be arranged for, and that
Lodge had insisted on adding, - "which we pledge ourselves
to promote."
May 10, 1922. 164
No. ...1.4;
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Montague, Captain
Gar. Norman, of Bank of England sailed to U.S. under the assumed
name of Captain Montague.
May 12, 1922. 167
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Mr. Morris, Ambassador to Japan, was present at a cctiference
between Under Se:retary Norman Davis and the Federal Reserve
Board on the subject of release of all metallic and trade
dealings between Russia and U.S.
Dec. 1920. 22
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Federal Reserve Bank of St. Louis
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Sends C.S.H. a copy of the Investcr severely criticising
Crissinger in connection vdth the application of
Max Mitchell and. his friends for a national bank charter.
May 16, 1921. 91
.
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See - CrAssinger
Strongly opposes reduction in discount rates at joint conference
Oct. 25, 1921. 115
•
Tells C.S.H. of scandal of iterchants National Bank, Worcester,
in buying Park Trust Co. and of Cris F.inger's consent
thereto.
Sept. 29, 1922. 193, 194
Says Sen. Weeks should remove his name from Hornblower and Weeks
as it has degenerated into a glorified bucket shop;
that Phelan has injured the firm.
Sept. 19, 1922. 194
See - Federal Trsut Co.
National Bank let
Lehman, Sol. Gen., gave opinion that national banks can not
orgattise and control trust and ow:rarity ccmpanies under
National Bank Act.
Williams wanted this opinion to be referred to Attorney General
but McAdoo and Houston both declined.
Mar. 19, 1921. 59
•
National Bank Charters
Granted by Comptroller Crissirger over adverse report of Nationa
Bank Examiners and the Federal Reserve Bank.
Pt
Ccmmercial National Bank, Wilmington, N.C. 169
Farmers National Bark, Stutgart, Ark. 138
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Board voted to adopt recommendation of its executive committee
and send a confidntial letter to the Federal Reserve
Agents waking for a report as to efficierzy of nati cnal
bank examiners, in view of McFadden bill abolishing
office of Ccmptroller.
Feb. 28, 1921. 46
See -Criss ing er
National Bank Of aonseerce, N. Y.
President Alexander thinks Federal Res. rve Bank of N.Y. should
have sane position for Houston. Mar. 17, 1921. 5?
166.
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Examination of
See - Williams
National City Bank, N. Y.
a
Brookings tried unsuccessfully to induce McRoberts to give
1921. 57
place in, to Houston. Mar. 17,
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See - Williams
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was
United on Hord. for C1a6s C Director di Kansas City, although he
original choice.
not their
Dec., 3, 1921. 123
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See - Harding, Pres.
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tion
Sen. Caller told Newton that Pres. Harding wished his resigna
.
October, 1921; that
altho his 4 year term did not expire until
he called on S3C. Llellon 14/h0 aid he knew nothing about it.
Later, Pres. Harding sent in nazi) of Aldricge, a political
boss, and an original Harding man, without waiting for
Newton's resignAion, - a scandalous appointment. Evid3ntly
Pres. Harding is working behind the back of Sec. Callon.
April 21, 1921. 84
.to ct 114a
tect.;
131
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See - Newton
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Dr. Willis tells C.B.H. that last summer Williams wrote
Reserve
several letters asking hi n to attack the Fechral
Board in the, and that McAdoo made a similar request at
about the same
June 12,1922. 175
Norman, Gov. of Bank of England
Board discusses with Gov. Strong invitation of Bank of England
for a conference -oefore the arrivil of Gov. Norman.
May 3, 1922. 154
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C.S.H. believes Gov. Strong has worked out some plan
ng to state to Board.
Gov. Norman which he is unwilli
May 3, 1922. 157
to
C.S.H. believes Gov. Norman's real purpose in coming
secure postponement of payment of interest
Washington is to
May 3, 1922. 157
by Great Britain.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
167.
•
Norman, Gov. (Cont.)
Board confers with Gov. Norman.
Gov. Norman says that the bankers of Europe would probably agree
to protect the weaker central banks continuously;
J
that probably they wonld advise th.3 73ntral -- unks for
all countries; that they would savor low rate policies
for banks having high reserves; that if the central
banks suggest/ on of another international monetary
conference, were adopted, it would necessarily involve
the quisstion of debt adjustment. Gov. Norman seemed to
favor a gene•ral moratorium for sane period during which
interest payments should be suspended, altho he was
careful not specifically to state this.
C.S.H. asked Norman whether Great Britain would declare a free
gold market in the near future if her interest pay4ents
were suspended, and he said he thought not.
May 9, 1922. 161, 162.
C.S.H. is satisfied that toe real purpose of Norman's visit is
to bring ahout, without of course asking directly for
a postponement of interest payments for a considerable
period of time, at least.
May 9, 1922. 163
Gov. Norman and Gov. 'Strong kicked their heels together all
day waiting to see Sec. Mellon. May 10, 1922. 164
Mitchell says Hoover told Norman that Gt. Britain should
certainly pay the interest due to U.S. and that if ter
that, they could decide as to the other Allies.
May 11, 1922. 165
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Gov. Norman and Strong have been conferring with Miller and
Mitchell for the past 2 clays.
C.S.H. attends one of the meetings.
Gov. Norman had a plan as to the proposed Bank it England
corterence:
Each participating country was to be asked to
agree to cooperate with the central banks
along the lines of restoraticn of the gold
standard, etc. etc.
C.S.H. had never before seen this plan.
Several changes were suggested.
May 12, 1922. 165
C.S.H. feels he must know much more about Gov. Norman's plan
before he can vote intelligently upon it.
May 12, 1922. 166
Gov. Norman dines with C.S.H. ant H.P.H. at our apartment.
168.
.
100
to
Norman, Gov. (Cont.)
Gov. Norman said that %rope can not get back to the gold
standard until the Allied iebt question is settled;
that if Great Britain began paying interest it would create
say
a bitter feeling amcng the allies, and, while he did not
his conviction that
so_directly, C.S.H. has no doubt of
Great Britain is in no position to begin interest payments
next fall.
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the principal for that could be
ctisis than the payment of
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n to settle the interest question now, or to
a Great Britai
wait, but C.S.H. said he was not sufficiently conversant
with the details to answer him.
wham he
Gov. Norman asked ab cut Mr. and Mrs. Augus tu& Hernenway
met caning over. C.S.H. said they were close friends of
his and he would speak to them of him when next he saw
them. Gov. Norman than said they would know him only as
Captain Montague, urxler which tame he was travelling.
May 12, 1922. 167
Gov. Norman also toli C.S.H. that he was registered at the
Shoreham Hotel under an &mixed name.
May 12, 1922. 167
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Norris, Gov. Federal Reserve Bank of Philadelphia
Williams sends, copies of his letters attacking the Board.
April 12, 1921. 81
North Dakota bcnds
ent that
White, Treasurer of U.S., aims his name to a statem
be paid
certain bonds of North Dakota are good and will
Instead of removing him, as Mitchell says
at maturity.
was demanded by Republicans, the Treasury simply
announced that it hal not authorised. him to do so.
June 1, 1921. 94, 95.
!
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Defaulting Bank President, Cleborn Bark.
142, 144, 147, 148
See - Ramsey
Li'
-0Oelrichs, \irs.
Called daily on An -a at Bar Harbor Hospital.
Aug. 1921. 110
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Federal Reserve Bank of St. Louis
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Omaha Bee
Leading Republican paper, supported Hord for Class CDirectori
Kansas City. Dec. 3, 1921. 123
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Prostate gland removed by Dr. Chute at Corey Hill
1\3.11 account.
Hospital, Brookline, Mass. 1
1st operation, Itpril 17,1920.
May 6, 1920
2nd
Left hospital, June 9, 1920. 4 to 18
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Dr. Borden of Washington removes a cyst frat over left eye
Feb . 27, 1921. 59
• Dr. Randolph writes giving result of analysis.
Mar. 13, 1921. 59
Took one Xrey treatment frau Gr. Groover.
Mar. 14, 1921. 59
Dr. Borden removed a cyst frau under right ear.
Analysis shamed it to be harmless.
April 3, 1921. 90.
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Dr. Borden removes a fleshy tumor from my right knee.
Analysis s'newel it to be harmless. May 21, 1921. 92
Dr. Borden removes a fleshy tunor from under right arm
in or near breast. July 17, 1922. 176
Analysis showed it to be harmless.
Aug. 11, 1922. 176
P'. r
Owen, Son.
Williams reads to Board a letter fro, showing why he had not
been confirmed as Comptroller.
Feb. 28, 1921. 36
,
4.- 4.4.4,11.4
•
Tells C.S.H. he will vote against ccnfirmat ion of Gov. H. if
reappointed, but that he will undoubtedly be 2 aifiraaed.
Sept. 20, 192g. 191
C.S.H. asks, to refute Heflin, whc has impugned his good faith
in charging that the surplus proviSiOn of Federal
Reserve Mt was sneaked thru the Senate with aid of
Republican votes; reminds him that Congress then
Democratic in both branches and that Owen himself
reported this bill. Jean replied that few read Haflin's
170.
Owen, Senator (Cont.)
speeches, and took no interest in what C.S.H. said.
Sept. 20, 1922. 191
Platt writes Owen to same effect and says Heflin voted for the
bill as a then mnber of the HC1130 of Represent-tives.
Sept. 20, 1922. 192
Palmer, Attorney General
Justice McReynolds savs, is little better than a damned crook.
April 6, 1920. 5
exe
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Federal Reserve Bank of St. Louis
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Appointed cn Board's R.R. Loan Committee.
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All of N. Y. directors exec,t Palmer and Peabody oppos •d
lower discount rates.
April 28, 1921. 87
.r,)*C1 Seyr.a tevoms,1 nebula
ed
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Patten, The Misses
C.S.H. lines with, and meets Sec. dellon there.
May 22, 1922. 172
See - Corbin, Mrs.
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Wished to reduce N. Y. discount rates from 7 to 04 but said
he would vote against any reduction because of political
interference of President Ho.rding.
April 28, 1921. 87, 88
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.
Gilbert, Under Secreta y, tells C.S.H. thaFfughesi note and
Pres. Hardingis attitude towards, was for purpose of
throwing a "scare" into France.
April 10, 1921. 78
Pegging of exchange
not
Gov. Strong says, was one way of stabilisation, but was
156
a good method. May 3, 1922.
Perrin, Pei ,ral Reserve Agent
See - Savinge accounts; reserves
Phelan
See - Morse, Gov.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
171.
Platt, gdmond
Votes against proposed amendment making cotton factors paper
eligible for reidscount, althcugh saying he thought it
would do no harm.
Nov. 1920. 22
ty.
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Feb. 11, 1921.
27
Says, if true, be will denounc .3 McAdoo for acting as Counsel of
t• Chase National Bank, before upiration of the 2 year
limitation of Federal Reserve Act,
Feb. 28 1921. 44
Williams writes a letter in answer to Platt's que -tion as to
whether he had examined any national bank tiring early
fstrt of 1920. Mar. 3, 1921. 45
L
Says Gov. Harding did not fairly state position of Boston in
asking for reduction in discount rates from 7 to 8%.
April 4, 1921. 72
Moves to amend C.S.H.Is motion to permit Boston to reduce from
7 to 6%, by substituting 611%. Ainendrnent lost.
April 12, 1 921. 80
Votes to increase Boston' s rate on paper secured by Govt.
securities from 5* to 8%. April 12, 1921. 80
Says might 14)prove 61% rate for New York but we ought to
least until next week.
April 26, 1921. 86
it at
Says Chicago application to reduce rates to 64% was the result
of political pre3suee brcught by the Cabinet following the
announcement of President Harding and that he should like
to tell Sec. Mellon how bitterly he resented this.
lay 5, 1921. 89, 90.
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Appointed on a special cournittee of Board to ' ring in A list of
for ippointment for next year.
Class C Directors
Dec. 3, 1921. 119
C.S.H. and H.P.H. dine with.
Mar. 17, 1922. 131
conflre with, as to LL.D. for Gov. Harding from Harvard.
C.S.H.
April 20, 1922. 146
attend the
Says Sec. Mellon understands that Gov. Strong is to
representing the
ngland conference merely as
Bank o
Federal Reserve Bank of New York.
May 9, 1922. 163
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Federal Reserve Bank of St. Louis
172.
Platt, Edmcnd (Cont.)
Reads to Bcard a letter from Gov. Seay protesting against a
charter granted by Crissirg er to Commercial National Bank
of Wilmington, N. C.
May 19, 1922. 169
Rather favors reduction in New York rate from 41 to 4%, as when
the time canes it will be easier to increase it from 4
than fr an 41%.
May 23, 1922. 172
•
Mitchell tells Platt that Sen. Underwood told President Harding
that Gov. Harding should be reappointed and would certainly be
confirmed.
185
Aug. 10, 1922.
'
Gov. Harding suggests to Platt to write Kettig of Birmingham,
intimating that tte Birmingham branch may be discontinued
to induce the Birmingham bankers to bring pressure on Sen.
Heflin's brother to pull off Sen. Heflin frcm his attacks
C.S.H. objects to this.
on Gov. Harding.
Aug. 16, 1922. 187, 188.
Tells Sen. Smoot Williams a deliberate falsifier. Sept. 15, 1922.
Tells Owen Heflin voted for surplus amendment which he now says
was put through by Rep. votes. Sept. 20$ 1922. 192
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Votes against a 3% reserve on Califcenta special savings bank
accounts. Oct. 10$ 1922. 199
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Mar. 27, 1921. 65
Policy of Republican Administration
Administratim Is policy as to L. of N. is made kncom to
Viviani at a dinner given by Sen. McCormick to
Viviani and the "irreconcilable" censtors, a
humiliation to sec. Hughes.
April 6, 1921. 74
C.S.H. believes Pres. Harding
fears that ultimately the
against Grvat Britain and
April
has no foreign policy, but
U.S. may side with Germany
France.
10, 1921. 80
Policy of Administration as to changes in Federal Reserve Act
April 14, 1921. 83
is wavering.
and
Son. Keyes says he voted for the Knox Peace Resolution
not know
supposes it represents some policy but does
May 1, 1921. 88$ 89.
what it is.
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Federal Reserve Bank of St. Louis
173.
Policy of RepUblican Administration (Cort.)
Sen. Keyes says he voted to ratify the Colombian Treaty but
can not understand Lodgets change in policy towards it
now as compared with his opposition v.laen Wilson favored it.
May 1, 1921. 89
Sen. Keyes thinks Hughes and Lodvare not in accord as to foreign
policy. May 1, 1921. 89.
Lodge says a new treaty must be made with Germany after passage
of Knox resolution. May 1, 1921. 89
C.S.H. fears Hughes is being dominated by Lodge and Knox as to
foreign policy.
May 1, 1921. 89
The Cabinet and President Harding are all at sea as to the policy
of accepting the Bank of England invitation to a confers= s
May 9, 1922. 162, 164
C.S.H. tells Crissinger that if President Harding fails to
appoint Gov. Harding it will be construed as a belief in
the truth of Williams and Sen. Heflin's attacks, and as
a belief, as well, in an "easy credit" policy.
Aug. 9, 1922. 183
Political contributions
Mitchell's aipointment was held up for sane UAL* by Upham,
Treasurer of the Rept. National Catrittee becauselditchell
.declined to make a campaign contribution of $2000 demanded
of him in the last election.
July 8, 1921. 93
Philip Stockton told C.S.H. that Crissinger "sold" a national
bank charter to Max Mitchell of Boston , request of
At
Sen. Weeks and Thurston of Maas. Rep. Campaign Committee who
demanded it from Crissirger on ground that Mitchell had
given $5000 to Rep. Committee in Mass. (This charter was
finally held up; Mitchell was indic ted under Mass. laws)
May 16, 1921.
91, 92, 98
Political activity of adninistraticn
Pres. Harding directs Federal Resery Board through Cri'singer,
to turn over to his cousin the placing of all insurance
taken out by Federal Reserve banks on money shipments,
stating that his cousin will give asi good rates as the
present agent.
Mar. 21, 1921. 60, 61
The Administration objects to Federal Reserve Board sending
Houston abroad, and Se:. Mellon naively suggests that the
Board send instead sane one, to be picked out by the
President, whom the President wishes to reward!
Mar. 17, 1921. 54
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Federal Reserve Bank of St. Louis
174.
Political activity of administration (Cort.)
Pres. Harding tells the pros; representatives that the
Federal Reserve Board will soon lower discount rates
generally and help the farmers.
April 26, 1921. 86
The press announces that, by direction of the President, the
Federal Reserve Board will make a special inquiry into
the problsn of deflating industrial valuls, without
injury to agriculture, and that is "underetoddle that the
Board will, in the near futur3, take some steps to aid
agriculture.
April 27, 1921. 86
Miller throws a bomb shell into the Board meeting by moving to
fix New York rat, es at 60., althcugh he had up to this
time resisted all dezreases both at Boston and N. Y.
Evidently Mi113r is influenced by the politicil intereference of
Pres. Harding quoted above.
April 28, 1921. 87
Platt says Chicago's request to lowr rates to 60 was the result
of political pressure brought by the Cabinet following
the statement from the White House, quoted above, and. also
says he would like to tell Sec. Mellon how bitterly he
regents this.
May 5, 1921. 89, 90.
Philip Stockton tells C.S.H. that Criss inger, in spite of the
protest of the bankers of Boston and the Federal Reserve
bank, promised to give Max Mitchell of Boston and his
associates a charter fcr a new national bank; that Max
Mitchell sent Thurston of the Mass. Republican state Coamittee
down to Washington to see Crisainger, who told Crissinger
that Mitchell had contributed $5000 to the Republican
campaign fund in the last election, that, Sen. Weeks
favored ityand that Crissinger had finally "sold" it to
Mitchell.
Later Mitchell wasindicted in Mass. and the charter was held up.
May 16, 1921. 911 92.
•
Dr. Miller moved that the Board prepare an d favor an amendment
to Sec. 11 11, Federal Reserve Act enabling the Board, by
affirmative vote of 5, to permit Federal Reserve banks to
disccunt agricultural and livestock paper having a maturity
of not to exceed 2 years.
Miller said he knew such an amendnent was bad from point of view
of liquidity, but annourced that if we did not do something
to help agricul ture, the aininistration would. act and act
quickly.
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Federal Reserve Bank of St. Louis
175.
Political activity (Cont.)
at the aftinla trat ion proposed doing,
Miller would not say
but ht a statement could only be construed as a
polititral threat of the administration acting through
him.
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with Hoover. May 25, 1921. 92, 93.
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U.S. Treasurer White certified under his name as Treasurer of
the U. S. that certain bonds of North Dakota were good
and would be uaid at maturity. Republicans demanded
his removal but the Treasury merely announced tnat it
had not authorised such a statement.
June 1, 1921. 94, 95.
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Governors .ire Republican in politics.
July 8, 1921.
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Mitchellis appcintment to the Board for some time,
for the reason that Mitchell was called on at the lust
election for a contribution of $20001 and wo :ld not pay
it because the Republicans were to use it in Minnesota
solely to defeat the non-partisan League.
July 81 1921. 99
Governcr Harding says the members of the Cabinet are knocking
him hard, and he told Sec. Mellon he vas tired of
criticism and would be glad to resign at any ti.De. He
said Weeks was his sole supporter.
July 81 1921. 99
Dr. Wilmot says the Board should be kept free frcmpolitical
influence or the banking system would be ruined.
July 22, 1921. 103
f
Sec. Mellon asks Gov. Harding for a list of Class C Dtectors
(appointed by the Board) whose terms expire in December
and as to their political A' filiation'.
Oct. 6, 1921. 112
Gov. Harding says that 70 out of the 108 Dirctors of Federal
Reserve banks are Republi =I and only 38 are Decmorats,
while 7 of the Gcw erncrs and 7 of the Federkl Reserve
Agents are Republican and only 5 are Democrats.
Oct. 21, 1921. 113
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Republican political control of the Federal Reserve system,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
176.
Political activity (Cont.)
which the attacks of his friends, Sen. Heflin, Watson,
Stm.ans and WiMaas by their attacks may - ring about.
Oct. 21, 1921. 114
Pr.s.Haliding writes Crissinger to tell the 13oard he lasires
to have Comstock, an original Harding man, appointed as
a Class C Director in Federal Reserve Bank of Kansas City.
utterk unfit for the position, said he did not give a
damn for the Board but would get his appointment from
President Harding.
Dec. 3, 1921. 119 to 124
See - Comstock
Harding, Pres.
Crissinger gives charter to Farmers National Bank, Stutgart, Ark.
al though the mat tonal bank examiner an d Chief Na ti onal
Examiner .report adversely. Federal Reserve Agent ilorton says
purely political.
Mar. 31, 1922. 138, 139.
Asst. Sec. Wadsworth ceys Pres. Harding removed Wilmeth over
his protest, and he ixplitd, over that of Sec. Mellon;
that there were no charges against him nor against the other
29 vho were removed; that Pres. Harding evaded the Civil
.
Service Law by abolishing the positions.
April 2, 1922. 139, 140
Gov. Seay charges Crissinger with giving a charterto the
Comm. National Bark of Wilmington, originally a state bark
known as the American Bank and Trust Co., altho its condition
was so bad that the Federal Reserve Bank of Richmond woild
not recoil:mend its admission to the system as a state bank;
that the bank 'ASs insolvent and its capital wiped cu.t; that
the national bank examiner reported against it; that it
was pure politics.
May 19, 1922. 169
.4n. Watson's private secretary called up the Board and said t hat
the Senator wished to know the politics of each member.
June 29, 1922. 175
C.S.H. believes that Pres. Harding refuses to reappoint Gov.
Harding purely for political reasons.
Aug. 7, 1922. 177
See - Thompson, Carmi
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
177.
Political activity (Cont.)
Governor Harding is satisfied that Pres. Harding wants to
appoint Crissinger ad. Governor of the Federal Reserve Board
in order to run it as a political machine.
Aug. 8, 1922. 179
Pres. Harding told Cartai Thompson that his statement that the
reappointment of Gov. Harding ,vould demorstrate that he
intended to keep politics out of the Federal Reserve systeu,
did not impress him at all, showing clearly his desire to
ma.ke the Board part of the spoils system.
Aug. 21, 1922. 188
Crissinger action in .,iving charter to First National Bark,
Wilmington, N.C. over adverse report of his National Bark
Sept. 29, 12. 193
gam:liner.
See - Crissinger
Crissinger permitted directors of Merchants National Bank,
Worcester to buy the Park Trust Co., - a rotten concern. 193
see - Crissinger
Crissinger grin ts 3 charAers in Minn. district over adverse report
of Natiral Bank Examiner and Federal Re3erve Agent.
Oct. 12, 1 922. 199
Prices
Gov. Strong violently opposed lower discount rates. He said the
curve at wages Was practically a straigat line; that dsp cc I ts
had. fallen off considerably; that retail prices hai fallen
moderately; that wholesale prices had fallen precipitously;
that lower discount riles would force up wholesale prices and
Alive and orices will be stabilised at too high a level;
that we should wait until wa,ges were lower and the c'irve f
vakges, deposits, wholesale and retail prices were more nearly
together and at a much lower basis.
April 9, 1921. 76, 77.
Pro-.L-ague Republicans
An appeal vas being circulated by, in New York, appealing to
President Harding not to repudiate the Versailles Treat,
and Leave of Nations, claiming th.t• the Presid,nt Lel
election was it declaration for the L of N. but with the
Lodge reservatic.ns. This morning's japers somewhat
mysteriously announced that the appeal had been withdrawn and
that no further signatures would be aeked for. (See scrap books)
This can only mean that Pres. Harding has given them sone
aseira.nce that he is not absolutely colanitted against the
treaty and league.
178.
Pro-League Republicans (Cont.)
Two vreeks ago the, papers 41 3aid that President Harding was
so corsaitted and that hi would so state in his message to
Ctngress next Tuesday.
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Later, sane doubts were expressed and the Vashingtcn Post said,
editorially, that there were many things in the Versailles
Treaty which the U.S. cculi accept.
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Board voted down Williams motion to abolish all progressive rates,
pointing out that he originally voted for them ani. that all
had already been abolished except at St. Louis and Kansas
City; that the Board hoped ultimately to abolish these
but wished to give them time to to it in an orderly vow;
that the siaplicaticn of progressive rates had in no district
lifted the general average of rates as high as 7%.
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Versailles Treaty could be accepted. with reservations.)
April 10, 1921. 79
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Treasury an loans to railroads.
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Mar. 29, 1920.
Ramsay, Federal Reserve Agent, Kansas City
Ccmstock really 'ranted to be appointed a Class C Director at
Kansas City in order later to be designated as Federal
Reserve Agent in place of.
Dec. .3, 1921. 119
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Presidential Trust Co., Kansas City. 151, 152.
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Public auditor
The administration bill amending the Federal Reserve Act provides,
among other things, that the Board's accounts are to be
audited by a public auditor and not, as heretofore, by the
Treasury auditors.
Mar. 21, 1921. 61
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President Harding still inaisted on the appointment of
Coustock with a view later to having him male
Federal Reserve Agent, although this could not be done
except by removing Ramsay, who al though not in any sense
a brilliant man, yet was well up to the average Feitral
Reserve Agents.
Dec. .3, 1921. 120
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Writes C.5.2. asking for lower rates on agricultural paper, i.e.
rates as low as the N. Y. canmercial p...per rats (40);
he also claimed that the agricultural rates unauld be
as low as 30.
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Board voted to redesignate for the ensuing year all the Federal
Reserve agents, including Ramsay; Rama is term as
Class C Director had not expired, so as far as he was
concerned, it involved only his redesignation as Federal
Reserve Agent.
Dec. 3, 1921. 121 ,
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C.S.H. moved at Board meeting to reestablish a cortznolity rate
of ail on paper secured by warehouse receipts covering
staple agricultural products, in cases where the
. customer's rate fixei. by the bank lid not exceed 6%.
Finally decided to frame, proviaionally such a regulation but to
send it first to Federal Reserve banks for suggeetions
and comment.
Aug. 7, 1922. 178
.Lc• •
•
(All of the banks except Dallas opposed any such rate.)
Ramsey, Federal Reserve Agent, Dallas
Dr. Wilmot says Ramsey dominates the Dallas Bank; that he was
fine man, of keen mentality, one who would naturally
daninate any situation unless faced by very strong men;
that his reputation was that of & very able politician,
but that he- was a man of high standing and character and
an eminent citizen; that he had never observed or heard
that Ramsey played politics in Federal Reserve bank
batters; that although Ramsey had hal some banking
experierce as Presilsit of a small bank, some years ago,
he had had not sufficient banking experience to dominate
the affairs of a Federal Reserve bank, aad in his opinion,
a Federal Reserve Agent should exercise such dcminat ion.
July 22,1921. 101, 102, 103, 104
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
180.
Ramsey, Federal Reserve Agent, Dallas (Cont.)
GOT. H. and Crissinger conferred all the morning with
state Bistrict Attorney and the Chairman of the
Grand Jury, who had been investigating into the
of the Cleborn Natiohal Bank. The Board met at
Texas
State
failure
3:15 p.m.
Gov. Harding said these men said that the Federal Reserve Bank
held notes discounted for the Cleburn Bank some tilas for
2 or 3 months after maturity withait forwarding them for
collection; that the markers of sane of these notes had
paid them by -lying Norwood, the defaulting President,
checks on their deposits in the bank, bit that Norwood
had held these uni they were fo-ind on his desk after
his departure for Mexico.
Gov. Harding said, if these statements were true, he had
lost all. confidence in Ramsey.
The Board decided to sendHerson, our Chief Examiner, to
Dallas to investigate all relations between the
Federal Reserve Bank ard the Cleborn Bank; Hereon said
he would be in Dallas on April 15.
Gov. Harding was directed to write Ramsey to be in Washington
on April 13, to be sure he would be away from the Bank
when Hers on was there.
Hereon said that even if the notes in question were excess
collateral they should still have been presented when due.
Ramseyis relations with Norwood have always been very intimate,
and the night in which he decamped for Mexico his auto was
found near Ramseyis house, ziving rise to the rumor that
he had been with hin in his house.
The Special Cannittes, - Gov. Harding, Cris singer and Mitchellr
appointed to investigate Ramsey, have been waiting to
hear from the men who were with Gov. Harding and CrissingT
this morning.
During this winter, one of the Federal Reserve bank irectors
told the Board that Ramsey had induced their Board to
drop Van Zandt as Governor.
When we redesignated Ramsey as Federal Reserve Agent we assumed
that there was to be no change in the Governorship; had
we known of any such impending change, we would never
have rodeo igna.ted Ramsey.
April 5, 1922. 141, 142, 143.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
181.
Ramsey, F R. Agent, Dallas (Cont.)
Ramaey appears before Board to answer charges in
connection vith Cleborn Nati anal Bank. A stenographer was
present.
The hearing left C.S.R. in a very puzzled condition. While
there was no evidence warranting Ramsey's sunenary removal
for improper act ion in the ratt
ler, yet C.S.H. can not avoid
the feeling that Ramsey went farther than he ought to have
gone, perhaps through friendship for the defaulting President,
Norwood. It seems clear that Ramsey did, not carry out his
dutiee with regard to oollateral for F.R. notes, p he should
have known that notes delivered to the bank for collection at
matur ity had never bean paid but were held as overdue paper.
Nor were his answers satisfactory as to the dropping of Van
Zanit from the Governorship. There is no doubt in C.S.H.'s
mind, but that he engineered this.
April 13, 1922. 141
Gov. Harding said this p.m. that Ramsey had Sus t told him he had.
received an offer of $20,000 per year from save bank or other
institution and that he thought he might resign as Federal
Reserve Agent. Gov. Harding told him he thought it might be
well to do this.
April 13, 1922. 144
Van Zandt called on C.S.H . who read to him from Ramsey's
testimony every reference to hi:self, but did not let him see
the testimony.
April 24, 1922. 146
Van
andt testifies before the Board. Said Ramsey tried to dominat3
the whole bank; cited inatances: - increase of salary of a
wan clerk working in the operative department; done without
his knowledge or consent to one of his clerks; tnat Ramsey
was too much of a politician; he admitted that the Bank never
made inquiries of the maker of a note pledged for Federal
Reserve notes even though the bankdid not pay it at maturity;
he atinitted that in the ...Ass of the Cle'ourn Bank an jrnquiry
of the maker would have shown that the maker in si5v1ra1
cases had paid the notes by a check .-_1'73n to Norwood, which
Norwood had not entered as he did not want to have the banks
deposits drawn town; tiklat he had told Ramsey Norwood was a, crook
long before ha defaulted, that Ramsey had a report of the
National bank examiner made long before which revealed that
Norwood had issued a fictitious draft to rake it appear that
a certain peanut draft had been paid; that Ramsey never showed
this report to him.
April Zo, 1922. 146, 147.
!,k
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Federal Reserve Bank of St. Louis
182.
Ramsey, Federal Reserve Agent, Dallas (Cont.)
C.S.H. feels it would be for the bet interest of the Bank
to have an infusion of new blood. Vaa Zandt has gone,
and Gov. Harding says Ramsey is to resign, - which C.S H.
feels is most desirable. While the specific charges against
Ramsey have not been proved, C.S.H. cannot resist the
conclusion that he has he ,n dominating the Bank not only in
his own Dept. but, as Kell, in the Operating Department;
that his mind is so "political" that he is always rnanoev-iring
and trying to dominate in one way or another, - not in partisan
politics, but in banking politics; that, perhaps unconsciously
he haF 'ceen too lenient with Norwood's bank.
April 25, 1922. 146, 147, 148.
Van Zandt also said that Ramsey had had the salary increaied of
Gregory, a Federal Reserve Bank Examiner, but this, it appeared,
resikned.
vaks after his father, Attorney General Gregory, h
April 25, 1922. 148
Hereon., Chief Pederal Reserve Examiner reported that the Federal
Reserv 3 Bank or Dallas, in collecting notes had .e t3d towards
all banks as it did towari the Cleborn Bank, so this absolves
Ramsey as to this charge.
May 22, 1922. 171
Randolph, Dr..
Advises C.S.H. as to result- of pathological examination cf the cyst
cut out fran over his left aye.
Mar. 13, 1921. 59
Rat
if icat ion.
Colombian Treaty
April 21, 1921.
84
See - Keyes, len.
Read, Sen. (Pa.)
Pres. Harding says, is 150t for Gov. Harding's reappcintnent.
Oct. 4, 1922. 196
Records
book
Williams before leming cut out and removed from his letter
to his ccntroversy
marked "official" many letters rel_ting
with the Federal Reserve Board.
April 4, 1921. 70
•
See - Williams
Board two
Somebody removed frorthe files of the Federal Reserve
Presidng Harding to Crissinger directing the
letters from
alvointnent of Comstrck as Class C Director.
Dec. 3, 1921. 120
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Federal Reserve Bank of St. Louis
18‘).
Red Cross. 130
Sae - Williams
Regulati ons
See- Bankers acceptances
Re ichsbank
See - Bergman
Reparations Connissi on
Bergman favors a German loan of 50 million dollars in woli for
stabilising the mark, such loan to be given priority by.
Nov. 1, 1921. 117
Republican caxpaign fund.
Miss Corbin said a fund of $150,000 was raised for bcapirg Harding
for nomination for President, which was raised from
"big business."
June 1, 1921. 97
Republican National co ittee
Chairman and Treasurer of, indorse Governor Harding for
reapp in talent.
Aug. Q, 1922. 179
0.ea - Mitchell
Upham
Republican platform, 1896.
condition that
C.S.H. points out that, declared for gold only on
a bimetallic conf 3renc e be caviled.
May 10, 1922. 164
Republicans. 99, 113
See - Politics
Republicans, Pro-League. 79
See - Pro-League Republicans
Reserves
See - Satings accounts; reserves
Resignations
Federal Reserve Board
nt Harding
Gov. Harding tells Crissinger to tell Preside
bit is
he is sorry he could not vote for Comstock
willing to resign at any time.
Jan. 11,1921. 125
Federal Reserve Boari members
limiting
Gov. Harding tells Senators that if the bill
to & liXiMUM Of 5,
Federal Reserve discount rates
several, will resign.
Nov. 19a0. 21
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Federal Reserve Bank of St. Louis
184.
Resignations (Cont.)
U. S. Supreza Court
Justice Clarke tells C.(3.H, that neneof the Justices
will resign while Wilson is Presidaht.
Mar. 28, 1920. 2
• •4
'
• 1.
Williams, John Skelton
Wilson tells House ha-shas letter from, resigning as
Comptroller.
Feb. 28, 1921. 40
Wilson replies 63 resignation of.
Feb. 28, 1921. 41
Takes effect at close of business today.
Feb. 28, 1921. 44
See - Williams
Authorises C.S.H. to tell Republicans that if continued
as Comptroller ha will resign with outgoing
aininistration.
Retail prices. 76, 77
See - Prices
Reynolds, George
Made McAdoo believe ha favored his bill for a central bank but
wrote Glass absolutely repudiating it.
Mar, 17, 1922. 132, 133
Richmond
C.S.H. and Platt, Wills and Gov. Plarding go to, as guest of
Williams.
Feb. 11, 1921. 27
See - Williaus
Richmond Trust Company
Williams made large deposit with, while Treasurer of the Red Cross
while also an officer of.
Mar. 8,1922. 130
See - Williams
Ripley
qpposed reduction from 7 to 0% in Boston discount ria.tes.
April 9, 194.
75
See - Federal Trust Co.
Root, Elthu
Brookings asks,
1• •
VD
appoint Houston head of Carnegie Foundaticn.
La. 17, 1921. 57
Rich, Fel.iral Res r ve Agent
Says Crissinger gave charters to 3 banks in Minn. district over
adverse repot of National Bank 14.:xmminer and Federal Reserve
rve Agent has experienced
Bank; that every Fedral Res,
similar action. Pur? politics.
Oct. 12, 1922. 199
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Federal Reserve Bank of St. Louis
185.
Root, Tlihu (Cont.)
Mrs. Corbin says Lodge cons-cired with Sen. Knox tc defeat Root
for Sec. of State.
June 1, 1921. 95
Mrs. Corbin also says-Connie Minot said her grandfather, Sen. Lodge, said that
Root's appointment would be a salami ty. 95
That Harvey opposed Root because he knew not would nev:r make
him Ambassador to Graat Britain. 95
That Harvey got Root to declare himself, while abroad, on the
League of Nations in order to kill him off from being
appointed Secretary of State; that .Hays sent two
cablegrams to Root which ha never. answered; ea at finally
Harvey cabled,cRoot asking him to re-ply in care of Harding
at (aion„ Ohio; that Harvey nev:r told Harding of this;
that Root fell into the trap and cabled Harding strongly
urging him not to repudiate the L. of N.; that this cable
reached Harding just after he had made a porch speech
repudiating the L. of N.; that Harding, unaware of
Harvey's trick, 'Nits very angry and said, "Root is a
Butinskil"
that later, Root explained this all to Harding.
June 1, 1921. 95, 96
Rubles
See - Russia
Russ ia
Board. votes, the Secretary of Treasury concurring, that all
restriotions on exchange dealings with Russia be removed.
A few days befor: Bard held a conference with Under Secretary Norman
Davis and other officials of the State Depa,rtment, including
Mr. Morris, Ambassador
Japan and the Director of the Mint.
Under Secretary Davis said the State Department la zt July had
announced that. trade with Bolshevik Russia could be carried on but
at the risk of traders, but that trade could not be carried
on while exchange restrictions continued; that the State
Department would &seams all responsibility; that the Board must
se t ma the President had 3:legated all power over the matter to
the Secretary or the Treasury and Federal Reserve Board, that
the president wished the Board to act.
I
This matter came to & head through the application of a Jewish Relief
Society to send money to Russia through the Bark of North
America of N. Y., whose aaalication we had rejected. Willis
said this bank was of unsavory reputation.
'3.S.H. and Willis pointed out that to abolish all restrictions would
be to permit Russian rubles to be imported and sold
speculatively to our peoz?le and also RusAan gold to be ueed
in the U.S. to overthrow the Government.
186.
Russia (Cont.)
Davis said, no one would buy rubles, and. added that his Department
wanted. these restrictions removed; that anyone now could
gamble in rubles through some foreign bank; that Bolshevik
gold was now being imported indirectly.
•
C.S.H. pointed. out that such fact was no argument for releasing all
res trict ions.
•
All agreed that the power of the Mint to receive gold of doubtful
origin would not be affected by releasing restrictions.
•
• .`,
t • 1) T
•
.
i4
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,
a!'
•
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C.S.H. stated the Board, had no
President had delegated
power to appoint Agents
to act eilt his agent and
tio.N"
J.*
discretion in the matter as the
his power to the Secretary with
and that he had appointed the Board
subject to his approval.
C.S.H. reminded the Board that we originally did not want to accept
this work bit that the Secretary of the Treasury had insisted.
4
It was painted out that the President by proclamation in doing away
with trade restrictions had empowered the Secretary of the
Treasury and the Beard to keep up restrictions on Bolshevik
Russia as they might deem• advi.sable and that, therefore, the
Board must now vote affirmatively whether cr not these
restrictions should be removed.
•
C.S.H. pointed out that the refereres was to the Board as Agent of
the Sec. of the Treasury and that if he desired to abolish
the restrictions, the Board, as Agent, awl concur.
t'7.
rs*:
lin
'a*
'
•
t,t
'TT)l
• 7.
Majority of the Board deemed it most inadvisable to abolish these
restric ti ens.
•
Finally a resolution was prepared and agreed to making it clear that
the action of the Beard and also the Secretary of the Treasury,
rested solely on the recommendation and, request of the State
Department.
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-t
z
C.S.H. voted. for this, explaining that it was the plain duty of the
Board to carry out the policy of the State Department in
reopening trade with Bolshevik Russia, and that his vote was
not to be acnsid ered as an expression of ooinion as to its
advisability.
C.S.H. said it was like the duty of the Beard to support action of
Treasury in fixing rates in Liberty bonds.
''
4,f
.
14* •t.1
•t)
C.S.H. said flr ther, that, from the evidence before him, he was not
at all sure of the aivisability of removing all restrictions,
and called. atl..ention to the decision of the Department of
Lab orin deporting Martens, in which i t was s ta ted that the
Bolshevik Government was trying to overthrow our Government and
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Federal Reserve Bank of St. Louis
187.
Russia (Cont.)
was sending men and gold here for that purpose.
C.S.H. said he voted for this as being a purely actniniatrative duty
in which the Bawd had no discretion, but was bound to carry
out the policy of the Presikint as declared by the Secretar
y
of State.
C.S.H. is amazed at the actial of the State Department and believes
it will be sev3rely criticized.
Dec. 18, 1920.
22, 23, 24, 25, 26, 27
Baron Megata says no trade can be secured by agreements such as
Lloyd George had made with Russia; that much Soviet money
had been put ait in Japan and that there were at least a
thousand Soviets there intriguing; that a Jppanese delegate
who had been in Russia said Lenine was doing much to teach
the Peasants to read and write, dividing them.up into
small groups; that Japan found great difficulties in trading
in Siberia, the regulations sere so strict; that altho many
followers of the Cie: had gone there, they could not agree
with the Siberians.
Mar. 27, 1921. 64, 65.
..s-
Sab In, Charles
Dr. Miller says, is notorious for his profligacy.
April 5, 1921. 73
Salaries
Crissinger says all salaries of Federal Reserve Agents should be
fixed in advance of notice of redesignat ion.
Dec. 3, 1921. 121
Dr. Miller says he 411 move to reduce radically all ralaries of
Federal Reserve Agate.
Dec. 3, 1921. 121
Special Committee of Board unanimously rep or t against changing
the salaries of any Federal Reserve Agents at present time.
Dec. 6, 1921. 124
Sartori
See - Savirgs accounts; reserves
SaulOary, Sen.
Tells C.S.H. that a close friend of his had a talk wi th Bainbridge
Colby a few days before his appchtment as Sec. of State and
that Colby spoke very bitterly end contemptuously about
Wilson and his policies. April 4, 1920. 4
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Federal Reserve Bank of St. Louis
188.
Savings Accounts, Reserves
(
Board votes that California special savings accounts require
reserves as demand deposits, and not 3% as savings accounts.
Perrin strongly favored 3% reserves, as these deposits were
segregated and right to require notice of withdravval was
reserved.
C.S.H. said that deposits on which the bank reserved the right to
require 30 days notice, could not be called demands
deposits, even tho checking and withdra,val without presenting
pass book, out of courtesy, was allowed.
Miller moved that the regulations 'Lakin g such deposits demand
deposits be not changed.
C.S.H. and. Mitchell voted to change regulations to admit of 3i
reserve; Miller, Platt and Crissinger voted no.
Perrin tells Platt that Sartori's bank and other large banks may
withdraw because of this ruling.
Platt reserves right to move reconsiderati en.
t. 10, 1922. 199
Sawyer, Gen.
Pres. _Harding has greatly sti rred up the country by appointing,
as Brigadaer General , to serve as his physician.
Mar. 10, 1921. 53
Mrs. Corbin says Presid nt Harding did not expect or want to
bring Sawyer with him to Washington to 3rva as his physicial
but that, during the campaign, Sawyer said to Harding he hoped.
he could still continue as his physician if he was ellcted
President arri that Harding had good naturedly raid soaething
about taking him to Washington with him; that otter election
Sawyer int:fisted that the promise be kept and that Harding had
to yield.
June 1, 1921. 96, 97.
Schuster, Sir Felix
Warburg gave a lunch at Aetr000litan Club in honer of.
re
Felix made a short address and 3a1d that England could ha,
maintained the stability of starling exchange down to
the present tits had she so desired.; that there were
holdings of U.S. securities in England ample for this purpose,
but the bankers felt it better to remove all artificial
control; that sterling exchange would urely reach par but
possibly not within a year; that as soon as England
established a free gold market gold would be exported and
this would mean part ty for sterling exchange.
Sir Felix also said that &Ile the pr-esent gold holdinge of the
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Federal Reserve Bank of St. Louis
189.
Schuster (Cont.)
Federal Reserve system could perhaps be somewhat
reduced, he thcught it most desirable for the
Federal Reserve System to cling to its gold, as there
might be valuable uses for it to help foreign naticns
which had balanced their budgets; that unless budgets
were balanced tt would be folly for the U.S. to ship gold
abroad, as it would instantly disappear from circulatian
and very likely would be shipped back to the U.S. by return
steamer.
In answer to Dr. Miller, he said he believed that gold should be
centralized in the central banks; that in the future the
1 L rift either of Great Britain or of the Bank of England
would be used almost universally, subject to redemption in
gold when demanded; that 100% in gold would be held.
against these notes but merely a gold reserve like that
behind our Federal Reserve notes.
3ir Felix said Great Britain now permits gold redemption of notes
in small amounts but if a large am cunt were asked for,
careful inquiry would be had.
Aoril 28, 1922.
149, 150, 151.
Sea,ys Governor
Says that Williams called on him in Richmond and showed him his
letters attacking the Board; that Williams also wrote
Gov. Norris, Miller, and Van Zandt, the latter stating
that the Board wished to abolish the Dallas Bark.
The Board authorized Governor narding to give it the entire
Williams correspaidence to any Governor asking for it.
April 12,1921. 81, 82.
Writes to Board protesting against Crissingeres action in granting
a char ter in April to the Commercial National Bank of
Wilmington, N. Carolina.
Says this bank originally was the Atorican Bank & Trust Campany;
that, as such, it applied for admission into the Federal
Reserve System; that the Federal Reserve Bank examined it
and found its c cndit ion so bad that it decliad to recow.Lend
it to the Board, for admissicn ; that it then a.lied to
Crissinger for a National Barkcharter; that the National
Bank Examiner re-parted adversely because of its corxiition;
that the banks capital was wiped cut and it was in an
insolvent conditicn ; that Crissinger, in spite of the
adverse report of his National Bank Examiner, granted it a
charter on conditicn that $100,000 row cash be raised;
that only a very small part of this was put up in cash, the
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Federal Reserve Bank of St. Louis
190.
Seay, Governor (Cont.)
balance being put up by turning in doubtful paper.
The Board voted to send this letter at once to the
Comptroller.
The President of this Bank is W. B. Cooper, a brother of Wade
Cooper who fought Williams confirn3a
Gov. Seay imlosed a copy of a letter from another brother, to
Mr. Botha, Vice President of the Comm. National Bank,
telling him to rush disc oants into the Federal Reserve Bank
and not to be too particular; that no credit inquiry Asks
necessary if a note was less than $5000; that if a note
offered to the Federal Reserve bank Vias that of bark cashier
who happened to own a farm, it should be designated as
agricultural paper.
May 19, 1922. 169, 170
C.S.H. is astounded at this and believes it to be purely
"political" which Gov. Beaty confirmed later.
May 19, 1922. 170
The Board asked Horton to find shether Crissinger had asked the
Federal Reserve Bank for an opinion.
May 19, 1922. 170
Horton reports I that he hal ails i up Gov. Seay who :.aid Crissinger
had never consulted the Federal Reserve Bank in the ziatter.
May 21, 1922. 170
Says Crissinger
s governed purely by politics in giving
charter to 1st National Bank, Wilmington, N.C.; that C.
was very angry because F.R. Bank called it to Board's
attention; that C. had roved the Chief National Bank
Examiner for Richmond; that Richmond was the only F.R.
City not having a Chief National Bank Examiner; that it
was rumored that C. was to have the Federal Reserve Act
amended to take away the poNer of a Fedtral Reserve Bank to
examine a national bank.
Sept. 29, 1922. 193
See - Crissinger
Secretary of State
See - Celby
Hughes
Lodge
sedretary of the Treasury
C.S.H. tells Justice Clarke the vtolestory as to his [allure to
be appointed, by Wilson. Justice Clarke said he was
confident that C.S.H. would be appointed, and, while not
•
.191.
Secretary of the Treasury (Cent.)
specifically saying so, left no doubt in C. Self.'s mind
but that Sec. Baker had told him Wilson intendel to
appoint C.S.H.
1
Mar. 28, 1920.
C.S.H. points out that the President delegated the control of
foreign ezchange dealings to the, and that the Board
,as merely his Agent.
Dec. 1920.
2:3, 24, 25, 26.
The administraition bill. duleniing the Federal Reserve Act makes
the Federal Reserve Board absolutely independent of the
Secretary of the Treasury.
Mar. 21, 1921. 61
See - Houston
Mellon
•
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Federal Reserve Bank of St. Louis
Security companies.
See - Lehman
58
Security Trust & Savings Bank, T os Angeles
See - Savings accounts; reserves
Senate, U.S.
Resolution favoring a more liberal policy of Federal Reserve Board
in discounts of agricultural paper.
Nov. 1920. 21
See - Carraway
Foreign Relations Coral:Litt,.
Separate peace with Germany. 78, 89
See - Harding
Hughes
Lodge
Knox
Keys
Shidehara, Baron
C.S.H. lunches with, the Japanese Ambassador to meet Baron Megata
Mar. 28, 1921. 66
Calls onC.S.H. and stays ov3r an hour. Leaves for Tokio tomorrow
to undergo an operaion for "stone."
Said Japan would ratify the 4 powtr treaty without any reservations
In its part.
Said his Government intended to purchase some house for an Rmbassy,
that the Everett house on Sheridan Circle could be bought for
one million dollars. C.S.H. and H.P.H. said the price was
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
192.
Shidehara, Baron (Cont.)
too high and that arehitecturally it was crude and
inartistic. C.S.H. suggested it scull be better to buy
good
land and erect a building and that Crain would be a
Washington
architect; advised that Crain be asked to visit
and pick out a site, and design a building combining
; that Crain
Japarase and American art, with a Japanese garden
and had been
had designed the buildings at West Point,
eminent
consulted as to he N. T. Cathedral, and mas an
architect.
C. Sill. and
C.S.H. sends Shidehara Ora:Jill' address. At 6:50 p.m.
to see Shidehara and wife
H.P.H. went to railroad station
violets. A
eft. H.P.H. gave Baroness Shidohara a bunch of
representative
large crowd at station, mostly Jacanese, but no
of the State Department!
Mar. 271 1922. 1361 137, 138
Siberia
See - Meta
Smiths Sen. S. Clirolina
President Harding says, is a wild man.
April 25, 1921. 85
•
S immons, Sen.
McAdoo
See Smoot, Sen.
See - Platt
Special savings accounts
See - Savings accounts; reserves
Speculative activity
rates would encourage wild.
Gov. Strong said. lowering N. Y. discount
Feb. 11, 1921. 32
it would not be harmful.
Mellon says even if lcwar rate s caused,
Mar. 29, 1921. 66
to 6%, N. Y. would have
Gov. Strong said if Boston reduced rates
violert, in stocks.
to follow and this would bring about a
April 9, 1921. 76
ng, we could never increase
Gov. Harding said ifwe lowered rates causi
it.
them ag. lin as public coinima would oppose
1921. 77
April 91
rates meraly for fear of, on
Dr. Miller said it was wrong to keep up
May 25, 1922. 174
the stock exchange.
.
..
Sp oils system
See - Davis
Harding, Pre.
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Federal Reserve Bank of St. Louis
193.
Stabilisation of foreign exchange
Gov. Strong on. 156, 161
See - Norman
Strong
,andard, Gold. 156, 157, 164
Repub. Natl. platform
See - Strong
State Department. 22, 23, 25, 27
See - Colby
Hughes
Russia
Starling exchange
See - Schuster
Str cng
Sterling, Sen.
Kills Carroway resolution to inveJtigate the President's removal
of Wilmeth by moving to reflr to Civil Service Commission.
April 14, 1922. 145
Es tockton, Philip
,
Tells C.S.H. of Crissinger's promise to Max Mitchell to grant him
a, National Bank chirter.
May 16, 19A. 91, 92
Crissinger
See
Strauss Treasury Cou.mee.
Condemned the gold subsidy bill.
Mar. 29, 1921. 67
Strong, Gov.
Points out that the yellow sheet in connection with the Chase
Naticnal Bank examination of Oct. 1919, pas never given
to the Federal Reserve Bank; that in the main report the
examiner said the bank %US in good condition, the only
criticisms being minor cnee; that the report revealed
nothing to put the Federal Reserve bank on notice that
anything was wrong; that if Williams had found enything wrong
-pedal list for frequent
he should have put the bank on the I.
examinations; that Williams lid not wake the two examinations
required by law, in 1920, and made no examination between
Oct. 1919 and April 1920, although the yellow sheet ',could
have put him on notice.
(It subsequently appeared that the yellow shaet contained nothing
showing any improper practices of the bank.)
Feb. 26, 1921. 33, 34,
•
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344
strong, Gov. (Cent.)
Gov. Strong a,la.o zail Williams had examined, twice only a portion
of the N. Y. banks in 1919; that no N.Y. barks were 3Lamina d
twice during 1920.
Febtuary 26, 1921. 34
Gov. Strong asks Williams if an examination of the Chase Natl. Bank
early in 1920 would. not have disclosed and have resulted in
a correction of the serials conditions in the bank, but
Williams gave an evasive answer.
Feb. 28, 1921. 35
Gov. Strong says that a lomnaittee of the Chase Bank directors
reported favoring criminal prosecution of Thayer, the President
for conspiracy to obtain funds of the Bank for his own profit;
this Thayer was in a 3anitarium half demented, and the other
two officers had. tendered their resignations; that the directors
did not dare to push the matter at this time lest the publicity
might precipitate a general panic.
Var. 3, 1921. 45
Gov. Strong said that if Congress would abolish the Comptroller's
office an/ vest the power of examination in the F. R. Bank,
it would initiate a general house clearing; that he would
try to have the clearing house exarcinati one done by the P.R.
Bank, this decreasing the number of independent examinations
and increasing their efficiency.
Mar. 3, 1921. 46
Brookings urged Gov. strong to have Houston appointed a Deputy
Governor of the P.R. Bark of N. Y., but Gov. Strong said there
MAI no place for him; that later Gov. Strong suggested. sending
Houston abroad for the Bark.
Mar. 17, 1921. 56
Gov. Strong wants to ear mark gold in the Bark of England to keep it
out of the F.R. bank reserves, this lowering the pressure for
lover disco/zit rates based on our high reserve percentage.
Mar. 29, 1921. 67
Gov. Strong tells the Board that the Guaranty Trust Co., N.Y. was
perfectly solvent; that it had. charged off about 10 millions
for bad debts; that it tb.I concealed. profits of nearly that
much; that its capital and surplus would be intact; that his
credit examiners, out of abundant caution, thou.ght it adtisable
to create a, new Ikinl of 7 or 8 millions to increase the capitals
but he thought the F.R. bank directors would. not think it
necessary to insist on this.
April 9, 1921. 75, 76
Gov. Strong violently opposed. lowering of Boston's discount rates;
said that if lowered pablic opinion would force N.Y. to follow;
thattthis would cause a violent speculative boom in stocks;
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195.
Strong, Gov. (Cont.)
that the stock mark et was unwept clean, and only a little
encouragement would start a violent speculative movement.
April 9, 1921.76
Gov. Strong said, the curve of wages was pr tctically a straight line;
that deposits hart fallen off considerably; that retail
prices had f2,llen moderately; that wholesale prices had
fallen precipitately; that lower rates would force 1.1D
wholesale prices; that prices and wages would be stabilized
at too high a level; that, before lowering ratei, we should.
wait until wages were lower and until the curve of wages,
deposits, and prices, vtholesile and retail, were more
nearly together at a much lower basis.
April 9, 1921. 76, 77
Gov. Strong attends C.S.H. dinner to Swedish Ambassador and Vice.
President Coolidge.
Apri113, 1921. 82
Dr. Miller consults with Gov. Strong as to N.Y. discount rates,
aver the telephone.
April 28, 1921. 88
Gov. Strong advises formation of a bank pool between N.Y. and western
banks to help cattle raisers.
June 7, 1921. 98
The invi tation to Bank of England confer enc e was or
extended
only to Gov. Strong; later, on sugzestim of Gov. Harding,
it vas broadened to includl the P.R. Board.
Administration did not want any officer of U.S. to go.
Suggested that Strong, Warburg and Watts should go.
May 2, 1922. 152, 153
P.R. Board has conference with Gov. Strong as to Bank of England
invitation. Gov. Strong objects to Gov. Harding's draft of
an address before Amer. Az.lepti.nce Council in N.Y. on
Friday.
Gov. Strong said that Gov. Harding's reference to Balk of England
conference should. be omitted; that Gov. Harding's
statement that no P.R. bank could act without the consent
of the P.R. Board would be ill advised, coming just before
Gov. Norman's arrival in U.F
:.; that the Board should at
least wait to hear
at Gov. Norman hid to say.
Gov. Strong also said. that President iiarding had told the press he
was interested. in the matter; that, presumably, he had
some plan in mind; that Gov. Harding's statement would be
construed as a slap at Pres. Harding.
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196.
Strong, Gov. (Cont.)
Gov. Strong said he had good autharity fair stating that
Pres. Harding was very angry wIth the 13aard for "voting him
down" in the Canstock :natter and that he had good anthority
for saying that Governor Harding's statement would be resented
by President Harding.
May 3, 1922. 154, 155.
Gin. Strong spoke rather contemptuously of Pres. Harding. He said
Melloh told Pres. Harding he favored accepting the invitation
but thought 3 should go, but forgot to enjoin secrecy uuon
the President with the result that Pres. Harding at once
told the press representatives.
Gov. Strang said Pres. Harding knew nothing about banking matters
and that even if Gov. Harding, - as suggested by C.S.H., - got
his consent to use the statement in his address, the President
would, nevertheless, be very angry if the press ahould claim
that by. Harding map hitting at him.
May 3, lau. 155, 156
C.S.H. thought the press would claim that Gov. Harding's statement
was a slip both at Gov. Strong and Pres. Harding; that it
savored of the senatorial round Robin on the L. of N. or of the
Board's 'yarning against over-Anvatment in British exchequer
notes.
May 3, tau. 156
Gov. Harding finally changed the statmment tO Gov. Strong's
satisfaction.
Aay 3, 1922. 156
Gov. Strong .says he thinks Gov. Norman is coiling over prixarily
to confer with Sec. Mellon as to payment cc interest on the
British debt.
May 3, 1922. 156
Gov. Strong said the only way to stabilise exchange was:00 To establish a free gold market in Great Britain
(b) To oetablish a gold exchange standard, i.e. the so called
"limping standard."
(c) To peg exchange.
Gov. Strong said (a.) would never be adopted by Great Britain and
that (c) was not a good method.
Gov. Strong said Great Britain had depressed sterling exchange by
buying dollars and that manipulaticn of exchange by a
foreign Government was bad policy.
May 3, 1922. 156, 157.
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197.
strong, Gov. (Cont.)
C.S.H. asked Governor Strong whether Great Britain would not
at once establish a free gold market if sha could ois
released frau paying interest on hr debt for a few years,
but Gov. Strong made an evasive reply.
C.S.H. believes this is Governor Norman's real reason for coming
to the U.S.
C.S.H. believes Gov. Strong and Gov. Norman have 1101U3 plan which
Gov. Strong is unwilling to ti tate to our Bce.rd.
All Gov. Strong specifically said, hcwever, was that we must
adhere to the gold. standard., - with which, 6f course, we
all agree.
May 3, 1922. 157
Board confers with Gov. Strong and Gcv. Norman. Gov. Strong
said whole vestion of gold stabilization depends on
some adjustment of the debt. C.F..H. points out that
Gov. Vorraa.nla policy of advising all countries to
establish central hanks might put Gov. Strcng in a
position where his vote might be claimed to show lack of
confidence in tn3 Fe liral Reserve system as this system
is not a central bank; also that Gov. Norman's feeling
that low rates s'nould be •stabliehed when reseries were
highs , initit clash with Federal Reserve VD].icy in keeping up
relatively high rates even while holding abnormally high
reserves. Gov. Strong said he could avoid these difficulties.
May 91 1922. 161
Gev. Strong and Gov. Norman both said that if the central banks
suggestion of a monetary conference were adopted, it would
neceasarily involve the qvseticn of debt adjustment; they
both see Lad to favor, al though not specifically, a general
stay of interest payments for sane period of time.
The 3oard felt this was purely a matter for the administration
to settle, as it was not strictly a banking question.
May 9, 1922. 161, 162.
Gov. Strong said the U.% should call a monetary conference
and should suggest a stay of interest payments meantime,
with the same boldness Sec. Hughes showed, in suggesting
reduction of naval armament.
May 9, 1922. 162
Platt 'said Sec. Mellon understood that if Gov. Strong attended
the conference he should represent the Fecival Reserve
iaii hl favored having
Bank of New York only.
Gov.Strong attend the conference, but that many maters
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198.
trong, Gov. (Cont.)
might arise there, not within the jurisdiction of the Board
and that, as to these,, the administration should inform the
Board how to instruct Gov. Strong.
May 9, 1922. 163
Gov. Strong and Gov. Norman kicked their heels together
Waiting to hear from Sec. :4ellon.
all day
Gov. Strong said he was sure Pres. Harding would not approve cf his
attending the conference, but that in any event he should
decline to go unless and until the administration told him its
attitude as to possible .
postpcnement of interest paymentL and as
to calling an tnternational Monetary Conference to be held in
the U.S.
told Gov. Strong that he feared, if such a conference were
called, that the vthole su.bject of International Bimetallism
would be tabought up, and pointed out that in 1896 the Republican
Nat icnal platform declared for the gold iitandard only 1,inti1 an
Internati cnal Bimetallic Conference c oul d be arranged for and
that Lodge insisted on adding the words, - nidlich we pledge
ourselves to bring about."
May.10, 1922. 164
Gov. Strong and Gov. Norman have been having conferences with
Mitchell and Dr. Miller forthe past two days, but C.S.H. was
not asked to be present,. One day, lo.king for Go-i. Normetn to
invite him for iinnsr, C.S.H. found him in Miller's office with
Mitchell, going over a plan of procedure at the proncsed
conference. This olan las offered by Gov. Norman and laid down
certain pr000s iti cne which each part icioat ing country was to
be asked to agree to, - along the lines of mutual cooperation,
restoration of the gold standard, etc. 3 te
C. S.H. had nev-r :afore seen this plan.
Several changes were suggested but no conclusion was reacked.
Gov. Strong also had prepared a draft of instructions for himself, at
the end of which was a statement recognizing that the conference
might declare that the At:ad standard could. not be maintained
unless a final arrangement covering all internati(nal debts
was made a condition precedInt.
May 12, 1922. 165, 166.
Gov. Strong said that the President, Sec. idellon and Hoover all agreed
the invitation should be accepted when formally tendered, but
favored itat a rater date, say in September; that they had not,
however, definitely agreed as to his ins tructi s.
C.S.H. feels he will have to know much more about this matter before he
can vote on it intelligently.
May 12, 1922. 166
See also - Norman, Gov.
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Federal Reserve Bank of St. Louis
199.
Subsidy
See - Gold
ia ub
dy bill
Surplus
Attorney General atvices Sec. Mellon that Federal Res rye bank.:
have 1%41 right to pay dividends out of.
April 27, 1922. 149
day 1, 1922.
132
Swedish Mi nis ter
At dinner given by C.S.H. and H.P.H.
April 13, 1921. 82
Swinney, 3:4;. F. Federal Advisory Council
Tells Gov. Harding that Comstock told him he did not give a damn
for the Federal Reserve Board; that he would get his
appointment as Class C Director of Federal Reserve Bank of
Kansas City from Pr 311 • Harding.
Dec. 3, 1921. 120
Tells C.S.H. while walking to Dept. fran lunch given to Fed. Adv.
Council, that Comstock had no qualificaticns for Class C
Dir .ctor or Federal Reserve Agent; that he was utterly unfit
for either posit Ion; that it ,eDuld have been monstrous to
appoint him Class C Director, much more as Chalman and
Federal Reser-ye Agent; that he had been wecretary of the
Board of Directors of Mr. Flover's bank, - the Prudential
Trust Co.; that he got this position solely through his brotherin-law, Mr. Hagerman, who •vas one of the di rw tors;
that after its consolidation Hegerman left the Board and
Comstock vses immediately deopped; that he was cut of a
"job" viaen Pres. Harding asked the Board to appoint hic
that he did not believe a single bark or barker in Kansas
City would or :mild conscientiously indorse him for each
a positicn, that it was incomprehensible to him how
Pres. Harding coul I have pries 3ed him upon the Federal
Reserve Board for any appointment.
April 28, 1922. 151, 152
Taft, William H.
See - Lehman
Ten Eyck, Cong.
C.S.H. ms a ts ,
t&nner at Mr. Platt's.
Mar. 17, 1922. 131
Tenison
Dr. Wilmot thinks Tenisonanight be willing to come back as
Federal Reserve agent at Dallas and says itwaild be the
best appointment that could possi.bly be made.
July 33, 1921.
102
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Federal Reserve Bank of St. Louis
200.
Thayer, Eugene
Strong says that a ;oranittee of the Directors of the Chase
National Bank reported that Thayer and two lirectors should
be indicted for conspiracy to take funds of the bank for
their own profit; that Thayer was in a sanitarium half
demented, -Ind the two directors had tendered their r as gnati ens;
that the directors did notclare to push the matter at this
time for fear that the publicity might precipitate a general
panic.
Mar. 3, 1921. 45
Dr. Miller said, - on the authority of a prominent New York banker,
whose word, he said could be relied upon, - that the crowd
trying to dominate Thayer began their work by involving
him 'Ni th tome chorus girls.
April 5, 1921. 73
Thompson, Carmi
a letter from Wills enclosing a copy
Gov. Harding shows
of a letter of Pres. Harding to Carmi rhalpson (candidate
for Governor) in rIply to a letter of Thompson strongly
indorsing Gov. Harding for reappointamt. In this letter
Pres. Harding said that, - while he fully apprecilted the
strong indorsements for Gov. Harding, - yet there wer3 two
sides of this questicn , and that he would give the matter
mcs t careful cons i derat icn.
Aug. 16, 192=3. 185, 1P6
Mitchell says that Carrni Thompson told him that he dined with
Pres. H-4rding last week and strongly urged him to reappoint
Gov. Harding saying it was a great oppertunityf or
demonstrating that the Federal Reserve Board, under Pr3s.
Harding, wild. be absolutely free fran political influence,
but that Pres. Harding replied that this dr gument did not
impress him at all, - this revealing clearly his dduire to
make the Board a part of the spoils syztem.
Aug. 21, 1922. 188
Thurston, Rep. State Committee of Mass.
Philip Stockton tells C.S.H. that, went to Washington and demanded
that Crissinger give Max Mitchell and his friends a charter
fora new Natl. 3Ank in Boston, on. the around that Mitchell
hal. contributed $5000 to the Rep. campaign fund in Mass.;
that Crissinger promised to do this. Later Mitchell was
indicted and the charter AIas not given.
May 16, 1921. 91
June 1, 1921. 98
Treasurer of U.S.
White, Treasurer of the U.S., publicly certified in writing that
certain bonds of Nor. Dakota .3iers good and ,Nculd be paid at
maturity; that Republicans demanded his removal but that the
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Federal Reserve Bank of St. Louis
201.
Treasurer of U. S. (Cont.)
Treasury simply said it had. given him no authority to make
this statement.
June 1, 1921. 94, 95.
Trea.vry cafeterias
Sec. Mellon tells C.S.H. he is considering abolishinq of.
July 19, 1921. 100
See- Mellon
Treasury committee
The Straus Treasury Committee repudiated any gold subsidy bill
during the war.
Mar. 29, 1921. 67
Treat les
Colombia
Colombian Treaty ratifiod.
Sol editorial in N. T. Times condemning Lodge's attitude.
April 21, 1921. 84
Sen. Keyes tells H.P.H. he voted to ratify, but could not
see any change in conditions now from when Wilson
approvid it and Lodge opposed it.
May 1, 1921. 89
Four power treaty
Baron Shidehara tells C.S.H. Japan will ratify the,
without icposing any reservations.
Mar. 26, 1922. 136
Versailles Treaty
See - Harding, Pres.
Hughes
Lodge
Pro-League Republicans
(-
Trowbridge,Supervisory Architect
Carbondnclum Co. through Sec. Mellon complains of, for advising
banks to *AO the vault specifications resulting from
the Sandy Hook tests.
Feb. 23, 1922. 129
See - Mellon
Two year limitation, Federal Reserve Act
The aiministration bill to amend the Fed3ra1 Reerve Act,
among other things, abolishes the.
Mar. 21, 1921. 60
Tumulty, J.
Justice Clarke says outside influenc-s operated an Wilson
through Admiral Grayson and Tumulty.
Mar. 28, 1920. 1
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Federal Reserve Bank of St. Louis
202.
J..
Under Secretary of the Treasury
Sec. Mellon .ants appointment of an, to sit on
Federal Reserve Board.
April 16, 1921. 83
See - Gilbert
Underwood, Senator
Sec. Aellon asks Gov. Harding to hare, see Pres. Harding at
ores; that thre Predident would send in nis name tomorrow
if UnderNoodis interview was satisfactory.
Aug. 8, 1922. 180
Gov. H. has interview with Sen. Underwocd.
Underwood said he was vary pessimistic about Gov. Hardingos
appointment; that if Heflin could control 15 Democratic
Senators he could hold up his confirmation until darch 4
involved;
next; that he felt Senatorial courtesy
had told Heflin he should vote to
that, although he
confirm Gov. Harding, he must realise that he had to live
with Heflin, which made it difficult to fight him.
Aug. 8,1923. 183
Gov. Harding told. Underwood that the Farm Bureau Federation
Vas for him and Howard and this seemed to make Underwood
less de spondent.
•
Aug. 8, 1922. 183
Gov. Harding also reminded Underwood that the extra member an
the Federal Reserve Board Ass arranged under a "Gentlemen's
agree:oent" that Gov. Harding should be rev-oointed, and
that this would afford him juatification for insisting
that the two roma' be conailereri together.
Sen. Underwood said he would call on the President tomorrow,
and he seemed to feel bitter about it as the result
of the talk with Gov. Harding.
Aug. 8, 1922. 184
Mitchell tells Platt that Underwood saw the President and
told him that Gov. Harding should be reappointed and
would certainly be confirmed.
Aug. 10, 1922. 185
(C.3.H. is satisfied that Sen. Underwood lid not help
Gov. Harding by his interview with the Presidett, and
must have revealed to him his Jolibta and fears.)
United Bank Directors, In.
Offers C.S.H. the Presidency at $50,000 salary.
See - Conrad, W. D.
126
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Federal Reserve Bank of St. Louis
203.
United States
C.S.H. believes that, sooner or later, the U.S. under the
prewent administration, will break with Great Britain
and France, and, to all intents and purposes, will side
Nith Germany.
April 10, 1921. 80
U. S. Investor
Severely criticizes Crissinger for giving, or promising to give
a National Bank charter to Max Mitchell, of Boston.
May 13, 1921. 91, 92, 98
U. S. Supreme Court
Justiee Clarke says none of the julges of the, 4 11 resign while
Wilson is President; that Chief Justice White is old and
ill, and had bacons very drat' and had a chronic bladder
trouble; that while naninally a Democrat, Chief Justice
White had. little sympathy for democratic doctrines;
that he was more like a "stand pat" Republican, and that
he had no sympathy for Wilson or any of his policies.
May 28, 1920. 1
tells C.:.H. that Chief Justice Whits voted., by
Justice Clarke
mail, for Pres. Harding.
Nov. 1920. 19
Untsrmeyer,. S.
Prepared a draft, witn McAdoo and William, fat a central bank,
with a provision that the U.S. should secure the neoessary
gold by seising the gold behind the outstanding gold
certificates.
Mar. 17,1923. 132
•
Upham, Treasurer Rep. Natl. Committee
Held up Mitchell's appointment to Federal Reserve Board for
some time because Mitchell refused to contribute $2000
to Rep. campaign in 1920.
July 8, 1921. 99
Strongly urges Prms. Harding to reappoint Gov. Harding.
Aug. 8, 1922. 179
-VVan Zandt, Gov.
Williams sands cooiss of his letters attacking the Board to,
and says the Board intends to abolish the Federal Reserve
Bank of Dallas.
Apr1112, 1921. 81
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Federal Reserve Bank of St. Louis
204.
Van landt, Gov. (Cont.)
Dr. Wilmot says tha.t,is a good. man but had not received loyal
cooperation from his subordinates; that th3 Board should
back him up and strengthem him; that Ramsey d.omindted the
entire bank.
July 22, 1921. 101
One of the Dallas directors told the Board that Ramsey induced
the Board of Dinict ors to displace Van Zandt and elected
McKinley as Governor.
Atril 5, 1922. 143
Ramseyls testimony as to the dropping of Van 7andt satisfied.
C.S.H. that Ramsey ?As responsible for it and had kept the
Board in ignorance of the plan until it Was ccnsummated.
April 13, 1922. 144
Calla on C.S.11„ who reads to him extracts from Ramsey's
testimony relating to him but does not give him the whole
testimony.
April 24, 1922. 146
Van Zandt makes a statement to '3oaid.
Says that Ramsey tried. to dominate the whole bank: cites an
instance of increase of pay of a vvanan clear in the operating
Department; done without his knowledge or consent; that
.Ramsey •ras too much of apolitician; admitted that the Bank
never inquired of the maker of a note, pledged for Federal
Reserve notes and given to Bark by Federal Reserve Agent for
collection, although not paid at maturity by the member bank,
although .inq-uiry of the maker would have shown in sevtral
cases that the walker had given Norwood his check on the Bank
in payment, which checks Norwood had. not entered as paid in
order not to have the deposits drawn down.
Van Zandt also said. he told Ramsey long ago that Norlood was &
crook, - long before be absconded..
Van Zandt also said that Ramsey had a report of the National Bark
Examiner which showed that Norwood. had issued a fictiticus
draft in order to Ir:Ive it appear that a certain peanut draft
had been paid;that Ramsey had never shown this report to him.
April 25, 1922. 146, 147.
C.S.H. feels that ther3 should be an infusion of new blood;
that lfan Zandt has gone and that Ramsey should go also.
April 25, 1922. 147, 148.
Van Zandt also said that Ramsey had increased the salary of
Gregory, a F.R. Bank examiner, but this was after hia father,
Attorney General Gregory, had resigned.
April 25, 1922. 148
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Federal Reserve Bank of St. Louis
205.
Vanderbilt, Mrs.
Was very kind to Anna whto in Bar Harbor hospital.
Aug. 1921. 110
Vaults. 129
See - Carbonundum Co.
Mellon,Sec.
Versailles Treaty
Suppression cf the Republican pro-League petition shows,
to C.S.H., that Pres. Harding has given some promise
not to repudiate the Versailles Treaty.
The press said two weeks ago that Pres. Haading was
committed against it and that he would so express
himself in his message to Congress next Tuesday.
Later sor::e dcubts as to this were thrown out, and the
Washirgton Post editorially stated that there were
many things in the treaty the U.S. coul d accept.
C.S.H. believes Pres. Harding has no foreign policy
but will wiggle wobble trying to fool both the
Pro-leaguers and the irreconcilable*.
(Pres. Harding did faintly suggest in his message that the
treaty be ratified with reservations.)
April 10, 1921. 79, 80.
Vice President Coolidge
C.S.H. gives dinner to, and Mrs Coolitge
Mar. 21, 1921. 61
April 13, 1921. 82
Mrs. Weeks tells C.S.H. that if Lodge had been faithful
to Coolidge }.11) would no be President.
May 15, 1922. 168
Viviani
It is pathetic to watch Viviarl trying to induce the
administration to join the L. of N. He has had
aa interview with Huiti es and has dined with Pres.
Harding. Apparently the tt itude of the
aiministration was disclosed to him at a dinner
given by Sen. McCormick at which the Foreign
Relations Committee and the Irreconcilable Senators
were 1- )resent. The proceedings Rare given wide
.
publicity by the press, and it was here that the
attitude of the administration was laid dove, if
the press aeports are correct. How humiliating
this must have been to Sec. Hughes!
April 6, 1921. 74
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Federal Reserve Bank of St. Louis
206.
Totes
Platt, Miller & Crissin:-:er vote against allowing 3% reserves
against Cal. specialsavirigs bank acs;ovnts; C.S.H. and
Mitchell contra.
Oct. 10, 192:?.. 199
-W-
Wade, Foetus
C.S.H. suggests, to go with Gov. Strong to the Bark of England
confer ence.
May 2, 1922. 153
Wadsworth, Eliot, Asst. Sec. of Treasury
On becoming Treasurer of the Red Cross, Wadseorth, carrying out
the policy of the society to concentrate its deposits,
started to drown doPal the deposit with the Richmond. Trust
Company; he then found that Williams, after his
resignation as Comptroller but while still Treasurer of
the Red Cross, made a iepo_it . of $250,000 with the Richmond
Trust Co., of which he was then Chairman of the Board, under
a verbal agreement, entered into between hiltaelf as
representing the Red Cross and his brother, Presidlnt of
the Trust Company, that the dap°.it should not be drawn
Via for a fixed time Ind then only for a certain small
amount each month; that Wadsworth considsred that this
agreement bound the Red Cross.
Mar. 8, 1922. 130
(C.S.H. is satisfied that this d.e-posit 'Nall not disturbed as
part of some understanding that williams should drop
certain charges of mismanagsaent which Williams had
brought against the Red Craig), and he has heard that
Mr. Pains, now;Presidalt of the Red Cross and forraerly
Sed.. of the Interior fixed this.)
Wadsworth calls or C.S.H. Sunday p.m. at his apartment,
1155 - 16th St. After some gen-r al c caveres.tion be
gan to speak of Wilmettes removal, a subject which
.on until Wadsworth
C.S.H. had been careful not to mend
himself, to C.S.li. Is great surprise, brought it up.
Walsworth, to C.S. H. s amazement, sal 1 that Wilmeth
'
was a fine fellow, that there were no charges against
him or the 29 other viio were rffnovert from the Bureau
of ntagraving and Printing at the same time; that the
removal was made over his head by Pre3. Harding, for
what reason he did not know; that Sec. PAellen an he sal,
Pres. Harding at the White House just before the
removal was made; that it was made over his protest.
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Federal Reserve Bank of St. Louis
2 07.
Wadsworth, Eliot (Cont.)
C.S.F. asked how this could have been done unir the Civil
Service Law requiring filed charges and opportunity
to answer the same.
Wadsworth replied, - "the President got around the Civil Service
"
Law, by abolishing the if fices
He then :;aid he was trying to find ao,rie position for Wilmeth,
htat his removal dcnstituted not the slightest reflection
if he would
-t
on his ch, racter or ability, and he asked
nelp him in finding him a posit ic-n.
April 2, 1922. 139, 140
(The President's action is extraordinary, - a terrible attack
iap cn the princi-oles of Civil Service.
The press says Attorney General Dwigherty is to conduct an
investigation, - after the act, - to rihow wt good grounds
ther were for the z e r einovals
Daughtertv, only a short WI) ago, publicly attacked. the Civil
Service LaN, sayini he Nould prefer the recanmeniation of
.
a political : .oninittet to those of the Civil Service Ceiba-digs/al!
It locks like asking a 'volt to investigate the slaughter of
lambs by another wolf!)
Wages. 76, 77
See - Pricla
Wallenburg
C.S.H. gives dinner to, et ale
April 13, 1921. 82
War Finance Corporation
Strong effort is being made to revive the•Houston and Gov. H.
opposed this before the Committees of Congress.
C.S.H. is not sure it might not relieve the situation frau
,
the Treasury point of view, altho he fears it may bring
about more inflation and may increase many perplexing
problems.
C.S.H. feels its revival may reduce the 'burden now on the
Federal Reserve system of cairying a material part ce
the credits granted to eiport trade.
Nov. 1920. 20
Althcragh its revival taw cause more inflation, C. t.H. fears
inflati rn is inevit tlle and p erhaps, in sane degree,
,
essential to restos peace conditions.
Nov. 1920. 21
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Federal Reserve Bank of St. Louis
208.
War Finance Corporation (Cont.)
Brookings tells C.F.H. that Dwight Davis has; been offered. a
place on the, and asks C.S.H. as to its functions.
Mar. 22, 1921. 61
The Board favored, a bill permitting the Secretary of the
Treasury to use a certain percentage of the proceeds
ef the franchise tax on F.R. banks for loans to cattle
raisers through the Fediral Reserve banks, Farm Land
As or the War Finance Corporation.
ban
May 25, 1921. 92
The Board and. the S3c• of the Treasury publicly denource
approval of a proposed bill to enable the Secretary to
loan 50 millions to the War Finance Corporation to
assist cattle raisers.
June 6, 1921. 98
Warburg, Paul
Board appoints, on compittee to aid Sec. of Treasury in
loans to railroads.
Mar. 29, 1920. 2
C.S.H. thinks Warburg put through the resolutial of the
Federal Advisory Council favoring sending sauce one
abroad to study banking conditions.
Mar. 7, 1921. 50
Comes before Board. on a committee of N.Y. bankers asking
for more liberality in our bankers acceptance
regulations, in the foreign trade.
Mar. 29, 1923. 134
Gives lunch at Metropolitan Club to meet Sir Felix Sob/stars
April 28, 1922. 149
Suggested as ors of three to go to the Bank of England.
conference.
May 2, 1922. 153
Warren,Charles 78
See - Bliss, Gen.
Washington Post
Editorially states that there era many things in the
Versailles Treaty which the U.S. could accept.
April 10, 1921. 79
Announces that, by direction of Pros. Harding, the
Federal Reserve Board ia to make a special inquiry
as to deflating industrial values without serious
injury to agricultural inter lsts, ard that "it is
understood" that the Board will take steps to aid
agriculture in the near future.
April 27, 1921. 88, 87
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Federal Reserve Bank of St. Louis
209.
Washington Post (Cont.)
Says Pres. Harding is so busy Ni th the railroad strike that he
will probably make no apoointment on the Fed Tal Res I've
Board for seltera.1 weeks.
Aug. 11, 1922. 185
Washinhton Tiles
Stated., two day3 ago, editorially, th.t Gov. Harding would be
retained in office and that, so ear as ccupatible,vith
hi-) office, he had ione ev3rything in his powIr to help
secure the election of President Harding: (See scrap book)
April 14, 1921..82
Watson, Sen. 113
See - McAdoo
Watson, Sen. Indiana
The private 61.cretary of, called uo the Board office and said
the Sen-Ator desired to know the politics of alch member
of the 13ce.r d.
Mitchell moved, ironically, to tell him it was none of his
busines3.
Finally we instructedthe operator who took the telephone message to
reply that he did rot know. On inquiry we found that this
was just what the operator said. The ',hole Board took this
as an insult.
June 29, 1922. 175
Watts
C.S.H. fears Watts is too reactionary to be sent to Bank of England
conference and not democratic anal*. Mitchell said, he was
a democrat and. C.S.H. replied he did not refer to politics
in using the word.
May 2, 1922. 153
Weeks, Mrs. John 'q•
Tells C.S.H., at dinner given by Mr. and Mrs. Dwight Davis,
that if Lodge had been faithful to Vice President Coolidge,
he would now be President; showed great bitterness towards
Lodge; she also allui?d to the tr3achery of Crane, and as
C.S.H. remembers, of Lodge towards Sen. Weeks Ahen hl ran
for Presi dri t.
May 15, 1922. 168
Weeks, Sec:
Mr. Stockton tells C.S.H. that, advised Crissinger to give a
national tank charter to Max \fitchell.
May 16, 1921. 91
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Federal Reserve Bank of St. Louis
210.
Wicks, Sec. (Con.t..)
Gov. Harding Bayd I is his only su000rter in the cabinet and
that the others Are knocking him hard.
July 8, 1921. 99
Gov. Harding -,ays, told Platt that the Bat rd did rt3ht in
turning down C cmst ock, that Pres. Harding had bean
dedeived ant that, if n3cessary, he would back up the
Board.
Dec. 6, 1921. 124, 125
Gov. Ma' as says Weeks should withdraw h13 name from
Hornblow-ar and. W3t3:KE5 as it ha.; dagen3rated into a
glorified bucket sho:o.
F12t. 29, 1922. 194
.
See supra- Weeks, Mrs. John W.
Welliver
Gov. Harding says he is satisfied 1rbat Pres. Harding Ara.nts
to appoint Crissinger as Gov. of the F.R. Board and
to appoint Welliver or Comstock. as Coaptroller.
Aug. 8, 1922. 179
(Welliver is a press correspondent very close to Crissinger.
It is said that he write:: all of Crissinger's addresses.)
Wheat growars.• 19,,20
See
White, Chief Justice
Justice Clarice tells C.S.H. that, is old and ill; that he
had a chronic bladder troubla; that he had. be cc.ue very
deaf; that, while ncminally a Democrat he had little
syrcpathy with Democratic doctrines; that he was more
like an old time 'stand pat" Republican; that he had no
sympathy for Wilson ncr for any of his policies.
Mar. 28, 1920. 2
Justice Clarke tells C.S.H. that, voted by mail for
Pres. Harding.
Nov. 1920. 19
Administers oath of office to Sec.. Mellon.
Mar. 4, 1921. 48
(C..H. told Hcuatbn that, not betng a Notary Public, had no
authority to atainister the oath of office, and,
later, 33C. Mellon took the otah of office again before
a notary public.)
White, Treasurer of U.S.
An aivert.,a3ment of certain North Dakota bonds contained a
signal statement of, that the Bonds ware valid and wo.ld
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Federal Reserve Bank of St. Louis
211.
White, Treasurer of U.S. (Cont.)
be paid at maturity.
Republicans, even, demanded Whites removal from office, but the
Treasury contented itself merely with a public statement
that it had never au.thorized White to state this.
June 1, 1921. 94, 95.
Whither. 158
See - Calf pasture
Wholesale prices. 76, 77
See - Prices
W taker sham, Attorney Gen ire'
See - Lehman
Williams
Williams, John Skeltcn
Votes, with C.3.H., favoring a bill mitirg cotton factors paper
eligible. lajority of Board voted against it.
Nov. 1920. 22
Coy. H., Platt, C.S.H. and Wills go tc Richmond and all but
Gov. H. stay at William's house as his guests.
Feb. U, 1921. 27
Williams tol I Board that the President of the Coast Line R.R.
had tendered us his private car. C.S.H. advised the
Board this would violate the Int. Commerce Act and the
Board asked. C.S.H. to tell Williams we could not accept it.
C.S.H. so told Williams, who appeared amazed and said it did not
violate the Act.
C.S.H. asked Williams to consult the Interstate Commerce Comm.,
which he did, and he told C.S.H. that the Comaission said
that if the President's car ,havoened to be al the train,
and the Bcfard me.Lbers ahd bought their R.R. tickets, the
Presidm t, in such case, could invite ths ms:cbers to ride
with him, but that if the car was put on for cur benefit,
the full price must be paid for it, otherwise Ns should
be violating the Act. Williems admitted to C.S.H. that
the car as put on grely for our benefit, but tha we
certainly should accept it, 'end that nothing would be
dons if we did, that he mould assume all responsibility
for our action.
C.S.H. told Williams we should not accept it and we did not.
• •
Williams seated utterly sanazeti that C.S.H. should think he was
amenable to the 1am:
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Federal Reserve Bank of St. Louis
411
313.
Williams, Jchn Skelton (Cont.)
Apparently his conception of law is a rule of
tion applicable
to everyone except himselfl
Feb. 11, 1921. 27, 28
We attended a barkers dinner while at Richmcnd and Williams
spoke
praising the Board in the highest terms.
Feb. 11 , 1921. 27
Mr. Hichborn, President ofa naticnal bank in Augusta, Itiaine, and
his wife Were also guests of Williams.
Feb. 11, 1921. 27
Williams talked with C.S.H. and Hichborn as to the possibility of
his being confirmed by the Senate, and Williams authcrized
C.S.H. to say to any Senator, that, if confine d, he would
resign on the outgoing of the Wilson administration.
Feb. 11, 1921. 27
Hichborn told C.S.H. that Williams had authorised him to say the
Mlle
•
Feb. 11, 1921. 27
Some tile ago Williams sent Gov. H. a letter attacking the F.. Bank
of N. Y. for loaning encrmcus sums to N.Y. member tarks,
latch were using them for loans on Wall Street; that they were
also making inordinate loans to the ficailies of the officers of
the banks; that the F.R. Bank of N.Y. was almost continually
rediscounting with other F.R. banks and selling them its
acceptarses to obtain funds for these purposes; that the rest
of the country was being drained of necessary funds to lapply
the F.R. Bank of N.Y. si th funds for this purpose; that the
discounts thus granted to the member banks
r the F.R. Bark of
N.Y. vere greater than the total redisc cants of many F.R.
banks in the west and south; that all rates th ould be reduced
to 8%; that the plan of the FL Bank of Atlanta in proposing a
reduction of rates to 46 on loans se ured by Govt. bonds owned
by the banks and acquired s ince April 1, 191?, should be adopted;
that 411 progressive rates should be abolished.
There were quite a number of similar letters sent by Williams to
Gov. Harding in which he bitterly attacked the F.R. Bark at
N.Y.. and, by necessary influence, the F.R. Board for permitting
these conditions.
These letters were evidently all written for the purpose of ultimate
public sti cn.
In fact, a press representative told Gov. H. that Williams told him
he was preparing a letter (the first one) before Gov. H.
in fact received it; Williams subsequently denied this, - a plain
lie.
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Federal Reserve Bank of St. Louis
213.
Williams, John Skelton (Cont.)
C.S.H. begged Williams to withdraw his firbt letter and go into
the Board rueetinz and make any moti one, based on it, he 4ight
desire to make.
C.S.H. Jaid the letter so - d be construed as a bt.tter, partisan
1
attaak on the F.R. Bank of N. Y. and the Board, and that it
•seemed to 'Triply that the Board had deliberately favored, the
F.R. Bank of N.Y.; that he bit I never offered any motions at
any Board meeting along the ,lines of his lat ter. Willia.as
was obstinate, howevsr, and refused to withciravv the letter.
A fewlays later, Baer, a N. Dakota Congressman, offered a resolution
of investigation of the F.R. Bank of N.Y. setting forth,
substantially, the facts contained in Williams letter, showing
that he had seen a copy of it, al tho it was an official letter
to the F.R. Board.
The Board then questioned Williams and he finally aiLitted he had
sent copies of the letter, marked confi -lential, to a number of
people. He gave us the names of a few but refused to give us a
complete 117,t.
C.S.H. believes him to be a demagogue of the first water!
Gov.H. replied to Williams letter showing conclusively that his
charges were grotesquely false and his data full of errors.
(See scrap book.)
Feb. 1921. 28, 29, 3D.
At a Board meeting one morning we pointed out to Williams that he
had never made a motion in the Board meetings for any of the
matters covered in his letters, and we insisted that he do so.
Finally, Williams moved that his first letter to Gov. H. be
adooted as the sense of the Board.
C.S.H. moved to table this motion until Williarm presented in writing
just vhat motions he desired to wake based on his letters.
This motion was Cir ried, much to Williams' indignation.
Feb. 1921. 30, 31.
At a later meeting Williams made several motions which the Board
voted down.
At a previous melting he had moved to accept the Atlanta 40 plan,
but at this meeting it appeared that Williarrs did not know
what the Atlanta plan was. The Atlanta plan would give a 40
rate for the benefit of banks who had acquired Govt. bonds
after April 1, 1917, even tho they had -)cught them belcw par
on speculation; it las limited to 15 day member bark loans and
did rect apply to customers paper sbcured by Govt. bonds; in
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Federal Reserve Bank of St. Louis
214.
Williams, Jcbn Skelton (Cont.)
other words the banks alone mould get all the benefit under
this plan, And the individual customtzs, Nth originally
subscribed, would gat no relief. when this as explained
to Williams he seemed amazed and finally changed his motion
o as to include custorwers paper so secured.
Gov. H. Paid he originally favored such a plan but our counsel said
it could not lawfully be dons.
The Board then voted adversely on Williams modified motion.
February 1921. 31, 32.
Wi1liam:3 then Nrote ether bitter letters to Gov. ;larding.
At a later meeting Williams moved that all progressive rites be
abolished; also that all rates be reduced to 61.
Gov. H. pointed out that Williams originally voted for progressive
rates; that all banks etcept St. Louis and Kansas City had.
already abolished them; tat. t their scpplicabion had not
increased general average rates as high as 7%, the rate
charged in many districts having no progressive rates.
The Board voted down
motion.
February 1921. 32
On Williams' motion to reduce all rates to 6% 'Net pointed out that
bnly Boston, N.Y. and Dallas had a 7% rate, and that Gov.
Strong had stated that to reduce from 7% would encourage
wild speculation, while Dallas had just increased its rate
frcm 8% to 7% to protect is vanishing resvves.
The Board voted not to reduce these rates at present.
Februr y 1921. 32, 33.
Williams wrote another bitter let:4r attacking the F.. Bank
of N.Y. and, inferentially the Board.
Board was in session all day up to 6?45 p.m.
Gov. Strong was present and pointed out that, as to the Chase
Nati cnal Bank, - the principal point of attack by
Williams in his last letter, - the Bank Examiners report
as to the examination of October, 1919, was not given to
the F.R. Bank of New York until sane months later;
that the"yellow sheet" was never given to the bank; that
the examiner stated in his report that the Muse Bank
sae in good conditicr. , the only ariticisme being dinor
ones; that there "ii nothing In the report ho put the
F.1. Bank of N.Y. on notice of anything Among; that if
E
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Federal Reserve Bank of St. Louis
215.
Williams, John Skelt• n (Cont.)
Williams knew of any illegal or i -sproper practices of the Chase
Bank as to its internal management, he should have put the
.
bank on the "special list" for frequent4ell examinations, 'Ahich
he had never lone; that he did not even make the two
examinations required by law of the Chase Bank during 1920, and
male m examination between October 1919 and August, 1920,
altho as Gov. S. assumed, his yellow sheet had given him
notice of internal irregularities.
Feb. 26, 1921. 33, 34.
(It appeared later that the yellow sheet contained nothing as to any
irregularities in internal managsnent cr practices.)
Gov. Strong also said that Williams had examined only a portion
of the N.Y. banks during 1919, and that he was not advised
of any examins.tion made twice of any N.Y. bank during 1920,
as required by law.
Fe'o. 26, 1921. 33
The Executive •Committee then made a preliminary report to the Board,
placing the rlsponsibility for the serious cond.itim of the
Chase Bank entirely on Williams' shoulders, he having violated
the law requiring two examinations each year.
In view of a letter just received from Williams trying to explain
his failure to make two examinations, this zreport Has ref -rred
bask to the executive coalnittee to consider whether they wished
to change their cor_clus ions.
Williams positively refused to state whether or not he would reveal
the noones of those tc whau he sent copies of his first letter
to Gov. H. but said. he would give
final answer by letter.
Feb. 26, 1921. 34
Williams was asked by the Board whether he desired to present formal
charges against the F.R. Bank of N.Y. but he gave an
equivocal answer. C.S.H., - referring to a loan to one
Durant for which interest etc. amounting to 200% was charged, asle d Williams if the loan had not long since been pail,- and
whether he, Williams, had not told the ?curd that he himself
did not know of it until 5 months after the examiners report
had been filed,and whether he consilared the F.R. Bank of N.Y.
responsible for it.
Williams gave an equivocal answer, but in one cf his letters, he
claimed that the FL Bank of N.Y. was "particeps criminis."
Gov. Strong asked Williams whether, -if he had made an 3samination
of the Chase Bank earlyin 1920, - the serious c nnditi on 'would
not have oeen discovered and corrected by him, but Williams
gave an equivocal answer.
Feb. 28, 192]. 34
216.
Williams, John Skelton (Con
t.)
At the meeting on Saturday, Feb.
26, Wills begged Williams to
admit that he was mistaken in his
criticisms of the F.R. Blink
of N.Y. and to withdraw his letters;
C.R.H. joined. in this
requezt but William: declined
.
Feb. 28, 1921. 35
•
Board met at 10:30 A.4.
Williams presented. a letter as to
th3 Guaranty Tru.st Co. which he
dii not read, but asked to be put in
tle record.
Wed. tiar. 1, 1921. 35
Williams presents the "yellow shee
t" in connection with the Oct.
1919 examiners report of the Chase Bank
, and reads part of it.
He said. this as a copy, as one of
the sheets of the original
had. been torn. The portion he read
disclosed that the ixaminer
reported the Bad/ was :lafe as to
management and that its
condition was sound. Williams expl
ained that this was merely
the oi,inion of the examiner under
the condition: than existing.
Fr a-n this tine on, Williams made so
many explanations that it was
vary difficul t to distinguish what part
was what the ,
Ixaminer
re- orted and what part consisted.
p
of Williams intarpretatiors.
4
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Federal Reserve Bank of St. Louis
Yet Williams had the effrontery to
claim that the report of the
examiner given to the F.R. Bank had,
put that Bank on notice of
improper practices in the Chase bank
s internal management!
Williams then offered a latter from
Sen. Owen explaining why he had not
been confirmed.
C.S.F1. objected as his confirmation
.was not an issue before the Board.
The 3card decid3d to admit it as a matt
er of personal privilege.
Williams then read a latter to the Boar
d declining to ravsal the
na.tas of those to whom he sent copi
es of his first letter to
Governor Harding; ha :laid ha did. vvish
to put them in the hand:
of a partisan Body which might make
zri tic; is ne of himself which
he coull not know about.
Williams letter was gratuitously insu
lting to the Board.
.
.
He ha1 not hesitated. to send cut copi
es of his first letter to
Gov. Harding behind the backs of the
Board..
Mar. 1, 1921. 35, 36, 37.
Ths re- ort of the Executive Committe
p
e was than road, severely
arraigning Williams for not having exam
ined the Chase Bank
during the earlypArt of 1920, as he was
required by law to dos
pointing out that had he examined it,
the conditions he
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Federal Reserve Bank of St. Louis
217.
Williams, John Skelton (Cont.)
complained of would have been at once discovered
and corrected, and pla...:ing upon hizthe entire
responsibility for these conditi ors. The ran ort
pointed cut also that he had axamined twice in 1919
only a portion of the 28 national banks in New York
City, and that the F.R. Bank of New York zitated it had
received no copy of a second examination of any N.Y.
Bank in 1920.
This report NEU evidently vary disturbing to Williams. He aid
it was a bitter attack on hiaself and squirmed and
wriggled in evident embarrassment.
Gov. Harding then asked, that action should be taken by the Board
on this report.
Dr. .01111er said he wished. to confer with C.f .H. before mdaing a
;
.
motion and auggastad an adjournment.
Gov. Harding said that such conference should be open, in presence
of the Board, and called on C.S.H. for hti views.
Williams then started to leave the roam, but C.S.H. said he wished
him to hear what ha was going to say, and Williams,
•
evidently reluctantly, remained.
C.S.H. said his past cordial and. close relaticnship with Williams
was well known; that ba (C.S.H.) had many times
defended him, publicly and privately, but that en this
issue C.S.H. believed him to be wrong; that this report
s not an attack cn Williams, as he had just said, -out
that, on the contrary, it was an answer to his attack
on the F.R. Board and the F.R. Bank of N.Y.
said Williams, although repeatedly asked, so tc do, hal
never made any formal charges against either the Board
or the F.R. Bank of N.Y.; that his bitter letters were,
in effect, iaara moticns to reduce rtes and abolish
progressive rates; that he incidentally attacked both
the F. R. Bank of New York and the Board for excessive
discounts allowed N.Y. tanks and es-pact:4.1y the Chase
Bank, rhich had 'oesn loaning high 5111:1211 to its officers
and directors and affiliated interests; that he charged
the F.R. Bank of N.Y. with responsibility for nct
ha.vin: stopped such practices. C.S.H. said that in
7
viewof these charges it was incumbent on the Board to
examine into them.
C.S.H. added that rla was satisfied, from the evidence, that the
serious conditions of the Chase bank would ha-v., been
discovered and corrected if Williams had made an
examination in the early part of 1920, as required by law;
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Federal Reserve Bank of St. Louis
218.
William', John Skelton (Cont.)
that •.thather or not he hal any valid axcusa for not doing
male theaa serious conditicna
so, it was his anis..lon
possible, and thAt he was not Judi tifiad in his ittempt to
shift the responsibility to the F.R. Bank of N.Y.
finally adiedthat if a motion was mate to accept the
report of the executive corn .ittee, he shouLi feel bound to
vote for it.
Dr. Miller than moved to accept the report and. all so voted,
except Williams, who did not vote.
The Sac. of the Treasury, Houston, Nus not praiaent.
Aar. 1, 1921. 37, 38, 39, 40.
S.H. kept Houston informad every day as to A/hat transpired, as/ did
al so Gov. Harding, and. Houston fully concurred in the Board's
action, altho ha atd. several times war ware dignifying
Williams by making any answer to him.
Mar. 1, 1721. 40
Houston tells C.S.H. that he had told President Wilson all a'ocut
the matter, aspecially his action in Banding coi,iee of his
letter to a large number of parsons.
Mar. 1, 1921. 40
Wilson told Houston ha had received a letter fran Wtlltaws
tendering his rasignati on and that he should reply to it.
Aar. 1, 1921. 40
Wilson told Houston that Williams was a most difficult man to get
along with, but that ha thought he had made .an efficient
Comptroller.
Mar. 1, 1921. 10
s
'Villiama latter to President Wilson re- ign -111g wria published in
Times of Mar. 3, 1921 (sea scr3p book). In it he
the N.Y.
bitterly attacked Sen. AcLaan, and, I am tnclined to think,
with some justice; he also attackad Sac. Weeks but not
specifically by narAe.
Mar. 1, .1921. 10, 41.
Praaidant Wilson's reply to Williams' latter of resignaticn also
appaar,: in the N.Y. Times of liar. 3, 1921. Ha gives
William a clean bill of health, altho his ra narks were
largely confined to the failure of the Senate to confirm
In view of the Praaident's knowledge of Williams' action in
stabbing the Board. in the lark, C.3.1. can not undertand why
he could have ,vrittan such a fulsome letter.
Mar. 3, 1321. 41
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Federal Reserve Bank of St. Louis
219.
Williams, John Skelton (Cont.)
(Williams should not have sent his resignation to President
Wilson for he vas not holding °Vice under him at ths.t
time. His ter:a having expired and tile Senate not having
confinled his new apointment, he was merely dat:ignated by
Sec. Houston unier a section of the U.S. Rev. Statutas, to
perform the duties of 7ha office pending the filling of
the vacancy.)
Analysts of Williams' character.
An aple aJministrator ia many •aya; la_d done mush good, in an
address at the Bankers dinner in Richmond, C.'.H.
id. he
haa been one of the most efficient Coxptrollers we have had
and
think:, this lac orrect.
On the cdt'
-ter band, his agotisn and anity is almostappa.11ing:
he see.na to think he is the ally man in the ,wor11 who 14
doing his duty, and that anyone who disaarees 'aith him must
necessarily be impelled by improper mttives.
One man wittily said of him, that h3 was the only
had met ,who co ld "strat" sitting lam.
man
he
r7ir
His action in writin,r, 4avaga, untrue letters tc the Board instead
of meking any motions, involved in such 1.ettera, at the
c•is,rd meetings (none of ,rhich nad ever be n :nada by him),
ani Lis further conduct in sanding copias of the first letter
to a large au:ober of parsons with the camouflage mart of
"confidential", is especially to be dondemned.
Ha hay treated his fellow me.kbers in a iiha-aaful ma.mer and they
were obliged to point cut to him his own, sole respcnsibility
for the con.dit ions in tna Chase Na.ticnal Bank gnich he
complained of.
Furthermore, his refusal to reveal the namez of those to wham he
sent COSA3ki of his fir.A letter, thus depriving the loard of
the opportunity of finding it Mao had betrayed his
confideree in publishing the essential facto, convinces
that he really hoped tha letter .vculd be ub1 ish11, ;.n order
to satisfy his insatiable egotism and, at the ialto, time,
9ut his fallow members in an absolutely fa1
litt before
the 3ublic.
He :tabbed, or tried to stab, his co.tra,
Jes in the bank and
he whines and rages when they 'horsed that his own refusal to
obey the laws of the U.S. as to two yearly examination', of
itself permi t +ad or la-used the ser taus condit to rs in the
Chase Bank.
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Wi1114ras, John Skelton (Cont.)
C.S. H. feels, seriously and soberly, that Williams, in spite of
many good qualitiaz, is mentally linstable; ha seams to thin
he iitania soli tory and alone, the only man fit to carry on
the Goverrsmant. This has bean grcdving on him for scma
and nao now bacome a mania.
Ida:. 3, 1921. 42, 43.
•
•
•
Whan
suir.zoned t
Chase Bank officiale. to Washing,ton
luring tha last of 1920, and axamined them, - Wiggins Thayer
at ale, ha was horrified at the conditions diaclosed.,
aspacially at Thayer who ,-iimitted that Ryan had given him a
;articipatiui in certain of his schemes for no considerati on.
It aopeared that it vas Ryan who first stirred up Wi11is.
Ordinarily the disclosures Nould have :aa cia Williams hemi. with rage,
but a trange to eay ha traa tad the Bank off ioiala vi th the
utmost consideration and almost leniency. He sat with them
with the utmost pat ienca in trying to help clear up their
lift iculties.
As a fact, Williame later, in spite of his denunciation of
the F.H. Bank of N.Y. for giving such large di..counts to the
,
Chase Bank, actually suggested an amanlmant to the F.R. Act,
in his report to Congreas, suggesting that power be given, in
ca.se of amergency, to P.n. Banks tc discount paper s?cured by
.
stock arri bond collateral, and ha defended himself to the
Board by saying that that Chase Natl. Bank did not have enough
commamial paper to obtain the assistance it needed from the
F.R. Bank..
Mar. 1, 1921. 43, 44.
Williams, luring the disc-LI:aim admitted having sent a copy
of his ir t letter to Gov. Harding to Ex-Sec. Nickdoo,
but at once axplained that -40Adoo was counsel of the
:lase Bank.
So-ne ixembers cf the Board thcught the acti cn of the Chase Bank in
retaining .dcAloo mis vary shrewd in view of his clog:
relaticns with Wil lams,
Mar..1, 1921. 44
rezignaticn to& affect at the close of business today
:Car. 1, 1921. 44
Williams sands another letter to the Beard a.nswaring Plattis
question whether he had axaminad any =Id a-34.1 banks during
the early part of 1920. It gave a its t of banks examined,
but they were all first axaminaticns.
•
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Federal Reserve Bank of St. Louis
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Williams, John Skelton (Cont.)
Platt said quite a number of N.Y. bank% favored Wil dams'
c onf tr,nat ten and h 3 auapected this might explain why
he had not examined them tsice, as required by law.
Mar. 3, 1921. 45
The Board voted to send co-piea of all of Williams letters,
including tna.t relating to the Guaranty Trust Co., to
the F.R. Bank of N.Y., for immeilar.e reply.
Mar. 3, 1921. 46
The Boarci voted to carry cut the rvorunendation of the
Executive Conznittee tha- each F.a. Agent be asked to report
as to the efficiency of Natioral Bark 7,xaminers, - in
view of the McFadden bill, which anong other things,
abolished the office of Comptrol]er.
Mar. 3, 1921.
Tinian.' asked for i copy of the stenographic report of the last
two meeting:, of the Board. Gov. Harding aail he should
reply that Williana should have the aarre facilitie, as
the other Ine.Lbera, and remind Min that the Board, at its
laat meeting, voted to print only 1 copy .and that each mamb 3T
could inspect in the office of ani in tile presence of
Gov. Harding.
This was lone to avoid any possibility of its being ,Lacle public
is tiler were utters in it shich to lcurd feared might
cause a panic if male public.
Williams himself toted for this.
.4ar.
4, 1921.
461 47.
Gov, Harding said he had given a copy of Williazas first let t3r,
to Mr. LicFadden, and had menticned to hl '1 the report
adopted by the Board. C.S.H. feels he ought not to have
done this.
Mar. 10, 1921. 52
induce See. Houston to aakthe Attorney General
for an opinion as to s.ether National banks cauld organize
and control security cexpanies, in the Taft atanistrat ion
Sol. Gen. Lehman gave an opinim that it could not legally
be lone but no action Aas taken.
Sec.
Houston declined
request.
Williana has tried several times to have such an o?in on asked
for, but i'icAdoo refused to ask for an opinion.
Williams sas disloyal to the Wilson administrAtion in seeking to
have an coin ion on the question just before the Wilson
aim in ia trati on Nen t cut.
1
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Williams, John Skelton (Cont.)
Williams frequently told. the Board these holding: were
illegal but the Bcarl'a rerply vas that, to warrant
any action, an opiniai of the Attorney Gen3ra.1 MAa
nac 3al sary.
Mar. 19, 1921. 59
Williams writes another savage latter attacking the Board.
C.S.H. believes him to be insane.
Aar. 30, 1921. 70
Crissinger tells Board. that Wtlliaans, before la_lving his office,
ordared diss Piper, his clerk, to cut out of his letter
book, narked. "official" all letters to the Boari a:
to rates, the Chase bank, etc. Williams, howevar, in
his letter of Idar. 26th to Gov. Harding Laid. all of hia
letters to Gov. H. were written by hi:n in his official
capacity aa Coavtroller.
his
Williams also had cut out all correspondence relating to
..nts by Fn. banks of
suggazted amendment pernitting diuccr,
paper aacured by bond and atock collateral.
Harrison pointed out that mutilation of official recorda Ass
punishable by fine, ixprisonnent, or both.
April 4, 1921. 70
Harrison makes a draft of Board reply to Williams attacks.
C.S.H. softened it a little and the Board adopted it.
April 4, 1921. 71
Board sands the reply to Williams,
April 5, 1921. 73
all
Cotton tells Harrison that NicAdoo and he will kill off
the Board.
future correspondence between Williams and.
April 5, 1921. 73
s
Board spends vrhola day in reading the tanographic minute
vith Williams,
of the two Jays covering the disputa
from
and. finally approv3d. Willa Ass pre.ent, corning cn
Cleveland.
April 9, 1921. 75
s to
Williams calls on Gar. Saay and. shows Iii his letter
Norris,
Gov. Harding And also writes Gov.
and Van Zandt.
.
April 9, 192. 75
the
Williaxs tells Van Zandt t1,3 Board wishes to abolish
F.B. Bank of Dal:Ise.
April 12,1921. 81
3
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Federal Reserve Bank of St. Louis
223,
Williams, John Skelton (Cont.)
Board voted that the Governors, an requeat, should be given
copies of the entire Williams correspondance.
April 12, 1921. 81, 82.
tells McAdoo about Williams attacks on P.R. Board arid
that Williams said :ncAd.00 was counsel of the Chase Natl.
Bank. ''IcAdoo said he had read only one of his letters;
that William.) lacked tact and was too i-cpulsive but that
he was a man or high chracter and st.nidards.
July 13, 1921. 100
Gov. Harding tells iricAdoc of the injury Williams is doing him
(lAcAdoc) in attacking the Board.
McAd.00 vas greatly stirred and said he would send for Williams
and tall him his attacks were injuring him and must be
stop?ed; that he was able to control Williams wnen he
was under him as Comptrcller, but was doubtful whether
he could now; that Williams attacks were most extreme, and,
he iaplied, unfair; that Williams cnca started could nevr
stop.
Oct. 21, 921. 113, 114.
Gov. Har1ing says th.%t Williams remai rad Treasurer of the Red
aross for aane time after 1a-vincr. office as Comptroller;
that aa such Trea/eurer, altho the Red Cross was trying
to concentrate its deposits, 113 male a deposit with the
Richmond Trust Company, of which he was chairman of thA
Baird, of $250,000 (about equal to one-fourth of its total
deposits), and made a verbal agramient with his brothrer,
the President of the Trust Corpany, that this deposit
should not ha drawn upon for a definite, :ixed period, and
then only at a certain small amount each month; that when
Fliot Wadsworth bac3me Treasurer of the Red Cross, he
continued the policy of concentrating deposits and started
to draw down the deposit in the Richincnd Trust Co.; that
the agreement of Williams, Pr easur er,and Williams, ?r;iie
was made known to him, and Wadsworth, feeling bound by the
agreement, permitted the deposit to re.r.ain.
C.n.F. reappinbers .hat Williams had maie serious charges against
the management of the Red Cross, and he has heard a rumor
that penult ting the deposit to remain Nati used aa a means
of quieting Williams, and that .dr. Payne, President of the
Red Cross, arranged this. In any event, nothing mars was
heard of William; charges.
Mar. 8, 1922. 130
Gov. Harding also said that, last June, C.S.H. thinks, Williams
made a speech in Allgaii ta, Gecrpia, and was peeved by the
lackof attention paid him by th3 Nat icnal Exchange Bank
It
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Federal Reserve Bank of St. Louis
224.
Williams, John Skelton (Cont.).
in which he waa keeping a deposit as received of the
Florida -and Georgia Railroad; that, en the other hand,
he as flattered by the marked attention paid him by the
Merchants State Bank; that he drew out his deposit in the
National Exchange bank and put it in the Merchants State
bank, not a neuter of the F.R. syu tem; that, shortly
after, the Merchants State Bank b carne insolvent, re.ulting
in tying up this deposit ani in pouzible loss.
Mar. 8, 1922. 131
Gov. Harding tells C.3./i. that the above and various other matters
have convinced him that William: is a crock!
Mar. 9, 1922. 131
Sen. Glass tells C.S.H. that Williams, McAdoo and Untermoyer, just before the draft of the F.R. Act, as originally agreed
upon ..vas published, ca.e to hi.0 with a draft of a
central bank which they strongly favored, under the
provisions of which the nece3.ary Rold 'mild be secured
by confiscattng the cold held in the Treasury behind the
gold certificates.
Mar. 17, 1922. 131, 132.
See - Glass, Sen.
Dr. Willis tells C.1. that Williams, last sum.ner, wrote hila a
number of letters asking him, as editcr of th N.Y. Juurnal
of Con:arca -Ind Commercial 13ulletin, to attack the
F.R. Board.
June 12, 1922. 175
(Yet Williams has 'oeen attacking the Board for the impropriety of
making Dr. Willis an officer of th Board while he was
also editor of the N.Y. Journal of Commerce and Commercial
Bulletinn
C.S.H. believes Williams is writing the apeeche.: of Sen. Hefliais
attacking the Board. Sen. Glass says his c ffice adjoins
that of Sen. Heflin and that one day he heard Williams
dictating a speech in Heflin's office.
July 17, 1922. 176
C.S.H. warns Crissinger that failure to reappoint Gov. Harding
will be construed as approval by Pres. Harding of Williams
attacks on the F.
Board.
Aug. 9, 1922. 182
Platt writes Sen. Smoot that, is a deliberate falsifier.
Sept. 15, 1922. 190, 191.
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Federal Reserve Bank of St. Louis
225.
Williams, John Skelton (Cont.)
Pres. Harding tella Gov. Harding he fear.that not to reappoint
him may be considered aa an indorsement of attacks of.
Oct. 4, 1923. 196
Willis, H. Parker
Asks C.S.H. if he Nculd accept the office of President of a new
corporation, to be called "The United Bank Directors, Inc."
- a cooperative association of country banks to arrange
for ita llama be ra inveatnent operati.ons, discount of
acceptances, etc.
Willis said W. Davis Conrad asked him to :nak3 this offer to C.S.H.
The prospectus Of the company etata3 that the President's salary
would be $50,000.
Willis said there was need. of such a coiny and that he approved
the plan and asked chat I thought of It..
C..13. said, under no circumatarce4 ',mild be accppt, as he enjoyed
his work cn the F.R. Board, ncr cc-ld he properly
express any opinion as tc its desirability, as it would
recessarily come into competition with the F.R. System.
Willis then auggestad that Davis write :re a letter stating the
plan and asking for an interview. C.S.H. said he would
grant an intervies and later Davis sent him a latter
cxitlining the plan.
February, 1922. 126, 127
rr. Willis and Davis call on C.S.H.
C.S.H. nad not yatan‘wared
Davis's letter. C.S.H. tells them he NU1not accept the
offer.
The they asked C.S.H.'s opinion as to the need of such a co:.pany.
C.S.H. replied that he had read. Davis's letter and the Prospectus;
that the proposed company seined more of an investment
than a banking coakpany; that if formed, it would be outside
of the jurisdiction, as an investin3nt company, of the F.R.
Board and neither ha nor the Board could properly express
any oi.--inion as to its •desirability.
Davis said an opinion from th: Board was necessary to help raise
the capital.
C.S.H. replied that this would throw on the Board grave
responsibility, which he felt certain the Board would
decline to assume, even if the capital had already been
raised.
Willis then asked if the Boa-t would give a ruling as to 'whether
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226.
Willis, Ti. Parker (Cont.)
accaptance given by or discounted by such corporat ten
\yould
be eligible for •lisccunt by F.R. banks as bankers
acceptances. C.S.H. recited that if a request 'are
formally
made for such a rulinti, he thought th3 i3.rd. Mould con3id
ar it.
Feb. 27, 1922. 127, 128.
C.S.H. tails the Board of this intarvieN. Gov. Hardin
g sail he told
Dr. Willis yesterday exactly as
did, and Dr. Willis
agreed that we had stated the matter correctly.
Feb. 28, 1922. 128
Dr. Willis tells 0.0.H. that licAioo was not disloyal to
Wilson in
advocating a centrql bank, as at that time the F.R.
Act hai
not been definitely agreed upon.
Air. 20, 1922.
133, 134.
Willis says lcAdoo did his best to prevent Glass beins, male
Claairman of the Banking d.nd Currency ccmnittaep but withou
t
avail and that finally, one day, McAdoo said. to
Glass, "Valli you have beaten me."
dar. 20, 1922. 136, 134.
Willis says tillat Williams, last summer, Nrota him severa
l letters
asking him to attack the F.71. Board in the N.Y. Journa
l of
Commerce and Corazietcial Bulletin and that McAdoo raids a
siaallar request about the se dale.
.
June 12, 1922. 175.
Wills, D. C. F.R. Agent, Cleveland
Says Bank of North America, N. Y. has an unsavory record.
Dec. 1920. 23
legs William: to adalit he was :mistaken andwithiraN his letter
s
attacking the F.3. Board.
Mar. 28, 1921. 35
3o.zsa on from Cleveland to hear and approve the stenographer
s
mizaitea of the t Pic days covering the ccn:rovn.sy with
April 9,1921.
75
Writes Gov. Hardirg a letter enclosing cops of a letter from
Pres. Hard.ng to Carmi Thoarpson.
Aug. 13, 1922. 185
See - Thcmpaon, Ca,rmi
Wilmeth
Resolution of Sen. Carraway to investigate re.ncval of, nd other
3.riployees who were veterans killed by referring it to
Committee on Civil Service.
April 14, 1922. 145
see - Walsworth, 31ict
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Wilmot, Dr.
C.S.H. lunches with ilitchall at idetrapolitan Club to meet.
Dr. Wilmot said that Van Zandt, Governor of the F.R. Bank of
Dallas, Atis a good man but hai not raciived loral
support from his subordinates and colleagues; that his
hands should be strengthened and he should be backed up;
that Ramsey dominated the whole bank; tat Ramsay as 3
fine man, of keen mentality and that he -would dominate
any situation unlass faced by vary strong man. C.F.H.
,
asked if he knew any i 00d mon to succeed. Ramsey if he
,
should not be reap-pointed, and ha gave us scam names.
He said none of thass men Ffcull accept the Governorship as the
Fei. Agent .vas the dominating osttIx, differing, as
C.S.H. pointed out, from the other F.1. banks. He also
said that Tenison might be induced to CO:13e back and said
it scald be the beat possible appo1ntmant. He said that
Ramsey's reputation was that of a vary able politician, but
that he was a man of high s tanding and character and
an eminent citizen. Dr. wilmot seemed incere and well
informed and :nada a fine ilespreszion on C.S.H.
Dr. Wilmot, at the outset, said that as he understood it, the
Administration having changed, it was fair, other things
being equal, that Repiablica.ns should have these positicns.
0.‘3.H. at once replied that the Board never considered. politics
in making these appointments, and. that while, personally,
he icas glad it' both Parties happened to be represented,
yet we never had been influenced by political considerations.
C.S.H. further pointed out that 7 out of the F.R. Agents and
Governors happened to be Republicans, altho not elected
or ap, ointed as such.
;
C.S.H. also referred to the app)i.ntmant of Harrison, at Phila.,
and out appointments at Boston.
cl.S.H. pointed out that oar action in abolishing exchange charges
had angered the south and southwest, - a de.nccratic region.
He said a number of bankers had said. they wanted him as P.R.
Agent in place of Ramsey. C.5.H. asked him if he would
consider this if the Board offered him the position and he
said no, but C. fancied there was a bare possibility that
he %light accept.
He finally said that the Board should be kept absolutely free
from politics or our banking system would be ruined.
He
also a.aii he had never observed that Ramsey played politics
in F.'3. matters.
A
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Wilmot, Dr. (Cont.)
C.F.H. 'believes Wilmot to be a. fine, sincere, man, but tiaat
ha came here sane.,hat inclined Kith the idea that
,
,
a change, :for political reaaons, Yaa the proper thing
to e.rpect.
WiLi.otsaid Ramsey hat had some banking experience as
?resident of a small bank cake year. ago, but not enough
to dominate the afrairs of a F.R. 'oank, and he
emphasized that a F.R. Agent 4hou1d daninAe.
July 22, 1921.
101, 102, 103, 104
Wilson, Woodrow
Justice Clarke ..:ays influences frcm the outside, of
grave menace, sere operating on Presilm t WilJon;
that he :yai cut off from the ontside world and aaw and
heard little not ;. iv en to him aim per'nap.i prejudic ed
sourcez; that dIcAdoo 'nal not as much In
ence over
him az formerly, but these C.S .H. differs from hi.n;
that ctitside influences operated. through Tumulty iI
Admiral Gr ey a on.
He said he felt certain Wilson ,Nould 'wake
C.c. of
the Treasury and he 1.3ft no d.onbt in C.n.H.'s mind
but that Sec. Baker had told hi:n it -was so settled.
ge evidently thought Wilson -sac not having a free hand., and
'Raz nct fit to ha re one unierpre lent condition.
!Aar. 28, 1920. 1
Jus tic e Clarke vs none of the Juan ic a of the Supreme
Ccnirt 411 re.ign stifle Wilson iz President.
I 1920. 2
doubts whether Wilson sil ' be pleaald t Debano's
appeintment on the Board' R.?.. committee, altho
O.S.H. voted for him.
'Aar. 29, 1921. 2, 3.
Sec. and :Ars. outon are zuch ,ii.:turbed at Wilson'a taking
the Crane houam at Wood'a Hole; they :aid it VaS a
disac ter to them, and. voul I spoil the I r summer;
in tiaaata3 they 4ould apend a good par t of the liurnmer at
Boyden' haute in NS A' Hampshire. C.S.H. is shocked at
their la•ck of loyalty to Wilson.
Mar. 31, 1920. 3
sen. Saulsbury tells C.S.H. a close friend hai hal a talk
with Colby a fey lays before he Atte appoints' Sec. of
state end that Colby :poke very bit terly and contemptuously
about Wilaon %AI his polici,s.
April 4, 1920. 1
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Wilson, Woodrow (Cont.)
Justice :4cReyno1ds tells
'.H., that while he knows nothing
about it, he believes tnat Wilson is a dying .aan.
April (3, 1920. .3
Houston tel1 C.3.H. that, e.hortly after
left
Washington fcr his operation, - in the spring of 1920, a
number of democrats had a dinner at the Chevy Chase Club
in response to a request by President Wilson, to con.ilder
whether he owed any duty of , onsidering tnInning -.gain for
?
the Presidency; that ?hails a large majority thought it would
be most unwise,
sonewhat equivocal answer vas male to him;
that Mrs. Wilson as :nest anxious to have him run again,
but that Addairal Grayson said he had not he physical strength
to do kos
July, 1920. 19
The bill reviving the War Finance Corporation has 3- .)as.led both
.
Houses -aid now goes to President Wilson.
Nov. 1920. 21
Sec. Houstcm says he told. V!ilson of Williams action in giving out
copies of his letter attacking the ]card,; that Wilson said
he hal just received. Williams latter of resignation and would
reply to it; that Wilson said. Williams was a most difficult
man to get along Nith, but that he thought he had been an
efficient Comp troller.
Mar. 1, 1921. 40
Wilson replies to Williams letter and wives W1.111,..1.6, apparently, a
clean bill of health, altho largely confined to the
conf irma.t ion cives t I on.
jar. 1, 1921. .10
C.S.H. feels, that knowing the circuni; tances of Wil 1 lams actions,
Wilson should not have written him such an apparently
fulsome letter.
Mar. 1, 1921. 41
0.F.
1.11. and H.P.H. go to Wilson's house on inauguration day, but just
missed him.
lAar. 4, 1921. 47
feels Wi1ltaia was disloyal to Wilson in trying to induce
Houston to ask Attorney General for an opinion as to authority
of national banks to establish security companie..
Mar. 19, 1921. 59
Gen. Bliss tells Charles Warren that if 36.1four were to write a book
on the Peace Conference, a.: did Lansing, he so-31d have to
admit that Lloyi George had often treated him worse than Lansing
felt that Wilson had treated him. April 10, 1921. 79
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Federal Reserve Bank of St. Louis
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•
...
•
•
•
Wi2 on, Woodrow (Ccnt.
Sens Glass iiaid Wilson talked with ht.11 about the Central tank
plan of McAdoo, Willia-ra and Untermeyer and seemed quite
interested in it, quoting Reynolds as strongly ap-oroving it;
that he told Wilson cf Reynolds letter absolutely condemning
it and. this killed the whole matter.
larch 17, 1922. 133
Dr. Willis says dcAdoo ma; not disloyal to Wilson in advocating the
central bAnk plan, as the draft of the F.R. Act had not at
that time been finally e.tereed upcn.
.4ar. 20. 1922. 133
See - Cola:Lib/an Treaty
Wing, Daniel
Applies for permission for his bank to buy 15,000 shares in
Warburg's foreign ac.:eptance corporaion under Sec. 25,
P.R. Act.
All he sould lavrally buy v.e.s 10% of 33 millions (capital and
surplus), - 3.3 millions.
He had alrea.iy boug'nt 1 millicn stock In the First Nat ional
Corporation and $6251000 of the French kr,srican Corporation, .1
a total of $1.6251000, which, •deducted fro. 3.3 znillions,
left $1,675,00') as the Tliaxiarum he could buy.
p
The 15,000 shares of Warbu.rg's cor- oraticn would cost $1,500,000,
so that, prima facia, he could lawfully subscribe to it.
Although the par ,roas $100 each subscription to Warburg's corporation
was bound to buy, if and. when called, an extra $50 per share
to be carried as surplus.
The real subscritrOion to 15,009 shares, therefore, was 150 per
share, or $21250,000, which Na3 $5,750.000 ,nore than he could
legally pay.
Our counsel gave as his opinion that wirvestment" in Sec. 25 means
"subscription."
C.S.H. agreed with Logan, ani said it pas as if the stock had no
par value but had been sold at $150 per share, $100 down and.
balance if and Irian ,called for.
Gov. Harding said only $100 had to be paid now and that the
balance may never be called; that. if it as called the bank
,
.sculd have to sell some of the snares or add to its capital
or s. 2rplua, to keep within the limit; that the $50 liability
.
was contingent, like the 'cub/a liab ility of nati onal banks
or F.R. bank stockholders; or tht it was like a bank aiving
accep tances in excess of 10% against actually existing value,
and subsequently buying then, thus b C oiLing an excess loan.
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•
Wing, Daniel (Cont.)
C.S.H. alaLned the $50 liabiltty saa abso
lute and not
contingent the only c cntingency baIn
g the c.all for -payment
which Aas not a "contingency" within
the full 1113an tg of
the term.
The Board voted to grant the ,v,Dlica
tion,
cnly voting no.
Cri.ainger agreed mith
that the liability .vaa abaolute
to pa.)r $130 per share, yet he voted to appr
ove the curchase.
Mar. 26, 1921. 62, 63, 64
Sc, - Diaccunt rates. 75
Favcra liberalization of bankers 3C
ep t ince regulaticn..
Mar. 29, 1922. 135
9ee - Fedn'eal Truat
aa member of :.cm:Littee of 3 to go
.
to Bankof Tngland
conference.
lay 2, 192:2. 153
Adiiaon,Vica Presidmt, Shavnuut
Natl. Bark, B os ton.
159, 160, 167, 168
See - Calf pasture
Young, Dr. Hugh
Opt rati on on Jua tics Clarks.
July 19O.
*******41414141
18
.
2
1-t
GOA/ -* 't.
,,
/4_1
*rmwn anci agai_ in the L.te .iternoon.
DatAils
of t.I.S.A.sk QuiAlon. Ari1 17. 1920.
I could not pass any water
until 5 or 6 hours .,fter it was drawn off and then I would pass it almost
every 30 minutes or even oftener. Finally in the night I began to pass
Last September, 1919, conwalted Jr. 'Chute of Boston, who
it involuntarily wetting the bed.
examined me Ja said I had a distinct emlargenent of the Prostate
7,1and; he drew off 8 oz. of residual wIter.
I felt this could not continue md I 12140 :.IrrL.ncements to have
He said he would hardly
Bartle go to 3oston with me am Sunday, April 18, to u e Dr. abuts.
e
feel like saying that an onerttion was absolutel-i ncess-lry at this
stage, yet that if I wanted one he would not dissbade me. He told
me to =Me an again during the winter ind he -voul., examine me again.
We .lere so boxy in the Board that I could not m on to Boston.
For some time I could not see any special Ohange until About February,
1920, Whey I a.m.lt a slight cold which seemed to !iffect the gland, as
the desire to urinate Licame nre and more frequent.
hcw-ver, tLt
the fact Cha.a, I occsionally had sugar complicated wheiltter. I told
him I greatly preferred hying the operation in Washington and done by
him but he advised Lie strongly to have it done in Boston where I could
be under Dr. Joalies m..4re .9 to diet etc. which he considered vitally
iqPortant, as Dr. Joann knew ii aoout me.
I had no feeling,
er
her, was much resislual water In w bladder. Finally
I thought I would consult some surp;eon in Washington merely for the
sake of chedkinc the matter
Jr. Fowler said he believed my case was a simple one, but that
On April 17 we had a meeting of the Board all day and in
the P.U. I was ,erribly Astressed having to pass water about every 30
minutes.
I also Zeit worn out and really ill. Final -y I went home and
I consulted Dr. Rando4h who al_vised
told Bertie I could not wait until ealiNgrbmt must go tomorrow, Friday,
;o
,
to ! to Dr. H. A. Fowler, who was ane of President Wilson'n
by the dm train. I then telephoned Dr. Chute who s id he would see
llysicians. I made an appointment and on We'nwday, April 7, he drew
me
,)
off qv water and found 3 oz.
4e had a dinner Friday evening for the Belgian Amuassador
feeling tha t I was carrying any such amount.
_turning and later twice a day.
I then went to him every
said wssi.)1Y the residual water might .e reduced even as low as 6 oz.
which soald 2ost?one need of an imme6iate operatiin, but that if not
so reduced :In operation was inevitable.
I went on for 9 or 10 days, but the residual water remained v.:ry
Foie._ .lorning before th. Board meetinr I had. to have my water
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and I begged Bartle to stay over for it.
She also had to Llike
The water fell to 14 oz. the 2nd
ancl later varied from 14 to 24. The Doctor i-Ave rte urotropin and
high.
his office Friday evening.
.
This seemed stupendous as I ht- r1 no
arrangements for sending
he servants home, as we decided it would be
better to have the Uattapoisett iiouse reak4 for us .Jter qv °per ,tion.
She did not want to do this but I told her the operi.tion undoubted1z7
eoUld not be done for some days and she mould leave 3unJay or Lionday.
I promised her Umne woul.: be no operTition before she CAM,Qp unless it
were some prelLinary one which the Doctor might insist on at once.
Finally I force. 11.9r to consent
took the day train for
4
.
3•
Boston un Priday, April 16. The day
before I told Harding and Houston
-nd thqy were very kind an
srmiakthetic.
off %o he could get
bl:Ldder - the morning water had, not been drawn
spurting out but this did
t it more flasily. I also felt the urine
Sec. Houston told me in confidence
that he also feared he had
the same trouble anGi seaned much
17arried about it.
come from the stmainatioa of
not hurt auch of any. Probably the pain
condition.
the bladde* to find its internal
The placing of the tube
On the wy to Boston Ogy water was
drawn at 7 a.m. by Dr.
Amber)
I began to pass water about 1 p.m.
and it was continuous ,
Zmost every
30 minutes. The train stopped at
many stations and the W.C.'s were
locked and I suffered tortures.
Once,being sure that no one was about,
I
to urinate in the vestibule between
the cars.
out and c-xtremely painful. In
in thelaadder, however, was long drawn
assistant. This =at have
fact, my legs ba to be bold firmly by his
I finally rEte_ched Boston wh re
George met me and we went
to Dr. Chute. He drew off 14 ox. and
told me an operation as
absolutely
necessary. T told him to go ahead and he
telephoned the Corey Hill
Hospital and engaged: roam for the next
morally-. That, night I dlept
George's house.
after that, although the tube was
over. There was no pain whatever
badly frayed cotton umbrella.
very irritating - it felt like a cheap,
Saturday morning, April 17, I went to the
hospital, after
)r,
lakfast at George's, -..nd immediately
went to bed.
At about 10 a.m. Dr. abate
arrived
ANI
I at once went up to
he operating roam and stretched
out an the table. The Doctor then
7ore me an injection of Novocaine
which did not hurt at all. He
then
3erAn telling a very - to me uninteresting story to his Assistant.
I was on my back and could see
nothing. I was almost tempted to
tell
him to stop L.11.ing and get down to
business when he sudienly said "There that is done!" He had cut a
large hole just between qr Navel
and penis :ad I had been utterly
unconscious of it all - not a pain or
sensation! Then he said, I must now put a
tube into he bladder and
this may hurt you some. I should say
it did. I felt him pierce my
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Federal Reserve Bank of St. Louis
agony. Finally
taken 10 or 15 minutes and I was in
Jail inch tube
tub* which emptied into a
was inserted connected with a long rubber
bandaged up aad the operation was
large bottle an the whole wood was
there nearly 3 weeks I should
If I had rallised that this was to stay
s
grape fruit for lumb broth in
hlve been in despair. That day I had
milk far sun-Der. I felt perfectly
the afternoon Ind 1 egg, beatsa, and
the bladAer.
no
. pain - except same irritation in
comfortable
Novocaine - except that
I do not know Why this was domineer
ether in my case, although he
Dr. Jotlin said he did not approve of
war. I should think gar,, could
he said I was very nearly normal as to
pipe comfortably and se tied
hArebeen used. The next day I smoked my
lionLa.y.
down to business. Bertie came in on
for putting In the tube
Dr. Chute and Joilin said the reason
and emaciated for want of ester and
was that I was literally dried up
irritated mylcbtaws, -.41thouiga otherwise
'ood; t at the resiemal water had
that I needed - thorouilh washing out
they were in perfect conditlon, and
the final operlton. Tor 5 weeks
system and careful dieting before
emery hour'
,
I had to drink :1 ;lass of water
6
.
5.
Dr. Chute Tid the awl oper.tiork wauld t=lke place in lbomt
ten , Ays•
Finri. .y
tter about
weekn he said he was ready, .nd DT.
Joslin said I was in such sPlendid condition from the point of view
of diet that he had no fear of the rssult.
Dr. Joelt, however, had
-Id he preferred
to go to a convention at Atlantic City, is,: Dr. Chute s!
to
alt until his rAu.rn
:
th',t the delay -load be benef. _cial rinther
wonderful - kind and sonpathetic; the former, very able but not very
sympathetic.
When I entered the hospital my urine ha.. a faint trace
of sugar - so snail it coul.c hardly be vuantit%tively
flalyzed, and
trA!on. Dr. Joslin said he
this persiated 1r) to :he 2nd crp,
not
mind this as he t1ou4ht it caused by the irritability of my bladder
than o.lerwise, so it ',as postnaned for a week - much to Bertiees
cobbined with a slight tasperture. FinalLy, before the 2nd operation
disgust and so.:,ershet to mine.
I was able to walk about a rood deal and. had a splendid appetite.
About the 3rd lay after the first operatics I was able to sit
up in a chair nnd be Wheeled out on to the piazza.
Sittrtgull was very
uncomfortable as the tube was very irritatimg. Later I began to
walk - a
nall bottle being sewed in under my dressing gown.
I found
Bertie a_...ae out ...very morning and read to as continu.ous4 all day up to
6 p.m. or lter. She was
tower of strength to me.
The Anal op,
?r_tion took 71..ce on the mornim7 of May 6th.
I had no breakfast but
strong mime-
Uics Harnett gave me an
I could walk or lay in bed with little discomfort but sitting in a
injection in my arIrao. morphia or something of the
chkir was very unpleasant.
not feel ::,,f:ected
During _II this time sedatives - bromids -
IV'T9
7iven me in the
MA
in the slightest. I was dressed in a hospital
-.
jmket. Then Dr. Freeman Allen, the expert in anestheni: ailled and
I told him what he ail not know - that I was Bi
a to have
d:-i time, I argpose to allay the irritation of the tube, azd also
y
examined me.
at night. 2hey -made ma very lrowey in the day anA
e.her but spinal anesthenia.
id not operate
I was wheeled up to elevator and oper tine
roan and tolk my s.
-sat on operling table; than I sat up and Dr. Allen
.
very well at ;.1ght.
,
Finally at Lly reaaest they ami! ted these by
ay
mach ' my relief.
,c)
.
.
and ?very 2 hours I ki:J1 to be
.
Lfy nigh s were awful - terrible dreams
awakened to take my wrier. I a.readed nit and this lasted Tro to my
leaving the hospital. It was very difficult
tube Liade Lie lay in aidcward posit
JTS.
I W8A
sleep as the lone
bolsterailx1 with pillows
put a needlt.- into urd spine- this, howelvir, lid not hurt at all.
Dr. Allen said you will feel z, exs.:1 pres_ing down on the wound but
without pain. The pressing down was the hand of the surgeon pushin,7 down
into the wound end reachim- the prost te A.and breaking it off rith
It took 3 tiLles to do this.
his fingers.
night when my -oosit-on would h.ve to be dhrInged.
two nurses -
was treneldaus with considerable pain.
The latter was
of the gIL4nd the pain was intense.
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Federal Reserve Bank of St. Louis
liss Eartnett for the -
I then
laid down - av legs began to feel nuab but I was conscious of touch.
wIdeL w-re very comfortable at first but became almost torture in the
:Ass Case for the nielt an
which I could
bear this no longer.
The feeling of pressure
Ihen Dr. C. broke off a piece
I stool it twice and then said I can
Then Dr. Allen asked me to breathe in same gas
7.
which 'as
-
- no c.halc..ine; or .1,ythine., of that
sort. The
minute I baffAn to br, .the it or. '1. :Tat
-.3.in his h:nd for the 3rd
laot tine but --1.tho not unnscious I
felt no pain but had a
drerAy corifortnAe sensn.ti)n. '2hen Dr.
C.
icI - t is '.11 done and
very sivple c!:..P.e. Then the 1/4 inch
tube was reinoerted
cathetsr7-rat
f:_7tened in i-17 penis - ne;.ther of .-..hic..
I remenber,
the wound was baundup..ne. I was :_yut on
a litter and carried .own to
qj rOMI.
Iha
ot the 911/latest
ain nr•,-.t,s I ..ven very unoomfortn
ide.
re r.lned rrumb fr an hour or so but
ru, ing
the Doctors said it was practically solid and the c itheter was removed.
?or a day or two after that I had to urinate every hour day
and night.
Then I had to practice holding my urine for 2 or 3 hours.
linal4, about the last of May (Bsrtie wont to Washington May 26
after the removal of catheter) the Doctor Eiut in the catheter to see
how well my bladder was enotying.
He drew out 4 ounces.
tried again and 2 ounces was the result.
Men Dr. Mae went west and
nd Atte of
was unnecessary.
d.. bi
uit for
bree3Sast, 1 uneed-. bis !uit for lunch,
and r;rape Juice, white of err
nd uneedt, biscuit for .fternoon tea,
and chicken, unseat, biscuit and
.
broth for dinn,, .
r
the op. tion (titc,r 10, i
-r-
. 3n out on Sun Lxi,
nd found only 1/2 oz.
which he said was Perfect, and he did not put it in Ig%in, saying it
oranr,r-
.he next tlorning I had broth and
un
The me tube --.s
I was
greatly disturbed but he s-id it was '11 right. Two Jays later he
a few days later Dr. Smith /ut in the catheter
Theci r.ve me r,rane fruit for dinner
&fly: for qu :)er.
lbe leek, baw-ver, quickly healed up and on Wednesday, May 261
de tLi
disamenr.
At Dr. Joslinis request I took Liles Hartnett to Mattapoioett
for a week after I left the hospital - Am. 9,to look after my
diet and dress the wound nhich still had a w-.)eck which was unhealed.
.
Oa /ass 16 she said it was absolutely healed removed all ban :ages and
he fourth day fter
left that day.
) !-.rv- for r.bout a weal. I suffe
,
red rro.:t
in.-onvonience fr.') lez.kin• thrcr4ji the woune_
and I smelled like
a railroad urinal.. One Iv my bania
es had to be ch. -ed .en
-1.n,The leck closed An rapidly, :he only
ch=ick rs th..t one d
the
c-aseC. to ark and Cher, was a floc)
throurt the wound.
The crlthetar was taken out nd then
Put in aain. ?or the firc,t
.
it -rye mecre3.1 pain tbs I sn pose it
passed by the round c-nsecl by
the renovp.1 of the prost te. This
wa3 the 'nly time tlr.t .uttirr, in
catheter r; used the - lir;htest
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3
.
Left hospital June 9.
Dr. Chute sent me a bill oi $2500, but said if I thou"t it
too high not to hesitate to say so. Ts finally ammo& on $1500 which
I paid.
411111.01
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