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Collection Tide
THE PAPERS OF
CHARLES SUMNER H i, MLIN
DIARIES
Series and/or Container
‘
Shelf/Accession No.
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Federal Reserve Bank of St. Louis
06 v. la
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Federal Reserve Bank of St. Louis
`'Ccr6
/f1a/C,
3
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Federal Reserve Bank of St. Louis
IND7X-Dir.;11TT
DIARI7S
VOTTJ FS. 12
gLty 21 - )),)c1,1:ber Z1, 19_26.
Yate
AbnAals,
Seel -
10, 11
;len.
Plbar.y
Mrs. Wilsort
ir,ols
to, ss 0.;.sat cif Mrs. Rice to ttend Tilcon
D. 27, 1r:426. 17;) , 177
meeting.
klexonier, Nati onc..1 Btu* of Cc:xnerce, F. Y.
Sa.ls 4,11kt t as z. genar,t1 rule, b&nec. ±c1a r e1;.1 A 1;11 1 lcans and.
holdings of Govn.r.zierit 30,211riti93 efcr3 redisountinr •Nith
'oarilt't 'rvo to
"F3d1r1,1 he .1 Irv(' b ankb, but that vvhe,ge
anci 4.t neeo, monly on:ly for a few c.ve it
sue_ tenly
is
tter t 7..ed13ccunt thar, to disturb the mcney marizet by
calling loans, si.ich lcuns ,vonlcie have to be replaled by .other
H&c- 21, 1926. 4, 5
loans.
Banks shral.c1 keep their ,711nfis 1!;:)!ci. The 1,ho1e que3ticn is one
of banking judgment. if toly bank is using meney acgnirfd
tl_rogh r.3,11.n-int for irvlstraent tn e1llczns 8 word fro:a
R13er') bank lculcl
the
iy correzt this situatior.;
that such action, howivw, is not frequelt; that no 1,1-udent
banknr —cu.% kncur tctcbt •.,o the rideral Povierve bank pledging
eligi-ole.paiser in tz.,ter to loan or.
11.
.11^-:,....nder 5.1,1d it vs,a wunderf,.11 th:tt 70.0 rzi17ions cotild .51. taken
froti: 4%113 Call loan rr.:al..et v..1thoit
inZilry to
acriJu2ture Laid cou.iIrce.
Lii.ty 21, 1P26. 5, o.
Al -r:andir told 0.S.[. that thA Feri•i-E-1 Aavisory
1-.0t
lawn s en inflexible, r1 rule th.it the
int3nd to 1
ortler of 1-4*ezed.ince t;'•-iould be:
1.
3.
R&ce u11 1 oaria
R3.1.'J.138 investment:,
Re-ii:Iccuntb.
, 292o.
irc2;isest3 All:candor 4,1 Ja;:ls saccaL4cdr.
Dec. 3, 1926. 1bE:
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Federal Reserve Bank of St. Louis
2.
Alexanier (Contid.)
llor st.1C. Ale:tander refuaed te tele :Dt.e'..< Warburg as a J./rector of
his bunk, after io retirei from the Fedore:.1 Resferva Bourd., as
he cti not ,.vant .1ny Airector \rho had been actively connected
win:. et banl...ing houel such as Kuhn, Loeb & Co.
4, 1926. 160
Let:.
And ers or
Thee
32
Cubhn Ac;enoy
lp-pcinted fer 31'1 term on leedval Res.n.ve Board.
July 1, 1926. 74
Assistant FeLbral Reeerv. A.c,Pnt3
Bank of Atlanta .%t request
Board i‘.171-iolnts an, for Federal
of Foo.lral ItIt.er,ra AgInt Newtcr. .111 ovrr.or Wellborn.
Aug. 3, 1 926. 97, 99
Attorney aerrri.1 of 'LT.F.
rxati p.ti on of irector :IcCrta.ry
to cvntinue tL
7.ioard
icf the 1..ark. itself.
cf th Federl 'rleterve lank, Atlant,t,
July 2,1 926. 71
See u130 - Sargent
P.uchinclosc
or, the %.ievrfil
1th L
G3asc ab.ore Col. Nouse took,
Wt.&3 very
that
Wilson
Wtwhinztcn" isil.thout conFru1tin13 Vi....lson;
to
port
to
back
chi':
the
Call) rv.3ar ordering
an,.ry
162
1926.
7,
Dec.
discharce than.
Austin, F3d,ira.-.1 Reserves Agent
!.1111er objectu to reup.cintment of. Finf.t:ly elected, but on Jan. 1.5,
1927. Boari to consider notifying him it vrill not reappoint
him for 1928.
1I42.5. 154
-RBaker, Bryant
Dirs. Wilson said she :ma not satisfii.d ,rith the bust of :Ir. Wilson
. prisentei to L. of N. by Mr. Za1e11, And so
me..ie by, s.4.1-.4
told the repre3entatives of the Leacile in Cionvr.; that they
told hr no Irlet icald 't)e eccertei not satiff-.ctory to her:
1.. that he alight
:
,ree.
that Baker is to make another and .he w,
consult :ler frcxi. time to ti.r.A. Shl said. one lids in yrofle
it wadi poor. The good
vIte goat but that, aSS
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Federal Reserve Bank of St. Louis
Baker, Bryant (Cont'd.)
side is the one C. S.H. has cc
icle Mr. Tilsori raeced
hi 3 Ili Triatr..r1.
rov.
Stb.rr..a.rd
We dine. mith Mro. Bk.rister
17,
192f3. 157
:neet.
t t1,3 '.4tyf1ower
33
7,
1928.
J.:ne
Mr. Baker lunch33 with C.:).H. c Coos Club. He said he thought
Giusti, in the openir.6 chapters cf his book, had, tre2.ted
beonour and Col. Houae rather rhly cor.:1 that it r...;.ght
provnt hind frcri gettine fra.1 Col. House the VilScrA lettsrs.
C.S.H.
.4.1 not
c1
agree with him.
Oct.
233;k3r 3aiu.
2, 1c,26. 139
Wils= Lad told him 3h, ha: not read Glass°3 book.
he filt sh3 ha,Lt 'oet ter not.
Oct. 22, 1928. 139
B.Ak?r said :its. Wilson whnted. 1.- e to acme to -linr.er that niht. if
I .11:1 not qo to Muttapoli;ett.
Oct. 22, 1926. 139
.7anister,
"let, at e...trtner at WorAn's Der.ocratic Club Eiven by Mrs. Wilson.
ilay 26, 1 926. 14
We dine at Mayflower Hotel t.zitrivittior. o. Prezertt, - sen. Glass
aril Ray Starrard Ba:aer.
Mrs. wilscn WEIR to have come 'Jut r_r:a,,e oat at la:A allnut,3. The
New Yori- 717!.:ne8 r,aid Ire. Banister had given a dinner to
le nat.:13 of the other c--.et.
Mrs. Wilson wY
June 7, 1926. X'
'ire. B.Arrister lift the luncheon of the Wola-tn, a Demccroktic C1,..11)
',locals, of a zemark b:- F.I.dney E'rivater, H.P.H.'s guelt,
about 'dr. Wilson.
- 1928. 65
Banister 13 on Ccrulitte3 of 'romans Democratic Club to
the chronological table of
Dec. - 1926. 172
over
Mrs. Wilson sends mes Ago to Committal through Mrs. Banibter
that sill •:crald not LInrove the chrcnclokical table unless
r...ert;Ain too fnlame partu of the irtrod-tction ,vere elininatst.
Dec. 17, 2926. 173
1
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Federal Reserve Bank of St. Louis
4.
Bank of Englund
believes one 77ma6on for Cro”. Strong' advocacy of hikher
disco:a-it rates is that the Banl.. of Enc;lanct wants to increase,
which would. -le eater if Fe13ra1 Reserve Tank of N'TV York
inereased.
11, 192o. 107
Bark of Belgium
Board meeting.
All members, including Sen. Me2lon, present.
Harrison came before Boarc1 aAing its tApprov;).1 for the 23dera1 Rese've
Barks of Ne,.7 vork to join with Bank of England and other central
ba,nku of 4.1urcioe to join in an nereerent eo give credite to
Benk of Belgium for one year, the Federal Reseev Bank of New York
to ocr3s to buy prime bills indorsed by Bank of Belgium, up to a
certain li.Utoa vnount, the Bari: of Belgium to agree to ship gold,
if necessary, in payment and th3 Belgian Governr.lent to agree to
permit the gold to be ehiprei.
This agreement "tae conditional on Belgium obteintna a private bs,nkere
crertit of 75 millions to the Belgian GovernTent which it ‘von.ld piy
to Bank cf"Belgium in :eduction of its liability.
A cord...ission of 1/2 of 1% was to he paid by Belgium for the credit
arid the rate chari7ed for r urc.frlasing the bills 1.7,13 to be 1% over
the x•-:.te of the Federal Reierw Bank, Ne'V York, but with a
minimum of V.
A cable from Jay wb.s read giving the full teras of the proposed.
agree:Tint.
C.:).11. r.:oveci approval.
:liner and Jau.es said the motion murit ahoy exactly what the Board
Vik.3 to approve, and C.S.H. then referred spectfically to Jay's
cLi`ole in h+ a moV_ ,-.n.
Miller ci Gov. Criqsinger objected to ;Any c =mission being charged.
than erlied a paragraph to hic. motion to the eff?ct
that t.
,he Board, •eithout 1osing it a a ccndition of its
appro.-4:a,
preseed the hope that the Federal Re3er-T(3 13K.;- ,
Ntirv York, wcreld not charre i
omriesicn.
Llill3r moved to 3ubstitute a direct dise.pproval of z•ny
Lost:
Tie -rote
Aye - Gov. C., L1:1 r, J er.es, Cunntnghem
Sec. Mlon, C.7.H., Platt, Comptroller ot'
No:
Currency
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Federal Reserve Bank of St. Louis
5.
•
Bank of Belgium (Ccnt'd..)
ruoticn was then put.
Lout.
Tie vote.
Aye: Sac. Mellon, 0.S.H., Platt, Comptroller of Currency
No: Gov. C., Miller, Jarjes, Clinningham.
the
Platt presented a motion ve27 much like C.S.H. is, but adding at
end that Board ctesires to have the Faders.' Reserve Bank
enielvor to revise the acreement as to the occi::.iss! on as
the Board. ciici not consider a commission charge on the purchase
of a bill indorsed by a central bank as consistent vr1 th the
Fecteral Reserve Act or its principle::. This, howower, was not
pnt 9.'3 a condition of approval, nor was it so mt.end e-1.
Finally ti-, mrt,ion was put and the approval of the Board riven as
above, and meeting adjourned.
that he haft cabled
Harrison, later in the afternoon, told C.
Jay that the Board's expression as to the commission waa not
u condition nf approval.
This ,..fts clsarly correct.
Miller and James seem determined never to grant er y request msde by
Federal Re3ervl Bank of New Yorlc.
Fec. Mellon afterwards told C.S.H. he was ver:r reuch disturbed at
Miller and James' lank of confidence in the directors cf the
Fed.eral Re:.;ervl Bank of New York.
Oct. 5, 1926. 125, 126, 127
M3etinr of Board
3e,1. Mellon prealdad.
Harrison ewe before Board and said that there was a misunderstanding as to the agreement, that t .8 minlanum rate was
,1 and not 5%, and that the directors asked for the
61:
Board' e approval of 6% as a minimum.
Harrison also reported. that the Dir tors had triect to have the
ccremission witted but had not succeeded, but that they
wou.ld collect the commission in the first ix E tame but
to the tine of the expiration of the
-vould rebate it
British credit, on which no commission had been charged.
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Federal Reserve Bank of St. Louis
6
.
Bank of Beld.um (Cont'd.)
Platt moved to aprreve the 6% miniinum rate.
Long debate.
Miller se.ici he •,-,ould e dirposed to agr,,., had the N. T. dirw tors
ihied -proper re,3pect for the
cd'a uge.lction as to riving:
up the cop1a si en.
Harrieon replied that the director::. had shown all resper:t for the
Board's
- :Lich .vas :aerely t suggesticn and. not a
condition; that the Directors in good faith had e,
- ried to carry
it out and this war; found to be the only way in ?hich they could
ao it.
Miller czn:i. Jaz:.as oppoeed the 6% minimum rate.
Mellon said h3 kn,ekv all the circumstances lea.t.ing up to this
ar_rrie:atent, that the central banks hazt reached. ,.;:r aclord with the
Bank of Belgium Licbt satisfactory to it; that r.either the I,e1
rc_to nor .he cornrissicn
unzeascnable; that they -vire helpful
to Beli,ium for Belgium vArculd have to increase rates
home
(no.v nezninally '7% but really about 6%) to p.event trirrIlation
:after the return of Belgian capit:-.1
stabilization
bring about.
C.F.H. G aid the tram:action -.us a Belgian transaoticn, the terr.li
satisfactory to Belzium, the agreement both as to rateb cand
cor.t..-Assicnc las a reauonallle one in connecticn with such an
important transaction as stabilizin:-, the mrrency; that the mere
tha ~, the Federal RiSIrVe :3:rstlra ,i'as b0 prosperoni ,las no
reason for giving
lower rate than the other cer.trt..3 bunks were
to reclive; that /riving a lover rate
be "coked on as a
feeling that te nentral banks did. not know how such agresr..enta
should be made, and might be rerented by them; that fixing a
lower rte than that rhtc h Belgium las glad to pay 7.fou1d in
efflot be 3 rift to the private otockholeters of the Bank of
Belgium, - 1% on 10 minium of dorare.
Platt's motion *Ls lost by tie vote.
Aye: Sec.
Platt
No: 'ov. C., \tiller, CunninzhaJ., end. James
Cc:;,- )troller of Currency absent.
The m
lltinp:
then aAjourned.
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Federal Reserve Bank of St. Louis
7.
B.i.nk of Belaur.: (Cont t.)
Secret-ry Me21 or. (Cot
%nether
ficture of our 'c,f...rd In
P.0 t
Cr..
In this case the four refused. to lo(k. cr. the tre.n&z.v.-ticn as a
ban1C,ng ore, but rather as r. charitable gift.
Oct. 19, 1!'6. 132, l3, 134.
Minutes road of Board action an to 3ank of Belgium loan.
Miller tried to hav3 ricords as read modified so that it would. appear
that the 3ourd had merely ccnoidered the giving of authority
to the Fod3ral R3S3rV5 Bank of New York to buy Belgian
sai d. he never would. agree to a Yederal Recer,
.re Bank j‘tning
a con9ortilr. of European central banks, in a stabilization
itgreerdent, but C.S.H. pointed of9t that we had in fact done
Just thi a, as Wits k.own by the ref erence In our r Ic-;ord.3 t c Jay's
C:4.1)11 to the Ved.eral Iteserve Bank of New York.
Oct. 20, 1926. 137
sec. r".ellcn spoko to C.B.H. e:hout Miller's statement at the
Board mloting that he wculq twirl ”oted for the 6% minimum re,
hart the Fecteral Re3erve BAnk of lin,
: York treated with respect
our suggi3tien 33 to ;Icing
th the
Olt. 22, 1926. 13P, 139
Ba.-.17.ers appeE.1 for locer Furopear. duties.
Winston tells
he is prepttrirg a reply.
Oat. 22, 1926. 137
C.S.H. tells Mar on tiat this c.ppeal had no reference to the U. .
protlf!tivl tariff; that "Turope would aair. inmensaly by
extending the area of free trade, just as did the it.E• in
eitablishi% the cvn.3tItulon, thhit uroe cculd then decide
what d'atins to levy
nt t
rest of the world jurt as did
the U.S.
Oct. 22, 1926. 137, 138
Vol - Mellen
Bankinc an Currency Committee, Sent.te
alL9F tells
he hat; polled the, end r.11 agreed that he
move tomyrroa for unaniiaious compent to live O.(2. TT. ccinfirme.i.
without refur3nce to tr.e committee.
July 2, 126. 69
Baruch, B. N.
Jrz.-.es V.:Aid. that w}:en 1e firet cax:.e tc thn Fete.ral Reserve Tcard,
3.n.ruch warned him nct to be v.criinf.ted by Gov. Stronz.
May 22, 1V20. 8
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Federal Reserve Bank of St. Louis
8.
Baruch, B. N. (Canted.)
Mrs. Wilson uuys She plAnb tc v.:tit the Baruch's in Scotland
June 24, 1926. 3:1
this yammer.
Bussel, Miss
Calls an us rith Ars. John W. Pavia.
Tells us about Tracy Browsterec ieath.
June
26,
1925. 62
313 - Brewster
Belgium
See - Bank of Belgium
Bell, Charles J.
C.2.H. asks, to l'te a pall bearer at funeral of Walden Nyer but
Aug. 12, 1926. 108, 109
he is out of town.
Bethlehemm Chapel
Puner:41 of Canon Walden Myer at.
Aug. 14, 1926.
109
22, 40,41
Black, Judge
See - Campbell
Blake, Mrs. Arthur
We lunch and dine with, Lt dattapoisett.
July 1C, 1926. 81
Bloc
Sole desire at Miller, Jamas and Cunningham it to act as a, in
defeating wirhes of Fedlral Reuerve 3bnk, Ne York.
Dec. 22, 1926. 180, 182
Bolling, John Randolph
Wanted to gp with Mrs. Wilson to Japan but ut last moment gave it
up on advice of Dr. Ruffin.
June 24, 1926.b9
C.s.H. spends evening with.
GO179
Vol. 17 of letters and addrel.Jas of Wilron which
Mrs. Penlington lobned
him
Said he would at once go over chronological table of ,vhich he had
four drafts, in wht:h were notes male by Mrs. Wt13cn,
Mrs. Penrington, C.S.H. and. himfelf.
Aug. 3, 1926. 97
9.
Bolling, John Randolph (Conted.)
Mrs. Wilson r.cid. Mr. Bolling had ccc.pleted his work on tie
chronologic 31 table and. that Mrs. Pfeinington had sub stantilly
accelpted hie ad.ditions.
Nov. 6, 1926. 144
C..H. arri :•ir. Bolling went over Mrs. Pf.tnninr;t cr s additi cnE t o the
chronological table, z,nd both felt it would injure rather
than help it; that it las filled with extremely pArtisan
stat.emsnts cut of k:.epinr, v th the high plsine of the book;
-}-at it i'as ro fillnd. with so much extremely '),lsorne euloc
and poorly Aritten eulogy that it spoilei ttA, purpose of the
book.
:Ir. Bolling suggested rmtting into the chronological table
more
excerpts fran speeches, 'etc. of Wi..1 son, and it was agreed
. that
he should,
vork on this durinE the FS ur,Totr.
--- 1926. 169
C.S.R. and Vr. Bol1in •Ig'ead that the additions ct
Mrs. Pennington
injurld thi book, it C.S.H. ilo_ggested that it
uu11 be better
not to LIttr anothing to tor - except as to the pertit
an matter feeling Jure that the publiahors would insist
on this beIng
cut out or raltualy abrid.ged.
Mr. 3ol1in; finally sent his ivork to Mrs. Pennin
gton with f”.11
authority to strike out Flnything she wiihai.
----- 1926. 171
See - Chronological table
PennInrton, Mrs.
Bolling, Wilmer
meets, at dinner with Mrs. Wil.cn.
Jul" 22, 1926. 90
Tionsall, Mrs.
On nexamittee to exne %he chronological table.
Dec. 6, 1926. 172
Bowman
Curtiss says Bovuntim has sent a letter to
Attorney General Sargent
about C.S.H. s reappointment. June 1, 1926.
21
Telia C..H. in Boston that Attorney
General Sargent told him that
he was glai
vtar reappointed but that he, C.S.H.,
never itnav how near he came to losing it.
July 14, 1926. 82
441,
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
10.
Boman (Con t'd.)
Tent, C.q.H. that a weeting of the proprietors of his cavincs
bank would have to be called to accept his resignation, s,s
required by the cpinlon of the Attorney Gen.-ral, as a
conctit icn of retain tug his Class B Directorship in the
Fei-Leral Reservr3 Bank of Poston; that these meetings P.re
regularly callect only -A the beginning of the year; that to
call one now waild CZ11.1. 30 =loch surprise in the little town
and, Curtiss added, r.ight ev.m cause a run on the bank.
J•aly
1Q23. 83, 94
adviaed Amnon to 3ervt in his resignat ton at once end
to cease to act as an officer; that this wots..11,1 cornrly ruth
the law even though the bank did not foraally acr:ept the
reJl. CY,nobticn until lItter.
•
icwrian sad hl hat already done this orally and. would confi
rm it
in wrtting, and would .3o advise the Irederal Rellrve 23oard.
July 14, 1926. 84
Brandei r, Judge
We dine with Justice and Mrs. Brandeis.
Pre";en t Sen. Walsh (Montana) and. Mr. and
Ws. Mart Sullivan
CoS.H. spoke to Judge Brandeis praising his .dissenting
opinion on rigbt of President to recove executive
officers without the cc:client of the Senate.
C.S.H. saf.d he ocu.1:1 not answer it.
The Judge seemed greatly moved over the decision
and said
it would lead to the ultimate widening of the
scope
of the livil service and to legialation trying
to
cut down the scope of ths executive 1:over
.
Dec. 9, 1926. 16Z
Judge Brandeis eekid souething
led 0.3.7.. to believe that
Le was inclined to favor the U.S.
reservation that no
advieory opinion should be Eteked of the
Worli Court, if
the U.S. ;O.airuct to have ari interest
thereir., without
its consent.
lia aaid that an advisory opinion
called for by a majority vote
might psichologictaly have an injur
ious eft on the U.S.
He agreed with C.S.H., hoc.-3ver, that
the same result right
follow if the U.S. 1..ers 4.4 full member of
the L. of N.
Dec. 9, 1926. 163
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Federal Reserve Bank of St. Louis
11.
Bratenahl, Dean
Conducts services at funeral of Canon Walden Myer
Aug. 14, 1926. 109
Brewer
Sec. Mellon was bitter towards McFadden for employing, after his
attack on Mallon for alleged bond duplications.
June 2, 1926. 24
Brewster, Mr. and Mrs. Sidney (Tracy Lyon)
Papers announce that Sidney Brewster shot his wife and himself.
H.P.H. had an affactionate letter from her may a few days ago.
June 23, 1926. 56
Miss Hassel and Ws. Join W. Davis call on us at Lee
H011110.
Mr*. Davis said she knew Tracylsmother and had played bridge
with her, but she did not know Sidney or Tracy. She said
that Mrs. Dean, an intimate friend of Sidney and Tracy and
a neighbor, told her that Tracy had called her up an the
morning af the tragedy and asked her to cane over that
afternoon to see her garden and have tea with her and with
her guest; that she went over very early and carried with
her a rose plant from her garden; that Tracy's garden
was in
beautiful condition and Tracy was most interested in it;
that Tracy showed her some stepping stones which H.P.H.
said
she had copied from Mrs. Wilson's 'radon, with her
consent,
When we all took tea with her recently when Tracy and
Sidney
motored to Washingtoh; that While they were at tea,
Sidney
came home from New York and greeted Tracy affectionate
ly,
putting his arm around her shoulder and kissing her;
that
she remained after the others had gone, leaving at
about
5:50 p.m.; that Sidney and Tracy stood an the piassa
laughing
and talking as she walked away; that they were due
to dine
at the Brewsters at 7 p.m. and that the tragedy occurred
during that 1 hour lad ten minutes between her leavin
g and
7 p.m.; that at 9 p.m. Warren Brewster, Sidney's
brother, called
her up and asked her to come right over, which she
did.
Mts. Davis said the pistol was given to Tracy by Warren
Brewster
some time before, as he told her she should have
something
with which to defend herself when alone with Wu,
their Chinese
servant. Mrs. Davis said they were both shot an the
left side,
and that some one told her Sidney was left handed, making
it
very unlikely that he had shot himself.
C.S.H. felt at first this showed that Tracy fired the first
shot
but later realised that a shot on the right side might
only
pierce the lunge and that a left-handed man could easily
have
fired through the left side.
C.S.H. realises, however, that Tracy might have fired first
in order
to defend herself against some attack from Sidney.
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Federal Reserve Bank of St. Louis
12.
Brewster, Hr. and. ivirs. Sidney (Ccnt Id.)
Mrs. Davie said. Sidney frail bchocd. had been subject to violent
attacks of tenper.
Mrs. Jerome, Tracy's aunt, wrote H.P.H. that Tracy had telephoned
her mother that Sidney had knocked her down and beaten
her and. that she was ccming hone to her mother on that
very evening; that Mr. and Mrs. Lyon said they would ccme
out and get Tracy, but she said she was going to take
the
next train; when Was telephoned Mrs. Jerome was dining
with Mr. and Mrs. Lyon; that she (Mrs. Jerome) telephoned
Tracy's house to see if she had started and was told
by
Dr. Bell that both were dead.
Mrs. Jerome wrote H.P.H. that Sidney must have had one
of his
brain storms and that he shot Tracy and then himse
lf.
When Sidney and Tracy came to Washington, from May
12th to 16th,
C.S.H. saw, as he believed, signs at degenerati
on in
Sidney, as did also Mrs. Wilson.
H.P.H. took them to lunch at the Woman's Democ
ratic Club and
Miss Bassel sat with them, Mrs. Banister sitting
at an
adjoining table. Sidney told H.P.H. in a loud voice
,
that a friend of his in Princeton told him he had
forbidden Mr. Wilson entering his house, his chara
cter
was so bad. Mrs. Banister, hearing this, at
once left
the roan.
Sec. Mellon asks C.S.H. to Five him the newspaper
clippings about
Tracy to send to his daughter Miss.
July 1, 1926. 68
See - Houston
Bristol, Admiral
Convinces Mrs. Wilson that Lausanne treaty should
be ratified.
Nov. 18, 1926. 155
Bruce, Sen.
Glass writes, asking him to urge prcmpt actio
n upon Coolidge with
regard to C.S.H. • reappointment.
May 26, 1926. 14
Burgess
Miller tells C.S.H. the New York directors want
Burgess to succeed
Ay as. Chairman and Federal Reserve Agent, Feder
al Reserve
Bank of New York.
Dec. 4, 1926. 158
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Federal Reserve Bank of St. Louis
13.
Burgess (Cont Id.)
Miller said Burgess was a good. men for rederal Reser
ve Agent but
as Chairman would be domina4-.ed by Strong.
Dec. 4, 1926. 159
C.S.H. said to Miller that Burgess would make a
cool Chairman and
would cooperate with, but not be dominated by Stron
g.
Dec. 4, 1926. 159, 160
C.S.H. had an interview with Sec. Mellon Idio stron
gly favored
Burgess. He -said. he would tell Gov. Cri a singer
he wished
to be present when the matter vas taken up by the
Board.
Dec. di 1926. 160
Gov. Crissinger told Board that of course it could
appoint Burgess
if it was ',Ailing to be dominated. by the Federal
Reserve
Bank of Nsw York.
Dec. 6, 1926. 161
Board. refuses request of directors to increase
Burgess' salary
from $10,000 to $1b,000.
and James violently opposed any increase.
C.S.H. moved approval of increase.
Lost by tie vote.
Aye: Gov. Cri ssinger, Platt, C. S.H
No: Miller, Jones, Cunningham
Then followed a long debate ani finally Miller
said he would agree
to a $3000 increase which was voted, I think
unanimously.
The sole desire of the "Bloc" apparently was
to show their
authority over the Federal Reserve Bank.
C.S.H. believes the New York directors
will look on this as a
direct blow at them as they unanimously were
in favor of
Burgess for Chairman in place of Jay.
Dec. 22, 1926. 180
C.S.H. tells sec. Mellon of the action of
the Boned. lie was
greatly disturbed.
C.S.H. said there was no chance of appoi
nting Burgess. Sec. Mellon
said frienas of his in Pittsburg would be
glad to employ
Burges3 and cculd give him as much or more
than the Federal
Reserve Bank of New York would give. The
Secretary said he
was satisfied the Bloc wished to hit the
Federal Reserve bank;
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Federal Reserve Bank of St. Louis
14.
Burgess (Ccnt id.)
that be was going spay for Christmas but would ask
Governor Crissinger to Arrange so he could
be present
*ten the matter next came up.
C.S.H. told Sec. Mellon that he could go in
now and break
the tie as to Burgess salary but he said he hard
ly felt
it wise to do this, but it might be arranged
later.
Dec. 22, 1926. 181, 182
Boari meets to ccnsider filling Jay's vacancy.
C.S.H. presented
name of Burgess giving a sketch cif his life
.
Sec. !tenon praised Burgess highly and favo
red his appcintment.
The meeting adjourned without action.
Dec. 31, 1926. 185
Butler, Sen.
C.S.H. tells Cunningham that if not reappoin
ted it is possible
that he may be drafted to run for Governor
to bring the
whole party into harmony against Butl
er.
May 29, 1926. 18
Curningham said he believed that Butler was
guided purely by
selfish interest, but he conld not see
how it could be
other than selfish interert to favor C.S.
H. reqppointment.
May 29, 1926. 18
C.S.H.. is inclined to believe that Wing
and Butler may have
appealed to Gov. Morss's vanity, throwing
out the ialt of
the Govsrnerehip of the Federal Reie
rve Board.
May 29, 1926. 18
Comptroller McIntosh told C.S.H. that
Butler had asked Sec. Mellon
to have C.S.H. reappointed.
June 2, 1926. 24
Tyler tells C.S.H. that some Rerublic
ans in Mass. feel that
C.S.H.'s reappointment would injure Butl
er in his campaign.
He said Butler was in a desperate
predicament and that the danger
was that he might demand the appo
intment of a Republican.
June 7, 1926. 29, 30.
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Federal Reserve Bank of St. Louis
15.
Butler, Sen. (Cont Id.)
Tyler said. Stocktce Ii.ented to know if therl would. be any harm
in his wiring Coolidge ani Butler &Eking for reappointment
of C.S.H.
June?, 1926. 30
Tyler said there was some loubt where Wing stood and that Wing
was very -close to Butler.June 7, 1926. 30
C.S.H. told Tylar he had heard on gout authority (Comptroller of
Currency) that Butler had indcesed C.S.H.
June 7, 1926. 30
Curtiss tells C.S.H.the only danger is that Butler may denand the
appointment of a Republican.
June 8, 1926. 33
C.S.H. believes Butler would be glad to have Gov. Charming Cox
appointed, if he lionld take it.
June 20, 1926. 47
Tyler asks C.S.H. if Robert Winsor is a friend, of his, - that
Winsor was very close with Butler.
June 22, 1926. 52, 53
Gov. Harding writes C.S.H. that Wing toldhim that Butler would
be interested only in case some outstanding Republican in
Mass. shouli be presented..
June 23, 1926. 57
C.5.H. votes for Walsh against Butler, as did. also H.P.H.
;
Ned, George, Miarj, Harriet and Jane all voted for Butler
out of gratitude to Coolidge.
Nov. 2, 1926. 143
Mrs. Wilson told C.S.H. he had acted wisely in voting
for
Walsh and against Butler.
N ov. 6, 1926. 144
Mrs. Charles Warran told Bertis that Mrs.. Senator Gillette
was
very angry lith Mrs. Butler for sending out invitations
far a lunch for the day after election at the Woma.s
Republica“ Club; that Mrs. Butler never appeared and the
guests ali had lunch together alma; that she received,
no
notice of the giving up az the lunchtsan until the follcw
ing
day.
Dec. 25, 1926. 182, 183
Byrnes, Cong.
Calis an u.S.E6 with reference to the claim of Caliwoll, of
thl Fourth-First National Bank of Tenn., vs. Federal
Reserve Bank of Atlanta.
July?, 1926. 78
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Federal Reserve Bank of St. Louis
16.
-C-
Caldwell
Cong. Hull, Byrnes and Early, a Tenn. lobbyist
called on
C.S.H. to discuss the claim of Caldwell, Pres
ident of
the Fourth-First National Bank against the Federal
Reserve Bank of Atlanta. C.S.H. said. it was a matt
er
wholly in the hands of the Fed..ral Re311"75 Bank.
July 7, 1926. 78
See - Early
Caldwell. 157
See - Baker, Bryant
Calkins, Gov. Fedral Recerve Bea*, San FranciEc
o
Canes to Jay dinner all the way from San Francisc
o, returning
the next day.
Dec. 20, 1926. 179
Call loans as secondary reserves. 4
See - Alexander
Miller
Federal Advisory Council
Call money market
See - Federal Advisory Council
Campbell
C.S.H. feels indignant over the vote of the
Federal Reserve
Board that, should be eliminated from the
Federal Reserve
System before giving him an opportunity to
be heard in his
oval defense.
The only eviderce in James report on whic
h the above vote was
taken was the admission of Magruder of the
Atlanta bank
that both he and Campbell to
a drink on board the Cuban
gunboat anl the testimony of Rich, of the Bost
on Bank and
of Rich's friend Anderson, both of whoa may
have been
prejudiced against Atlanta.
C.S.H. admits that a prima facie case of into
xication has been
presented ethioh might have warranted the Board
issuing an
order to show ;mug', but no such vote was
waranted without
a hearing. C.S.H. hopes the Atlanta bank
will be given
the opportunity of conducting a couplets
hearing, having
all of the witnesses before it.
May 22, 1926. 7, 8.
James read the Board's resolution to
Federal Reserve Agent Newton
in Atlanta and went over the Campbell and
Wellborn natter
with Newton and Ottley. They both
said. they would see to
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Federal Reserve Bank of St. Louis
17.
Campbell (Cont'd.)
it that Campbell and Gov. Wellborn should resign. Campbell
las than away looking after a sick bank in Florida; Kettig
also as away but James made an appointment for him at
May 25, 1926. 13, 14
Washington.
James reported that he saw Newton and Ottlay in Atlanta last
Saturday; that they sent for Gov. Wellborn, McCrary and
Campbell, and later, Captain Black; that he told than of the
Board's resolution; that he told them that 3 members of the
Board had said they would not vote to ctntinue the Cuban
Agency with the Atlanta bank unlessWellborn, McCrary and
Campbell resigned.
June 2, 1926. 22
James sail the Federal Reserve Bank of Atlanta on May last,
at a special meeting, passed a resolution censuring the
Federal Reserve Board for not having asked Atlanta to make
the investigation of the Campbell charges; that they would ask
for a list of witnesses for their Investigation.
James said he would oppose giving them the last as it was confidential.
C.S.H. said they were clearly entitled to this list.
James said our Atlanta Committee should prepare an order to show
cause and draft formal charges.
C.S.H. did not object to this, but we should not use it until we
heard frcca the Atlanta bank.
James said he did not give Newton the Board's resolution calling
for an immediate investigation by the Atlanta bank. C.S.H.
said James should have delivered it and that it should be sent
now.
James soli he had syupathy for Campbell; that it was Wellborn's
influence that affected him and that he did not regard the
intoxication charge of great importance, but that Campbell was
clearly inefficient.
James is evidently going to stir up trouble but C.S.H. will insist
on giving Atlanta all the testimony.
June 2, 1926. 22, 23
C.S.H. talks over Campbell matter with Gov. Harding.
C.S.H. believes^ severe censure will be sufficient for the
intoxication charge, but the charge of inefficiency is another
matter.
June 3, 1926. 26
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Federal Reserve Bank of St. Louis
18.
Campb ell (Conti d.)
Eddy says that he prepared a letter which Gov. Crissinger signed
for James to take to Atlanta and. James now acinits that he
read the letter, - calling for an investigation of Campbell
by the Atlanta Bank, -to Newton.
June 5, 1926. 27
Eddy and Wyatt brtng C.S.H. an order to Campbell to shoo class,
charging intoxication ard inefficiency in that Campbell did
not know within a million dollars the amount cf Federal Reserve
notes he had in his charge; that it was not properly checked
and. counted; that a bill for $800 dollars was paid by Atlanta
for bringing back frcm Cuba the party of 19; that once while
in the New Orleans branch he went off one day and forgot to
close the vaults, etc. etc.
Eddy said the Atlanta bank had written for the names of all
witnesses; that James did not want to comply with this as he
did not want Gov. Harding's name dragged into the matter;
that the Atlanta bank had sent a letter which we would receive
tomorrow.
C.S.H. said order to show cause was in satisfactory shape provided
the Board voted to send; that he could not decide whether he
should vote for it until he had read. the report from the
Atlanta bank.
Wyatt suggestel that in reply to the request of the Atlanta bank
it might be well to send a copy of the record which gave a
resume of all the evidence, but which did not mention Gov.
Harding.
C.S.H. said at first blush he saw no objection to this but reserved
final determination until he had read the Atlanta report, and
c qve him tanerrow.
James' final report when Eddy said he would r
C.S.R. said ultimately the name of every witness must be given.
The order to show cause stated that Campbell amid appear with
Counsel if he desired.
June 8, 1926. 30, 31, 32
Board voted to issue order to show cause to Campbell.
C.S.H. moved that the Atlanta counittee be invited to attend the
hearing on the cyder to show cause, Ahich was fixed. for
June 16.
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Federal Reserve Bank of St. Louis
Campbell (Cont'd.)
Prior to this,the resolution of the Atlanta bank asking for
the names of all witnesses was read.
on
C.S.H. moved to send the comra.ttee the findings and evidence
.
his
report
based
which James
James objected
ll
Miller said we should give it no evidence except what Campbe
testified to at the hearing.
C.S.H. said the first step at the hearing would probably be a
request of Campbell to be informed of the charges, and
for the privilege of confronting the witnesses, and
that he should vote in favor of this if the request be
made.
Wyatt said the Board was not legally bound to do this.
C.S.H. said he would so vote, whether bound or not.
June 9, l926. 35, 36
Leslie Hopkins, a director of the At,anta Banc, called on C.S.H.
son
C.S.H. said he had pity for Campbell; that if he was his own
the
he would advise him not to insist on being told what
testimony was against him as it would injure him no matter
how many witnesses he Light produce to testify he wa.:, not
intoxicated; that he would have to admit that he brought
two bottles of whiskey Onto the gunboat and got more on
board, - as he already had admitted in the testimony
already taken.
C.S.H. said if he were his son he would advise him to throw
ce of
himself on the mercy of the Board and save the disgra
having the testimony presented.
trial
C.S.H. said he would decide the case on the merits if a
were insisted upon.
Board
C.S.H. said, in confidence, that he had voted against the
evidence,
the
all
hAar
to
first
wished
resolution because he
ance
accord
in
ly
strict
at
should
he
trial,
but that, in the
with the evidence.
g on
C.S.H. said the question of intoxication had a direct bearin
be
the general question of efficiency and competency to
would
a Deputy Governor and that a finding of intoxication
frank
be evidence of general incompetency, - Thile a
admission of error would be some evidence as to competency.
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Federal Reserve Bank of St. Louis
20.
Campbell (Cont'd.)
Hopkins agreed with C.S.H. unqualifiedly and would so advise
Cauvbell and the directors.
June 10, 1926. 37, 38.
Hopkins said a more serious matter to the directors was James,
statement as to Wellborn, Camibell and McCrary; that the
directors felt this was a direct blow at themselves and
that they would be forced to assert themselves.
C.S.H. Lid James had no authority to make such a statement and
Hopkins said James made ttpersonally on his own responsibility.
Hopkins inttaated that if given time the directors could work out the
matter but not under duress.
June 10, 1926. 38, 39
The Atlanta Commi.ttee came before the Board. :Ir. Black, Chairman,
praised Campbell highly and said his Committee was appointed
before the Peieral Reserve Bank knew of the Board's resolution
directing it to investigate Campbell.
He asked for the names of all witnesses who had made charges.
James said he made the charges after taking evidence.
Black then as.ced for all the evidence.
C.S.H. said the Board had invited the Committee to sit with it,
but that the hearing had been postponed until next week
at Campbell's request and that it would be better to
have the evidence put in at that hearing.
The Committee agreed to this.
The Committee said Campbell was in Washington and as'.ced that he be
sent for.
The Board said it would Ile ready to have him come if he r -s ready
to proceed, but the Committee said he was not real.
Black spoke of James statement as to Wellborn,
cCrary and Campbell.
C.S.H. replied that, up to the present time, the Board had raised
no issue except as to Campbell.
Black then asked for all the evidence against Campbell so that the
Committee could read it and report before the hearing next
week.
S
C.S.H. said that as the CoriAittee was to sit with the Board, it
would be better to wait until the hearing next week.
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Federal Reserve Bank of St. Louis
21.
Campbell (Cont s d.)
Black asked if the Board, after the hearing, would await their
report before giving a final decision.
C.S.H. :mid, personally, he wouli vote that no decision be rendered
until his committee had had an opportunity of examining the
evidence and reporting to their bank and the Board.
No one of the Board indicated any objection and the Comlittee said
they were satisfied with this.
June 15, 1926. 40, 41, 42
Canqingham is ill in Johns Hopkins hospital but will return next
week for the Campbell hear'ng.
June 19, 1926. 46
Gov. Harding tells C.S.H. that Campbell, when at the New Orleans
branch,went off one night forgetting to close the vaults.
He said the evidence of intoxication was hardly sufficient
to war -ant Cam-pbell's removal.
June 20, 1926. 49
Howard, Counsel for Campbel,., said he wanted all the 9ppointiA)
members of the Board present at the hearing so the:, mild see
Campbell and asked for an adjournment when told that Cunninham
could not be present tomorrow.
The Zxecutive Committee - Platt, James and C.S.H. voted unantaously
June 2`', 1326. 53
to grant this.
Jaaes was vez:,! ugly about postponing the Campbell hearing altho
June 22, 1926. 54
he voted for it.
James was very ugly Iftlen tole. of Howard's request that all of the
appointive members sit in the Cam7pbell hearing and asked,
When told he was Campbell's Oounsel
"no the hell is he
he flew into another race, thinng evi:J,ntly '3.S.H. favored
this request.
C.S.H. said only a quorum of the f_11 Board, appointive and e:.-officio
June 30, 1926. 66
was necessary.
Board met to determine procedure in the Cam)bell trial, especially
as to allowing Campbell James 3ommittee report and other
evidence.
Miller bitterly objected to allowing Camnbell to see the evidence.
He said he had made up his mind to vote to remove Campbell and
said he would agree to permit Campbell to see the evidence
only if the Board would now etc:Tee to re...ove hiiiut
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Federal Reserve Bank of St. Louis
22
Campbell (Contld.)
C.S.H. opposed this, saying Campbell was on trial and should be
told just what the evidence was against him.
C.S.H. told :flier that while the Board was not originally bound
to give any hearing, it had promised the Atlanta Committee
that it would place all the evidence before Campbell at the
coming hearing.
The record was read and sustained this statement of C.S.H. and
showed that even James had agreed to this.
The Board finally agreed that if the evidence was called for,
Gov. C. should give the committee a statement prepared by
Wyatt giving that part of James' report relating to Cambell
and the evidence relating to Canrbell.
Sept. 8, 1926. 115, 116.
The Board gives a hearing on the Cam:lbell case.
Gov. C. read the statement prepared by nr. Wyatt, giving the charges
Howard, Campbell's counsel, introduced affidavits from all of the
Havana party, - except Rich and his friend Anderson, - that
Campbell was not intoxicated.
One of the affidavits anmitted that Campbell had taken a few drinks.
Affidavits of all of the Class A and Class B directors that Campbell
was in every way qualified and competent as Deputy Governor
of the Bank and had given perfect satisfaction.
Affidivits from many Bank Presidgnts were introduced, - to the same
effect.
Campbell was then caimined by Gov. C.
Campbell admitted that he had brought on board two quart bottles
of Whiskey, given him on the dock by a friend, and that he
had taken two drinks.
Gov. C. also pointed out that tables prepared by the Atlanta bank
auditor credited him with the payment of $150 in two accounts, an evirIcnt duplication.
Canpbell said this was an error of the auditor, and that he had
credited himself but once.
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Federal Reserve Bank of St. Louis
23.
Campbell (Contld.)
d that
Cross-examined as to his expense vouchers, Cam bell admitte
only
when
days
8
he had put in an item for hotel board for
5 days should have been entered.
expenses
He explained that the extra amount represented extraordinary
such.
as
and should have been entered
help him
Cain bell denied Rich and Anderson statement that they had to
to bed.
the
Howard then asked to see the evid-nce of Rich and Anderson as to
e.
evidenc
the
of
all
see
to
ask
above but did not
agreement
Black then asked for all of the evidence, citing the Board's
at the last meeting.
The Board then went into executive session.
Miller admitted that the Board so agreed but said he was not at the
meeting and therefore was not bound by the agreement! He
urged the Board to refuse to reveal the evidence, altho
rather weakly.
Miller finally drew up a resolution:
1. Board not bound to -ive any hearing.
2. Hearings might embarrass Board in other future proceedings.
3. In this case, having so agreed the Board will eve the
evidence as prepared by Wyatt to the Atlanta Committee
as a privileged and confidential matter, to assist the
committee in its investigation.
Miller said in reply to C.S.H. that he meant that the Committee, but
not Campbell, was to have it.
C.S.H. said, as a compromise, he would accept Millet's resolution if
amended so that Campbell also should have the eviden .e.
Miller refused and withdrew his motion.
C.S.H. then offered laller's motion amended so that Campbell s-ould
also be allowed to read the evidence.
Board discussed the mattes.
Some feared Rich and Anderson's testimony night s:,bject them to
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Federal Reserve Bank of St. Louis
24.
Campbell (Oont'd.)
a possible libel suit.
Wyatt thought the testimony might be held to be privile,7ed.
Pina ly it was agreed to acce-A C.S.H.Is aotion changed to read that
(ov. C. should Make a st_tement as above, which must be agreed
to in writing by both Cam„)bell and the Atlanta Committee.
This was unanimously voted exce)t that Miller insisted upon being
recorded as not voting.
Sept. 9, 1926. 116, 117, 118, 119
The Atlanta Committee wired asking if
with Gov. C. informally so as to
evidence in their report did not
the Board and their agreement as
they could go over their report
be sure the quotations from the
violate the instructions of
to privacy and privilege.
James objected to seeing them, - said they were trying to _Alt the
Board in a hole, but did not say why.
Eddy was finally directed to inform the Committee- which was waiting
at the telephone - that the Board declined to discuss it with
the Committee which must itself construe the Board's instructions.
Eddy did this but Black said the Committee would come anyway tomorrow.
C.S.H. asAsd whether, if.a quorum of the Board were present tomorrow,
it would hear the committee, but could get no satisf6tory
answer.
James said the Committee would simply whitewash Cam7be1l and again
referred to his statement to the Atlanta directors as to Wellborn,
McCrary and Campbell - C.S.H. acked James who the three were?
James said he was one but would not name the others without their
consent.
Sept. 23, 1926. 123, 124
The Atlanta Committee appeared but Board decided not to hear them
but to perm t Gov. C. to talk with them.
Later Gov. C. said they wanted to refer to Rich's testimony and he
said there would be no objection to this.
Sept. 24, 1926. 125
Board considered the Campbell case.
J.S.H. put in a resolution reciting that the Board had considered the
testtrkony and also the report of the Atlanta Committee; that
while not bound to give a hearing the Board had voted to have
a nearing and would decide the case on the record as taken; that
the Board found that the evidence taken was not sufficient to
warrant the removal of Cam:Awn on the charge of intoxication as
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Federal Reserve Bank of St. Louis
25.
Campbell (Contld).
specified, but that Campbell did bring liquor on to the Cuban
gun boat and gave it to his party, for which the Board now
condemns and censures him; that the evidence showed that he
was unbusinesslike and evasive in rendering his expense accounts,
altho there was no evidence that the money was not actually
expended by him; that the Federal Reserve Bank is directed to
take the necessary steps so that such inadequate accounting
should never be repeated.
The report of the Atlanta Committee was
Ca4;bell; it was really grotesque.
absolute whitewash of
Gov. C. told me yesterday that Campbell should be censured but not
removed and he would so vote.
Platt told C.S.H. that Cunningham had said the same to him.
James moved as a substitute for C.S.H.Is motion, a declaration that
Campbell be removed, to take dfect Nov. 18.
James was most offensive. He evid -ntly feared the Board would accept
C.S.H.Is motion. In a loud voice he cried out, "I told this
Board months ago that it would vote to Whitewash Campbell!"
When introducing his substitute motion he said in a lowering,
threatening voice, "This is the last motion I shall make as
a member of this Board!" meaning that he should resign if
his motion was not carried.
The effect of this threat an Gov. C. and Cunningham was quickly
manifested for they said they wcyad vote to e:-oel Campbell.
The Comptroller of Cu, rency said Campbell could not get $4000 per
year from any bank.
Miller then said he would vote to advise Atlanta thA the Board had
decided to remove Campbell unless he at once resigned, and that
if this was not unanimously agreed to, he would second Janes'
motion.
said he would not agre:1; that the Board had made a record
specifying charges of intoxication and inefficienci; that
intoxication had not been proved by tie evidence and that the
evidence on the question of expense vouchers was not sufficient
to justify removal.
Miller then second21 James motion.
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Federal Reserve Bank of St. Louis
26.
Cam9bell (Contid.)
On vote James substitute motion was carried.
James, Cunningham and
Aye: Gov. C., Ii11
Comptroller of Curl'ency
No:
C.S.H., Platt
to
The absurdity of voting to remove Campbell for cause, but not
to
ap2ear
arently
)
apnot
did
15th
November
take effect until
the majority'
tell
Finally it was arranged that Gov. C. should call up Campbell -nd
resigned
he
him the vote would be sent to the Atlanta Bank:unless
before 3 p.m.
The Board then adjourned for lunch.
In the afternoon lov C. said he had tal:ed with Camnbell and that he
had asked for time to consult with the directors at their
meeting tomorrow.
The Board finally decided to send out notice of the removal, - stating
the cause, as was required by the Federal Reserve Act, as soon
as the minutes of this meeting were an)roved, the majority stating
that if Campbell resigned before November 15, they would vote
to reconsider.
Gov. C. insisted on a complete statement of the record, _lbarges and
findings.
The Board, C.S.H. feels, has acted unjustly towards Cam2bell.
He undoubtedly deserved severe censure, but to re.aove him on this
record was clearly unwarranted.
James repeated/7 said during the discussion that he was on trial
more than Campbell, and C.S.H. believes he really coerced
:oting for his motion.
Gov. C. and Ounlingham into ,
After the meeting Platt confirlaed my recollection that James
threatened to resign in case his motion was voted down.
Oct. 7, 1926. 128, 129, 130, 131.
Gov. C. told Oscar Wells and a Committee of the Atlanta stockholders
that it had been suggested to him that the Board extend the
date of Campbell's removal until the end of the year.
e
C.S.H. feels that if Gov. Wellborn tntends to resign as the Committe
1927
for
-Aed
reele
be
to
him
allow
intimated, the Board s'aould
and should give leniency to Cam)bell.
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Federal Reserve Bank of St. Louis
27.
Campbell (Cont'..)
report of the
The Board severely criticised to this Cora.Aittee the
Atlanta Com—ittee whitewadhinp: Cannbell.
made
Oscar Wells said the directors were angry because our Board
a bank
Atlant
the
ask
the investigation of Campbell and did not
to do it.
that the
C.:.H. said he thought the Board should have done this, but
such
that
him
ied
satisf
about
report the Atlanta COmmittee made
a course would have been idle.
would
Wells then intimated that In such case the Atlanta Committee
!
have made a different report
a Coalittee
C.S.H. said this impli2ation would be an insult to the Atlant
Nov. 12, 1926. 3A8, 149
Miller asked for an informal conference of the Board, saying that
Gov. 3. called him up last night before leaving Washington
and said the Board ought to consider extending the ttae for
Campbell's removal from Nov. 15 to Jan. 1, 1927.
The members who voted for Campbell's removal called attention to
the resolution of the Atlanta directors in whiCh Campbell
ed
was not only whitewashed, but the Board was specifically attack
ll.
Camr?be
ng
removi
in
and censured for its "arbitrary action"
in the
These members felt that to change the Canpbell sentence now,
cringing
of
on
positi
the
in
manner indicated, would put the Board
nced
influe
been
have
to
also
before the Atlanta directors, and
rn's
Wellbo
Gov.
of
lity
the
probabi
by what Oscar Wells said. of
resignation.
the
S.H. feels there is force in this; that the grotesque report of
the
of
attack
the
and
ll,
Campbe
ashing
Atlanta Committee whitew
directors upon the Board for its "arbitrary action" has merged
Campbell in a broader question and has mee it practically
impossible for the Board now to etend leniency to Cam7bell
its
without its action being misconstrued and without ilipairin7
prestige and dignity.
The Board took no action.
Nov. 12, 1926. 150
said he
Hopkins, a director of the Atlanta Bank, called on C.S.H. He
Boarl,
eserve
l
Tedera
voted for the resolution attacking the
but realized now it was a great mistake; tlat the directors
were angry because the Board had not asked them to maim the
Campbell investigation in the first Instance.
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Federal Reserve Bank of St. Louis
Carrpbell (Cont a..)
•
ld have done this but that when
shou
d
7oar
the
felt
he
C.S.H. said
doubted whether they
he read their Whitewa - hing report he
that this report
would have made any different report;
effort to have Cambell
embarrassed him and Platt in their
the resolution
:ensured rather than reaaved, and that
ented Campbell securing
attacking the Board effectually prev
the right to affirm its
any leniency; that the Comaittee had
resolution attacking
confidence in Campbell but that the
ssible; that Campbell
the Board made leniency for him impo
whitewashing report was
deserved severe censure and that the
really grotesque.
w himself on the mercy of
Hopkins said he advised Campbell to thro
ed it over at our
the Board — just as he and 0. -.H. talk
badly ,dvised.
last interview, but that Camnbell was
.
Nov. 15, 1926 1,.Y2, ld
Capital National Bank, N. Y.
t powers, in site of the
Board granted apAia_tion of, for trus
adverse report of Jay.
tered this bank over the
Gov. Crissinzer, when Comptroller, char
New :ork. Jay's
)rotest of the Federal Reserve Bank of
cies.
re)ort showed very frequent reserve deficien
Reserve Bank of New York for
Gov. C. bitterly attacked the Federal
founded the bank.
its treatment of a Jewish banker who
On vote the aplication was approved;
, James
Aye: Gov. C., Comptroller of Currency
No:
C.S.H., and Platt
A most extraordinary decision.t1
Aug. 10, 19:-'5. 104
Carnegie lndowment
.
C.S.H. attends meeting of, in New York
1926. 157
2,
Dec.
Case, Deputy Governor
rea-nointment and pushing
Curtiss slys, was opposing C.S.H. for
Gov. Norris for my pL,ce.
July 14, 1926. 82
oa his
a very cordial note of congratulation
Sends
eying Gov. Strong's
reappointment; also another note conv
congratulations sent by cable.
July 15, 1926. 85
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Federal Reserve Bank of St. Louis
29.
Case, Deputy Governor (Contld.)
Attends hearing of Board on Cuban Agency.
Says Federal Reserve Bank of New York does not want to be designated,
but that Board should carefully consider what Fedn.al Reserve Bank
was best fitted.
He also file_ a brief.
J.S.H. believes he really would like to have tie National City Bank
designated but that bank di- not ask for it.
Nov. 12, 1926. 146, 147
Miller tells C.S.H. the directors of the Feral Reserve Bank of New
York: had, among others, sug7ested ease for Jails vacancy;
that Case did not want it but probably ould accept as a matter
of duty if the Board should ask him.
Dec. 4, 1926. 158, 159
Deliversan address at the dinner to Jay in N. Y.
Dec. 20, 1926. 179
See - Open 1.:arket Committee
Castle, W. R. Jr.
H.P.H. says she sat next to, at dinner two years or so ago, and
he told her be bought his vine from a Jewish Rabbi who imported
it for religious purposes.
She also said th:ct Delano told her only a month aco that Castle
told him he would not insult his friends by inviting them to
dinner and not serving wine.
Dec. 3, 1926. 157, 158
Charters, National bank
Two weeks ago, Federal Reserve Agent Newton of San Francisco, told
0.5.H. that durine a certain period - C.S.H. does not remember
how long, - the Comptroller of the Currency had referred to
the Teder-1 Reserve Bank of San 2rancisco 33 anrolications for
National bank charters; that the bank reported favorably on 10
and unfavorably on 23; that a :lajority of the 23 had been refused
state charters; yet that the Comptroller had granted a majority
of these 23 ap lications1
June 18, 1926. 45
Chase
James introduced to C.S.H. Mr. Chase of the Cuban Agency of
the Federal Reserve Bank of Boston. He said it would be much
better for both the Boston and Atlanta agencies to have one
office in com,lon; that the criticism of the vaults in the office
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Federal Reserve Bank of St. Louis
30.
Chase (Contld.)
of the first national - where t'ae Felen.al Reserve Bank of
Boston - was nonsense, as Boston only used its vaults except
as a safety deposit box in which it kent its exnense money.
He said the Atlanta bank used a partition in the National City vaults,
in which it was housed, se2arated only by a grill, and that
everything done by the Atlanta Agency was known by the National
City officials.
C.S.H. asloed him to ask lov. Harding to prepare a plan for paying out
a limited number of Felc'ral Reserve notes of Boston, - say `',5.70 for dividing all profits with Atlanta, and arranging for
exchanging fit for unfit money LA joint exoense.
He said the Cuban Government would be willing to bear 1/2 of the
expense of putting out clean money.
C.S.H. said he feared the Board would discontinue Boston unless some
such plan were arranged.
He also talked about Campbell.
June 3, 1926. 25, 26
See - Cuban Agency
Chase National Ban. 146
See - Cuban Agency
Chronological table, Wilson
Mrs. Wilson tells C.S.H. that Randolph had completed his work and
that Mrs. Penaington had substantially ac'ented his additions
to C.S.H.'s work,
Nov. 6, 1926. 14
The history of the Chronologi-tal table is as follows:
Zarly in the winter of 1925 to 19''.3 :xis. Pennington told C.S.H.
she wishe. to publish a book on Wilson; that she would pay
all of the expense, even up to $15,000; that she would, give
the book to the oman's rational Democratic Club, to be
published under its auspices, and the Club to have all the
profits. After consideration she decided that a concise
Wilson's life would be best,
chronological table of
suitable for sale at newsstands, R.. stations, etc.
She asked C.Z.H., to prepare the first dr ft of this. :rs. 7ilson
was consulted and ap)roved the idea. C.S.H. worked on this
from about rebruary to I4ay and finally comnleted the draft..
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Federal Reserve Bank of St. Louis
31.
Chronologial table, Wilson (Contld.)
Mrs. Penninrton then prepared a lot of introductory material,
insisting on inserting some newspaper editorials, adding a
description of the L. of N. prenared by C.S.H. at her request.
She s id several publishers had said they You'd gladly publish the
book ot their own ex)ense.
Mrs. Pennington's additions changed the charcter.
it a rather large voluie.
of the book making
J.S.H. felt that her additions were not very well done and were filled
with evidences of partisanship on the one hand, anf_ such
extravaLant and fulsome eulogy on the other, that they were
inconsistent with the high plane of non-partisanshi-) Ilion which
the original table was constructed.
Early in the summer the manuscri2t was given to Mrs. Wilson and
Mr. Bolling with full authority to make any chan-es ::rs. Wilson
desired.
C.S.H. and Mr. Bolling quicAy reached an accord - that much of
the work added by Mrs. Pennington should be eliminated. We both
felt, however, that the publisher would insist on this :-.11C_ we
felt a hesitancy at soeaking to Mrs. Pen-ington about it.
There were some partisan attacks on the L. of 7• critics of Mr. Wilson
which C.S.H. felt could not be acquiesced in, so he wrote Mrs. P.
suuesting the omission of these. She wrote C.S.H. that she
wanted it to be partisan, but finally she onsented to eliminate
the references.
C.S.H. also pointed out to her that her references to the attacks on
the U.S. Su:?re:le Court adaed nothing to t e article and she
finally agreed to eliminate those.
We also both pointed out to her that the editorials she inserted
should be omitted, as there were hundreds which should be
included if any were referred to. She would not, however, aj-yee
to this.
Mr. Bolling thoucht
statements should be elaborated by
fuller quotations from speeches, etc. and adding an appendix.
His additions erectly improved the article.
Yr. Bolling worked on this for at least two months, and finally in
the fall it was turned over to rs. Pennington with authority
to make any changes she desired.
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Federal Reserve Bank of St. Louis
32.
Chronological table, Wilson (Cont'd.)
Before leaving for the suaer, Mrs. P. asked C.S.H. if
Wilson offering to
he would object to his writing to
give her one-half of the royalties.
3.S.H. said of course he had no objection, - that he would have
been delighted if she gave all of the royalties to her. C.S.H.
felt sure she would not accept this.
Bertie told C.S.H. this would be most agreeable to her, but pointed
out that she had informed the Womans Democratic Club - at
Mrs.Pennington's request - that she was to give the Club the
profits, making no mention of any intention to share them
with anyone else, as Mrs. Penington had not mentioned this.
Bertie also told the Club, - at Mrs. Pennington's request - that
the manuscript would be submitted to it for its approval.
Mrs. Pennington then wrote Mrs. Jones, the Presidait of the Club,
stating that she would give the Club one-half of the profits,
the other half to be given to Mr. Bolling.
This wfs the --irst mention of Ur. Bolling and Bertie heard it only
from Mrs. Jones.
Mrs. Pennington sent the manuscript with the letter to Mrs. Jones.
The following Monday, Dec. 3, 1923, Mrs. Pennington called on
Bertie and Hrs. Jones also was present. Mrs. Jones said the
question of giving one-half of the royalties to Mr. Bolling
raised an awkward situation, as she understood from Mrs.
Pennington that Lire. Wilson knew nothing of this.
Mrs. Pennington said she had written Mr. Bolling and that he had
replied acceoting the offer, but adding that he did this
without consultation with Mrs. 7i1son who was then abroad.
H.P.H. gathered, however, that Mrs. 7ilson now knew of
this.
Mrs. Jones submitted the manuscript to a commAtee of the Club
consisting of Mrs. Bonsai., :re. Harriman, :rs. Cunningham,
Mrs. Covington, Mrs. Banister and Mrs. Huston Thompson.
Mrs. Bonsall, assisted by Ur. Bonsall, went over it and
sug:es ed inserting the PhiliD)ine message.
Mrs. Jone- and Mrs. Cunningham told lertie they felt very badly
about sharing the profits with Mr. Bolling. Urs. Snell also
objected at a meeting of the Board.
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Federal Reserve Bank of St. Louis
33.
Chronological table, Wilson (Contld.)
part,
The members of the :,loramittee all felt that the introductory
not
vva
written by Mrs. Pennington, should be omitted, as it
fulsome
particularly well written and was filled with such
eulogy that it detracted from the value of the book.
Bertie
Late in the afternoon of December 17th, Mrs. Jones called up
to
her
asking
to say that Mrs. Pennington had written her
her
return the manuscript to her, as, in view of a statement to
could
he
Club
the
of
nt
from Mrs. Wilson that as Honorary Presif.e
tely.
immedia
it
not indorse it, she desired to withdraw
Mrs. Jones sent C.S.H. a copy of the letter.(See
scrap books).
files and
another
At the Board meeting, that afternoon, - Dec. 17, called for
Wilson
Mrs.
from
received
was
purpose, a telephone message
stating that a member of the Club had brought the manuscript
to her attention, pointing out the extremely fulsome praise of
. Mr. 7ilson as injuring the book, and that, as Honorary Presi6Pnt
she did not feel she could apnrove it unless that part was
l _7ve thought
eliminated; that it was stupid on her part not to ,
dn herself.
blame
the
of
all
took
she
that
and
before,
of this
after
Mrs. Harriman said she was the member, and she told Bertie,
how
knew
she
the meeting, that She said to Mrs. Wilson that
ton's
Penning
Mrs.
read
she revered Mr. 7ilson, but that if She had
the
closet:,
have
would
stuff she would have said "Oh, 1-4111' and
bookl
to
On Saturday, Dec.18, C.S.H. called up Mrs. Jones who begged him
said
Jones
Mrs.
see Mrs. Wilson and C.S.H. said he '.ould.
particularly she hoped Mr. Bolling could be elt.tinated.
Prior to the above talk 7,.3.H. had called up Mrs. Pen -lington who
Mre.Pennington was
called at the Lee House about 4:30 p.m.
through with the
ely
absolut
was
she
very indignant. She said
int from
manascr
the
back
d
receive
she
matter and that when
disposition
such
for
Wilson
Mrs.
to
it
would
give
Mrs. Jones she
of
make
it.
as she chose to
She said she regretted deeply that Mrs. Wilson or Mr. Bolling could
not have told her months ago how they felt about the fulsome
eulogy. She referred to a letter she sent me this morninc to
the same ef"ect. (See ...H. files and scrap book.)
On Fridc,c evening, Dec. 17th. Alter ..rs. Jones called up, C.S.H.
and Bertie telephoned and later called on lire. Wilson.
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Federal Reserve Bank of St. Louis
34.
Chronological table (Cont'd.)
:A.s. Wilson read C.S.H. a letter to her from Mrs. P. from v.hich
gathered that she was willind to tae up again the
cuestion of printing the manuscri)t altho her letter to
Mrs. Jones made no mention of this.
Mrs. ';;ilson was very much distressed for fear Mrs. Pennington might
think she had injured her by decl1rin7 to ap-)rove the manuscri)t
at this late day.
C.S.H. said he would see Mrs. Pen ineton at once. At the interview
C.S.H. had with Mrs. Pennington on Sat. Dec. 18th, sho was very
bitter towards Mr. Bollin. She said she had returned to him
his letter accepting the offer of royalties so that he m .ght
destroy it, and, - she added sarcastically, - so that he might
even deny he had ever written such a letter*.
She said Mrs. Wilsor now knew of Mr. Rolling's acceptance of the
royalty offer, but that she did not know when Mr. Bolling told
her.
3.S.H. told Mrs. Pennington that he felt Mrs. Wilson could not 11,-,ve
done other than she did after Mrs. Harriman's commtulication with
her, and Mrs. Penaington said she absolutely agreed to this.
Mrs. Pennington s, id she washed her hands of the *hole matter and
that Mrs. 7ilson could do as she pleased with the manuscri)t.
At 8:30 n.m. December 18, Saturday, C.S.H. csiled up Mrs. 7ilson.
Mrs. 7alson &:id Mrs. Peniington had just telerthoned her, sneaking
of her interim with C.S.H. and assuring her that she ZMrs.
Wilson) could have taken no other course than she did, after
what Mrs. Harriman ha said to her.
C.S.H. told Mrs. Wilson that Mri. Pennington had told him she had
turned over the whole matter to her ,nd that he wanted her to
feel that she could call on him at any tine for advice and
assistance.
Mrs. 7:i1son said very quietly that she felt there was nothing more
to straighten out, that it had been now left in her hands, and
intLating that She should now let the matter drop.
. . ith the
She said she could not ask Mr. Bolling to take it Ir)
Democratic Club, and I think she said he would ot be willing to.
She also said it 'ould .lot be fair to ask C.C.H. to lo it.
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Federal Reserve Bank of St. Louis
35.
Chronological table, Wilson (Cont'd.)
C.S.H. beg,7ed her to think it over and said he felt sure it could
be straightened out, and that she had on.y to call on him
for help if she desired it.
C.S.H. said he as sorry Mrs. HarrimL,n went to her, but she defended
her rather warmly, saying She was a trae friend.
C.S.H. said undoubtedly she spoke the truth, but that if she had
put off her talk for a few days, the 7emocratic Club Committee
would have raised the same objections and have settled them
with Mrs. Pennington without dragging her into the matter at
all.
C.S.H. feels Mrs. Harriman was false to the Co:_:littee in c;oing
behind its back to Mrs. Wilson, before the Co;alaittee had
Irepared its report. Mrs. Harriman can fairly be classed as
a "fool friend."
168 to 178
Clayton Act. 11, 12
gee - Bowman
Tyler, Charles
Commission
Of C.S.H. as member of Federal Reserv
Boar...
States th.t he is to serve for 10 years, etc. "sabject to the
)1easure of the President." This chance was first made
by President Wilson in Platt's comiission.
Prior to this the ccumission read "unless his successor shall
have been duly qualified, etc."
Copy of all three of
comaissions.
July 19, 1926. 86, 87
Commissions
See - Bank of Belgium
omptroller of Currency (McIntosh)
Tells C.S.H. .that Sec. Mellon told him that the thought of
appointing McFadden in C.S.H.Is place was ridiculous;
that Mellon was very bitter towards McFadden because
he had kept Brewer in the emnloy of his coittee after
Brewer had attacked Mellon on bond duplications.
June 2, 1928. 74
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Federal Reserve Bank of St. Louis
36..
Comptroller of Curl-enci (McIntosh) Continued
told Comptroller that Sen. Gillette had ased Mellon to
recommend C.S.H. for reap •ointment.
The Comptroller told C.S.H. that Sen. Butler hz.:,J done the 1-ame.
1926. "4
June
Comptroller says McFadden told him he was embarrassed because the
Board quoted his letter so extensively an wanted us to
write another to the Conference Committee on the McFadden
bill, w i:h the Board voted to do and which was ap)roved
June 3, 1926. 25
and sent.
Wyatt tells C.S.H. that the Comptroller ski he was at a Reserve
Bank dinner in the Atlanta district (I think New Orleans)
and that Governor Wellborn was so drunk that he made a
disgusting spectacle of himself; that he said, however, he
would n)t testi'y as to this.
June 4, 1923. 27
Is present at meetino at which Harrison read us extracts frail
Gov. Stron-Is letters.
June 17, 1926. 43
Federal Reserve Agent Yewton of San 7rancirco tel-s C.S.H. that
out of 23 applications for charters reported unfavorably by
the Federal Reserve llank of San Francisco, the Comptroller
issued charters to a majority; that a majority had been
refused a charter by the ctate authorities.
June 1F_-, 1923. 45
The Com2troller told Platt that Sec.Mellon wanted him to trj to
induce Glass to yield on the Hull auenauent.
June 25, 1926. 58
Comptroller asks 3.S.H. to ail up Glass iid.as2: if he will not
yield on the Hull amen:ailent.
O.S.H. asked Glass who said the Senate would not j.eld even if
he did; that the Conference 0a.liAittee would agree on a bill,
but that the Comptroller should dra2 the Hull amend.
.H. tells this to the Secretary of the Oomjtroller - the latter
July 29, 1926. 61
being out for lunch.
Comptroller tells C.S.H. and Gov. 3. that .ellon called un McFadden
and blaned him for the failure of the McFadden bill; that he
asked McFad-en if he waald call the Conference Can-ittee
together again to report to the house; that McFadden said
he could not unles a majority joined him; that Mellon asked
if he would agree if King joined him; t':at McFadden resented
this s not a fair quetion.
July 2, 1926. 70
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Federal Reserve Bank of St. Louis
37.
Comptroller of the Curren -7 (Contld.)
n has not
The Comptroller says Sec. nellon and he believe naadde
tee
Col:Imit
a
for
ion
resolat
a
played fair; that he wants
'-'_eserve
ral
i
Fed
and
Board
Reserve
l
Federa
to investigate the
put
has
policy
credit
their
that
show
to
Bank of 7ew York
up prices.
They have a feeling of supreie contempt for :Paden.
July 2, 1925. 70, 71
Is present when C.S.H. takes oath of office.
July 9, 1923. 81
to
Comptroller points out that the lane of Winston in a letter
t
distric
his
in
banks
Gov. Tellborn urging him to help weak
Sec.
ellon.
g
with
talkin
is the same as what he used in
July 23, 1926. 95
New York
Comptroller seems to favor an increase in discoant rrtes at
e.
but why 3..H. can not imagin
Aug; 4, 1926. 100
increase
Board advised New York that if the directors recommended an
it.
favor
would
Board
the
a majority of
C.S.H. is amazed that the Comptroller
counter to Coolidgels interview
in the country and will look as
Aug.
favored this as it is
stressing nrosperous c)nditionc
if the Board did not agree.
4, 1925. 101
Tells 3...H. that Warburg is :railing every wire to be reao.»inted
on the Board when Platt's term expires.
Aug. 10, 1925.104
•30mntroller votes to grant trust powers to Ca-Atal :7ational Bank in
spite of Jay's adverse report.
Aur:. 10, 1926. 104
Comptroller votes against niller's alotion - in which C.S.H. and.
Cunningham concurred - that there should be no change in the
System's secarity account and the 10 millions running off
Sept. 10, 1926. 121
should be replaced.
Votes for Platt motion that Committee be authorized to maintain
the special account at fr7m 200 to 225 millions.
Sept. 10, 1925. 122
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Federal Reserve Bank of St. Louis
38.
Comptroller of the Currency (Con'..)
On Miller's motion to forbid the Federal Reserve lank of New York
from charging any comlission in connection with the Ilelgian
credit, the Comptroller voted no, together with Sec. Liellon,
and Platt.
Lost by a tie vote.
Oct. 5, 1926. 126, 127
The motion of C.S.H. for approval of the credit with expression of
hope tqat a commission Should not be charged, but not imposing
it as a condition, was defeated by a tie vote.
Same vote as above.
Oct. 5, 1926. 126, 127
Comptroller and all other members final4 voted for Platt's motion
aprroving the agreement but asdng N. Y. directors to revise
it as Board does not consider a commission on purchase of bills
from a central bank consonant with principles of Federal Reserve
Act.
Oct. 5, 1926. 127
Comptroller says Campbell could not get $4000 per year from any
other bank.
Oct. 7, 1926. 129
Comptroller votes to expel Camjbell.
Oct. 7, 1926. 130
Comptroller was absent and did not vote on 0.S.H.'s motion to
approve a minimum of 0% rate on bills purdhased from Bank e
Belgium.
If he had been present the vote
oul - have been a tie an
Oct. 19, 1923.133
lost anyway.
Comptroller votes against C.S.H. motion to lay on table James
motion
to notify McCrary that if he did not resign the Board would
remove him.
Oct. 19, 1926. 135
On Cunningham's JA ion that the evidence did not warrant removal
of McCrary, Comptroller voted for the motion.
Oct. 19, 1926. 136
On Miller's motion to summon McCrary and put him further questio
ns,
the Comptroller voted No.
Oct. 19, 1926. 136
Com-otroller voted for 2iller's motion nat no change should be malle
in System's investment account. %s.H. and James contra.
Nov. 11, 1926. 145
Confirmation of C.Z.H. by Senate.
July 3, 1923..74
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Federal Reserve Bank of St. Louis
39.
Coolidge, President (Contld.)
James threatens to go to Coolidge and tell him of the Bo2rdis
treatment of him in connection Tith his Ileport on the
Cuban Agency.
May 21, 1926. 2
Board approves letter to Sec. Mellon asking him to obtain opinion
of President Coolidge and State Department as to advisability
of continuin- the Cuban Agency.
May 25, 1926. 14
Miller says the newspaner men from mow on are to give out the
real facts as to Coolidge, and not to whitewash facts as
they have been doing.
May 30, 1926. 20
.Uller says Norman Hapgood was to have lunched with him to:ay,
but Coolidge invited him to lunch at the White House, - an
extraordinary invitation as HapEood was so radical.
May 30, 1926. 20
C.S4H. feels that the action of the Board in informing the Federal
Reserve Bank of New York that a majority of the Board will
approve an increase in discount rates will be construed as
a disagreement with President Coolidge who has just given out
a statement showing generally prosperous conlitions.
Aug. 4, 1926. 101
See also - Hamlin, C.S.; reay2ointment
niller
Corning, Parker
H.P.H. puts her claim against, in the hands of Charles Tyler,
:Attorney.
July 9, 1926. 84
H.P.H. send: Tyler the Corning papers.
July 14, 1926. 84
See - Tyler
Cosmos Club
C.S.H. moves to, from Lee House.
July 6, 1926. 76
Coulton
Platt Aivys, of Cleveland, member of the Federal Advisory Council,
was strongly in favor of 3.3.7.1 s reapiointment.
May 24, 1926. 13
Coulton s1il2ed anCi fell down Treasury stairs auttins his head
badly and becoming unconscious; taken to Zmergency Hosrital.
C.2.H. and Miller rent there to see hi..
and Gov.
:ores interview Dr. Borden in dharge.
Nov. 18, 1926. 155
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Federal Reserve Bank of St. Louis
40.
Coulton (Cont'd.)
3.S.H. calls on ::rs. Coulton at hospital.
Sunday, Tov. 21, 1923. 155
Cox, Gov. Channin-
47, 48, 57, 167
See - Hamlin, C.S.; reap?ointwent
Cremation
See - Hamlin, Anna
Credit policy
The Comptroller said McFadden w:.-.nts a resolution of investigation
of Federal Reserve Board xicl Feral Reserve Bank of New York
to show that their credit policy had put u-) prices.
July 2, 1926. 70
Crissinger, Gov.
A National City Bank officer writes, that there is a rumor that
the Board is to discontinue the Cuban Arency.
May 21, 1926. 3
Says he knows the State Department has Changes its views as to the
desirability of continuing the Cuban Agency, and insists on
sending a letter asking its present opinion.
May 21, 1926. 3
James says Gov. C. is absolutely dominated by Gov. Strong; that
Gov. C. insisted on sending a letter to the State Department
on the Cuban Agency in the hope that an adverse reply
might enable him to induce the Board to discontinue it; that
Strong hated Mitchell of the National City Bank and wanted
to force him to bend his knee and implore his assictance as
to the Cuban Agency.
May 22, 1926, 8
James said Gov. C., a year ago, want to Cuba with a Mr. Hayes, a
tricky contractor who wanted to get contracts in Cuba; that
years ago Hayes came to the Board with a Cuban delegation
which delivered addresses to the Board, and that a picture
of the Board and the delegation was taken, which Hayes has been
using to show that the Board was behind him in his efforts to
secure Cuban contracts!
May 22, 1926. 8
James said Gov. C. never called on General Crowder in Cuba, but
was presented to the Presidrmt of Cuba through Hayes who
told the President that Gov. Crissinger and the Board were
behind him; that this was said in Spanish which Gov. C. did
not understand.
May 22, 1926. 9
James is evidently as thick with Mitchell as he claims Coy. C. is
with Strong!
May 2-, 1926. 9
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Federal Reserve Bank of St. Louis
41.
Crissinger, Gov. (Cont'd.)
James said that Gov. 0. was intoxicated at a public dinner in Cuba.
Vay 22, 1926. 9
Gov. C. tells Board he has riven to Sec. Mellon the letter asking
the oT?inion of the State DepartLlent concerning the Cuban
Agency; that Sec. Mellon said he felt re could not now
withdraw the A...ency.
May 27, 1926. 15
ddy tells 3.S.H. that Gov. C. is suffering from an enlarged prostate
gland.
May 27, 1923. 13
Eddy tells
J.H. that Gov. C. is very sens:tive over the charge
that his original 17o:)ointment as Comitroller was political;
that Gov. C. told him that before :Aeking the apmointment,
President Harding had a poll taken of the Senate .1lich showed
conclusively that Gov. Harding, if reapoointed,could not be
confirmed; that he knew nothing of his ..poointment until he
received word from President Harding.
May 27, 1926. 16
3.6.H..'s earlier diaries show that Sen. Reed (Pa.) „lade a ooll of
the Senate for Sec. Mellon and reported that Gov. Harding
would be confirmed; that See. Mellon when he first met the
Board, assured the members he would consult with them before
recommending anyone for appointment as Comntroller; that on
that very day, in the afternoon, Sec. Mellon received word
from President Harding that he had decided to qp?oint
Crissingert
May 27, 1926. 16, 17
Eddy said he pre2rred a let er which Gov. C. signed directing
the Atlanta bank to investigate Campbell and that Janes took
it with him.
June 3, 1926. 27
Eddy tells C.S.H. that Gov. 3. is not so well; that he tele -;honed
Eddy he would leave today for Washington but that the doctors
would not allow him to 70.
June 19, 192. 45
With Gov. C. and Cunningham ill an:: Mellon in Europe our Board is
shot to pieces!
June 19, 1926. 46
We tell Mr. Howard, Counsel for Cam ,bell, that Coy. C. can not be
in Washington tomorrow.
June 22, 1926. 53
Gov. C. tells 3.S.H. he is suffering from an enlarged prostate
land; that his dOctor was massaging it and had reduced it
nearly to normal; that the .octor had also given him medicine
w'rliCh greatly relieved him; that the doctor would sell this
to anyone but would not -Iveal what it as
July 29, 1926. 60
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Federal Reserve Bank of St. Louis
42.
Crissin(3er, Gwv. (contid.)
Gov. C. spoke of a case where a member bank owed a large sm to
the Federal Reserve Bank of Atlanta; that it vas guaran!eed
by its President; that later the President transferred all his
property to his wife; that the Fed r?1 Reserve bank sold A.1
the collateral it held for the loan to his wife for a nominal
sum and transferred to her also its claim gainst the member
bank and against the President.
The Board ordered an investigation of this.
July 7, 1926. 76
Gov. C. tells 0.3.H. the Atlanta member banks are very much
stirred up about James; that they felt he was playing politics
an was trying to put his own friend into the Pedral Reserve
bait:; that some said James wanted to he Governor.
July 7, 19'2,6. 77
Gov. C. told C.S.H. that James wanted to work in dr, 2ole of the
Jom)trollpris office, as Governor.
77
July 7, 1916.°
Gov. 0. says 26.4 told hi.a that James was getting on the nerves
July 7, 19°3. 77
of Herson aid. Wyatt.
Gov. C. and James were very bitter towards Sec. ::ellon for sending
in a bill for Gov. Strong's attendance in turope to be paid
by the reral Reserve Bank or "New York as fiscal agent.
Gov. C. said Y.ellon should have consulted the Board before asking
Gov. Strong to testify before the British Parliamentary Committee;
that he had heard of this before Gov. Strong sailed for 2urope,
but not from Sec. Mellon nor from the Board.
July 20, 1926. 89
Herson zives Board a co )y of Gov. Wellborn's letter to Winston
taken from tie files of the Atlanta bank enclosing a copy of
an old letter from Gov. C. to Wellborn ;)raising extravagantly
his work as Governor of the bank.
July 2,3, 1926. 91
Gov.C. was greatly stirred un at the nam76h1et issued by the Federal
Reserve Bank of Boston without first submitting it to the 7oard
July 23, 1926. 92
for its al-)roval.
Gov. 3. tells Board that Harrisori telephoned that the N. Y. directors
were in doubt as to increasing discount r-tes and wished to
know if the Board would sustain thea if they recammended an
increase. Gov. C. strongly favored an increase.
Au. . 9, 1926. 99
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Federal Reserve Bank of St. Louis
43.
Crissinger, Governor (Contld.)
GOV• C. said it was a mistake for C.S.H. and Platt to alternate
on vacations to ensure executive committee attendance, and
suggested that hereafter we r-o away at the mae
Aug. 3, 1926, 102
Gov. C. votes to grant alolication of the Capital National Bank of
New fork for trust po7.rs, over the adverse report of Jay.
Gov. C. was very bitter at the Federal Reserve Bank of' Yer York,
stating that it discriaLmated against the Jewish Presi_ nt
of the bank.
Gov. C. originally granted a charter to tais bank when he was
Comptroller of the Currency over the protest of the Federal
Reserve bank.
The report showed that the bank 'as habitually short in its resel-ves.
James and the Comptroller backed u) Gov. C. and the Tplicatian was
. granted, J.S.H. and Platt votim:- no. An extraordinary
decisiont
AuEL. 10, 1926, 104
Gov. C. wants a new examiner appointed to serve as head of a new
Board to conduct eaminations of state banks.
C.S.H. did not object to ap2ointing a new examiner nor a Board
proviLed its duty was wade to cooperate with the Fe17,ral
Reserve :r;ents.
Gov. C. would not agree to this.
See - Examinations.
Aug. 11, 1926. 105
Gov. C. desires to have a central Board to do the exaain_tion work
now done by Federal Reserve Agents.
Aug. 11, 1923. 106
Gov. C. says Harrison told him that Gov. Strnn: had cablei favoring
a 1% increase in New York discount rates.
Aug. 11, 1926, 107
Gov. C. zaid the Federal Reserve Bank of :Ter York adjusted discount
rates with a view to the condition of the stodk market, clearly intended as a reflection uoon the bank, yet s'aortly
after he said he -:'avored an increase in rates in order to
check stock exchange speculation.
Au.77. 11, 1926. 107
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Federal Reserve Bank of St. Louis
44
Crissinger, Governor (Contld)
Gov. C. voted in the Executive CouJittee meeting against allowing
Federal Reserve Board eml)loyees to leave at 1 p.m., altho
the Treasury, because of the fearful heat had granted this
-privilege to all of its employees. Not being unanimous
the motion was defeated in Executive Comrattee. Gov. C.
seems strangely oblivious of the comfort of others:
Aug. 12, 1926. 108
Gov. Strong writes C.S.H. that the object of his trip abroad was
fully explained to Sec. nellon and Gov. Strong and fully
understood and approved by them.
Aug. 15, 1926. 110
Gov. ,. told the Board he 'met' that Gov. Strong was going abroa.i
but got his information from sources outside of the Board
and that finally Sec. ::ellon s)oke to him about it. He
did not mention Gov. Strong as a source of information.
Gov. C. was as bitter about it as was James.
Aug. 15, 1926. 110, 111
Voted against 1:iller's motion that no change should be ma.ie in the
System's special open market account, and that the 10
millions running off should be replaced..
Sept. 10, 1926. 121
Voted against Platt motion that system account shou.d be maintained
at from 200 to 225 millions. Gov. C. wished to decrease the
Sept. 10, 1926. 122
special account.
Vigorously obje:ted to charge for coaaission on bills purchased
by Fe-ral Reserve Bank of New ,:ork under Belgian agreement.
Oct. 5, 1926. 126
Voted for Niller's motion to forbid charging a commission on
Belgian bills purchased.
Oct. 5, 1926. 126
Voted against C.:.H. motion to approve the commission rate on
Belgian bills "purchased.
Oct. 5, 1926. 127
Voted for Platt's motion to approve the Belgian agreement, but
with hope that the di2ectors could revise the agreement
so as to exclude commissions.
Oct. 5, 1926.127
Votes to expel Cam)bell.
See also - Campbell
Oct. 7, 1926. 130
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Federal Reserve Bank of St. Louis
45.
Crissinger, Governor (Contld.)
Voted a2ainst Platt's motion to cl2orove the 0 minimum rate on
Belgian bills purchased. Oct. 19, 1926. 133
motion to lay on table James motion to
Voted against
if he did not resign the Board would
that
McCrary
tell
Oct. 19, 1926. 135
relaove him.
Voted for Cunningham's ..,otiJn that the evidence did not war ant
Oct. 19, 1926. 136
removal of YxOrary.
Voted against Miller's motion to suituaon ::cCrary and put him
further questions.
Oct. 19, 1926. 136
Voted for Ililler motion rejecting recommeniation of Open Market
Committee to increase by 50 millions the system account.
Nov. 11, 1926. 145
Tells Wells Committee that some leniency towards Campbell'had
Nov. 12, 1926. 148
been suggested to him.
Asks Miller to bring before Board the question of leniency to
Nov. 12, 1926. 150
Camnbell.
Hopkins tells O.S.H. that Gov. 3. suggested to him an increase in
flov. Wellborn's salary and asked him to put it through
Nov. 16, 1926. 154
his Board at Atlanta.
Gov. 3. tells Board that Jay is to resign.
1926. 158
Dec.
Gov. C. seems enthusiastic for Miller's suggestion o7 Warburg
Dec. 4, 1926. 158
for Jay's place.
Sec. Mellon tells C.S.H. he will ask Gov. C. to postpone consideration
of Jay's successor until he can be present.
Dec. 4, 1926. 160
Gov. C. told t:le Board tat of cours7' it could anoint Burgess
as Jay's successor if we were willing to be dominated by
4 New York.
the Federal Reserve Bank o'
Gov. C.knew Sec. Mellon wanted Burgess a-o-*Anted, and was hardly
playing fair with Zec. .4e11on in ma:zing such a remark.
Dec. 6, 1926. 161
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Federal Reserve Bank of St. Louis
46.
Crissilver, Governor (Contid.)
Gov. C. votes for :flier's motion to abolish the Cuban A:ency
after a given date.
Dec. 7, 1926.163
Gov. C. intimates to Board that Feeral Reserve Acent Curtiss will
be defeated for rean ointment if a direct vote were taken without
notifying him that this would be his last appointment.
15, 1926. 164
Gov. 0. said he had heard objections as to Curtiss.
C.S.H. asked if they came from the Federal rational Bank or from
what source, but Gov. C. gave him an evasive answer.
Dec. 15, 1926. 164, 165
Gov ..0. said that DeCamp, Feleral Reserve 17rent at Clevelanj, was
a great failure; that he had recommendai him for rean ointment, as
one of the District Committee, because of the "pressure" brought
for him, - evidently referring to Sec. L!ellon.
Dec. 15, 1926. 135
Gov. 3. as_ad C.S.H. to join with him in recommening DeCamD without
mentioning "p2essure" of any kind.
Dec. 15,1926. 165
Gov. O. told C.S.H. he nrobaVy would not attend the Jay dinner in
New 17ork,
Dec. 15, 19-3. 16.;
Gov. 3. said Gov. Case had asked if there could be a meeting between
the Board and the Open 1.1arket CommAtee in New York on Lionday, the day of the Jay dinner.
On 3.S.H.Is motion to aoprove,it was lost.
Gov. C. did not vote.
Dec. 15, 1926. 167
C.S.H. believes Wins was the one Who spoke to Gov. C. against Curtiss
Dec. 15, 1926. 167
Gov. C. was present in New York at the informal talk vith the Open
Market 001-1,1ittee.
He did not attend the Jay dinner as he raid he felt too ill.
.Dec. 20, 1926. 179
Gov. C. voted for C.S.H; motion to increase the salary of Burgess,
Assistant Federal Reserve .11,--ent at :ew York from $10,000 to
$15,000.
Dec. 22, 1926. 180
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Federal Reserve Bank of St. Louis
47.
Crissinger, Goi.ernor (Contld.)
motion to an_.)rove an increaFe in salary
Gov. C. voted for
Counsel
and Secretary of the Federal
of Philbin, Assistant
Reserve 'Bank of New ',fork.
Dec. 22, 1926. 161
Sec. Ilellon tells C.S.H. he will ask ?Toy. C. to postpone consideration
of Ja's successor until he can be present.
Dec. 22, 1926. 182
Gov. C. voted for allerIE .aotion to Jisplace Snyder from Federal
Dec. na, 1926. 1E4
Rescrve System.
Gov. C. voted not to reappoint r. Sanders as Class C Director at
Dec. 31, 1926. 185
:ew Jor.
See also Campbell. 116, 117, 116, 125, r:T, 129
Cuban lrency
C.S.H.; Rea.pointment
70
Comptroller of C„.1.-2ency.
Crowder, Gen.
James said Gov. C. never called on, hen in Cuba.
May 22, 1926. 9
Crowdy, Date Rachel
We dine with I.:re. Wilson at Wouanls National Del„ocratic Club
to hear, s--)eak. Ma,' 26, 1926. 14
Cuban Agency, Havana.
Board met to consider, and to prepare a letter to Sec. ::ellon to
be sent to State Department.
Liiller offere, a draft of letter asking for an opinion by State
Department as to whether tie Platt amendment or the policy of
the Goverment placed the Federal Resene Board in a position
where it was obliged to continue the agency, whether jointly
or severally or to su.)ply Cuba with our money.
.;.S.H. suggested that a banking question was involved, - whether
it was not our duty to caution the A:ency as a ,protection to
our banks, makinE, it possible for them to carry lower reserves.
C.S.H. also sested annexinG a co-oy of President Hardingle letter
of three years ago, stating that he pnd the Cabinet unanimously
favored thil creation* of such an Agency.
Both of these suggestions were a,opted.
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Federal Reserve Bank of St. Louis
48.
Cuban Agency, Havana (Contld.)
James suddenly flew into a fit of rare because the draft made
no mention of the report of himself, Wyatt cnd Herson.
his Com.aittec har. been treated 'ith conte..::)t and that
James
Goldenweieer and Smead hfcl been "assaulted" - doubtless
referring to questions put by .2.Z;.H. as to their plan for
cancelling some issued FederLd Reserve notes held by the
Agency and using the cold for investment in farm land bonds
to secure an in(lome out of which to keep our money in Cuba
fresh and clean, - about $40,000 per year.
James said he was going to Sec. Mellon and to Presiecnit Coolidge
and s)eak plainly of the trecitment to which he had been
accorded.
James said that our Board was a laughing stock, that we could not
decide anything, and that Vanderlip was right in his
criticism of us.
0.S..H. suggested that a copy of Ja,aest re-.9ort be annexed to the
letter and James cooled down percentibly, as this was
adopted.
James said if it leaked out that we were considering abolishing
the agency it :oulk_l cause a panic in Cuba; that a :rational
City Bank official had written Gov. C. that such a rumor was
afloat.
C.S.H. agreed with James and zdied that his only reason for voting
to send the letter was that Gov. C. hal said that he knew
the State Department ha_ changed its viers cnd insisted on
finding out as to this.
Gov. C. affirmed this.
Board voted to send the let,er.
J.-H. said he voted for this only on the understanding that,
if Sec. :ellen thought the letter inexpedient, the Co-mittee
would report back to the Board.
Vay 21, 1926. 1, 2, 3.
James says Gov. C. is dominated by Gov. Strong; that Gov. Strong
hates Mitchell, President of National City Bank, New :or,:;
that Strmg wanted to have the Mara • t least threaten
to give up the Cuban Agency, so that Mitchell, Who wanted
the Agency continued, must bend his knee to Gov. Strong, and
ask his help to secure continuance of the Agency; that this
was the real reason why Gov. C. insisted on gettini the
oninion of the State Depart....ent, in the hope that an adverse
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Federal Reserve Bank of St. Louis
49.
Cuban Agency, Havana (Contld.)
opinion would enable him, - Gov. C. - to induce the
Boar& to abandon the Cuban AP:ency.
Ma,1 22, 1923. 8
The Board authorizes the letter to Sec. Mellon as to the Cuban
May 25, 1926. 1?•
Agency.
At the Board meeting, Gov. C. and James reported that they had
delivered to Sec. Mellon personally the State Department
letter; that Sec. Mellon s_id that we could not now withdraw
the Agency; that the question of discontinuing the Federal
Reserve Bank of Boston could wait awhile; that Boston Should
be given the right to be heard on the matter; that if this
came up in the near future it might get into politics in
Lhss, which should be avoided; that they both told Sec.
May 27, 1923. 15, 13
they agreed with him.
James introduced to C.S.H. Mr. Chase, of the Boston Agency at
Havana. Mr. Chase said that both agencies should have one
'office in con.ion; that the criticism of the vaults in the
First Ttational building was nonsense, as the Boston Agency
safety deposit vault for its
only used the vaults as
expense illonty; that the Atlanta Agency used a part of the
First .- 7ational Bank vaults, separated only by a grill and
that everything done by the Atlanta Agency could be and was
known by the First National Ban.
C.S.H. as.:ed Chase to prepare a -21an una r which Boston could
to a limited
Day out its own Federal Reserve notes
amount, say 25%, and divide all )rofits of its agency
with Atlanta.
Chase said it would be difficult to do but he would try.
Chase said the Cuban Government would be willing to pay one-half
of the expense of nutting out clean money.
C.S.H. told Chase he feared the Board would discontinue the
Boston Agency unless some such plans rere agreed u?on.
June 3, 1926. 25, 26
Curtiss calls un C.S.H. and objects to Federal Reserve notes
Cuba. C.S.H. said if he did not have so.ne olan for
dividing the profits, he feared the Board will abolish the
June 8, 1926. 32
Boston Agency.
Board voted to receive James' final nsoort on the Cuban Agency.
June 9, 1926. 35
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Federal Reserve Bank of St. Louis
5 0.
Cuban Agency, Havana (Contld.)
Ho)kins says to
t},at the Atlanta directors were very much
stirred un over Jaues stL,tement to them that 3 members of
the Federal Reserve Board had told him that they would not
vote to continue the adban Agency with the Atlanta 3an':,
unless Gov. Wellborn, :.cOrary and Campbell should resign.
June 10, 1926. 38, 39
James re2orted that he haa talked with Se 7. nellon who said the
State Department and the Cabinet still favored the continuation
of the Cuban Agency; that he was inclined to favor a consolidation
of both agencies into one, but that he felt this matter should
not be tLken up for the present, - at least until after Con(sress
adjourned.
June 10, 1926. 39, 40
Gov. Harding tells C.S.H. llat the letter he sent him last
TharsaV
about the Cuban Agency (saying Boston did not want to continue
unless all Federal Reserve notes were retired) - was read to his
directors and fully approved by them, although not formally
ratified; that his directors would fully approve if C.I.H.
should idove that Boston be discontinued and Atlanta given the
sole agency on condition that she keep on hand at least 15 millions
of lawful money other than Federal Reserve notes, and that she
redeem the outstandinc Federal Reserve notes as fast as presented,
paying the Federal Reserve Agent for them; t:lat this nrocess
would probably take 3 or 4 years.
Gov. Harding added that his letter was nersonal to C.S.H. but that
he had no objection to
sharing it to individual members
of the Board.
Jun,: 20, 19-6. 48, 49.
Platt, at the Ex -cutive CoAcittee meeting, read a letter from
New York stating thd Atlanta was keeping an insufficient suly
of currency at the Cuban Agency and asking the Fe .eral Reserve
Board to order an increase.
June 72, 1926. 53
at once said he was ready to move the appointment of .4agruder
as Assistant Federal Reserve :,qent (recommended by James in his
renort), so that a sufficient supjly of Fe_eral Reserve notes
could be kept at the Agency.
James said he should vote ac-inst this as the set up there was unfit,
iaezninc that Gov. Wellborn, ..cOrary and Cambell must first
be re.,oved.
C.S.H. milindea James that he ha_ recommende
in his re)ort, but all to no avail.
nagruleris appointment
The Board asked Eddy to wire Federal -.eserve Agent Newton as to the
amount of funds held at the Cuban Agency, and C.S.H. said he
would
a motion tomorrow.
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Federal Reserve Bank of St. Louis
51.
Cuban Agency (Contld.)
. mitted the situation was critical ',:nd
James was very ugly. He aL:
said the Federal Reserve Board was responsible, - meaning that
we should have re-oved Wellborn, :cCrary, and Can )bell long ago.
He was most unreasonable.
June 22, 1926. 53, 54
C.S.H. tells Board that Gov. Harding wished him to go on to the
directors meeting next week to discuss the Cuban Agency.
All of the Board agreed that he could go over, in confidence, he
whole situation with the directors.
S.H. said he thought the directors would like to withdraw from
the Cuban Agency if Feeral Reserve notes were to be continued
in circulation in Cuba.
.;.S.H. asked James whether the Boston directors, if they reached
this decision, should tell the Board so now or wait until the
Caa)bell investigation was finishe..
JameF, said it would make no :_ifference when they announced it.
July 7, 1926. 79
3.S.H. attends meeting of directors of Federal Reserve Bank of
Boston. The directors discue:sed the Cuban Agency matter and
we_-e of the unanimous opinion that tae;" should prefer to withdraw
from the Cuban Agency if the Federal Reserve notes were to remain
in circulation.
Gov. Harding told the Li-ectors that it was not inconceivable that the
Federal Reserve Bank o: Boston might incur so.Je liability if the
Atlanta Bank should fail prouvotly to nay cable transfers, and
C:S.H, concurred in this statement.
The
irectors felt strongly that they should know each week, at
least, just what funds Atlanta had at the Cuban Agency, and
directed Gov. Harding to write the Board and get Cais information.
3.2.H. said the Boston bank would be ;-iven a hearing before any
:ricl that he was authorized by the Board to
decision was
July 14, 1926. 82, 83
say this.
The Fe,eral Advisory Council reported in favor of one Cuban kency
but was rather equivocal as to which one should be chosen.
•Se2t. 17; 1923. 122
The Board :ives a hearing ol the Cuba' Agency.
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Federal Reserve Bank of St. Louis
52.
Cuban Acenv (Conttd.)
Present:
A Colaaittee of the clearing hoes of the Federal Reserve
District.
A Co,a.aittee of the Federal Reserve Bank of Atlanta.
Representatives of the National City Bank am! the Chase National,
New York.
Gov. Case
Gov. Norris
Federal Reserve _Lgent Curtiss
Oscar Wells made an o?ening argument for the Federal Reserve Bank of
Atlanta and he was followed by a number of bankers from that
District.
Re2resentatives of the National City Bank and Chase National Bank
s-)oke of the vital necessity of kee?inr, an Acency in Cuba.
All agreed that a joint agency had been proven tror:.cticable.
Curtiss said Boston desired to withdraw if Federal Reserve nites were
to be continued in circulation; that ex2erience had de:aonstrated
that a dual agency was not practicable; that a single agency
should be editablidhed to act for the whole Federal Reserve
Sjste:a, any Federal Reserve bank to be allowed to vitticillate
and to pay its share of the exnense, if it so esired.
No one objected to the designation of the Federal Reserve Bank of
Atlanta, -xcelot that Gov. Case, after stating that the
Feueral Reserve Bank of Nev' York did not want it, said that
the Board should carefully consider whet Federal Reserve bank
was best fitted for it. Gov. Case also filed a brief.
The National City Bank did not ask to be designated.
Nov. 12, 1926. 146
C.S.H., at the dinner at the Lietro7olitan Club given to the Board
by the Governors and Federal Reserve .gents as:ed Gov. Wellborn
to the attitude of the National City Bank on the Cuban
Agency but could get no answer from hLi as he was 21ainly under
the influence of liquor.
Nov. 12, 19:)6. 151
James and C.S.H. reoorted in favor of consolidating Boston and
Atlanta into a single Cuban ,gency to be managed by Atlanta,
begiuning January 1, 1927.
Dec. 7, 1926. 161
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Federal Reserve Bank of St. Louis
53.
Cuban Agency (Contid.)
Miller moved that the Board give notice that the Cuban Agency
would be discontinued after a given date.
Defeated:
Aye:
No:
Gov. C., Miller
C.S.H., Platt, James, Cunlingham
C.S.H. moved that the Atlanta District Com..dttee, - %S.H. and
James - be appointed to work out the details of a
consolidation of the two agencies and fatul'e operation by
Atlanta, said coiamittee to consult with a comlittee to be
ap2ointed by the Atlanta bank, and to report to the Board
for its final aplroval. Carried.
Dec. 7,1926. 163
See also - Camobell
Cunningham, Edward
Tells C.S.H. he had heard Gov. Morssis name mentioned for C.S.H.Is
place on the Federal Reserve Board while the Federal
'Advisory Council was here, but that it was not seriously
considered as Morss had retired from business and. wanted rest
May 29, 1926. 17
and quiet.
Says 'le is to see President Coolidge on another matter Friday, and
if a chance offers he will speak to him freely; that he
saw him yesterday and tried to lead up to the matter but
other matters got into the way.
May 29, 1926. 17
Said he saw President Coolidge in February and told him he always
went to :filer and C.S.H. for alviee, mentioning particularly
how curteots and fair C.S.H. always was; that Coolidge said,
"They are to fine men."
Cunningham said that if C.S.H. were not reanpointed it would be
sim,)ly because he was a Democrat, and that he would consider
this very poor Rentblicaapolitics.
C.S.H. went over the Mass, situation and told Cunningham, in strict
confidence, that if not reaoointed he might be drafted to
in for Governor in order to bring about harmony in the
Party in its fight against Sen. Butler.
Cunni-:dham said that Butler wauld undoubtedly be guided by purely
selfish motives, but he railed to see how he could view the
:reappointment.
situation other than 'E-vorably to 2.S.H.1
FL- also said. he should tell Coolidge that C.S.H. was a farmer and
a member of the Gran7e.
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Federal Reserve Bank of St. Louis
54.
Cunningham, Edward (Contld.)
He expressed perfect confident that if reap:)ointed, there would be
no op)ositLon in the Senate to 2onfinmation.
nay 29, 1996. 17, 18.
.-.aye his xo?ointment with CoolidLe ha- been postponed but that he
will see him within a day or two.
He said he had talked with s'weral men high u-o in Republican
politics, within the 1st two lays and that they all
said the betting was on C.S.H.
He is very loyal
nd kind.
June 1, 1923. 21
Tells Board he and James rather favored the Hull amendment to the
McFadden branch bank bill, but as a matter of compromise he
thought it should be elimnated in order th:t the bill
might pass.
June 2, 1926. 24
Tells C.S.H. he has heard definitely, a couple of days qgo, that
C.3.H.'s reappointment has been all "set up" and that
Coolidge was to decide just when to send 0.3.H.'s name to
the Senate.
C.S.H. said, "Are you sure of this?"
Cunningham said "Absolutely.
are a luc17 man:"
You need not worry any further.
You
C.S.H. said he should dismiss the matter from his mind, on that
assurance, and he replie., "That is rir.ht."
Cunnindlam clic: not reveal the source of his authority but I.S.H.
believes it was Coolidge, as he _aid some time ago he
was to see him last week.
thine 7, 1926. 28, 29
Is present at Board ineeting when iarrison read extracts from
Gov. Strong's letters as to the French situation.
June 17, 1928. 43
May tells C.S.H. that Cunningham is in Johns Hopkins hospital .nd
will be there 3 weeks but will return next Wednesday
for the Campbell hearing.
June 19, 1926. 45, 46
C.S.H. info:.:11..s Howard, Counsel for Canpbell, that Cunninham
can not be present at the Cam?be 1 hearing set for tomorrow.
1926. 53
June
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Federal Reserve Bank of St. Louis
55.
Ounninzham, Edward (Contid.)
James said Cunningham had had a set back ani would have to remain
at the hospital for at least 80 days.
June 22, 1926. 53
Could not attend when
in the hospital.
took oath of office
July 9, 1926. 81
s he was still
C.S.H. calls on CunlAngham at his apartment in Washington. He has
wasted to about 120 lbs. and looks almost like a skeleton.
July 2'=, 1926. 89
Votes with Iiller and O.S.H. that the suggestion that the System
account may be diminished or increased by 50 millions be not
accepted by Federal Rese:ve Board.
Sept. 10, 1926. 121
Votes that system account should be maintained as at present
from 200 to 210 millions.
Set. 10, 1926. 122
Votes to prohibit Federal Reserve Bank of New :ork from charging a
comAssion on purchase of bills from Bank of Belgium.
Oct. 5, 1926. 126
Votes against 0.S.H.Is motion to approve the commission.
Oct. 5, 1926. 127
Tells Platt he will vote to censure Campbell but not to remove him.
Oct. 7, 1926. 128, 129
Votes for James motion to expel Campbell.
Oct. 7, 1926. 130
Votes against Platt's motion to approve a 6,40 minimum rate for
purchase of Belgian bills by Fe-eral Reserve Bank of New fork
Oct. 19, 1926. 133
Votes against C.S.H.Is ..,otion to lay on table James motion to
notify LIcCrary that Board will remove him if he does not
resign.
Oct. 19, 1926. 135
Moves that the evidence does not warrant the removal of :IcCrary
Passed.
Oct. 19, 1926. 136
Votes against :diner's motion to summon McCrary and put further
questions to him.
Oct. 19, 1926. 136
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Federal Reserve Bank of St. Louis
56.
Cuban Agency (Contld.)
Votes against Miller's motion that Cuban k-ency be abolished.
Dec. 7, 1926. 163
Says that Fe eral Reserve Bank of Boston needs new blood, and
intimates he will vote against Curtiss.
Dec. 15, 1926. 165
Defends Federal Reserve .gent De3a.In on ground that he has
served such a short time.
Dec. 15, 1926. 165
0.3.H. suspects Uller has been caucusing with James and Cunningham
on subject of Curtiss.
Dec. 15, 1926. 166
Votes against Gov. Case's reouest that the Board hold an Open
Market Committee meeting in New :ork on the day of the Jay
dinner.
Tee. 15, 1926. 166, 167
Votes against increasing BurEess, salary from $10,000 to $15,000.
7ec. 22, 1926. 180
Votes .against increasing the salary of Philbin, Assistant Counsel
and Secretari of the Federal Reserve Bank, New 'Z'ork, from
$7500 to $9000.
ec. 22, 1926. 181
Cunningham, Mrs.
See - Chronological table
Curtiss, Federal Reserve Agent, Boston
C.S.H. calls up Curtiss
Curtiss said that Bowman had sent his letter about C.S.H. to
Attorney General Sargent.
June 1, 1926. 21
Said there was no truth in rumor that Gov. Morss wanted 0.S.H.Is
place; that he positively kner he would not accent it even
if tendered to him.
June 1, 1926. 21
Calls up C.S.H. and says Charles Tyler told him
had been in Boston and had seen him, that he
semre su?)ort in his effort to get C.S.H.'s
June 2,1926.
that ::cFadj.en
carne on to
position.
24
Curtiss said he had heard nothing new about C.S.H. reapnointment;
that all seemed to be well; that he had licard of no one who
wanted the nlace and that he certainly would hear if anyone's
name appeared.
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Federal Reserve Bank of St. Louis
57.
Curtiss, Federal Reserve Agent, Boston (Cont'.)
C.
told him of licriadden and he said he had heard of this
evidently from Tyler.
He said the only daner was that Sen. Butler might demand the
appointment of a Republican.
June 6, 1926. 33
that Curtiss has a vague idea, but no
Gov. Harding tells
proof, that Wing may II: ve some one in mind.
June 20, 1926. 47
Curtiss tells 3.S.H. in Boston that he coUd do nothing with Wing;
that evidently some force behind Wing was pulling him back;
that he had rason to believe it ;.as Paul Warburg; that certain
officers of the Feieral Reserve 3ank of New '17ork were oposing
3..H. and nushin,7 Gov. Norris; that Gov. Case was one.
July 14, 197.6. 82
that if Bowman resigned t once from his 1:altual Savins
Tells
Bank and another election ordered, it would cause such surprise
that it might result in a ran en the bank.
July 14, 1926. 83, 64
C.S.H. feels that Curtiss must have been mistaken about Gov. Case
as he received a very warm note from hit ard another note from
him conveying Gov. Strong's congratulations.
July 15, 1926. 85
James violently opposed granting of Curtiss's application for an
extra month's leave to To abroad because of illness.
Finally the application was asoroved.
July 2, 1926. 91, 92
Curtiss, speaking of :Oiler's dislike for him, said that the
reason for it was that :liner, at some meeting at which he,
Wills and others were present, made such a shocking pro-Getman
remark, that some one of those nresent informed the Attorney
General's Lepartuent which at once ordered an investigzAiln by
the Secret Service; that a Secret Service man came to him but
he gave him no satisfcction; that he was not the one who
infonued the Mtorney General, nor does he remember, if he
ever knew, who the informer was; that he believed that aller
thought he must have been the informer, and hence violently
disliked him.
Nov. 6, 1926. 144
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Federal Reserve Bank of St. Louis
Curtiss, FeJral Reserve Acent, Boston (Cont'd.)
Curtiss is present at the Board's hearin2 on the Cubp.n
Nov. 12, 1925. 146
See - Cuban Agency
Board takes up the ap)ointment of Chairmen :lid Federal Reserve
Agents.
.S.H. and Platt re)orted - for the Boston Co.raittee- ti t Curtit;s
Should be re-2.,:iointed.
made a savage attack on Curtiss.
C.S.H. .nd Platt sA.0 Curtiss was one cc' the be:'t in the Syste-LL.
James said he Should vote against Curtiss unless the Board agreed
to tell him that it elected him only to 1.ve hilL an op)ortunity
to arrance his affirs as he ould not be aesirmated for 1928.
C.S.H. and Platt asked for time in \:iich to prove the justness of
their report in favor of Curtiss an reiterated that he was one
of the best chairmen in the system.
, en now, Curtiss would be
Gov. O. intimEAed that if a vote were t.-2.:
defeated, unless he was notified as James suuested.
Gov. 3, said he had heard objections to Curtiss.
C.S.H. asked if they came from the Federal -ational Bank, but Cov. C.
would dive no answer.
Tven Cunninbham said he felt Boston needed new blood, although he
admitted that he knew nothing t-.bout Curtiss.
C.S.H. said the only course to 7ollow was to elect Curtiss and others
unqualifiedly, for otherwise he, and the other Chairmen, Austin,
etc., would indedlately 1-esier. and it would seriously affect the
Pe era]. Reserve System to have C or 4 simultaneous resignations.
added that the Board had a perfect riht, at any time, after
the detignation of Curtiss or anyone else, to take -,k) the
question of .11:,t the Board ould do as to them for 1926.
.H. sugEested an =equivocal designation of Curtiss, Aastia,
Heath, and others, Llif_ that the Board vote to take ul) the question
Finally, this was arreed to.
of 1928, on say Jan. 15, 1927,
Dec. 1C, 1926. 134, 165
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Federal Reserve Bank of St. Louis
59.
Curtiss, Pederal Reserve :cent (Contle..)
C..H. believes Miller has been caucusing with James and Cunnin -ham
for they know nothing about Curtiss.
7ec, 15, 1926, 165, 166
C.S.H. believes Miller hates Curtiss because of the Secret Service
inquiry above referred to. :ec. 15, 1926. 166
See - Cuban Agency
-DDavis, Liz's. John T.
62, 63, 64
See - Brewster, Sidney
Dares Comidssion
Jay has resigned as Chairman and eder,:.1 Reserve Igent of iew .ork
to abcent a place on the, tendered him by Gilbert.
Dec. 20, 1926. 179
Dawes, Vice President
Speaks at diner given to the Pederal Reserve Board by the Chairmen an,:
Governors at the Metro)olitan Club, on conditions in Europe.
He naid a high tribute to President Wilson, sayirw he was one of the
greatest mensin the world, and the gretest leader of idealism,
but that he vas ahead of his time.
He also said that the elections of 1920 and 1924 merely represented
the desire of the peo)le for quietude and rest.
Nov. 11, 1926. 149
Dear, Mrs. 62, 63
See - Brewster, Sidney
DeCamp, Federal Reserve Agent, Cleveland
- Gov. C. says DeCamp is a cons-Dicuous failure, but that he had
recommended him for reap-2ointment because of the great pressure
brought in his behalfr evidently r(7ferring to ec. Mellen.
Miller and Ounnineham began to make excuse:- for DeCamp, saying he
had served such a short time, evidently to avoid antagonizinE
Sec. Mellon.
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Federal Reserve Bank of St. Louis
so.
DeCamp, Federal 7.eserve Agent, Cleveland (Contld.)
Gov. C. had asked j...H., as one of the Cleveland Committee, to join
with him in recomuending DeCamp without saying anything about
great or any pressure.
Dec. 15, 19''- 6. 163
Delano, F. A.
Glass says he wrote, a letter objectind to cutting down the number of
Federal Reserve banks Which Attorney General Grecory borrowed
while preparing his opinion.
Glass said he liked Delano and originally thought he would make a good
meuber of the Board, but later was gravely disappointed in him.
June 7, 1926. 34, 35
Writes C.2.H. a warm letter of congratulation on his reqopointment.
Aug. 2, 1926. 96
Delano told H.P.H. that Castle told him he woul not insult his friends
by not providing theLl .A.th wine or dinner.
Dec. 3, 1926. 158
Denman
We meet :Jr. Denman at lunch with Dr. Miller.
Denman asked Miller when he was to bring out his eulogy on Wilson'
May 30, 1926. 20
Dewey, Assistant Secretary
Was present at Board meeting when Harrison read extracts from
Gav. Stroncis letters about the European situation.
June 17, 1926. 43
Discount rates
Harrison telephones Gov. O. that the New York directors are in
doubt as to increasing, and wish to know if the Board will sustain
them if they ask for an increase.
Aug. 4, 1926. 99
Gov. C. gave a very patchy account of his talk with Harrison,
mentioning no directors by naue; he said Gov. Case v,as away.
Gov. C. strongly favored an increase.
Goldenweiser was present 'aid also favored an increase, but said
there vas no need for this on purely caiamercial grounds. He
said the Bank of England rate was 5; that customers rates werclout 4,
,k,; as against the Federal Reserve rate of 4;01 ; that
there was much s2eculation on the stodk exdhange.
In re-Aj to C.S.H. he aalitted that production was incr(asing and
-)rices practically stable.
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Federal Reserve Bank of St. Louis
61.
Discount rtes (Contid.)
A.S.H. said he must know worezbout New work comlitions frow
the directors before deciding the question.
All agreed that if rates needed to be increased this was a good
\./
psychological time to make an increa, e.
James said the New York directors evidently wished td'pass the
buclz" to the Board so that, if anythin .ent wrong, the
Board and not the directors would be res-Jonsible.
James also said he was ready to vote to put in a 4% rate on our
own initiative, whether or not the directors wanted it.
C.S.H. s'aggested that we inform the directors that if the7 reached
the conclusion that rates should be increased and should so
avise the Board, it wokild give careful consideration to such
a recommendation, and that we should add, that if it be finally
deteralined that an increase should be made, the present was a
good psychological time for the increase.
All objected to this.
Finally it was proposed that the Board should reply that if the
directors recoLlaend an increase, the Board will aprove it.
C.S.H. objected on the ground that the Board had not sufficient
knowledge of conditions to announce in advance what it will do.
Finally it was decided to inform them that if they recommended an
increase, a majority of those present would ap)rove it.
C.S.H. insisted on nutting in the v.ord "majority."
C.S.H. is amazed that the Board members favored an increase, for
if wade it would look as if the Board were at odds with
President Coolidge who has just given out an ihterview
proclaiming the prosperous aad sound coniition of the country.
If rate increases were really necessary, we should ayorove them,
but C.S.H. sees no necessity at the preFent time.
Aug. 4, 1926. 99, 100, 101
\I
Gov. C. says that Harrison told him that Gov. Strong had cabled
favoring an increase of discount rates and suggesting careful
consideration whether the increase should not be 1';01 instead of
Aug. 11, 1926. 107
1/2 of 1%.
O.S.H. thinks the Bank of EnL;land wants to increare its discount
rate and wants it ilohle easier to do by first having the
Pederal Reserve Bank of Ye- York increase its rate.
Auc. 11, 1926. 107
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Federal Reserve Bank of St. Louis
62.
Discount rates (Gontld.)
Gov. 3. said rather contemptuously thrt the directors of the
Federal Reserve Bank of Nevi :cokfixed discount rates with
principal regard to stock market conditions, yet a minute
later he said he 'avored higher rates in order to stop
stock exchange speculation.
Aug. 11, 1926. 107
C.S.H. does not believe in incresing discount rates, here there
is no ca.L.Lercial necessity, thus possibly penalizing business
and agriculture, for the sole )urpose.of regulatin- the .7. Y.
stock exchange.
Aug. 11, 1926. 107
C.S.H. realizes, however, that at the present ti.Ae there is a spread
of 3. o4 between customers rates and our discount rate aneit may
be rise to taLce up this slack.
Luc 11, 1926. 107, 108
'0.!(0 •
Gov. Seay protests to Open Market Lio :Aittee -.fp..inst taking funds
from the market by sales of securi . ies at thi2 time when
interest rates are rising and crops are being moved. Such
action, he says, coming on top of the increase in discount
rates, will further put up customers rntes and will cast
a chill over business Which has managed to survive splendidly
in spite of the oracles and sign readers who depicted decline
and depression. He said that; business does not need a chill
but rather encouragement at a time when commodity prices and
construction work are shoring hesitancy and declining tendencies;
that rising interest rates will have an unfavorable influence on
Treasury September financing. Gov. Seay asked that this be
shown to the Federal Reserve Board and other Federal Reserve
banks.
Auc. 18, 1926. 111, 112
C.S.H. believes Gov. Seay is rirht and should have so voted hnd he
been present.
Aug. 18, 1926. 112
C. .H. voted 'or the rate increase but very regretfully and only
because Gov. Strong favored a 1% increase.
Aug. 18, 1926. 112
Winston also favored the increase.
Aug. 18, 196. 112
See also - Bank of Belgium
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Federal Reserve Bank of St. Louis
63.
3arly
-.21arly, a member of the Tenn, legislature and a loyybist,calls
on O. .H.with Cordell Hull and Cong. Byrnes, and urges the
Board to suggest to the Feder-1 Reserve Bank of Atlanta some
settlement of the claim of Caldwell, of the Fourth-First National
Bank of Tenn.
C.S.H. said the matter was absolutely for the Federal Reserve Bank
of Atlanta to decide; that the Board had so ruled in the same
case many times before, but he would be clad to go over the record
their convenience.
with them again
July 7, 1926. 78
Later in the day early called alone on C.S.H., who asked him to put
what he had to say in writing, which he did not seem willing to do.
He denied that the repurchase n7reement authorized the Fe eral
Reserve Bank to force Caldwell to buy back the bonds in 60 days
notice, whenever their price rosc to rho book value on the bank's
books.
saying he had worked hard to get him
He tried to wheedle
confinie , spealdng to many Senators.
James said that so.ae time (=Igo he threatened to block the McFadden
bill as to the recharter of the Federal Reserve banks, if he
(James) did not direct the Federal Reserve Bank of Atlanta to
settle the case or to agree to arbitrate Caldwell's claim.
C.S.H. feels that the Federal Reserve ban: went almost too far in
helping Caldwell. It bought these bonds from him at a price
far above their market value, with an agreement that he ciuld
repurchase them, on 60 days notice, whenever the price rose to
the book value on the bank's books. Caldwell, however, was not
satisfied with this, but wanted to hold them for a further advance.
Later he se t a notioe to his stockholders showing a large profit
from the transacti n.
July 7, 1926. 76, 79
Election day, 1926
Gaston defeated by 187,000.
Walsh elected by over X,000.
Nov. 7, 1926. 143
C.S.H. voted the straight Democratic ticket.
'ov. 2, 1926. 143
Franklin
Unable to serve as ball bearer at funeral of Canon Walden
Aug. 14, 1926. 109
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Federal Reserve Bank of St. Louis
64.
Examination of state banks.
102, 105, 103
See - State banks
Executive offioers, Rirht of 2resident to reuove. 163
See - Brandeis.
Ex2iration of office of
.H. Second term.
Au. 9, 1923. 103
-rrancher, Gov.
Strongly favors C.S.H. for real- ointment.
bankers are all for him.
June 21, 1923. 52
Fe_eral Advisory Council
Board meets with.
Says Cleveland
May 21, 19-6, 1
In answer to the c:uestion, "What is the function of New fork
call loans in our ban.:Ilag systeu as mo,1Ifted by the
Federal Res2rve Act," the Council re-oiled:The New York ca1.1 money
'ket affords the basis of a
desirable secondary reserve for banks throughout the
country.
Miller objected to this as not going
wentinL to fortify his statement
Committee that the Act should be
counts for member banks carrying
far enougli, etidently
to the Banking and Currency
amended to forbid rediss2eculative loans.
long debate followed but the Council refused to add anything
to its reply.
Ale.%ander said that as a general princiole banks should reduce
call loans and holdings of Government securities before
redLcounting, but where deposits were suddenly reduced and
oash needed only for a few days, it would be perfectly
proper to rediscount rather than to disturb the market by
calling loans which would merely result in new loans to
replace the ones
Alexander s:.id that banks should sell liquid paper as ell as
callin„: in loans when in need of funds; that the 7:hole
question was one of - bankini. -prudence and judgment; that if
any bank should rediscount to invest the proceeds in oall
loans a word from the Federal Reerve bank would be sufficient;
•
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Federal Reserve Bank of St. Louis
65.
iederal Advisory Council (Contld.)
that he believed such practice was not frequent; that no
prudent banker would incur a
to the Federal Reserve
bank for such a purpose. The feeling in the Council was
unantaaus against any change in the Federal Reserve Act.
C.S.H. exi)lainea that the Federal Reserve let did not prevent
menber banks from sending funds to Nev: York banks, but
merely nrovirl,ed that funds so sent could not serve as
reserves.
::et:.iore said the damage caused by the break in the New York
Stock Exdhan&e was not nearly as great as the recent real
estate speculation.
Alexander said it was marvellous that 700 millions could be taken
from the call loan market without any an?reciably injury to
agriculture and comaerce.
The Attemnt to check stock exchange soeculation by increasing
discount rtes was generally deprecated.
Rue pointed out
that higher discount rates meant higher call loan rates.
Alexander
C.S.H. was right in Lnferrinc that the Council
did not intend to lay down as any rigid rule of ?
- rocedure:
1. Call loans. 2. Sell investaents. 3. Rediscounts.
Alexander said the break on the stock exchange was caused by
an
inflation of stock values.
May 21, 1926. 1 to 6
Platt says he thinks the Council has taken no action as to
J.S.H.Is reappoint...lent, but that he had talked with way of
them and that they were all unanimous in the feeling that
0.3..H. should be rea-»ointed,
es-)ecially Ur. Wetmore of
Chicago and Mr. Coulton of Cleveland; that they all agreed
that Wadden would be im-)ossible.
May V:, 1926. 13
=11er tells C.S.H. that Warburg and :Atchell of Chicago
had a
resolution drawn in his favor for reao7oint1uent, which they
wished the Council to jass (then in session, May 1924);
that he objected on the :round that the Council had no
right to mace recorsaen.,ations for office.
See - Eiller.
Aug. 26, 1926. 113
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Federal Reserve Bank of St. Louis
Federal Advisory 3 ,uoacil (Contli.)
Board has prelimnary conference with Federal Advisory Council.
Sept. 1, 1926. 122
Board meets formally with the Council.
The Council re)orted in favor of only one agency in Cuba, and
rather .e7hica1ly as to Clat Federal Reserve bank should
have it.
Miller gave an address on his European tri?.
Sept. 17, 1923.
122, 123
The Council gathe .ed for tomorrow's meeting.
Mr. Coulton fell down Treasury stairs and was taken to 7mPrgency
Hospital unconscious.
7ov. 16, 1926. 155
Meeting of Council.
Nov. 19, 1926. 155
Glass prepares a new Chapter for his book, - the conference of
May 1920, between Federal Reserve Board, Federal Advisory
Council and Class A irectors. lsks C.S.H. to loo': it
Dec. 7, 192,6. 161, 162
Federal National Bank
C.S.H. asks Gov. 3. if the, objected to Curtiss as Chairman.
Gov. C. Later said he had not, and. spoke pleasantly about him if
not enthusiastically.
Dec. 15, 1926. 164
Federal Reserve Act
0.6.H, explains to Federal Advisory Council the affect of, on
funds sent to Ne. Thrk corresnondmts, - that they could not
serve as reserves, but they could still send tem.
May 21, 1926. 5
The Federal Advisory Council unanLayusly op)ose any amendment
prohibiting use of rediscounts for s)eculative lurposes.
May 21, 1926. 5
0.6.H. sends Glass surrcrestions after reading his book on Federal
Reserve Act.
Aug. 27, 1926. 11/1, 115
Federal Reserve Agent, New York
Board consi.ers successor to Jay.
See - Federal Resrve Ban:, Ne -. York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
67.
Federal Reserve Agent, Assistant.
97, 99
See - Pcderal Rese,Te Bank, Atlanta.
i'eLerd Reserve Agents
Board has conference rith.
Nov. 14, 1926. 143
Give a dinner to Board A.th the Governors, at netropolitan
Club. C.S.H. and Vice President Dawes s?eak.
Gov. Norris presides.
Nov. 11, 1926. 149
Board take2. up appointment of, for 1927.
Reap2oints all whose terms are expiring but votes to take
un on January 15, 1927, cuestion of advising some
of them that they will not be designated for 1928.
Dec. 15, 1926. 164, 105, 166
See - Curtiss
Federal Reserve Bank of Atlanta
Board directs Herson to examine, ith the help of the
Deoartment of Justice, the bank esnecially as to all
sales of collateral pledged by embarrassed banks.
July 2, 1926. 71
Board confers with two agents of Department of Justice as to
their examination of the Federal Reserve Bank of Atlanta,
they to be ap)ointed Assistant Examiners.
Gov. C. tells them of one case where the bank sold collateral
pledged by the President to the wife of the President,
to whom he had transferred all his pro,)ertj, fot a nominal
sum and also transferred to her its claim against the
President's bank.
The Board directed tiler also to investigate all charge-offs
for bad debts.
Juli 7, 1926. 76, 77
See - McCrary
Herson tells Board that the practice of the Federal Reserve
Bank of Atlanta to zive an attendance fee to aLl
directors who happen to come to meeting of the Executive
Committee is coAmon to all banks.
J aly 7, 1926. 77, 78.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
68.
Federal Reserve Bank of Atlanta (Cont'd.)
Mr. Early, Cong. Hull and Cong. Byrne, call _lid discuss
Caldwell's clata vs. Federal Res - rve Bank of Atlanta.
July 7, 1926. 78, 79
See - Early
Herson gives Board co.y of a letter, taken from the files of the
Federal Reserve Bank of Atlanta, from Under Secretary Winston
to Gov. Wellborn, urging him to do al in his power to
assist -embarrassed banks, also copy of Gov. Wellborn's renly,
dated Jaly 20, 1926, giving a review of what the bank had
done, also quoting a letter of Governor Wellborn, written
some time ago, strongly praising his work.
July 23, 1926. 91
Board ap?oints an ,
Issistant Federal Reserve Agent for Atlanta bank.
Gov. C. made the suggestion but Board did not act until
Federal Reserve Agent Newton and Gov. Wellborn asked for
it.
His duties will be to help the member banks -rat their paper into
eligible shape and give them general assistance.
James at first aloroved this but voted Rgainst it in the E::ecutive
Committee meeting.
Finally he voted for it very reluctantly, s_ying nothing co Lid, be
done until the whole Atlanta outfit was cleaned out.
Aug. 3, 1926. 97, 98
Herson's re,?ort on Atlanta Bank was laid before the Board. It
disclosed little that was new. It made some criticisms, some
of real importance, but most o' which were not vital.
He said in the renort that there was no ho)e of satisfactory operati
on
until the "one man power* - meaning ?rov. Wellborn - was
eliminated.
The re?ort was referred to the Atlanta :;o_.ittee.
James said he had read it and .1.S.H. said he wanted to study
it.
Aug. 3, 1926, 98
Board ap)ointed an Assistant Fef,eral Reserve Agent for .Atlanta in
accordance with a request from Federal Reserve Agent Nevton
and :;ov. Wellborn.. Aug. 4, 1926. 99
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Federal Reserve Bank of St. Louis
69.
Federal Rezerve Bank of 2,t1anta (Contid.)
C.S.H. files a memorandum asking tat Hereon explain his reference
to "one man pow' and state briefly just what his conclusions
were as to the standard of efficiency of the Atlanta Bank.
Aug. 4, 1926. 101, 102
James raised no objection to the inquiries re by 1% •H.
Aug. 6, 1926. 102
The Atlanta Cormittee said that Gov. Wellborn, if reelected, would
positively refuse to serve longer than to the end of 1927.
Dec. 6, 1926. 161
See - Cam .bell
Cuban Agency
Hopkins
Federal Reserve Bank of Bo!.ton
Boston directors ask C..H. to attend meeting next vie -ic.
July 7, 1926. 79
attends meeting of Boston ::irectors.
July 14, 1926. 82, K, 84
See - Bowman
Cuban Agency
Board takes up question of a namIthlet issued by the Federal Reserve
bank on the Federal Reserve System.
All agreed
hlet was a vel%; poor one.
Gov. J. ,m7, James Ranted Board to notify every member bank in
district of its disapproval.
Gold(mweiser gave a memorandum of criticisms.
J.S.H. doubted powers of iloard to interfere; that it was not a
good article.
j.%:.H. moved, as a com-)ramise:
1. Bank be advised it should have submitted the article
for apjroval "before sending it out.
Co y o: Goldenwei:er's criticisri be sent to bank.
3.
Advise bank Board does iclt apjrove it in -oresent forp.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
• 70.
Federal Reserve Bank of Boston
Coitld)
4. Bank to be told it should be revised before any further
use ma,le of it.
Goldenweiser suggested that he write a letter instead of his
memorandum.
James said. the memorandun. should be sent.
H. pointed out that the memorandum stated that the .)am:hlot
tried to diminish the importance of the Federal Reserve Boar,d;
that if the Board publicly assigned this as one reason of
disa-22roval it would make us ridiculous thraueftaut te country.
James said we were that already, but withdrew his objection
:..H.Is motion was passed.
1926. 92, 93, 94
July
C.S.H. attends stockholders meeting of Federal Reserve bank and
Oct. -9, 1926. 1A2
delivers an address.
See - Curtiss
Cuban Agency
Hanlin; Reap9ointment
Federal Reserve Bank of New York
Colliptroller of currency says that McFadden wants passage of a
Board and
resolution of investigatian of Feeral Rese
Federal Reserve Bank of Nev. York to shov, that their credit
policy had caused prices to advance.
July 2,1926. 70.
Curtiss tells C.S.H. that certain officers of, o)josed C.S.H.Is
reapointment, Aentioning snecifically Gov. Case.
July 14, 1926. 82
See - Case
Curtiss
Board grants apnlication of Capital National Bank for trust novers
over protest of Jay and the directors.
Aug. 11, 1976. 104
Gov. C. says C,at directors of Fe_eral Reserve Bank of 1:er York
adjust discount rates solely with a vier to the condition of
the New York Stock exchange market.
Aug. 11, 1926. 107
See - Discount rates
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
71.
Fe_eral Reserve Bank of NeY :ork (Contld.)
Board appro-ies ap21ication of Federal Reserve Bank to increase
discount rates from 3A- to 4%.
Aug. 12, 1926. 108
See - Discount 1...tes
Miller and James seem determined never to gnint any reque!,-t of
the Feeral Reserve Bank of New York.
Oct. 5, 1926, 127
Sec. Mellon tells C.S.H. he is much disturbed as to the Lack of
confidence of certain members in :he directors of the Federal
Reserve Bank of New York.
Oct. 5, 1926. 127
says he would have been disposed to &grecs to the 6-,O minimum
rate for purchase of bills from the Dank of Belgium, if the
directors of the Federal Reserve Bank of New York had treated
with respect the suggestion of the Board as to eliminating
eonl.dssions.
Oct. 19, 1926. 132
Miller tried
so that
Reserve
central
to have Board's minutes on the Belgian agreement changed
it would not show that Board authori7ed the Federal
Bank of New :ork to enter into a consortium Lith European
banks as to the Belgian credit.
Miller said he 7,ould never agree to the Federal Res rve bank entering
s-,ch a consortium.
C.S.H. obje:ted tochanging the records, pointing out that the BoL,rd
had ap)roved this consortium.
Oct. 20, 19'-'6. 137
Board considers successor to Jay as Chairman pnd Federal Reserve Agent.
Killer said Warburg should be offered it.
James said the New York district shouiZ. 2enort an this.
C.S.H. suggested Alexander as a possible choice.
ks Platt was away, nothin . further was done.
Dec.
1926. 158
Gov. C. seems enthusiastic for Warburg.
Miller asked C.S.H. to come into his office.
He was enthusiastic for Warburg.
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Federal Reserve Bank of St. Louis
72.
Federal Reserve Bank of Yew York (Centld.)
•
He said the New York directors ahd suggested lov. Case, Harrison
and Burgess; that Gov. Case did not want it but would take
it as a matter of duty, if offered; t'1'.-Lat Harrison did not
rant it; that the New York directors really wanted Burgess;
that Burgess was a good man for Fede .2a1 Reserve agent, but
would be dominated by Gov. Strong if made Chairman.
C.S.H. said that of course Warburg was eminently qualified for the
place but he feared he would not work in cooperation with
Gov. Strong; that while the Federal Reserve Act looked on the
Chairman as the highest officer, a status had been created in
.
7er York where Strong was a 7otent factor, perhaps overbllancinj:
Jay, although they cooperated together perfectly; that he
feared Warburg would seek to dominate Strong, and, v.ith his
lack of tact, there mLght be trouble frau the start; that no one.
should be an-)ointed offensive to Gov. Stronr: or to the directors.
C.S.H. also said he reGarded Burgess as well qualified, and he felt
he would cooperate with Gov. Strong; that in view of the existing
status at 7ew York, he felt the Board should carefully consider
whether Burgess would not be the best man; that he believed
Gov. Strong would cooperate with him without dominating him.
Miller said that Alexander refused to take Warburg back into his
bank after he hal left the Peaeral Reserve Board on the ground
that he did not want any director who had been closely
affiliated with a prominant banking house such as Kuhn, Loeb
Dec. 4, 1926. 158, 159, 160
& Company.
C.S.H. then went in to see Sec. Mellon.
Sec. Mellon strongly favored Burgess an.: seemed rather disturbed
at the surgyestion of Warburg. He said he Y,oulitell Gov. C.
he wished to be present when the matter was taken up.
Dec. 4, 1926. 160
3.j.H. believes the au- ointment of Warburg would throw the
New :ork bank into confusion and that probably Gov. Strong
would resign, altho he believes Warburg is qualified for the
position.
Dec. 4, 1926. 160
C.S.H. b lieves Jas and Miller will do anything to thwart the
New _ork directors.
Dec. 15, 1926. 167
C.S.H. leaves for New York to confer with the 7ew _ork directors
and attend the JAviinner.
Sunday, Dec. 19, 1926. 178
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Federal Reserve Bank of St. Louis
73.
•
Federal Reserve Bank of Ne
York (Contld.)
C.S.H. spends day at Federal Res.-.rve Bank, New York
Drove from University Club
ith Mr. Treman, a director.
Has an informal conference with Open Mar°i:et Commit'ee.
All of the Open nnrket Committee except Gov. H. were present.
Gov. C., Miller, 1.1d
7:ere also there.
We lunched tog-ether at 1 p.m. and later attended meeting of
. Executive Committee. '
At 7:30 '7e attended the dinner to Jay at the University Club.
Miller did not attend the
in the evening."
pleading an "engagement in Washington
Miller dislikes Jay so that he evid,mtly does not wish to dine in
his honor. He dic., however, stay for the lunch.
Gov. C. said he was too ill to attend the linner.
At the dinner there were about 50 in all.
C.S.H. spoke, and also 2lat., Owen Younc, Treman, Gilbert and
Gov. Case.
Gov. Calkins and Federal Reserve Ant Neton
came on from San Francisco for the dinner, returning the
next day.
C.C.H. left for Washin=ton on the midnisht train.
Dec. 20, 1926. 179
Board took un consideration of salary increases recommended by
the New York, directors.
C.S.H. n.oved approval of the proposed increase in salary of Burgess,
Assistant Federal Reserve Agent from $10,000 to $15,000.
Miller and James strenuously o-pflosed this.
Lost on tie vote:
Are: Gov. O., Platt, C.c3.H?
No: Miller, James, Cunninsham
Finally Miller suErested o $3000 increase which was voted.
Dee. 22, 1923. 180
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Federal Reserve Bank of St. Louis
74.
Federal Reserve Bank of New York (Contld.)
C.S.H. feels that the New York directors, Who all wanted Burges to
succeed Jay, will tai this as a direct blow at them, - which
was undoubtedly What was intended by Miller and James.
Dec. 22,1926. 180
C.S.H. moved aporoval of proposed increase ardalary for 2hilbin,
Assistant Counsel and Secretary of the Bank, from $7500 to $9000.
C.S.H. said Wyatt did not approve this increase for his services as
Counsel but said he t ought the work as secretar/ warranted this
increase of $1500.
Lost on tote:
AYe: C.S.H., Platt
No: niller, James, Cunningham
Not voting: Gov. C.
-ec. 22, 1926. 180, 181
Board considers rzcom:Jandatim to increase the salary of the Chief
Engineer from $6500 to $7000 and of the Superintendent of the
building from $9000 to 00,000.
The Co..klittee on Zxpenditures reported. these to the Baird without
re commenda.t ion.
The majority at first voted against both recommendations, but finally
directed Eddy to ascertain from outsi,:e sources, and not through
the Bank, that salaries were -Jaid in other comnarable buildings
in New York.
There was another slap at the directors.
Dec. 28, 1926. 183
Board,at niller's request, ta.-:es 12,9 the report o' Goldenweiser that
Carl Snyder, Statistician, be drop ted from the rolls of the
Federal Reserve Bank.
Dr. Ste art also, it seems, had m,de a si liar report.
said Snyder was an able man and that his ork on production
and price trends was well done and may be of future importance;
that he was not sure that Snyder's predictions were not correct,
but that it was not work the Federal Reserve Bank should und:xtake.
C.S.H. and Platt said the Board had no authority to forbid a Federal
Reserve bank engaging ih this kind of statistical work, if it
'esired to do so, rIld pointed out the valuable work o Snyder on
bi-weekly sumnaries issued by the Bark.
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Federal Reserve Bank of St. Louis
75.
Federal Reserve Bank of '.:ew 'fork (Contld.)
:filer moved to ap-)rove the recommendation of Goldenweicer.
On vote, t.As was :lassed:
Aye: Gov. C.,
James, Cun-7Anfham
Yo: C..H., 2latt
Dec.
1926. 18Z, 184
C.S.H. can not avoid the feeling that Dr. Stewart and Goldenweiser
are nrofessionally jealous of Snyder, as his work is
quoted over the country more than any 'ork of our Statistical
Division.
fee. ?8, 1926. 184
Board grants Gov. Strong leave of absence with full nay until
A)ril 1, 1927. Gov. Strong has Gone to Asheville, LIld is in
elose touch with the Federal Reserve Bank.
C.S.H. thought James would oppose this, but, on the contrar, he
as.rced
S.H. to make the motion and it v;as carried
unanimously.
Dec. 28, 1926. 184
The Board votad informally not to reapnoint ::r. Sanders as Class C
'director, "lthouch practicily all of the directors asked us
to -o it. The majority felt that his age - 72 - and the
fact that he 11:_d served three terms, was food reason for
a chance.
and 2latt voted in favor of reappointing him.
Dec. 71, 1926. 165
In the afternoon the Board took up again the ap:ointment of JAyle
suceosor.
Sec. :Iellon was present.
C.S.H. prosented Bur,:essl name and gave a sketdh of his life.
Sec. Lellon warmly )rised Burgess and hoped he -7ould be ap)ointed.
Platt sua sted Gates "cGarrah as a better man.
Adjourned without action.
Dec. 21, 1926. 185
See also
Belgium
Cuban Agency
Discount rates
Open 14i,T'cet Committee
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Federal Reserve Bank of St. Louis
76.
Federal Reserve Board (Cont1 1.)
McFadden writes Board as to the disgute over the McFadden bill
in the Conference Committee, and asl:s the Board to cive
him its o jinion of the Hull amendment.
Jaaes and Cun_iingham said they rather favored the Hull omendalent;
the other wubers were oo-,Posed to it.
All agreed, howwer, that there wo_1:1 be no bill unless the Hull
amenSment was eliminated.
We finally voted to advise him that we believed it should be
eliminated.
June 2, 1926. 24
The Coin ;troller said ::cFadden was eribarrassed by the Board's
reference to his letter, and wanted us to write another,
which the Board voted to do.
It sees to :;.S.H. extraordinary for our Board to address a
letter to a Oonfernce Com ,ittee.
, June 3, 1926. 25
With Governor C. and Cunningham ill, and :aller abroad, the
Board is all shot to pieces.
June 19, 1926. 46
Gov. O. says that Hoover once to. a re-presentative of the
Whaley service that he really controlled the Federal Reserve
July
1926. 70
kll members of the Board exce-A James concratulote 3.S.H. on his
rea-j2ointment.
J-ly 2, 1926. 71
Suspicion and distrust of Federal Rese_.ve Bank, New York, by
certain meabers of the Board.
Granting .90?lication of National City Bank, . Y. for trust
powers.
Aug. 11, 1926. 104
says New York irectors adjust discount rates
Gov.
solely with reference to the New York Stock Exchan• e.
AuE;
- . 11, 1926. 145
Miller and James seem determined never to grant any
request of Federal Reserve Bank of New York.
Oct. 5, 1926. 127
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Federal Reserve Bank of St. Louis
77.
Federal Resarve Board (Contld.)
Suspicion
nd distrust (Contid.)
Sec. nellon is much disturbed as to attitude of certcin
members towards Federal Reserve Bank of New York.
Oct. 5, 1926. 127
Miller says he would have been disposed to vote for the
0 minimum rate on 3ank of Belgium bills had it not
been for the discourteous treatment by the New York
directors of the Board's suggestion of elimin.ting
charge of comAssions on Belgian credit.
Oct. 19, 1926. 132
Action of Board members in opposing BurL-ess for successor
to Jay.
Gov. C. says Board can appoint Burgess if it wishes to be
dominated by Federal Reserve Bank of New York.
Dec. 6, 19-6. 161
Refusal to hold Open Market Caalittee meetino. in New York
on day of Jay dinner.
Dec. 15, 1926. 163
Refusal of niller and James to attend Jay dinner.
Dec. 9, 1926. 179
Refusal to increase Burgess's salary.
Dec. 22, 1926. 180
Refusal to increase Philbin's salcry.
Dec. 22, 1926.
161
Refusal to increase salaries of Chief Encineer and Sunerintendent of New York building.
Dec. 28, 1926. 183
Directing Eddy to find out about salaries of similar officers
in New York buildings by hi,Iself without knowlelre of
the directors.
Dec. 28, 1926. 183
Vote of majority to discontinue the services of Carl Snyder,
statistical expert of Feder:1 Reserve Bank of New York.
Dec. 28, 1926. 183, 184
Refusal to reaploint
See - Cam7bel1
Cuban Ans•ency
ncOrary
Sauniers as Class C Director.
7ec. 31, 1926. 185
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Federal Reserve Bank of St. Louis
78.
Federal Reserve notes
Curtiss 'ells ,%S.H. he does not believe that, should be issued
in Cuba either by Boston or Atlnta.
June 8, 1926. 32
See — Cuban Agency
•
Gov. Harding writes C.S.H. that his bank did not wish to put out
its own, in Cuba, and that Atlanta should be directed to
retire its, now in circulation in Cuba.
June 9, 1926. 36
Gov. Harding tells C.S.H. that his directors would fully approve
if C.S.H. Should move that Boston's Cuban Agency be discontinued
and Atlanta given the sole functions provided that Atlanta
keep in hand an adequate su,ply of lawful money and should turn
back to the Federal Reserve Agent all Federal Reserve notes now
in circulation in. Cuba as fast as they came in.
June 20, 1926. 48
Platt reads letter from a New York banker stating that Atlanta was
kee.L)ing an insufficient sll)ply of currercy in Cuba, :nd begging
the Board to Tvwe it increased.
C.S.H. said he was ready to move the arpointment of Magruder as
Assistant Federal Reserve Agent, as recriended by James in
his retort, so that a sa?-ay of unissued Federal Reserve notes
could be kept in Cuba for an emergency.
James objected saying the "set u-)" was so unfit(referring to Gov.
Wellborn, Y.cCrary and Cam;?bell) that nothing should be done
until it was cleaned out.
June 22, 1923. 53, 54
Board asks Eddy to wire Federal Reserve Lent Newton and ask just
what currency he now has in Cuba.
C.S.H. Ja w-s he will make his motion tomorrow.
June 22, 1926. 54
C.3.H. states to Board the position o: the Federal Reserve Bank
of Boston, as told him by Gov. Harding, in opposition to the
continuance of Federal Reserve notes in circulation in Cuba.
July 7, 1926. 79
The Directors of Federal Reserve Bank of Boston tell 3.S.H. that
if the Federal Reserve notes were to be maintained in circulation
in Cuba they Should prefer to ;7,ive '.2-0 the AL-ercy.
July 1', 1926. 82
TT'
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Federal Reserve Bank of St. Louis
79.
Federal Reserve notes (ContId.)
The directors asked Gov. Harding to ask the Federal Reserve Board
to keep them a vised each week of the amount of funds the
Atlanta Bank had in Cuba.
July 14, 1926. 83
At the Board's hearing on the Cuban Agency, Curtiss, on behalf of
the Federal Reserve Bank of Boston, said that if Federal
Reserve notes were to be kept in circulation in Cuba, his
bank desired to dive uo its agency there.
Nov. 12, 1926. 146
Fiduciary lowers
See - Capital National Bank
First National Barik, Boston
25
See - Chase
Cuban Agency
See also - Wing
Fiscal Agency
Board:decided that Gov. Strong's ey-penses in gurope testifying
before a Parliamentary Ca:.mittee were a proper charge against
the Federal Reserve Balk of New York as fiscal agent, it being
approved by Sec. Mellon.
July 20, 1926. 88
Forbes, War Veterans Bureau
Sen. Walsh, at dinner at Justice Brandeis', said that the
Com.aittee investigating Forbes ce.rde :-..cross a trail of corruption
involving L:rs. Votaw, President Harding's sister, and that they
declined to follow it up.
Dec. 9, 1926. 163, 164
Forest Hills Cemetary
See - Hamlin, Anna
Fourthp.Pirst National Bank
See - Caldwell
Early
78
Franc
laller says, addressing the Federal 'Uvisory Council, that Poincare
can never stabilize the franc.
Sept. 17, 1926. 122
France
See - Harrison
Miller
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Federal Reserve Bank of St. Louis
80.
Fraser, Mrs.
We lunch with.
Dec. 19, 1926. 178
Puller, Gov.
Defeats Gaston by 187,000.
Nov. 3, 1926. 143
Fullcr, Mrs. George
Gov. Fuller owed his large majority over Gaston because his wife
is a Catholic.
Nov. 3, 1926. 143
Galt, Mrs.
Mrs. Wilson takes a drive with Mrs. Galt.
June 25, 1926. 58
Gaston, W. A.
Defeated for Governor by lov. Fuller by 187,000.
Nov. 3, 1926. 143
Mrs. Wilson says 2,.3.H. di. the right thing in voting for.
Nov. 4, 1926. 144
H.P.H. could not vote for.
Nov. 4, 1926. 144
Germany
See — Miller, Adolph
Gilbert, S. Parker
Offers Jay a position on Dawes Transfer Co—ii/ee which Jay accepts.
Attends Jay dinner anci speaks.
Dec. 20, 1923. 179
Gillette, Sen.
Tells Glass he will call on President Coolid,7
to reappoint C.S.H.
May 23, 1926. 14
Telephones Sec. Mellon and urges
June 1, 1926. 21
rt once and ask him
reappointment.
tells Com,?trollek that, has indorsed him for reappointment.
June 2, 1926. 24
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Federal Reserve Bank of St. Louis
81.
Gillette, rs. Senator
Nancy Warren tells H.P.H. that, told her tliat lirs. Sen. 7ut1er
ranted her to lunch in Boston at the Woman's Reriublican club
for the day ..fter election; that at great inconvenienceshe
came in from Worcester, but that rs. Butler never anrieared
and the guests finally lunched together Without her; that
she received word of the postponement only the day Aiter; that
She was very angry.
7.ec. :5, 1926. 162, 163
Glass, Sen.
We dine with
Wilson At the Woman's Democratic Club to hear
Dame Rachel °rowdy of the L. of N. sneak on the opium question.
Sen. Glas and ::rs. Banister we •e also at dinner.
:ay 23, 1926. 14
_
Glass said he had talked with Sen. Gillette rho agreed to cell
on President Coolidge at once and urge him to reappoint
hay 23, 1926. 14
Glass said he had written Sen. Bruce an Sec. Ylellon urging prompt
action.
May 26, 1926. 14
Glass said everything looke_ promising; that w"ile Coolidge had
not specifiaally promised to rean2oint O. .H., he had
indicated that he %ould and that Sec. liellon ha' snecifially
so promised.
May `),, 1926. 14
C.S.H. writes Glass telling hit of the rumor about Gov. Mores and
pointing out that he is really the only Democrat on the Board
and that not to appoint him would be a clean sweep for
Republicans. R.P.H. typewrote the letter and we kept a copy.
May a, 1926. 20
C.S.H. tells Glass and says Curtiss says he knows Gov. horse
' would not acce,A it.
June 1, 1926. 21
Glass said Gillette has tele)honed Sec.
who said he would
ta-re the matter up shortly.
June 1, 1926. 21
Glass says he is very hopeful; that it Tould be a crime not to
continue to avail of my 12 years servie on the Board; that he
would do his best to expedite the matter.
June 1, 1926. 21
.H.
.
begins to lose hope as Glass and other Da:locrats are
oposing the cnfirmation of the 13 ap7)ointments to the new
tax appeal Board, and Coolidge had to withdraw his nominations
of to Pederal Judges for Aslaska, and. also a U.S. Marshall
because of the o)?osition of the anti-saloon League.
June 5, 1923. 27, 28
4
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Federal Reserve Bank of St. Louis
82.
Glass, :Sen. (Contld.
We dine A the ..:ayflor:r with nrs. Banister; Sen. Glass was also
there, an Ra;,' Stannard Baker.
June 7, 1976. 32
Glass says he is preparing an crticle demolishin Col. House's
claim to authorshi-o of the Fe'j_nra.1 Reserve Adt;that he would
handle House witthat gloves were it not for the fLIct that he
had one of his sons transferred from the front to the Paris
Commission.
June 7, 1926. 33, 34
Glass said the order of transfer was given to his son just as he
was enterin6 on an engagement with his regiment; that his son
gave the order back saying, "Keep this until the encanent is
over. If I come out alive then you can give it to me."
June 7, 1926. 34
Glass s)oke of ?resident Wilson's determination to call for niller's
resigiation :Ster the controversy as to cutting down the number
of Federal Rese .ve banks. He said the President w,?nted _La to
take laller's place on the Board, but that he declined and
strongly urged him to make no change at that time, as it would
be claimed that it was political.
June 7, 1926. 34
Glass said he yrote Delano a letter objecting to the cutting down,
whi± Attorney General Gregory borrowed a co iy of, using it
in his o_dnion.
June 7, 1926. 34
Glass said he liked Delano and thought he would make a valuable
member of the Board, but that he was gravely disalliointed in hill'.
He said he was very glad to learn from C.S.H. how Delano had.
come to res.2ect President Wilson and his enthusiasm for the
L. of N.
June 7, 1926. 35
C.S.E. tells Glass that Sec. Y.ellon has gone away for three weel:s.
Glass said he had no news but Yould write Coolidge today and.
urge him to send in C.S.H.'s name at once.
June 19, 1926. 4Z-_,
Winston tells C.S.H. that Glass was about the only man to act as a
friend of the Administration in fif:ting the bill to ?urchase
more silver bullion.
June `'2, 1926. 55
Glass callsupTlatt and s
LicFad en bill.
the Senate . ill never yield an the
June 5, 1926. 58
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Federal Reserve Bank of St. Louis
83
Glass, Sen. (Contld.)
Platt says the Comotroller told him that Sec. ::ellon wished him
(Platt) to tall:
, with alass and urge him to yiel. in his
op-)osition to the Hull amendment.
Platt said the trouble was that Glass woad Arlie to cet the ;:hole
H.R. bill, which Glass, he was certain, ould. never do.
June 25, 1926. 58
Glass tells ,..H. he will find out today about his appointment and
will let him know at once.
June 25, 1926. 58
Glass calls up 3.S.H. at 3 n.m. at the Lee -.louse, stating that he had
a frank talk with Sec. hellon, who gave him his word that he
would take up the matter at once with Coolidge an: said,
confidentially, that he had not the slightest doubt but that
3.S.H.Is name would be sent to the Senate at once.
June 26, 1926, 60
The Comptroller asks .0S.H. to call up Glass and see if he
yield on the H...11 aaendment to the IcTadden bill.
ou1:1 Jot
C.S.H. di_ this an: Glass said that even if he were willin
the Sena-.,e never ould.
to yield,
Glass said :.S.H. could say to the Countroller that the Conference
Cou_dttee would agree on ,9 bill, but that the Comptroller fflould
drop the Hull amendment.
C.S.H. told this to the secretary of the 3(3-Dtro1ler, the latter being
out at lunch.
June 29, 1926, 61
Glass tells C.S.H. he has heard nothi.g more ::bout 2.'.H.Is a
June 29, 1926, 61
- intment.
3..H. ass Glass if he considers that Sec. Mellon gave him an
absolute )romise as to him. Glass relied, "Unqualirtedly yes1"
June 29, 1926. 61
Sec. Mellon tells C.:3.H. he assumes there will be no trouble in the,
Senate as to his confirmatiOn. .
C.S.H. said Glass had told him there would be no trauble whatsoever.
July 1,1926. 67, 66
Gle.
tele:hones C.S.H. at Lee House t 5 p.m., stating that C.S.H.fs
nomination had been sent to the Senate; that he had already oolled
the maMbers of the Banking and Curfency Committee; that every
member had agreed that Glars could mo-e, rt the ne:t executive
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Federal Reserve Bank of St. Louis
84.
Glass, Sen. (Contld.)
session, for unanimous consent for confinaation of
without reference to the com-ittee.
Glass said there will probably be no executive session today,
Thursday, but that there would surely be one tomorrow.
Glass ad. d, "It will go through pro Jotly. It is all right."
Thurs-ay, July 1, 1926. 69
up and tells him that he brau:fat his /Iwo u:)
Glass calls
before t'le Senate and asked unaaiMous consent but that
Sen .Heflin objected and that this objection threw the matter
over until to,:.orrow, then he could make the motion without
unani.aous consent and he felt it would go through all right.
He said the Democrats all ex-2ressed their feelings to Heflin and
deplored his action.
Heflin said he wished to get in touch ,Ath John Skelton Willia:as
.be:ore he would consent to vote for C.S.H.
Triday, J'ly 2, 1926. 72
C. .H. calls up Glass who said that great pressure had been broujlt
to bear u2on Heflin and that he had agreed to withdraw his
Sat. July 3, 1926. 72
op)osition.
C.S.H. sendr Glass a letter for him to use if %S.H. were attacked
for deflation of the farmer in 1920. C.S.H. pointed out that
at the time of Pe_eral Reserve Board conveltion in nay, 1920,
he waa ,, in the hospital and did not know of the convention
until months later; that he also triaajht John Skelton Williams
would not o2)ose his confiraation; ,Vfle.t re had worked together
in the Board to make factors paper eligible; tl-et altho we hai.
a radical falling out just before he left the Board over the
-;u:blished attadkLng the Board,
letters he hail written and .
1..H. thought he would not harbor any personal feeling about
this,as he had seen him once or twice since and he seemed to
of
C.S.H. also sent Glans a co
harbor no resentaant.
death.
Williams' letter to him after Innals
C.S.H. also reminded Glass that he had a farm, that his father as
a young man was a farmer, as also his grmdfather and greatgrandfther; that for 25 years he and H.P.H. had been 'ctive
members of the Gran:e.
Sat. July 3,1926. 72
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Federal Reserve Bank of St. Louis
85.
Glass, Sen. (Cont'd.)
3..5.H. called 11,:l Glass at 1:30 and told hi..1 of Sen. Heflin's talk
on the telenhone.
Glass said he was much --)leased altho he knew Heflin had promised
to witajraw his odosition; that this would make 0.S.H.'s
confirmation certain and that he would go right over to the
Senate and try to arrange it.
Sat. JIly 3, 1926. 74
Glass telephones at 2:30 p..1. that C.S.H. had just been confirmed
withTut a ri-le.
C.S.H. asked if reconsideration was )ossible.
Glass raid no, not for 10 years, as notice to the White House had
been ordered, thus nreventing any .uoti - n to reconsiler.
Sat. July 3, 1926. 74
C.S.H. receives a charming not of congratulation from Glass.
(See scrap book.)
July 15, 1926. 85
Glass calls G.S.H. ud and later sent him tle manuzcript of his
book on the Federal Reserve Act, asking J.S.H. to read it and
make any suggestions which might occur to him.
It is really rionderfully done and tears House and Seymour to pieces.
Aug. 27, 1926. 114
3.S.H. sends Glass a number of suggestions.
The most tu)ortant were:
1.
Strike out the stLteLlent that Wilson oriinally distrusted
Sen. Swanson.
2.
Change the statement that "Wilson so ope:-ated on the
vanity of a Congressman that he left him thinking
Glasrwas to be deposed, etc." and substitute, "Wilson
was so persuasive and skilled in reasoning, etc.
(See scrap books for full letter to Glass.)
Aug. 27, 1926. 114, 115
Ray Stannard Baker, lunching with C.S.H., said he thought that Glass
in his oiDening chapters, had treated House and Seymour
rather roughly and that it might defeat his desire to obtain
from HOUBO the Wilson letters.
Oct. 22, 1926. 139
Baker said Mrs. Wilson had told him she had not read Glass'
manuscript.
Oct. 22, 1926. 139
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Federal Reserve Bank of St. Louis
86
Glass, Sen. (Contid.)
Glass calls at C.S.H.Is office. He said that while he had great
resnect for Gov. Al Smith and should, of course, sunnort him
if nominated, nevertheless he felt his nolination would mean
certain defeat; that he as a wet and a Catholic; that he could
not carry a single southern state exceot Louisiana; that his
wet record would make every southern Pastor denounce him from
Nov. Li, 1926. 151
the nulpit.
Glass asks C.S.H. to read over a new chanter for his book, - on the
Convention of May 1920, between the Fe,leral Reserve Board, the
Feaeral Advisory Council, and the Class C Directors.
C.S.H. went over this carefully.
Dec. 7, 1926. 161, 162
Glass calls in the evening on C. S.H.
C.S.H. points out that in his new chapter, nass says the Board can
fix rates only after the Federal Reserve bank has sub itted than
for ap2roval; that Glass is in error as the Attorney General
ruled in 1919 that the Board can fix rates on its own initiative.
Glass said he had no recollection of this and C.S.H. pointed out
that this o2inion was given while Glass was Secretary of the
Treasury, ..nd at his earnest reqaect.
Dec. 7, 1926. 161, 162
Glass said Doubleday, Page & Co. had shown him an oninion of their
Attorney that certain phrases in his history of the Federal
were libellous; that they did not worry about the
Reserve
matter %s Glass had contracted to save than harmless from any
libel suit.
Glass said he had already softened some of the
exDressions the Attorney referred to, but he would be ready to
resnond to a libel suit as to the rest.
Dec. 7, 1926. 162
0.3.H. said to Glass that he had always su,y)osed that Se mour was
friendly to Wilson.
Glass said this was no so; that Col. House, without the knowledge
or consent of Wilson, had arranged for his son-irk-law
Auchincloss and Seymor to go over on the "George Washington";
that Wilson learned of this only when the ship was well out;
that Wilson was very angry and at first almost decided to order
the shin back to the dock and order them ashore.
Dec. 7, 1926. 162
Glass said Urs. Borden .Harriman had told him that her kinsman
Harry Payne Whitney, caue to Washington to bee her to use her
influence with Sen. Walsh to cancel the subpoena served on him
to testify before a Senate Coins ttee, saying that if he did
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Federal Reserve Bank of St. Louis
87.
Glass, Sen. (Contld.)
testify he would have to say, of his own knowledge, that
President Hardin L owed over $200,000 as the res:at of oil
speculations; that Sen. Walsh had the subpoena cancelled.
Dec. 7, 1926. 162, 163
Glass attends the dinner to Jay tendered by the di.L.ectors of the
Federal Reserve Bank o: New York.
Dec. 20, 1926. 179
Goldenweiser
James says, was "assulted" by some members of the Board, —
resumably rern.ring to certain civil aaetions put to him
by C.S.H. and others on the Cuban Agency.
Nay '1, 1926. 2
Gives Board a memorandum of his criticisms of the pamphlet issued.,
without prior qoproval of the loard, on the Federal Res'2rve
System.
July a', 1926. 92
Suegts that he prepare a letter to be sent to Iurtiss instead
of his memorandum.
James insists on sending the memorandum.
C.S.H. points out that the memorandum, v;.,on.: other things,
states that the article attempts to belittle the Federal
Reserve Board, and that to publish it wouai make the Board
ridiculous.
This latter argument fi ally -Irevailed.
July 23, 1926. 93, 94
Favors an increase in discount rte at New York, but not on any
commercial or industrial necessity, but merely to control
stock speculation.
Aug. 4, 1926. 99
Reports in favor of dropping Carl Snyder from rolls of Federal
Reserve bank of New York. Dec. 28, 1976. 183, 184
C.S.H. fears nrofessional jealousy is —t the 'ottom of this, as
Snyder's articles are more widely reau than any -out out by
our Statistical Divisi n.
Dec. 28, 1926. 184
Governors Conference
The Governors amd Federzil Reserve Agents jointly give a dinner
to the Board at the :letro)olitan Club.
Gov. Norris presides and Vice Presi:.ent Dawes, "3. '.H., ct als speak
Nov. 11, 1326. 149
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Federal Reserve Bank of St. Louis
88.
GreLt Britain
Sre iller
GreLory, 111:-Attorney General
Uses a letter of lass to Delano in oreparing opinion on right
of Board to cut down the number of Fedoral Reserve banks.
June 7, 1926.
-H-
Hale, :Its. Chandler
C.S.H. tells, over the telephone that Gertrlude ;:yer has
dismissed her Attorney in violation of the promise given
by her to C.S.H.
lirs. Hale said She ha4 told her sister, 1,Irs. Rogers, what I told
her, and that :Its. Rogers was very indignant, sz-ying that
Gertrude had never conslated her as to inviting C.Z.H.
to move into her (Gertrude's) house until nertie arrived
in Washington.
Nov. 24, 1926. 153
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Federal Reserve Bank of St. Louis
s.
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Federal Reserve Bank of St. Louis
90
Hamlin, C. S.
Reanlointment to Fe-erza Reserve Board.
1.
If not ap2ointed within a few eays I shall feel that
for politicta reasons Coolidge will not appoint me
May 22, 1926. 9
at all.
2.
C.S.H. tells Tyler- who had asked if a Clayton Act bill
could not be introduced ne:t winter, - that he may not
be on the Board then as his term 6:.pires on Aug. 9.
Tyler was greatly astonished and said Coolidge could not
do otherwise than reapnoint me. He added that he would
Lt once get Sen. Moses and some of the larger banks
May 24, 1926. 12
interested.
3.
C.S.H. tells Tyler that he will not lift a finer in his
own behalf; that, naturally, any who re-2e interested had
t7ne right to do anything they pleased, but without any
suizestion from C.3.H. either directly or in irectly.
May -4, 1926. 12
4. Platt tells C.S.H. he feared the Federal Advisory Council.
had taken no action ab -ut C...H.1 s apnointment but that
he had talked with many of them and that they were
unanimously in favor of C.3.H., - esnecially mentioning
Mr. Wetmore, the Prestimt, and Mr. Co-Alton of Cleveland;
that they all regarded McFad2.ents candEacy as absolutely
May 24, 1926. 13
impossible.
5.
Gov. O. tells .S.H. that Eddy told him that Sen. Pepper
was being seriously considered. He thought, however,
that this rumor was absurd, as Pepler would have to
resign from the Senate in such event, Which would necessitate a new election or a temno-ary ap)ointment of his
successor by aov. Anchot, which clearly the administration
May 24, 1926. 13
would not want.
6.
Glass tells C.S.H. that he tal -ed with Sen. Gillette
yesterday; that he had agreed to call on Coolidge at once
name.
and ask hiL, to send in
May 26, 1926. 14
7.
Glasf said he had written Sen. Bruce and Sec. Mellon,
urging 2romDt action. May 76, 1926. 14
8.
Glass sz_id everything seemed all right; that while Coolidge
had not in so many words nramised to reap?oint
yet had indited that he would; that Sec. Mellon h.a
unequivocally so promised.
May 73, 1926. 14
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Federal Reserve Bank of St. Louis
91
Hamlin, C. S. (Contld.)
Reap?ointment to Board (Cont'd.)
9. Eddy tells 3.S.H. that he had heard a rumor that Gov. Morss,
of Boston, wanted the ap-)ointment.
0..H. can scarcely credit this for Morse resiTned as
Governor of the Federal Reserve Bank of Boston because of
ill health, and has since kept out of all budness matters.
ilorss was once a director of Wing's bank and presumably ro-Ild
have his support if he wanted it.
Mon-sls appointment would nrobably nlease Sen. Butler, as he
is a Republican.
27, 1926. 15
10.
Gov. .% tells O.S.H. that he reminded Sec. Mellon that G.S.H.Is
term expired August 9 and that if a ner appointment were not
made before Coneres. adjourned, only a reces appointm-nt
could be 6iven; that he sai he knew this and would talk
with him about it in a fey: days.
Lay 27, 1926. 16
11.
Eddy tells G.S.H. he first hearC. of the ov. I:orss rumor in
Ghica,r,o some weeks aEo.
May 29, 1926. 13
12.
he heard Gov. Morssts name mentioned
Gunaingham told
while the Federal Advisory Council was here but said no
one seriously considered it as Gov. Morse h-d given Ira all
business and wanted quiet and rest.
May 29, 1926. 16
13.
Gunn/11611am said he .,as to see President Coolidge an Tuesday
on another matter, and if he 2ot a chance he would speak
his mind freely. He said he saw him :esterday and tried
to lead up to it but the other ,,,atter blocked his way.
May 29, 1926. 16
14.
Cminghaii said he saw Coolidge in February and told him he
always went to :111er and G.S.H. for advice, and spoke
especially of the courtesy and fairness of 0.3.H; that
Coolidge replied, "They are two fine men."
Ilk: 29, 1926. 17, 16
15.
Cunningham said if G.S.H. were not ren ointed it would
be simaly because he was a Democrat, - and that he
considered thAs very poor Republican politics.
May 29, 1926. 18
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Federal Reserve Bank of St. Louis
92
Hamlin, C. S. (Contld.)
Reappointment to Board (Contid.)
16.
C.S.H. 1.ent overthe Mass. situation v.ith CunAngham,
telling him, in strict confidence, Lhat if not
real ointed,he might very orobably be dr-fted to r
as Governor, thus bringing the v:hole :emocratic Party
into harmony as against Sen. Butler.
May 29, 1926. 18
17.
Cun - incham said that Butler undoubtedly was guided ourely
by selfish interests, but that he could not see how
he could view the situation in any other way than
favonobly to C.S.H.Is ay?ointment.
May 29, 19fl6. 18
18.
Cunningham also said he w3uld let Coolidge know that C.3.H.
was a farmer ::nd a Grange member.
May '9, 1926. 18
19.
aunningham said that he had perfect confidence that, if
reappointed, C.S.H. would have no op )osition in the
Senate.
::av 29, 1926. 18
20.
fears that Butler and Wing may have appealed to
Moresis vanity, holding out the bait of the
Governorship.
feels that Gov. :!orssis apIDointment would be
considered by many as a good one, cltho he is a very
narrow man. He has always fought for the right of
the banks against the Board, has always crosed rate
reductions, and favored rate increases.
C.S.H. feels that he would stand with Miller for deflation
and would give Sec. Mellon trouble from the start.
21. He has several times told C.S.H. that he was tired out,
had retired from businr'ss, and ranted a complete rest.
He resi ned as Governor of the Federal Reserve Bank of
Boston SOUB years ago, because of ill health, completely
broken down.
May 29, 1926. 18, 19
22.
Gov. Mores was born 7uly 13, 1857 and is now about 69 years
of age. C.S.H. believes he would accept the position
only 112on the distinct understanding that it would be
only for a short time and that he would be at liberty
to resign at any time.
May 29, 1926. 19
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Federal Reserve Bank of St. Louis
93
Hamlin, C. S. (Contld.)
Reappointment to Board (Contld.)
23.
fears that everything will be done to put a
Democrat and a Renublican in and ho- es Coolidge
will see the folly of this.
May 29, 1926. 19
24.
C.S.H. writes Glass about the rumor as to Gov. 1:,orss,
and points out that he is the only pure Democrat
on the Board; that to a:),..oint a Republican would be
to make a corr2lete sweep of the Board; that Miller
was ap)ointed originally as an IndenenZ.ent, that James,
he had voted
altho nominally a Democrat, told
for IL:rcling,
voted
C.
that
Gov.
for President "arding;
Re)ublicans.
-oure
and the others were simon
25.
H.P.H. wrote this on the typewriter and
Lay 30, 1926. 20
26.
Curtiss (ells up C.S.H. and says Borman has sent a strorz:
letter to Attorney General Sargent.
June 1, 1926. 21
27.
28.
kept a co y.
told Curtiss of the 1-ov. ::orss rumor. Curtiss said
as'.ced if he was sure
there was nothin in it. .3,
of this art. Cuxtiss said "Positively yes. I know he
would not ta.:e it even if offered to him,"
June 1, 1926. 21
C.S.H. called up Glass and told him as to above.
Glass said Sen. Gillette had te1e2honee.
would take up the matter very Shortly.
June 1, 19-6, 21
1-,ho said he
29.
Glass told. C.S.H. he was very hopefla; that it would be a
crime not to continue to avail of 0..H.Is services,
and that he woul3. do all he could to expedite metters.
June 1, 1926. 21
30.
Cunningham told C.S.H. that his ap)ointment with Coolidge
had been oostnoned, but that he would see him within
June 1, 1926. 21
a day or two.
31.
CunAsujham said he had talked with several men high up in
Republican politics within the last two days, and
that they all s_dd the bettins was on 3.S.H.
Cunnintj.ham is most kind and loyal.
June 1, 1926. 21
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Federal Reserve Bank of St. Louis
94.
Hamlin, C. ,. (Cont l d.)
Realpottacnt to Board (Coatid.)
32.
Curtiss calls uD C.S.H. and says Tyler has told hid that
McFadden had seen him in Boston and asked his su)ort
for C..H.Is )1 .ce.
1926, 24
June
33.
C. .H. tells above to the Comptroller who said Sec. 1:.ellon
told him that tie tought of ap *iating 1:cFadden
was ridiculous; that Mellon was very bitter beciume
McFadden had kept Brewer in the employ of his
Corthdittee after his chare
Iellon of bond
duplications.
June 2, 1926, 24
34.
C.S.H. told Co.1_)troller that SeA. Gillette has as.:ed "ellon
to appoint C.S.H. The Comptroller mid he knew that
Butler hL 1 ,one the same
June 2, 126. 24
35.
is beginning to lose ho 2e as Glass 1.1c1 other
Democrats are fightinp the confirmation of the 13
appointments to the new Tax Lo..›eal Bo!-rd, the judges
nominEAed for Alaska, which Coolidge had to withdraw,
and also a U. S. 1:arslIal1, because of the op)osition of
the Anti-Saloon Lec.Lue.
June 4, 1926. 27, 28
36.
C.-0.H. sometifaes fears that Coolidge intends to make no
appointment before Conress adjourns, when he can Jive
a recess apwintment to some Republican Who coald
then hold office until the end of he next session of
Congress. C.S.H. hopes this will not prove truein face
June 5), 1926. 28
37.
Cunninghaa tells C.S.H. that he had heard definitely a
couple of days ago, that his ap.ointment had been all
"set up" and that Coolidge was to decide just when to
send his name to the Senate.
C.S.H. said, "Are you sure of this?" an' he replied,
"mbsolutely. You need not worry further. You cre a
lucky manl"
He did not tell C.S.H. the source of hiP, authority, but
C.S.H. feels he must have rot it from Coolidpe as he
told C.S.H. some time ago he was to see Coolidge last
week.
June 7, 1926. 28, 29
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Federal Reserve Bank of St. Louis
95.
Hamlin,C. S. (Cont'a.)
Reappointment to Board (Contld.)
CE.
Tyler called up C.S.H. from Boston. He said neFadden
called him up lost reek and said he had given up all
hope as he had learnedit was settled that C.S.H. was
to be reoToointed.
June 7, 19'26. 29
39.
Tyler s. id tere were ruaors that some Republicans in
a.onointent might injure
Mass. felt that
Sen. Butler in his fight,and he mentioned Liggett and
the Shawmut Bank crowd.
He s: id. Butler was in a :_esperate oredicament, and there was
some danger that he might demand the ap?ointment of a
June 7, 1926. 29
Republican.
40.
Tyler s)oke of Frank Stearns but
he stood.
not seem to know where
He said that Phili) Stockton, of the Old '3olony Trust Com -anY,
was very mur.h interested and asked if there .%ould be
any harm in wiring Coolidge and Butler.
::aid No, but that, of course he would not reque!:t
such action from any one.
June 7, 1923. 29, 30
41.
Tyler said there was some doubt where Wing stood, - that he
was very near Butler.
J.S.H. said Wing had been renorted as very friendly.
Tyler said that meant nothing; that Wing will do whatever
he ':-idhes, no matter what he „says,.
He said Stockton would get in touch with Wing at once.
June 7, 1323. 30
42.
C.S.H. told Tyler he had heard that Butler had indorsed
June 7, 1926. 30
him to Coolidge.
43.
Curtiss called up ;.S.H. and said he had heard nothing
new; that all seemed ;ell; that he knew of no one
who ranted the ?lace; t:rt he certainly would know
if there was any one.
told him McFadden had withdrawn, and he spid he
knew this, - evidently fro,-.1 Tyler.
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Federal Reserve Bank of St. Louis
96.
Hamlin, C.S. (Contld.)
Rea000intment to 3oard
Cont'd.)
43. (Contld.)
He
44.
aid. the only daner was that Butler iii 4't demand
the appointment of a Re-oublicn.
'June 8, 1926. 33
Dr. Miller told C.S.H. just before leaving for Europe
that he had just heard on the highest authority that
he was to be reap)ointed.
C.S.H. tliin,cs his authority -ust have been Hoover.
June 9, 1926. 36
45.
.;.S.H. fears his c'1-2-)ointment see.:Is further away than
ever as 2ddy says Sec. Mellon has gone away for 3
June 19, 1926. 45
weeks.
46.
C.S.H. tells Glass of above.
Glass says he has no news but will write Coolidge today
and urge him to .end in O.S.H.Is name at once.
June 19, 1926. 45
47.
C.S.H. fears Coolidge does not rant to rean)oint him.
June 19, 1926. 46
48.
Gov. Harding calls on 0..H. at Lee House. He calf- he
had talks • with Gov. Morse who said that he would be
70 years old in July; that he had not sought nor
would he tA.nk of acceting a position on the Federal
Reserve Board; that even if he were disposed to acceA
1,
fich he was not, nothing would induce him to 7o onto
Board of which James was a member:
June 20, 1926. 47
49.
Gov. Harding told C.F.H. that Curtiss had a vague idea,
but no proof, that Wing may have some candidate in
mind. Gov. H. said the only one he could conceive of
would be Coy. Channing Cox, now :1. Vice-Presid nt of
the First National (Wingls) bank; that he believed
';71e bank was over officered and tnat possibly Wing
might want to unload Cox onto the Federal Reserve Boar4
that Cox, however, could not afford to give u:) a salary
had
of r.6,000 he was new receiving; that he could have
money.
making
of
tie Senatorship but felt the need
June 20, 1926. 47
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Federal Reserve Bank of St. Louis
97.
Hamlin, C. S. (Contld.)
Reapiointment to Beard (Contld.)
50.
0.3.H. believes Butler would be 71a.: thus to reward Cox
for ao)ointing him as Senator to fill the Lodge vacancy.
June 20, 1926. 47, 48
Gov. Harding
the appointment of Gov. Cox wou1.3 be so
palably ',political that he di:. not for a mouent believe
Coolidge would dare to make it.
June 20, 1926, 47, 48
51,
Gov. Harding sa:_ Winston had just told him that .%S.H. was
a most valuabls man and should be reappointed, but that
he aid not know what Coolidge's decision was.
June 21, 1926. 50
Gov. McDougal tells C.S.H. that the Chicago bankers were a
unit in his favor, esnecially 7etuore, the President of
the Federal Advisory ,;oancil.
He said he was to lunch with Winston and would ask him to
suggest what the bankers could do.
June 21, 1926. 51, 52
53. Goy, rancher said the same as tie above as to the bankers
of Cleveland.
June 21, 1926. 52
54.
This morning C.S.H. found a message from Gov. McDoual, as
follows:
"I was very much pleased with the Conference I had
with the centleman I sloke of. The result of the
Conference was such tl-Lt I a.a sure you would be
nleased."
This reference was to Winston.
June 2', 1923. 52
55.
Tyler calls u:ID 0..H. and says that 7hilip Stockton had had
4 or 5 strong letters sent to Washington in C.S.H.Is
behalf.
He said he had heard th. t Coolid,7e di.T not intend to make
any a2oointMent before Congress adjourned.
He said. he should get in touch rith Sen. Metcalf.
He also said he would not go to Sen. Moses, as if he thoucjht
he could work in any friend of his, he would do it
without the leat cou:; nction.
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Federal Reserve Bank of St. Louis
98.
Ha::.lin,
(Contld.)
Reappointment to Bo:.rd (Cont l d.)
53. (Contld.)
He asked if Robert Winsor was friendly to
C.S.R. sid he was, as far as he knew.
and
He said Winsor was very close to Butler.
thin:m he till take
the matter with Winsor.
June 22, 1226. 52, 53
56. Gov. :cDougal calls up C. .H. from Chicago End said. that
Winston told him that Sec. ::ellon and he were a unit
in advocating C.S.H.Is appointment; that he kner the
situaAon pretty well and that mr.tters were nrogressir„:
very satisfactorily.
June 27, 1926. 33
57. Gov. Harding writes C.S.H
"I think you ill be
I had this _ornin:: with
my recent letter to you
do in the matter of the
interested in hearing of a talk
hr. Wing. I showed him a coy of
;:md ex-1lained what you proposed to
Cuban Agency.
"He was exceedingly interested in this and E•p?roved
the ?rogra/ame in toto.
"I took occasion to remark that ou are an exceedingly
valuable man on he Federal Reserve Board, and particularly
valuable to this District. In this he concurred with the
c:-alifying statement that his only objection to you was
that you would be 'rone to line up al aye with the administration, and that if EcAdoo should be the next President
and. John Skelton Willia,as the next Secretary of the Treasury,
you would be hand in glove rith them. He admitted, however,
that this as a very remote contingency an.: agreed that if
any De..locrat should be elected in 1928, it would probably
be Gov. Al 6,a th, in whom he had great confidence.
"He told me that Sen. Butler ould be interested only in
case some outstanding Renubli:lan should be ruggected for
your ?osition, and that ae and Gov. Cox ha l canvassed the
situation some months ago but had found no one at ell
available and that they had droaped the matter.
71ing also exnres ed the opinion that as metters
now stand you will be realnointed, and s-id he would
interpose no objection. This, o - course, is strictly
coafid,-ntial."
June
1923. 56, 57
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
99.
Ha-lin,
. (Contid.)
Reap ,ointmeat to Board (Contld.)
58.
Glass tells C.S.H. he will find out today about his
realnointment and would let him know what he learned.
June 24, 1926. 58
59.
Lira. Wilson tells C.S.H. that the moment his name is sent
in, she will as Sen. Swanson to do his utmost to
have C.S.H. promptly confirmed.
June 24,1926. 59
60.
Glass calls up 7!.S.H. he s id he had had a frank talk A.th
Sec. Liellon; that he gave him his word that he would
take the matter up at once with Coolidge; and added,
confidentially, that he had not the slightest doubt
but that 0..H.Is naae would be sent in
once.
June "6, 1926. 60
61.
F4JeLled Ha.:ain calls u H.P.F. from Boston. He said he had
just had a talk with Frank Stearns who said C.S.H.
and H.P.H. had always treated him and his rife most
kindly in Washington; that he would_ be delighted to do
anything in is power to help C.S.H.; that he would
at once call un Presid nt CoolidLe over the telephone;
that he was sure Sec. ileilon would be the one to settle
it, as Coolidge would surely follow his recollniendation,
as whatever he said in tat line "went,"
June 29, 1926. GO 31
The CoLytroller tells C.S.H. that Sec. ::ellon had enoken
to him askin77 if he did not think J.S.H. should be
reap)linted; that he said Yes" tzt C.S.F. had. been
absolutely 'air and helpful On the Board; that ::eflon
told him that he felt that C.S.H. deserved a rea,
2pointment; that even if he did not feel so it Yould be almost
an im?ossibility for him to recommend anyone else, as
he felt C.S.H. was a close friend, mid, moreover, he
had . feelinr of gret afrection for
dEapjhter
Anna,o was one of his daughter ;dimes dearest
friends; that he had seen very much
Anna at his house
and reL:ily loved the girl.
The Corn troller said. he saw the tears run down his dheeks
while he was talking.
June - 1926.
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Federal Reserve Bank of St. Louis
100.
Hamlin, C. S. (Contid.)
Reappointment to Board (Cont l d.)
63.
Glass tells C.S.H. he has heard nothing more.
C.S.H. as :ed. him -
no you consider that an absolute
-oromise was wade to you by Sec.
Glass sai- "Yes, unclualifiedly.”
June 29, 1926. 61
64.. C.S.H. calls up Mrs. Wilson and tells her there is no news.
June 30, 1926. 66
65, Sec. Mellon asked
said he wanted
rea)dointment,
to C.S.H., who
C.L.H. to come into his office. He
to talk tith C.S.H. about his
- ahich he assumed Lould be agreeable
replied that it would.
Sec. Iellon said he snol:r to the Presidc.nt about it over
a wonth ago and that he said he would be very gla- to
reappoint C.S.H.
Sec. Mellon said it was his own fault entirely that the
matter had not cone troufh sooner, but that he beinG
very busy had allowed it to f_r f-7 alonE, knowing 0.S.H.Is
term di: not expire until August 9 and,that.he would
in any even receive a recess apDointment, that tomorrow
would be Cabinet day .nd he would brinc with him the
nomination and would -21.1t it through.
very hour
C.S.H. said he 7.ould be very frank and say t.a
was -)recious anf. that Glass had said if his nawe were
sent in today he could hav- it confime,f. by the Senate
before adjournment.
Sec. isellon said he would be glad to arrange this and
called in Kiley and asked him to prepare the nowination
at once and he would send it to the White House.
Sec. Lie ion 5: id. he assumed there would be no op?osition
and
relied that he was on most cordial terms with
President Coolidge.
Sec. Mellon s: id he vas referrinE to confirmation by the
Senate, as there would certri ly be no troubk as to
President Coolide, as the matter was lonG acp settleby him.
0.3.H. said Glass 1-ad told him there would be no trouble
about confirmation. C.S.H. ti.ien said, "If there should
be any delay as toonfirmation at this late hour, can
—
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Federal Reserve Bank of St. Louis
101.
Har:din, C. S. (Contld.)
Reappointment to Board (Contld.)
I accent it as settled that I shall have a recess
appointment? I ask this in order to know as to my
necessary business arrangements."
Sec. Mellon said, "Most assuredly you wi.1 have a recess
ap-flintment."
aid the
C.S.H. thanked Sec. Mellon most gratefAay
appoinLient would give him the first ray of pleasure
since Anna was taken awry.
Sec. Mellon t'len spoke most affection‘tely of Anna, how well
he imer her as one of ilea's closest friends, and how he
loved her.
3.6.H. then spoke of Tracy Brewster's d ath an.T. Sec. Mellon
asked him to send him the newspaper cli )in311 about her
so that he could send them to Allsa Mellon,
July 1, 1926. 66, 67, 68
66. Kiley told 3.S.H. later that the nomination had been sent to the
White House via the State Department; that there would be
no delay vs the same .:essenger would take it to the State
Department to be checked and then to the White House,
and that by this time (1 p.m.) it was undoubtedly at
July 1, 1926. 68
the White House.
67. Kiley cells up C.S.H. to say that President Coolidge had siened
the nomination ant. that it was now on the way to the
Senate.
5 2.m. He said the
68. Glass telephones C.S.H. at the Lee House
nomination had reached the Senate; that he had nolled the
Banking and Currency Committee, and that every member had
agreed that Glass coald move at the next executive Session,
for unanimous consent to confirmation - ithaut reference to
the committee.
Glass said there would probably be no executive session today
but that there would surely be one tomorrow, vihen he would
make the motion. glass added, "It will go through promptly,..
it is all right."
Jtily 1, 1926. 69
69. 3. .H. wires Col. Rice, ov. Harding, and Harriet Ha.alin.
July 1, 1926. 69
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
102.
(Contld.)
Hamlin, O.
Rea--y)ointment to Board (Contld.)
70. 3.S.H. sends following letter to President Coolidge*
"Dear Mr. President:
most 2;ratefully for the
I wnnt to thank ,:ou
confidence ,ou hz..ve shown in
by real-2ointin7 me
to the Federal Reserve Board.
My first impulse as at once to go over to
express my thanks in person, but realizin, how busy
jou are in these cla.ing days of Congress, I t.loucht
it would be better to content myself with this note,
in the hoe of exnressing laer, more fully, my
deep an9reciation of your action.
With again my most grateful thanks, and ..ith
best wishes for a restful summer to you and Mrs.
Coolidge, believe me
Very sincerely :Tours,
Charles S. Hamlin."
July 1, 1926. 75
.71.
Gov. Crissing,er tells C.S.H. that Sen. .:oses of New Ham)shire hL,. protested against 3.'.H.Is ap)ointment to
3oolidge on the :round that C.S.H., a Democrat, had
brought it about that all Of the directors and.eficers
of the Federal Reserve Bank of Boston were Democra.s1
C.S.H. told Gov. C.:
1. Not a single director is a Democrat.
2.
C.7.H. does not know of a single offi7er who is a
Democrat except Gov. Hardintf.
3.
Gov. Harding was elected by a board of directors
exclusively Republican.
July 2, 1926. 69
72.
Gov. Crissiner told C.S.H. that :Mier had spoken to him
very sneeringly about C.S.H., saying that he took
little interest in Board matters and devoted himself
chiefly to indexig and other unimnortant details.
July 2, 1926. 69
73.
Gov. C. told 3.- 11, that some one who had talked vith
Coolidge told. him that CO..le one in the Cabinet was
not friendly to C.S.H.
O..H. thinks this ml.ght have been oover.
July 2, 1326. 70
74.
All of the Board members con7atulated
exceit James, ho"as silent.
this .)rni-1.-
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Federal Reserve Bank of St. Louis
103.
Hamlin, C. S. (Contld.)
Reappointment to 13 ,rd (Contld.)
74. (Contld.)
James s;oke rather critically of C.S.H. leavinc the
the :_eeting yesterday, and C.S.H. said. he was Lorry
he had to leave but that Sec. ::ellon had sent for him
to tell hill of his rea9?ointment.
James made no reply.
Jul:: 2, 1D26, 71
75.
76,
believes that if any on)osition anjears in the
Senate it will be because James has a hand in it.
July 2, 1926. 71
Glass called u7) C.S.H. late to say that he had made his
motion for unanimous consent, in the Executive se sion,
but that Sen. Heflin objecte.I and that this objection
threw it over until tomorrow; that he could .ove
tomorrow witho-:t having to ask for unanimous consent;
through ,11 right.
that he felt sure it would
Glass said the De—ocrats and even also many Republic -ns
bitterly assailed Heflin, deploring his action.
Some one later told J. .H. that Heflin said he A.shed
to consult John Skelton Williams before he would
withdraw his objection to C.S.H.1
July 2, 1926. 72
77.
7e dine with Mrs. Wilson and C.3.H. tells her what had
occurred.
July 2, 1976. 72
78.
3.S.H. calls up Glaze who said thatirei:.endous pressure
had been brought to bear on Heflin last evening and
that he had lracticaly agreed to withdraw his
July
79.
1926. 72
3.3.H. sends Glass a letter for his use in case ,:- nyone
should attack C. .H. in connection with the Federal
Reserve Board conference of ::ccr, 1920.
pointed out tn the letter that at the time of
that conference he was in the hospital in Boston;
that he did not even know of it until months later;
that he felt reasonably sure that Williams would
not object to his corfirmation;that he and "iillians
had worked together in the 3oard to make :actors paper
eligible and for many other agricultural reforms;
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
104.
Hamlin, C. S. (Contla.)
Reappointment to Board (Contld.)
79. (Contd.)
that altho we hafl a falling out, just before
Williams left the Board, growing out of his
letters attackin the Board, 0.3.H. did not
believe he cherished, any personal resentment;
that he had seen him several times since and
that their rel-Aions had been anixtrently friendly.
C.S.H. also sent Glass a coy of Vrilliaas letter to
S.H. also pointed
C.S.H. fter Anials death.
out tc Glass that his father, as a young man,
his grandfather, and his gre, t grandfather, had
all been farmers, and that for 25 years he and
H.P.H. had been active members of the Grange.
July 3, 1926. 72, 73
wh,-n the telephone
80. 0. .H, was at the Lee House at 1
rang. H.P.H. took it and said "some one rants
to sneak with you. It souneLs like Sen. Heflin!"
C.S.H. took the telenhone and. found that it was
Sen. Heflin.
Sen. Heflin exoressed regret that he had felt olliged
to object to 0.S.H.s name :esterday. He said
he had not been consulted by Coolidge or any one
mt; that he had a feelinf
as to 0.E.H.Is a-noIntm,
that 0.5.H. was unduly influenced, if not absolutely
dominated by Gov. HardinL, against yhom he spo..:e
very bitte_iy.
C.S.H. said he first met Gov. Harding on the Federal
Reserve 'Board; that 'hile their relations had
always been most cordial, Gov. Harding had newt.
attempted to influence 0.7-3.H. unduly nor to dominate
him; that his own conscience and his oath of office
were the may dominating influences over his actions
on the Federal eserve Beard.
Sen. Heflin then said he should withdraw his op)osition
and added, "I shall see that you are confirmed this
afternoon." 0.'.H. thanked him for this assurance.
July 3, 1926. 73, 74
81. C.S.H. called un Glass z.--.nd told him the clove.
Glass safd he was very mudh pleased at this assurance of
Heflin; that this made confirmation certain; that
he - ould at once co over to the Senate and it it
through. (1:30 p.m.)
July 3, 1926. 74
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Federal Reserve Bank of St. Louis
105.
Hailin, C. S. (Cont l.)
Reao-)ointment to Bo- rd (Contli.)
82.
Glass calls ul C.S.H. at 2:30 p.m, an says the Sen te has
just confirued 0..:;.H.witout a rile.
asked Glass if any reconsideration were possible.
Glass relied with a chuckle "Not for 10 years, as they
voted, to notify the White souse, thus precluding reconsideration."
July 3, 1926.
83.
C.S.H. calls u) .:rs. Wilson and tells her the news.
EL:lid it ir e her supremely ht..? ,y.
July 3, 1923. 74
64.
Chronology:
She
July 1. Thursdciy. Nomination sent to Senate
Banking ?nd Currency Colaaittee unanimously
authorize llass to more for unanimous
consent to confina without refernce to it.
July 2, Friday
Glass asks unanimous consent.
Heflin objects.
July 3, Satur:mk-, 2:30
Heflin withdrawa all o2.)osition.
C.S.H. unanimously confimed.
3: p.m. Congress adjourns.
74
65.
Mr. Earley, a Tennessee lobbyist,
b; telling him he had wori_ce
confirmed and had spoken to
July 7, 1976.
86.
C.S.H. calls uo
airs. Wilson raid
tries to wheedle C.S.H.
hard to get him
many Senator!.
76
W4lson in the evening and 1 ter
t Sen. Swanson induced Heflin to c:211
i.S.H.on the telenhone; that he urged him to
withdraw his objections, svinc that C. .H. was
one of the ablest and best Lien in the De.aocratic
Party an: that H.P.H. held a similar )orition
among the women; that .:rs. Wilson was very strongly
interested in C.S.H.; that Heflin said, "Is
Mrs. Wilson stron!--ly interested?"; that Swanson
said that "xs. Wilson ha_ s id to him only a few
days ago, that C.S.H. was the best friend she had
in the world; that .:rs. Wilson -:z.Ad she visited
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
106.
Hall-in, C. S. (Contld.)
Re.
,
.p?ointment to Boar: (Contld.)
6
86. (Contli.)
%S.H. an. H.P.H. every summer; that Heflin then
said he would withdraw his onnosition; that Swanson
then asked Heflin to call up C.S.H. on the tele,thone
and he said he woulido so.
July 7, 19-6. 80
87. Kiley tells C.S.H. that his co dssion is ready, and
Shortly afterwards the Board met in Sec. 1:ellonis
offi3e an3 the oath of office was administered to
C.S.H.
Sec. Mellon said he would now invite the Board to attend
C.S.H.Is fourth inauguration - on August 10, 1936:
There were nresent: Sec. Mellon, Platt, Comptroller of
Currency, and James, - a quorum of the Board.
Gov. C. was ill in Ohio and Cun ingham was in Johns
Honkins hos-2ital; C.iller was abro-:. James di: not
even then congratulate C. .H.
July 9, 1926. 80, 81.
88.
Curtiss tells .S.H. in Boston that he was not able to
make any imnression on Wing; that there was evi:- ntly
some force behind hila ul1ix hial back; that he h.fci
reason to believe it was Paul Warburg; Also that
certain officers of the Federal Reserve Bank of New
York had on ;osed C.3.H. and had 7ushed Gov. Norris,
mentioning Gov. Case as one.
July 14, 1926. 82
69. Bowman told C.S.H. that he had a talk with Attorney
General Sargent just after C.S.H.Is name was sent
to the Senate; that Sargent said, - "I alA jlai J
- our
friend :ot
it, but he will never know how near he
came to losing itl"
Bowman :aid he would get the whole story from Sargent
later and would tell :.S.H. about it.
The Boston directors wer , all very cordial and
conratulatory.
J-aly 14, 1926. 82
90.
C.-„H.receives a chaming note from Glass in reply to
his note thanking him for all he had done.
(See scrap book)
July 16, 1926. 85
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Federal Reserve Bank of St. Louis
107.
Hamlin, C. S. (Contli.)
Rea-2?ointment to Bo:_rd (Contd.)
91.
C.S.H. receives two very cordial notes from ?rov. Case,
one containing his own congratulations and the
other sending Gov. Stroncls cono.ratulations sent by
cnble.
July 16, 1926. 85
92.
C.S.H. believes Curtiss must have been mistaken in
believin that Gov. Case oD)osed him.
July 13, 1926. 85
93.
C.S.H. also receives many other notes of congratulation
from all over the country.
Jaly 13, 1326. '65
94.
C.S.H. notes
10 yers
nleasure
the time
that his co-liaission rads, for a term of
from ;bugust 10, 1923 etc. "during the
the United States for
of the Presidmt
being."
Colv of C.S.H.Is
July 19, 1926. 86
95. 0.3.H. notes that the two cou_dssions riven him by
President 7/ilson read:
"Durin.: the tern of (2), (10) yec,rs frota the
date of his oath of office, unless a successor
shall have been sooner anointed and duly qualified,
etc. etc."
July 19, 19^,6. 87
96.
C.S.H. found. on exelainzAion t:',n.t President Wilson first
,Darin"-, the nleasure of the President
used the phrE.se, '
in the co:lAission he
be
of_s_at_g.
ve to Platt.
July 19, 1926. 87, 88
97.
The above 1ana(?1) shows the desire of both president'
Wilson ad. Coolidge to keen control over all executive
officers.
C.S.H. can not believe that an executive officer such as
a lember of the. Pedercl Re 'eBoard, holds merely
a tenancy at will at the pleacrare of the President,
in site of the Federal Reserve Act stating he
can be.reiJoved for "cause."
(The later decision of the U.S. Sunreile Cort seems
to su)ort the lancurge used in :;.S.H.Is comission)
July 19, 1926. 87, 88
1
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
103.
Hamlin, O. S. (Contld.)
Rea-2)oi tment to Board (Contld.)
98. Delano writes C.S.H. a very cordial IBtter of concratula'ion.
August
1923. 96
99, 0.S.H.Is second tern of office expir s.
Aug. 9, 1926. 103
100.
Gov. Strong sends O. .H, a letter of concratulation.
Au. 16, 1926, 110
101. :aller, returning from abroad', tells O.S.H. how pleased
he was at my anpointment.
Aug. 26, 1926. 113
102,
Gov, Norris tells C.S.H. that he never authorized the use
of his nata for 0.:7%H.Is office; that even if he had
wanted it, - vildh he did not, - he v:ould not h. ye
considered it honorable or consi3tent with his friendship
for O. .H, to allow his name to be used.
Nov. 11, 1926. 149
103.
Gov. Norris nresides z:t dinner L-iven by the 7govarnors and
Federal Reserve Atrents to the Board at the Iletro2o1itan
Club and in his opening address said tt C.S.H.'s
ap)ointment was a most fortunate thing for the country.
Nov. 11, 1926, 149
H&Jlin, C. S.
See - Belgium
Brandeis
Burgess
Cam bell
Capital National Bank
ChronoloAcal Table
Comntroller of Currency
Crissinger, Gov.
Cuban Acency
Cun_dngham
Discount rates
Examintions
Federal Advisory Council
Federal Reserve Agents
Federal Reserve Bank, Atlant.
Federal Reserve Bank, Boston
Federal Reserve Bank, New York
Federal Reserve notes
Governors
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
109.
Hamlin, 3. S. (Contld.)
See - Hamlin, C. S.; Reappointment
Harding, Gov.
Ho?kins
James
Jay
Joslin, Dr.
McCrary
Moore, J. P.
Myer
Open Market Caa:Attee
Pennington
Platt
Strong, Gov.
7iarburg, Paul
Wilson, Mrs.
Hamlin, Anna
The Comntroller tells C.S.H. that ec. Mellon told him how he
loved Anna and that a tear ran down his cheek while
He said that Anna was one of his dalkfhter Ailsals dearest
friends and that he had seen very much of her at his house;
that he felt
was clearly entitled to reappointment
but even if he did not, he felt it T-ould be almost LI:ossiiple
to. reconLiend Tnyone in nlace of the
ther of A-1a Hamlin.
June - 1926.
(Not in diary)
went to Forest 7i_ls Cemetery Yith Edward Halain and fro.q
there to the crematory. ,d1 arrangements had been made and
the casket containinc Annals body was there awaiting us, in
the mortuary chapel.
The attendant asked C.S.H. if he wished to vier the remains before
cremation. C.S.H. said he felt he ouc _t to make identification
positive. The to? of the casicet
s ten opened and
looked at the body throuda the .lass to,.-). The body v.as in a
very fair state of nreservation althouc vA.te and emaciated.
It was perfectly recogni7aI4e. C.S.H. felt little shock at
viewing the body as he felt that Anna was not there, but .aore
alive and with us than ever.
We wen-- then told that the casket
id have to be o?ened in order
to talce out the metal lining which could not be burned, r,;.nd
that this wo:_1d necessitate takin7 out the body n: later
replacing it in the casket.
.
•
ka
9V•o"
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Federal Reserve Bank of St. Louis
110.
Hamlin, Anna (Cont'd.)
We were L- -vised not to stay to see this done,so wa went out doors
crid waited, and when - e ret xned, th- casket and body 'ere
in the crematory reaay for the fires to be lighted, and the
doors were closed,
brother begged 0.-.H. not to wait longer, so he drove away, and
later took the train for ::attpoisett wher. Bertir was awaiting him.
Pridtv, Oct. 29, 1926. 141, 142
Bertie and
took the morni:Ig train from Ne':: Bedford, and,
arriving in Boston, drove at once to the ce.letery. Annals ashes
were there in an urn, duly inscried, and were buried in our
family lot at Foret Hills Cemetery.
Harriet and Jane, an
un from :larion.
Edward and 77eorg,e were there, the former driving
Bertie brou6ht up some holly from Ilatanoise!--; and nlc.cea it on the
grave, as did also Harriet and Jztne.
We had no services; Alward recited the Lord's 1)rayer, in whin we
all joined.
Bertie and C.S.H. went iL.ediately back to -attanoisett.
Sat. Oct. 30, 1926. ls-2
Ha lin, Edward.
61, 1:1, 1z2.
See - Hamlin, A_Ina
Stearns
Hamlin, George
Daniel, the chauffeur of, voted for Goy.:
-Uller,alt:lough he lc
old-time Democrat.
C. .H. believes he
ai:
Lis because trs. FUler is c. Cc_tholie.
Nov. h, 19k3. 113
Sec tdso - H.lin, Anna
Hdalin, Harriet
Writes that she is coming to Washington tais afternoon.
Juale 20, 1926. 49
.H. wires, of his reabnointment.
July 1, 1926. 69
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Federal Reserve Bank of St. Louis
Ha .lin, Harriet (Cont l d.)
::eets C._.H. at Wareham and, A.th Jane, drives C.'.H. to ::attapoisett.
July 10, 1926. 81
C.S.H. has Harriet's 'a: sorts viseed for Italy anL'. France. Neither
Ambassaor would acce t any fee and each gave .iar2iet a general
letter of introduction to show to the customs officials.
Oct. 23, 1926. 140
Is nresent at burial of knna's ashes :t Fore'A Hills Cem-tery.
Oct. 30, 1926. 142
Daniel, Georce's chauffeur, told Harric;t he was 7oin7 to vote for
Gov. Puller, - as we - elieve because rs,Fuller is a Catholic.
Nov. 7, 1926, 1423
Hamlin, Jane
S -0 - a.ilin, Harriet
C.
Leaves for Albanzr, 9 a.m.
July 5, 1926. 76
See - Castle
C:Ironolocical t le
Harriman
Pennington, ::rs.
Hal)good, Noman
Dr. :;11er s. ye, was to hLve lun-,hed with i.i todav but was invited
to lunch by Presidmt Coolid,e, - an extraordinary invitation
in vier of Hood's extreme radicrlism.
liaz, 30, 1.26. 20
Haraing,
Gov. C. tells Eddy thrt before an--)onting him, Presidflnt Harding
)olled the Senz.te and found that Gov. Harding could not be .
confirmed.
C.S.R. earlier diaries show that Sen. Reed nolled the Senate at
Sec. LEellon's r- quest and re-lorted that Gov. Harding would
be confirmed.
:!ay 28, 1923. 16
James diL not want Gov. Harding's name dr=ed into the Cam)bell case.
June 8, 1926. 31
7yatt's -_ .esul.ie of Vle 0nm:ce11 case does not mention Gov. Hardin:J.
June 8, 1926. 32
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Federal Reserve Bank of St. Louis
Harding, 'Tov• (Cont l d.)
Gov. Harding calls on 3. .H. at Lee House
June PO, 1926. 47, 48
See - Cuban Agency
Haaain, C.S.: Rea2j intment
Sen. Heflin attacks Gov. Hardin: over teleqhone to
Bee - Hamlin, C.S.H.; Reap)ointment
Invites C.Z.H. to :3.ttend directors moetinc, in 2oston.
July 7, 1926. 79
C. .H. and H.P.H. call on Gov. Herding at his :_auL:hter,
:Irs. Pell's house.
Dec. 25, 1926. 182
See - Ca.a)bell
Cuban Ajenc:
C.S. a))ointment
neCrary
Harding, President
Gov. C. says that, before ‘,1-)ointinc him had a 1)o11 of the Serate
taken hich showed that ?Toy. Harclinj could not be confindef- olled the
C.S.H.is earlier diaries show that San. Reed (Pa.) ?
Senate at request of Sec. ::ellon and that his )oll showed
he would be confirmel.
!Jay 27, 1926. 16
On the very .2,qy when Sec. ellon told the Board that no ap2ointment
of a ComItroller of the Currency would be made without
fullest conference with the Board, he received word from
the White House th ,- t Crissinger had been avointed.
rgy 27, 1926, 16, 17
Glass says that :rs. Borden Harriman once said th-t her kinsman,
Harry Paine Whitney, mp.e to Washington to beg her to se
her influence with Sen. Walsh (1..ont.) to 11 ....ve him cancel
his subnoena to testify before a Senate Coa-ittee, stLItinc
that if he testifie:. he :ould have to testify that on
his own knowledge 'resident Hardin,: owed $200,000 as the
result of oil spealation: that the subpoena was cancelled:
Dec. 7, 1926. 162
Sen. Walsh (::ontl) tells us at dinner at Jue.ce Brandeis's, that
the Senate Co ittee investi.atiny Yorbes, of the War
Veterans Bure u, mie across a trail of corruption
involving Mrs.Votaw, Fister of President Harding, and that
the Comiittee decided not to follow up the traill
Dec. 9, 1923. 163, 164
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Federal Reserve Bank of St. Louis
,
112.
Harding, Gov
(Cont l d.)
Gov. Harding calls on 3. .H. at Lee House
June 20, 1926. 47, 48
See - Cuban Agency
Hamlin, J..: Ren
intment
Sen. Heflin attacks Gov. Harf,inc over tele-thone to
See - Hamlin, C.7,.H.; Rep ,ointment
Invites C.S.H. to attend directors ra(!cting in 2oston.
July 7, 1926. 79
C. .H. and H.P.H. call on Gov. Harding at his daughter,
nrs. Pell's house.
Dec. 25, 1926. 182
See - Ca.-a)bell
Cuban Agency
Halain, C.S. appointment
neCrary
Harding, ?resident
Gov. C. says that, before appointinc him had a poll of the Scrate
talcen Alich showed that Gov. Hard: could not be confinaea.
3.:3.H.Is earlier diaries dhow that San. Reed (Pa.) )olled the
Senate at request of Sec. nellon and that his )Oil showed
he would be confirmed.
!lay 27, 1926. 16
On the very .:lay when Sec. nellon told the Board that no axmintment
of a Com-Itroller of the Currency would be made without
fullest conference with the Board, he received word from
the White House th-t Crissinger had berl
LILT 27, 1926. 13, 17
Glass says that nrs. Borden Harriman once said that her kinsman,
Harry Paine Whitney, ca;ae to Washington to beg her to me
her influence with Sen. Walsh (nont.) to have him cancel
his subpoena to testify before a Senate Com-ittee, statinL
that if he testified he - ould have to testify that on
his own knowledge ?resident Harding owed ,;200,000 as the
result of oil spellation; that the subpoena was cancelled:
Dec. 7, 1926. 162
Sen. Walsh (.1ontl) tells 1213 at dinner at Judge Brandeis's, that
the Senate Coi ittee invecti atirvr Forbes, of tie War
Veterans Bure-u, calae across a trail of corritption
involving Urs.Votaw, Fister of President Harding, and that
the Comattee decided not to follow up the trailt
Dec. 9, 1926. 163, 164
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Federal Reserve Bank of St. Louis
113.
Harriman, lire, Borden
Glass tells us that, said her kinsman, Harry Payne Mitney, aie
down to Washington to beg her to use her influence with
Sen. Wash (Liont.) to induce him to have cancelled his
subpoena to testify before a Senate Oom.aittee; that he told
her that if he testified he v-ould have to say, - on his
ovm imowledge, t
President Harding owed over $200,000
on the result of oil speculation; that the subloena was
cancelledt
Dec. 7, 1926. 162, 153
Is a0.2ointe,:, on Sei)cial 3oalittee to examiae the chronological
table of Wilson.
Dec. - 1926. 172
:Ire. Wilson tele2hones the Clrovernors of the Woman's Democratic
Club that a aember of the Club (El's. Harricz-!.n) had told
her that the chronological table was fulsomly eulogistic;
that it rould be inadvisable for her, as honorary President,
to a-pi- 2rove its :2ub1ication unless that part were eliminated.
Friday, Dec. 1'7, 1926, 173
Lire. Harrin.:-.n told the 'Board of (love nors that it was she who Tooke
to .:rs. Wilson. She said to Bertie, "I rant to see -you
after the meeting."
Later she told Bertl.e that she said to lire. Wilson t.vt she knew
how she revered Lir. Wilson, but that if as a stranger she
had read. the stuff of lass. Pennington he ould have
exclaimed., "Oh Helll
Dec. 17, 19?6. 173
C.S.H. tells :irs. Pennington that after ..rs. Harriwanis talk
with hrs. nlson there was no other course o-pen exceot
for her to withdraw the beroz.
Sat. Dec. 18, 1926. 176, 176
tells ::rs. Wilson he is very sorry thr.,.t
Harrimai
s-ooke to her when she did, but
Wilson defended her
warmly syin - • she was a true friend.
0.3.H. relied t.-1c.t he .)2,reci ted that f ct, but that if she had not
cone to ::rs. 7.'1lson, the Democratic Olub 3omait ee would have
raised the s ie objections, directly
Pennington
and the matter would very likely have been ,-,-ijusted, without
dragging .1rs. Wilson into it.
Sat. Dec. 16, 19 6. 177
C..S.H. feels strongly that :Irs. Harriman should hz.lie conferred with
her Co...-..ittee before 7,•oin::• to
7,'ilson; that she was
false to both ::rs. Wilson and t . e Cola.littec; that if she had
been a true friend of ire. -ilson she .7ould not have taken
such an extraordinary course.
Dee. 16, 1926. 178
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Federal Reserve Bank of St. Louis
114.
Harrison, George
Co.aes frau :-Terow .ork to Board to read extracts from some of Governor
Strong's letters as to the French and Italian situation.
June 17, 1928. 43
See - Strong, Gov.
Tele:hones Gov. CT that the
_or',/: directors are in doubt as to
increasing the discount rates and asks if the Board will sustain
the!.1 if they vote to increase.
Auc. A, 1926. 99 .
Se
- Discount rates
Tells Gov. C. that Gov. Stronc has cabled s'g-esting an increase
of 1,; insead of 1/2 of 1.
Aug. 10, 1926. 107
Gov. Strong writes
that Harrison has told him of James's
resolution to ask the New York di..ectors as to the reason .md need
on his st,.:7 in Euro-.3e.
Aug. l, 326. 110
Board finally agreed that Harrison's talk rith it and Gov. Stroa-ls
letters had cleared up the matter.
Aug. 15, 1926. 111
Harrison -lays before the Board an agre7ment between the Federal Reser*
Bank of Ner ork, certain central banks of l'urone and the Bank of
Bel tam, for its m2rovr1.
Oct. 5, 1926. 125
Sec - Belgium
H.rrison tells C.S.H. that he has ck.bled Jay that the expression of
the Board as to co....issions in the Belgiun agreement was not a
condition of ax)roial.
Oct. 5, 1926. 127
Harrison ap-)ears before Board to have it ratify a 6,J minimum rate in
purchase of Belgian bills, it having been discowred that the 5,*;
passed on by the Board on Oct. 5th was an error.
Oct. 19, 1926. 132, 133
Miller tells C.S.H. that the
York directors . ould like either
Gov. Case, Harrison, or Burgess ap)ointed as Chairman in n1;,ce of
Jay, resigned, but tht Harrison did not want it.
7ec. 4, 1926. 158, 159
Hayes. 8, 9
See - Crissinger, Gov.
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Federal Reserve Bank of St. Louis
115.
Heath, Feral Reserve Agent, Mica -0
•Ilany in Board feel that, should be notifie th,-,t he would not
be rean?ointed for 1928. Agreed to consider this later.
Dec. 15, 1926.164
Heflin, Sen. 72, 77, 74, 80
See - Ho1in, 0.S.: ReL).ointment
Helm, .1.LiirL1 and Yais.
0.—H. lunches with.
Nov. 21, 1926. 155
Henry, Captain
Visits us at :tta:2oisett.
Se-lt.
1926, 115
Hereon, Chief Examiner
Tells Board that the practice of paying directors rho ,ttend
Executive. Coaaittee meetings, although not members, was
Aiaost univers:21 among banks, both Fed ,r-1 Reserve, :Ltioi 1
July 7, 1926. 77, 78
and State.
Gives Board copy of a letter dated July 17, 1926, from Winston to
to do all in his power to help
Gov. Wellborn urging
banks in aistres:. He found this when examinin. the
FederL1 Rec-rve Bank .of Atlanta.
He :leo gave in a cony of Gov. Wellborn's reply dated July 2,0,
1926, givinc a review of what the Federal Reserve Bank
had clone, also meting from an old letter of Crissin7er
extravagantly )raising him.
1926. 91
July
Herson's reply on Federal Reserve Bank of Atlanta laid. "Ix fore
Board, it disclosed little that '..as criticised.
He said there was no hole of satisfactory o2eration until "one man
power", - meaning Governor Wellborn, - was
Referred to Atlanta CaaAittee.
Aug. 2,1926. 98
C.S.H. files with Board a memorandum, asking Herson to give a
general resume of his renort, stating his conclusions as to
the standard of efficiency of the bank an. the facts i.r?on
which he based his statement as to Hone man power,"
z, 1926. 101, 102
Eady says Herson is just goinj. away on his annual leave to Bampf,
an& as he goes from there to San Francisco he will not be
back in Washinzton mudh befor- Christmas; that Herson
wished to know whether he must prenc.re his answer to C.S.H.
mem.oranaum :luring his le ve or could it wait until his return.
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Federal Reserve Bank of St. Louis
116.
Hereon, Chief axamincr (Contld.)
C.S.H. told Eddy to consult Jaaes, that he rm.11,1 do as James
suGgested, but that he could not vote on questions
pendine concerning the Federal Reecrve Bank of A.tlanta,
until he received Hereon's answer.
Aug. 9, 1926. 103
Hines, Gen.
lall bearer
t funeral o
Walden ,:yer.
• Aug. 14, 1926. 108, 109
Hoovcr, Sec.
nillor tells
.H, he has just heErd on the highest authority
that he is to be reap?ointed.
C.S.H. thinks his authority :Just have been Hoover.
June 9, 1926. 36
that Hoover
Gov. C. says a :press relre:enttive recently told
told him he really controlled the FederA. Rer-rve Board!
The man as a representativepof the
s-rvioe.
July 2, 1926. 70
iiller tells CSH that he did not thirlc that Hoover was resnonsible
for his (Miller's) reannointment; that Hoover was ill at
the time, and learned of it only through his rife; that Hoover,
however, was strongly for him.
Aug. 26, 1926. 114
Hopkins
37, 38, 39, 152, 153, 134, 155.
See - Cam bell
Howe, Col.
Glass tells J.S.R. that he 1-,as prenarin: an article on the Federal
Reserve Act demo1ishin3. House's claim to tithordhip of the
Act; that he would handle House without cloves were it not
that House had one of his sons transferred from the front to
the Paris Com:Assion.
June 7, 1926. 33, 34
See - Glass
Ur . Wilson reads zaoud to us S.Jlith's article on, from the Saturday
EveninL Poet for Saturday, July 17.
Jul; 22, 1926. 90
nrs. Wilson , aid
Wilson had never read "The real Col. Hduee"
and that if, as the article said, it had been cu)
:
rec ea, it
must h:Are been done YithDut the knowledge of
Wilson.
July 2`-, 1926. 90
•
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Federal Reserve Bank of St. Louis
117.
House, 301. (Oontid.)
Glass calls Up C.S.H. and later sends him the manuscript of his
book ln the Federal Res-rye Act in which he tacks Seymour
and Ool. House.
Au. -7, 1926. 114
See - Glass
0.6.H. writes ;Ire. Wilson
Seymour and Col, House.
her of Glass' critiAsms of
Se-.2t. 1, 1926. 115
Ray Stannard Bak2.r lunched with J.S.H. and srld he thouGht that
Glass, in his opening chapters, had t7cated Sey-mour and Col.
House rather rouchly and he feared it micht prevent his
Getting Ihr, Wilson's letters from Col. House, 7hich ultimately
he hoed to do. O.S.H. ata not acre- rith him.
Oct. 22,1926, 139
Glass calls on C.S.H. and said that Doublp(lay, ?ace & Co. showed
him an oAnlon from their Counsel that certain phrases in his
book were libellous as reTards Seymour :no. 001. House; that
they Ii not hesitate to Ta-olish them as -,lass had acreed to
-indemnify them against libel suits.
Glass re-Aied that he had piready softened same of the phrases
carnlained of,but as to the rest, he was
to respond in
a libel suit.
Dec. 7, 1926. 162
Houston, 2. J.
0.S.H. meets, at Jay dinner, Ne York.
Dec. 20, 1926. 179
Howard
53, 66, 116
See - Omm)bell
Thill esuendment, ::cFadden bill
At request of :IcFad-en Bo ra writes conference ;
- omaittee advising
droLin7 of.
June 2, 1926. 24
McFadden sacs the references in Bozzdis letter to him enbarrass
him and asks Boara to write another letter, which it did.
June 3, 1926. 25
Hull, Cordell
78
See - Earley
116
I
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Federal Reserve Bank of St. Louis
India
Winston told uf: that Gov. Strong had testified before z.t British
Parliaznentc.ry Coa.lissi on against the pro )osed Ebsolute (-old
standard for India.
Winston said India wanted this but that it :ould require an
enormous su)ply of gold which would drive Great Britain from
the gold stndard and take much gold fro::. us, to our injury; that
it would turn silver in India into a corlaodity and ruin the
Indian people.
7inston said Sec.
tried to induce J. P. Morgan to testify but
that he said he would have to say that it would injure the U.S.
which would make the Indians on the Comlission even more strongly
in favor of it; that Sec.
asked Gov. Stroll:7 to testify
as to the injury it would .11p:use India and t.at Gov. Strong, who
had carefully studied the question, had so testified.
June 22, 1926. 54, 55
Board voted t6 pay Gov. Strong's expenses in -,onnection ith above
testimony as a fiscal . -ency matter.
July 20, 1326. 63, L9
Italy
See - Mussolini
Strong, Gov.
James, George R.
Flew into a rage and alaost foamed at the mouth because the nro)osed
lettr to the Secretary of the Treasury to be forwrded to the
Secretary of State as to the Cuban Ar;ency - had ignored his
renort.
May 21, 1926. 2
Said that his Co-...LAttee had been t-o'ted with contet; tt aolden.
weiser and Smead had been assaulted (referring to civil questions
out by C.S.H.); that he had made III his mind to Tlo to S,-c.
Mellon and President Coolidge and tell them how he had been
MAy 71, 1926. 2
Said that our Board was a lau.sdhinj stock, that it could not decide
anything and that Vanderlip :as right in his criticism.
May 21, 1926. 2
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Federal Reserve Bank of St. Louis
119.
James, ,r,-eorc-c! R. (Contd.)
He became pacified when C.S.H. moved thzt a co ,y
annexed to tle proposed letter.
May 21, 1926. 3
or
his 1.e...)ort be
Said that if it leaked out that we were even eonsiaoring abolishing
the Cuban 1,:ency a panic would spring un in adiw..
May 21, 1926. 3
James is temperamentally I. 1,ossib1e;whenever he makes a Committee
re)0;t he takes any criticism as a personal affront and
"refuses to play."
May '1., 1926. 3
Tells :).3.H. that Gov. C. is .losolutely dominated by Gov. Strong;
that Strong hated Mitchell of the 1Tation1 City Bank
wanted our Beard at least to threaten to _biolish the Cuban
Agency so that latdhell ould have to bend his knees to
Strong and ask his help; that this was Why Gov. C. insisted
on asking the State Department as to the Cuban A,7rency.
May 22, 1926. 8
Tells C.S.H. that when he first went into the Feder,1 Reeerve
Barnch warned him not to be dominated by Strome.
May 27, 1926. 8
Says that a year f.:o Gov. C. rent to Cuba with a man named Hayes,
a tricky contractor who wanted to r-et contracts in Cuba;
that some years aro Hayes came to Washington with a Cuban
delegation and elivered addresses to the Federe,1 Reserve Board,
and a photogranh was teken, which Hayes has been usint to show
that the Federal Reserve 2oard was behind him in his efforts
to secure Cuban contractst
114 22, 1926. 8, 9.
He also said Gov. C. never called on .;mbassador CrowLr while in
Cuba but was presented to the President of Cuba by Hayes, .zao
told the President, in S7)anish, which Gov. C. did not under—
st-nd, that'
101r. C. -:ad the Federal Resorve Board were behind
him.
!Icy T7, 1926. 9
James said Mitchell would be here in a few dayr and would Go direct
to Presid nt Coolidge. Zvidently Jeaes is as thick with :atchell
as he eL.ims 3-ov. O. is with Stron:T.
22, 1926. 9
James said Gov.0. was intoxicated at a public ainner in Cuba.
"Jay 22, 1926 9
120:
James, Georce R. (Contld.)
James said Gov. Stroni: was tryin: to crinple the Federal Reserve Board;
that he arran&eC. to have Dr. Stewart ta::en from us and nlaced
in a New York firm at an absurdly high salary ; that he had
taken Warren awy from our Statistical Division, for the same
rencon; that Gov. Strong felt they were too a-1'1e to be permitted
te remain with the BoLrd.
ay 22, 1926. 10
James and CunninE;ham say they favor the Hull amendment but will vote
to the Conference Co.amittee that if should be dronne.1 from the
11c7adden bill in order to have any leislction.
June 2, 1926. 24
Janes ,ays he does not vr:-_.;it Cirov.
Crunbell controversy.
naae dragged into the
4
June 8,1926. 31
Hookirstells C.S.H. that the Atlanta Di-fectors too as a personal blow
at themselves James' statement that 3 !Ambers of the Board had
stated to him that they -ould not vote to continue the Cuban
Agency unless CanDbell, McCrary„ and Gov. Wellborn were elimnatecl;
that Jr..aes snif, he !lade this statement personaly on his own
resonsibility.
June 10, 1926. 38, 39
4721.143e
was nresent when Harrison read to Board letters from Gov. Strong
as to the situation in France and Italy.
June 17, 1926. 43
Gov. Mores said he would go on any Board of which Jcaes was a member.
June 20, 1926. 47
James sajs he will vote
the .,1:'ointment of an Assictant
Federal Reserve Agent for the Cuban Agency as the set up in the
Atlanta Bank was so unfit, - raeziinc Otupbell, ::cOrry and
Gov. Wellborn.
June 22, 1926. 54
James read his re2ort on UcCrary and moved that the Attorney Genena
be asked to continue his investigation, without any lim_tation
as to secrecy.
June DO, 19-6, 65
Jaires was•irritable and insulting. Tle told Platt he was so "white
livered" he would bet he would not dare to remove ::c0rarj, no
matter ho.: stron- the evidence against him might be.
June 30, 19?6. 65, 66
•
James flew into a rage when
menti -med Howard's aquest that all
of the ap)ointive members should sit in the Campbell case.
June 30,1926. 63
0
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
121.
James, George R. (Cm-it'd.)
James was the only member of the Board rho failed to congratulate
C.S.H. on his reap ,ointment.
July 2, 1926. 71
J.S.H. feels thet, if any o-12osition is :lede to his confirmation,
Ja;ies will h.ve h,d a hand in it.
Jaly 2, 1926. 71
Gov. C. tells 0..H. that the member ban -es of the Federal Reserve
District of Atlanta felt that James was playng -oolitics an:
tryik: to put his own friends into the Federal Reserve bank;
that some said James wanted to be Governor; that he (Gov. -;.)
believed that James wants to work in
Pole, of the Co.itrollerls
office for Governor.
July 7, 1926. 77
Lddy tole. Gov. C. that James is gettini- on the nerves of Herson
Wyatt.
July 7, 1926. 77
nd
dames seid that some time ago Earley threatened to black the :cFadden
bill, if t-ie Board aid not direct the Federal Reserve Bank of
Atlanta to arbitrate Caldwellls claim.
7, 1926. 79
July
James is --)resent when C.S.H. takes hie oath of office.
July 9, 1926. 81
James and ley, C. - ere very bitter aeeinst Sec. :Iellon for not
consultin- the Board before asliing Gov. Strong to testify
before the British Parliamentary 0o:i:littee.
July 20, 1926.89
James al_ost violently o-.))osed Fedr- I Reserve Lent Certiests
ap_lication for an extra month's leave to 7,o abroad because of
ill health, and suceested that we vote that, hereafter, all
leaves of absence beyond 30 days shall be without pay.
A elcelority of the Board see_ed to 'ever this until C.S.H. suggested
that we certainly would never think of doire; this without at
the same time nassing a similar vote governin;- leaves of the
Board members.
This apl)arently somewhat dampened James' enthusiasm for he ceased his
cr? osition and on vote the leave was granted.
July 27., 1926. 91, 92
James was very bitter about the nam.hlet aescri tive of the Federal
Reserve
Jelblished by the Pecierd Reserve Bank of Boston
without the prior aDproval of the Board.
He moved that the Board erite each member bank of the District 'et the
oam2h1et was not a2proved, ivine our eeasons in full.
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Federal Reserve Bank of St. Louis
122.
James, GeorLe R. (Conild.)
Jaulles then moved to direct the Federal Reserve bank to notify each
member bank of the diFrict withdraring the 2am. h1et.
July a., 1926. 92, 93
C. .H. move:, a compromise substituto to James's motion.
Gold2nweiser suggested that he or pare a letter le,vin EI out certain
st:tements in his re)ort on the oamphlet.
James bitten; objected saying every criticism should be sent.
C.S.H. 2ointed out hat one of loldenweiorts criticisms was that the
pamphlet sought to Aminish the influence of the FederL.1 Reserve
Board and that it 'ould make our Board a butt of ridicule to
write such criticism.
James said we were _iready that, but . 1thdrer his objection and
motion was w.ssed.
July 23, 1926. 90, 94
James at first amoroved the :ippointment of an Assistant Federal
Reserve Agent to heln the Atlanta Bank examine weak banks, but
voted a;-7.inst it in the Executive :;oraraittee which killed it.
Finally with cL'ep regret he voted for it but said nothing could be
clone until the whole Atlanta outfit as c1e7.ne out, - meaning
Ca bell,icCrary and Gov. Wellborn.
Aug. 3, 1923. 97, 98
James is evidently out on a vendetta against the Feder:•.l Reserve Bank of
Atlanta, and C.S.H.
1ieves, Tould like to have trouble there to
vindicate himself.
Aug. 3, 19-6. 98
James said the 17.er York directors, in asking if the Board would an)rove
an increase in discount rates, - evidently intended to "pass the
tuck', to the Board so that if anything went wrong the Board wo-„Ild
have to ta.'.7e the bl,:me.
Aug. 2., 1926. 100
James said he was ready to move to lat in a 0 rIte over the heads of
the Directors, whether they wanted it or not.
Jaaes finally voted with the majority that a majority of the Board
would ax)rove an increase if the directors sll)uld reconend it.
Aug. 4, 19''.
6. 100, 101.
James did not object to C.S.E.Is proposed inquiryto Herson as to whzt
he meant in his rerlort as to none man nowero in the Federal Reserve
Bank of Atl nta.
Auc1926. 102
L.:• 6
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Federal Reserve Bank of St. Louis
123.
James, George R. (Contid.)
C.S.H. agreed that Hereon could delay his answer until he teturned
from his leYve, if James did not object, hut said he must
have the answer before he could vote on h Atlanta questions.
Aug. 9, 1926. 103
Janes votes to grant the arrolication
the Capital :ational Bank of
New York for trust powers, over the adverse reoort of Jr
and the New York directors.
Aug. 10, 1926. 104
James favors ap:)ointment of an extuainer to tuay the reports of
examina.tion of state banks.
James would not agree to %S.H.Is :,tement that he valid agree to
a chief and other exaiiners if its duty
to cooperate ,ith
Peder 1 Reserve Agents.
Aug. 11, 1926. 105
C.S.E. fe:rs that James and Gov. C. mean ultimately to have such a
Board take over the entire burden of state bank examInations,
by construinc the vote to Evroint em.liners for s]ecial
examinations to cover all examinations.
Aug. 11, 1926. 106
James said that some of the larcest St. Louis menbcr banks had not
been examined by the state authorities for 4 or 5 years.
Aug. 11, 1926. 106
James votes agLinst JaLr's request for six weelm leave to go abroad
for his vacation, on the sround that no officer of a Federal
Reserve bank should have more than 30 days leave.
Aug. 12, 1926. 108
Gov. Strong writes C.S.H. that Harrison has told him of James
resolution
an the N. Y. directors to elmlain as to
the object and need of his stay in Euro.2e.
This resolAion was moved while C.S.H. was on his vacition.
James is ye r,' jealo-ils of Gov. Stronc.
Aug. 15, 1925. 110
Votes against :flier's moti -)n that ther-! should be no change in the
System's 0-oen ::arket account. (The Onen arde Com_ittee
recommended authority to it to i_crease or di..inish by 700
millions.)
Se-?t. 10, 1926. 171
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Federal Reserve Bank of St. Louis
124.
James, George
R. (Contld.)
Vote: for Platt's motion that it be mint • ined at from 200 to 235
millions.
Sent. 10, 1926. 121, 122
C.S.H. puts James the direct question - who were the :3 members of
the Board who told him they would not vote to continue the
Cuban agency unless Cam-obell, McCrary, and Gov. Wellborn were
eliminated.
James said he was one but he would not mention the others without
their consent.
Sept. 23, 1926. 124
Votes in favor of ialler's motion to substitute for J.S.H.'s motion
of a?-)roval, a di_.ect prohilDition of canaissions in connecton
with the )urchase of Belgian bills by Federal Reserve Bank of
New Zork. Lot on tie.
Oct. 5, 1926. 126
Voted against C..H.'s motion that Board apirove the Belgian agreement
but expresses the hope, ithout making it a condition, that
cmalssion would not be charged by /leder 1 Reserve, Bank of New York.
Oct. 5, 196.16, 127
Votes for Platt's comnromise motion.
Oct. 5, 1926. 127
James and. :aller seem deternined never to grant any request of the
Federal -leserve Bank of New York
Sec. Mellon told
feelinc.
he was very much disturbed v.t their evi:,-:nt
Oct. 5, 1926. 127
James wat most offensive,and broveoeatinr7, as usual. In a loud voice,
evidently ft:IL-zing that C.S.H.'s resolution of censure miht crrY,
he cried o A, "I told you. months ago you would vote to whitewash
Cam)bell."
Oct. 5, 1926. 129
James moves a substitute for C.S.H.Is motion of censure, that Cal..1:bell
be removed, to take effect Nov. 18, 1926.
Oct. 5, 1926. 129
James said, on _Dying as above, in a lowering, threatening voice,
"This is the last motion I expect to makn as,a member of this
Board." - meaning that if the BorrE did not expel Castajbell
he would resign.
This threat evi.„ ntly scared Gov. C. and Cunningham, who meekly said
they would vote for the expulsion, altho lov. C. told C.S.H. just
before the meeting he should not vote to expel Cam_lbell, and
Cunningham had said the same to Platt yerterday or the day before.
Oct. 7, 1926.
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Federal Reserve Bank of St. Louis
125.
James, George R. (Contld.)
Vote- to expell Camnbell.
Oct. 7, 1926. 130
Gives notice that he will ilove on a certain :.ate in November for
the 1-emova1 of ::cCrlry.
Oct. 7, 1926. 121
James has reoeatedly s-iC, he was on trial more than Can. bell Ind he
Iterally forced Gov. 3. and Cunntaghala to vote for Campbell's
Oct. 7, 1926. 131
Platt confirms C.S.H.Is recollection that Ja.aes snecifically threatened
to resign if his motion to exnel Cam bell wer7 vote town.
'
Oct. 7, 1926. 131
0p)oses fixing the minimum rate in the Belgian apreement at O. Men
Board ap - rovec the Belgian 7,gree=nt it was stated by error to
be 5TO.)
Votes against ilatt's motion to ajorove te
Lainimuu rate.
Oct. 19, 1926. 133
Board took up James re)ort on ::cOrry.
James sAd the record showed evience gafficient to remove McCrary.
C.S.H. reminde. James that his renort did not recommend removal of
McOrL..ry, but merely aC,visee, considerinf7 the whole rccord and
determining whAt action should be taken.
Oct. 19, 1926. 134
Ja.ues :.oved to inform McCrary that he should resign an.. that if he
did not, the Board would remove him.
Oct. 19, 1926. 134
James votes against C.S.H.'s motion to lay on table, to be taken 11:2
at any time on a weel:'s notice.
0.3.H. ex)lained tat this ould not he a findinE of not guilty,
but James would not accent 4.
Oct. 19, 1926. 135
James finally accepted Miller's motion to sammon McCrary and put
further questions to him.
Oct. 19, 1926. 136
Jaes voter, acainst Cianningham's motion that the evid nce toes not
warrant removal of .:cCrary.
.
Oct. 19, 1326. 133
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Federal Reserve Bank of St. Louis
James, George R. (Contld.)
Votes in favor of ::tiler's motion to p-A further questions to
McCri:xy.
Oct. 19, 1926. 136
Votes with C.S.H. against apjrov:a of Open .larkrt Cora.,ittee's
request for authority to imrease System account by 50
millions, in December, to be sold later when money demand.
falls off.
Nov. 11, 1926. 145
Hopkins tells C.S.H. that the Atlanta Board is much disturbed. by
Jalles ctateLlent that 3 members had told him they would not
vote to continue the Cuban Agency unless Cam)bell, icCrary
and Gov. Wellborn were eliminated.
Nov. 16, 1926. 153
James said the Nev York Co-.:.attee
Sitolrld renort as to a successor
to Jay and he would vote in favor of this rei)ort.
Dec. 3, .926. 158
James acce:As assurance of Atlant% Committee that Gov. Wellb-q.n,
if reelected., will not serve after 1927.
Dec. 6, 1926. 131
James and C.S.H. reoort in favor of consolidatinLi the Boston =j
Atlanta Cuban A.,- ency into one agency to be managed by
Atlanta alone, befinning Jna. 1, 1927. Board tentatively
egoroved.
James and C.S.H. appointed.
Atlanta Committee.
Co
Atte,- to rorh out details with
Dec. 7, 1926.161
Votes against Laller's motion to abolish the Cuban Arency
Dec. 7, 1926. 163
James says he will vote against )_esignating Curtiss as Chairman and.
Peaeral Reserve Aent cf Federal Reserve Bank of Boston unless
Board agreed to tell him he would not be redesignated for 1928.
Dec. 15, 1926. 164
C. .H.believe hjller has been caucusing with Jz.;.aes, Aao knows
nothing about Curtiss exce)t what Ialler tells him.
Dec. 15, 1926.166
James said contemptuously that he should not :tend the Ja: dinner
in New York.
Dec. 15, 1926. 166
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Federal Reserve Bank of St. Louis
127.
James, George R. (Contld.)
James votes against an Ctnen Irt Corazdttee inneti-.4,- in Yew York
on day of Jay dinner.
Dec. 15, 1926. 166
James arid il1er are apparently so jealous of, the iTew 7:ork bank
they will .f.o anything to thvv-rt. it.
Dec. 15, 1923. 167
Violently o2:os ,s i.lcrease of salary for Burces,
:, AestFederal Reserve
4"4.gent, New :fork. Vo.:;es a.inst it.
•
Dec. 22, 1926. 180
Finally votes for ::illcris motion to increase by $3000.
Dec. 22, 1326. 180
C.S.H. believes ..1es '.7:nted to. show his .,.uthority to NEY,.• Y.ork
7ec. 22, 1926. 180
directors.
Votes against increase of. salary of Philbin, ilssistant Cor.ncil and
. Secretary of Feaer..1 Reserve Baak of Nevi 'rork.
Dec. 22, 1926. 181
Sec. 1:e11on ays he is s..tis7ied thz..t James et als merely
hit the Federal Reserve 'Sank of New
Dec. 22, 1926. 182
anted..to
Votes that Eddy ascertain salaries in New York ccia:2tzr.b1e with
salaries of Sulerinteml.ent z..nc' Chief En:ineer of Federal
Reserve Bank of New fork airectly and not t:Iro-uch the
New York directors.
Dec. 28, 1926. 183
Votes to ap -,rove Gor.enweicer re-?ort recou.ending drop.:ing
from the rolls of Carl Snyder, statistician or the Federal
Reserve Bank, s:Ter :ork.
Dec. 28, 1926. 184
Votes, much to :1.3.11.1 s surprise, in favor of 0.S.H.Is motion to
give Gov. Strong leave of absence with full -)ay, until
Aril 1, 1927.
L'ec. 28, 1926. 184
Votes against reap_iointing Saunders as Class C. Director, Ferier,- 1
ites,-)rve Tiara, New York.. An inform,?..1
Dec. 31, 196. 185
Ja7an
See - Teaster, Dr.
Wilton, Mrs.
•
128.
Jay, Pierre
•
Re-oorts zigainst grantinr, trust nowerc to Capitol National Bari,
New York.
Board grants powers.
11, 1926. 10,1
Board qpnroves request for 6 weeks leave to :_;o to urope for
vacation. James votes No. Aug. 12, 1926. 108
Board discusses BeL;ian agreement based on a cable froM Jay.
•
Federal Reserve Bari:, New -Zork, aelm authority to rely to Jay.
Board insists on re:erence to Jay's cable in any ap)roval.
Hfrrison tells C.S.H. that he hag (abled 3: that what Boa d said
about comAssiono was not a con it ion of aroval.
Oct. 5, 1926. 125, 125, 127
C.S.H. tells laller the Board :2 Toyed the consortium .creemont by
its reference to Jay's cable.
Oct. 20, 1926. 137
Gov. C. tells Board that Jay is to resiol.
Dec. 3, 1926.. 158
O.S.H. tells Board that lov. Strong had a potent jersonality
nerha:pg at times overbalancing Jay.
Dec. 4, 1926. 159
Board discusses Jay's successor.
Dec. 6, 1926. 161
II
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Federal Reserve Bank of St. Louis
laller attacked Jay and said he was not fit for Chairlaan or
2ede.:al Reserve Acent,
Dec. 15, 1925. 164
C.S.H. believes :Aller, Cunnindham, and James would have refu ed to
vote to redesignate Jay, 11-.d he not resiord.
Dec. 15, 1926. 163
Ja...es said contellIptuoasly that he will not attend the Jay dinner
in New York,
Dec. 15, 1926, 166
Gov. 0, said he orobL7n1y would not attend the dinner.
Dec. 15, 1926. 163
:Mier said he li,ould-be t the Federal eserve Bank on the mornIng
. of the dinner but would ot be at the dinner becaus - of an
engagement in WaShington.
Dec. 15, 1925. 168
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Federal Reserve Bank of St. Louis
129.
Jay, Pierre (Cont 1 C..)
C.S.H. and Platt attend f_inner to Jay given by the New York directors,
and each delivers an r,:ldress.
Gov. C. was t the directors lunch but was too ill to remain for the
dinner.
Miller ras at lunch but left in afternoon pleading an enzarement
in Washington in the evenin:7, - evidently an excuse for
avoiding the iinl.er; as :Aller dislikes Jay this cource was
not surprising.
Dec. 20, 1926. 179
Jay sends C.S.H. a report on the Zhilbin i'.crease of salary.
Dec. ":2, 1926. 182
Jerome, Mrs. 64
See - Brewster
Johns Honkins Hosi?ital
See - Cunningham
Jones, :1rs. Andreas
Ca11 u Bertie cilL says ::rs. Pennington had written her asizinc her
to i-eturn the manuscri)t of the prolosed book on Wilson, as
in view of ::rs. Wilson's stLtement that she could not endorse
it, she, ::rs. Penninton, desired to ;:ithArar it
C.S.H. has a cony of this lette-.
Frida;', Dec. 17, 1926. 138
33Hca1ls up
Jones and said, in renl:' to her requel,A, that he would
try to clear an the natter with ::rs. Wilson.
Yrs. Jones said she particularly honed
Polling could be eltuinated
from connection with the matter.
Sat. Dec. 1—, 1926. 173
See - Chronological table
Joslin, Dr. E. P.
C.S.H. is thoroughly exa.Ained by, c.nd he void he ras in fine
conaition, - heart, liver, blood pressure, etc. noracl.
Oct. 25, 19:--6. 140
-K_
Kettig 13
Se - Cambell
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Federal Reserve Bank of St. Louis
130.
Kuhn, Loeb & Co.
Alexande2, of National Bank of Coa.ierce, Eiller told C.S.H.,
would not ae..ke back Warburg as a ai2ector after he had left
the Federal Reserve Board, because he did not want any director
now or heretofore connecte,f vith such a large banking Ana as.
ec. 4, 1926. 160
Laning, niSE Eargeret
C.S.H. announces to the Board that he has :ylrothted :ass Laning
his orivate secretary at a salary of $2500, sajoct to the annual
increase as -per regulations of the Boad.
Aug. 3, 1926. 97
Lansing, Robert
We lunch with Ur.
nd
June 6, 1926. 28
Lausanne Treaty
amiral Bristol has convinced ::rs.Wilson that the, Should be
ratified.
rov. 18, 19'6. 155
Leaole of Nations
J.S.H. voted regretfully for Gaston and Walsh, although he n-ver
can forget that they were both oo?osed to the.
Nov. 2, 1926. 143
The authorities of the L. of N. told ::rs. W4lson they roula not
acce-.2t Baker's bunt of 741son, if not satisfactory to her. Baker
agreed to riv,Rn :
,,nother, and ::rs. Wilson felt obliged to say he
could consult her from time to
Nov. 27, 1926. 157
Leonard, Mrs.
C.S.H. and Charles Warren drive out to country house of
Leonard and dine with her.
Auc. 10, 1926. 104
rs. Uajor
I
:Ire.. Leonard helDs Gertrude Eyer at funeral of Walden Myer.
drives O.S.H. to the station to meet her.
Au. 1.1, 1926. 10B, 109
She
Liggett
Tyler telLs C..H. he sus-oects that Liggett and the Sharmut Bank
crowd feel that C.S.H.Is an.olintment will injure Butler.
June 7, 1926. 29
Lyon, Urs. 64
See - Brewster
Lyon, Tracey
Sce - 73rewster
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Federal Reserve Bank of St. Louis
131.
Magruder 54
See - Cuban Agency
Mattapoisett
O.S.H. leaves Washington --or.
Jul, 9, 1926. 81
C.S.H. leaves :ttpoisett for Wa ington.
July 18, 1926. 85
Leave Washington for.
July 23, 1926. 94
Leave Washington for.
Aug. 14, 1926. 110
Leave Washington for.
Aug. 28, 1926. 115
Ca2tain Henry visits us at. SeTA. 4, 1926. 115
Leave, for Washington.
Se-)t. 15, 1926. 122
Lea e Washington for.
Sc)t. 25, 1926. 125
8, 1926. 132
Oct.
Oct. 22, 1926. 140
Leave, for Washington.
Nov. 3, 1926.
143
G.
McAdoo,
Wing expresses fear that C.S.H. rouY be hand in glove with, if
he were elected Presidcnt th 1928.
June 24, 1926. 57
McCrary, Director, Federel Recer7e Bank, ktlania
Exolains to Jamec that he went to Cuba on his own motion.
June 2, 1926. 22
Jame':, told Board he had told Atlanta directors that 3 members of
Federal ResPrve Board had told him that theyauld not vote to
continue the Cuban Agency with Atlanta unless Gov. 7e11born,
Cam bell, r,-;nd McCrary Should resign.
June 2, 1926. 22
Hopkins says above st tement vas considered by the Atlanta directors
as a direct blow at theA and that they would be forced to
defend themselves.
June 10, 1926. 38, 39
C.,=.H. tells Hokins that James had no authority to make such a
statelaent.
Holkins !-aid Jalaes said he made it )ersonally on his own res:onsibility.
June 10, 1926. 39
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Federal Reserve Bank of St. Louis
132.
UtOrary, Federal Reserve Bank
Atlante. (Contid.)
that if his BoDrd was given time it
tells
Ho:atins
work out the matter along the lines James ranted but it
could not be done under duress.
June 10, 1926. 39
Ur. Black repeats to our Bo:-..rd.the -bova strte:.ent of James.
said thz-it, 11-, to the present time, the Board had raised no
issue as to the fitne2,s of Gov. Wellborn or .:oCrary.
June 15, 1928.41
Gov. Harding tells C.S.H. that .:cOrary was apeointed a co,;:littee
one to buy from the Presbyterian Church a lot for the Federal
Reserve bank; that the amount naid was an even sum but $2500
was added; that he gasnected the latter gam might be a
comlission for ::cCrary; that the Board could look this up.
Alm 20, 1926. 49
James said he would vote against :Ial:ruder
Reserve Acent in Cuba as the Atlanta
•
meaning Campbell, Gov. Wellborn, end
June 22,
as Assistant Fed.eral
outfit vas so unfit,
::cCrary.
1926. 54
James reads a renort on licCrary and moves that the Attorney General
be requested to renew his investigation, suspended two years
ago, vitheut the nrevious warning am inet publicity.
June 30, 1926. 65
James told Platt he was so "white livered" he woula not damto
re.:iove UcCrary, no ev-t ter how stron the evidence -light be.
1926. 85, 66
June
Board L:nroves a letter to the Attorney General asking him to
continue the investiation of ::.cCre.ry.
July 2, 1926. 71
Board sits with two agents of Denartment o' Justice and asks them
to continuo the investi ation of ::cOrary, especially his
purchase of the lot for the Federal Rereree bank.
July 7, 19!'6. 73, 77
Board also Li,ved the apents to inveYtigete as to directors fees
paid :cry -7or attendance on Executive Co:attee meetings
while not a member of the Executive Comitr e. Stated that
annum than any other director.
::eCrary received $1000 more
July 7, 1926. 77
James cave notice tiat he should move, on a date to be fixed in
November, fdrthe removal of McCrary.
Oct. 7, 1926. 131
tr%
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Federal Reserve Bank of St. Louis
133.
McCrary, Director, Federal Reserve Bank of Atlant:% (Contld.)
The Board takes up the McCrary LI:Ater.
James said the r-cora disclose
amole reasons for removin:. him.
3.S.H. pointed out that in his re)ort Jame dii not ask for
.:craryle. removal but merely asked the Bcya-d to consider the
whole matter and determine that should be done.
Oct. 19, 1926. 134
C. ',H. said his feeling as to cCrary would nro.lot him to vote
against his election as a diredtor if the choice lay ith Aim;
that if the Board had been Avon 1)ower to aprorove or disap irove
the choice of the stockholders for directors, he would vote not
to a-o?rove :cCraryis electior0 that on the cuestion of rewevin_.
McCrary for cause, the evidence was clearly insufficient; that
all that had been shown was:
1. Goin to Cuba. 2. ,Taking a frien_ with him.
3. Drinking on board the in boat, but not the slightest
evidence of intoxication. 4. Refunding to the Federal Reserve
Sulk part of his ex.?ens6s or those of his friend; that, aly;rt
from this recorl, there was 5. the fact that he received fees
for attendance at executive committee m etincs when not a
member; that there v:as also 6. the charge of usin: his ?osition
on the Board to induce member banks to buy his bonds; that the
first four "are -plainly insufficint to warrant reLJeval; that
Herson had renorted that 5 was :11 universal custom among banks,
enouch
both Federal Resrve and member; that While tere
Justice
of
Department
the
of
Agents
the
suspicion
to raise
re2orted that nothing was nroved and that this conclusion also
- --)1ied to the further fact 7. that he milt have received a
_)
sion from the purchase of real estate for the Federal
Reserve bank.
oointed out thrt under the Federal Reserve Act the Board
must state the cause of removal, and expressed the opinion that
we could not assign a valid cause for removal on this record.
3.S.H. also jointed out that if we were to remove ::cCrary on such
insufficient grounds, the member banks might consider our action
unjust and that if they did they would doubtless immedictely
reelect ::cOrary and the Federal Reserve Bord .ould be involved
in a very unfortunate conflict with them.
The Comytroller, Platt and GunAinham said they could not vote
for removal on this record.
. Oct. 19, 1926. 134, 135
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Federal Reserve Bank of St. Louis
134.
LIcOmrY, Director, F.R. Bank of Atlanta (Con
ttd.)
James then moved to summon McCrary befor
e the Board fld, inform
him that he Board felt he should resign
and that if he
refused the Board would re...love 'atm.
Oct. 19, 1923. 135
C..H. moved to lay JalAe - Aotion on the
table, to be taken up at
any ti_e, on weelOs notice.
Vote;
AYe No -
0.6.H., 2latt
Gov. C., Miller, James, Cunin,Tham, Colx?trollor
of Currency
3.0.H. e:ljlained that his motion would
at least derive Maeary
of settins the benefit of a favorable
finding by the Board,
but all to no avail.
mild not listen.
Oct. 19, 1926. 155
Miller ,loved to s-a.e..on McCrary to Washi
ngton end _put further
questions bo him.
James said finally he woeld acce-it this.
Cun.ainSham .loved as a substitute that the
evidence before the
Board diL not warr:nt the removal of
McCrary.
Tote:
kve: Gov. Crissinjer, Platt, C.S.H., Ounninc,:hel
A
No: James
Not votine: Miller, Cum-otroller of Currency.
Oct. 19, 19:)6. 136
Oscar Wells, releresentime a 0(1.1_itee of the
FtoCkholders of the
Ye_c_I-.1 Reserve Ban1 of Atlanta ce..Ae befor
e the Feral
Reserve Board. They
they ranted to clean ao the
friction between their b.nk ..nd the Board; that,
if the
Bord would so indicate, they would Lo :.11
in their power
to scure the defeat of McOrrry nft the r.,sizna
tion of
Gov. Wellborn.
C.S.R. said the Board had no richt and certa
inly would. not seek
to interfere, directl or indirectl:, in the elect
ion of
a director or the c.)‘oint.lent of a Governor;
that all the
Board could properly
was to let the 3aLattee know th.at
some me:Jbers had no confidence either in McCrary
or
Gov. Wellborn; that the stoCkholders had a clear rig4t
to
reelect McCrry and the directors to reappoint Gov.
Wellborn,
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Federal Reserve Bank of St. Louis
135.
1:cCrar:,
(coltla.)
subject :nly to the right of the Fe:.cr.1 Reserve Board
to raaove any officer for cause.
Wells said he believed that :1cCrLry 7-Qu1d not be reelected
When his nresent term expired.
Nov. 12, 1926. 117, 148
Hokins tells C.S.H. that his Boar was very much disturbed
at Jaaes statellent that 3 rmmbers had told him they
would not vote to 7:ontinue the Cuban ii.:ency with Atlanta
unless,Oamobell, Gov. Wellborn, AIE ::cCrary were
eliminated.
C.-.H. said the reEeral Reserve Bo. rd had never authorized
such a statement and that it must have been purely
personal.
Nov. 13, 1926. 153
McDoujv
Gov. 51, 52, 56
See - Hamlin; Rea)nointment
Conuaittee
0-7,en
Ilcrad:.en bill
Tyler says, hns told him that scraething may be done
towards broadening the Clayton Act in the ::cFadden
bill.
C..H. says it is now in conference and nothing can be done.
Platt :vs the Federal Advisory Council all feel that
::cFadaenls apointment in C.S.H.Is llace is im)ossible.
I:ay 24, 1923. 13
Curtiss tells C.S.H. that 1:c7adf.en has been in Boston to
secure indol.sements for 3.S.H.Is position.
June 2, 1926. 24
Cot roller of Currency t lie C.S.H. that Sec. ::ellon tol
him the t'rloucht cf appointing nclraLlen in C.S.H.Is
nlace was riEiculous.
He said Sec. ::ellon was very bitter towards :cFaL7en beca,)ze
he had kerot Brewer in the e1oy of his Co.clittee
after his L.tti: on Sec.ellon as to A.leed bond
June 2, 1926. 24
raadden as
noad to write to ne Confermce co_ittee and
express its ojinon on the Hull aLlendment to ::cFadden
bill.
The Board wrote such a lette-.
June 2, 1926. 24, 25
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Federal Reserve Bank of St. Louis
136.
2cFadden, McFadden bill (Cent'd.)
McFadden says the references to himself in the Board's letter
are embarrassing and asked las to send another, which the
Board voted to do.
Juno ,, 1926. 25
Tyler tells C.S.H. that McFadien called him un lrzt wee:: and
said he hz-d 7iven up all hopes of C.S.H.'s :lace as it was
settled t_,:t C..H. was to be :'ean ointed.
June 7, 1926. 29
Curtiss tells a.s.x.t-It he has heard of above, - evid ntly frou
Tyler.
June 8, 1926. 33
The Co.n.7troller as
C.S.H. to call Ivglass nd as::: him to yield
on the Hull amendment to :.cFadaen bill.
June :I, 1926. 61
The 3o..?troller tells C.S.H. that Sec. ::ellon called u...) McFadden
yesterday and blamed him for the failure of the McFadden
bill; that he asAed r.cFadden if he would cet the Conference
Co iLdttee to l'eport to the H.7.; that ::c7adn said he could
not unless a majority would join him; that ::ellon asked if
he 1.111: do it if :ark: would join;that ::aadden said he
resented this as not a fair question.
July 2, 1926. 70
The ComItroller said that he and Sec. Mellon believe :cFadden
has not played fair; that he rants a resolution for an
investi atinz com..iittee to invnsti ate the Federal Recerve
Board and Federd Reserve Bank of New York to show that their
credit policy has 3ut u
rices; that they both have su72reme
contempt for :cFadden.
July 2, 1926. 70, 71 .
•
Jaues said Earley thre,tened to block t_( McFadden bill.
See - Earley.
Jul: 7, 1926. 79
•
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Federal Reserve Bank of St. Louis
137.
IcGarrah, Gates
At Board meeting Platt sued McGarrah as being E.. better man than
Burgess for Chainaan and Federal Reserve Agent of Federal Reserve
Bank of New York.
Dec.
1926. 185
Mellon, Sec.
Board meets to prepare draft(1 a letter to, asking him to obtain ooinion
of State De;artment as to the necessity for a Cuban Ac;ency.
May 21, 1926. 1
James says he intends to tell, and the President about the treatment
of his Cuban Agency _eoort by the Board.
May 21, 1926. 2
Board voted to send the letter to, C.S.H. sayin.- he voted for it
on the understanding that if, aLl not ai;
:
rove it, the Committee
would so report to the Board.
May 21, 1926. 3
Board finally approved draft of above letter to.
May 25, 1926. 14
See - C.S.H.; A2po1ntment
May 26, 1926.
14
Gov. O. and James report that they h.ad delivered the letter to
See. Mellon as to the Cuban Agyncy; that Sec. :1. said he felt
that we could not now withdraw from Cuba; that the question of
doinc: away with the Boston A,1,ency could well wait awhile; that
Boston should be given the right to be heard; that if this
question were raised now it migt result in political -citation
in Massachusetts which should he avoided.
May 77, 1920. 15, 16
Sec. Mellon ,
;ot Sen. Reed to poll the Senate and he re)orted that
Gov. Harding could be confirmed. (Old :Liary).
May 27, 1926. 16
Old diaries show that Sec. Mellon promised our Board that no anpointment
of a Comptroller would be mthe ithout consultation with it, but
that on that very day Sec. Mellon received word that Crissinrnr
had been appointed.
May 27, 1926. 16, 17
C.S.H. feels that Goy. Morss, if ay2ointed, rould rive Sec. Mellon much
trouble, he is so insistent on the ri::hts of the banks agcAnst
the Board and. so set on high discount rates.
May 29, 1926. 19
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Federal Reserve Bank of St. Louis
138.
Mellon, Sec. (Cont'.) .
Glass says Gillette had telephoned Mellon recommending C.S.H.
for reappointment, who 1:aid he would take the matter up
shortly.
June 1, 1926. 21
Sec. Mellon tells Comptroller that the thought of appointing
McFadden in C.S.H.Is place was ridiculous. Comptroller
says Sec. Mellon is very bitter because McFadaen kept
Brewer in the employ of his Coittee after Brewer had
charged duplication of U.S. Bonds.
June 2, 1926. 24
Comptroller -)f Currency tells C.S.H. he kno-s both Gillette and
Sen. Butler have asked Sec. Mellon to appoint C.S.H.
June 2, 1926. 24
James says he has talked with Mellon about the Cuban Agency; that
he said the Cabinet and State Department Still favored an
Af7ency; that personally he .f.vored. one consolidated agency
but he felt that matter eaould.rest for the present, -at
least until Congress adjourned.
June 10, 1926. 7,9, 40
,:one away for three reeks.
Ady tells C.S.H. that ::ellon has ,
June 19, 26, 45
Winston says Mellon tried to prmt J.P. Morgan to testify before the
British Parliamentary Co:Inittee as to the proposed sold
standard for India; that Mellon also asked Gov. Strong to
testify as to the injury it would cause India; that Gov. Strang
carefully adied the matter and so testified;that Mellon did
not want this to F7et out but thought the Board ought to know
June 22, 1926. 55
of it.
See - Morgan
Strong
Platt says Comptroller McIntosh told him that Mellon wanted him to
try to persuade Glass to yield in his 000sition to the Hull
June 25, 1926. 58
amendment.
Sec. Mell II returns to Washington, having received honorary degree
from Yale, Harvard, and other Colleges.
June 25, 1926. 58
June 26, 1926.
See - C.S.H.1 Anpointment.
60
June 29, 1926.
See - C.S.H.; Appointment.
61
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Federal Reserve Bank of St. Louis
139.
Mellon, Sec..(Cont'd.)
The Comltroller tells,C.S.H. that Sec. Mellon told hi- that C.S.H.
deserved a reappointment; thr.t hie daurhter Anna was one of
Ann.'s closest friends; that he had seen much of Anna at his
home with Ailna; that he loved the child; that wholly apart
from merit, he could not have recammen'aed anyone else, because
of his regard for Anna. The Comptroller said he saw tears in
Sec. Melon's eyes when he said this.
June - 1926.
Sec. Mellon offers repointment to 1.S.H.
July 1, 1926. 66, 37, 68
See - 3.S.H.;* Appointment
The Comptroller tells Gov. C. the. ::ellon 1;A:le lip Cons. McFadden
and blamed him for failure of the cFadd'n bill; that he asked
McFadden to call the Conference Comfnittee together and report
on the bill; that McFadden said he could not unless he had a
majority ,Ath him;that Mellon asked him if he would do this if
King joined him; that McFaden said this was not a fair questio
n
and resented it.
July 2, 1926. 70
The Com)troller said that Mellon and he believed McFadden had not
played fair; that McFadden is workinE for an H.R. resolution.
for a Co.Jiittee to invectir.ate the FedPral Reserve Board in an
attempt to show that its credit policy had put up prices.
The Ccx:iptroller and Mellon earth have a supreme contempt for
McFadden.
July 2, 1926. 70
C.S.H. takes oath of office before Sec. ::ellon in his office.
Sec. Mellon invited the Board to attend 0.7*.H.s next oath of office
in 19361
July 9, 1926. 80, 81
The Board considered a 1Ptter from Sec. Mellon with relation to an
expense voucher of lov. Strong in connection with his
testimony
before the British Parliamentary 0o::.ision on the sUbject of a
sold standard for
'Sec. Mellon said the ;latter was a fiscal agency matter.
The Board decide that, Sec. Mellon having ap:roved it, its ap2roc:1
was not necessary; that nothing -ore than forma acknowledgment
was necessary.
July 20, 1926. 88, 89
Gov. C. and James were very bitter towards Mellon, skiing he should
have consulted the Board before aelcinc Gov. Strong to testify.
Gov. C. said, he heard of it before Gov. StronE sailed,
but not
from Sec. Mellon nor from the Board.
July 20, 1923. 89
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Federal Reserve Bank of St. Louis
140.
Mellon, Sec. (Omit'd )
The Countroller said the lancuare of Winston in his letter to
^0v. Wellborn uxgin,': relief from embarrassed banks was almost
exactly what he (the Oomptrolier) had used in talking with
Sec. Mellon.
3.S.H. thinks
ossibly Mellon asked Winston to Trite this lette .
July 23, 1926. 95
Gov. Strong writes C.S.H. that the object of his visit to Europe
was
fully explained to Sec. nellon ax
aov. C. and fully c.p roved
by them. Gov. O. finally adliitted to Soard that Sec. Mellon did
speak to him about it.
Aug. 15, 1926. 110
Miller says Warburg told him he should speak to Sec. Mellon
about his
reap-pointment, and that Warburg's state;.ent to Mellon broucht
about his reappointment mare speedily.
AuG. 26, 1926. 113, 114
See - Miller
Sec. Mellon raz pres,-'nt when Harrison came :before Board as to
Bank
of Belgium consortium agreement. Sec. Mellon voted with
C.S.H.,
Platt, and CoLr?tro13.er of Currency au.inet the prohibition of
any commissi n to the Federal Resrve bank in connection with its
.2urchase of bills indorsed by Bank of Belgium.
Lost on tie vote.
No:
Gov. C.,
James, Ounni_ng:Nam
Sec. Mellon, C.S.H., Platt, Comptroller
Oct. 5, 19'6. 125, 126
Sec. Mellon tells C.S.H. he is ver%, much iisturbej at the lack of
confid nce in the Feder .1 Reserve Bank of Ye- York shown by
certain memb,.rs of the Board.
Oct. 5, 1926. 127
Harrison acain ap?ears before Board as to Bank of Belpium consortium
:.re-anent.
Soc. :ellon votes with C.S.H. to ratify the mi.nimum rate at 0 instead
of 5.
Lost
Aye: Sec. Mellon, C.S.H., Platt
No: Gov. C., -411er, James, Canninham
Comptroller was absent.
Oct. 19, 19fl6.
See - Beleium
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Federal Reserve Bank of St. Louis
141.
Mellon, Soc. (Contld.)
C.S.H. feels above action gives Sec. Mellon another picture of
the Boord, in its refusal to consider the matter from a
'honking standpoint, L.nd its insArtence on treating it from
an eleemosynary standpoint; that it was really a il.ratuitous
ift to the private stockholders of the Bank of Belgium.
Oct. 19, 1926. 134
C.S.H. tells Mellon that, as an alleged free trader, he could not
see that the bankers appeal for lower customs duties in
Europe was an argument aglinst a protective tariff for the U.S.;
that prior to the Constitit ion the states levied duties asfainst
one another anlnearly -ot into war; that under the Constitution
an enormous free trade area was created,. but that the nation
levied protective duties against foreign nations; that the
'bankers appeal favored an enlarged customs zone but left
untouer:ed the question of duties to be levied against the rest
Oct. 22, 1926. 137, 138
of the world.
Sec. Mellon said to C.S.H. "You are not ra11y a free trader, are you?
3.S.H. said he had been called a free trader so long that he had
become fond of the name, just as eels are said finally to love
skinning, - they become so used to it.
.S.H. added that he 'would be willing to c7mrpmmise on a duty equal
to the difference between unit costs, - which, however, would
entail a radical reduction of pre7ent
Oct. 22, 1926.137
Sec .Mellon said he was shocked at Millerls sta'ement that he might
have voted for a minimum rate of 6% on the Belgian bills, if
the Federal Reserve Bank or New York had treated With respect
the Board's recommendation as to wiping out all camissions.
Oct. 22, 1926. 138, 139
v.S.H. consults Sec. Mellon as to cpnointmont of Chairman of Board
or Fedaral Reserve Ba-k, New York.
Sec. Mellon strongly favored .poointment of Burgess and said he
would ask Gov. O. to tell the Beard he wished to confer with
them when the matter was taken up.
Sec. Lell-n seemed disturbed at he suggesticn of Warburgls name.
Mc. 4, 1926. 160
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Federal Reserve Bank of St. Louis
142
Mellon, Sec. (Contld.)
Bo,-rd discussed matter of anpointment of Chainuan of Federal
Reserve Bank of New York. Gov. C. diT. not play fair with
Sec. ellon, who, he knew - anted Burgess, for he said of course
the Board could ))oint Burgess if it wished to be domim. ted by
the Fed2rza Reserve Bank of Few York. This in Sec. :Iellonis
absence!
Dec. 6, 1926. 161
Gov. C. said Federal Reserve Arent DeCaz.To of Cleveland had proved
a great failure; thAt he recommended him for wor2ointment.only
because of the "gret pressure" brought on him,- evid-ntly
referring to Sec. Mellon.
Miller and Cunningham then began to ma'A excus,ls for DeCamo, speaking
of the short time he had held offic,i, evia ,ntly to avoid any
clash with Sec. Mellon.
7.)ec. 15, 1926. 165
C.S.H. tells Sec. Mellon of the action of the Board inrefusing to
increase the salaries of Burgess and Philbin of the Federal
Reserve Bank of New York.
Sec. Mellon was greatly disturbed.
said there was no
possibility of securing the an)ointment of Burgess for Chairman.
Sec. Mellon said he would gladly give Burgess a oositiAl in some
Pittsburg bank at as high a salary as the FederA Rascrve Bank
of New York could ever give him.
Sec. Mellon said he as satisfied tat the majority of the Board w_nted
to hit the Feder:.1 Reserve Bank of New York.
Sec. Mellon said he was mIng aw'y for C'qrist..las but would tell
Gov. C. he wished to be present vhen the Chairman was taken up.
Sec. Mellon said it m ght be liossible to secure an increase or salary
for Buress and Philbin at some later meeting When he was
present. He said he did not want to
into the meeting this
afternoon and be pA.t in the position of b7eaking a tie vote.
Dec. 22, 1926, 182
Board meets to consider appointment of Chairman of Federal Reserve
Bank of New York. Sec. Mellon was present.
O.S.H. presented name of Burgess and gave a sketch of his life.
Sec. Mellon praised Burgess highly.
ilatt :
.aid later McGarrah would be a better man.
Meeting adjourned without action.
Dec. 31, 197,6. 165
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Federal Reserve Bank of St. Louis
143.
Metcalf, Sen.
Tyler says he will get in to-len rith, as to 3.S.H. reap2ointment.
June 22, 1926, 52
Miller, A.
Reads drnft of letter to Sec. Mellon to obtain adinLon of StLAe
De2t. as to Cubc.si Agency,
Platt amendment.
C.S.H. suggests additions.
May
, 1926. 1,
See - Cuban At:
, ency
Objects to recommendation of Federal Advisory Council that call
loans are a desirable secondary res.n-ve, evidently widhing
to fortify his testimony before the Banking and Currency
Committee that the Federal eserve Act should be ?mended so
that the FederEl. Res-rve banks may refuse rediocounts when banks
are cariving specUative loans.
Mk M., 1926. 4
Cunningham tells President Coolidge he always - ent to :liner and
C.S.H. for n:Arice, and CoolidF1) said, "They are two fine men."
May 29, 1926. 18
C.S.H. believes that Gov. Mors, if appointed in C.S.H.'s place will
always stand with M411er for deflation and higher discount rates.
May 29, 1926. 19
C.S.H. and H.P.H. lunch %A.'h Miller -t his house. Miller said he
was "out" of California, that he hal sold all of his property
there exceA sole wood1anC4 that the newspaper re:xesentatives
had d-cidea from now on to sflefik the truth about Coolidge and
refrain from withholding facts as they had been doing; that
Norman Hangood was to have landhed with him today but was invited
to lunch at White House; ',Hat this was extraordinary as Hapgood
was sunh an extreiAe radical.
Denman, formerly of th - Shin:ping Board was also at lunch and asked
Miller, stIricvlly, hen he was to 1.111.th his"appreciation"
of Woodrow Wilson.
May 30, 1926. 20
Glass tells C.S.H. of Wilson's desire to rel:love ::411er from Federal
Reserve Board after the fight for cutting down the number of
Federal Reerve banks. Glass said Wilson offered him
2- 1r.ce but lass aPclined and urged Wilson to malt. no Chan:2es
at that tiAe, as it would be claimed to be -.)olitical.
June 7, 1926. 34
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Federal Reserve Bank of St. Louis
144.
Miller, A. C. (Cont'a.)
Bitterly cfejecte to ivie Atlanta Co.emittee
evieence in
Campbell mattel except Campbell's teetieny.
June 9, 1926. 35
C.S.H. bids good-bye to Miller, ju.et .ailing abroad.
.aller says he has just heard en the hiZeiest aothority that C.S.H.
is to be reanpointed.
3.S.H. believes Hoover must be the authority.
June 9, 1926. 36
With Miller abroad, and Gov. C. ana OunAnc'he
j
ill, the FederL1
Reserve Board is shot to pieces.
June 19, 1926. 46
Gov. 3. says
before zoini2 abroc.d, spoke to him very sne riniy
about C.S.H., saying that he took very little interest in
Board matters, devoting himself to indexing and other
unimportant Mattere.
juli 2, 1926. 69
Miller was abroe,d When C.Z.H. took ner oath of office.
July 9, 1926. 81
Miller s:ailed from Eurone Aug. 11th on the Leviathan.
x.pressed his pleasure to
on hie re-p2oinUant.
MillAr said he 'i: noth:nE: to secure his own reaaoiet..lent a year ago;
that Mitchell and. Warburz, of the Fedeel Advisory Council had
a reeo,.ution orepared and. wanted the Feaeral Advisory Council
to pars it, they 1,eini, then in session (Hay 1924); that he
(Miller) objected saying the Council had no right to make
recommenLations for office; that Warburg said he woula see
Sec. Mellon an:, ask hiu to recomeend hi., to CoolidFe for
reap..oiatment; that Warburg aske, him - hat he Should. say to
Mellon; that he told Warburg he should 1) -lad to be rea2)ointed,
but that he deLl not wish to be held up as lov. Hardine as, en'
he felt it only fair to say that, if not rea pointed before
Jril:r 1, he should at once resizn.
Miller told C.S.H. he vas .- erectly inae?enflent, so far as eelar
went,iend he could thus affora to speak frankly.
Miller said he thought Warburrf's stateelent to Mellon broucht about
his rean 'ointment „lore soeedily than otherrise; that Mitchell
sari Coolidge, shortly after, on another matter, and mentioned
bis naue, end Coolidge said his reapeo'.mtment was settled.,
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Federal Reserve Bank of St. Louis
Miller, A. C. (Contld.)
C.S.H. said he supposed Hoover was the guiding force.
Miller said Hoover was ill at the time and only learned of it
through his wife, although, of course, he straigly favored
it.
Aug. 26, 1926. 113, 114
Bitterly opposes letting Campbell have a copy of the evidence against
him; said he had made up his mind to vote to remove Campbell
and said he would only agree to let him see the evidence if
the Board would now agree to remove lam.
Sept. 8, 1926. 115, 116
C.S.H. objected to Miller!is position saying that Campbell was on
trial for his official life and should see all the evidence
against him.
0.S.H. agreed with lAiller that under the Federal Reserve Act the
Board could remove without any h-earing but pointed out that
the Board, while Miller was in Marone, had promised the Atlant:.,
ComAttee and Cam)bell to.lay before them all the evidenc
e.
Sept. 8, 1926. 116
Miller ad—its the Board agreed to submit all the evidence against
Campbell to the Atlanta Committee and to Campbell, but said
that he was not present then, and was not bound by the agreement,
and urges a refusal, although rather meekly.
Sept. 9, 1126. 118
Miller finally drew up a resolution:
1. Board not bound to give a hearing.
.
2. A hearing will embarrass Board in future cases of removal.
3.
Will give the evidence, br'cause of the Board's agreement,
to the Atlanta Committee as a privileged and confidential
matter, to help it in its independent investigation.
Sept. 9,1926. 118
C.S.H. asked Miller if he meant by the resolution that Campbell was
not to be allowed to see the evidence and he replied Yes.
C.S.H. said he would accept Miller's motion as a compromise if
amended so that Camnbell should be allowed to see the evidence.
Miller then withdrew his motion.
Finally it was agreed that the evidence should be shown to the
Atlanta Committee and Campbell, the Governor to make a state:aent
to them as to its privileged character, etc. to be agreed upon
in writing by the Atlanta Co,lmittee and Campbell. :aller asked
to be recorded as "not voting."
Sent. 9, 1926. 119
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Federal Reserve Bank of St. Louis
146.
Miller, A. C. (Contsd.)
Miller, at Open Market Co=ittee meeting, to 0.S.H.Is surpri
se,
took the grand bhat the money in the market should neither
be
increased or diminished, favoring a replacement of the
10
millions to be paid by Treas.; ry on Sept. 15th, and also
of the
12 millions held on foreign accaAnt, running off on Sept. 15.
Sept. 10, 1926. 120
Miller moves that the System account be maintained as at
present,
the 10 millions maturing Sept. 15th to be replac
ed.
Lost: Aye - Miller, C.S.H., Cunnin-ham
No - Gov. C., Platt, James, Comptroller
Sept. 10, 1926. 121
Platt moved that special account be maintained at from
200 to 225
millions.
Carried:
Aye: Platt, James, Cunningham, Comptroller
No: Gov. C.
Not voting: Miller
C.S.H. had left for Mattapoisett 'hen above vote
was taken.
Sept. 10, 1926. 122
Miller ad1resses Federal Advisort Council on his Europe
an trip.
Miller said that, speaking generally, the European nations
had mode
a distinct economic development; that Germany had progressed
marvelously and was filled with the deteraination to work out
its salvation; that Belgium had also made remarkable progress;
Miller was very pessimis-Ac, however, as to Trance, saying
that
Poincardi could never succeed in stabilizing the franc; that
a
dictatorship seemed almost necessary.
Miller was also very
pessimistic about Great Britain; he said the English were a
"sporty" people and were doing their best, but he feared the
Nation could never bridge the gap.
Sept. 17, 1926. 122, 123
Board takes up Bank of Belgium agreement.
C.S.R. moved approval
Miller and James insisted that the exact terms be stated.
C.S.H. then put into his motion a reference to Federal Reserve Agent
Jayls cable.
Miller and James objected to charging any cannission on bills
purchased.
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Federal Reserve Bank of St. Louis
147.
Miller, A. C. (Contld.)
C.S.H. then added to his motion a clause tht, without imposinc; it
as a condition, the Board hoped that npanmmission be charged.
Miller moved to insert a direct prohibition of coizaissions.
Lost: Tie vote
Aye: Gov. C., Miller, James, Cunningham
No: Sec. Mellon, C.S.H., Platt, Comptroller
Oct. 5, 1926. 126, 127
Platt moved a resolution much like C.S.H.Is but adding at end that the
Board desires to have the Federal Reserve Bank revise the
agreement as to commissions as the Board considers a commission
on purchase of bills indorsed by a central bank as not consistent
with the Federal Reserve Act or its principles.
All, including Miller, voted for this.
All understood, however, that this was not a condition and Harrison
so cabled Jay.
C.S.H. agrees to this but fears it may result in bringing the question
again before the Board.
Oct. 5, 1926. 127
Miller and James seem determined never to grant any request of the
Federal Reserve Bank of New York and See. Mellon toll C.S.H. he is
much disturbed at this lack of confidence in the Federal Reserve
Bank, New York.
Oct. 5, 1926. 127
Miller says he -ill agree to advise Atlanta that the Board had decided
to remove Campbell unless he resigned at once, but if this was
not unanimously agreed to, he should second James, motion for
removal.
Oct. 7, 1926. 129, 130
C.S.H. declined to agree to this, giving his reasons in full, and
Miller seconded James' motion.
Carried.
Aye: Gov. C., Miller, James, Cunningham, Comptroller
Not C.S.H., Platt
Oct. 7, 1926. 130
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Federal Reserve Bank of St. Louis
148.
Miller, A. C. (Oontld.)
Board takes up Bank of Belgium credit.
Harrison says Federal Reserve Bank tried to have comais
sions removed
from the agreement; that they finally had to agree
to collect
the commissions but had agreed to rebate them for a
period up
to the time of the expiration of the British credit
, which had
no provision for commissions.
Harrison also said the minimum rate provided for was
6% and not 5% as
he had erroneously informed the Board when last before
it.
Platt moved to approve the 6% minimum.
Miller said he would be disposed to agree, had the Federa
l Reserve
Bank of New York shown proper respect to the Board'
s suggestion
as to striking out the provision for commis
sions.
Oct. 19, 1926. 132
Harrison told Miller the directors had Shown all respec
t to the
'
Federal Reserve Board; that the Board had put the matter
in
the form of a suggestion and not as a condition; tha; his
directors
had done the boot they could; that the above was the
only way
they could work it out.
Oct. 19, 1926. 132, 133
Miller then said he agreed with James that a 6% minimum rite
an bills
purchased was wrong.
Sec. Mellon and O.S.H.defended the rate.
Platt's motion to approve the
minimum rate was lost.
Aye: Sec. Mellon, C.S.H., Platt
No: Gov. C., Miller, James, Cunningham
The Comptroller was absent.
Oct. 19, 1926. 133
James moves to summon McCrary to Washington and to notify him
that
if he did not resign the Board would renove him.
C.S.H. moved to lay on table, to be taken up at any time on a
week's notice.
Lost.
Aye: C.S.H., Platt
No; Gov. C., Miller, Cunningham, James,
Comptroller.
Oct. 19, 1926. 135
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Federal Reserve Bank of St. Louis
149.
Miller, A. C. (Cont'd.)
Miller moved to summon McCrary to Washington and
put further
questions to him.
James accepted Miller's motion.
Suddenly aumningham moved in substitution that
the evidence did not
warrant the removal of McCrary.
Carried:
Aye: Gov. C., C.S.H., Platt, Cun-ine,ham
No: James
Not voting: Miller, ComptrolLer
Oct. 19, 1926. 136
Board took up question of an)roving the minutes
of the meeting on
the Belgium credit
Miller tried unsuccessfully to have the records
amended so that it
would appear that the only matter before the Board
was the
question of authorizing the Federal Reserve Bank
of New York
to buy certain bills.
Miller said he would never agree to having the
Federal Reserve Bank
join a consortium of European banks
C.S.H. pointed out that the Board in fact had appro
ved the Federal
Reserve Bank entering into the consortium agreement,
as was
clearly shown by the reference in the record to
Jay's cable
to the Federal Reserve Bank of New York Which
set out the
agreement.
Oct. 20, 1926. 137
Sec. Mellon speaks to C.S.H. as to Miller's state
ment that he would
have voted for the 6% minimum rate for the Belgi
an bills, had
the Federal Reserve Bank o- New York treated with respe
ct the
Board's suggestions as to striking out commi
ssions.
Sec. Mellon was very much disturbed at such a
statement.
Oct. 22, 1926. 138, 139
Federal Reserve Agent Curtiss told C.S.H. that he belie
ved Miller's
dislike for him grew out of a pro—Geraan remark of Mille
r, just
after we entered the war, made at a gathering where
Wills, et als
were present; that he could not now remember Miller's
exact
words, but that they were shocking, expressing sympathy
for
Germany and lack of sympathy for the U.S., then engaged
in
war with Germany; that his remarks were distinctly
disloyal;
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Federal Reserve Bank of St. Louis
150
Miller, A. C. (Contld.)
that some one must have inforaed the Government as a little
later a Secret Service Agent visited him in Boston and questioned
him about the incident; that he felt that Miller must have learned
of this and have suspected that he, Curtiss - had given the
information to the Government, - whidh, in fact, was not true.
Nov. 6, 1926. 144
Open Market Committee meeting.
Committee asked authority to increase purchases of Government securit
ies
by 50 millions in December, to be sold later when money demand
fell off.
Miller strongly objected.
C.S.H. moved approval.
Miller moved against changing amount authorized in Octoberm - 200
to
215 millions.
Carried:
Aye: Gov. C., Miller, Cunningham, Comptroller
Not C.S.H., James
Nov. 11, 1926. 145
Miller speaks on conditions in Europe at dinner given to Board at
Metropolitan Club by the Governors and Federal Reserve Agents.
Nov. 11, 1926. 149
Miller says Gov. C. asked him to call a special meeting of Board in his
absence, to consider extending time of Campbell's removal.
All deemed extension inexpedient.
Nov. 12, 1926. 150
Miller and C.S.H. go to Emergency Hospital to see Mr. Coulton, of
Yederal Adtisory Council.
Nov. 18, .1926. 155
Miller advocates appointment of Warburg as Chairman and Tederal Reserve
Agent in pile of Jay resigned.
Dec. 3, 1926. 158
Miller asks C.S.H. to come into his office.
Miller was enthusiastic for Wahurg.
Miller said the N. Y. Directors had suggested Case, Harrison, and
Burgess; that Case did not want it and would take it only as
a matter of duty; that Harrison did not want it; that the
directors really wanted Burgess; that Burgess -ould be good
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Federal Reserve Bank of St. Louis
151.
Miller, A. C. (Contld.)
as Federal Reserve Agent, but as Chairman would be
dominated by Gov. Strong.
C.S.H. told Miller that Warburg was, of course, well qualified
but that he feared he would not cooperate with Gov. Strong;
that While the Federal Reserve Act undoubtedly regarded
the chairmaa as the principal officer, yet that a status
had been created and that Gov. Strong was undoubtedly a
potent factor, perhaps overbalancing Jay, Lithouel they
cooperated perfectly together; that he feared Warburg would
try to dominate Strong and, with his lack of tact, there
might be trouble from the start; that no one offensive to
Strong should be appointed, althlueh he clicl not feel that
this would be offensive if Warburg were appointed, but would
like to ascertain as to this; that he, C.S.H., felt that
Burgess was a good man and a growing man and one who would
cooperate with Strong; that he thought Strong would cooperate
with Burgess rather than dominate him.
Dec. 4, 1926. 158, 159, 160
Miller told C.S.H. that Alexander, of the National Bank of Commerce,
told him that after Warburg had left the Federal Reserve Board
Alexander refused to take Warburg back as a director, for
the reason that he did not want to have as a director any one
who had, been connected with a large and important banking
house such as Kuhn, Loeb & Co.
Dec. 4, 1926. 160
Miller movee that the Cuban Agency be aboliShed on and after a
fixed date, to be agreed upon.
Lost:
Aye: Gov. C., Uiller
No: C.S.H., Platt, James, Cunningham
Dec. 4, 1926. 163
C.S.H. moved designation of Atlanta as sole agent.
Carried unanimously.
C.S.H. thinks liner did not vote.
Dec. 4, 1926. 163
Miller, at Board meeting, makes a savage attack on Federal Reserve
Agent Curtiss.
C.S.H., and Platt of the Boston Committee, unanimously report
favoring his reappointment.
••
Finally agreed to reelect all Federal Reserve Agents for 1927
but to consider cases of Curtiss, Heath, Hoxton et als on
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Federal Reserve Bank of St. Louis
152.
Miller, A. C. (Cont'd.)
Jan. 15, 1927, as to notifiin. them they would not be
elected for 1928, so as to give them ti:Ae to make necessary
arrangements.
Dec. 15, 1926. 164
DeCampis name was brought un and Miller and. Cunningham began to
make excuses for hill:, evidently realizing that Sec. Mellon
favored him.
Dec. 15, 1926, 165
C.S.H. believes Miller is d termined to revenge himself against
Curtiss because Of the pro-German strAement made by him to
Curtiss, Wills, et als.
Dec. 15, 1926. 165
C.S.H. moves that Board hold an open market meeting on Monday,
the clay of the Jay dinner.
Lost:
Aye: C.S.H., Platt
No: Miller, James, Cunningham
Gov. O. would not vote but was evidently ox)osed.
Dec. 15, 1926. 166
Miller and James are so jealous of the Federal Reserve Bank of
New York that they seem ready to do anything to thwart it.
Dec. 15, 1926. 167 '
Miller tells C.S.H. that Wing of the let National, Boston, has just
called on him, and said he -::as sorry he had not time to
call on C.S.H.
C.S.H. believes Wing called on Miller to oppose Curtiss.
Dec. 15, 1926. 167
See - Wing
Miller, Gov. C., Platt and C.S.H. have an informal meeting with
Open Market Co mittee in New York, aid lunched together at the
Bank.
Miller did not attend the dinner to Jay, pleading an engagement
that evening in Washington.
Dec. 20, 19'16. 179
Miller vigorously opposed any increase in salary of Burgess,
Assistant Federal Reserve Agent, New York. The Bank:had
recommended an increase from $10,000 to $15,000.
C.S.H. moved approval of increase.
Lost: Aye: Gov. C., C.S.H., Platt
No: Miller, James, Cunningham
Dec. 22, 1926. 180
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Federal Reserve Bank of St. Louis
153.
Miller, A. C. (Contid.)
Miller finally said he would compromise on a $3000 increase.
Voted unanimously.
Dec. 22, 1926. 180
Another proof of Miller's hatred and jealousy of the Federal
Reserve Bank, New York.
Dec. 22, 1926. 180
Miller also opposed increase in salary of Philbin, Assistant
Counsel, and Secretary of Federal Reserve Bank, New York.
C.S.H. moved
Lost
Aye:
No:
Gov.
ap2roval of increase.
Platt, C.S.H.
Miller, Janes, Cunningham
C. would not vote
Another exhibition of hatred and jealousy.
Dec. 22, 1926. 181
C.S.H. tells Sec. Mellon v.ho is shocked.
Dec. 22, 1926. 181
Miller moved to ap-orove a rer,ort of Goldenweiser that the work
of Carl Snyder, Statistician, of the Fede -al Reserve Bank
of Nev; York carried on the rolls of the Federal Reserve
Agents office, be discontinued and that Snyder be dropped
from the rolls of the bank.
Carried:
Aye: Miller et als
No: C.S.H., Platt
Dec. 28, 1926. 183, 184
Miller said that Snyder wag an able man and that his work on
trends of prices and production was well done and might Ile of
future importance, but that the Federal Reserve banks should
carefully avoid work involving forecasts of the future.
Miller admitted that Snyder's work was quoted more over the
country than our Statistical Division's work.
Dec. 28, 1926. 183, 184
Miller and the other members voted informally not to reappoint
Saunders as Class C Director of the Federal Reserve Bank,
New York. C.S.H. and Platt voted contra.
Dec. 31, 1926. 185
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Federal Reserve Bank of St. Louis
154.
Miller, David Hunter
C.S.H. takes tea with Mrs. Wilson to meet.
Mrs. Wilson said Admiral Bristol had satisfied her
that the
Lausanne Trety should be ratified.
Miller said he was absolutely opposed to ratification
.
Nov. 18, 1926. 155
Yrs. Wilson tells C.S.H. she is to accept Mrs. Rice's
invitation
to visit her in Albany on the occasion of the Wilson
ceremonies on Dec. 27th, at which r. Miller is to
speak.
Dec. 17, 1926. 175
Mitchell, Fedgral Advisory Council
Helped Miller get his reappointment to Federal Reserv
e Board.
Aug. 26, 1926.113, 114
See - Miller, A. C.
Mitchell, National City Bank, New York
James :ays Gov. Strong hates, and wants Board at least
to
threaten to abolish the Cuban Agency so that Mitchell will
have to appeal to him for help.
James says Mitchell will be here shortly and would go
direct to
President Coolidge.
Eviaently James is as close to Mitchell as he claims Gov.
C. is
with Strong.
Hay 22, 1926. 8, 9.
Moore, J. P.
C.S.H. gives, a letter, written at Mattapoisett, doted
July 30,
stating that he feels the office expense? should be
reduced and that he has lecidnd to let him go, but that
Eddy, the Secretary of the Board, will give him some other
position Where he can do index digesting Which will occupy
him for at least one year, and if he makes good, some other
position will be found for him; that his new salary will
be $2500 in place of his present salary of $3000.
Later, C.S.H. sent for Moore and had a frank talk with him.
He
accepted the situation quietly, only regretting the decrease
in salary.
While in some respects Moore is a fairly good worker, he has
no
push, is slothful and al,mlutely deficient in memory, in
short, he has made a comnlete failure as a private secretor./
he has been aTay from the office a great deal, claiming
to
be ill, which illness I strongly suspect is not true.
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Federal Reserve Bank of St. Louis
155.
Moore, J. P. (Contid.)
I know of one instance when he claimed to be ill, but
was seen driving an automobile. Whenever I really needed
him he was almost certain to be away "ill." When I went
to Europe after Anna's death, he got a leave of absence
without pay, to go to Florida, but when I returned I found
he had utterly neglecte,f. to keep u) the indexing of my
scrap books, vhich he could easily have attended to before
taking the leave, and I ultimately had to do this work
my self.
He was quite good at index digesting and 0.-.H. feels if he
is put under a rigid task master an set to work digesting
the FeaPral Reserve Bulletins, Annual reports, etc., it
may pull him up.
C.S.H. feels it is best for him to stand on his own merits and
make good if he can.
Aug. 2, 1926. 95, 96.
Moran, J. P.
Sec. Mellon tried to induce, to testify before the British
Parliamentary Commission on the effect of the proposed gold
standard for India, but Mr. Morgan said if he did he would
have to testify that it would injure the ".S. which would
make the Indians on the Commission more in favor of it.
June 22, 1926. 55
Morse, Gov.
Eddy tells C.S.H. he had heard a rumor that, wanted to be
appointed in C.S.H.Is place. Horse is now on the Federal
Advisory Council. He resigned some years ago as Governor
of Federal Reserve Bank o' Boston, because of ill health,
and C.S.H. doubts the rumor.
Mores was once a director of Wing's bank and C,oubtless would
have his support, and his appointment would please
Sen. Butler as Mores is a Republican.
May 27, 1926. 15
Eddy says he first heard of the above rumor in Chicago some weeks
ago.
May 29, 1926. 17
Cunningham said he heard the rumor while the Federal Advisory
Council was here but said it was not consiaered seriously
as Morse had. retired from business and wanted rest and quiet.
May 29, 1926.17
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Federal Reserve Bank of St. Louis
156.
Mores, Gov. (Cont i d.)
C.S.H. feels it possible that Sen. Butler and Wing may have
appealed to gorse's vanity throwing out the bait of the
Governorship of the Board; that Morse is a good man but
very set and narrow; he has always fought for the rights of
the bank arainst the Board and has always ooposed rate
reductions; that if on the Board he would stand with Miller
for deflation and would give Mellon great trouble
.
Mores has often told C.S.H. he was tired out, h-d retired from
business and wanted a good rest.
Mores resigned as Governor some years ago, his health being
completely broken down.
Mores was born July 13, 1857 and is now about 69 years of
ace.
C.S.H. believes he would take this 2osition only upon the distinc
t
understanding that it would be only for a short period and
that he could resign at any time.
May 29, 1926.18, 19
C.S.H. writes (lass as to the Morse rumor.
May 30, 1926. 20
Curtiss tells C.S.H. he knows there is no truth in the Mores rumor,
and that he knew Morse would not accept if it were offered
to him.
June 1, 1926. 21
Gov. Harding tells 0.7.H. he has talked with Mores who told him
he would be 70 years of age in July; that he had not sought
and would not accept the nosition; that even if he vere
disposed to acceot, which he was not, nothing could persuade
him to go on a Board of which James was a member:
June 20, 1926. 47
Moses, Sen.
Tyler tells C.S.H. he is going to get, interested in his reappointment.
May 24, 1926. 12
Tyler says he will not ,7o to, as he felt sure that if he thought
there was a chance of slinl)ing a friend into C.S.H.Is place
he would do it without compunction.
June 22, 1926. 52
Gov. C. told C.S.H. that, had nrotested to Coolidge against
C.S.H.Is reappointment on the ground that C.S.H. had filled
all the officers and directors of the Federal Reserve Bank of
Boston with Democrats,
July
1928. 69
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Federal Reserve Bank of St. Louis
157.
Mussolini
Gov. Strong tells of his interview with. He said, said there
would not be another war for 25 years, as the Nation
s could
not afford it, but that there undadbedly would be
much
snarling.
Gov. Strong said that Mussolinils%Government was most
efficient, that it could do things at once,- the very reverse
of France.
June 17, 1926. 44
Mutual Savings Bank
83, 84
See - Bowman
Myer, Gertrude
C.S.H. arranges funeral of Rev. Walden ilyer and meets
Gertrud at
the Railroad ststion. He drove out to the Cathedral
and back
with her and took her in and sat with her during
the service.
Aug. 14, 1926. 109
Some time ago, asked C.S.H. to move over to her house
and stay with
her until H.P.H. returned from I:attapoisett.
She said she
had talked it over with Irs. Sandy Rogers and that while
she disapl)roved another man Gertrude had in mind,
she
ap)raved as to C.S.H.
C.S.H. pleaded "another en,--agement."
Nov. 24, 1926. 155
Some days ago, told C.S.H. she wanted to discharge Charle
s WLrren
and his associates as her Counsel. She said she asked them
as to the probable expense of keening them as Counsel
and they
said (Warren was away in California) it would be about
$200
per month provided it involved no court work; that they
suggested trying it out as it might be less.
C.S.H. advised her to try it, as she must have some Counse
l in
Washington.
She promised to do this,
Today She called up C.S.H. for advice and casually said she
had
dismissed them.
She is very foolish as she mst )robate herlrotherls will
in
Tashington, - although she says she rill not, as Probate in
Buffalo is sufficient:
Nov. 24, 1926. 156
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Federal Reserve Bank of St. Louis
168.
Myer, Gertruae (Cont'd.)
C.S.H. calls up Mrs. Chandler Hale to tell her how foolish Gertrude
Mrs. Hale told C.S.H. that her sister, Mrs. Sandy Rogers, told her
that Gertrude had never spoken to her about C.S.i. staying with
her until H.P.H. returned!
Gertrude lied to C.S.H.
Nov. 24, 1926.156
See - Myer, Rev. Walden
Myer, Rev. Walden
Dr. Ruffin's secretary called up C.S.H. to say that, had a stroke
yesterday at Eastern Point, Mass., and that he was going on
to him tonight.
Aug. 9, 1926. 103
Dr. Ruffin calls up C.S.H. from Boston and says, has been in a
comatose condition since Sunday and may die at any moment.
Aug. 11, 1926. 106
Dr. Ruffin wired that, died at 7 this morning. He wired a list of
honorary pall bearers whom he asked -ne to notify.
C.S.H. was able to secure Gen. Hines, Corcoran Thom, Col. Taylor,
Charles 7arren, Benjamin Thorns, Richard Olney and C...H.
Aug. 12, 1926. 108
C.S.H. meets Gertrude Ayer at the station. Mrs. Leonard drove
C.S.H. darn to station. Mr.and ::rs. Richard Olney and Dean
Bratenahl came on the train with her.
The funeral was at 12 M at Bethlehem Chapel.
C.S.H. drove out with Gertrude and took her in and sat with her
daring the service.
After the service we waitel one-half an hour and saw the body
placed in the valt.
Aug. 14, 1926. 109
National Bank charters •
Federal Reserve Agent Newton o - Federal Reserve Bank of San :rancisco
told C.S.H. two weeks ago that the Comptroller, durin6 a certain
period, had referred 33 applications for new charters to his
bank; that his bank re)orted favorably on ten and unfavorably
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Federal Reserve Bank of St. Louis
159.
National bank charters (Cont 14)
on 23; that a majority of the 23 had been refused state
charters; yet that the Cotroller had granted charters
to a majority of the 23.
June 18, 1926. 45
National City Bank
James says an officer of, has written Gov. 0. that a rumor is
afloat that the Board is considering abolishing the Cuban
Agency.
May 21, 1926. 3
See - Cuban Agency
Mitchell
National Grange •
Cunningham says he will let Coolidge know that C.S.H. is a member
of the.
May 29, 1926. 18
National Shammut Bank
Tyler s7eaks of the Nati-mal Sharmut Bank crowd as being very
close to Sen. Butler; referred specially to Liggett.
June 7, 1926. 29
New Democracy
Mr. Wilson sends %S.H.asabirthday present a coy of,cont
aining
addresses and letters of Woodrow Wilson, with a Charming
letter.
July 23, 1926. 90
New York Stock Exchange
Federal Advisory Council says that call loans are a desirable
secondary reserve.
May 21, 1926. A
C.S.H. explains to Federal Advisory Council that the Federal
Reserve
Act does not prevent banks from sending funds to New York to
:be loaned on, but limits these to surplus funds; under old
law a certain portion of the reserves could be sent to
correspondent banks in New York for this purpose.
May 21, 1923. 5
Wetmore, President of Federal Advisory Council said that the
damage caused by the recent break on, was not nearly so great
as the collapse of real estate speculatim.
May 21, 1926. 5
Rue deprecated attempting to stop stock exchange sleculation by
putting up discotnt rates, - which mean in turn hi4ler call
loan rates.
May 21, 1926. 6
160.
•
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Federal Reserve Bank of St. Louis
New York Stock Exchange (Conttd.)
Alexane,- r said the break on the, was caused by an inflation of
stook values.
May 21, 1926, 6
Gov. C. said the Federal Reserve Bank of New York adjusted all its
discount rates with a vier to the condition of the. He intended
this as an attack but dlortly after he advocated higher rates
in order to stop speculation on the.
Aug. 11, 1926. 107
C.S.H. does not believe in increasing discount rates, possibly
penalizing business and crop movements, in order to control
the.
Aug. 11, 1926, 107
Newton, Federal Reserve Agent, Atlanta
Board appoints a Deputy Federal Reserve Arent at Atlanta at request
of Gov. Wellborn and.
Aug. 3, 1926. 97, 98, 99
See - Camnbell
Cuban Agency
Newton, Federal Reserve 41zent, San Francisco
Told C.S.H. some weeks e47o that the Co,:ntroller referred to his
bank, during a certain period, 33 ar71ic:tions or national
bank charters; that his bank approved 10 and disapproved 23;
that a majority of the 23 had been refused state charte-.-2;
yet that the Comptroller granted charters to a majority of the
23.
June 18, 1926. 45
Comes on with Gov. Calkins to attend dinner to Federal Reserve
Agent Jay in Nev York, returning next day.
Dec. 20, 1926. 179
Nomination of x.s.n.
For Federal Reserve Board by President Coolidge.
July 1, 1926. 74
Norman, Governor, Bank of England
Gov. Strong says, wanted Italy at once to stabilize on the gold
standard, but Gov. S. thought she caald not do this alone.
June 17, 1926. 44
Norris, Goy.
Says his directors believe we should hold permanently between
250 and 500 millions of Government securities.
June 21, 1926. 51
•
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Federal Reserve Bank of St. Louis
161.
nrris, Gov. (Contld.)
Curtiss tells C.S.H. that certain officers of the Federa
l Reserve
Bank of New York had op ,osed C.S.H. and favored., for the
Federal Reserve Board; he mentioned specifically Gov.
Case.
July 14, 1926. 82
See - Open Llarket Coittee
Attends Board hearing on Cuban Agency.
Nov. 12, 1926. 146
-0Oath of office
C.S.H. takes, as membr of Fed -ral Reserve Board.
July 9, 1926. 80, 81
C.S.H. takes oath of office for second time.
Aug. 10, 1926. 104
Old Colony Trust Co.
Seeks to have Clayton Act amended so as to permit a direct
or
to 3 other banks instead of 2, Where no substantial
competition exists.
C.S.H. said he saw no objection, but that Board must
pass on it,
after reference from the Committee of H.R. and Sneate;
that it roull be impossible to secure such legislation
during closing hours of Congress, as the naaddim bill was
now in conference and each House had agreed on 2 directors,
as at present; that even if the Conference Committee were
to agree on 3 directors, their report would be open to a
point of order as being new legislation.
The lawyer of the Old Colony Trust Co. (Tyler's partner) said
he
had seen naadden rho thought some thing might be
done.
C.S.H. felt sure it was too late, and after seeing Edge and
McFadden again the lawyer agreed rith C.S.H.
May 22, 1926. 11, 12
Tyler called up.
C.S.H. said Platt said it was too late.
Tyler asked if a separate bill could not be put in for action
next fall.
C.S.H. said yes, and that then the Board wo-ald pass on it if
asked by the Committee.
May 24, 1926. 12
See - Stockton, Philip
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Federal Reserve Bank of St. Louis
162.
Oliver, Mrs.
Died this morning, 1 a.m.
June 10, 1926. 40
Olney, Richard
Pall bearer at Rev. Walden 4yeris funeral.
Cage in :ith Mrs. Olney with Gertrude Myer.
Aug. 12, 1926. 109
Open Market Committee
Advised no permanent change but ask-d authority to buy or sell,
temporarily, until July 5 not to exceed 50 millions, all
purchases to be liquidated within a reasonable time as
market conditions warranted.
Gov. Case said the banks would reduce their rediscounts for
window dressing purposes; that this would draw money out of
the market and might put up call loan rates to 5 or 6%;
thus creating a nervous tension bad for general business.
C.S.H. asked therWinston be invited in and he came.
C.S.H. offered a resolution that the system holdings,
should not be disturbed at present, and that the
authorized to buy or sell temporarily until July
50 minims, to be liquidated within a reasonable
market conditions warranted.
- 275 millions
Committee be
5 not over
time as
Platt and Gov. McDougal at first opposed, thinking that 275 millions
was too great for permanent holdings.
Gov. Norris said he and his directors believed there should be
permanent holdings of from 250 to 500 millions.
He favored the resolution of C.S.H. because of the peculiar window
dressing conditions, but believed we should not take a.re of
the stock market under such conditions as existed in April.
Gov. Gass said the outside banks drew down their alll loans, that
this put a burden on the N. Y. banks which should be assisted.
C.S.H.Is resolution was finally gassed. unanimously.
C.S.H. said he favored permanent holdings of 500 millions and James
agreed with Am.
June 21, 1926. 50, 51.
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Federal Reserve Bank of St. Louis
163.
Open Market Committee (Contld.)
Board voted to sell to Treasury 40 millions of 3rd Liberty
4i;04 bonds held by Federal Reserve banks without replacement.
Aug. 17, 1926. 111
Gov. Seay wires Chairman of Open Market Committee protested
against the policy of the Treas-J.ry buying system bon.'.s, taking
a large amount of credit from the market, in the face of
rising interest rates, and at a time when financing of crops
and preparation for tax payments is going on;that it will
increase the New York bank rate mid east a chill on business
which has managed to survive splendidly in spite of the
oracles and sign readers which predicted depression.
Business needs encouragement rather than a chill at a time when
commodity prices and construction work are sho ing hesitancy
and declining tendencies.
Rising interest rates, furthermore, will have an unfavorable
influence on Sep ember Treasury financing. Gov. Seay asked
that this be sho-la to Federal Resrve Board and other Federal
Reserve banks.
Aug. 16, 1926. 111, 112.
O.S.H. believes Gov. Seay is right and wouldlsve voted againtsaid
sale had he been present.
C.S.H. voted for the rate increase at Fear York with regret and
only after Gov. Strong had advised a 1% increase.
Winton also favored the increase.
Aug. 18, 1926. 112
Open Market Committee meeting.
Gov. Case said System account stood at 210 millions; that on
Sept. 15th Treasury would pay off 10 millions; that money
was hardening; that no more securities should be sold except
as to the 10 milli-)ns, and asked authority to keep ?Lae SysteL
account at about 200 millions.
Miller, to C.S.H.Is surprise, op.:osed any change in the system
account, and favored replacing the 10 millions and also the
12 millions of foreign account maturing Sept. 15th.
Gov. Norris moved that the Committee be autharized to keep the
special account at about 200 millions, but still keeping in
force a previous vote that the Committee have leeway to
increase up to 250 millions.
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Federal Reserve Bank of St. Louis
164.
Open Market Coadttee (Contld.)
Gov. McDougal moved to amend by adding - increase or diAmish by 50 millions, which lov. Norris accepted and rihich was
voLed by the Committee.
In the afternoon the Board took u'J the matter.
All opposed the McDougal amenOment.
Miller moved no change in system account, the 10 millions to be
replaced.
Lost:
Aye: Miller, 3.S.H., Ounnindham
No: Gov. C., Platt, James, Comptroler
Platt .rove2_ approval of Open Market Committee vote except authorization
to decrease by 50 millions.
C.S.H. then left meeting.
Platt, at James' suggestion, amended his motion:
Committee authorized to maintain the snecial account at from
200 to 225 millions.
Carried:
Aye: Platt, James, Cunnin am, Comptroller
No: Gov, O.
Not voting: Miller.
Sent. 10, 1926.
121, 122
Open Market Convd.'.ttee reported at GovernomsConference.
Asked authority to increase purchases by 50 millions in December
to be sold later when money demand fell off.
Board held spearate meeting to consiaer it.
Miller objected.
Board asked '::inston to come in in afternoon.
Winston approved CommIt tee report.
C.S.H. moved approval.
Miller offered a substitute:
No occasioli for changing amount already aathorized, - To to
215 mIllions.
Miller substitute motion carried.
Aye: Gov. C., Miller, Cunningham, Comptroller
No: C.".H., James
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Federal Reserve Bank of St. Louis
165.
Open Market Comm - ttee (Contld.)
Later, the Committee told. Us it dia not intend to make any
specific request for -2urchase of 50 millions, and Board,
therefore, reconsidered its vote.
Nov. 11, 1926. 145, 146
Gov. Case asked. if Board would hold an open market co:.. 14ttee
meeting in New York on noniay, the day of tlie Jay dinner
as all the bank members of the Committee would be there.
C.S.H. moved approval.
Lost:
C.S.H., Platt
No. Miller, Jnmes, Cunninchan
Not voting: Gov. C.
Gov. C. was plainly opposed to it.
7ec. 15, 1926. 163, 167
,Gov. C., Miller, Platt, and C.S.H. hold informal conCerence
with Open Market Committee at Federal Reserve Bank, N. Y.
Dec. 20, 1926. 179
Ottley. 13, 22
See - Campbell
Parliamentary Commission, Great Britain. 54, 55, 88
See - Strong, Gov.
Pease, Z. W.
We dine with, and later hear election returns at Mercury office.
Nov. 2, 1926. 143
Pennington, Mrs.
Mr. and nrs• Pennincton call at Mattapoisett en route from
Lincolnville, Maine, to Connecticut.
Sept. 70, 1926. 125
See also:
97, 143, 144, 168, 169, 170, 171, 172, 174, 175, 176, 178
The above are digested in a separate volume, - Woodrow Wilson
Chronolo -7.
Pell, Mrs.
We call on, to see Gov. Harding.
Dec. 25, 1926. 182
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Federal Reserve Bank of St. Louis
166.
Pepper, Sen.
Mrs. Kate Abrams, of the Non-Partisan L. of N. Committee in
Washington, told H.P.H. the fo:Lawing story about Sen. Perrier:
The National Federation of Woman's Clubs, While the World
Court fight was on, passea a resolution favoring the
World Court, and asked Sen. Peer to embody it in his
7orld Court speech, which he said he rould be glad to do.
He advised them, meantime, to keep all their clubs and
organizations quiet, saying he would attend to the whole
matter.
A few days before his s)eech he wrote the Council of the Federation asking if it would object to some slight changes
in the worang of the resolution which would not affect
its meaning.
The Council repliel it had no right to alter the resolution
in any way and that it must stand exactly as voted.
The Council discovered, after Pe-,per 1.elivered his s)eech, in
the Senate, that he had altered the resolution so that
it was made to say just the reverse of what it actually
said.
Ilay 21, 1926. 10, 11
Eddy tells Gov. C. that Peer is being considered for C.S.H.Is
place on Federal Reserve Board. We agreed that this was
absurd as Pe2per would have to resign from the Senate,
necessitating another election, or Gov. Pinchot could make a
temporary appointment, which, cleL-.rly, the .clrainistration
would not reliibh.
May 24, 1926. 13
Winston spoke to 1.57,.H. in contem-2t of Pepper. He said that when
the bill to - yurchase further silver bulli n _assed the Senate
Glass was about the only friend. of the administration -rho
fought it; t'at Peer found his pal* would 11.:Are voteifor it
and accordingly voted for it, - against his own administrations
June 22, 1926. 55
Philbin
N. Y. Directors recommended an increase in salary of, Assistant Counsel
and Secretary of the Board of Dircctors, $7500 to $9000. Wyatt
said he could not reoommend this for sst. Counsel but said the
work of Secretary was certainly worth $1500 extra.
Lose:
Aye: C.S.H., Platt
No: Miller, James, Cunningham
Gov. C. not voting.
Dec. 22, 1926. 180, 181
C.S.H. files with 7oard a letter from Federal Reserve A:7ent Jay
as to Philbin.
"rec. 22, 1926. 182
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Federal Reserve Bank of St. Louis
167.
Platt, Edmund
Tells C.S.H. the Federal Advisory Council has taken no actin
as to his reaj2ointment but he had talked with many members
and all were enthusiastically favorable, especially Mr. Wetmore,
the President; that they all regarded McFadden as impossible.
May 24, 1926. 13
We lunch with Gov. and Mrs. Platt.
June 13,41926.
.o
A
Was present at Board meeting when Harrison read letters from
Gov. Strong, in Europe.
June 17, 1926. 43
Platt at first opposed allowing Open Market Co;rlaittee to purchase
50 millions until July 5, but finally voted for it.
June 21, 1926. 51
Votes to adjourn Campbell hearing at request of Mr. Howard, his
Counsel.
June 22, 1926. 53
James tells Platt he was 30 "white livered" he would tet he would
not dare to remove McCrary, no =Ater how strong the evidence.
June 30, 1926.65, 66
Attends at swearing in of C.S.H. for new term.
July 9, 1926. 81
Platt's couLAIssion given him by Wilson has same language "during
pleasure of the President for t:-.Le tie being" — as does C.S.H.Is
July 19, 1926. 88
C.S.H. asked to wire Platt to be at next meetinE to decide an
appointing a supervising Bank Examlner.
Aug. 6, 1926. 102
Comptroller tells C.S.H. that 7arburg is bending every nerve to
secure Platt's place on the FedrrIl Reerve Board.
Aug. 10, 1926. 104
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Federal Reserve Bank of St. Louis
a
168.
Platt, Edmund (Contld.)
Votes with C.S.H.
a2)licatioa for trust po ers of
Capital National Ber4 New York.
Aue. 10, 1926. 104
noves that Open 1.1arket ComAttee be authorized to maintain system
account ;:rA from 200 to ?25 millionth
Sent. 10, 1926. 121, 122.
Votes against 'liner's motion to forbid Federal Reserve Balk of
New '
:ork
.
to charge cora_dsc Ions on notes bought from Bank of
Belgium.
Se-ot. 30, 1926. 126, 127
Presents a com -)romise
sug7estinL: revision of agreament as to
Set. 10, 1926, 127
Platt says Cunning'ham told hia he woH.1 vote to censure Cam?bell
but not to reove him. Oct. 7, 1926. 128
Votes with •.3. .H., against remova of Campbell.
Oct. 7, 1926. 130
Confirms 3.S.H.Is recollection that James speci-ically threatened to
resign if his motim to remove Cam:.bell was voted. down.
Oct. 7, 1926 131
Moves to approve a 6,; minimum rate for the Belgian bills to be
bought by the Fecle2:_l Res rve Bank, N. Y.
Lost:
Aye: Sec. .1ellon, C.S.H., Platt
No : Gov. C.,
Cun.in:ham, Jnmes
Oct. 19, 1926. 132, 133
Says will not vote to rove Director ::.cCrary.
Oct. 19, 1926. 135
Votes for :;.S.H.Is motion to lay McCrary matter on table.
Oct. 19, 19-6. 135
Votes for Cunningham motion that evidence ity:s not disclose
adequate reasons for removing McCrary.
Oct. 19, 1923. 133
Votes against Miller's .aotion to jut further questions to McCrary
Oct. 19, 1926. 136
3.6.H. asks Platt
to look at Gov. Welnorn - )1ainly intoxicated.
Nov. 12, 1926. 151
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Federal Reserve Bank of St. Louis
169.
Platt, Edmund (Contld.)
Board postponed disc_Lssion as to filling the Jay vacancy, in
absence of Platt
Dec. 3, 1926. 158
Says that if Warburg were appointed. Chairman of Federal Reserve
Bank, New York, would not . represent the Federal Reerve Boar
but ro7J1d be
iederal Reserve Board himself, in rivalry
with our Board. Dec. 6, 1926. 161
Votes against I:tiller's J- otion to diss)lve Cuban Agency.
nec. 7, 1926. 163
Joins with C.S.H. in recommending Curtiss for reap2ointment,
Federal Reserve Bank, Boston, saying he was one of the best
Chairmen and Federal Reserve Apents in the system.
Dec. 17, 1926: 164
.Acce2ts invitation to Jay dinner tn New York.
Dec. 15, 1926. 166
Votes with C.S.H. to hold an Open Market Com.:ittee meeting in New York.
Dec. 15, 1926. 166
Takes -part in informal lisaussion with Open 1.:arket Co,:.idittee in
New York.
Dec. 30, 1926. 179
Speaks at Jay dinner, New York.
Dec. 20, 1976.179
Votes to increase Deputy Federal Reserve Agent Burge's' salary,
Federal Reserve Bank, New York.
-ec:. 22, 1926. 180
Votes to increase salary of Philbin, Federal Reserve Bank, j. Y.
-ec. 22, 1976.181
Argues with C.S.H. that Federal Reserve Board has no riht to
_prevent Federal Reserve Balk of Ner. York azoloying Snyder as
statistician.
'Totes against order of removal.
"fn. 28, 1976. 184
Votes against refusal of Federal Reserve Board to reap-)oint Saunders
Class C Director, Federal Reserve Bank, N. Y.
Dec. 31, 1926. 185
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Federal Reserve Bank of St. Louis
170.
Platt, Edmund (Contid.)
Presents 2cGarrahls name for Chairman and FederLa Reserve Agent, New
York
Dec. A., 1926. 185
Poincare
Miler
says.
, can never stabilize the French franc.
Sept. 17, 1926. 122
Pole
Gov. Crissinger says Jal:Aes wants to work in, of the Com-2trolleris
office, for Gover.lor of Atlanta Bank.
July 7, 1926. 77
Presilent
See - Coolidge
Hardin,
Prices
McFadden wants a resolution to investigat - Federal Reserve Board to
show that its credit policy has increased prices.
July 2, 1926. 73
Real estate speculzAion
Mr. Wetmore, of Federal Advisory Council, said ,that the damage
caused by the recent break in the Nev:York Stock Exchange ,as
not nearly as great as that from the recent,
May 21, 19'-'6. 5
Reap)ointment to Fedex-Li Reserve Board
C.S.H. nomination sent to Sen,Ae July 1, 1926.
July 1, 1926. 74
Confirmed by Senate.
July 3, 19-'6. 74
Takes oath of office.
July 9, 1926. 80
Tr.kas second oath of office.
. 10, 1926..104
Reed, Sen. (Fa.)
of Senate taken by, showed that Gov. Harding, if renominated,
would have
confirmed.
IlAy 27, 1926.16
Resignation
James threatened to resign unlesF Board passes his motion to
remove Campbell.
Oct. 7, 1926. 129
Platt confirms this to C.Z.H.
Oct. 7, 1926. 131
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Federal Reserve Bank of St. Louis
171.
Rice, W. G.
C.C.H. wires, of his reappointment.
July 1, 1926. 69
Mrs. Wilson says she as thinking of ac6etin;1,: invitation of
Mr. and Mrs., to :7o to Albany to Wilson ne:.:orial..
Dec. 17, 1926. 175
Lirs. WIlson says she has written, accepting invitation.
Dec. 13, 1923. 177.
Rodgers, Aclairal
C.S.H. asks, to be a pall bearer at funeral of Walden
Aug. 12, 1926. 109
Rodgers, LIrs, Col.
Gertrude Myer invites J. .H. to stay with her until H.P.H. returns.
says she spoke of this to, who fully apjrovec.
Nov. 24, 1926. 155
•
Mrs. ahandler Hale says her sister, hrs. Roagers, told her that
Gertrude haC:. never mentioned the Latter to her.
•
No. 24, 1926. 153
Roosevelt, Franklin
We lunch iith, at Marion.
July 29, 1926.
95
Rue
Points out that increasing the discount n te also
rates.
May 21, 1926.6
11-) call loan
Ruffin, Dr.
Advises Randolph Bolling not to co to Ja:an.
June 24, 1926. 59
Dr. Ruffin's secretary calls up C.7.H. to say that Walden Llyer had
a stroke yesterday at Gloucester and that he was goinp on to
hin tonifent.
Aug. 9, 1925. 103
Dr. Ruffin calls up C.S.H. from Boston, saying that Waldn ilyer
has been cowotose since Sunday, and may Cie any moment.
Au. 11, 1928. 106
Wires that Walden Myer died at 7 a.m. this morninc and eives.O.S.H
a list of honorary pall bearers for
to ask.
Aug. 12,1926. 108
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Federal Reserve Bank of St. Louis
172.
-S-
Saunder::
Board voted informally not to reanL,oint, as Class C Director of
Federal Reserve Bank, New York. He 7ias 72 years of age
and had served 3 terms.
The Directors of Federal Re 5 rve Bank )f New York had. roormnended him.
3.3.H. and Platt contra.
a, /926.
185
Seay, Gov. 111, 112.
See - Open Market Co.L...dttee
Senate
:.S.H. confir.aed by. Federal Reserve Board.
J-ly 3, 1926. 74
See - 3.S.H.; Reap ointment
See - Walsh, Sen. (1:ont.)
163
Sergent, Attorney General
Curtiss says Bowman has rent his letter as to C. .H. rea-) oiatment to.
June 1, 196.
Requested by Board to continue investication of -c3r%ry.
June 30, 1926. 65
Borman said, said to him just after C.S.H.Is apDointLJent, - "I
clad our friend sot it. He will never know how near he came
to losing
July 14, 1326. 82
Seymour
Glass ass C.S.H. to .;,.o over his book on Federal Rerve Act,
criticising, and Col. Hoase.
Aue. 27, 1926. 114
s O.S.H. writes 1:rs. Wilson a letter telling of Glass's attack on.
Sert. 1, 1926. 115
C.S.H. told Glass he had always thought that Se;..iour was friendly
towards Wilson. Glass said Cow. .House arranred for Seymour
luchincloss to sail on the Georce WaShington without
consultint Wilson; that Wilson .discovered this only after the
ship was well out to sea; that Wilson was ver:: angry and said
he war: almost inclined to order the shi2 back and -out them
off.
Dec. 7, 1925. 162
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Federal Reserve Bank of St. Louis
173.
Smith, Gov. N. Y.
Winr. says, will be elected ifany De.aocrat is,
gro. t confidence in him.
June 2.4, 1923. 57
that he has
Glass tells 3.S.H. that vaile he has great respect for, and should
su-2:ort him if nominate,:, he felt his nomination ould mean
certain defeat; th..t he was both wet and a Catholic; that he
could not carry a single southern state except Lo-Asiana; tLat
his record would make every southern 2aetor denoun,,T.,e him from
the -)111pit.
Nov. 13, 1926. 151
Smith, 1.1r.
Mrs. Wilson reads C.S.H. an article by, on Col. Houe, fr
New York Evening Post, of July 17, 1926.
July 22, 1926. 90
Snell, Mrs.
Objects to the Woman's Democratic Club aividing the profits on the
Wilson took with Bolling. Spoke contemntuously about Boling.
Dec. 17, 1926. 173
Snyder, Carl
Golaenweiser recommends dropping, statistician, from rolls of
Federal Reserve Bank, New York, quoting a similar recommendation
of Dr. Stewart.
Miller said he was an a'Ae man and his work on trends of prices ani
production was well done and may be of future iaportance but
not to the Federal Reserve System, vhich carefully avoided
forecasts.
C.S.H. and Platt denied
of Board to Fevent a Federal Reserve
bank from doing such work.
Board voted to approve re7ort and. drop him from the rolls of the
Federal Reserve Bank, New York.
C.S.H. and Platt voted Ne.
C.S.H. suspects jealousy on part of aoldenweiser and Dr. Stewart
because as stated by Miller, Snyder's work was quoted over the
country more than was the StatiAical Division of our Board.
7ec.
1926. 183, 184
S7ecu1ation
Many of Federal Advisory Council deprecated a'tempts to control
stock exchange, by increasj.n: :Account rates.
Rue ';ointed out that incre-sing discount r.tec causes higher call
loan rates.
Llay 21, 1926. 6
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Federal Reserve Bank of St. Louis
174.
Speculation (Contld.)
Wetmore, President of Federal Advisory Council
id the
damage caused by the break in the
York Stock ex&J1r,21L:e
was far less than that caused by the recent rnal
speculation.
May 21, 1926. 5
S2eclaative loans
See - Federal Advisory Council
Miler
Stte bank examinations
Board to take 11 next WeCalesday the euestion of ap?ointing a
Federal ReFerve Examiner to study examination ot7 state
banks, with a view, 0.7.7. suspects, to having the Board
centralize in Tashingtnn such e:
nation over the heads of
the Federal Reserve banks.
agrees to apr2ointment but feels examinations should be
made through the Federal Reserve banks, as now, with the
Board's assistance, when necessary.
Aug. 6, 1923. 102
Gov. Crissinger and Jc-les ranted an e:.aminer ap2einted to study
reports of state bank examinations.
. a,--reed and it was 2assed.
Gov. C. then disclosed that he ranted a Board lf Examiners to
conduct A.1 examinations of state member banks, now made
by Federal Reserve banks.
r_Lise, no objection provided its :aties were to coo)er,te
with the Federal Reserve Agents.
Gov. C. and James would not aca.ee to this.
C.S.H. said that to create a central Board - a sort of flying
squadron - to :7.o such examinfJ.tion over the heads of the
Federal Reserve banks would mean a centralization he would
not stand for but would vigorously opnose.
C.S.H. =lied that the duty of such a Board be confined to cooperation
with the Federal Reserve Agents.
A Ion,: discussion ensued and finally Eddy drew up a resolution
pro,iiding for the apnointuent of a chief and other examiners
to conduct.snecial examinations ordered by the Board.
C.S.H. voted for this on the understanding that it was not to,
interfere with the regalar work of the Fe:leral Reserve .',477nnts
but v.as to apply only to cases where the Board ordnred a
s2ecial examination.
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Federal Reserve Bank of St. Louis
175.
State bank c;:aminations (Contid.)
C.S.H. sus2ects Gov. C. and James will try to malw all the
examinations "special" but that this can be settled
when it arises.
James clai—ed that some of the largest state member banks ir
St. Louis had not been examined by the state authorities
for 4 or 5 years.
C.S.H. believes above resolution is rise if not made cencral.
Later Federal Reserve AEent Martin told Board that these banks
were all recularly examined by the clearing house exaliners.
Aug. 11, 1926. 105, 105.
Stearns, Frank
Tyler does not know where, stands on question of 0.S.H.Is
api)ointment.
June 7, 1926. 29
1
Vied calls up H.P.H. and says he has just had a talk rith, who
said 0.S.H. and I.P.H. had trec.ted him end Mrs. Stearns
most courteously in Washington, and he would be aelic:ated
to do anything to help C.S.H.; that he would at once call
up President Coolid7e over the telephone; that he was cure
Mellon would be the one to settle it; that Coolidge would
be certain to follow his recoraciendation, as whatever
Mellon said in his - line "went."
June 29, 1926. 60,31
Stewart, Dr.
James says Gov. Strong is trying to cri2p1e the Federal Reserve
Board; that he had, stolen fram us and given a position
in New York at an absurdly high salary.
May 22, 1976. 10
Advised Board to drop Carl Snyder, Statistician, of the
Federal Reserve Bank of Boston.
Dec. 28, 1926. 18,184
C.S.H. fears, is jealous of Snyder as his work, as stcted by
Miller, is quoted over the country more than that of our
statistical division.
Dec. 28, 1926. 184
StockholdPrs meeting, Federal Reserve Bank, Bostm
C.S.H. attends, =a delivers an addres;.
Oct. 29, 1926. 142
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Federal Reserve Bank of St. Louis
176.
Stockton,
Charles Tyler says that, of the old Colony Trust Co., is keenly
interested in 3..H. and wants to kno,- if there would be any
harm if he wired Coolidge and Butler.
C.S.H. said No, but that of course he could not request any action
from anyone, but that anyone vas at liberty to take any
action he ,r they saw fit.
Tyler said Stockton was to see Wing at once.
June 7, 1926. 29, 30
Tyler says, has had four or five strong letters sent to TLshi,gto*
in behalf of C.S.H.
June 22, 1926. 52
St:ong, Gov.
James says Gov. C. is absolutely dominated by Trov. Strong; that
Strong hated Mitchell of the National City Bank, New York,
and wanted the Board at least to threaten to get out of
Cuba so that Uitdhell must bend his knee to Strong and
1_421ore him to help save the Cuban Agency; that ti_is was
7:hy Governor Crissin:er insisted on asking the o)inion of the
State Depart—ent in the ho2e it it advise getting out of
Cuba.
May 22, 1926.7
James said that when he first caue on the Board, Baruch warned
him not to be dominated by Stronj.
May 22, 1927. 8
James said Gov. Strong stole Dr. SteW;_rt away and got hL an
ap2ointuent at an absurd1;, hi,i1 salary in New York in o:der
to cri221e the Fe:eral Reserv? Board.
Ma;, 22, 1928. 9
James said Gov. Strong had taken Warren of oar Statistical Dept.
for the same imrpose; that he, Governor Strong, felt they
were too able to be peruitted to re:lain on the Federal Reserve
Board.
May 22, 1926.10
Harrison came before our Board to read letters of Go7-rnor Strong
on the European situation.
One letter stated the situation in France and its desire to place
a loan in the US.; that Gov. Strong told them he could
consult only .ith the Bank of France and that it would be
inexedient to make a loan until the Whole situation was
cleaned up, both as to the French Government and the )rivate
bankers.
Harrison said the report in the -,a2ers as to an altimatum and a
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Federal Reserve Bank of St. Louis
177.
StronL, Governor (Contid.)
demand for the resimation of the aovernor of the Bank o' Prance
was absolutely false.
The Strong letters gave much hoe that all interests in France
may soon ret toether and meet the situation in an intellifent
manner.
Gov. Strong also wrote of an interesting in4. erview with Mussolini.
Gov. Strong said Soy. Yorman ante'f. Italy to stc.bilize in the :o111
standard, but Gov. Strong thouzht Italy coulf not ao this :lone.
Gov.Strong said Mussolini said there To-aid not be another war for
25 years as the nt )- ns could not afford it; that there might
be some snarling but no war. .
Gov. Strong said t' c Italian Government, under Mussolini, was most
efficient, - it could 'o thin,,-- s at once, - the very reverse
of France.
June 17, 1926. 43, 44
Winston tells Board that Gov. Strong had just testified before a
British Parliamentary Commission on t**.e question of :a gola
standard for India; that Sec. Mellon asked Gov. Strong to
testify; that Sec. :ellon ai.:1 not rant this to get out but
thought te Board ou6ht to know it.
June 22, 1923. 54, 55
See - Mellon
Morgan
Gov. Strong cabled Case to send his conirratulations to C.S.H. on
his real)2ointment.
July 13, 1926. 85
Mellon sends to Board an e:Lpense vouher of Coy. StronG in connection
with his testimony 1oefor7- British Parliamentary ';om...i.ssion,
saying the matter was a fiscal agency one.
The Board decided that nothing more than acknowledgment was
necefwary, as it was a fiscal Lgency matter.
July 20, 1926. E9
. inst Sec. Mellon, saying
Coy. O. and James were very bitter a(:)
he should have consulted the Board before asking Gov. Strong
to testify.
Gov.
admitted that he had heard of this before lov. Strong
sailed but not from the Secretary nor from the Board.
July 30, 1926. 69
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Federal Reserve Bank of St. Louis
178.
Strong, Governor (Contld.)
Harrison tells Gover;,or Crissingpr that Gov. Strong cabled favoring
a 24 increase in Liscount rates of Fedral Reserve Bank, T. Y.
To 3..H. this looks as if V:- Bank of ,- Iln:land felt obliged to
increase its rates and wanted Nev York to do the s-:ne to help it.
107
Aug. 11, 1926.,
R2ceive lei—er from 1.cy. Strom: iated Paris, July 29, 1926.
He expressed pleasure at C.S.H.'s r-,ax.ointment.
He expressed deep regret
of our Boatd.
t the mistrust and v,p.spicion of some members
He said Harrison had told him of g.res. resolution to ask the directors
of the Federal Reserve Bank of Ner York as to the object and
necessity of his stay in '1;urope.
He sAa the object of his visit was fully exlaained to Sec. Ilellon and
Gov. Orissinr:er and fully 1.-) roved by them.
Aug. 15, 1926. 110
The resolution above referred to must have been introduced by James
while C..H. was away on his vacation.
Aug. 15, 1926. 110
Jaue. is ver:, jealous of Gov. Strong.
Aug. 15, 1926. 110
Gov. Crissinr:er told Board thathe knew that Gov. Strong was to .f;-(:)
abroad, but zot his infornation from sources outside of the
Board, but that Sec. Mdllon finally s--)oke to him about it. He
did not mention Governor Strong as a source of information.
Gov. Orissincer and James were very bitter after discussion.
Board di7termined that Harrison's letters and intervie7 had
cleared the matter up.
Aug. 15, 1926. 110, 111.
C.S.H. voted for the rate incre e at Nei York of 1/2 of 1% only
after Gov. Strong haa advised, by cable, i3.
Aug. 18, 1923. 112
Gov. Strong was ill in New York and could not come to discuss
purchase of Belian bills.
Oct. 5, 1926. 125
C.S.H. told aller he feared Warburg, if apointed Chairman in place
of Jay rould not cooperate with Gav. Strong; that a status had
been created at the Feden.1 Rese.'ve Bank, New York; that
Gov. Strong was a potent fctor and lerhaps at times overbalanced Jc:v.,
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Federal Reserve Bank of St. Louis
179.
Strong, Governor (Contld.)
although they cooperatei together perfectly; that Warburg
undoubtedly would try to dominate Clrov. Strong' and with his
(Warburg's) lack of ta,:tt, there would probably be trouble
from the start; that clearly no one should be appointed who
was offensive to Strrng and the directors; that Burgess would
cooperate with Gov. Strong; that ia vie"; of the st:_tus of
the Governor, towering up over the Chairmen at most of the
Federal Reserve banks, he felt hat Burgess woulL prove to be
a good man; that he believed Gov. Strong would cooperate with
rather than domimte him.
Dec. 4, 1926. 159, 160
C.S.H. believes Warburg's :-...„)2ointment would throw the directors of
the Nev York bank into confusion, and that Gov. Strong would
:)robably resign.
Dec.
1926. 160
Board gives Gov. Strong a leave of absence rtth full pay until
April 1, 1927.
Jal
. xs voted 2-izrel
Dec. 28, 1926. 184
Sullivan, Mark
We meet
an
at dinner with Justice Brandeis.
Dec. 9, 1926. 133
Swanson, Sen.
::rs. Wilson says she will ask, to interest himself in confirmation
of C.S.H. when ap_:ointed.
June 24, 1926. 59
Mrs. -ilson says that, induced Sen. Heflin to call 1.12 C.S.H. on
telejhone; that he urged Sen. Heflin to withdraw his oo.,ositioa,
saying that C.S.H. was oae of the best and ablest men in the
Party and that H.P.H. held a stiii1rposition among the women;
that Mrs. Wilson was very much interested in C.S.H.'s confirmation;
that Heflin said, "Is Mrs. -ilson much interested?
t he told
Heflin that Mrs. 7ilson told him, only a few days before, that
she considered C.S.H. and H.P.H. the dearest friends she ha;
that Heflin said he woul: withdraw his oocition; that Sen. Swanson
said - "Call him up and tell him so'
Heflin said he
would do.
July 7, 1926. 80
.3.H. advises Glas.s to strike out from his book the statement that
Wilson originally distrusted Swanson.
Aug. 27, 1926. 114
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Federal Reserve Bank of St. Louis
180.
Taylor, Col.
A 2811 bearer at funeral o
Rev. Walden Myer.
Au. 1 , 1925. 108, 109
Teusler, Zr.
':!ants nrs. Wilson to .r7o to Japan.
June 2'
1923. 59
Thom, Corcoran
Fall bearer at funeral of Rev. 7alden
Aug. 14, 1926, 108, 109.
Moron, Benjamin
Pall bearer at funeral of Walden Uyer
Aug. 14, 1923. ICY;
Treman
:rives 0.$.H. from University Club, Nev: York, to Federal Res:rve
Bank, NeT York.
Dec. 20, 1926. 179
Trust powers
See - Fiduciary powers
Tyler, Charles
A partner of, calls in behalf of Old Colony Trust Co. to secure an
amendment of Clayton Act,
114:r 22, 1926, 11
See - Clayton Act
Old Colony Trust Co.
Calls u...) 3.F.H. from Boston as to Clayton Act nnendment.
C.S.H. tells hit Platt E• .ys it is too late.
He as,:eJ if a separate bill could be introduced and taken up in
the fall.
C.S.H. said Yes and Board would pass Dn it if asked by the oroner
committee.
l'Ar -4, 1926. 12
Tells Curtiss that ::cFadden 11:-.3 seen him in Boston to secure su)oort
for his a)ointment in place of C.S.H.
June 2, 1926. 24
Calls up C.S.H. to say that McFadden had called him up to say he
had given up all hoes of gettinr C.S.H.Is place as he had
learned it was settled that 0.E.H. was to be reap?ointed.
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Federal Reserve Bank of St. Louis
181.
Tyler, Charles (Contld.)
He said SCUR Reublicans felt that the appoint-lent of E. Democrat
would injure Sen. Butler.
He s2oke of Liggett and the Saawmut bank crowd.
He said Butler was in a desperate predicament, and there was dancer
lest he might demand the a-o9ointLhent of a Re)ublican.
He spoke of Frank Stearns but di.2_ not know vhere he stood..
He said hi1i Stockton, of the Old Colony Trust Co. was keenl:r
interested in C.S.H. and had asked if there would be any harm
in his wiring Butler and Coolidge.
C.S.H. said No, but that he should not ask anyone to take such
actinn.
He said there seemed to be some doubt as to where Wing stooa and
that Wing ,:as very near Butler.
C.S.H. sold that Wing had been reported as friendly.
TYler said that means nothIng; he rill lo whatever he wishes, no
matter what he says.
He said Stockton was going to see Wing at once.
0.:.H. told hi_ he had learned on good a thority that Butler had
indorsed hill to Cooli-ge.
June 7, 1926. 29, 30.
:ails up C.S.H. and says Stockton had bad 4 or 5 strong letters
sent to Washington in C.S.H.Is behalf:
Said he had heard that Coolidge would make no appointment until
after Congress adjourned.
Said he ro_ld get in touch with Sen. netcalf.
Said he would not go to Sen. noses, as if he thought he could put
in a friend, he ould do it wLthilt compunction.
He asked if Robert Winsor was friendly and C.S.H. said he was, so
far as he knew.
He said Winsor was very close to Butler.
June 22, 1926. 52, 53
H.P.H. calls an Tyler and retains him in Corning matter.
July 9, 1926.
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Federal Reserve Bank of St. Louis
182.
Tyler, Ch-rles (ContIOL.)
74.
gives Tyler the corning paners brou4 .11t on by him from
Washington, also ;2aperr. sent on by 7i1liam Rice.
July 14, 1926. 84
-U-
-VVotaw,
Sen. Walsh told C.S.H. that tlle Senate ComAttee investiating Forbes
of the War Veterans Bureau came arose a trail of corru:Aion
involving, sister of Pr,3sident Harding, an that they decided
not to follow the lead further.
Dec. 9, 1926. 163, 164
Vote, Election day, 1926.143
Votes of Federal Res rye Board.
Ap)lication of Capital National Bank, Nev? York, for trust pomers,
Aye: Gov. C., James, Comptroller
No:
Platt
Aug. 10, 1926. 104
Gov. O. to state to Atlanta Coaaittee the understanding on which it
would be allowed to see Camobell evidence.
Unanimous, but Hiller not voting.
9, 1926. 119
No change in Sstem s-?ecial ::Jcc3unt, - the 10 il1ions maturing to
be re-Aaced.
re: Miller, 0.5.H., Cunninr_tham
No: Gov. C., Platt, James, Com2troller
Se-A. 10, 1926. 121
Open Market Coilzdittee to maintain siecial account at from 200 to
225 millions.
Aye: Platt, James, Cunningham, McIntosh
No: Gov. C.
Not votinc, Miller
(3..H. had left meeting)
Sept. 10, 1926. 122
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Federal Reserve Bank of St. Louis
163.
Votes of Federal Repervc, Board (Contld.
Federal Reserve bank to be ordered to dhare no coumissions on
Belgian bills.
Ave: Gov. C., M4 1:Jar, James, Cun%ingham
No: Sec. Mellon, C.S.H., Platt, Comptroller
Oct. 5, 1926. 126
To ap_,rove action of Feaer..1 Reserve Bank, New York
Aye: Sec. Mellon, %S.H., Platt, Comotroller
No: Gov. 3., Miller, JL;..es, Cunningham
Oct. 5, 1926. 126, 127
To remove De-juty Governor Campbell
Aye: Gov. C., Miller, James, Cunntngham, Com)troller
No: C.S.H., Platt
Oct. 7, 1926. 130
To approve minimum rte of 6% on Belgian bills
Aye: Sec. Mellon, 0..H., Platt
No: lov. 3., Miller, Cunningham Lnd James
Comotroller absent.
Oct. 19, 1926. 133
Uotion of C.S.H. to lay McCrary mtter on tble.
Aye: C..H. Platt
No: All tile others.
Oct. 19, 1926. 135
vi*.ence not sufficient to remove :cCrary
Aye: Gov. C., C.S.H., Platt, Oun.linjham
No: James
Not voting: Miller, Comptroller
Oct. 19, 1926. 136
To fi_xther question McCrary
Aye: Miller, James, Oom:Aroller
No: C..H., Gov. 0., Platt, Cunningham
Oct. 19, 1926. 136
No reason exists for charging s-2ecial system account from 200 to
215 millions authorized in October.
Aye: Gov. 3., Miller, Oun.Ancham, Com-otroller
No: C.S.H., James
Nov. 11, 1926. 145
Uotion to a'nolish Cuban Agency
Aye: Gov. O., Miller
No: 0.S.H., Platt, C'ua,
.inchara, James
Dec. 7, 1926. 163
Motion to desinate Atlanta as sole agency
Unanimous; Aye.
Dec. 7, 1926. 163
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Federal Reserve Bank of St. Louis
184.
Votes of Federal Reserve Bo:rd (Contd.)
To hold meeting of Onen Market Co..-L.ittee in Nev. York.
Aye:
Platt
No: niller, James, Cunningham
Not voting: Gov. Crissinger.
Dec. 15, 1926. 165
To increase salary of De7uty Federal Reserve Agent Burgess by $5000
Aye: Gov. :da., Platt, 0..H
No: niller, James, Cunningham
Dec. 22, 1926. 180
To give Burgess a $3000 increase.
Unanimous.
7'01. 22, 1926. 180
To increase Philbin's salary.
Assistant Counnel and Secretary, Federal Re:erve Bank, N. Y.
Aye: 0.3.H., Platt
No: niller, Jac, Cunningham
Not voting: Gov. Crissinger
Dec. 22, 1926.
181
To dro-1 Carl Snyder from rolls of FoLl.ral Reserve Bank, Nev: York
Aye: all eicept
No: C.S.H., Platt
Dec. 28, 1923. 184
Not to rea)2oint Saund rs as Class 0 Director, Federal Reserve Bank,
Ner York
Contra,
Platt
Dec. 31, 1926.185
Walsh, Sen. (Mass.)
C.S.H. votes'for.
Nov. 2, 1926. 147
Defeated Butler by over 50,07%
Nov. 3, 1925. 2/3
Mrs. Wilson tells C.S.H. he
as richt in i.otinr.. for Walsh.
Nov. 5, 1 975. 144
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Federal Reserve Bank of St. Louis
185.
Walsh, Sen. (Mont.)
Glass tells C.S.H. that nrs. Harriman once s. id that her kinsman,
Harry Payne Whitney 3=0 to Washington to be her to use her
influence with Sen. Walsh to g,::t him to cancel a subpoena
to testify before a Senate Committee, and thzt he said if
he had to testify he would have to swear that, of his own
knowledge, Prevzident Harding was in debt over $200,000 as
a result of s...)eculat ion in oil.
Glass ad:ed that the subpoena was cancelled:
Dec. 7, 1926. 162, 163
Tells C.S.H. at dinner at Ju.dge Brandeis's th,at the Coli.littee which
investigated Forbes and the Veterans War Bureau came across
a trail of corruption involving nrs. Votaw, sister of
President Harding, and that they declined to follow u: the
trail.
Dec. 9, 1926. 163, 164
Warburg, Paul
gurtics says he has reason to believe that W:rbure7 ras influencing
Wing ag:Anst
for reappointment.
July 14, 1926. 82
Comotroller teL.s
thLt Warburg is bending every nerve to
get Platt's )lace on Federal Reserve 3oarcl when his ,erm
1expires.
August 10, 1926. 104
Miller says Warburg and Mitchell pre?ared a resolution for the
Federal Advisory Council in favor of Miller's reao.polntraent;
that Mill-r objected; that Warburc
id he should see
Sec. Mellon and recaamend Miller's reap ,ointment; nat W..rburg
asked. Miller whd he should say to :Iellon; that :liner said
he should be rlakl to be reap)ointed, but he dil not wish to
be held 1.11) as Governor Hard :ng was, and he felt it only fair
to say that if he was not reappointed before July 1, he
should at once resign.
Miller told O.S.H. he felt Warburg's tteccnt to Mdllon as above
hastened the apL)ointaent.
August 26, 1926. 113, 114
Miller enthusiastically endorses WarburF for Jay's position as
Chairman, Federal Reserve Bank, New York.
Dec. 4, 1926. 158
C.S.H. told Miller that Warburg was eminently qualified but he
feared he would not cooperLit e with Gov. Stron; that he
feared Warburg would try to dominate Gov. Strong.
Dec. 4, 1926. 159
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Federal Reserve Bank of St. Louis
186.
Warbuag, P. (Contld.)
said that Ale..nTer of the Yaticlnal Bank of Commerce, N. Y.
would not take back Warburg as a director, on the ground that
he did not want anyone who had been actively connectel vith
a -iorerful banking house.
Dec. 4, 1926. 160
Sec. Mellon seemed disturbed at mention of Warburg for Chairman.
Doc, 4, 1926. 160
C.3.H. is satisfied that ap-)ointment of Warb.rG would throw confusion
into the Federal Reserve Bank of New York and that Gov. Stron:
would probably r
Dec. 4, 1926. 160
Platt said that Warburg, if anpointea, ould be a Federal Reserve
Board in himself, rivallinG our Board.
Dec. 3, 1926. 161
Warren
James sais Gov. Strong stole Warren from our Statistical Division to
cripole the Federal Reserve Board.
hay 22, 1926. 9, 10.
Warren, Charles
We dine with
and Mrs.
.711.y 3, 1926. 75
C.S.H.C,rives with, to Lire. Leonard's zlid _lines with her.
Aug. 10, 1926. 104
Serves as nall bearer at funeral of Rev. Walden 4yer.
Aug. 14, 1926. 108, 109
Gertrude Myer tells C.S.H. she rants to discharge Warren as her
;ounsel.
She said Warren's associates said they - ould probably have to charge
her about $200 per month, for other than court work.
C.S.H. advised her to try this for a month and she Dromised to do
SO but the n xt da;she telejhoned she had dismissed
Yov. 24, 1926. 156
Nancy Warren tells H.P.H. a story about ars. Sen. Butler.
Dec. 25, 1926. 182
See — Butler
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Federal Reserve Bank of St. Louis
187.
Weeks, Sec.
Funeral of, held at West Newton.
C.S.H. not able to attend because of a cold, but wires iirs. Weeks.
July 13, 1926. 65
W011born, Gov., Federal Reserve Bank, AtlantNewton :nd Ottley tell Ja:.les they will see to it 1.-Lat Cam:bell
and Gov. Wellborn will resign.
llay 25, 192G. 13
James says Gov. Wellborn seemed more concerned for himself than for
Oa bell; that Black saw aov. Wellborn in the evening but
that he was too intoxicated to argue with.
June 2, 1926. 22
James said Gov. Wellborn's influence that was the cause o: Campbell's
troubles.
June 2, 1926. 23
Wyatt says Comptroller told him he attended a Federal Reserve
dinner
in Atlanta district and that lov. Wellborn was scandallously
drunk.
June 4, 1926. 27
James tells Atlanta directors that three of the Fe&•ml Reserve Board
I ad told him they would not vote to retain the Cuban Agency
for Atlanta unless Gov. Wellborn et als should resign.
June 10, 1926. 38, 39.
June 15, 1926. 41
Nov. 16, 1923. 153
Gov. Harding says he considers Gov. Wellborn com)etent as a judge
of credit and as a bank manager.
June 20, 1926. 49
Janes said he would vote against ma;Ang Magruder Deuty Federal
Reserve Agent for Cuba, because the Atlanta outfit was so
unfit, - meaning Gov. Wellborn et als.
June 22, 1926. 54
Hereon reads to Board a copy of a letter from Winston to Gov.
Wellborn
urging hilu to o the ltait in helpin,- distressed banks, and
Gov. Wellborn's reply, dated July 20, giving a review of how
he was helping such banks, in which Gov. Wellborn gaoted an
old letter of lov. O. extravagantly praising his ork.
July 24, 1926. 91
Gov. Wellborn joins Federal Reserve Agent Newton in asking Board
to
appoint a Deputy Federal Reserve Agent to help as to me:uber
banks who need e,..sistance.
Aug. ,, 1926. 97
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Federal Reserve Bank of St. Louis
188.
Wellborn, Gov. (Oontid.)
Herson in his report of examinetion of the Atleeeta bank statec
there is no hope of satiefectory operation until the "one
man power", meaning Gov. Wellbern, was eliminated.
Aug. 7, 1926. 96
Board cip,::oints a De-euty Federal Reserve Agent for Atlanta in
accordance with request of Newton and Governor Wellborn.
Aug. 4, 1926.99
Oscar Wells, repreeenting a Coil...ittee of Aitlanta stockholders,
said the Committee would do all in its power to secure the
defeat of McCrary and the resi:nation of Governor Wellborn if
the Board would so indicate.
Nov. 12, 1926. 147
C.S.H. replied that the Board had no right to interfere, directly
or indirectly, with the election or defeat of a Director,
or the apeointwent or resi:nation of a Governor; that all it
could properly do vas to let the Coieiittee know that neither
McCrary nor Governor Wellborn had the confidence of some
of its members; that the stockholding banks had the right
reelect LIcOrary and to reapeoint Governor Wellborn if they so
desired, - subject only to the richt of the Federal Reserve
Board to ece..ove them for cuese.
Wells said he believed LicOrary would not be reelected.
Wells also said that Go- ernor Wellborn haa told him that if
rea-2;ointed he would resign at the end of 1927.
0..H. feels that if Govee-Aor Wellborn says he will resign at the
end of 1927 the Federal Reserve Board should not raise any
objection, even if it :la:. the legal right to do so, to his
reelectioe. as Governor.
Wells admitted to Fede al Reserve Board that Governor Wellborn was
drinking :leavily.
Nov. 12, 1923, 147, 148.
At the dinner at the Metro2olitan club, Governor Wellborn was
plainly undn• the influence of liquor.
,Ut him s -veral questions as to the ettitude of the National
City Bank of Nee York towards the Cuban keency, but his only
reply were some raMbling statements as to Camjbell.
OeSeHe
His voice was so thick and his condition so evi ent that
asked Platt to look at him.
Nov. 12, 1926. 151
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Federal Reserve Bank of St. Louis
189.
Wellborn, Gov. (Contla.)
Ho2kins
C.S.H. if the Federal Reserve Board rill :.emove
Gov. Wellborn if re-elected for 1927.
C..H. said he had ne authority to speak for the Boara; that he
personally believed an attempt would be made to disapprove
Gov. Wellborn's 12resent salary when the salaries were taken a_
Nov. 16, 1926. 153
Hopkins reminded C.S.ti. "slat last year the Federal Reserve Board
ap)roved an increase in Governor Wellborn's salary; that
Cz.ov. We'slborn
ested this an
hLa to )ut it t- asough
at the directors meeting.
Nov. 16, 1926. 154
Ho)kins tells 3.7.H. that Governor Wellborn wants to 6;et out but
not under fire, and as.:s if it would satisfy the Federal
Resrve Board if he - Ho2kins- should stste that if reelected
he would resim at the ena of the year.1927.
afsed him if he was :;,-Lthorized to
such a statement.
He said not now, but he knew it ,
:.as true, and 1-ter would write
C.S.H. authoritatively.
0.3.H. said he 'as a friend of Gov. Wellborn and that, outside of
the Board, he had never been told that Gov. Wellborn ras
incom2etent; that he had heard, however, that Gov. Weinorn •'.as
arinlcing heavily and that this disturbed him greatly.
Ho.Jkins said there was no truth in this.
Nov. 16,.1926. 153, 14, 155
Atlanta Committee confers ritl-s Board.
Told Board Governor Wellborn would positively refuse to stand for
Governor another y?sar if reelected for 1927,
James said he
harmony.
satisfied -lth this assurance and all end
Dec. .5, 1926. 161
Wells, Oscar
146, 147, 148, 149.
See - Wellborn, 7,ov.
a
in
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Federal Reserve Bank of St. Louis
190.
Wells, Oscar
146, 147, 148, 149
See - Wellborn, Gov.
Wet-lore, Feleral Advisory Council
Says the damage caused by the break in New York Stock Exchange
was not nearly as great as that cLused by the recent real
estate s)eculation.
May 21, 1926. 5
Platt says Wet",ore enthusiastically favors 3.3.H.Is reap2ointment.
May 24, 1926. 13
Gov. McDougal tells C.S.H. that the Chicago bankers, esnecially
Mr. Wetmore, were a unit in f:=vor of his rea:flointment.
June 21, 1926. 51
Whitney, Harry Payne
Lire. Harriman said that her kinsman, Harry Payne Whitney, came to
Washington to beg her to use her influence with Sen. Talsh
(Mont.) to have hi cancel the subpoena issued to Whitney;
that Whitney aid if he had to testify, he would s..iy of his
own knowledge, that PresidRnt Harding was in debt over
$200,000 as the result of oil speculation; that the subpoena
was cancelleC1
Dec. 7, 1926. 162, 163
Williams, John SIcelton
Wing fears that if, vas the next Secretary of the Treasury, J.S.H.
would be hand in glove with him.
June 24, 1926. 57
C.S.H. writes Glass that be believes, will not op.2ose his confirmatiaa;
that we had worked together in many thanks on the Fede:.al Reserve
Board; e.g., to make cotton factors 2
- a)er eligible, etc. etc.
Senis coy to Glass of letter of, to C.S.H. on death of Anna.
July 7, 1926. 72
ne.„
- th of, from heart
C.:%H. sends telegrla of symathy nd H.P.H. sends letter to
nrs. Williams.
Nov. 11, 1926. 145
7i1ls, Fc ral Reerve Agent
Was present rith Curtiss when
made a I:710yd pt.::ement.
Nov. 3, 1926. 144
See - Curtiss
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Federal Reserve Bank of St. Louis
191.
Wilson, Mrs.
C.S.H. dines with, at Woman's Democratic Cl'Ib to hear
Dame Rachel Crowdy.
May 26, 1926. 14
Gives out at dinner
Mcyflower riven by Mrs. Banister at which
we are present.
June 7, 1926. 33
Taltes us on auto drive with sirs, Galt.
June 23, 1926. 58
We dine with ;:rs. Wilson
She said Dr. Teusler wanted her to take a trio to Japan; that
Bolling at first was enthusiastic about going; that
Dr. Teusler engaced the suite de luxe on a Jajanese steamer;
that the price as only $300; that all plans were made and
F:he was about to tell us when Bo1linr7 suddenly changed his
mind and became almost panic stricken; that she called in
Dr. Ruffin who advised Bolling not to go, so she gave it 1k2;
that now She planned to Fail for England c..out July 20th to
visit the Baruch's in Scotland, and later to Lc, to Geneva.
June 24, 1926. 58, 59
Mrs. Wilson tell 1.S.H. that the moment he is :::o)ointed she will
ask Sen. Swanson to do his utmost to have 3..H. nroutly
confirmed.
June 24, 1925.59
Drives us to Fort Humphrey with Rolfe Bolling and Mrs. Galt.
Said she ras sailing on the Berenrraria on July 17th.
June 28, 1926. 60
H.P.H. tells Mrs. Joh 7. Davis that the ste,2i1 stones in
Trac.; Brewster's garden were copied from Mrs. Wilson's;
that Sydney Brewster asked Mrs. Wilson's per—'sion to
COQ,/ them When we all had tea with her.
June 28, 1923. 62
3..H. calls up Mrs. Wilson and skis there is nothing new as to
his reapHointment.
June 30, 1926. 66
Calls and takes H.P.H. to :rive.
July 1, 1926. 68
We dine with Mrs. 7i1son and take a drive after dinner.
July 2, 1923. 72
C.S.H. calls
Mrs. Wilson to tell her of his confirmation.
She said she was supre.,ely haj:y at the good news.
July 3, 1926. 74
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Federal Reserve Bank of St. Louis
192.
Wilson, Ere. (Oontid.)
C.S.H. calls on Hrs. Tilson.
She said Sen. Swanson induced Heflin to call C.S.H. uj on the
tele-.hone 1. et Saturday; that he ureed Heflin to rithdraw
his opjosition saying that C.S.H. was one of the best _nd
ablest men in the Party an! that H.P.H. held a similar
josition among the romen; tf.lat Hrs. Tilson was very much
intereEted ii .S.H.Is confinuation; t7..at Heflin said,
Is :Ire. Wilson really intereste(?"; that Sen. Swanson said
that :rs. Wildon had told hi-, only a few ...ays4,o, that
she considered C.S.H. and H.P.H. the d:arest friends she had;
that She visited them every summer; thet Heflin then said
he would withdraw his o2 osition; that Sen. Swanson then asiced
Heflin to call up C._.H. and tell him so; that Heflin said
he won13 do this.
Jul 7, 1926. 80
C.S.H. c_lls on Hrs. Wilson and sden.:.s a pleasant evenin6.
July 20, 1926.89
O. .H. dines with Mrs. Wilson.
Wilmer Bollin,z and Ur. and :xis. Rolfe Bolling were also there.
Hre. Wilson read to us Howden Smith's article on Col. House from
the Saturday Evening Post of July 17th.
She said Mr. Wilson had never reael CP "Real Col. House" and that
if it had been sul))ressed, it was ,:lone by some one in the
adminietratien other than Er. Wilson Ln1 without his knowledge.
She s, id she had a little birthday nresent for 3.$.H. which she would
give him nor, but ',Len J..H. left they both had forgotten it.
.S.H. called her up later, and she said she would send it to hie.
.
tomorrow.
July 22, 1926. 89, 90.
Mrs. 7i1son sends C.S.H. for a birthday present The 7er Da:.ocracy'
the first of 2 volumes of the addresses an. letters of
President 'Nilson, with a charming letter which C.S.H. at once
July 23, 1976. 90
acknowledged.
0._.H. writes Hrs. Wilson a steamer letter.
Told her about Walsh and Gaston - both faithless to Mr. Wilson.
July 29, 1926. 95
Lire. 7ilson sails on the Leviathan Shortly fter midnight, viith
Wilmer Bollinr:.
:mg. 1, 1926. 95
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Federal Reserve Bank of St. Louis
193.
Wilson, Mrs. (ContId.)
Bolling tells C.S.H. he has four drafts of the chronoloci
cal table
171.th notations of :II's. Wilson et ale.
3, 1923. 97
C.S.H, receives letter from Mrs. Mson =died from
Leviathan
August 6.
4.1.ug. 18, 1926. 111
C.S.H. writes Mrs. - ilson in reQly.
Aug. 19, 1926, 111
C.S.H. writes ::re. Wilson telling her of Sen. Glass's book.
Rept. 1, 1926. 115
C.S.H. receives letter from Mrs. Wilson from Genev
a.
Set. 18, 1926. 123
C&S.H. writes Mrs. Wilson,
F)et. 19, 1926. 120
Bonin: calls un C.S.H. and aszx hi , to come ul.
C.E'.H. has an interostin: talk with Mrs. Wilson.
Oct. -1, 1926. 137
Rau 6tannard Baker tells C.S.H. that :a's. Wilson told him
she
had not read Glass's book.
7,.S.H. said she had better not and should keep cle
r of the controversy.
0,3.H. told her this yesterday.
Baker said she rantef, me to come to dinner if
I aa not go to Mattapoisett.
Oct. 22, 1926. 179
C.S.H. write Lire.. Wilson regretting he could not
dine with her.
Said he must now decide how to vote next Tuesd
ay; that he lo-:ed the
Party and hoped it would win, but that he loved and adore
d the
memory of
7ilson.
C.S.H. asked her to write if she felt able to
give him any light
in his predicament.
Oct. 22, 1926. 139, 140
C.S.H. dines with
7ilsen
Mrs. PenA.:1,7ton was also present.
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Federal Reserve Bank of St. Louis
194.
Wilson, Mrs. (Contlf..)
Mrs. Wilson said C.S.H. had done the ris:T.t thing in votinE for
Walsh and :laston; that she felt the defeat of Butler meant
much for the Democratic Party; that she was willin - to forget
the -oast with that end in view.
Nov. .6, 1926. 14:., 144.
Mrs. Wilson said the chronological table was now completed and
that Mrs. Pennington had substz=ntially acce:ited Bollingls
additions.
Nov. 6, 1926. 144
O.S.H. takes tea with nrs. Wilson to meet David. Hunter
Mrs. 741son goes to Ric.1-uaond tomorrow for a week.
Mrs. Wilson said Admiral Brif- tol had convince& her that the Lausanne
Treaty should be ratified.
Miller said he was unalterably or).)osed to ratification.
SoLe daLrs later Mrs. Wilson told
that she had had a talk
Sen. Swanson, who said he should follow the fla of Woodrow
Wilson an:_ fight ratification to the bitter end.
Nov. 16, 1926, 155
We dine with Mrs. Wilson Lnd Bolling alone.
She said she "as not satisfied. with Bryant Baker's bust of
Wilson which Mr. Caldwell had -presented to the League of Nations
and so notified the authorities Who said the League of Nat'..ons
would accept no bust not sLtisfLctory to her; that it was finally
arraned that Baker should make another and that she felt obliged
to say that he could cons-alt her from ttle to ti
She said one sid of the profile was quite good, but as a whole it
was very poor. This profile ic the photograph vihich 0.S.H. has,
on v.hich :Ir. Wilson placed his autograph.
Nov. 27, 1926. 157
Mrs. Wilson ta4es us on a long drive towards Marlboro.
Nov. 2E, 1926. 157
juts down essential -acts
s to chronological t. ble.
170, 172, 173, 174
C.S.H. id H.P.H. c2,11 on :*re. Wilson and have a talk as to
withdrawal of dhronolor:ical table.
Dec. 17, 1926. 17z
(See fine details in 1,:ourlf_ volume givin
tale.)
history of chronological
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Federal Reserve Bank of St. Louis
195.
Wilson, Mrs. (Conticl.)
Mrs. Wilson invites us to Christmas cinner.
Says she may accept Mrs. Rice's invitation to Lo to Albany on
Dec. ::7th to attend the Wilson meaorial exercises at rhich
David Hunter Miller is to speak.
Dec. 17, 1926. 175
Mrs. Pennington tells us that Mrs. Wilson knows that Bolling had
acce-Aed his offer of one-half of the royalties but She did
not know when Bolling told her.
C.S.H. %greed with Mrs. Pen .ington that after Mrs. Harriman's talk
with Mrs. Wilson, she, Mrs. Pennin,l-t-m, could have done
nothing else than withdraw the book fran the Democratic
Club.
Mrs. Pennington said she washed her hanas of the whole matter and
that Mrs. Wilson ooula do as she nleasea with the manuscri2t.
Dec. 18, 1926. 175, 176
calls u, Mrs. -ilson.
Mrs. Wilson said Mrs. Pen.ims-ton had just called her up and spoke
of her talk with C.S.H. and sivinE that Mrs. Wilson could
have taken no other course after Mrs. Harriman's talk Yith her.
saia Mrs. Pennircton said. she had turned the role mattr
over to her and .he hoped she would feel he would be 4a:. to
L:o ',17,2 at any time and help straighten out the - matter.
Mrs. Wilson replied quietly that 'here •.e,s nothinL to Strai,:hten out,
that it had been left in her hands and she intimated it would
stay there and that she would let the 'hole matter drop.
She said she could not ask Bollim: to take it ui) with the Club, nor,
C.S.H. thins eke said, .oula he be willinG to, nor di she
think it would be fair to ask C. .H. to do it.
C. .H. begged her to think it over for a few 1.ays, that he felt
confident it would. 1)e strai7htenea out, and that she had only
to call on C.S.H. for help if she desired any advice or help.
She seemed, holvnnr, to have mcZ,e u) her mind.
said he was sorry Mrs. Harriman spoke to her when She did.
She defended Mrs. .S%rri..aan warmly, s_Lyint
:she Iras a true friend.
C.S.H. said undoubtedly she spoke the truth but if she had nut off
her talk for a few days, he thouglit the Book Caimittee you'd
have aajusted the matter with Mrs. Peilington
Dec. 18, 1926. 176, 177
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Federal Reserve Bank of St. Louis
193
Wilson, krs. (Contld.)
nrs. Wilson tells 0.3.H. she has written I:rs. Rice accepting
her invitation to Albany and she bee! C.S.H. to co
with her.
:aid she looheiforrard to seeing us on Christmas Day.
Dec. 18, 1926. 177, 178
3.'3.H. believes she has no intention o' as‘cinc his aavice in
the matter.
Dec. 18, 1923. 178.
C.S.H. believes :rs. Harriman was no friend to ilrs. Wilson in
thus brin,-Ang her into this controversy.
rec. 18, 1926. 178
We dine with nrs. Wilson.
nristmas Dar.
Dec. 251 1923. 182
Wilson, Woodrow
Glass tells
of aerire of, to call for :!iller's resignation
from Federal ReFerve Board.
June 7, 1926. 34
Commission of Platt, signed by President 7i1son contains same
clause, "subject to a22roval of the President for the tie
being" - _s ,Loes C.S.7.'s comission from President Coolidge
July 19, 1926. 88
Ur. Wason nev,:r saw House's book line True Col. House" and if
suressed, it was without his knowledGe or sanction.
July 22, 1926. 90
The verger told C.S.E. that 192,000 eo le visited the Cathedral
on reek days, in 1925, to see Ur. "ilson's tomb; that for
1926 there would be c.t 12ast 225,000.
14, 1926. 109, 110.
C.S.H. suests to Glass to strike out of his 2ro2oseC, book the
stateuent that Jr. Wilson originally distrusted Sen. Swanson.
Aug. 27, 1926. 114
3.S.H. suggested to Glass to strike out the statement that Wilson
so operated on t,":.e ':anity of a :ertain Congressman!' that he
left him thinkin that Glass as to 'be deoosed and the charge
of the Federal Reserve Act was to he 4men to him.
C.S.H. sugests that Glass substitute:
Wilson , as"so persuasive
and so skillea in his reasoning." etc.
;lug. 27, 1926. 114, 115
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Federal Reserve Bank of St. Louis
197.
Wilson, Woodrow (Contld.)
Walsh and Gaston were both treacherous to Wilson.
Nov. 2, 1926. 143
Vice President Dawes, speal:ing at the dinller of Governors and
Federal Reserve Agents at the Y,etropolitan Club said Wilson
was one of the Greatest men in the world but as 1%.1r c:head
of his tie.
Nov. 11, 1926. 149
7:ilson was not pleased with Bryant Baker's bust of Tilson
given by Ur. Caldwell to the LeaL;ue of Nati-ms.
Nov. 27, 1926. 157
See -
Urs.
- as not friendly with Prof. Seour,
.H. that Wilson :
Glass tells
book;
that House smuGgled Se:mour
the writer of the House
on the George Wasl:ington an: that w:-.en Wilson found it out
he came very near ord,-ring the ship back to port to put
Dec. 7, 1926. 162
Seymour ashore.
Ting, Daniel, let 1Tation,
.
-1
Boston
believes Wing has ap_ealed to 40v. ..:orssl vanity as to
the Federal Reserve Board,
Lia;: 29, 1223. 16
3.3.H
tells Tyler t:-i- at WinG has been reported as friendly.
Tyler saia that means nothing; that Wine 7111 :"..o Whatever he
wishes, no matter what he says.
June 7, 1926. 30
Gov. Hardin,1 says that Curtiss has a feelinr, but no proof. that
Wing may have some candidate in mine. for C.S.H.'s place.
Gov. Hardinp, said the only man he cau11 think of was Ex-Governor
Charming Cox, nor a Vice President in Tingls bank; that he
believed Wing's bank ':as over-officered ane. that WinG might
7.-ant to unload Cox onto the Federal Reserve Board. Governor
HardinG saia, however, that Cox could not afford to Live
his $25,000 salary he .ac Getting in Win's bank.
G07.
HardinG said it would be such a palpably political a..- ointilent
he did not for a minute believe CoolidGe would dare to make it.
48
June 20, 1923.
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Federal Reserve Bank of St. Louis
198.
Wins, Daniel (Contld.;
Gov. H,rding writes that he had had a talk with Win,- this
L.orning; that he showed a coy of s%S.H.Is letter on the
Cuban Agency, explaininE what O.S.H. )ro)osed to do; that
Wing . as exceedingly interested ancl ax,roved the prograume in
tato; that he told Wing C.'%H. 'C.? a very valuable man on
the Board and particulaAy to the Boston district; that
Wing concurred but q-aalified his concurrence with the state—
ment that his only objection to C.S.H. was t:-.at he would
be crone to line Iv always with the admi..
-i
- stration, and that
if ::cAdoo should be the next President, :,nd John Skelton
Williams the ne:,t Secret:.ry of the Treasury, O.S.H. would
be hand in hand with them.
(This sounds like Warburg to 3.:3.H.)
He said Wing aLlitted that this was a ver:: remote contincency and
agreed that if any Democrat were elected in 1928 it would
proba7iqy be Gov,31-nor Smith of Ner vork in '.om he had great
confidence.
Gov. Harding said that Wing said that Sen. Butler would be interested
only in case some outstanding .Lassachusetts Re2ublican should
be sagrested for O.7.H.Is ,- )osition; that he and qov. Cox had,
some months ago, aancassed the situation but had found no
one at all ,w.ilable and that they hal now dro2_ed the matter;
that in his o..)inion, as matters now stand, C.S.H. will be
rea2)ointed and that he would inter2ose no objecti
June 24, 1923. 56, 57
Wing calls on Dr. Uiller an:. tells
he is sorr: he had not
time to call on O.C.H. 7hile :liner was saying this in the
Board room, in passe:. the - oar and C.S.H. went out and
shook hands with
3.S.H. believes Wing ex- ressed to :Aller his opposition to Curtiss,
and that he is the man who. s.:oke to Governor Crissinger against
Curtiss.
C.I.H. believes Wing wishes to get OurtiE,s 1
for Gov. Cox.
rec. 15, 1926. 167
artiss tells C.S.H. that he can do nothing:- with ilag; that
evidently some force behind him was L-AalliiiL. him badk; that he
had reason to believe it ras Paul Warburg.
July 14, 1926. 82
*
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Federal Reserve Bank of St. Louis
199.
Wineor, Robert
Tyle; ass if,
is
friendly to
O.S.H. says yes, as far as he knows.
Tyler says,is very close to Butler.
C..; H. thinks Tyler is Loing to see Winsor.
June 22, 1926. 53
Winston, Sarrard
.:a.ys the French peol)le are ver: prosDerous but that the
2
- arliamentary situati;n is ho )elass; that the French are
taxiivf so absurdly t'lLt they can not be levied, e.. a
bachelor in France theoretically ;ace about 95 of his
income while on real estate the tax is absurdly less.
June 17, 1926. 43, 44
Tells lov. Harding that %.H. is a most valuable man on the Federal
Reserve Board and should be rea2y)inted but he dil not know
;.hat Coolidgels decision would be.
June 21, 1926. 50
Gov. .1cDouga1 sacs he is to lunch 7ith Winston :11CL will ask him
to suuest what the bakers .clan. do for 3..H.
June 21, 1923. 52
Gov, UcDougal left a mesfaze for %S.H. that he was much Illeased
with his conferende with Winston and he is sure 3.S.H. would
be pleased.
June 22, 1923. 52
Winston came in and said %v. Strong had testified before a
Parliamentary Commission on the question of a cold standard
for India; that the Indians wanted this but it would require
an enormous s--221y of gold which 1Y.ght drive reat Britain
off the :old standard and take much gold from um, to our
injury;that it woula turn all silver in India into a commodity
and ruin the Indian )eo.:,1e.
He said ::ellon tried to get J. P. Morgan to t,71stify but he said he
,ould have to say that it would injure the U.S. which ould
make the Indians on the Comission more favor it; that ::ellon
asked Gov. Strong to testify as to the injury it would =use
India and that Gov.Ttrong hal carefully studied into this, and.
had so testified.
He said Liellon did not want this to r-et out but thought the Board
ought to know 'it.
June 2-, 1026.54, 55.
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Federal Reserve Bank of St. Louis
200.
"linston, Garrard (Contld.)
Winston snoke in conteeret of Sen. Pe )
er, saying that 1-len the
bill to purchase further silver 1,u1lion was passed in Senate,
Glass was the only friend o" the administration to fieht it;
that Peer fauna that isnair would vote against it and he
therefore voted for it - -eeinet the a&einistrationl
June 22, 1926. 55
Herson, ret riling from examination of tlnta Bank, gives Board coy
of a letter dated 7aly 17th from Winston to Gov. Wellborn
urging hie, to do all in his ower to assiet weakened banks
in his district, and Gov. Wellborn's relay.
C.S.H. thinks it extraordinary for Winston to have done this. It
would have been equally aro)riate for the Board to write the
Collector of Customs, New I:ork, as to his rulings on =tams
jui;dr 23, 1926. 91
duties.
The Ca.:Aroller said the language of Winston in his letter to
Gov. Wellborn was aleozt identical • ith :hat Sec. Lellon said
' when talkine- to him.
,.e.H. thinks Winston may have been as-eed by ilellon to write this and
that perha_13 he may have written other Governor.
July 23, 1928. 95
Winston favored the increase in the diecount rate of Federal Ree ree
Bane:, New York.
Au. 18, 1926. 112
Winston met
while eeing to lunch and said he was preparIng an
answer to the bankers a7)eea1 for lower duties in uroe.
Oct. 22, 1926. 137
-ee - Uellon
Board adjourned to Jet Winston's oeinion on eecommendation of Open
Llarket Committee to buy 50 millions of Government securities
in December, to be sold later When money demand falls off.
Winton approved of the purchase.
Nov. 11, 1:,28. 145
See - Open liarket Committee
Wyatt, Counsel, Federal Reserve Board
Tells .S.H. the Comptroller way present L.t, Federal Reserve dinner
in ;utlanta and that Gov. Wellborn was so drunk he made a
disetsting spectacle of himself, but the Comptroller said he
would eot be willine to testify to this.
June 4, 1926. 27
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Federal Reserve Bank of St. Louis
201.
Wyatt, Counsel (Oontid.)
Eddy tells C.S.H. that James is cettinf
‘
; on tie nerves of Herson
and Wyatt.
July 7, 1926. 77
Says he an not recoil .ena an increase in salary of ;:nilbin as
Assistant Counsel of Federal Reserve Bank, Xer York, but that
his work as Secretary is worth $1500 rJdaitional.
Dec. 22, 1926.181
See also - OaA)bell
27, 30, 31, 35, 77, 116
-YYoune, Oren
S2eake at dinner to Jaz,r, Nev York.
Dec. 20, 19fl6. 17
(The end.)
@FedFRASER