Full text of Diaries of Charles S. Hamlin : Index-Digest of Charles S. Hamlin Diaries, Box 36, Volume 22, Reel 21, November 28, 1932-March 24, 1933

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Collection Title

THE PAPERS OF

A LES SUMNER H MLIN
DIARIES

Series and/or Container

Shelf/Accession No.

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v. (9.9i

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DIARY.

VOL. #22..
November 28. 1932 - March 24. 1933.

Index - Diatst.

Acceptance rates.
C.S.H. said to put un, while buyin4, Govt. securities
was inconsistent.
Feb. 27, 1933. 105.
Acts of Congress.
Act of Mar. 9, 1933.
Bank conservation Act.
Conservators.

Preferred stock.

F.R. bank notes. ,idanves to member banks on collateral
satisfactory to Federal reserve banks at l higher tate.
Direct a-vanes to individuals etc. secured by Govt. bonds.
Mar. 9, 1933. 141.
H.R. passed, unanimously and without debate even before it was
printed.
Mar. 9, 1933. 143,144.
Senate banking and Currency Com2ittee reoorted the bilI; McAdoo
refused to vote.
Mar. 9, 193— 143.
In the Senate tnere was some debate but it was quickly passed.
Vote. For
Democrats 51,Republicans 22.
Against:
Democrats 1 (Costigan)
Republicans 5.
BOrtill, Carey, Dale.
LaFollette, N. Y.
Passed:
For: Sen. Lewis
Against: Norbeck.
This bill was drawn by 'Vett and the drafting commitee of Congress.
They began Tuesday night, Mar. 7 working all night.
Mar. 9, 19144.

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Act of Congress (Contld.)

41L:a.".•
;tiff',"

6'11

.3:4- • .•

•

Wyatt said that he was at a c)nference at which Ballantine,
Gov. Meyer, Davison, Floyd Harrison et al were present;
that they agreed upon a plan which later became Act of
March 9, 1933; that Ballantine asked him to draw it with
cooperation of Congressional drafting Cola.aittee; that
they finished it 3 a.m. Wednes,4ay; that later, Wedne-day,
Governor Meyer, Morrill and Floyd Harrison went over it
and asked for another conference; that Ballantine was at
the Conference; that Wyatt finished perfecting the bill;
that he made several suggestions, especially one that the
privilege of Federal reserve bank note issues should
terminate on expiration of tie emergency.
Wyatt said Gov. Meyer is very angry because he did not consult
him more.
Wyatt thinks loosevtltis knowledge of banking details are
marvelous.
Mar. 10, 1933. 146.
Bill does away with necessity for 5 affirmative Board votes.
Mar. 14, 1932. 157.
Act of Mar.24, 1933.
Federal Reserve Board discussed with Woodin the bill which later
became law.

64.74

It provided that non member state banks and trust camoanies may
apply direct to Federal reserve banks and obtain benefit
of Sec. 100)Federal Reserve Act as amended bt Act of Mar. 9,
1933; tilat each applilution must have a certificate of state
bank superintendent that the bank is in a sound condition.
The evident intent, as original:4 drawn was, to compel Federal
reserve banks to make advances merely on factor of the
certificate of state bank superintendent.
The Board unanimously opposed the bill:

,A.4111T

The R.2.C. nor maizes advances to 1;on-mem1er ban..(s.

2. Discri.ainatory against member bank which owns 80%) of
resources of Federal reserve banks, to give such
privileges to non-member banks which contribute
nothing to Federal Reserve System.
C.S.H. pointed out that now non-member banks could

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Act of Mar. 24, 1933 (Contld.)
discount paper with Federal reserve banks, with
72,.rmission
of Federal Reserve Board.
During the discussion it was learned that the
Senate had just
passed the bill.
Glass told Gov. Meyer that this bill cme fro.
Treasury and
White House.
Woodin said he did not know who drew the bill
.
Woodin, Gov. Meyer and Miller went to Whit
e House to protest
to Roosevelt.
Mar. 14, 1933. 156, 157.
At evening meeting Miller suggested that
we write Glass that the
Board is unalterably ap.)osed to the Senate
bill, and at the
same time to send Glass some suggestions for
removing
some of the difficulties, on the assumpti
on, as stated by
Glass, that the bil, in some form, is sure
to pass.
rought draft was presented but C.6.H. felt
that applicants
for loans must join Federal Reserve Syst
em.
C.S.H. suggested a discriminatory rate but
Gov. Meyer and Miller
thought this unnecessary.
Just before midnight the Bou.rd, in Executiv
e Committee, voted to
send the letter to Glass with a memorandum sugg
esting changes
which would be helpful.
Miller had left and only Gov. Meyc-r, Jame
s, and C.S.H. were
present.

• -4.•

C.S.H. said he voted for it only on the
distinct understanding
that Miller favored J.7,.
Morrill said Miller did favor it aid in
fact had drafted it.
Mar. 14, 1933. 157, 158.

. ..
Wyatt said the suggestions in the memorand
um accamoanying the
letter to Glass were the changes agreed upon
by Glass
and Roo:.evelt at the White House conf
er-nce, - 1. Examination
of ap lying banks. 2.,Maki4g the pape
r eligible for Federal
r2serve bank notes.
Mar. 15, 193,.. 158

111.6.4.44.4

•

Act of Mar. 24, 1933 (Contld.)
Wyatt said Glass unflinchingly opposed the bill to Roosevelt
saying the Government had never contributed a dollar
to the F.R. System, and that this statement surnrised
Roosevelt very much.
During greater pat of the evening Gov. Meyer and Miller were
in Woodinis roam while :;.S.H. sat with James in latter's
room.

.4
17

This was most discourteous to us.
Mar. 15, 1933. 159.

. J.
•

Gov. Meyer is to give Glass this a.m. the Board's letters and supzestias
broadening the R.F.C.Is functions and making its funds
eligible for notes discounted with P.R. banks.
Wyatt said that he, Ployd Harrison and Morrill took: breakfast
with Gov. Meyer and that after our vote last night, Gov.
Meyer struck out all reference in Board's letter to
amendments as contained in the memorandum and retained
merely the unqualified censure of the bill.

tr'n

Wyatt said Board never voted to send the suggestions to Glass
which Miller made and to which MU. agreed. C.S.H. believes
those suggestions were agreed to.
Mar. 15, 1933. 160.
Morrill told Wyatt that Roosevelt told Glass the bill must be nut
through with the above changes as to examination and
collateral for P.R. bank notes.
Mar. 15, 1933. 160,
Wyatt said Jesse Jones was with Woodin all the evening and is
evidently trying to protect the R.F.C. at expense of F.R.
System.
Mar. 15, 1933. 160.
0 S.H. feels the Senate bill is unnecessary as non,.member state
banks can now borrow from R.P.C.
C.S.H. and James believe the non—member banks want this bill so
that they can dump on the F.R. System paper rejected by
R.F.U.
James bitterly protested against the whole bill.
Mar. 15, 1933. 160.

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0
.

Act of Mar. 24, 1933 (Contid.)
The letter sent to Glass was read at Board meeting.
James moved to send conies to
1.
•

•

Roosevelt. 2. All P.R. banks. 3 Banking and
Currency Oomittee of H.R. and Senate.

•

3.6.H. op)osed 1, as Roosevelt has already been advised of
Board's opposition; that he would be willing to iote for
2. if in confidence; that he would opnose 3.
Before voting, Miller had left the Board room after a controversy
with'MiLler\ and he refused to return saying the Board could
pass any vote it chose, - that he would not return.
Finally James agreed to perfect part of his motion and Board
adjourned, after voting,as O.S.H. remembers to send the
Glass letter in confidence to the P.R. banks.
Mar. 15, 1933. 161.
Board prepared a bill in lieu of the Senate bill andEent it to
Glass.
Mar. 16, 1933. 162.
F.H. Bank, Dallas, wires Board it is opposed to Senate bill and
with Board's permission will wire Congressmen in an.)osition.
James insisted on a special meeting of Board at 5:30.
. .,

C.S.H. returned to Treasury.
C.S.H. called up Milkr who said he should stay away to break a
quorum. C.S.H. begged him not to do this and finally he
came back.
James moved to auvise P.L. Bank Dallas that Board would interpose
no objection.
Woodin, C.S.H. and Miller objected;after long discussion
C.f:d.H.
moved:
"While there is no authority in F.R. Board to interfere
with individual expressions of opinion as to pronosed
legislation, the Board, in resnonse to your direct quedion,
feels that the action you propose is not advisable."
C.S.H. brouht this to Woodin who asked to be recorded in its
favor.
Later -"majority of Board!! was substituted totake care
of James
adverse vote.
Woodin agreed to this.

Mar. 16, 1933. 163.

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Federal Reserve Bank of St. Louis

Act of Mar. 24, 1933 (Contld.)
Woodin said that Glass and Roosevelt
had agreed to the Board's
Changes in the bill and that it mig
ht be passed this P.M.
Mar. 16, 1933.164.
•

• •

.• —

It was brought out that Woodin did not
know of letter of
appointive members to Glass sent
the other night, and he
was very much disturbed and said
we should have notified him,
so that he could have voted.

•

Gov. Meyer said he was not in the
Treasury at the time and that tie
letter was sent in response to
a request from Glass.

Morrill said the letter opposed
the bill even with the changes
agreed to by Roosevelt and Glas
s which were considered.
C.S.H. feels Morrill is correct alt
hough very little attention
was given to the Changes agre
ed upon by Glass and Roosevelt,
as
these had not definitely at tha
t time been agreed to by Roosev
elt
and Glass, and were only under
discussion.
Sec. Woodin was also very much
disturbed at action of Board in
sending a copy of the Glass let
ter confidentially to all P.R.
banks.
Woodin said Roosevelt agreed that
all non-.member banks applying
for
advances must comply with capi
tal and reserve requirements
as if they were member banks.
This is to be settled tomorrow
morning.
C.S.H. was told that Glass is
Opposing the above White
House
suggestions. (See supra n. 158
)
Mar. 16, 1933. 164, 165.
Gov. Meyer first favored Jam
es motion and criticised C.S.H. for
having originally written on
the Texas telegram,'— "Pederal
reserve banks should not lobb
y." He finally accepted C.S.H.'s
compromise as above.
Sec. Woodin's grievances:

...

1. Apnointed members wrot
ed Glass protesting against
the bill even with the sugges
ted Changes suggested
at White House Conferenc
e (but not at that time approved)
2. Sending copy to 2.R.
banks.

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Act of liar. 24, 190Z (Contld.)
C.S.H. feels we should have asked Wood
in to came in, but Gov.
Meyer said he was not then in the Trea
sury.
The appointive members felt that, even
with the suggested changes,
the bill gave privileges of membersh
ip without any'burien
of complying with capital and reserve
requirements.
C.S.H. sees no reason Why the appointi
ve members should not have
acceded to Glassts request and give
him their honest opinion,
although it might have been better
to 114.ve waited until Woodin
could came to a meeting.
C.S.H. also feels it was proper to
send the letter to the Federal
reserve banks; that while it might
be claimed to be an
incitement to them to organize in
:1, ps)osition, in f:Ict it
would have the opposite effect, as
the knowledge that the
Board was oposing the bill woul
d make the F.R. banks trust
the Board to do everything nece
ssary.
In any event our telegram made it clea
r that the Board did not
want to have the F.2. banks oppo
se the bill.
It is certainly, however, a dramatic
situationm — the appointive
members op,)osing a bill with chan
ges ultivately approved by
Glass and Booseveltl
C.S.H. is willing affirmatively
to amprove, it if capital and reserve
requirements are added, in view
of the present critical
emergency.
The P.R. banks being given discreti
on, with right of examination,
the bill really gives right to
F.R. banks to purchase secured
paper, like purchasing acceptan
ces.
Mar. 16, 1933. 167, 168.
Woodin reads to Board the bill
agreed to by Glass and Roosevel
t.
It provides that applying non—memb
er banks must camnly with all
reserve requirements of member
banks.
Woodin said that, as the Boa.rd
members had objected to the
original bill in the letter to
Glass, they would now accent
the bill with the reserbe requ
irements added.
C.S.H. moved that, the Secr
etary of the Treasury having explaine
d
the bill as amended, the Boar
d now accept the bill.
James, who had violently oppo
sed the bill moved to modify C.S.
H.Is
motion by substituting word "apn
rove" for "Accent", as the

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0•

Act of Mar. 24, 1933 (Contld.)
changes made had removed his objectio
ns.
C.S.H. accepted James motion and it was unan
imously carried.
Mar. 17, 1933. 168, 169..
Thurston, a reporter of N.Y. Times,
told C.S.H. that the Boston
clearing house banks were to protest
against the till.
C.S.H. saw Ballantine who said he woul
d call u17) the National
Shawmut Bank and First National Ban
k.
called up Curtiss saying the bill was
ap)roved by Roosevelt,
Glass and F.a. Board. He said he woul
d talecare of it.
Mar. 17, 1933. 169.
Woodin again complained of the appo
intive members for sending the
letter to Glass and for sending it
to F.R. banks without
consulting him.
He said Roosevelt was very much dist
urbed about it.
He said that water, however, had gore
- over the dam.
Woodin also protested gainst the
Board's action, when it sent the
P.R. banks the text of the bill
as agreed to, in adding
that the Sec. of Treasury had exnl
ained to Board the
legislative status of the bill.
He felt apparently that this
would give rise to a feeling that
the Secretary was tryinL,
to dominate the Board.
Gov. Meyer said he saw nothing in
the telegram except a fair
statement of the actual vote.
Woodin disagreed almost fiercely
with Gov. Meyer and there was
an Impleasant scene.
C.S.H. said the telegram was not
shorn tothe Board before sending
it out.
I:oodin expressed hope that in
the future he would be advised of
any important action so he coul
d vote on it.
After 77oodin left Morrill
reported that the telegram used the
exact langliAge of C.S.H.'s moti
on as amended by James; that
Woodin voted for C.S.H.Is moti
on; that he expressed deep
pleasure at the motion and vote
; that the whole matter was
discussed on the expressed unde
rstanding that the vote
should be wired to all F.R. bank
s.

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Act of Mar. 24, 1933 (Contld.)
C.S.H. reme:Lbers that Woodin preferre
d telephoning in addition
to telegraphing; that James insisted
on telegraphing
and both methods were used, Gov. Meye
r telephoning all the
banks.
rettfril:.

C.S.H. also talked with Curtiss over
teleohone who said the changes
made the bill satisfactory.
Gov. Seay wired approval.
Mar. 18, 1933. 171, 172.

•

Summary of controversy over Glass
letter:
1. Appointive members met during even
ing and agreed
to comply with Glass request for an
opinion on
Senate bill and suggested changes.
2. Also prepared a new bill prepared
by Wyatt requiring
application for membership, complian
ce with capital
and reserve requirements, etc.
3. Miller dictated the Glass lett
er and referred in the
letter to the alternative plan sugg
ested by Bicerd.
4.

At midnight appointive members met
but Miller had
gone.
The proposed letter refer/lag to Boar
dis
alternative plan as well as the pend
ing bill with
Board's suggestion of chances was read
.
C.S.H. said he voted for it only on
the definite understanding that Miller favored it.
Morrill reminded us that Miller
dictated it.

The letter as sent omitted the
reference to the
alternative plans although these were
in fct sent
with the letter.

The (Xnission of this specific refe
rence was made
without knowledge of C.S.H.

This omission left the letter
as simply condemnatory
of the proposed bill and tent
ative chmges, which
was never ap,
)roved by C.S.H.

At this time the tentative sugg
estions made at White
House conferences -as to d
examination,
collateral for F.R. bank note
s, etc. - had not

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Act of Mar. 24, 1933 (Contld.)
been agreed to by Roosevelt and Gla
ss.
merely, not then agreed to.
9.

They were suggestions,

Glass when at White House Confer
ence asked Gov. Meyer, ililler
& Morrill to get opinion of the
Board members.

10. Board members in giving oninio
n were not attacking any bill
as yet agreed to.
•

11.

Glass knew Woodin opinion at the
Conference and wanted the
o)inion of the other Baird mem
bers.

Conclusionsof J.S.H.:
Glass wanted an immediate expressio
n of opinion. Gov. Meyer
said Woodin was not in Treasury.
Ordinarily we should
have waited for Woodin, but as
he was not there C.S.H.
feels the appointive members wer
e justified in sendiu
the letter as anpointive member
s.
Conclusions of 0.S.H. as to sen
ding Glass letter to

Barks:

When this came U) before the
Board, Miller had left the
roam after a row with James and
refused to return.
James, as shown before, wanted
to send it to the President,
the F.R. banks and the H.R.
and Senate Committees.
C.S.H. agreed to send it to the
P.R. banks but op-)osed
the rest.
Such sending was ordinarily don
e to keep banks informed as
to What was going on.
Had any one raised question
of no quorur all would have
agreed to hold it for a ful
l meeting of Board.
0.0.H. feels, however,BoarA
should have notified Woodin so
he could be present.
Mar. 18, 1933. 174, 175, 176,
177, 178.
Chronology of certain Acts
Act Peb. 27, 1932.
Glass—Steagall
July 31, 1932.
P.R. direct loans
Mar. 9, 1933.
Bank -conservation act
Mar. 24, 1933•
P.R. direct advances to non—membe
r banks.
Albany, N. Y.
H.P.H. arrives at Washin
gton from.
Nov.- 28, 1932. 2.

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11.

.'r

Aldrich Vreeland notes.
Miller, of Richmond, favored,
as a meeting the emergency.
Mar. 6, 1933. 129.
Only constructive suggestion
of Gov. Meyer was issue of, and
he asked Wyatt to draw a bil
l with this 7urpose. .
Max. 10, 1933. 146.
Allied debts.
C.S.H. sue:gested giving Great
Britain a credit for amount due
as interest on, to be used in
investing in -Ails, export
and imnort.
Goldenweiser said it would giv
e little relief to Great Britai
n
unless the bills were payabl
e in sterling. (see scrap book)
iec. 2, 1932. 5.
Moulton, at O'Brien dinner,
said the Dawes report was much
better than the Young retort
; that the former recognized
the necessity for a balanced
budget and the transfer
difficulties; that both Gilber
t and Young overlooked this
and did not undrstand the
real situation.
Feb. 3, 193. 7.
Amendments. 152, 159.
See - Acts of Congress
Salary reductions.
Allierican National Bank, Danvil
le, Va.
At first was not licensed but
later the Secretary of Treasury
gave it a license.
Gov. Seay did not recom.aend
it for a license.
Dept. Comptroller Await asked
him to reconsider but he refuse
d
basing his original and thi
s later decision on the
examiner's yellow sheet.
Gov. Seay wrote Boarion Mar
ch lo that he is creditably inf
ormed
that the decision to license
it was due in oart,at lea t
to the importunities of a
Senator, - Sen. Byrd, C.S.H. thi
nks.
Mar. 21, 1933. 184.
Anglo-American Bank, San Fra
ncisco
Sec. Woodin cs,nferred wit
h Board as to opening, and the
Bank of
America.
Gov. Calmins wired quotin
g Woodinis telegram as to licens
ing of
bank not in sound condit
ion, and said he could not
recommend

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12.

Anglo-American Bank, San Francisco
(Contid.)
issuing a licens, to either of them
.
Cam-)troller was present and said he
was checking up the
last exam.mation, but did not say what
he would
recommend.
Miller said later that Woodin told
him that the Com-)troller had
made no recommendation.
The Bard adjourned pending re)ort of
Coraotroller.
The entire Board felt that these bank
s were sound.
Miller said the luestion was Whet
her the whole licensing plan would
not be more injured by licensin47
these banks than would
San Francisco and California be inju
red bi not opening them.
Mar. 12, 1933. Sunday. 10.
Woodin suggested opening no bam:s
in San Francisco giving
earthouake as a reason.
Mar. 12, 1933. 151.

,;ov. Meyer said a relative of
his was in the Ang1eric:n bank,
and that he should take no part in
the decision, L,rd he
thereu)on left the Bot.rd roam
.
Later we were told that no Cali
fornia banks would be opened beca
use
of the earthquake.
Mar. 12, 1933. 151.
Roosevelt sazrs over radio that
only sound ban:a., will be o-;ened.
ialler says he heard Roosevelt
read it before dtlivey, nd told
Roosevelt that it barred out the
Bank of America.
Mar. 12,1933. 151.
Lynn Talley told C.S.H. in Jame
s presence the Bank of America
was not in sound condition.
:lax. 12, 1930. 152.
noon today the Treasiury d(ci
ded to onen the California banks
in
cities and to license the Angl
o-American bank and
the Bank of America.
This is astounuing to 0...5
.11.1
Mar. 13, 1933. 153.
Miller, in liorrillis presence
, told C..H. he was with Roos
evelt
last eviing with Woodin and
that they talked over the

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13.

Anglo-American Bank, San
Francisco (Contd.)
telephone with Gov. Cal
kins who you'd not ret
ract his
adverse recommendation;
that he, Miller, told
Roosevelt
that 300 millions would
be the m.ximum note iss
ue
against the bank L.seet
s, while its denosit lia
bilities
were over 600 IAllion-s
l
Miller said Roosevelt
asked him what would han
pen if these banks
were opened and that
he told him that "insid
er denositors
might withdraw their de
)osits and this might bre
ak the
bank within a week; tha
t, n the other hand,
thim.s might
go on for a lon time
postponing the inevitabl
e.
Miller said he told him
that not to anen these
banks would bring
limed/ate disaster to
California.
Opening these banks is
absolutely inconsistent
with Roosevelt's
radio address, stating
that only sound banks wou
ld be
openedl
fears this action wil
l defeat the whole pla
n of opening.
Miller said the assets
of the First -National
of Boston wer
so very much bet er tha
n that of the Bank of Americ e not
a but
that they would undoubted
ly come back ouicker.
Mar. 13, 1933. 154.
Dept. Gov. Clark told Flo
yd Harrison that when Treasu
ry decided
to open Anglo-American and
Bank of America, Gov. Cal
kins
rcommends oJaning Dracti
caly all hanks in District.
Mar. 21, 1933. 184.
Annapolis, Md. 42.
See - Boreel, S ihie
Annual leave
One day, Dec. 12 at Car
negie meeting.
Dec. 12, 1932. 20.
Apoplexy
Mrs. Delano told Bertie
that Dr. Miller had a sit
- ht stroke of,
last fall.
Aar. 13, 1933. 155.
Annlicant banks. 158
.
See - Acts of Congre
ss; act of jar. 24, 1933.
Apoointive members
165, 166, 167, 168,
170,184, 176.
See - acts of Congre
ss; Act of Ear. 24, 193
3.

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A7oroval of }Federal Re:lerve Boa
rd. 168, 169.
See - Acts of Ooni7ress; Act of
Mar. 24, 1933.
Ardmore, Pa. 23
See - Penn. Insurance for lives.
Ashley, Mayor
Reelected Llayor of New Bedfor
d by ov(31. 7000 - the 1art7est
majority e\cer given a Mayor.
Dee. 6, 1932. 16.
Atlantic City. 2.
Sea-Norris, Gov.
,Atorney General of U.S.
On evening Of Larch 2, sat in
Mills office.
Wyatt said that he told him
that while there was doubt
about it, there was color of
law to effect that the
President could de clare a
national bank holiday under
the Trading with the Enemy
Act; that if Roosevelt
would join with Hoover he
would advise Hoover to nroclaim
it, but not otherwise.
Mar. 2,-1933. 117.
The Attorney General prepar
ed a draft of proclamation for
a bank
holiday on Sturdy.
Mar. 2, 1933. 118.
..,uring the evenin
told the Board that the Attorn
ey
General had stated that Whi
le he thought the President
could act under Sec. 5 of Tra
ding with the Enent Act,
if he deemed the energeney
Groat enough, the matter
was not free from doubt and
he did not feel he should
advise the Presidlit to do
so without the consent
and approval of the incomi
ng President.
Mar. 2, 193',3. 9:30 p.a. 119.
Miller asked to have insert
ed in the rcord the following:
"The Attorney General hol
ds that the authority
under the Trading with the
Enemy Act is of the thinnest
possible kind and at mos
t there is the barest color
of authority, and that
he does not believe the
Preuldent can do it withou
t the agreenent of the
Presillit elect, to be fol
lowed by a validating act
of the Congress. I thi
nk it should be further noted
that it was my understan
ding when I left the President
ten minutes ago that Gov
. Roosevclt felt that in view
of the information he
had frua New York that he did
not see the occasion for
him to request a n-tional
holiday, or, indeed, to
lissume joint responsibility
for it. I thi4,
therefore, that in view of
the

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

15.

Attorney General of U.S. (Contld.)
opinion given by the Attorney General that I do
not see
bow the President can act on the recommendati
on of the
Board tonight unless the whole question is
to be
reopened.
I don't differ with the other members of the Boar
d on the
practical situation as it exists now at midn
ight. There
is no formal opinion from the Attorney Gene
ral.
Mar. 4, 1933. 12105 a.m.
119 (3)
Mr. Mills stated, in reply to Dr., Miller's
statement that tie
Board should answer the letter of Hoover,
and should do
so now, - that last night- Thursday I info
rmed you that
the Attorney General advised the Presiden
t not to issue
such a proclamation and on this basis
of that report of
mine you decided it was unnecessary to
answer the letter.
We didn't answer the letter last nigh
t or this morning.
The Attorney General didn't think it advi
sable to issue
that proclamation under all the circ
umstances.
Kr. Wyatt said that "earlier in the even
ing (Thursday) the
Attorney General asked me to convey to
the Secretary
of the Treasury the massage that he had
considered the
Trading with the Enemy Act last evening
about 8:30 and
that he considered it was sufficie
nt to justify the
President in acting if he considered
the emergengy great
enough.

•
•
•

Mr. Mills replied that later that even
ing the Attorney General
advised me that, in his opinion, be was
not justified
in acting under the Trading with
the Enemy Act, and I
so reported to the Board last night.

Gov. Meyer

stated that legal authority in one thin
g and the
question Whether jou will act with or
without agreement
with the President elect is another
thing.

Mr. Hamlin pointed out that the
Board members had been
advised that on Thursday evening in
Sec. Mills office,
the Attorney General had dictated
a form of proclamation
for the President to sign, and
that it was after information
was received that the Presiden
t Elect would not assume
joint responsibility that the
Attorney General expressed
the opinion that the President woul
d not be jastified
in acting under the Trading
with the Enemy Act.
Mar. 3, 1933. 119 (3,4,50 121.
110

2,-,
.

, 13.

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Federal Reserve Bank of St. Louis

16.

•

Attorney General of U.S. (Conti
d.)

•

Hoover writes Board that at 11
p.m. last night the Board
knew that the Attorney Genera
l had rerswed the same
opinion which he had already
given to the Board that
the authorities an *hich you wer
e relying were made
unless supported by the incomi
ng aanistration. •
Mar • 4, 1933. 130, 131.
Auld Lang Sine
C.S.H. sends to Congressional
Library, to be put with the
manuscript of, a photostat
copy of letter of Burns to
Mrs. Dunlop, dated Dec. 7, 178
8, given him by Morgan
Library. This letter refers
tothe loose sheet
on
which, is written, awned by
W.H.
Nov. 29, 1932. 33.

•
.
.
liott 001 Let
weal o$ to
lIctral,
•
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/ov
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n . lAdit Igwaloare;14 TwomeIT 404
baA 060 AW0d4 a,tøtY 39$. tuA %Mtigti 941 r;IW aulbar.:
:4 ta013111ms *ew $f betioLlstioo ed $4144
4t);:f$1.!3 mi tnettisc.
.4-41one

Prof. Robert Dewar, of Maitla
nd Road, Reaeling, England,
wrote C.S.H. that he had locate
d the second part of
the loose sheet mentioned in
Burns to Dunlop, the first
sheet containing the manusc
ript of.
Prof* Dewar said it is got
in the Observatory Museum at
Dumfries as Prof. rerguson
thought but An, in the Burns
house in Dumfries.
He said this loose sheet was
bound in a leather cover;
that it originally belonged
to Provost Lennox of
Dueries; that it was bought
and presented to the
Dumfries House by Mr. James
Barrie, at Provost Lannoz!s
death, He said he had dif
ficulty locating it, as it
was indexed as part of a let
ter to an "unknown*
correspondent.
He said he compared'it wit
h H.P.H.sti photostat copy of
Auld Lang Syne, b6th as to
count, size and type of
paper, writing etc. and tha
t it is clearly what Prof.
rerguson says it is, viz,
the sheet following H.P.H.ls,
and is part of the letter
- Burns to Dunlop, Dec. 7,1788
.
He gives a copy of the ver
ses an another sheet.
He said he was trying to
obtain a photostat copy of it,
which the Secretary of the
Dumfries Burns House has
promised some time to have
taken.
He asked C.S.H. to send
him another photostat copy of
our
manuscript to give to the
editor of the Burns Chronicle,
etc. etc.
Dec. 17, 1932. 34, 35., 36.

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Federal Reserve Bank of St. Louis

17.

Auld Lang

Syll0

(Conttd.)

C.S.H. sends Prof. Dewar another photostat copy
of our manuscript
and asks if the Burns Club will exchange this
2n4 loose
sheet in return for Burns to Dr. Ridbmond
owned by W.H.
Dec. 30, 1932. 36.
C.S.H. sends Prof. Ferguson a copy of Prof.
Dewar's letter,
also a copy to Miss Green.
Dec. 30, 1932. 36.

•

Miss Green wrote last week suggesting that the
Morgan Library
would give a photostat copy of Burma to Dunl
op, to the Burns
Rouse in return for a photostat copy of the
2nd loose
sheet owned by it.
Jan. 16, 1933. 55.

•
•

C.S.H. wrote Prof. Dewar as to this
.
Jan. 24, 1933. 63.
Prof. Dewar writes 0.5.11. a long letter
stating that he is sure
the Burns House would not exchange its loos
e sheet for
H.P.H.ts manuscript of Burns to Dr. Rich
mond.
eNne 26, 1933. 66.
Miss Green writes acknowledging C.SaLts
letter sending her a
copy of Prof. Dewarts letter, and expresse
s hope that C.S.R.
can get a photostat copy of the id loos
e sheet from the
Burns House.
Feb. 1, 1933. 70.
•
4$. • •
•

C iNj 01.14:4.

• • •

•

d*Od
• "1"
7ieft1ttl 4
. A i lava
'to not/ al fum
•••• •••••

en" VC
i
ki7LAI•verept-; 004

loti
,(7,1

ILi

i.Lst

. 4

•1t9 04'""
•

Prof. Dewar writes that he expects soon
to get two photostat
copies of tho2nd boat sheet from the
Burns House.
C.S.H. sends a copy of this letter to
Miss Green.
Feb. 14, 1933. 98.
The Morgan Library, through Miss
Green, invites us to a lecture
in the Library by Prof. Guerin of
Edinburgh University,
on Robert Burns. We regretted.
Mar. 1, 1933. 115.
Miss Green sends q,S.H. a photosta
t copy of Burns-Dunlop, to be
given to the Burns House in return for
2 copies of their
second loose sheet.
C.S.H. writes Prof. Dewar as to
this.
Mar. 16, 1933. 165.

18.

Austin, Federal Reserve Agent, P.R
. Bank, Phila.
k•

241341 blaii

•

Ot.t.e0.
.w

'
.i4.1;

- sir

•'
•

Admits he should have kept the
Baird informed.
Dec. 19, 1932. 25.
Australia. 4.
See - Tinkham, Cong.

•

Await, Dept. Ocuptroller
See - Anglo-American Bank
Bank of America
Comptroller

1 r.I'NO
•

•

aotest
se ,;.;
,L4¼Lw9tI .1v.-1.1 1
4074 U-6.:;
.easv3}',

•;
•:•••.• • • .•

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

14041

:••:erl

y,o44.
1%
:! 41 10 to.fron
A

•

,• r .4131
vJj

.2
.r-r;
•

••

17:1 ;Ita.f4.1
.,utu;E:

. ..
S'r

• e1.1:-«;ifr

;

Board feels that, is subject to
censure for not keeping it
informed as to action of Pen
n. Insurance for Lives in
matter of Ardmore bank.
Dec. 16, 1932. 24.

?be?

:7,
4'y''4,00; .1X1,0'›tif
•

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

19.
-a-

•
Baker, Bay

-2 v.
.

87.
See - Boreel, Sophie

•

Balances, Withdrawal of. 154.
fctei

0%14

•
.1% ..elLe1171
f484L

Balancing of budget. 7
See - Allied debts
Ballantine, Under Secretary of
Treasury
Argues that Board's staff may pre
pare draft of regulations
for exchange of gold for currency.
Mar. 6, 1933. 127.
Morrill says, is very arbitrary
and autocratic.
Mar. 9, 1933. 145.
One of a conference which finall
y drafted Act of Mar. 9, 1933.
Mar. 9, 1933. 146.
Wyatt says Douglas, Await and
, are dominating Sec. Woodin.
Mar. 14, 1933. 159.
C.S.H. tells, the Boston Cleari
ng House banks are to oppose
new banking bill. Ballantine
agrees to call up
National Shammut and First Nat
ional Bank.
Mar. 16, 1933. 169.
See- Federal Reserve Bank, Chicag
o
Gold
77, 191, 192, 193.
Bank assets.
148, 153.
See - Anglo-American Bank
Bank of America
Opening of banks
Roosevelt
Bank Conservation Act
See - Act Max. 9, 1933.
Bank holiday, Opening of
banks
March 2. 1933. meeting at
9130 p.m.
Hoover to Board as to emerge
ncy powers under Section 5
of Trading with the Ene
my Let, asks Board to give furthe
r
consideration to possibili
ty of some form of Federa
l

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Federal Reserve Bank of St. Louis

20.

Bank holiday, Opening of banks
(Contld.)
March 2, 1933 (Conttd)
guaranty of deposits. Govern
or Meyer reported that Mr. Wya
tt
reported to him that the Att
orney General had authorised
Messrs. Harlan and Wyatt to
tell the Secretary of the Treasu
ry
that there is sufficient color
of authority under the Tradin
g
with the Many Act to justif
y the President in taking act
ion
under it if he felt that the
emergency justified it; and
that
the Attorney General was the
n in Mr. Minas office workin
g an
a draft of a proclamation
or executive order, with the
assistance
of Mr. Wyatt, Mr. Morrill,
and Mr. Harland.

•

During the course of the mee
ting, Mr. Mills advised the
Board that the Attorney Gen
eral had stated that \line he
thought the President could
act under the provisions of Sec
tion 5
of the Trading with the Ene
my Act if he deemed the emerge
ncy
great enough., the matter was
not free fran doubt and he did
not
feel that he should advise the
President to do so without the
consent and approval of the
incoming administration.
The Board unanimously felt tha
t the banking holiday should
be declared for Friday, Sat
urday, and Monday, on the und
erstanding that Congress would
be called in extra session on
Monday, or not Later than Tue
sday, to enact appropriate legisl
ation. Mr. Mills so advised
Mr. Woodin, who Was with the
Presidentelect.
(arch 3. 1933. meeting at
300 pim.

•

Board discussed the advisa
bility of a nation-wide bank
holiday. The Governor lef
t the meeting to discuss the
matter
with the President and on
return reported that he though
t the
President would be disposed
to issue a proclamation declar
ing
a bank holiday if the
President-elect were to indica
te his
approval of such a course,
and that there would be furthe
r
discussion drthe matter wit
h Mr. Woodin and Mr. Roosev
elt for
the purpose of ascertaining
their attitude.
March 3. 1933 meeting at
12:00 noon.
•••••••••••....

f
March 3. 1933t. meeting at
9:15 a.m.
Board had before it, prepar
ed by its Counsel:
1. Draft of Executive Ord
er declaring a nation-wide
bank holiday

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Federal Reserve Bank of St. Louis

21.

•
3ank holiday, Opening of banks
(Contld.)
2. Draft of Joint Resolu
tion ratifying and confirmin
g
the proclamation if it should
be issued.
3. Draft of Joint Resolution
declaring a nation-wide
holiday.

•

The Board unanimously of the opi
nion that the situation demand
ed a
nation-wide bark holiday, and
, as the Senate had adjour
ned for the
day, the issuance of a pre
sidential Proclamation or
Executive Order
seemed to be the only course
open. This view was shared
by Secretary
Mills, with wham the Committee
was in touch. Governor Mey
er talked
over the telephone with the
President, emphasized the ser
of the situation, and sta
iou
sness
ted that the Board felt tha
t action was
necessary tonight. Follow
ing this conversation, the
Board decided
to address a letter to the
President urging the issuan
ce tonight
of a nrocIsmation or Execut
ive Order declaring a nation
-wide bank
holiday.

•••

Dr. Miller at 10 p.m. went
to the Mayflower Hotel to see
the President-elect. He did
not see him, but left copies
of
the above documents. Subsequen
tly, Dr: Miller advised the Boa
rd
that he had talked on the tel
ephone with the President-elect
and
explained the situation to him
.

•

•••

Resolution adopted by Board
of directors of the Federal Res
erve
Bank of New York at special
meeting March 3rd, in favor of
a nation
wide holiday, received.
Board drafted letter to the
President. Governor Meyer cal
led
Secretary Mills, who was the
n with the President. The Pre
sident
answered the call, and Gov
ernor Meyer wain discussed the
situation
with him and emphasized the
necessity fOr action. Miller
also on
the wire with the Governor,
participated in the discussio
n.
After this conversation, Mil
ls talked with Governor Meyer
who told him the Board. had
pc epared a letter to the Pre
sident
urging the declaration ton
ight of a nationwide bank hol
iday,
and stated it was planne
d to send the letter to the Sec
retary at
the White House for approv
al and delivery to the Presid
ent.
Mills indicated that the
Board could not act unless all
five
members were present, and
asked that the sending of the
1 tter
be withheld until he cou
ld return to the Treasury fro
m the White
House. The Board then com
municated with Mr. James y
telephone
Shortly after 11 o'clock,
and requested that he come in
to the
meeting.
While awaiting the arr
ival of Secretary Mills and
Mr. James,
reports were received to
the effect that the Governors
of
Illinois and New York had
under conuideratian the oue
stion of

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Federal Reserve Bank of St. Louis

44.

Bank holiday, Opening of banks (Co
ntld.)
declaring state holidays, but ther
e appeared to be considerable
doubt that the Governars would take
the necessary action. Mr.
Morrill stated that at 11:30 p.m.
Chairman Stevens of Chicago
advised him over the telephone that
his Executive Committee was
in session with representatives of
member banks in Chicago. He
read a resolution of the Executiv
e Committee calling for the
immediate declaration Of a national
bank holiday. Mr. Stevens said
that there would be very large dema
nds for gold tomorrow, which would
take practically all the gold we
have. Probably 100 millions of
Federal reserve notes will be pres
ented for redemption in gold. One
bank alone is asking about 75 or 80
miliion dollars.
March 4. 1933. meeting at 12:05 a.m
.
Board considered the proposed lett
er to the President urging
a national bank holiday. Mr. Ham
lin mcrred that it be sent to the
White House. Mr. Mills said he
would like to have the following
statement noted inthe minutes:
"The Attorney-General holds that the
authority under
the Trading with the Enemy Act is
of the thinnest possible
kind and at most there is the bare
st color of authority,
and that he does not believe the
President can do it without
the agreement of the President-el
ect, to be followed by a
validating Act by the Congress.
I think it should be
further noted that it was my unde
rstanding when I left
the President ten minutes ago that
Governor Roosevelt felt
that in view of the information he
had from New York that
he did not see the occasion for
him to request a national
holiday, or, indeed, to assume join
t responsibility for it.
I think, therefore, that in view of
the opinim given by the
Attorney General iiiat I do not se Ehow the President can
act on the recommendation of the
Bard tonight unless the
*hole question is to be reopened
. I don't differ with the
other members of the Board on the
practical situation as it
exists now at midnight. There
is no formal opinion fran the
Attorney General."
Mr. Miller called attention to the
letter of March 2nd received
from the President, asking that
the Board prepare a proclamation if
it is its view that such a nati
onal holiday should be put in effe
ct.
(C.S.H. remembers Dr. Miller stat
ed that we have never answered
this letter of the President,
and we should new do so.) Mr. Mill
s
stated that "last night (Thurs
day) I informed you that the Attorney
General advised the President
not to issue such a proclamation
and on
the basis of that report of
mine you decided it was unnecessary
to
answer the letter. We didn
't answer the letter last night or
this
morning. The Attorney Gene
ral didn't think it advisable
to issue

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Federal Reserve Bank of St. Louis

23.

Bank holidAy, Opening of banks (Conte
d.)
that proclamation under all the circumst
ances."
Mr. Wyatt said that "earlier in the
evening (Thursday) the
Attorney-General asked me to conv
ey to the Secretary of the
Treasury the message that he had
considered the Tradinp with the
Maw Act last evening about 8:3
0 and that he considered it was
sufficient to justify the Presid
ent in acting if he considered
the emergency great enough."
Mr. Mills replied that "later tha
t evening the Attorney
General advised me that in his
opinion he was not justified in
acting under the Trading with
the Enemy Act and I so reported
to
the Board last night."
Governor Meyer stated that "th
e question of legal authority
is one thing and the question
whether you will act with or wit
hout
agreement with the President
-elect is another thing."
Mr. Miller referred to the cont
ents of the proposed letter
to the President, and while Mr.
Mills stated that he had not
objected to the letter, he
wanted to call attention to What had
happened Thursday. Mr. Hamlin
pointed - out that the members of
the Board had been auvised tha
t on Thursday evening in Sec
retary
Oils office, the Attorney Gene
ral had dictated a form of
proclamation for the President
to sign, and that it was after
information was received that
the President-elect would not ass
ume
joint responsibility that the
Attorney General expressed the
opinion that the President woul
d not be justified in acting und
er
the Trading with the Mammy
Act.
Mr. Mills moved to strike out
the words of the proposed letter
"referring to your letter of Mar
ch 2nd and subsequent wonversation
s."
Mr. Hamlin did not object to
this amendment, and it was passed
accordingly. Reference was
made to proposed draft of a rat
ifying
resolution by Congress, but
Mr. Mills thought it would be of
no
use to send it, and the Boa
rd decided not to transmit it.
Thereupon Governor Meyer sig
ned the letter to the President
,
and at 12:30 a.m. sent it
by his secretary (Yr. Fahy) to
the
White House.
The Federal Reserve Board exp
ressed its opinion that a nation
bank holiday is absolutely
al
necessary to prevent a banking
collapse.
The Board also sent a for
m of executive order for the
President to
sign.

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Federal Reserve Bank of St. Louis

24.

Bank holivay, Opening of banks (Co
nti d.)
Secretary Mills stated that
it would be useless to attemp
t to get
lefislation from Congress Sat
urday morning, as Senator Rob
inson,
the majority leader, would not
be there.
Governor Meyer's secretary,
Mr. Fahy, returned to the bff
ice
shortly after 1 a.m. and rep
orted that, when he arrived at
the
White House, he was informed
that the President had retire
d at 12:05
a.m. and that the attendant
s hesitated to disturb him.
Finally,
they telephoned to Mr. Richey
, one of the President's secret
aries,
who authorized them to delive
r the letter to the Presidknt
at once.
Mr. Morrill road a telephone
message from Chairman Steven
s showing
the seriousness of Chicago sit
uation.
Mr. Mills tried to reach Gov
ernor Pindhot by telephone,
but
was unsuccessful. The Cou
nsel for the Federal Reserve
Bank of
Philadelphia had been in
touch with the Attorney Genera
l of Pennsylvania.
Governor Meyer talked with Gov
ernor White of Ohio and Govern
or Herring
of Iowa as to possibility
of declaring bank holidays.
At 2:22 a.m. Mr. Mills rep
orted he had received informati
Which indicated that, in
on
all probability, the Govern
ors of Illinois
and New York would declare
bank holidays in their respec
tive states.
At 2:45 a.m. Mr. Stevens
of Chicago advised that a pro
clamation was
being drafted by the Govern
or of Illinois.
At 3:10 a.m. Governor Har
rison of New York reported tha
holiday would be declared
t a legal
by the Governor of New York.
At 3120 a.m. Chairman Ste
vens advised that a legal hol
iday would
be declared by the Govern
or of Illinois.

Sec. Woodin told C.b.H.
that if he had been in Washin
gton Thursday
night he could have persua
ded Roosevelt to join with Hoo
ver
in issuing a proclamatiag
for a bank holiday.
Mar. 3, 1933. 120
Gov. Meyer was courteous
but emphatic in urging u)on
Hoover the
proclamation fof a bank
holiday.
Mar. 3, 1933. 122.
Hoover replied to Board's
letter as follows:

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Federal Reserve Bank of St. Louis

e.#0.

Bank holiday, Opening of banks
(Contid.)
COPY

THE WHITE HOUSE
Washington

•

March 4, 1933.

•11,'.•

Hon. Eugene Meyer,
Federal Reserve Board,
Washington, D. C.
My dear Governor Meyer:
I received at half past one thi
s morning your letter
dated March 3rd. I must ass
ume that this letter was writte
n
on the basis of information
received by you prior to 11:
01 clock last night for
30
the reason that before you
r letter
was sent you had certain inf
ormation as follows:
a. At 11 o'clock last nig
ht the President-elect
informed me he did not wis
h such a proclamation issued
.
b. The Attorney General
had renewed the same
opinion which he had alread
y given to the Board that
the authorities on whch you
were relying were
inadequate unless supported
by tne incoming administrati
on.

•

c. That groups of repres
entative bankers in both
Chicago and New York, emb
racing members of the Board
of
Directors of the Federal
reserve banks in tnose cit
ies,
were then in conference
with the governors of the
states
of Illinois and New Yor
k, and that the governors of
these two states were pre
pared to act if thiise repres
entative groups so recomm
ended. It appears that the
governors did take action
under their authorities,
declaring a temporary hol
iday in these two critical
sta es,
and thus accomthshingthe
major purposes Which the
Boa
rd
apparently had in mind.
In view of the above I
am at a loss bo understand
why such
a communication should
have been sent to me in the
last few
hours of this Administr
ation, which I believe the
Board must
now admit was neithe
r justified nor necessary
.
Yours faithfully,
HERBAIT HOOT.

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Federal Reserve Bank of St. Louis

26.

Bank holiday, Opening of banks (Chntld.
)
Prof. Berle told C.S.H. that the
statement in Hoover's letter
that Roosevelt agreed it was not
well to issue the
proclamation for a bank holiday was
false; that he mils with
Woodin all the evening; that Roos
evelt said he would interpose
no objection to issuing the proc
lamation but did not feel he
should join in it.
Mar. 5, 1933. 131.

.Ji„
o p1kJ

fr,I

•

J''

r
• rf.

,ta6t

erf.7
, ,F1

Hoover's statement that prior to
11130 p.m. last night the Board
had knowledge that the P.R.
directors of N.Y. and Chicago
were then in conference with the
Governors of N.Y. and Illinois
and that these Governors were prep
ared to act if the 7.R.
directors so advised, - is absolute
ly false as to the time
mentioned - 11:30
The Board did not know that the
Governors would so act until
2:22 a.m. March 4th for N.Y. and
2:45 a.m.for Chicago.
When Mills said he had heard
that they probably would act,
we
did not know definitely however
until 3;10 a.m. far N.Y.,
reported by Gov. Harrison, and at
3:20 reported by F.R.Agent
Stevens, for Chicago.
(See Board records supra)

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?19

,•

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1-•

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CJ J

P
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.
•r

The records show that Hoover
retired at 12106 a.m. leaving word
not to be disturbed. Mr. ?My
delivered or was ready to
deliver the Board's letter
at 12:30 a.m. at which time he
reached the White House, only
to be refused access to Hoover.
Finally Mr. Ritchie was pers
uaded to give the letter to Hoov
er,
which was done between 1 and
1:30 a.m.
At the time neither Hoover
nor our Board knew or could have
known of the action of the
GovernomBof New York and Illinois
for no action or promise of
action had then been taken.

•

1.1

Hoover doubtless drew the
bed clothing over his head and
cowardly
tried to shirk his duty!
Mar. 4, 1933. 118, 119, 120.
The four appointive memb
ers of Board late in the even
ing of
March 3rd Priday, finally
prepared a letter to Hoover urgi
ng
the absolute necessity for
a proclamation for a national
holiday beginning tomorrow
, Saturday.
James approval was obta
ined over the telephone.

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Federal Reserve Bank of St. Louis

27.

Bank holiday,Opening of banks (Contsd.
)
The lettet was sent over to Mills — then
at the White House with
Hoover, with a request that
read it and deliver it
to Hoover, he to tell Hoover whether he agre
ed with it.

•

•,)&•,.r4

Mills telephoned back that he did not
approve giving this to
Hoover, but said he would go over and disc
uss it with the
Board.
^
•

•

Mills sae raised the question that ther
e was no quorum of the
Board present.
The Soard therefore was compelled to awai
t Mills arrival.
The Board then added to the letter resoluti
ons from N.Y. and
Chicago banks urging a national holiday
proclamation.
The Board telephoned James and he came
to the meeting although he
was sick.
Before Mills arrived C.S.H. drew up a
motion directing that the
letter, a quorum being present, be sent
at once to Hoover
and he made this motion after Mill
s arrived.

• ••

When Mills arrived, he criticised the
reference in our letter to
Hoover's letter to which this was a
reply.
He said it looked as if the Boar
d was trying to put Hoover in
a hole, and that we were trying
to justify our letter as a
reply to Hoover's letter.

•

Mills said no reply in fact was nece
ssary as he had told the
Board on Thursday that the Attorney
General had advised Hoover
orally and later by letter that he doub
ted whether the
President had power under the Trading
with the Enemy Act,
and that our Board aid not repl
y.
C.S.H. told Mills that Wyatt had
officially informed the Board
that the Attorney General told him
there was color of law
for acting, although there was doub
t as to this; that he
said he would advise Hoover, in
view of the emergency,
to proclaim a holiday, provided
Roosevelt would join with
him.
Mills moved to omit the refe
rence in the letter to Hoover's letter.
C.S.H. said he would accept
the amendment to his motion, as he
did not wish even to appear
as trying to put Hoover in a
hole; that he simply wanted
to take the Board out of a hole,

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Federal Reserve Bank of St. Louis

28.

Bank holiday, Opening of banks (Cont'd. )
by frankly expressing to Hoover the clear nece
ssity for issuing
the proclamation, - whether or not Hoover care
d to follow it.
Mills at first said he would put the abov
e facts in the
record or they might be added as a postscri
pt to the Board's
letter.
C.S.H.Is motion, as amended, was then passed
unanimously and
the letter' was sent to Hoover as the above reco
rds show.
Mills told the Board he agreed as to the nece
s:ity for the
proclamation, but objected only to the refe
rence in the Board's
letter which C.S.H. agreed to strike out.
During the earlier part of the evening Hoov
er called up
Gov. Meyer who told him of the unanimous agre
ement of the
Board, and begged him both as adviser and
personal friend to
issue the proclamation. Hoover was evidentl
y very angry with
Gov. Meyer, tut Gov. Meyer was most courteou
s and firm.
Finally, rebuffed as shown above by-Hoover,
the Board took
up the question of a legal holiday by
N.Y. and Illinois, as
shown above in the official records. This
saved the country
in spite of HOoveri
Mar. 3-4, 1933. 120, 1:21, 122.
At a conference of bankers in the Treasury,
there was a long
discussion as to a bank holiday and it was
unanimously voted to
ask Roosevelt to proclaim a bank holi
day through next Thursday.

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•••••

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Sec. Woodin was asked to ap)oint a Sub-co
mmittee to draw
regulations as to what the banks could
do under license.
The form of the proclamation was mnsi
dered and agreed to.
All agreed that withdrawal of postal
funds should be
permitted, no gold, however, to be paid
out.

..1.,

A proposed joint resolution of Cong
ress was discussed.
Woodin aopointed a Sub-committee to
consider new legislation.
4.

••••

Miller was the only Board member on
it.

•

S4:
tz.

;

Woodin said Roosevelt would sign
the Proclamation at 12205
in the morning in order to
avoid Sunday.
The Proclamation closed all banU
tbut authorized Sec. of
Treasury to issue regulations
permitting banks to do certain
limited kinds of business.
Mar. 5, 1933. 125, 126, 127.

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Federal Reserve Bank of St. Louis

29.

Bank holiday, Opening of banks (Contid.)
Board notified all F.R. banks that they moul
d exdhanee gold or
currency for smaller denominations, but
no gold could be
paid out.
Mar. 6, 1933. 127.
A committee had been ap)ointed to drew new
regulations but
nothing had been done by it. The Boar
d therefore suggested
an Ballantyne agreed that a Comaitte
e be appointed for
its staff to draw regulations.
Mar. 5, 1933. 127.

•

C.S.H. suggested to Floyd Harrison that
banks be permitted to
cash checks where the money was absolute
ly needed by travellers
wishing to return to their homes, and
that the drawee bank
be permitted to remit funds, not gold,
to the banks cashing
the checks.
Mar. 5, 1933. 128.
C.S.H. also gave Floyd Harrison a memo
randum of Guy Emerson
of First National Bank, Boston, as
to payments for
perishable food products.
Mar. 5, 1933. 128.
Legislative Committee is in session. Berl
e said the Committee
had agreed and that he honed to retu
rn to N.Y. tonight.
Mar.6, 1933. 128.
During the day the bankers Conference
discussed the preliminiry
report of the legislative committee
as to opening Or banks.
Two plans presented:
1. Gov. Harrison
50% guaranty of bank deposits.
2.
r•- •

Traylor
Classifieation of banks as to worth and
a guaranty
in proportion to wortia.
Mar. 6, 1933. 129.
See - Deposit guaranty.

Mills presented his plan.
1. No banks to be opened unless
absolutely sound.
•

2. Banks having say only
of worth to be reorganized
and opened absolutely clean. The
Government to
rpovide the necessary caDital if not
otherwise attainable.

40g

30.

Bank holiday, Dnening of banks (Co
ntld.)
Goldenweiser and Smead objected
to this because of the deflation
it involves.
Mar. 6, 1933. 129.
Miller of Richmond, said the onl pra
y
cticable plan was to revive the
old Aldrich-Vreeland notes.
Goldenweiser thought if this pla
n was adopte. P.R. bank notes would
be preferable.
Mar. 6, 1933. 129.
Gov. Harrison told C.S.H. the legisl
ative committee could not agree
and had been discharged.
Mar. 7, 1933. 133.

•

Later C..H. was told that Woodin had
addressed the few remaining
members of tie Conference - O.S.
H. at the time was out of the
roam - and said that as they coul
d not agree, he had decided to
lay the Whole matter bore Roosev
elt, he having reached a
solution on his own responsibili
ty; that they would undoubtedly
be shocked by the solution he had
in nind.
He did not say what this solution
was.
Mar. 7, 1933. 133, 134.
Later, Berle came into C.S.H.Is
roam and said he thought Roosevelt's
solution was the Mills plan, whi
ch contemplated opening at first
only 2500 banks, of absolutely soun
d condition and a reorganization
the other banks, reopening than
after freezing all deposits not
amply covered by good assets; tha
t this would involve the wiping
out, temporarily at least, of 10
billions of d(posits; that
every opened bank would be in
fine condition.
Mar. 7, 1933. 134.
Sec

•'IP

Woodin came into Board meeting
and read to us the plan of opening
. determined upon by Roosevelt
. It was the Mills plan. We were
pledged to secrecy.

The plan will open about 250
0 banks On Friday, Mar.10th, and
permits
other banks to prove to Sec
. of Treasury their solvency and
to
open from time to time.
Mar. 8, 1933. 134, 135.
• 1.T4'

.;)

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Federal Reserve Bank of St. Louis

Miller objected saying tha
t the Oontinental Illinois Bank
and Trust
Co. could not open under
the plan and that it would prec
ipitate
a banking collapse inv
olving all banks not opening on
Friday.
The plan also provided
for the issue of F.R
. bank notes on
nledge of

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Federal Reserve Bank of St. Louis

Bank holiday, Opening of banks
(Contid.)
Governnent securities.
C.S.H. told Woodin he was ready to acce
pt this plan.
Mar. 8, 1933. 135.
The Comptroller was willing to accept resi
onsibility for
designating sound national banks.
A telegram was prepared to all P.R.
Agents to transmit a list
of all solvent state member banks.
The Board felt no Federal Reserve Agent
could assume such a
responsibinty, as they would have to rely
on state examinations
made, in some cases, one or two years
ago.
...

The Board felt this was an attempt to make
our Board responsible.
The Board did not approve this telegram
, but agreed that the
Secretary of the Treasury might send it
on his own respinsibilily.
If he does, our Board wi,.1 be protecte
d.
Mar. 8, 1933. 135, 136.
C.S.H. asked Gov. Meyer if he approved
this plan. He gave an evasive
answer, saying the President had appr
oved it and that was al
there was to it.

•;i

Miller said it was the N.Y. plan
.
C.S.H. as,Ked Mo rrill if Prof. Berl
e had not drawn this plan for Mills.
Morrill said he had talked with Berl
e about it, and felt that he
did not approve it, although he
did not say so specifically.
Mar. 8, 193. 136.
Morrill and Floyd Harrison app ose
d the plan.
This is clear evidence to C.S.H.
that Gov. Meyer also ap,osed it.
Mar. 8, 1933. 136.
Under this plan the R.F.C. and
Federal reserve barks are to assist
the opened banks up to the full
amount of their deposits, in other words, a ,-uaranty of
der)osits.
Mar. 8, 1933. 136.
The Government as part of the
plan agrees to ask Congress to
inaemnify the F.. bank for any
losses sustained.
Mar. 8, 1933. 137.
•

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Federal Reserve Bank of St. Louis

32.

Bank holiday, Opening of banks
(Contld.)
C.S.H. felt there would be a fav
orable reaction to this plan
from the public, as all ban
ks will be open as soon as they
can demons -crate their soundnes:
., by reorganiztion or otherwise
.
Sec. Woodin agreed with this.
Mar.8, 1933. 137.
Miller said yesterday that
the Legislative Committee of the
Bankers
Conference agreed on a plan
which would open all banks
having a 54 reserve against
deposits, but that the clan was
lost in the shuffle.
Mar. 8, 1933. 137.
In afternoon session, Gov. Mey
er told Board that Woodin had
wired
all P.R. Agents to report
as to the soundness of all member
banks
in their districts, including
national banks.
Gov. Meyer said this could not
be done as the state renorts
as to
state member banks varied as
to time of examination; tha
t
they also would have to rel
y upon the reports of state
examiners.
Gov. Meyer said this would aro
use violent apposition against
the
Board because it might thus
classify some banks as solven
t
which in fact were not so.
Miller said this would react
against the P.R. System, but
that
we should make the atteml
t, regardless of consequences
.
C.S.H. pointed out that Woo
din had already sent the telegr
am, and
that New York and Philadelp
hia had already replied that
they
had such a classification and
would forward it at once.
Miller and C.S.H. believe
that Gov. Meyer would like
to object, as shown by Morrill and Flo
yd Harrison's attitude.
C.S.H. feels Gov. Meyer may
possiay raise this issue and
resign.
C.S.H. and Miller agreed
that we must cooperate with
Woodin and
Roosevelt in every way.
We feel that any o?positio
n would mean the revival of
the Overman
Act, under which the Boa
rd powers could be transferr
ed to
some other body, e.g. to
the Treasury.
Mar. 8, 1933. 139, 140.
The Board considered a
draft of pro:Dosed legislati
on and thought
in good shape.

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Federal Reserve Bank of St. Louis

33.

4
1

Bank holiday, Opening of banks (Contld.
)
Sen. Glass denied that the President
had constitutional
power to close a state non-member bank
, and insisted on
striking this power from the pro,Josed bill
, although
the Presid,ntial proclamation included such
bank.
Mar. 8, 1933. 142.
Roosevelt will not permit opening
until Saturday, Mar. 11.
Sec. Woodin is to license national bank
s in sound condition
to open on Saturday.
Woodin will accept certificate of stat
e banking authorities
as to soundness of state non-member bank
s.
Mar. 8, 1933. 143.
Bank depositors can get F.R. bank note
s for their deposits.
The plan will succeed provided not over
50% is called
for; if over that no one can tell
.
Mar. 9, 1933. 143.
The H.R. passed the bill (later Act
of Mar. 9, 1233)
without even having it read and with
out debate.
The Senate Banking and Currency Comm
ittee reported the bill
favorably.
McAdoo

•

one of the Committee, refused to vote
- the coward&
Mar. 9, 1933. 143.

The original plan was to open about
2500 absolutely sound
banks.
This a.m. C.S.H. found the list had
been increased to
embrace 5500 of the 6100 national bank
s!.
This raises a grave question of resp
onsibilily of the Secretary
of the Treasury in practically anno
uncing that no bank
would be given a license to open
unless in a sound condition.
We know well that many of thes
e bank are not sound.
Mar. 9, 193. 143, 144.
The H.R. as shown above, rushed
through the bill.
In the Senate there was some deba
te, but it was passed quickly.
The vote was:
Aye 51 Democr.ts, 22 Repullic
sn
No
1 " (Costigan) 5 Republic
ans
Borah, Carey, Dale, LaFollette
and Nye.
Farm Labor - Sturtevant No.
Passed: For
Lewis
Against Norbedk,

Mar. 9. 1935. 144_

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Federal Reserve Bank of St. Louis

34.

Ilia& holiday, Opening of
banks (Contld.)
The bill was drawn by Wyatt and
the drafting CamAttee of
Congress.
Mar. 9, 1933. 144.
See - Act of Mar. 9, 1933.
Morrill went down and saw Gla
ss and Steapall.
Wyatt were also there.

Gov.Meyer and

Glass denied that President a)uld
close state non-menber
banks, but he raised no objection
to the language of
Roosevelt's proclamation which ann
lied to them.
Mar. 9, 1933. 145.
Both Glass and Steagall agreed
that certificates of soundness of
state non,-member banks should
be placed squarely on the
state authorities.
Mar. 9, 1933. 145.
Woodin conferred with Board in
Gov. Meyer's roam.
He had prepared a notice as to
granting licenses to state
non-member banks to open.
In the license it was said tha
t the Treasury was satisfied that
the bank receiving the licens
e was solvent.
Gov. Meyer said this was a ser
ious responsibility for the
Treasury to assume.
Woodin said he was ready to
accent full responsibility.
A suggestion was made to substi
tute something else for "satisfie
d°
but this was finally retain
ed.
Mar. 9, 1933. 145, 146.
Woodin reads to Board a oro
nosed letter from Roosevelt expres
sing
the hove that the F.R. banks
in determining on discounts
would not feel obliged to tak
e the present liquidating value
of a banks assets, but wou
ld accept a fair, liberal estimate;
that undoubtedly mistakes wou
ld be made; that he, at the
proner time, would ask Congre
ss to indemnify the F.R.
banks for loss incurred in
sucli valuations; that he was
confident Congress would civ
e such relief.
The Board approved the prcr
;osed letter.
Gov. Meyer said it was ner
hans the best course.
lacks decisiveness.

He certainly

11, 1933. 148.

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Federal Reserve Bank of St. Louis

3D.

Bank holiday, Opening of banks
(Contld.)
A nraposed telegram from Woodin
to 411 P.R. Agents was read.
It called on them to forward all appl
icati,n for licenses
to open together with their reca
mendation.
Gov. Meyer said this was an atte
mpt to put the entire
responsibility on the P.R. System
for opening the banks
and several other members obje
cted to it.
The Comptroller had been adked for reco
mmenIations as to all
national banks, but the ultimate resp
onsibility rested
on the Secretary of the Trea
sury.
The proposed telegram, however,
called on the Federal Reserve
Agents to make recommendations s
to both national and
state member banks.
C.:2,H. finally suggested adding to
the telegram that the
Comptroller also had been asked
for recommendations as
to national banks.
The Board and ti.e Comptroller acce
pted this.
C.'.H. felt that if the F.R. Agen
t thought they alone were
responsible for national as well as
state member ban,
:s,
if would make them very cautious
and reticent, whereas
C.S.H.Is amendment would let them
know that the Secretary
of the Treasury, at least as to
national banks, would base
his final decisio on reports
from the Com?troller as
well as from the P.a. Agent.
Nor does C.S.H. believe that the
ecretary of the Treasury
would be justified in olacing
responsibility on the F.R.
Agents even as to state member bank
s.
His is the res2onsibility thro
ughout.
Mar. 11, 1933. 149.
Roosevelt writds Woodin he will
ask ConEress to indemnify the
F.A. banks against losses incu
rred undtr the Act of
Mar. 9, 1933.
Mar. 11, 1933. 149.
Woodin conferred with the Boar
d as to giving a license to open
to the Bank of America and
the Anglo American bank of
San Fra .cisco.
Gov. Calkins had wired
yesterday quoting Woodihls
telegram as
to licensing no bank
not sound, and said he could
not
recommend either of these
bats.

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Federal Reserve Bank of St. Louis

36.

Bank holiday, Opening of ban
ks (Contsd.)
The Comptroller was present
and said he was checking up the
last examination, but did not
state what his recommen,.ations
would be.
Miller later said Woodin
said the Comptroller had made no
recommendation.
The Board adjourned vrAting
a report fro..1 the Comptroller.
Mar. 12, Sunday, 1933 150.
Miller said the question was
whether the whole plan would not
be
injured by opening these banks
more than San Francisco
would be injured by not ope
ning them.
Mar. 12, 1933. 150.
Federal reserve Ban, Cleveland
, wired Secretary Woodin to open
no
Cleveland banks except on a res
tricted basis, but later it
withdrew from this position.
Mar. 12, 1933. 151.
C.S.H. brought a rug and pil
low to the Tre:tsury for use in
all
night session.
jar. 12, 193
- 3. 151.
In discussing the Bank of Ame
rica and Anglo American bank,
Gov. Meyer said a relative of
his was financially interested
in the latter bank, and that,
therefore, he could take no
plrt in the discussions, and
he left the Board mom.
Mar. 12, 1933. 151.
The Board was told that no Cal
ifornia bank would be opened tomorr
ow
"because of the earthquake".
Mar. 12, 1933. 151.
Roosevelt announces over rad
io that only sound banks would
be opened.
Miller said he heard Roosev
elt read it before delivery over
the
radio, and said he told Roo
sevelt that this would
necessarily bar the Bank of Ame
rica.
Mar. 12, 1933. 151.
Lynn Talley told C.S.H. in
James office, in presence of Jam
es,
that the Bank of America was
not in sound condition.
Mar. 12, 193. 152.
Yesterday, Mar. 11, .;.S.H. cal
led attention of Bof,rd to the
fact
that Hoover in his letter sai
d that Roosevelt advised agains
t
proclamation of a rational hol
iday.

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Federal Reserve Bank of St. Louis

67.

Bank holiday, Opening of banks (Cont
le...)
Hoover apparently rests this stat
ement ul)on some talk with
Roosevelt over the telephone on Frid
ay evenin.7 and
Saturday morning, Mar. 3rd and 4th.
Hoover told Roosevelt that the N.Y.
Clearing House banks.
objected to a national holiday, as also
did the Governors
of New York and Illinois; that Roos
evelt said that in that
case such a holiday should not be
proclaimed.
Earlier in the evening of March 3rd
such objections were raised
especially by Gov. Lehman who said
the Clearing House
banks were ()noosed, but later as show
n by official minutes
above, the clearing house banks, as
stated to me by
Gov. Harrison, unanimously favored such
a proclathation,
so Hoover was not correct as to this
statement in his
letter.
Mar. 12, 1933. 153.
At noon today it was decided to open
the California banks
in P.R. cities.
The Secretry of the Treasury gave a
license- to Bank of America
and Anglo—California bank of San
Francisco to *pent
To C.S.H. this is astounding as neit
her of these banks can
be classified as sound banks.
Mar. 13, 1933. 153.
Miller, in Morrill's presence, told
me that he was at the
White House with Woodin last eve:
ling; that he heard Roosevelt
and Woodin talk over the telephone
with Gov. Calkins;
that Gov. Calkins refused to recede
from his position, —
that these were not sound banks;
that he, Miller, told
Roosevelt that 300 millions would be
the maximum which
could be loaned against the Bank of
America asseta, while
its liabilities were over 600 mill
ions.
Miller said Roosevelt asked him
what would happen if Bank
of America were onened.
Miller said he told him that "ins
ide" depositors might
withdraw their balancel that if they
did this the bank
would be broken within a week; that
on the other hand
things in ;ht go on for a long time
and the inevitable
postponed.
Miller said he told him that not
to open the bank would bring
immediate disaster to
California.

3E.

Bank holiday, Opening
of banks (Centld.)
Opening these banks is
absolutely at variance wit
h Roosevelt's
statement over the rad
io that he would open onl
y sound banks.
C.S.H. fears this action
will be to discredit the
whole plan
of opening.
Mar. 13, 1933. 153, 15
4.
Miller said the assets
of the First National
Bank of Boston
were not very much bet
ter than those of the Ba
nk of
America, but that, und
oubtedly they would can
e back quicker.
Mar. 13, 133. 154.
Gov. Seay refused to rec
anmend for a license the
American
National Bank of Danvil
le, Va.

•

The Deputy Comptroller
asked Gov. Seay to recons
ider, but he
declined,stating that his
original decisianvas based
thesyellow sheets of
on
the National Bank Examin
ers.
Later Woodin issued to
this bank a license.
Gov. Seay, on March 16t
h, wrote the Board that
Woodin's ciecision
was due, in part, at
least, to the intervent
ion and
political pressure of
a U.S. Senator, -(C.S.H.
believes
Sen. Byrd.)
Mar. 21, 1953.184.
Floyd Harrison told C.S
.H. that Clark, Deputy Gov
ernor of
F.R. Bank of San Franci
sco told him that after
Woodin
decided to open the
Bank of America the F.R.
Bank changed
its list of recoumendati
ons and opened practical
ly all
the banks in the Dis
trictt
Mar. 21, 1933. 184.
Floyd Harrison said the
Teas Bank Superintende
nt opened same
state Member banks whi
ch had been refused licens
es by
Secretary of Treasury.
Mar. 21, 1933. 184.
Board considered applic
ation of Sweet Valley
Bank of Texas
to withdraw from the
System.
Woodin had refused to
give it a license, but
the State
Superintendent permitted
it to open in defiance of
Woodin's
refusal.
The Board members at fir
st wanted to expel it fro
m the System
for violation of
Roosevelt's proclamat
ion.
It was finally deciacd
to inform he bank that
it was subject

tit:411'k,

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Federal Reserve Bank of St. Louis

39.

Bank holiday, Opening of ban
ks (Contld.)
to $10,000 fine for violat
ing the proclamation.
This morning Woodin said he had
talked wtth Roosevelt who
felt
we ought to permit it to
withdraw quietly from the
System.
Members suggested this wou
ld ma4e a bad precedent
.
Woodin said he did not fea
r such a precedent becaus
e of the
critical situation.
After further discussion,
the Board, feeling that
this was
in effect a command from
Roosevelt which he had aut
hority
to maim under the Emergency
law and the Proclamation,
voted
to permit the bank to wit
hdraw.
To C.S.H. this is a humili
ating back uown1
Mar. 23, 1933. 190, 191.
eealso - 117 118 119 (2
) 119 (3) 119 (4) 119 (5)
'
119u, 120
, 121, 1.6, 127, 130, 150
(5), 152, 153.
See - Opening of banks.
Bank of America, San Fra
ncisco.
151, 152, 153, 154.
See - Anglo-American ban
k,
Bank of England.
Board approved deposit
of 95 millions by British
Government in
Bank of England earmarked
for P.R. Bank, Y. the P.R
. Bank
of New York to earmark
95 millions for Bank of Eng
lan
d
to
be paid to U.S. Governmen
t, the Bank of England to
ship the
95 millions to P.R. Ban
k, New York.
Dec. 12, 1932. 21.
Bankers 118.
See - N. Y. bankers
Bankers Trus Co., New
York. 56.
See - Clayton Act
Banking
See - Unification of.
Banking and Currency CoL
imittee, Senate.
2, 143, 161, 170.
Banking conaitions. 79
See - Detroit banks.

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40.

Banking situation.
See - Miller

99, 100.

Barrie, James. 35
See - Auld Lang Syne.
Baruch, B.
Miller believes nominatio
n of, for Secretary of
Treasury is
imoossible as it would
fill key nosition in Boa
rd and Treasury
filled with Jews.
Dec. 3, 1932. 6, 7.
Bayard, Mrs. Thomas
F.
Died this morning at 1.a
.m.

Jan. B, 1933.45.

Funeral is at St. John's
church.
We -ttend.
Jan. 11, 1933. 49.
Berle
Tells C.S.H. the Corar,IAt
ee has agreed and he hop
es to go back
to N. Y. later.
Mar. 6, 1933. 128.
Told C.S.H. that the sta
tement In Hoover's let
ter that Roosevelt
agreed it was not wel
l to nroclaim a bank hol
iday on night
before Mar. 4th, was
absolutely false; that
he was with Woodin
thewhole evening; thz
.t Roosevelt said he wou
ld interpose no
objection to such a pro
clamation but did not fee
l he should
join with him.
Mar. 6, 1933. 131.

•

Camas into C.S.H.is
room and says he thinks
the 6Lan agreed to
by the -Committee is
the Mills plan, which he
had nrepared;
that it contemplated
apeneing only 2500 AL-1
banks and a
reorganization of the
others, opening then onl
y after freezing
all deposits not amp
ly secured by good ass
ets; that this would
involve wiping out, tem
porarily at least, of
10 billions of
deposits, but every
anening bank would be in
fine condition.
Mr. Berle said he had
4'ol1owed C.S.H.'s career
for many years and
had the highest opi
nion of his character and
ability.
Mar. 7, 1933. 34.
C.S.H. asked Morril
l if Berle did not pre
pare Millis plan.
He said he had talked
with Berle this a.m. and
he felt that Berle
was not for it, alt
hou41 he did not say
so.
Mar. 8, 1933. 136.

irr}-•

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41.

Berle (Contld.)
Miller said he did not know whe
ther Berle aoproved of the pla
n.
Mar. 8, 1933. 137.
Bermuda
See - Sanger, Marion
Biddle, Mrs. Edwz.rd (Lilia Lee
)
C.S.H. receives nice letter fro
m, in answer to his letter
of
sympathy at death of Mr. Bid
dle.
Mar. 13,193. 154, 155.
Birthday
See - Grant, Catherine.
Black, Gov Federal Reserve Ban
k, Atlanta
Attends a conference in Was
hington at which Gov. Mey
er, Floyd
Harrison, Miller of R.F.C.
, Wyatt, Gov Black, Rounds
, and
Dawes were present.

.. .

Discussed Guaranty of dep
osits etc.
Mar. 1, 1933. 109.
Blood count. 70
See - Dunn, Dr.
Ruffin, Dr.
Page, Dr.
Blood pressure
Dr. Page. 180 - 80.
Said attack of hiccoughi
ng C.S.H. had would increa
se the blood
preure; that there was
no occasion for worrying
as the
80 was the important one
and this was normal.
Jan. 29, 1933. 69,
Blood sugar. 70
See - Dunn, Dr.
Ruffin, Dr.
Board of Governors. 139
, 174.
See - Governors
Glsss
Bond market. 115.
See - eyer, Gov.

•

Boreel, Sophie
Is visiting in U.S. and
came to Was.Ilngton about
Dec. 15, staying -t
the Carlton Hotel. She
is of Dutch descent. Her
grandfdther,
Baron, Boreel, married Sar
ah Langdon, and she is the
third

Boreel, Sophie (Contld.)
cousin of H.P.H. She bears the same relation to
Mrs. Wiliam
Phillips as to H.P.H. but throudithe Astors.
Relationshio betlheen Soohie Boreel and H.P.H
.:
Woodbury Langdon

Sarah Sherburn

Katherine Langdon - Edmund Roberts

Walter Langdon - Dorothea Astor

riarriet Leon Roberts - Amasa J. Parker

Sarah Langdon-Baron Robert Boreel

Anna Fenn Parker - John V. L. Pruyn

Baron Robert Boreel-MissFio:exe Brooki

Huvtertio Lansing Pruyn - Charles Hamlin

Sophie Boreel

Relationship with Mrs. William Phillips:

John Jacob Astor

Dorothea Astor - Walter Langdon
2
Sarah Langdon - Baron Robert Boreel
Baron Robert Boreel
Sophie Boreel

William B. Astor
William Astor
2
Caroline Astor - Mr. Drayton
Caroline Drayton - William Phillips

Her father was, of course, Dutch.
Her Mother was Miss Brooke, of Zno;land.
Her father was an invalid
and died in Cannes at age of 41. As
a young AArl she sent
some years in France. Her mother also
is dead.
H.P.H. first met her in London in June,
1923, when she called
on
her aunt, Madame Boreel, having writter her
that
Bertie and Anna were in London.

-40

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43.

Boreel, Sophie (Oontld.)
•

Later Bertie took tea with her andher
mother, Who were both
very kind and courteous to her.

•

So)hie came to America on a Canadian
ship with Miss Wilke,
of Galt, Ontario.
Berte met her at lunch at Colony Clu
b, New York, given by
Miss Wilke.
Miss Wilke is a sister of Mrs. Sey
en Stevens.

•
•

Bertie told me that Sophie was com
ing to Washington about the
middle of December, 1932, and tha
t I must help entertain her.
Never having seen her, -I replied
rather noncommitally that
of course I would do what I cou
ld, considering how busy I was.
When, however, I met her, I told
Bertie she could just drop
her, that I would gladly look afte
r her and she her personally
all the sights of Washington.
She is rather tall, fair, blue eyes
and short hair, very
distinguished, an aristocratic
bearing, and not only handsome
but really a beautiful woman,
of, I should say, about 40 year
s
of age.
She is athletic, fond of walkin
g and wishes to see
everything of interest. She is
also extremely well dressed.
Just before Christmas she was
confined to her rooms with an
attack of grippe for about a
week.
She is .very intimate friend
of Madame Van Royen, the wife of
the
Dutch Minister and of Mrs. Cam
illa Lip,Ancott.
Dec. 25, 1932. 28.
Bertie gave Sophie a gold bra
celet set with pearls whi:h was
J.ven to Bertiels mother by
Sonhie's grandmother, nadame Bor
eelLangdon.
Dec. 25, 1932.
Bertie went to see her every
day While she was ill and C.S
.H.
talked with her over the tel
ephone.
She is really a remarkably
intelligent woman, of charming
conversational pOWes, outtin
g a person at ease at once.
Dec. 25, 1932. 28.
Bertie gives her a lunch at
Woman's National Dem. Club.
Present:
Mrs. Carey, Rachel aale, Ell
en Leonard, 77ertrude
Miss Hegeman, Mrs. Meyer, Texa
s Brooke.
Dec. 30, 1932. 36.

nyer,

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44.

Boreel, Sophie (Contld.)
Scrhie dines with us at Hay-Adams House.
She is certainly a most intelligent and most beautiful woman.
She has been receiving marked attention in Washington.
C.S.H. asked her if it did not follow that he was her cousin
from the fact that Bertie was. She at once said Yes, a .d
C.S.H. said he would like to call her "Cousin" Sohie, to
which she quickly said - Please do, and I shall call you
Cousin Charles.
Jan. 2, 1933. 38.
Sophie dames to tea and stays to dimorwith us.
She is really one of the most intelligent and beautiful women I
have ever met.
Jan .4. 1933. 42.
Sonhie spent day at Annapolis and later took tea with us.
C.S.H. could not go with her because of F.:t. Board business.
Jan. 5, 1933. 42.
So')hie and Bertie lunch with Ellen Leonard.
Jan.6, 1933. 42.
Mrs. Bruce of Baltimore invited us to lunch on Sunday and in
answer to C.S.H.'s request said she would be delightea
to have So,)hie came with us.
Jan. 6, 1933. 43.
We take Sophie to dinner at Woman's NatiAnal Dem. Club.
Jan.6, 1933. 43.
C.S.H. writes Sophie rndlosing a cony of Ex-Senator Bruce's
criticism, of Juae 14, 1932, on Castle's ;!ttack on L. of N.
and enunciation of the new "Hoover doctrine"
Jan. 7, 1933. 44.
We take SoIhie to lunch at Ex-Senator Bruce's at Ruxton, Md.
The other :_uests were Judge and Mrs. Allen MdLane and Richard
Cleveland, son of Grover Cleveland.
ScY)hie charmed all tiie guests. She was ouletly but charming
ly
dressed and we were really nroud at having such a cousin.
We returned -t 5 p.m. after a lpng day but So hie seemed fresh
and vigorous.

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45.

Boreel, Sophie (Contld.)
On further reflection I am satisfied that my first Lanression
of So)hie was correct, viz; that she is one of the
most agre able, intelligent, and, as well, one of the
most beautiful women I have ever met. We both have
feelings of affectionand love for her as if she were
our sister.
Jan. 8, 1933. 45, 46.
Sonhie called up C.S.H. on telephone.
She was down near the west door. She said die wanted to go into
the White House, but the attendant said he could not
admit her unless she presented a letter from some
prominent personage of high political position.
She came up to 0.S.H.ts office and we had a nice dhab together.
Then we went over to the White House and were admitted with
no difficulty and went over it together.
Jan. 9, 1933. 46 .
C.S.H. asked Sophie if she would like to go down into the vaults
of the F.R. Bank of New York and.see the mass of gold
kept there.
She said she would very much like to do this, so C.S.H.
dictated letters to Gov. Harrison cind Chairman Case
introducing Sophie.
C.S.H. also called them both up and they said they would
be
delighted to show her over the Bank.
C.S.H. will give them to her tomorrow.
Jan. 9, 1933. 47.
Sophie dines with us.
C.S.H. gives her the letters to the F.R. Bank, New York.
After dinner 04S.H. renarked that he had written out
an account of
the lunch with Mrs. Bruce in his diary. She lau4di. gly
insisted on C.S.H. reading it. C.S.H. said he could
not without reading what comments he had made on
her.
She again laughingly dared him to read what he had
written.
C.S.H. finally said he was an old, very old, man and
she was
relatively a very young woman, — otherwise he would never
read vthat he had written. He then read, as above.
After hearing it, she was very much affected and
When C.S.H.
said he honed she reciprocated the sentim
ent ofa-fection

46.

Boreel, Sophie (Contld.)
and love C.S.H. and Bertie felt for her
, she took C.S.H.ss
hand and, almost with a sob, said
she did indeed.
Jan. 10, 1933. 49, 50.
We went to the Carlton to bid good-bye
to Solhie.
C.S.H. took her to the station,
gave her some flowers, and saw
her off on the 4 p.m. Con ressional
Limited.
C.S.H. was hold enough to ask if
he could give her a cousinly kis
s
wilich she quietly tAcce2ted.
Jan. 11, 1933. 49.
C.S.H., being old enough to be her
father, can say without
restraint that she is one of the
most charming women he has
ever met.

. ..

On the way to the train she spoke
of Bertie with the greatest
admiration and love, saying she
was one of the finest women
she had ever met and that her com
ing into her life meant more
to her than she cola tell.
Jan. 11, 1933. 49.
C.S.H. wrote Gov. Harrison giving
him Sophiels N.Y. address - Hot
el
New Weston,34 East 50th Street
,N.Y., honing he would cr411 her
up and fix a date for her visit
to the P.R. Bank.
Jan. 12, 1933. 50, 51.
C.S.H. writer Sophie a long
letter telling her to call up Gov
.
Harrison first at the bank rat
her than Case,as Gov. Harrison
had met her at the Glovers a t
a dinner given by Madame Van
Swinderen.
C.S.H. in the letter expres
sed the hope that she would writ
e him,
from time to tim9, and he wou
ld, on his part, keep her in
touch with the bb and flow
of the political tides and also
with international currents.
C.S.H. suggests to Sonhie to
drop "Cousinfland substitute "Ch
arles"
or " Charlie"
He enclosed also anothe
r letter of Em-Senator Bruce,
comlaring
Roosevelt and Hoover, much to
the disadvantage of the latter
.
Jan. 13, 1933. 52, 53.
This morning Sophie wrot
e Bertie a very fine note, sen
ding us both
Iler lave, :igning it "mo
st gratefully and affectionate
ly"
She also thanked C.S.H.
for the violets he gave her
at the train.
Jan-,13, 1933. 53.

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47.

Boreel, Sophie (Contld.)

•

.. .

Soohie writes Bertie and speaks of a present she is sending her.
Jan. 14, 1933. 53.
We call an Ur. an1 11 .s. Loiis Sussdorf, a friend of So-)hiest
and have a good talk about So9hie, wham Urs. Sussdorf
admires greatly.
Jan. 15, 1933. 54.

•. •

. ..

C.S.H. receives a fine note from Sophie, enclosing a calendar
as
present. She sent her love and signed it "Affetionately"
Jan. 16, 1933. 54.
Sophie sends Bertie a black:bag as a present.
Jan. 16, 1933. 55.

•

Bertie writes out genealogy of Sophie - 3rd cousin to her.
See - Scrap book.

Jan. 16, 1933. 55.

0..).H. writes Sol)hie a long note.
Jan. 17, 1933. 55.
(Sophie visits F.R. Bank, N.Y.) Jan. 18, 1936.
•

•

Gov. Harrison told C.S.H. that Sophie called at the P.R. Bank
last Wednesday and that he had her shown over the bank from
the cafeteria to the gold vaults; that he had a 20 minute
talk with her; that she was a most charming woman; that he
had met her at dinner at the Glovers, and he thanked C.S.H.
for c_;iving him an opportunity of meeting her again.
Jan. 20, 1933.61.
C.S.H. receives long letter from Sophie. She began it "Dear
Charlie as J.S.H. sug,ested in his Last letter to her,
and signed it "Affectionately, Sophie".
Jan. 23, 1933. 63.
C.S.H. sends long letter to Sophie.
Jan. 24, 1933. 63.
Sophie sends Bertie a long letter dated yesterday.
She said the
Van Royens had invited her for the inauguration. She said
to tell Charles she had received his most interesting letter
and would soon answer it.
Jan. 27, 1933. 67.
Sophie in her letter of Jan. 26th to Bertie asked where B-roness
van Heckeren was.
called up Carl Vrooman who said she was -t Briarcliff Lodge,
Westchester County, N.Y
Jan. 28, 1933. 68.

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Federal Reserve Bank of St. Louis

48.

•

Boreel, Sophie (Contld.)
C.S.H. writes So?hie a short note giving her the above
address.
Jan. 28, 1933. 68.
C.S.H. received a long letter from Scrihie.
Jan. 31, 1933. 70.

•

Bertie writes Sophie.

Jan. 31, 1933. 70.

C.s.H. writes to Sohie.

Feb. 1, 1933. 70

Sojhie writes Bertie, dated Feb. 7.
In it she thanim C.S.H. for his delightful letter which she
will answer that eycltng.
Feb. 8, 1933. 76.
C.S.H. receives letter from So2hie.
Feb. 9, 1933. 76.
C.S.H. writes Sophie.

Feb. 10, 1933. 78

C.S.H. sends clipping of dinner t Woman's Democratic Club at
which he spoke,
at which Bertie was elected Presid,nt,
Feb. 11, 1933. 78.

...
. ..

C.S.H. meets Mr. & Mrs. Van Royen at lunch at Mrs. McClintock's
and we had a good talk about Sophie.
They arranged
with C.S.H. to take Sophie to the inauguration ball and
that C.S.H. would take care of her for everything else.
Feb. 12, 1933. 79.
Sophie writes Bertie congratulating her on her election as
President of Woman's National Democratie Club.

•

She said she was dining tha night with Mrs. James Roosevelt.
Feb. 14, 19133. 81.
We meet Madame Van .oyen at dinner with Sen and Mrs. Coolidge.
C.S.H. told her he had written Sonhie he would meet her
at the train when she arrived at 3:30.
Madame Van Royen said she also would be there to meet her.
C.S.H. was puzzled as to whether she wanted him to meet her also
or not.
Feb. 16, 1933. 85.

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49.

Boma, Sonhie (Contid.)
We dine with Mr. and Mrs, Van Royen. Madane Van Royen said she had decided
not to try to met Sonhie at the train but would leave Illat to
C.S.H.
Feb. 16, 1933. 85.
C.S.H. told Mr. Van Royen that he had tickets for the parade and
also for the swearing in at the Canitol.
We agreed between us that we should take care of SoT)hie for the day
of inauguratinn uo until evening. They seemed very much pleased
at this.
Feb. 16, 1933. 85, 86.
Bertie yesterday wrote Ray Baker for an extra ticket for the wwearing
in of Roosevelt for Sophie Whom she described as one of the
famous Boreal family of Holland, one well worthy of being classed
as a distinguished visitor.
Feb. 18, 1933. 87.
C.S.H. receives letter from Sophie.
Feb. 19, 1933. 88.
C.S.H. writes Sonhie.

Feb. 20, 1933. 88.

W.H. writes So Me, enclosed inC.S.H.Is letter.
Feb. 20, 1933. 89.
I

•

So?hie to C.S.H. Postal card. Feb. 23, 1933. 95.

•

Bertie meets Madame Van Royen at luncheon at Sulgrave Club p2iven by
Mrs. Rhinelander. She talked much of So -hie and seemed pleased
that C.S.H. was to meet her at the train.

•

Bertie told her that C.S.H. was very fond of Sophie and would be
delighted to meet her at the train.
Feb. 23, 1933. 98.

•

C.S.H. receives letter from Sophie riving particulars as to the
train she will take 15r Washington.
Feb. 24, 1933. 98.
C.S.H. writes Sonhie.

Feb. 24, 1933. 101.

C.S.H. writes Sonhie enclosing a photograph of Bertie from Wash.
Feb. 26, 1933. 104.

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50•

Sorsa, Sophie (Contld..)
Mr. Van Royen telephones Bertie tha
t Sen. Robinson has sent
him 3
seats for the swearing in, and
, as Sojhie was going wit
h C.S.H.
should he return the other
tickets.
Bertie said C.S.H. would call
him un.
J.S.H. telephoned him that he had
plenty of tickets both for
Sophie and Wm. Rice.
C.S.H. asked him frankly whe
ther he preferred to have
Sonhie go with him -Van
Royen.
He said of cours- they would
be glad to take Sophie but
that it was 50-50, that if we really wanted
her they would be very gla
d to have her go
with us, as we had agreed
at their dinner.
C.S.H. said we really wanted
Sonhie and
said that would be most
satisfactory to them, and
asked if C.S.H. would cal
l and get her
and C.S.H. said Yes, and
that he would let him kno
w later as to
the time.
He said they had only 2 sea
ts for the Parade, and
C.S.H. said we had
nlenty.
Van Royen told Bertie he
had not been invited to
the President's lunch
just before the parade
.

•

Feb. 27, 1933. 107, 106.
C.S.H. writes Mr. Van Roy
en asking if they will
loan Solite to them for
Friday evening for din
xr. He called up and sai
d Yes.
C.S.H. told him Roosevelt
had invited Sophie to lun
ch before the parade.
Feb. 28, 1933. 109.
Admiral Grayson gives
Bertie and invitation to
lunch for Reeeerelt.
Mar. 1, 1933.
4
C.S.H• wires Sonhie tha
t President Roosevelt
had invited her to his
lunch before the parade
and we had accepted for
her.
Mar. 1, 1933. 111.
We meet Sonhie at Rai
lroad station.
.S.H. arranged for a spe
cial wagon to take her
trunk to Dutch Legation.
She said she would
love to dine with us tom
orrow.
Mar. 2, 1933. 116.

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51.

Boreel, Sonhie (Contld.)
Sophie dined with us and expressed a desire to go to the
concert in Constitution Hall and later to the Pan American
reception.
C.S.H. took her to the concert.
•

•

C.S.H. at about 9:45 received a tele,)hone call to came over
at once to a specially called Board meeting.
explained to Sophie and she asked. him to call up the
Legation and have the auto sent for her.
C.6.H. went to the Board and telethoned the LeK„tion.
C.S.H. then called up Bertie, who did not care to go to the
concert but was listening over the radio.

.. .

•

She asked C.S.H. to send her the stubs of the seats at the concert
and the tickets to the Pan American, which 0.6.H. at once did.
Bertie then dressed quickly and went to the concert and later
took So)hie to the Pan American retention. Bertie did a
wonderful piece of work in extricating C.S.H. from his
embarrassing position!
Mar. 3, 1333. 119i.
0.6.H. called mil, Legation for Sophie at 11:15 and drove to
Senate wing of the Capitol. Arriving, the crowd was so
great we had the greatest difficulty in getting into out
seats, but once there we had a splendid op-portunity of nearing
everything.
Bertie took Wm. Rice with her.
Their meats were an the H.R. side.
After the ceremonies the crowd was so great it was almost
im)ossible to leave the Capital. We finally went 11..? through
the Capitol, using ray traffic 'ass, but the crowd was even
greater. We could not get a taxicab so we had to talk.
We walked about half way to the White House, altho the
lundh
had been given up by Roosevelt owing to the dmth of
Len.
Walsh of Montana.
Our progress was so slow I feared we could get
no lunch, and would
as well miss a good part of the parade.
C.S.H. tried to hire some cart but could
not succeed.

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52.

Boreel, Sophie (Contld.)

•

Finally So )hie camiandeered
a bread auto, - an old Ford
with
two seats in front and a pla
ce behind filled up with loa
ves
of newly baked bread. We tol
d the man to drive us to the
Hay-Adams House where we though
t we could get a bite af
lunch before the parade. To
get across the line the man
had
to go back around the Capito
l.
Sophie sat in the front sea
t with the driver while C.S
.H. sat on
his back in the rear with
his feet u) in the air, sit
ting on
the loaves of bre-di They mad
e a soft, easy cushion1

•

We were constantly held up by
officers, as all the street
s were
roped off, but C.S.H.'s tra
ffic pass stood him in good
stead.
The officers would look suspic
iously at C.S.H.'s broken dow
n
Ford and to one officer C.S
.H. said, "I don't wonder you
look
on us doubtfully but thi
s was the best I could do.o
The
officer smiled and let us
pass.
Finally, after a long drive
we reached the Hay-Adams Hou
se.
C.S.H. could scarcely get out
of the car, he was so stiff.
The
broad on which he sat had
become a Congealed mass.
C.S.H.
paid for the bread as wel
l as for the car.
We reached the Hay-Adams Hou
se o.11y at 2:45 p.m. and we
had a
quick lunch and then took
a taxicab to go around and
cross
the line. We had to make
a detour of some miles but fin
ally
reached the receiving sta
nd but long after the milita
ry part
of the parade had passed
.
We found Bertie and Langdo
n Marvin there. They had gon
e without
ch. We had splendid seats
just adjoining the President
anyIttin
's
Before the parade ended
we all went back to the Hay
- dame house
where we had tea. We the
n went back to the White Hou
se to attend
the Presidential tea, at
Which Mrs. Roosevelt presid
ed but
President Roosevelt did
not an-near.
Sophie then left us and
went back to the Dutch Leg
ation.
In the evening Sophie wen
t to the tall with Mr. Van
Royen.
We went to dinner wit
h Gov. Ross but were too
tired to attend the
ball.
Mar. 4, 1933. 123, 124, 125.
So ,Alie called up Ber
tie on telephone.
S.H. told her he had
sent to her in N.Y.
the N.Y. Times containing an
account of the
inauiuration.
Mar. 5, 1933. 128.

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Federal Reserve Bank of St. Louis

53.

•

Boreel, Sophie (Contld.)
C.b.H. called up Sophie who
asked if she could dine wit
h us
tolaorrow, Wednesday, nig
ht.
C.z;.h. consulted Bertie and
later telenhmed Sonhie tha
t Ae should
expect her.
Mar. 7, 1936. 132.
Sonhie called on Bertie thi
s A.M.
Mar. 7, 1933. 132.
Sophie called on us at 5:3
0 p.m. Mar.?, 1933. 133.
Sophie dined with us and C.S
.H. drove her home.
She said she would call on
C.S.H. at the Treasury tom
orrow at
11 a.m. and take our photograp
h.
Mar. );it, 1933. 140.
•

•

Sophie telephones she can't
came today but will tom
orrow.
Mar. 8,.1933. 140.
Sophie called at Treasury
but Bertie was not there
as she su:r.dosed
Sohie was. to meet her at
Hay-Adams. She had to go
back to
Dutch Legation aid could
not take the photograph.
Mar. 9, 1933. 145.
So-ohie called on 04S.H.
at Treasury to saw good-b
ye. Madme VanRoyen
came down with her but
stayed outside in auto.
We had a long
interesting talk. She
said she felt that she had
known us all
her life. She praise
d Bertie saying she was one
of the finest
women she had ever met.
J..).H. said we looked
uDon our relations with
her as that of
brother and sister and
she joyously said she acc
ented that
relationsnii).
O.S.H. said it was dou
btful whether he could
be at the train to
see her off, because
of meeting of P.R. Board,
so he would
have to say good-bye
now, and gave her a cou
sinly kiss which she
accepted without demur,
and said she would write
reularly to
Bertie and 0.6.H.
We then went down to
the auto and C.S.H. for
mally said good-bye to
Madzme Van Royen and
herself.
Mar. 10, 1933. 145.
Before leaving So:ohi
e said she very much wan
ted
Bertie and also a goo
d one of C.S.H., but
the old one C.b.H. had
shown her. C.S.H.
some new ones taken.
Mar. 10, 1933.

a nhotogranh of
she did not like
said he would have
147.

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Federal Reserve Bank of St. Louis

54.

Boreel, Sophie (Contid.)
C..).H. could not go to the tra
in to see Sophie off, bec
ause of
a Board meeting.
C.S.H. at 7:30 n.m. wired her
exnressing his regrets.
Max. 10, 1933. 147.
C.S.H. writes Sophie.
Mar. 12, 1933. 151.
Bertie receives letter from
Sonhie. Mar. 13, 1933. 155
.
Bertie writes So-)hie.
Mar. 14, 1933. 162.
J.S.H. calls on Mr. Van Roy
en.
He said Sophie was once
engaged to a very prominent
Belgian,
President of the Senate;
that he was a very arroia
nt and
dictatorial man and thzit
So:thie finally felt Oblige
d to cancel
her engagement.
Max. 15, 1933. 162.
Rachel Hale told C.S.H.
that she thou4ht So;hie
was a remarkably
intelligent and brilliant
woman, but she did not agr
ee
with C.S.H.that she was
beautiful.
Max. 15, 1933. 162.
C.S.H. writes Sonhie.
Mar. 18, 1933. 170, 173.
H.P.H. meets Madame Van
Royen at lunch given by
Mrs. Delano to
Mrs. James Roosevelt.
Mrs. Roosevelt told Bertie
that Sonhie was to dine wit
h her in T.Yr
within a day or two.
Mar. 18, 1933. 173.
Sophie writes H.P.H. tha
t she is going to aharle
ston, S.C.
Mar. 20, 1933. 178.
C.S.H. writes Sophie
he will go down to train
to see her. It stops
for 45 minutes en route
to Charleston. Also enc
loses a
clipAng as to surpri
se party to Count and Counte
ss Czechyni,
in Which Mr. Van
Royen took a prominent par
t.
Mar. 20, 1933. 178.
Sophie writes C.S.H.
that she has a bad cold
and can not leave for
Charleston until Friday
.
Mar. 22, 1933. 186.
C.S.H. wires regrets
to Sophie.
Mar. 22, 1933. 186.
0.6.H. writes Sophie
.
Mar. 22, 1933.186.
We go down to tra
in to see So7hie en rou
te and were with her ove
half an hour.
r

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Federal Reserve Bank of St. Louis

55.

Boreel, Sophie (Contid.)
She asked us to keep two beautiful brooches for her until her
return in about a month.
She is to stay .Lt the Port Sumter Hotel, Charleston.
We Look the brooches.
We introduced A. Piatt Andrew to her who was also going to
Charleston as a guest of Victor Morowitz, whom Solthie knows.
Mar. 24, 1933. 197.

Baron Robert Boreel - Florence Brooke.

So-)hie

Christine in.
Baron Huyssen
de Kattendyke

Fraacois

Alfred in. Countess
Renee Schimmelpenninck.

:
Cecile in. (died)
Chevalier W.
Huyssen de
Kattendyke.

11•••••

Borrowings from banks by P.R. officers.
10, 20,

a),

See - DeCamp
P.R. Bank, N.Y.
Harr/soil, Gov.
Stevens, P.R. Agent.
Brandeis, Justice
We called on.
Jan. 23, 1933. 63.
Breakfast conference. 159.
See - Meyer, Gov.
Bredkinridge, Belle
Ex-Secretary Houston told, that Woodin could not manage his
own business, much less the U.S. Treasury.
Feb. 23, l93. 96.

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Federal Reserve Bank of St. Louis

56.

Brewer, Helen
C.S.H. writes.
Dec. 20, 1932. 67.
Bright, Fran_
Secures amplorment for Janet Girardeau.
Jan. 6, 1953. 45, 53.
Brooke, Texas
Attends W.H.Is lunch to Sophie Boreel.
Dec. 30, 1932. 36.
We dined with.
Jan. 18, 1933. 58.
Brooch. 197
See - Boreel, Sonhie
Brown
See - Stanley - Brown
Bruce, Sen. & Mrs.
Invites us to lunch with Sophie Boreel.
Jan. 6, 1933. 43.
C.S.H. sends So:Ilie Boreel a note containing attack of, on Castle
and the new Hoover doctrine.
Jan. 7, 1933. 44.
Mrs. Bruce had J.S.H. sit with her at funeral of Mrs. Alexand
er
Nelson (Sally Fisher)
Jan. 7, 1933. 44.
We lunch at Buxton with.
Jan. 8, 1933. 45.
See - Boreal, So)hie
C.S.H. sends Sophie Boreal a copy of comparison of Hoover and
Roosevelt by.
Jan. 13, 1933. 53.
Buchman, Dr.
71
See - Oxford lawvement.
Budget, Balancing of. 7
bee - Allied aebts.
Bulkely, Sen.
Appointed on a Commlttee to decide whether or not to confirm
Hoover's nominees.
Jan. 9, 1933r. 47.

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Federal Reserve Bank of St. Louis

57.

Bullen
See - Gold bullion standard.
Bundy, Mr. 181, 182.
See - Gollembargo.
Burgess
Willis asked ,d.S.H. if Board approves of su6g
ection
Glass bill of Goldenweiser, 13u.rgess, etc.

0.6.H. said Yes as to some. No as to others.
e.g. Sec. 3
(closing discount window) and affiliates.
Nov. 28, 1932. 2.
Wanted Board to strike out gold bullion
from hoarding order,
saying there wac not more than 15 millions
in U.S. He
said frankly he wanted this as a first step
t awE.rds
establishing the gold bullion standard.
Whole Baird opposed this, not that they
riere necessarily apposed
to a gold bullion standard but feeling the
important
question should be decided in the collater
al way.
Mar. 23, 1933. 192.
Burgess said P.R. Bank, NY was preparin
g a draft of order with
help of Angniw and John W. Davis's firm whic
h would protect
anyone having to pay gold under a -rold
contract, freeing
the obligor by act of the Govt.
Mar. 23, 1933. 193.
Burgess read the N.Y. draft.
Said N.Y. agreed C.S.H.Is plan was perf
ectly feasible but that
it preferred their draft.
Later he said their counsel were divided
and some preferred
C.b.H.Is plan.
Mar. 23, 193. 193
Came before Board and made some imat
erial suggestions as to
C.S.H.s(Board) plan.
He still argued for gold bullion stan
dard.
He said Gov. Harrison had sent
a plan to Sec. Woodin.
He said the bank stalthought Its plan
better than C.S.H.Is.
Mar. 24, 1933. 195.
See - Gold embargo.

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Federal Reserve Bank of St. Louis

58.

Burns House in Dumfries. 34.
See - Auld Lang Syne.
Burns, Robert. 115
See - Auld Lang Syne.
Burley

73.
See - Meyer, Gov.

Business conditiois
Miller said the reports of National Econauic Associatio
n
satisfied him that the tide will turn by next
fall.
Peb. 20, 11 3. 89.
Butler, Nicholas Murray
C.b.H. dines with.

Dec. 12, 1932. 20.

Byrd, Sen. 189.
See - American National Bank, Danville, Va.
Seay, Gov.

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Federal Reserve Bank of St. Louis

59.

Cabinet
Roos,velt announ .es:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Hull, Secretary of State
loodin, "
" Treasury
Swanson, "
" Navy
Walsh, Attorney General
Ickes, Secretary of Interior
Roper,
" Commerce
Parley, Postmaster General
Miss Perkins, Secretary of Labor
Derne, Secretary of War
Wallace, Secretary of Agriculture.

re these, 2, 5, and 10 are Republicans. 5,6,7, and 9 are purely
political appointments.
2 is purely personal.
Hull is genaral/y praised.
Woodin is satisfactory but insignificant.
Swanson is purely political.
Walsh is good.
Ickes is absolutely unknown.
Roper is fair.
Parley is purely political
Miss Perkins is good.
Derne is good.
Wallace is poor.
Hull, Walsh, Perkins are good.
The rest are passable.
On the whole a nassable Cabinet, but nothing like what one would
have expected of Roosevelt considering his wealth of material.
Sec. Houston told Belle Breckenridge that Woodin could not
manage his own business, much less ;he Treasury.
Miller said Ickes was reputable and comparatively unknown.
Miller thinks it is not a strong one and is disappointed in it.
Irs. Lansing last night said that John W. Davis would have accelted
if offered Sec. of State.
femembers that Wooley told him that Hulls friends were very
indignant that Roosevelt had not consulted Hull and that C.S.H.

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Federal Reserve Bank of St. Louis

60.

Cabinet (Contld.)
sent a message to Roosevelt through Delano su4gesting that
he send for Hull and consult him.
Later, Roosevelt did this.
C.6.H. feels he may have started forces culminating in Hull's
choice a Secretary of State.
Feb. 21, 1933. 96, 97.
California banks. 153.
See- Anglo-American Bank
Bank of America.
Calkins, Gov P.R. Bank of San Francisco.
Seemed to favor a change in easy money policy.
Jan. 4, 1933. 41 (2)
Wired Board yesterday, nuoting Woodinis telegram as to licensing no
bank not sound, that hemuldnt-ecommend licensing either
Angp.o American Bank or Bank of America.
Mar. 12, 1933. 150.
Woodin announced that he would or)en and license both banks.
This is astaundingl
Mar. 13, 1933. 153.
Miller said last evening he was at White House with Woodin; that
they talked with Gov. Calkins who declined to recede from
his position.
Mar. 13, 1933. 153.
Clark, Deputy Gov. F.R. Bank, San Francisco, told Floyd Harrison
that when Treasury decided to open the two above banks, Gov.
Calkins changed the list and reco'.2aended opening nractically
all the banks In the district.
Mar. 21, 1933. 184.
•
Calumet and Hecla Mining Co.
,;.S.H.sends 500 shares to :let. Natl Bank for sale.
Dec. 17, 1932. 25.
C.'5.H. files income tax return.
Because of loss from sale of above shares, his income tax was wined
out.
Mar. 13, 1933. 15.J.
Canadian Minster. 83
See - Herridge.

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Federal Reserve Bank of St. Louis

61.

Capital, Flight of.
Hoover writes to Board that
a, is takin,; place and ask
inc that
Board consider whether it
had cone all it could, or
wanted
new leql.slation.
.. .

Gov. Meyer . aid he knew of
no.
Feb. 23, 1933. 95.
Carey, Mrs.
Is at H.P.H. lunch for Sophie
Boreel.
Dec. 30, 193. 36.
We called an. She said she
told Rachel Hale all about
Sarah,
bat not about her love aff
air.
Jan. 11, 1933. 51, 52.
Calls Ls up and says Mag
ee will be confirmed; tha
t Glass had
told her husband so.
Jan. 26, 1933. 66.
Carnegie Endowment.
C.S.H. dines with Dr. But
ler.
Dec. 11, 1932. 20.
vttends meeting of.

Dec. 12, 1932. 20.

Case, F.c.. Agent, N.Y.
C.S.H. writes, he has given
a letter to him to So hie
Boreel.
Jan. 9, 1953. 47.
Said that Sam Rgyburn, who
insisted on cutting down
P.R. employees
salary, had cut his own
employees twice by 14 and
intended
to cut again; that his
comnany had paid
div
ide
nd
on its
common stock and also
would pay a bonus.
This seems wicked to C.S
.H.
Jan. 13, 1933. 52.

•

Gov. Meyer said Mills was
deceived by his advisers,
Case, etc.
as to N.Y. bond market.
Jan. 26, 1933. 65.
Cashing of checks
C.2.H. asked Floyd Harris
on to s-e that Caaiittee iss
ued a
regulation to permit ban
ks to cash checks of those
wantimto return home, in site
of the gold embargo and
closing of banks.
Mar. 6, 1933. 127, 128.
Castle, Under Secretary
Writes letter to Gov. Mey
er, - "Esouire"
Feb. 3, 1K,. 115.
See - Bruce, E::-Senat
or.

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Federal Reserve Bank of St. Louis

62.

Cataract operation
See - Grant, Judge
Central bank balances. 93
bee - Foreign balances
Central Ili. Bank & Trust Co.
19, 26, 77, 82, 135.
See - F.R. Bank, Chicago
Trust powers
Chainnen, P.R. banks. 16.
See - P.R. Agents
Channels of trade
Ballantine praises same, in ,
;old order draft of Bmrd.
invented this.
Max. 23, 1933. 192.
Checks, Cashing of. 127, 128.
See - Cashing of checks.
Cnristmas Day, 1932.
We lunc_ied with Mrs. Neff to meet Admi
ral Stanton.
We dined with Mr. & Mrs. Geo. B. McCl
ellan.
Mr. & Mrs. Van Royen were present et al.
Dec. 25, 1932. 28.
Catherine Grant sent 0.6.H. a life of
Mozart and to H.P.H.
a history of New Amsterdam.
Bertie sent Mrs. Wilson a card, but she,
for first time, sent us
Dec. 25, 1932. 34.
hase, -ary
Tried to get Sarah Carey into Junior
League but it was too late in
year.
Jan. 11, 1933. 51, 52.
Clark, Dep. Gov. F.:t. Bank, San
Francisco. 184.
See - Ja1icins, ov.
Class

Directors, F.R. Bank
Board ainoints, F.R. banks.
Dec. 8, 1932. 16.
3Jv. Meyer wrposes any anpoirte
e over 60 years of ape.
Dec. 8, 1932. 19.

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Federal Reserve Bank of St. Louis

63.

Clayton Act
Miller said Board had been subject to pressure and had no fixed
policy. He cited decision as to Hale, in a Cdifornia bank, as
a flagrant case.
Morrill renorted that the anolication had the words "I unproven
Millert
Dec. 16, 1932. 22.
Board took application of Thorne to serve 1st Natl Bank, N.Y. and
Baikers Trust Co. Baker of former anpeared before us some time
ago.
The application was granted.
Aye:
No:

Gov. Meyer, James, Magee and C.S.H.
Dr. Miller

C.S.H. based his vote on fact that First National had always been
a one man bank, with only 8 directors, some of wham were
business men, but most were officers connected with the bank;
that Baker satisfied us that his bank needed some practical banker
all his Board; that he wanted tiorne not to secure new business
nor to interfere with existint camnetition, but simply to get
the benefit of his banking experience and good judgment;
that Baker also pointed out that Thorne was a substantial
stockholder in the First National.
Wyatt advised granting the petition.
Jan. 17, 1933. 55, 56.
CleLring house certificates.
In discussing the Detroit situation niller suggested use of, with
cooperation of P.R. bank which could take outside checks on
Detroit bank for collection only, with understanding that
they could be paid in.
Feb. 13, 1933. 80.
Morrill said Traylor said use of, was not pmcticable.
Our best cle,ring men including representative of F.R. Bank
of N.Y., and also Gov. Harrison were here -Goday.
Feb. 14, 193. 81, 62.
J.b.H. told Miller he had offered a constructive, and the
only
constructive suggestion, - Clearing House certificates.
Feb. 15, 1933. 83.
At FedEral Advisor/ Council
meeting Robinson and Liiller
took

6 4.

Clearing house certificates (Contid.)
view that the banking troubles were now localized and could
and should be kept so by use of, and scrip.
Feb. 21, 1933. 92.
Miller again suggested, anci a bank moratorium.
Mills said the Baltimore bank could not avail themselves of.
Feb. 24, 1933. 100.

•

Ata conference last evening, Gov. Meyer said that, and scrip were
carefully considered but no agreement was reached as to their
advisability or as to Board publicly recommending them; that
Robinson said he was not prepared to advise Hoover that they
should be issued; that the objection was that such certificates
issued by strong banks would intensify the weakness of banks
not having collateral- to obtain them.

•

Miller said our Board has been drifting and should hale come out for,
and scrip two weeks ago.
Mar. 1, 1930. 110.
Mills said that even if, were issued there would still be a d, mand for
P.R. notes and gold for payment of interest, Govt. taxes, etc.
Miller said banks could agree on What items cash payments could be made.
Mar. 1, 1933. 111.
C..H. said he was ready to vote with Miller to recommend clearing
house certificates and scri2; that the moratorium would
protect the banks which could not get, and that their use
by the strong banks would greatly help those near the line; that
even the strong banks would need then if a gencral run, which
he feared, Should take
Mar. 1, 1933. 111, 112.

•

Gov. Meyer reads letter to Board from Hoover asking whether the
Board would approve guaranty of bank deposits, clearing house
certificates and scrio, or let matters drift.
Mar. 1, 19&). 112.

•

C.S.H. said he favored a moratorium and, and scrip in any
locality
threatened with runs; that the banks could decide how much
cash to nay out for Govt. taxes, etc.
Mar. 1, 1933. 113.
:ills said this would cl.eate a )reference, but C.S.H.
said this
could not be heloed.
I:ar. 1, 1933. 113.

4,4

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Federal Reserve Bank of St. Louis

Ob.

Clearing house banks, Boston
At 0.S.H.I5 request Ballantine ana Curtiss prevented from op:)osing
act which became act of Mar.24, 1933.
Mar. 17, 1933. 169.
Cleveland, Richard
C.S.H., H.P.H. and Sonhie Boreel meet,at lunch with Yrs. Bruce.
Jan. 8, 1933. 45.
Caudttee
Sec. Woodin appoints, to consider new legislation.
only Board member on Committee.
Mar. 5, 1933. 126.

Miller was

Board's staff appoInted as a Committee to draw regulations as
to bank holiday.
Mar. 6, 1933. 127.
Legislative Comraittee in session. 8:30 p.m.
Mar. 6, 1933. 128.
Conference considered preliminary draft of legislation.
Two plans:
Gov. Harrison. 50; guaranty.
Traylor.
Banks classified as to worth.
proportion to worth.

Guaranty in

Mills plan:
1. No bank to ooen unless absolutely solvent.
2. Banks havinc, e.g. only 40; of worth to be
reorganized and opened absolutely
clean, the Govt. when necessary to
furnish necessary capital.
Smead strongly opposed above because of deflation.
Mar. 6, 1933. 129.
Gov. Harrison said legislative committee could not agree
and had been discharged.
Woodin told those left of the Com:Attee that as they
could not
agree he had laid the whole matter before Roosevelt
and that he had agreed on his own responsibility
upon a solution; tht they would undoubtedly be shocked
by the solution of Roosevelt. He did not say
what it was.
Mar. 7, 1933. 133, 134.
See - Berle.

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Federal Reserve Bank of St. Louis

66.

Cora,/ttee (Cont'd..)
Miller said tie Committee had agreed on opening all banks having
a $% reserve against deposit liabilities but that it was
lost in the shuffle.
Mar. 8, 193,. 137.
Comestodk
told J. Davies of'the scandal of Presid,
nt Hardingis
attempt to make, P.R. Apent at Kansas F.R. Bank.
Feb. 20, 1933. 89.
Comptroller of Currency
Glas refused to accept draft giving to, power equivalent to
that possessed by State Supt. of Banking nor in future.
Feb. 17, 1933. 86.
Glass asked Await to draw a bill giving, power to authorize nation
al
banks to issue preferred stock with priority as to dividends
and distribution of assets, said preferred stock not to be
assessible.
Feb. 20, 1933. 88.
Mills refers to bill prepared by Comptroller for him providing
for appointment of a consevator.
Feb.21, 1933. 91.
The Comptroller said he was willing to accept responsibility for
designating solvent national ban.
Mar. 8, 1933. 135.
Administrati;n confidential print of new legislation author
izes
LAmptroller to Tpoint conservators.
Mar. 9, 193. 141.
While Oomptroller has been asked to make recommendations as
to
opening national banks, the final responsibility is in the
Secretary of the Treasury.
The Board called for recommendation as to opening nation
al as well
as member banks, but at C.S.H.Is suggestion the statem
ent
was added that the Comptroller had also been asked as to
national banks.
0.6.H. felt it better for the F.R. banks to know that
the Secretary
of Treasury would base his decision on re)orts
from
Comptroller as well as from P.R. Agents.
Mar. 11, 1933. 149.
The Comptroller told Board that he was
checking up the last examination

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Federal Reserve Bank of St. Louis

67.

Comptroller of Currency (Contld.)
of Anglo-American and Bank of America, San Francisc
o, but
did not say what the recommendation would be.
Mar. 12, 1933. 150.
Miller said Woodin told him later that the Comptrol
ler had made
no recommendation.
Mar. 12, 1933. 150.
Wyatt said Await et al were dominating Sec. Wood
in.
Mar. 15, 1933. 159.
Conference
At 2 p.m. Sunday, Morrill T.11ed up C.S.H. and J.id
a conference
was being 'held in the Board roam of prominen
t bankers all the
morning and it was now going on; that Gov. Meye
r asked if C.S.H
would be available if called on. C.S.H.at 3: p.m.
went to
IRreasury and found about 20 bankers.
The conference after long discussion by unanimo_z vote
advised the
President to declare a bank holiday through
Thursday.
Woodin was asked to appoint a Sub-cammitte
e to draft regulations
Permitting banks to do certain things under lice
nse.
The form of Eroclamation was agreed upon.
After long discussion it was agreed that withdrw.
al of postal funds
should be permitted, but no gold to be paid
out.
There was discussion whether Treasury should
continue gold
redemption in Washington.
It was generally felt that such redemntion
should not be permitted
during the emergency.
Soue discussion as to a resolution of Cong
ress.
A guaranty by Government of new depo
sits was favored by most of
those present.
Woodin appointed a Sub-committee to draw
regulations.
niller was only Board member on call
.
Mar. 5, 1933. 125, 126.
See - Committee.
Conference adjourned at midnight.
Woodin said Roosevelt would
sign the proclamationat 12:05 a.m.
Mar. 5 and 6. 127.

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Federal Reserve Bank of St. Louis

68.

Conference (Cnntid.)
Conference between Woodin and Board as to license
to open.
Mar. 10, 193. 145.

to banks

See- Opening of banks.
Conference as to drawing

act of mar. 9, 1933.
Mar. 8, 1933. 146.

See - Act of Mar. 9, 1933.
Conference between Wyatt, Floyd Ha2rison an Morrill at
Gov.
Meyer's house - breakfast.
Mar. 13, 1933. 159.
C.0.H. was told that Glass was op)osing suizetions made
at
White House conference.
Mar. 16, 1933. 165, 178.
See- Committee
Congressional Library. 3
See -Auld Lang Syne
Conrad, The Misses
Ned Hamlin visits. Dec. 2, 1932. 4.
Conservation. 86, 91.
See - Act Mar. 9, 1933.
Cmstitutional power
Glass denied that Pr::.sident had
banks and struck this out of
but made no objection to its
proclamation.
Mar. 8,

power to close state mnmber
proposed act of Mar. 9, 1933,
inclusion in President's
193-. 142, 145.

Contracts payable in gold. 181.
See - Gold.
Coolidge, Sen. (Mass.)
We dine with.

Feb. 15, 1933.

Cosuos Club
C.S.H. moves from, to Hay-Adams House.
Dec. 2, 1932. 4.

85.

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Federal Reserve Bank of St. Louis

69.

Couzens, Sen.
Did good work an Ford in Michigan bank crisis but Was not
successful.
Feb. 14, 1933. 81.
Draft prepared by Board - the Couzens bill was reported yesterday
by Senate Com:Jittee but Glsss voted against it.
Feb. 21, 1933. 92.
Cow pasture 5.
See - Hamlin, Edward
Crane, P.R. Bank, N. Y.
Ready to take charge - Foreign exchange transactions.
Mar. 8, 1933 142.
Credit, Government
Gov. Harrison said that issuance of irredeemable greenbacks
for wages and Govt. eroenditures would throw us off gold
standard and injure.
Feb. 21, 1933. 94.
Currency
F.R. banks notified that they could exchange, for small
denominations, but could pay out no gold.
Mar. 5, 1933. 127.
Curtiss, F.R. Agent, Boston
Miller at appointment of Class 0 directors spoke very slightingly
of, and Gov. Meyer seemed to agree with him.
replied that the directors of F.R. Bank, Boston,
unanimously offered the Governorship to Curtiss after Gov.
Harding's death, and that a first he accepted bit later
insisted on withdrawing in favor of Gov. Young; that this
proved his ability.
Dec. 8, 1932. 16, 17.
Tells LI.S.H. the Board changes in Act of Mar. 24, 1933, made it very
Mar. 18, 193a 172.
satisfactory.
Czechenyi, Count and Countess
We lunched with Mrs. McClintock to bid farewell to.
Feb. 12,1933. 79.
H.P.H. meets Countess, at lunch at Mrs. Delano's.
Mar. 18, 1933. 173.
C.S.H. sends Soilie Boredl a clippin,; as to a surprise party given
to.
Mar. 20, 1933. 178.

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Federal Reserve Bank of St. Louis

70.

Davies, J.
C.S.H. explains to, that Chairman of Board of F.R. Bank of
Minneapolis will be appointed on the merits without
regard to political affiliations.
Explains to him the scandal of President Harding and Comstock.
Feb. 20, 1933. 89.
Davis, John W.
Wooly said he asked, whether he would accent the office of
Secretary of State if offered to him; that he said, ”Don't
ask me! I have lost two fortunes. In 1929 I could
have retired comfortably. I invested my earninr:s in
"seasoned" common stocks and now everything has gone to
piecesi"
Jan. 1, 1933. 38.
Mrs. Lansing told C.S.H. last night that she knew that, would
have acce-oted Sec. of State had it been offered.
Feb. 23, 1933. 97.
Firm of, helped P.R. Bank, N.Y. in drawing gold order.
Mar. 23, 1933. 193.
Davis, Norman
Prank Simonds at dinner with Robert Lincoln O'Brien bitterly
opnosed, for Secretary of State, saying he was not a great
man and had been subservient to Hoover.
Dec. 2, 1932. 6.
Davison
Said a 50% guaranty of denosits would not stave off runs an
banks.
Mar. 1, 193. 110.
At a conference to consider new legislation.
Mar. 10, 1933. 146.
Day, Mr. 4.
bee - Hamlin, Edward
Dawes re)ort. 9
bee - Allied debts.
DeCam„ F.R. Agent, Cleveland
Approves before Miller, C.S.H. and Morrill as a Sub-call_ittee
to explain loans of $38,000 fro..1 Guardian Trust Co.,
Laevelard.

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Federal Reserve Bank of St. Louis

DeCamp, P.R. Agent, Cleveland (Contld.)
He admitted he had never told his directors of these loans,
until recently, when he told Lfr. Williams.
He said Gov' Pandher also had loans from sane bank.
He said since coming to Cleveland he had kept all his deposits in
this bank.
When he recently came before Board to discuss the condition of
this bank he did not tell Board of these loans.
He said the loans arose from purchase of stock in another corn any,
which loans he had been reducing from time to time.
The Sub-committee decided not to report to Board until it had an
interview with Mr. Williams.
Nov. 28, 1932. 1.
Miller and C.S.H. reported to Board that they could not recommend
DeGamp for reappointment as Class C Director or for
designation as Chairman and P.". Agent for 1933.
Dec. 3, 1932. 8.
We re)orted that in 1928 he borrowed a substantial sum fram the
Guardian Trust Co., a member bank, for the purpose of carrying
shares in an investment company, and that in 1929 he increased
these borrowings; that he always kept hisdeposits in this
bank;that during the period of these borrowincs he bank was
not in a satisfactory opndition, and now is threatened with
bankruptcy; that he come before Board a month ago to discuss
with it What action should be taken by the Board as regards
this bank, but made no mention of his borrowings; 'hat he
advised Board that he knew of no action which Board could take,
and he repeated this later by letter.
We also reported that after this Faulger discovered that the
bank held DeCamp's demand notey two in nudber, which had
been classified by the state exaniner as slow, unliquid,
and, as to one note, inadequately secured.
Miller and C.S.H. feel their report is justified:
1. By concealment of these loans from his directors
and from our Board.
2. Because he was speculating at a tide when our Board
was trying to reduce speculation by higher discotnt
rates and later by direct pres ure.
3. Because on general principles the Committe
e did not
consider DeCamp as being "up to" this job.

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Federal Reserve Bank of St. Louis

72.

DeCamp, P.R.Agent, Cleveland (Contld.)
Our Committee felt that, apart from the question whether a
F.R. officer should borrow at all from a member bank, it
was clearly improper to borrow for speculative purposes,
and that his position as Chairman zind borrower were
inconsistent, or at least called for a frank statement to
hiss directors, - which he had never made.
Board voted to invite Williams to cane on and discuss the matter.
Morrill asked DeCamp *hat interest he was paying and he said
but later changed this to 5%.

Paulger said &A was low for such a slow, poorly collateraled loan,
and believes the Bank would long ago raised the rate or
called the loan, had DeCamp not been Chairman of the P.R. Bank.
Dec. 5, 1932. 8, 9, 10, 11, 12.
Williams, Deputy Chairman, came before the Baird. He said he
was shocked at the DeCamp and rancher loan; that he learned
of it only a few days before; that he had regarded DeCamp
on the *hole as a fairly good man but not of outstanding
ability; that he had made a good record as Manager of the
Pittsburgh branch; that Mr. Northrop, of Pittsburgh, bad
recommended DeCamp as an able man of high integrity.
Williams was asked to go into the situation and report to the
Beard his recommendations.
He said summary L.ction might have injurious effects on the badly
strained credit situation.
Dec. 6, 1932. 11, 12, 13.
Mr. Williams came before Board.
He said conditions wereso critical in Cleveland district that
the
immediate removal of Decamp and Gov. Fancher would cause
serious trouble; that he had t-lked with his directors and
they advised the resignation of DeCamp, he at once to tender
his resignatian to be accepted at the pleasure of P.R. Board;
that meantime he would lock for a successor; that DeCampls
action in concealing from our Board his loans was very grave
and justified the Board in not redesignating him, but that in
view of the critical situation it would be wise to take
above course.
Board, in Executive Committee, voted unanimously to carry out
Williams suggestion.
Presents Go.Meyer, C.S.H.james, and Magee.
Miller was sick at home.
See-Pancher, Gov.
Dec. 20, 1932. 26, 27.

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Federal Reserve Bank of St. Louis

73.

•

Deaths
See• Bayard, Mrs.
Rice, Wm. Pruyn
Richards, Dr. W. L.
Sayre,
Strother, French
Debur.hi, Japanese Ambassador
We dine with.
1Sb. 13, 1932. 80.
Default. 5.
See - Allied debt
O'Brien, Robert L.

•

Deflation
Guests at dinner of Robert L. O'Brien thought that defau
lt of
Great Britain wouli cause further deflation and fall in
prices.
Dec. 2, 1932. 5.
Smead strongly ovosed plan of opening a limited numbe
r of banks
absolutely sound, because of the deflation.
Mar. 6, 1933. 129.
Delano, P.A.
C.S.H. sends, a copy of his letter to Glass as to
reappointment
of Magee on 7.R. Board.
Jan. 9, 1933. 48.
We lunched with.

Jan. 22, 1933. 62.

Miller said that same years ago lov. Meyer consu
lted Counsel
with a view to ousting, fromlhe Smithsonian Insti
tution because
of his opposition to Lodge, the son of Sen. Lodge
. He said
that Mr. Prear's will provided for consultation
with Mrs. Meyer;
that Meyer went to Burling, Delano's brother-in-lawt
Ireb. 8, 1933. 73.
C.S.H. some time ago sent a message to Roose
velt, through Delano,
to call on Sen. Hull for consultation, as his
friends were
very indignant that he had not been consulted.
lob. 23, 1933. 97.
Mr. Delano told W.H. todpy that Dr.
illness last fall
was a slight strokel
Mar. 13, 1933. 155.
H.P.H. attends luncheon at Mrs. Delano's in
honor of Mrs. James
Roosevelt.
Mar. 18, 1933. 173.
Departaent of Justice. 82
See - Miller.

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74.

Deposit guaranty
C.S.H. tells Willis of the suggestion that, if the Glass bill
becomes law the Govt. could safely guarantee deposits for
3 years,.
Willis said the liquidation corporation would restore confidence
and that where the Government under such conditions might
safely guarantee deposits for 3 years, the danger would be
that it might be extended indefinitely.
explained he did not favor such a guaranty but merely
repeated the suggestion.
Nov. 28, 1932. 3.
Glass intimated to C S.H. that deposits in member banks might
be guaranteed, perhaps through the Liquidating Corporation.
He said it would certainly be one way of unifying the banking
situation.
Jan. 9, 1933. 48.
At a conference of bankers last night in Board mom, Rounds of
P.R. Bank of N.Y.favored a 50',4 guaranty.
Davison thought this would not stave off a run.
Mar. 1, 1933. 109, 110.
Gov. Meyer read a letter from Hoover asking, among other thins,
whether the Board would approve a guaranty of deposits.
Mar. 1, 1933.112.
Gov. Meyer said he never would favor a guaranty, whether for
50% or 100%.
Mar. 1, 1933. 113.
The P.R. Bank of N.Y. directors and the bankers assembled there
accepted on principle Round's suggestion of a 50% guaranty.
Mar. 2, 1933. 118.
At a conference in Board roam most of the bankers present favored
a guaranty of new deposits.
Mar. 5, 1933. 126.
At bankers legislative committee conference Gov. Hartson favored
a 50% guaranty.
Mar. 6, 1933. 128.
Traylor favored a classification according to Worth, and a
guaranty in proportion to Worth.
Mills said Traylerls plan would mean 100% guaranty for some
banks and a much smaller one for others; that this would be
disastrous as the people would not understand it.
Mar. 6, 1933. 128, 129.

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Federal Reserve Bank of St. Louis

75.

Deposit guaranty (Gontsd.)
Under Mills, plan of opening only absolutely sound banks,
the F.
System and R.F.O. would assist all banks
opened and practically guaranty their eposits.
Mar. 8, 1933. 136.
Deposits
Under proposed new law authorizing 7.11. bank notes, depositors
could get such notes for their deposits. If not over
50 of the deposits were withdrawn this might work. If
more, no one could tell What would hap en.
Mar. 9, 1933. 143.
Miller said Roosevelt asked what would happen if the Bank of
Ameriea were opened, and that he replied that the
"inside" depositors might withdraw their money and
bradk the bank in a week; on the other hand things
might go an for a long time, putting off the inevitable
crash.
Mar. 13,1933. 154.
See - Deposit guaranty
Deposit liabilities
Miller told Roosevelt that the, of Bank of America are 600 millions
against 400 millions of assets.
Mar. 13, 1933. 153, 154.
Dern, Sec.
We dined with Mrs. Gov. Ross at Mayflower to meet.
Mar. 4, 1933. 125.
Detroit bank situation
Board spent day considering.
There are two groups of banks, one fairly liquid and the other
practically insolvent.
Ford had 50 million deposited and one bank and threatened to
draw out 25 millions the next day.
We all agreed thL'A the Governor should proclaim a week's
moratorium or bank holiday.
James said that under protection of the moratorium an effort
should be made to have the depositors freeze a part of their
deposits, perhaps by taking preferr id stock and that
the banks could thus be put in good condition.
Miller suggested clearinghouse certificates with cooperation
of the FR. bank Which could talc checks drawn an Detroit
banks from outside for collection on unierstanding that

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Federal Reserve Bank of St. Louis

76.

Detroit bank situation (Contld.)
they could accept in payment clearing house certificates.
At 5830 the Board went over to R.F.C. and we consulted together.
Gov. Meyer had no practicable suggestions to make and seemed
hopeletsly at sea.
C.S.H. suggested raising a bank fund of 100 millions.
Sen. Couzens was present and seemed helpful, and tried to get Ford
to help but without success.
rob. 13, 1933. 79, 80.
Miller said that Gov. Mayer seemed dazed at above conference.
C.S.H. feels he acted like a *hipped dog!
lob. 15, 1933. 84
Mills said Detroit situation was still unsettled.
Feb. 24, 1932. 99.
Devaluation of dol3ar
Gov. Harrison said, would not increase domestic prices but might
set up a competitive movement which would depress foreign
prices to meet the reduced exchange value and our dollar,
which would gradually depress prices all over the world.
Feb. 22, 1933. 93, 94.
Dewar, Prof. Robert.34, 63.
See - Auld. Lang Syne
Dinners (See also Lundhes, supers)
We dine at Woman's National Democratic Club.
Nov. 29, 1932. 4.
C.S.H. dines with Robert Lincoln O'Brien.
Nov. 2, 1932. 5, 6.
C.S.H. dues with Dr. Butler in N. Y.
Dec. 11, 1932. 20.
W_th alen Leonard.

Dec. 14, 1932. 22.

With Charles Warren.

Dec. 17, 1932. 25.

With Mrs. Lansing.

Dec. 18, 1932. 25.

With Mrs. Gordon-Cumming.

Dec. 24, 1932. 28.

With Mr. & Mrs. McClellan.

Dec. 25, 1932. 28.

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Federal Reserve Bank of St. Louis

77.

Dinners (Contld.)
Sophie Boreal dines with us.
Jan.
Jan.
Jan.
Jen.

2, 1933.
4, 1933.
6, 1933.
10,1033.

38.
42
43
4,50.

With Mr. & Mu. Charles Eliot.
Jan. 11, 1933. 51.
With Mabel Boardman at Sulgrave Club.
Jan. 15, 1933. 54.
We give dinner at Woman's National Democratic Club
to
Mr. and Mrs. Houghton, Mr. & Mrs. McLane, Janet
Fish
and Robert L. O'Brien.
Jan. 20, 1933. 61, 62.
Alma Ruggles with us.

Feb. 11, 1933. 78.

With Japanese Ambassador, - Debudhi.
Feb. 13, 1933. 80.
With Mr. and Mrs. Merz to meet Canadian Minister
, Mr. Herridge.
Feb. 14, 1933. 83.
With Sen. and Mrs. Coolidge.
Feb. 15, 1933. 85.
Sophie Boreel dines with

112.

Mar. 3, 1933. 119i
Mar. 8, 1933. 140.
With Mrs. Gov. Ross to meet Sec.& Mrs. Dern
.
Mar. 4, 1933. 125.
Direct pressure, P.R. Board
C.S.H. and Miller agree that Hoover sympathi
zed with Board's
efforts but had not courage enough to say so.
A word from him to Miller would have
helped materially.
Feb. 25, 1933. 84.
Directors
See - Class C directors.
Disapproval of Y.R. Board.
See - Acts of Congress
Gold

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Federal Reserve Bank of St. Louis

(0.

Discount rates
Board approved N.Y. increase from 2i to 3e2.
Aye: Gov. Meyer, 0.6.H., James
No: Miller
Mills asked to be recorded Aye.
Gov. Meyer said it might have little effect in U.S. but would
prevent further drain on us by Europe *hose rates were
well above ours; that it would also cause an increase
in interest on deposits in U.S.
Mar. 2, 1933. 116.
See - Sabot of Mar. 9„933.
District National Bank, Washington, D. C.
Not given a license to open.
Held $4000 deposited by Woman's Natl. Democratic Club.
Mar. 15, 1933. 161.
District of ColuMbia
Mills said 2 banks in, were about to fail dragging down 4 or 5 small
banks with them.
Feb. 24, 1933. 99, 100.
Dollar depreciation
Gov ° Harrison said the fear of inflation was depressing the
dollar abroad; that devaluing the dollar would not increase
domestic prices but might ant up competitive movements
which would depress foreign prices to meet the reduced value
dollar, which would gradually depress prices all over the
world, including the U.S.
Feb. 21, 1933. 93, 94.
C.S.H. told Bundy we should peg our dollar abroad at any cost
and Miller agreed with him.
Mar. 23, 1933. 182.
Domination
Gov. Meyer said C.IL. Mitchell had never dominated him.
June 30, 1931. 104.
19 Diary at176.
Miller and C.S.H. believe that Gov. Meyer is under, of P.R.
Ball* of N. Y.
Feb. 15, 1933. 84.
Wyatt said Ballantine, Douglas and Await were dominating Woodin.
Mar. 15, 1933. 159.

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Federal Reserve Bank of St. Louis

79.

Nei:nation (Contld.)
Woodin felt that Board's telegram
to P.R. bank as to act of
Mar. 24, looked as if he were tryi
ng to dominate the Board.
Mar. 19, 1933. 179.
Douglas, Asst. Sec.
Wyatt said, et al were dominati
ng Woodin.
Mar. 14, 1933. 159.
Dumfries. 34.
See - Auld Lang Syne.

•

Dunn, Dr.
Reports as to C.S.H.:
Sugar in urine 0
Blood sugar
20
Blood count. Good.
Jan. 31, 1933. 70.

•

See - Ruffin, Dr.

•

Dutch Minister
See.Van Royen

•

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Federal Reserve Bank of St. Louis

80.

Seamarks& gold. 21
See - Allied debt
Banks of England
Gold
Eardaiting. 142.
See - Gold
Earthquake, San Francisco
Sec. Woodin sugr:ested not opening any banks in San Prancisco,
giving the earthquake as an excuse.
Mar. 12, 1933. 151
Economy bill. 152.
See - Salary

reductions

Edge, Ambassador. 2
See - Willis, H.P.
gligible. 159
See - R.F.C.
Eliot, C.W.
be dine with.

Jan. 11, 1933. 51.

Eliot, Sauusl
We meet, at dinner with his son Charles.
Jan. 11, 1933. 51.
Edbargo, Gold. 138, 142.
See - Gold
Emerson, Guy
C.S.H. gives Maud Harrison a MB1004, prepared by, covering
payments for perishable food products.
Mar. 6, 1933. 128.
Equalization of reserves
Board voted for, between P.R. bank and ordered Boston, Richmond
and Chicago to rediscount for N.Y.
Mar. 7, 1933. 133.
Ernst, Helen
C.S.H. writes.

Jan. 16, 1933. 54.

Esquire
Castle writes Gov. Meyer, - "Esquire"
Feb. 8,1933. 115.
Examination. 158, 160.
See -Act Mar. 9, 1933.
State member banks

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Federal Reserve Bank of St. Louis

ilecutive order. 119 (5)
See.Gold
Opening of banks.
llperts. 183
See — Meyer, Gov.
liport licenses. BO
See — Gold
Licenses

. ..

• ••

•

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Federal Reserve Bank of St. Louis

811.

Fahey 119, 151.
See - Meyer, Gov.
land:her, Gov. F.R. Bank, Clevel
and
DeCamp said, also had a loa
n from Guardian Trust Co.
Nov. 28, 1932. 1.
Faulger discovered the loan.

--)ec. 5, 1932. 11.

Williams told Board that to reuove
, now 4.ht cause a very
critical situation.
He said he had not talked with Gov
. rancher, nor with the
directors about him yet; that he
knew no particulars
about his loan; that Gov. P.
was now quite ill.
He felt strong/7 his Bosrd sho
uld reelect Gov' Fandher, and
he
said he would get all the facts
at the earliest opportunity;
that he would talk with him and
with the directors and
advise the Board very Shortl
y.
The Board agreed with Williams
unanimously.
Present:
Gov. Meyer, C.S.H., James and Mag
ee
Miller was absent, - ill.
Dec. 20, 1932. 26, 27.
Williams came before Miller
and C.S.H. and said Gov. Fandhe
r
would Shortly come before is
Board, - at its next meeting,
and explain his loan.
Jan. 19, 1933. 59.
Miller felt that While Gov
. lUndher was entirely innocent
in the
main transaction, and clearl
y was not speculating, yet
that if reappointed, he should
be dropped for year 1934.
C.S.H. decidedly disagreed wit
h Miller and said that this
particular transaction was no
reason for dropping him at all
.
U.S.H. also said that if the Boa
rd is to fix an ethical standa
rd
for the future, all.F.R. banks
should be notified.
C.b.H. cited the rule now pre
vailing in P.R. bank, N.Y. but
Miller said he did not approv
e this rule.
What then, does he want%
Jan. 19, 1933. 59, 00.
Federal Advisory Cou
ncil
Meets with Board.

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Federal Reserve Bank of St. Louis

83.

Federal Advisory Council (Contsd.)
Resolution presented calling on Roosevelt At cnce to announce
his financial policy, stating that the country was disturbed
by the rumors of inflation and la dk of balanced budget.
Sec. 'Mills favored this but ray opposed it.
Finally it was agreed to drop the resolltion but to have one of
the members see Roosevelt and impress on him the necessity
of such a statement.
No vote was taken by our Board but a "H. believes that every member
would have voted No.
C.S.H

believes it was a political manoever to embarrass Roosevelt,
and that such a resolution should leak out it might start
a panic.

Mills spoke of a bill prepared under his di-2ection, providing that
the Comptroller could p: vent a freezing of deposits by
appointing a conservator.
Mills said the fear of inflation was driving gold out of the
country, and had caused a resumption of hoarding.
Miller and Robinson claimed that the banking troubles were
now localized and should be kept so by scrip and clearing
housc certificates.
No decision was reached.
Feb. 21, 1933. 90, 91, 92.
Gov. Harrison who was in town was invited by Federal Advisory Council
to address it.
Feb. 21, 1933. 93.
See - Harrison
Federal Reserve Act, amendments
To Sec. 10 (b)
141, 156, 157, 160, 161,162, 163, 164, 167, 174,
175, 177, 178, 179.
See - Act of Mar. 9, 1933
Act of Mar. 24, 1933.
Glass.Steagall Act
lachral Reserve Agent, Chicago
119 (3)
See - Stevens, P.R. Agent
Opening of bank.

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Federal Reserve Bank of St. Louis

84.

Federal Reserve Agent, Cleveland
Zxecutive Committee tenders to Mr. Williams the position of.
Feb. 24, 1933. 98.
Board unanimously ratified above.
Feb. 25, 1933. 102
See- P.R. Bank, Cleveland
DeCamp
Williams
Federal Reserve Agent, Minneapolis
Bee - P.R. Bank, Minneapolis
Davies
Walsh, Sen.
Federal Reserve Agents
Board appoints, forming year.
Dec. 8, 1932. 16.
See - Curtiss
See - Opening of banks.
135, 148, 149.
Federal Reserve Bank, Atlanta
109, 110.
See - Black, Gov.
Fedora]. Reserve Bank, Boston
Board ordi!rs, and other P.R. banks to rediscount for N.Y.
Mar. 7, 1933. 133.
See - Curtiss. 16.
Federal Reserve Bank, Chicago
Shaler, Appointed Deputy Governor of, owned with his family
a controlling interest in a member bank at Storm Lake.
Board discussed Whether a P.R. officer Should own stook in
a member bank.
Went over for a conference with Gov. McDougal.
Dec. 27, 1932. 29.
Board considered transactions of Deputy Gov. Jones,
who
received U.S. bonds from a Wisconsin bank for paymen
t.
Instead, he exchanged the bonds for a new issue.

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Federal Reserve Bank of St. Louis

84.

Federal Reserve Agent, Cleveland
Executive Comaittee tenders to Mr. Williams the position of.
lob. 24, 1933. 98.
Board unanimously ratified above.
Peb. 25, 1933. 102
See- P.R. Bank, Cleveland
DeCamp
Williams
Federal Reserve Agent, Minneapolis
See- F.R. Bank, Minneapolis
Davies
Walsh, Sen.
Federal Reserve Agents
Board appoints, forcnning year.
Dec. 8, 1932. 16.
See - Curtiss
See - Opening of banks.
135, 148, 149.
Federal Reserve Bank, Atlanta
109, 110.
See - Blck, Gov.
Federal Reserve Bank, Boston
Board ord(!rs, and other F.R. banks to rediscount for N.Y.
Mar. 7, 1933. 133.
See - Curtiss. 16.
Federal Reserve Bank, Chicago
Shaler, Appointed Deputy Governor of, owned with his family
a controlling interest in a manber bank at Storm Lake.
Board discussed whether a F.R. officer should own stodk in
a member bank.
Went over for a conference with Gov. McDougal.
Dec. 27, 1932. 29.
Board considered transactions of Deputy Gov. Jones, who
received U.S. bonds frau a Wisconsin bank for payment.
Instead, he exchanged the bonds for a new issue.

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Federal Reserve Bank of St. Louis

85.

Federal Reserve Bank, Chicago (Contld.)
The new issue rose in price and Jones sold them at a profit
of $35,000; he sent the par price of the original
bonds to the Wisdonsin bank, as if he had redeemed
them in cash, according to his instructions, and kept
the $35,000 for himself.
We also discovered that Gov. McDougal had bought and sold Govt.
bonds in ono day, - a wash sale, putting out no money
but making $1500 profitt
An Assistant to Under Sec. Ballantine made similar wash sales,
putting out no money, the transactions being handled by the
Continental Ill. Bank an Trust Co.
Bard sent Paulger to Chicago to investigate.
Feb. 9, 1933. 77.
Miller told Board that PauIgor's report was shocking.
Morrill said it had not been written out yet.
Tvidently, Mills and some of our Board had heard of it or had
seen it.
Mills said Gov. McDougal, Dep. Gov. McKay and others had subscribed
and had been put in classification giving them a larger
allotment than they mementitled to.
Mills asked. Board. to investigate this and also all other P.R. banks.
Morrill said Paulger had been ordered to investigate.
C.S.R. insisted that Boawd should enact a formal resolution for
an investigation. This was passed.
Feb. 24, 1933. 100, 101.
Directors pass resolutila that a national bank holiday was
virtually necessary.
Mar. 3, 1933. 120.
See - Stevens, F.R. Agent.
Federal Reserve Bank, Cleveland.
98, 99, 102, 150.
See - Federal Reserve Agent, Cleveland
DeCamp
Pandher, Gov.
Mills
Opening of banks
Williams.

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Federal Reserve Bank of St. Louis

86.

Federal Reserve Bank, Dallas
Telegraphed. our Board that their directors unanimously
Oppose the bill which later became act of Mar.24, 1933,
and wished to wire Congressman etc. in ag)ositian but
would do nothing unless our Board approved.
C.S.H. went home at 4:30 but was called bak to a meetipg
at 5:30 on James Insistence.
C.S.H. called up Miller who said he would stay away to break
a quorum, but C.S.H. persuLded him not to do this.
At the meeting James moved that our Board interpose no
objection.
Sec. Woodin, .iller and C.S.H. opposed this.
Finally, after long discussion, C.S.H. moved that While
tAire was no authority in Board to interfere with
individual expressions of opinion as to proposed
legislation, the Board, in .esponse to their direct
question,feels that the proposed action is not advisable.
C.S.H. brought this to Sec. Woodin who had left the meeting
and he asked to be recorded in its favor.
It was changed to "a majority“ as James said he would vote No.
Gov. Meyer first tavored James motion and even criticised
C.S.H. for having noted on the original telegram circulated
before the meeting. "The Federal reserve ba*.s should not
lobby."
He finally, however, accepted C.S.H.'s compromise.
Mar. 16,1933. 162, 163, 165.
Fethral Reserve Bank, Kansas City
P.R. Bank, Kansas City. 99.
Federal Reserve Bank, Minneapolis
72..
Federal Reserve Bank, Minneapolis
Gov. Meyer was indignant because when he sugc;ested Hanberg for
Federal Reserve Bank, Minneapolis, because Miller insisted
on looking into his qualifications.
Feb. 3, 1933. 72.
Sen. Walsh, Montana, called up C.S.H. and asked him to take no
action in filling Mitchell's place for the present.
C.S.H. said the Board must act very soon and could choose
a
man without consideration of politics.
Feb. 8, 1933. 74, 75.
See - Walsh, Sen.

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Federal Reserve Bank of St. Louis

Federal Reserve Bank, New York (Cont'd.)
C.6.H. and H.P.H. visit.
Dec. 12, 1932. 20.
Directors passed resolution calling for bank holiday.
Mar. 2, 1933.119 (2) 120
•

Board suspended deposit reserve requirementa for 30 days.
Mar. 3, 1933. 123.

•

Board ordered Boston, Chicago and Richmond to rediscount for
F.R. Bank, New York.
Mar. 7, 1933. 133.
Miller said the plan adopted of opening "sound banks" was the
plan of.
Mar. 8, 193). 136.
Sends Woodin a draft of gold order.
Mar. 23, 1933. 188, 193, 195.
See - Gold.
See -Burgess
Bank of England
Boreel, Sophie
Discount rates
Case
Foreign xchange Div.
Glass, Sec.
Harrison, Gov.
Meyer, Gov.
Mills, Ogden
Mitchell
Opening of banks
Rounds
Open Market Committee
Salary reductions
Federal Reserce Bank, Philadelphia
Ordered to rediscount for N.Y. Mar. 7, 1933. 133.
See - 119 (5), 140.
Federal Reserve Bank, Richmond
Ordered to rediscount for P.R. Bank, New York.
Mar. 7, 1932. 133.
•

See - Salary reduction. .
•

•

Federal Reserve Bank, San Francisco
See - Calkings, Gov.

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Federal Reserve Bank of St. Louis

88.

lederal reserve bank notes.
129, 135, 141, 143, 158, 160.
See - Act of Mar. 9, 1933.
Federal Reserve Branch, Baltimore. 99.
See - Mills, Sec.
yed,-..ral reserve banks
Roosevelt agreed to ask Congress to indemnify, for loss
incurred through opening of banks.
Mar. 8, 1933. 137.
Roosevelt writes Woodin arpreatng hope that, would not feel
obliged to take present liquidating value of bank assets
in deter-ining as to loans but would make a fair, liberal
estimate; that undoubtedly mistakes would be made; that
at the proper time he would ask Congress to indemnify the
P.R. banks for any loss incurred in making such a liberal
valuation of assets and that he was confident that
Congress would enact such legislation.
Mar. 11, 1933. 148, 149.
Board advises P.R. Bank of Dallas it should not actively oppose
bill which became Act of Mar.24, 1933.
Mar. 16, 1933. 162, 163, 165.
See- Act of Mar. 24, 1933.
Glass
Gold
Opening of banks
Reserves, Equalization of
Woodin, Sec.

•

Federal Reserve Board
See - Act of Mar. 9, 1933.
Act of Mar. 24, 1933.
Anglo-American bank
Bank of America
Berle
Clearing house certificates
Comptroller
DeGamp
Detroit banks
Discount rates
Dominati)n
rancher
Feleral Advisory Council

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Federal Reserve Bank of St. Louis

89.

Falderal Reserve Board (Contld.)
See - 7ederal Reserve Bank, Dallas
Federal Reserve Bank, N. Y.
Federal reserve banks
Glass
Glass-Steagall Act
Gold
Goldenweisar
Hamlin, 0. S.
Harrison, Gov.
Hitchcock
Hoover
James
Magee
Miller
Meyer, Gov.
Mills, Sec.
Mitchell
Opening of banks.
Roosevelt
Unification
Williams
Willis
Woodin, Sec.
Wyatt
etc. etc. etc.
Federal reserve cities. 153, 155.
See - Opening of banks
Federal reserve direct loans. 141.
See - Act of July 31, 1952.
Act of Mar. 9, 1933.
Act of Mar. 24, 1933.
Federal reserve interbank rediscounts
Board orders, Boston, Richmond and Chicago to rediscount
for F.R. Bark, N. Y.
Mar. 4, 1933. 123.
Fediral reserve notes. 94, 111.
Federal Reserve System. 15, 16.
Ferguson, Prof. 35, 36.
See - Auld Lang Syne
First National Bank, Boston.
Miller said the assets of, were not much better than
the Bank of America, San Francisco, but will come back
quicker.
Mar. 13, 1933. 154.
See -Emerson. Ballantinn. Winn.

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Federal Reserve Bank of St. Louis

90.

First National Bank, New York. 55.
See - Clayton Act
Fisher, Sally,
See - Nelson, Mrs.
Five affirmative votes
New Glass bill does away with necessity for.
Mar. 14, law. 157.

Flight

of capital
Gov. Meyer denied that there was any, from U.S.
Feb. 23, 1933. 95.

Flying trip voudhers. 72.
See - Meyer, Gov.
Food products, Perishable. 129
See - Mmerson
Ford, Henry
Had 50 millions deposited in one Detroit bank which, he
threatened to withdraw the next day-, as to 25 millions.
Feb. 13, 1933. 79.
Congress could not influence Ford.
Feb. 14, 1933. 81.
Foreign central bank balances
Gov. Harrison said, were only large enough for current business.
Feb. 21, 1933. 93.
Foreign exchange
Roosevelt asked F.R. Board if it advised continued restriction
on gollexports, hoarding, and foreign exchange transations.
Board replied yes and took up matter with P.R. Bank, N.Y.
which said it had regulations all ready.
Mar. 9, 1933. 142.
Foreign holders of our securities. 194
See - Gold
Freer 73
See - Meyer, Gov.

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Federal Reserve Bank of St. Louis

91.
-0-

Oade, Herman
Calls on U.S.
January 31, 1933. 70.
Gardner, Mr.
Board unwilling to Show
Cordell Hull report of,
on preliminary
economic conference.
January 26, 1933. 65.
Garner, Mrs.
Tea at Woman's National Dem
ocratic Club in honor of.
Jan. 28, 1933. 68.
Garfield, Mollie
Sea,- Stanley-Brown
Gavit, Mrs. 30
See - Hamlin, Anna
Genealogy. 55.
See - Boreel, Sophie
General 3lectric Co. 7, 8.
See - Young, Owen D.
Gentlemen's agreement.
41 (3)
See - Governors Conferenc
e
Germany
Gov. Harrison points out
effect of inflation in.
Web, 21, 1933. 94.
Gilbert, Mr.
0.S.H. meets, author of
the Merry-r,o-Round, at din
ner with
Robert Lincoln O'Brien.
Dec. 2, 1932. 2, 5.
Gilbert, S. Parker
Miller favored, as Und
er Secretary of Treasury
if Glass
becomes Secretary.
Web. 15, 1933. 85
Girardeau, Janet
We call on. Dec. 4,
1932. 8.
Dines with us.
Dec. 8, 1932. 19.
Writes that she can not
take tea with us today as
she has
to stay in store.
Dec. 24, 193;:. 28.

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Federal Reserve Bank of St. Louis

92.

Girardeau, Janet (Contid.)
Sends us a letter Showing us her rela
tionship to C.S.H.
Dec. 28, 1932. 30.
Calls on us.

Dec. 31, 1932. 37.

Mrs. Harvey writes that, can get no
work and is almost desperate;
that her mother told her not to coma
home as there was nothing
there for her to do.
Mrs. Harvey said Janet did not dare
to go to N.Y. to her Aunt
for fear she might lose some oppo
rtunity here.
0.6.H. said he would try his best
to find some place for her,
but he knew of nothing at present.
Mrs. Harvey said she was taking her
tomorrow to a Mr. Wilson at
his request; that she would let
C.S.H.know the result.
Jan. 3, 1933, 38, 39.
C.S.H. calls up, who said she was
to go to her school in Washington
and the Principal thought she coul
d get some work for her.
Jan. 6, 1933. 42.
Prank Bright to Whom C.S.H. gave a
letter of introduction to, called
and appointed Monday for an
interview at 4 p.m. and said he would
give her some letters which migh
t help her.
H.P.H. spoke to Mr. Roper and wrot
e Admiral Grayson asking for some
position for Janet under inaugura
l committee.
C.S.H. wrote Janet as to Mr. Brig
ht.
Jan. 6, 1933. 43.
Writes C.S.H.that Mr. Bright got
her a chance to work one hour a day
for a week, but that she did not
take it as she now had other
temoorary stenographic work.
Jan. 13, 1933. 53.
°ails up C.S.H. and said she had
a temporary job, and was to
take a test at Agricultural Depa
rtment tomorrow and would let C.S.
H.
know if successful.
Peb. 1, 1933. 71, 72.

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Federal Reserve Bank of St. Louis

93.

Glass, Sen. Glass bill
Willis asked C.S.H. if Board had ap)mved Burgess and
Goldenweiserto report on Glass bill.
C.S.H. said Board in report to Sub-Committee of Senate
approved in part and rejected in part.
Nov. 28, 1932. 2.
Willie said he had finished his work as expert for Sen. Commi
ttee.
Feb. 1, 1933. 2.
Willis said the Liquidating Corporation provided by Glass
bill
would restore confidence, andthat, if enacted, the
Government could safely guarantee deposits for, say 3 years
but the danger was it might then be indefinitely extended.
Feb. 1, 1933. 3.
C.S.H. reserved right to write Glass commenting on Wyatt
's
o)inion as to unification of bankin.q..
C.S.H. said he would withhold an expression of opinion
until
he saw Glass.
Dec. 6, 1932. 14, 15.
Miller said if Magee were appointed Glass would surel
y ask
oux advice.
If Glass should not C.S.H. said he would go to him.
Dec. 6, 1932. 18.
Mills said he would, in his annual report, recanmend
a joint
committee to consider all pending banking amendments,
evidently desiring to shelve the Glass bill.
Dec. 9, 1932. 20.
C.S.H. and H.P.H. call on Sen. and Mrs. Glass.
C.S.H. explained Magee appointment.
Glass said it was clearly an emergency; that a Senate
Conmittee had been appointed to pass on alleged anerg
encies;
he thought, that it consisted of:
Glass, Barkely and Buikley; that he would take matte
rs up
tomorrow morning and had no doubt the Committee would
accept his conclusion.
Glass said he would be glad to haws Gov. Ueyer wrote
him
officially as to that.

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Federal Reserve Bank of St. Louis

94.

Glass, Senator (Cont'd.)
C.S.H. said he would leave it to Glass Whether or not to
communicate with Roosevelt.
C.S.H. left with Glass a memorandum he had prepared as
to.Magee.
Glass said he would take care of the matter.
Glass argued it would be incongruous to have Roose
velt appoint
6 members of Board in his first term.
Jan. 9, 1933. 47, 48.
Glass intimated that we might have a Government guara
nty of
deposits, perhaps through the Liquidating Corpo
ration.
He said it certainly would be one way of unifying the
banking systamt
Jan. 9, 1933. 48.
Gov. Meyer said he had a very satisfactory interview
with
Glass about Magee.
Jan. 10, 1933. 49.
Board authorized C.S.H. to take up with Glas the
question of
Mageels appointment, whose term expired last night
, and
to ask if a letter from Board would be of help to
him.
Glass replied, through his secretary, that it
would be helpful
but should be done immediately.
Jan. 25, 1933. 63, 64.
Glass bank bill passes Senate 54 to 9.
Jan. 25, 19133. 64.
Mrs. Carey calls up C.S.H. and said Glass had
told Sen.
Carey that Magee would be confirmed.
Jan. 26, 1933. 66.
C.S.H. called up Glass.
He said Magee had no chance; that he
had talked with Sen. Robinson
and others but that they would not yield
; that if he insisted
an a vote it would be useless and might preju
dice Magee when
Roosevelt took office.
C.S.H. asked Glass if he thought Roosevelt would
himself send
in Mageels name and he said "Yes, of
course."
He said if C.S.H. insisted he would
force a vote but that it
would be against his judgment.
If Glass becomes Secretary
of Treasury, C.S.H. feels certain he
will ask Roosevelt to appoint
Magee.
Jan. 28, 1933. 67, 68.

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Federal Reserve Bank of St. Louis

Glass, Senator (Contod.)

•

C.S.R. tells Magee Of his talk with Glass.
Jan. 30, 1933. 69
See - Magee
Miller said Glass should ask Parker Gilbert or Leffingwell
to be Under Secretary of Treasury.
Feb. 15, 1933. 85.
Glass asks Await to draw a bill authorizing issue of
preferred stock by national banks, with priority as to
dividends, etc. and without double liability.
Feb. 20, 1933. 88.
Miller says he has heard that Glass has definitely declined to
be Secretary of Treasury.
Feb. 20, 1933. 88.
Miller said Woodin was of insignificant presence and could not
be considered up to level of Glass.
Feb. 20, 1933. 89.
The Couzens bill, with same slight changes made by Board was
reported yesterday, Glass voting No.
Feb. 21, 1933. 92.
Miller said he had heard from several sources that Glass's
interview with Roosevelt, as to Secretary of Treasury,
had not been satisfactory to Glass.
What can this mean?

•

It looks dubious.
Feb. 28, 1933. 109.

Glass in his book bitterly criticises Sen. Hitchcock for his
conduct as to P.R. Act. He said he favored only 4 banks
and that all the Republicans followed him.
Mar. 1, 1933. 115.
Denies that Treasury has constitutional power to close state
nonodimember banks and insisted on striking this out of the
bill, although the President's proclamation included it.
Mar. 9, 1933. 142.
Gov. Meyer, Wyatt, and Morrill it Glass and Steagall in confere
nce
yesterday.
Glass denied power in President to forbid state non-meMber
banks
to close or open on condition, but he did not object
to
President's proclamation which applied to such
banks.
Liar, 9, 1933. 145.

96.

Glass, Senator (Contid.)
Glass and Steagall felt that the responsibility for certifying
as to soundness of state non-member banks, should rest upon
state banking authorities.
Mar. 9, 1933. 145
Gov. Meyer agrees to take up with Glass the question of reduction
of Board and its employees salaries.
Mar. 12, 1933. 152.
Glass did not know tEvit the new banking law (March) did away
with necessity of 5 affirmative vote.
Mar. 14, 1933. 157.
Miller suggested writing Glass that Board is opposed to Senate
bill
(later the Act of Mar. 24, 1933) at the same time sucesting
changes to remove some of the difficulties, an Glass's
assumption that the bill will surely pass.
Mar. 14, 1933. 157.
At 12 o'clock midnight, Gov. Meyer, James and C.S.H. being present,
we voted to send the letter to Mass with the suggestions
before referred to.
Wyatt said the suggestions referred to in the Glass letter were
the Changes agreed to on principle by Glass and Roosevelt
at the Conference:
1. Examination of applying banks.
2. Making such paper eligible collateral for P.R. bank
notes.
Mar. 14, 1933. 158.
Wyatt said Glass stood up squarely in opposing the bill
before
Roosevelt and told him the Government had never contributed
*
dollar to the F.R. System, which surprised Roosevelt
greatly.
Mar. 14, 1933. 158.
This a.m. Gov. Meyer came in to give Glass the Board's
letter
and memorandum of suggestions.
Mar. 15, 1933. 159.
Wyatt said he, Floyd Harrison and Morrill took
breakfast this a.m.
with Gov. Meyer and Changed the substance of one letter
to
Glass voted on last night, omitting the memorandum of
suggestions and merely sending the text of the letter
unqualifiedly censuring the bill.

Ckl

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Federal Reserve Bank of St. Louis

97.

Glass, Senator (Contld.)
Wyatt said the Board did not agree last night to send the
suggestions, but C.S.H. is confident it did.
Mar. 15, 1933. 159.
Morrill said Roosevelt at the conference told Glass the
bill
must be put through with the suggestions agreed to by him
as to examinations and P.R. bank note collateral.
Mar. 15, 1933. 160.
Board's letter to Glass was read and it was finally decid
ed to
send a copy in confidence to each P.R. btu*:
Mar. 15, 1933. 161.
See - Act April 24, 1933.
Woodin told Board that Glass andRoosevelt had accepted
the
changes in the Senate bill.
Mar. 15, 1933. 164.
•

Sec. Woodin learned for first time of the letter to
Glass fran
the appointive members.
Gov. Meyer said it was sent in response to Glass's
request.
Mar. 15, 1933. 164.
WOodin was also displeased at action of Board in sendi
ng a coy
of Glass letter to P.R. banks.
Mar. 15, 1933. 163.

•

C.S.H. in voting to send the letter to Glass was told
that Glass
was or-opposing the suggestions made at the White House
conference.
(See supra, p. 158 diary)
Mar. 15, 1933. 165.
See- Woodin
In letter to Glass the Board said that the bill
was dangerous
even with the changes suggested at the conference
, but
not approved until yesterday.
Mar. 15, 1933. 166.
C.,3.H. feels members had a right to accede
to Glass request but
feels it would have been better to have waite
d until
Sec. Woodin could have known of it.
Mar. 15, 1933. 16.
C.S.H. also feels it was proper to send
the copies of the Glass
letter inconfidence to F.A. Bank. So far from
it encouraging

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Federal Reserve Bank of St. Louis

Glass, Senator (Contld.)
the P.R. banks to protest, C.S.H. believes it had the
opposite effect in that as they thus knew of the Board's
opposition it would teriito head off any organized protest.
Mar. 15, 1933. 166, 167. •
A dramatic situatiora
The appointive members oppose a bill ultimately agreed to by
Glass and Rooseveltl
Mar. 15, 1933. 167.
See — Act Mar. 24, 1933.
Woodin read the bill as agreed to by Glass and Roosevelt and
asked Board to help by approving it.
Mar. 17, 1933. 168.
See — March 24, 1933.
Board finally, on C.S.H.'s motion, amended by James approved
it.
Mar. 17, 1933.169.
C.S.H. tells Curtiss the bill was approved by Glass and
Roosevelt.
Mar. 17, 1933. 169.
Morrill said Glass, this a.m., was very sore towards
Roosevelt;
that he said he Galled up Roosevelt nd said if he was
depending on Huey Long for banking advice he would get no
further assistance from his Camaittee; that he was also
angry with Woodin for not getting the Board's specif
ic
approval of new measures; that, in future, he would declin
e
any new measure unless specifically approved by the
Board.
Mar. 17, 1933. 169, 170.
Morrill said Glass was working on his banking bill and had
asked Wyatt and himself to see if it was in correct form,
which they did last night; that Wyatt gave him a
draft
exam)ting the Board and staff from salary cuts and
providing
the P.R. assessments should not be considered as Public
Money; that Glass said this was what he wanted and he would
put it through.
Mar. 17, 1933. 170.
Woodin said Roosevelt was very =eh disturbed
.t ction of
appointive members in writing Glass.
Mar. 18, 1933. 170,171.
See — Woodin.

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Federal Reserve Bank of St. Louis

Glass, Senator (Contid.)
Miller and C.S.H. agreed that C.S.H. should write Glass
suczesting that the Board Should be called the "Board
of Governors", but later they decided not to send it,
at least without consulting.Woadin.
Mar. 18, 1933. 174.
Miller thought it better not to write Roosevelt
directly
as to Magee, as Roosevelt is displeased with Board
because of the Glass letter.
Mar. 18, 1933. 174.
Analysis of Woodin's objections to sending Glass lette
r and
also sending copies to F.R. banks.
Mar. 18, 1933. 172, 173, 174.
See - Woodin
Glass-Steagall bill.
See - Act of Feb. 27, 1932.
Gold
Gov. Harrison said the devaluation of the gold dolla
r would
not increase domestic prices but hlight set up a compe
titive
movement which would depress foreign prices to meet
the
reduced exchange value of our dollar, which would
gradually depress prices all over the world, inclu
ding
the U.S.
Gov. Harrison said the issue of irredeemable green
backs for
current expenses might produce inflation and throw
us off the gold standard, thus ruining the Gover
nment
credit.
Miller believed the issue of greenb3cks would
probe:W.3r not
increase prices.
C.S.H. believed in long run price:.; would increase,
but that
at first there would be a radical deflation
caused by
the disappearance of gold from circulation
through
hoa ding and exports.
lob. 22, 1933. 93, 94.
Miller said that even if we temporarily refus
ed to redeem
P.R. notes in gold it would not be going off
gold
satndard as a premanent policy.
Mar. 1, 1933. 111.

Gold
4

Contld.)
Mills asked if Govt. should refuse to redeem its bonds and
pay its interest charges in gold.
Miller said this could be done temporarily without leaving .
the gold standard permanently.
Mar. 1, 1933. 111.
Gov. Meyer said that Miller, many monthBwo, predicted we were
we were going off the gold stcndard, and yet attacked Hoover
for intimating this in his Des Moires speech.
Mar. 1, 1933.112.
Woodins s committee believed withdrawal of postal funds, other
than gold should be permitted under a bank holiday.
Mar. 1, 1933. 126.
A discussion followed as to whether Treasury should construe
gold redemption in Washington unier bank holiday forbidding
paying out gold.
Generally felt Treasury should not pay out gold.
Mar. 1,.1933. 126.
Woodin said President would sign proclamation at 12:15 so as to
have it done on Monday and not on Sunday.
Mar. 5, 1933. 127.
Hoover told Mills he was willing to issue a gold embargo but that
Goldenweiser and Smead objected as it would put us off gold
standard.
Mar. 8, 1933. 138.
Confidential print of new bill (Act of Mar. 9, 1933) authorizes
P.R. Board to call on member banks to turn over all gold and
gold certificates held by them.
Mar. 9, 1933. 141.
Roosevelt asked. Board if it advised continued restrictions
an
hoarding, gold exports and foreign exchange transactions.
Board replied Yes and took up matter of a foreign exchang
e
division in New York - which said it was fully prepared.
All is chaos - regulations being drawn, etc.
Mar. 8, 1933. 141, 142.
Woodin submitted to Board pnposed regulations:
1. An order forbidding hoarding of gold, prescri
bing
a penalty of 50114 of amount hoarded.

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Federal Reserve Bank of St. Louis

Gold (Contld.)
2. Procedure outlined for getting licenses to wpor
t gold.
Miller o3oosed as he said they would put us off
gold standard.
C.S.H. and James said the patriotic men and the
timid men •
had turned in their gold under the assumjion that
the Pre_identis
original proclamation ordered a return of hoar
ded money While
the big men were advised by Counsel that no such
demand had been
la del that this misapprehension was a discriminati
on against the
small and patriotic man.
Miller. construed the proposed order as an atte
mpt to corral
all the gold in the country, which would put
us off the gold
standard.
C.S.H. said we were off, at least temporar
ily.
Mr. Bundy, of the Treasury, came before the Boar
d to explain the
regulations. He said if a new proclamation
were not issued
against hoarding it would injure our corporat
ions which
had gold obligations payable an Apgil
1.
He said if the new proclamation were issued with
out any exceptions
the courts woull probably rule that the corp
orations would
be excused from
C.S.H. agreed to this as the U.S. is not forb
idden, as are the
states, to 4m155ge the obligation of contract
s.
C.S.H. said the Treasury should provide that
corporations bound
to pay in gold should be allowed to do so
if gold were
demanded, but that the obligee receiving the
gold would then
have to return it under the anti-hoarding
proclamation under
payment of a heavy penalty.
C.S.H. said that whatever was done as to
domestic gold payments,
the Government should allow gold exports
to pay foreigners
holding Government obligations or private
contract obligations.
Bundy thought we could not thus discrimi
nate against our own
citizens in favor of foreigners.
Miller agreed with C.S.H.
C.S.H. said we should peg our dollar
abroad :A any cost.
Miller agreed with C.S.H.
Goldenweiser thought we dhould corr
al all gold as to domestic
transactions, but allow gold exports freely,
under license, to

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Federal Reserve Bank of St. Louis

102.

Gold (Contid.)
carry out legitimate transactions, not speculative, and
that we should adopt a gold bullion standard.
Most of our staff seamea to agree.
Gov. Meyer said that many will think that stabilizing the dollar
abroad would result in keeping prices down in U.S.
The Treasury has not asked the opinion of the Board on this important
question, but the Board felt it should be ready to give an
opinion if and when asked.
Would the Treasury think of a decision involving the going off of
the gold standard without consulting the P.R. Boartt
C.S.H. fervently hopes not'
The Board memlers seemed to feel that ultimately all gold sh4uld
be coralled, but that there was no special reason for haste.
C.S.H. and James felt it should be done in the very near future.
Gov. Meyer said the Treasury was considering a note issue for 5 years
at 4), not fixed in amount, with provision that all small bids
would be accepted and that this would draw out huge sums of
hoarded gold.
Gov. Meyer and Miller thought we should seek expert advice.
Gov. Meyer said Stuart could not come down.
They asked C.S.H. to call up Prof. Talssig but C.S.H. felt Woodin
should be consulted before doing this.
Mar. 20, 1933. 180, 181, 182, 183,
Board met with Woodin.
He asked Board to advise him and prepare regulations
forbidding
hoarding of gold, in order to reach hoarders whose counsel had
advised them that no anti-hoarding order had yet been
issued.
Miller at first opposed on ground that it would corral all
the gold
in the country and put us in effect off the gold standar
d.
C.S.H. said that failure now to issue an anti-hoalling order
would
be a favor granted to large hoarders at the experwe of the
small, timid men, and that the big men would say to the small
men, - April fooll
Woodin and James agreed with C.S.H.
Board then adjourned till afternoon. Mar. 21, 1933.
185.

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Federal Reserve Bank of St. Louis

1054

Gold (Conted.)
At lunch C.S.H. prepared a short
statement of points which sho
uld
be in the new order:
(a) Issue new order at onc
e forbidding hoarding.
(b) Licenses to be issued to
obtain gold ftum P.R. banks for
meeting any gold obli Ation
maturing within 3 months,
whenever gold is demanded by
obligee, Whether such
obligee is at home or abroad
.
(c) Point out that any citize
n, or foreigner residing in
U.S.
demanding and receiving gol
d, is subject to the
Proclamation requiring its
immediate return.
(d) State that this order
is temporary only, and that
the
Treasury hopes shortly to
remove all restrictions on
gold.
C.S.H. read this to Board. as
a basis for discussion.
James at once favored it.
Miller at first was in some
doubt.
Gov. Meyer carefully said
nothing.
After long discussion the Boa
rd agreed to accept this dra
ft,
slightly amended, fixing the
time of beginning of hoarding
at June 30, 1931, so as
to keep the order strictly as
a
hoarding order and not a gen
eral order corraling all gol
d.
The Board met in evening whe
n Wyatt presented a draft
of above based
on Trading with the Enemy
Act, and also a draft of int
erview
for Woodin to publish.
The interview at the end
contained the statement tha
t the result of
the order would be to fix
us on the gold standard and
prevent
instability of our currency.
e

C.S.H. agreed to this on
principle but said it would
be foolish to
make this specific statem
ent as the rest of the statem
ent
spoke for itself.
The Boxrd agreed with
C.S.H. and struck out this
specific stateuenf.
Lax. 21, 1933. 185, 186,
187.

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Federal Reserve Bank of St. Louis

104.

Gold (Cont'd.)
The Board met in a.m., and explai
ned to Woodin the draft
of Order based on 0.S.H.ts
draft.
Woodin said it was admirable and
that he thoroughly approved
of it, and that he would at
once take it up with Bootev
elt.
Mar. 22, 1933. 187.
Miller offered another draft pos
tponing for the present the
issuing of the order.
Woodin, James and C.S.H. vigoro
usly opposed Millerts draft
and Board declined to change
its vote approving C.Sai.ls
draft.
Uar.22, 1933. 187.
C.S.H. asked James Why Miller
was opposed to immediate iss
ue
of the Order.

James said he had "reason to
know" and that "ha had that
marls
number's'
While he did not specifica
lly say so there was no doubt
but
that he believed that Miller
, or same of his relatives
or friends
were hoarding gold.
Mar. 22,4933. 188.
Under Secretary Ballantine and
Morrill object to the date,
'June 30, 1931, and thought
no date for beginning of hoa
rding
should be fixed.
Morrill said it would 'still
be an anti-hoarding order eve
n though
no date should be fixed.
Morrill s_id Woodin had sen
t a copy to F.R. Bank of NY.
for its
comment.
G.S.H. fears the Federal Res
erve
by the big hoarders, and wilBank, N.Y. will be influenced
l violently op )ose the
proposed order'
Mar. 23, 1933. 188.
Board met.

Woodin was present,,also Uni
er Secretary Ballantine.
Ballantine strongly approv
ed the Order but suggested
striking
out the date June 30, 193
1.
He said if we did not
issue the Order, we ought
to return all
gold hitherto voluntarily
given up.
C.S.H. said the peonle
construed the first
order as a call for
return of all hoarde
d money; that the
Treasury allowed
them

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Federal Reserve Bank of St. Louis

to turn in their gold; that str
ictly speaking, the Treasury
should have told them there
was no compulsion or even a
request
to turn in hoarded gold, if he
did not intend to get after
the
big hoarders by another Order;
that the Treasury is now mor
ally
bound to issue this Order or
par back the gold voluntari
ly paid in.
Ballantine agreed to this.
Ballantine said that turned
in 1 million dollars before
the date
June 30 ,1931 — tentatively
put in the proposed draft and
that if
we kept this date in we sho
uld have to return this amo
unt to him.
Miller favored putting in
Peb. 1 as the date a quo, cla
iming that if
no date were fixed the ord
er would amount to corrallin
g all
gold putting an end to the gol
d standard.
C.S.H. said he believed tha
t ultimately all gold should
be corralled
and not used in circulati
on but he did not want to vot
e on
such a vital question in
the midst of this crisis Whe
n we could
. scarcely think clearly.
C.S.H. said he would not obj
ect to striking out the dat
e provided
this would not turn the Ord
er from an anti.hoarding to
a corralltig
order.
Morrill insisted it would
still remain a hoarding ord
er.
Mar. 23, 1933. 189, 190.
Board again considered pro
posed Order in afternoon.
Sec. Woodin and Ballantin
e present.
Ballantine praised the exp
ression "Channels of trade"
used in
the definition of hoarding
in the drel.
This expression was agreed
on two nights ago and was
invented
by C.S.H.
Board agreed to drop out
the date a quo.
C.S.H. said it clearly wou
ld still be an anti—how:din
g Order, as
each person was allowed
to retain $100 in gold.
Agreed to strike out "In
continental U.S." in Sectio
n 1.
Agreed to strike out "go
ld certificates" in Sectio
n 2 (d) as
unnecessary.
agreed to rephrase sli
ghtly Sec. 2 (e)
Mar. 23, 1933. 192.

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Federal Reserve Bank of St. Louis

106.

Gold (Contld.)
Burgess, of P.R. Bank, T. wanted to strike out the inclusion of
gold bullion, as there was less than 15 billions in U.S., stating
frankly that he wanted this as a first step towards a gold
bullion standard.
Gov. Meyer said that to strike out these words would at once put
us on the gold bullion standard.
C.S.H. said that if we struck oUtthese words every hoarder of gold
coin could at once malt it into bullion.
The whole Board opposed striking out these words.
Mar. 23, 1933. 192, 193.
Burgess said P.R. Bank of N.Y. was preparing a draft through Agnew,
assisted by John W. Davisis firm; that this draft would
prohibit payment of gold on a gold obligation, thus releasing
the Obligor by the act of the Government.
Burgess said his bank had studied C.S.H.Is draft; that it was
perfectly workable but that they preferred their method.
Later, Burgessisid some of their advisers preferred C.S.H.Is draft.
Ballantine at first took the position that we should not allow
foreigners to take gold while refusing it to our own people.
All of the Board opposed Ballantine, on ground that international
trade would be disrupted if gold were not allowed to move
freely in settlement of International trade balances.
Board took position that we had an ample supply of currency for all
domestic purposes.
The Board all pointed out that every foreigner receiving gold
under the pronosed order was merely getting back the gold he had
originally, in effect, given to us.
Board voted to have prepared a draft containing above modifications.
Mar. 23, 1933. 193, 194.
In the afternoon, Burgess again came before Board.
He suggested 84011 minor charges which, however, he said could
probably be covered by administrative rulings.
He still pleaded for the gold bullion standard.

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Federal Reserve Bank of St. Louis

Gold (Contld.)
All the Board were unwi
lling to establish, ev
en temporarily,
the gold bullion stan
dard at the present
time.
Burgess said Gov. Harr
ison had sent a lett
er to Woodin, whieh
would reach him tomo
rrow, containing the
sugge:tions he
had briefly touched
upon.
In reply to C.6.H., Burg
ess said that the Lett
er favored refusing
gold In payment of go
ld obligations.
This made it evident
that the N.Y. plan di
ffered radically from
C.S.H.Is plan which
the Board had formally
adopted.
During the discussion
Gov. Meyer left to at
tend his class dinner
at Yale.
Dr. Miller also left an
d did not return.
The Board adjourned aw
aiting receipt of Go
v. Harrison's lette:.
' Mar. 24, 1933. 19
5, 196.
After the meeting, Mo
rrill and Wyatt said ther
ewas nothing in
the N. Y. plan calling
for any change in Boar
d's draft,
as the Board had de
finitely turned down
the gold bullion
standara, and also th
e N. Y. plan for refusi
ng gold in payment
of gold obligations.
Mar. -24, 1933. 196.
Some days ago, Gov. Me
yer said that Gov. Harr
ison had told
him that he was shocke
d at Hoover's reference
to the gold
standard in his Des Mo
ines speech; that he —
Gov. Harrison
had talked with Mills
over the telephone who
said he knew
absolutely nothing abou
t it.
Mar. 24, 1933. 197.
Goldenweiser
C.S.H. suggests a cred
it to Great Britain of
amount owed us by her;
for interest on her de
bt, to be expended in
buying bills
covering export and im
port trade with us.
Goldenweiser replied
that unless the bills
were sterling bills
the plan would give li
ttle relief to Great Br
itain.
Dec. 2, 1932. 5.
Miller said that to
have Baruch, Gov Meye
r, Paulger and, in
key positions in Trea
sury would be unthinka
ble.
Feb. 3, 1933. 6, 7.

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Federal Reserve Bank of St. Louis

108.

Goldenweiser (Contld.)
Strongly opposes Mills plan of opening only the few banks in
absolutely sound condition,
.perhaps 2500 in all, - because
it would cause such a deflation of deposits.
Mar. 6, 1933. 129.
See - Mills
Miller said Hoover called up Mills and expressed a willingness
to place an eMbargo on gold, but that Goldenweiser and Smead
opposed this as it would be equivalent to leaving the gold
standard.
liar. 8, 1933. 138.
Said we should corral all gold in domestic transactions butallow
exports freely under license, to care for legitimate international
trade, and that for the country we should adopt a gold bullion
standard.
Mar. 20, 1933. 182.
See - Willis, H. P.
Gordon-Canming, Mrs.
We dined with.

Dec. 24, 1932. 28.

Government credit. 94.
See - Harrison, Gov.
Goveimment deposits
Mills asked Board to permit Gov. Harrison to buy 100 millions of
Government securities, as the Treasury had to take down
Government deposits for that amount, at which 75 millions would
go to distant banks.
Feb. 27, 1933. 104.
Government guaranty of deposits
See- Guaranty of deposits.

orto--,.;a1

-41t.to
'T'lfti 4011.0.za-.60110

Government securities
Gov. Meyer said Mills had charged that the Board's d(.cision to
let some, run off had injured the bond market making a
sale of 10 year issues impossible. He indignantly denied
this.
Jan. 26, 1933. 64.
See - Meyer, Gov.
Mills said the running off of Governments without replacement was
taken lqy the Press to mean a change of policy.
Jan. 26, 1933. 65.
Mills said P.R. banks Should buy locally bonds offered for sale.
Miller said they would probably buy then under repurchase agreements.

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Federal Reserve Bank of St. Louis

109.

Government securities (Contid.)
C.S.H. said a repurchase agm
enent was not necessary and
that
7.R. banks should not hes
itate to assume the risk of
buying
Govt. bonds.
All greed it might be well to
have such ourdhases made.
Feb. 24, 1933. 99.
Mills asked Board to author
ize N.Y. to buy 100 millions
as he
had to drain down Govt.
deposits by that amount,
of which 75
millions would go to dis
tant banks.
74
,b. 27, 1933. 104.
See - Governors Conference
Open market operations
Treasury
Governors, Board
C.S.H. prepares let.ver to
Glass favoring cal ling the
Board the
Board of Governors, but did
not send it fearing
Sec. Woodin would be ang
ry at not beim: first con
sulted.
Mar. 8, 1933. 139.
Governors Conference
Wed. Jan. 4 1933:
The Governors met with the
Board as an Open Market
Committee this =riling.
Governor Meyer stated ver
y briefly
that the position of the
Board as to its open mar
ket policy
which should be taken tod
ay, was one of the most
imv)ortant
in the history of the sys
tem. He rather inclined
to the view
that we should continue
our open market noliw wit
hout change,
for if we changed, the
public would be likely to
take alarm,
and also the banks mig
ht become frightened and
try
to dispose
of their Government
securities. He also spoke
of the danger
of inflation from bil
ls introduced in the pre
sent Congress.
He also stated that the
result of the election had
not been such as to ins
pire confidence in the
country.
Secretary Mals then add
ressed the meeting, statin
that it made practical
g
ly no difference to the Tre
asury
Whether the System adhere
d to or ch6:12ed its presen
t open
market policy; that of
course he Government was
getting money
at too low a rate, and
begged the Governors not
to consider
the interests of the Tre
asury - Whatever they mig
ht be - in

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Federal Reserve Bank of St. Louis

110.

Governors Conference (Contld.)
any conclusion they reached. He said, however, that if
the Board were to Change this ,)olicy today, it would
undoubtedly give impetus to a great many inflationary
bills now pending. He said that the demand for inflation
was never as great in the country's history as it is today,
and any Change in the attitude of the System would simay
increase the agitation for cheap money. He said that
further issues of cheap money, so—called, ;-,fter being first
paid out to individuals, would drift into the banks, and
then into their reserve account with the Federal reserve
banks, merely increasing the present excess reserves. He
characterized the pending bill for agricultural relief as
an absolutely insane proposition.

•

obc.ls aft7o 01 0J
'te trap fay( e.
eH .nr
,
norte

1:111dLArt .11.64/^;
onod Maim
'weimmm

Governor Harrison then addressed the meetizgand
gave a very fair statement of reasons why the policy Should
be continued, and at the same time, the principal arguments
existing for a change in the policy. He said that today
the 600 millions of excess reserves were concentrated in
New York and Chicago, and that if this should increase very
much, the chance would be that the banks _would cease to pay
any interest on deposits, which would undoubtedly increase
hoarding.
He stated, on the other hand, that if the banks,
especially the Nev York and Chicago banks, were to discontinue
paying interest on bank balances only,that this would tend to
scatter the excess reserves now deposited in New York and
Chicago throughout the country, and would bring a pressure
for using them which did not now obtain. While he said he
had an open mind, I an inclined to think that he favors no
change in present policies.
Governors McDougal, Seay aria. Calkins seemed to favor
a change, as also Governor Young.

•

The meeting adjourned al o'clock, the Governors to
go into executive sessim in the afternoon, to be ended by
mother meeting of the Board.

J1.•
'Pt I

41•11=11•••••

1,1,14.4

•••

,bete
.4,1121

1-111VP4A40

1111C

In the afternoon, the Governors continued their
conference, and finally Governor Harrison brought in a
resolution which provided for the sale of 125 millions of
short term Government bills during the month of
but expressed the crAnion that the total excess January,
reserves
Should not be allowed to 11 beyond 500
millions.

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Governors Conference (Contid.)
Governor Harrison stated
that his former statement that
it would be a good thing to scatte
r the excess reserves by
1)utting an end to interest on
bank balances was unanimously
opposed by the Governors, as
they thought the only effect wot
ld
be that each bank would have to
lower interest still further
on deposits, thus encouraging
hoarding.
The Board objected to mentionin
g the figures 125 millions
and 500 millions, and also to
some other parts of the propos
ed
resolution. The Board then
adjourned until Thursday.

2hursday._ Jan. 5. 1933:
The Board met. Governor Harris
on brought in another
resolution Which, after som
e discussion and some amendm
ents,
was agreed to by the Board.
The Board then met in confer
ence with the Governors,
and the final resolution was
adopted, no mention being mad
e
of the specific amount of
securities to be sold, or of the
s)ecific amount at present
of excess reserves.
There was a gentlemen's agreem
ent, however, covering
four points:

1. That the Executive Com
mittee is authorized
to allow the maturity withou
t replacement or to sell
up to $125,000,000 of sec
urities from System account
in order to offset an equ
al ampunt of return flow of
currency, provided such act
ion does not reduce excess
reserves below $500,000,
000;
2. That the computation
to determine whether
there has been a return flo
w of currency to the amount
of $125,000,000 will be mad
e from the high point of
the Christmas holiday cir
culation;
3. That the present level
of excess reserves means
approximately $500,000,000
;

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Go ernors Conference (Contld.)
4. 711,t if, after selling, anythi
ng should happen
to reduce excess reserves below $50
0,000,000, the
executive Comraittee is authorize
d to purchase securities
but will not increase the System
account above the amount
now held, without another meeting
of the Conference.
The question then came up of som
e public announcement, and
after much discussion Governor Mey
er appointed Dr. Miller, Gov
ernor
Harrison, O.S.H. and Governor
Norris to retire and prepare a
statement.
A statement was finally prepared
based on one offered by
Dr. Miller, but with many change
s. O.S.H. thought it was too
long and too much like an essay,
and he suggested the following
as a substitute:
"It was determined that no change
should be made
in the general policy of mainta
ining excess .eserves at
least equal to the present
volume. Minor readjustments
in connection with currency and
gold movements and other
conditions which might develo
p, shall be made as
conditions dyvelop, in the man
ner and the times consistent
with this general policy."
C.S.H. however, finally accepted
the longer resolution which
was then reported to the con
ference, and unanimously adopted.
The vote of the Governors for
the resolution was unanimous,
but three Governors stated cer
tain qualifications; namely,
that
they felt that more than 125
millions should te sold at onc
e,
and that 500 millions was too
large a figure for permanent
excess
reserves. These Governors wer
e McDougal, .oung, and Seay.
The meeting then adjourned.
MO

Governor Harrison said a maj
ority of the Governors in their
hearts
favored a complete reversal
of our Open Market policy by
letting Government securitie
s run off permanently withou
t
replacement.
Jan. 20, 1933. 61.

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Federal Reserve Bank of St. Louis

Graaf, Mr. and Mrs.
We called on.
Feb. 3, 1933. 72.
Graham, Judge and Mrs.
We (Lined at Charles Warren
's to meet.
Dec. 17, 1932. 25.
Grant, Catherine
Writes C.S.H. adknowledgin
g his telegram on her 43rd
birthday.
Dec. 5, 1932. 12.
C.S.H. writes.

Dec. 20,1932. 27.

Sends C.S.H. as a Christmas
present the life of Mozart
and
to H.P.H. a history of New
Amsterdap.
Dec. 25, 1932. 34.
C.S.H. writes thanking her
for the presen4-.
Jan. 6, 1933. 42.
J.S... writes to.
Jan. 25; 1933. 64.
C.S.H. receives letter fro
m.
Jan. 29, 1933. 69.
C.S.H. writes to.
Feb. 20, 1933. 88.
Mar. 18, 1933. 173.
Grant, Judge Robert
C.S.H. writes, congratul
ating his successful recove
ry from
a cataract operation
.
Dec. 26, 1932. 28.
Grayson, Admiral
Robert Wooley said he ask
ed, to ask Mrs. Wilson f
or a subscription
to Roosevelt's campaign
but Grayson said "Not she
is
very cold towards him."
Dec. 30, 1932. 36.
Roper suggested that Jan
et Girardeau should write
and ask, for
some position umier the
Inaugural Cosulittee.
Jan. 6, 1933. 43.
Writes H.P.H. appointing
her on the general Inaugu
ration Committee.
Feb. 20, 1933. 88
(Later he was very
kind to H.P.H. giving her
a lunch invitation
on Inauguration Day fro
mMrs, Roosevelt to So:)hi
e Boreel).

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Grat Britain
All of the guests at dinner of Robert Lincoln
O'Brien predicted
that, would default on her inter-st payment
on her debt
to its.
Dec. 2, 1932. 5.
See - Goldenweiser
Sterling
Green, Miss
10, 36, 63, 115.
See - Auld Lang Syne.
Greenbacks
Gov. Harrison said prices would advance if Govt
. issued
irredeemable greenbackm for expense, as was
the case in
Germany, and thus throw us off the gold
standard.
Miller doubtful whether even this would incr
ease prices.
C.S.H. believes In long run prices would incr
ease but that at
first there would be radical deflation caus
ed by gold
disappearing from circulation and gold
exports.
Feb. 21, 1933. 94.
Miller said Daniel Wing, of the First
Natl. Bank, Boston,
begged Woodin to issue 500 millions of irre
deemable greenbacks%
Mar. 8, 1333. 138.
Ground hog day.
He saw his shadow'
Feb. 2, 1333. 71.
Gwirdian Trust Co., Cleveland
1, 8, 9, 10, 12.
See - DeCamp, F.R. Agent
rancher, Gov.
Williams
Guaranty of deposits by Government
Willis said that under the Liquidating
Corporation
created by Glass bill the Govt. could safe
ly guarantee
deposits for say 3 years, but the danger
was that the
3 years might mean indefinItely.
C.S.H. said he was not in favor of such a
i_Naranty
but merely wanted his oninion.
Nov. 28, 1932. 3.

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Federal Reserve Bank of St. Louis

Guaranty of deposits tly- Gov
ernment (Contid.)
Glass intimated to C.S.H.
that denosits in member ban
ks might be
guaranteed by the Govern
ment, nerhans through the Liq
uidating
Corporation.
He said, sarcastically, that
this would be one way in whi
ch to secure
unification of banking.
Jan. 9, 1933. 48.
At a conference of bankers at
the Treasury, at which Gov.
Meyer,
Morrill, Floyd Harrison,
Wyatt, Miller of R.F.C., Rou
nds, of
P.R. Bank of NY. H.W. Rob
inson, Davison,et al wer
e present
the question of, was taken
up, the meeting lasting unt
il
after midnight.
Rounds favored a 50 gua
ranty. _Davison feared this
would not
stave off a run on the ban
ks.
Mar. 1, 1933. 109, 110.
Gov. Meyer read a letter to
the Board fram Hoover, ask
ing, among
other things, if our Boa
rd would oppose a guarz.nty
of deposits.
Gov. Meyer said he never wou
ld favor such a- guaranty,
whether for
50% or 100%.
Mar. 1, 193"). 112, 113.
The directors of P.R. Bank
of N.Y. and the bankers ass
embled at
the N.Y. bank office fin
ally accepted on principle
Round's
suggestion of a 50% tgua
ranty.
Mar.2, 1933. 118.
At a conference of banker
s at the Treasury, most of
them seemed
friendly to a guaranty of
new denosite by the Treasu
ry.
Mar. 5, 1933. 126.
The Bankers Committee dis
cussed the preliminary rep
ort of its
legislative Committee.
Two plans:
1. Gov. Harrison 50% gua
ranty.
2.

Traylor: Banks classified
as to worth.
Guaranty in pro,)ortion to
worth.
Mills said Traylor plan
would give a 1000 guaranty
for some
banks, and a smaller gua
ranty for others; that pol
itically,
this would be disastrous,
as the people would not
understand it.
Mar. 6, 1933. 128, 129.

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Federal Reserve Bank of St. Louis

116.

Guaranty of deposits by Government (Conted.)
Under the Treasury plan of opening sound tanks the R.F.C. and
P.R. banks are to assist the opened banks up to the full
amount of the denosits, - in effect a guaranty of deposits.
Mar. 8, 1933. 136.
Guerin, Prof.
See- Auld Lang Syne.
Gurnee, Miss
We dined at Sulgrave Club with.
76be 5, 1933. 73.

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Federal Reserve Bank of St. Louis

-HHale, Ur. California. 22
See - Miller
Hale, Rachel
Attends Lurch at Wcman's Nat
ional Democratic Club given
by H.P.H.
for So•thie Boreal.
Dec. 30, 1932. 36.
Mrs. Carey said, and Mary, had
been very kind in trying to
get
Sarah into the Junior Lea.e,
but it was full, but that
Mary got Sarah work in mak
ing surgical bandages.
Jan. 11, 1933. 51, 52.
J.S.H. told. this to Rachel.
Mrs. Carey said she told Rachel
all about Sarah, but Rachel
said
she did not speak of Sarah'
s love affair.
Jan. 11, 1933..
52.
a lls on.

Out. Jan. 28,'193. 68.
Feb. 6, 1933. 73.

called on.
She said she was satisfied
that Gertrude Myer had been
sneaking against
her to Mrs. Van Ness Phi
lip.
Feb. 11, 1933. 78.
called. on, and thanked her
for lending her auto for the
thole
afternoon, the other day
.
She said. she had just had
a black shot cut out from her
lip, that
she had. had a bad cold and
temperature, but was now
better.
Mar. 15, 1933. 162.
C.S.H. calls on.
Mar. 18, 1933. 173.
Ymnlin, Anna
Mrs. Gavit sends us a mes
sage from Anna, as follow
s:

ars

Gavit:
Joe, I have felt Anna Hamlin
mar me today.
she is near now. Is tha
t so?

I tiink

Joe:
Yes, she is here very anxiou
s to get to her Mother and
Father.

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Federal Reserve Bank of St. Louis

118.

Hanolin, Anna (Contld.)
Mrs. Gavit:
So glad to have you came to us Anna.
Will you speak?
Anna:
Yes, I do want to speak, to send them by love and say
lots more if I could only gt it to them.
My dearest of all parents - Yes, I'll say that even
if it is a bit rude to my hosts her. You were truly that to
me and always have been, - you still are even over here. I
feel you loving thoughts of me continually.
How I loved the Christmas time with you as a little
girl when I used to hang my stocking up and squeal with delight
over everything you gave me. I can see the things now that
stand out in my memory, - my first big doll, my first house that
I loved so dearly."
Long pause.
Mrs. Gavit:
She is showing me a lot
distinguish, - a watch, a jewel
was very proud of, and books, to her, - something she carried

of things but it is hard to
box with sanething in it she
one of poetry. She held close
with her most of the time.

I see several dogs standing by her, one a black one
and a brown one, - the brown dog has shaggy hair - keeps
close to her feet.
Anna:
I have been trying to dhow Mrs. Gavit some of my
treasures - a very few of them, my Dears. I am with you, my
darling family, a great deal of the time.
We have regular tea narties together, you and I, the
Oliver's grandmother, who is such fine over here, - she is
young as I was on earth, and Ohl such a lot of relatives an
both sides.
It is such a comfort to me to be near you at times.
You can count on me most of the time, - I love to be near.
We are so hapm with you, - don't you. hear -e chuckle,it seems to LIB you must. We watch over you and try to Mika the
way for you. I know these anniversaries are bbd for you, but
try to think of all I have done since I went over here. Father,
you would call it rea-iy valuable work.

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Federal Reserve Bank of St. Louis

119.

Hamlin, Anna (Contld.)
Anna (Contid.)
I have learned to live because I know what life
means. .
I have learned how much interplay there is betweea
Earth
and Heaven, - if you wish to call these plan
es by their old
names.
We are closely bound together in our live
s, and we are not
separated from our earth experiences for
a long time.
It was our life on earth that was one of
our most helpful
character developments. I wish I could
sit down for hours and
talk things over.
You and I are living together more and more,
Father, and Mother. You are coming near
er to me in thought
and interests all the time and I am pulling
you this evening all
I can. I am taking hold of your hands as I did
when a little
girl but this time I am leading you.
Never fear, never falter, my dear ones for
your dE3c.r old
Anna is forever running ahead of you
with her hair flying as
usual. Yes that is right and it is
living.
Your
Dec. 22, 1932. 30.
Hamlin, C. S.
Piles a memorandum of protest against the chang
e brought about by
Gov. Meyer in Wyatt's opinion on unificat
ion of banks by striking
out statement originally in the opinion
that Congress could
force all commercial banks to join F.R. Syst
em. He rescrved
right to send it to Glass but at Gov. Meye
r's request he said
he would not but would wait until he saw
Glass, - probably
within a few days,
Dec. 5, 1932. 14, 15.
At Carnegie meeting in N. Y. with
H.P.H.
Dined with Dr. Butler.

Dec. 11 and 12, 1932. 20.

At F.R. Bank, New York.

Dec. 13, 1932. 20.

Paid national income tax, - 15.01 last
payment.
Dec. 14, 1932. 20.

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Federal Reserve Bank of St. Louis

120.

MarAin, J. S. (Contid.)
Resigned from University Club, N.Y. and National Press Club,
Washington.
Dec. 19, 1932. 26.
Voted to follow Williams advice as to retaining Gov. landher ;aid
drop )ing DeCamn.
Dec. 20, 1932. 27.
Votes to permit Mr. Baker to serve on Boards of First National Bank,
N.Y. and Bankers Trust Co.
Jai. 17, 1933. 56.
Believed Gov. Fancher should not be removed because of dealinF4s
with the Guardian Trust Co.
Jan. 19 1933. 59.
Moved to investie;ate F.R. Bank, Chicago, as to U.S. bond trans.,ctions.
Feb. 24, 1933. 101.
Votes to offer Chairman of F.A. Bank, Cleveland, to Williams.
Feb. 25, 1933. 102.
Votes to favor increase of discount rates at N.Y. from 3 to 3%.
Mar. 2, 193,. 116.
Files income tax return.
Capital loss absorbed whole tax.
Mar. 13, 1903. 155.
Votes to send letter to Glass opnosing Senate bill, - later the
Act of Mar. 24, 1933.
Liar. 14, 1933. 158.
Votes to send cooy of Glass letter to F.R. banks.
Mau 14, 1933. 161.
C.S.H. gives Miller to give to Woodin a memorandum as to nonpolitical appointments on P.R. Board.
Mar. 20, 1933. 178.
Board tentatively apnroved C.S.H. draft of gold order with
slight changes.
Mar. 23, 1933. 194.

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Federal Reserve Bank of St. Louis

121.

See - Auld Lang Syne
Banks , Opening of
Berle
Boreel, Sophie
Clearing house certificates
Dinners
Discount rates
Federal Advisory council
Federal Reserve Banks
is
Boston
Dallas
Chicago
New York
Federal Reserve Board
Girardeau, Janet
Glass
Glass bill
Glass-Steagall Act
Gold
Government securities
Governors Conference
Grant, Catherine
&Ile, Rachel
Hitchcock, Ex-Senator
Hoover
Lunches
Magee
Meyer, Gov.
Miller, Dr.
New Bedford Institution for Savings
Open market operations
Opening of banks
Page, Dr.
Roosevelt
Ruffin, Dr.
Sanger, Marion
Suppers
Van Royen
Woodin, Sec.
etc. etc. etc.
Hamlin, Edward
Says Day refuses to extend Hodson's option
on cow nastuxe
and. that it had expired.
Dec. 2, 1932. 4.

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Federal Reserve Bank of St. Louis

122.

Hamlin, Zdward (Contld.)
Has been visiting the Conrads and
leaves today.
Dec. 4, 1932. 8.
Hodsdon is bankrupt.
none.

Liabilities t350,000. Assets prac
tically .
Dec. 5, 1932. 42.

Hamlin, H. P.
Leaves Albany for Washington.
Takes room at Hay-Adams House.
Nov. 28, 1922. 2.
Writes New Bedford Institution
fo . Savin.rs as to mortgage.
Dec. 7, 1932. 13.
Reply of New Bedford Institution
for Savings.
Dec.- lb, 1932. 24.
Receives affection te letter
from Franklin Rooselat.
Dec. 27, 1932. 29.
Sends Mrs. Wilson a Christmas
card but she sent her none,
contrary to her custom for year
s.
Dec. 25, 1932.34.
Gives lunch at Woman's National
Democratic Club for Sonhie Boreel
.
Present:
Mrs. Carey, Rachel Hale, Ellen Leon
ard, Gertrude Myer,
Miss Hegaman, Texas Brooke, Mrs
. Zugene Meyer.
Dec. 30, 1932. 30.
Nancy Warren urges C.S.H. to
persuade, to acce,it Presidency of
Woman's National Democratic Clu
b.
Jan.16, 1933. 55.
Sophie Boreel sends W.H. a blac
k bag as apresent.
Jan. 16, 1933. 55.
Writes out for C.S.H. the gene
alogy of S ')hie Boreel, her
third cousin.
See - Scrap book.

Jan. 16, 1933. 55.

So )hie Boreel writes H.P.H.
congratulating her on offer of
Presidency of Woman's liatipnal
Democratic Club.
Feb. 14, 1933. 81.
Writes Ray Baker for a special
inaugural invitation for So7hie
Boreel.
Feb. 18, 1933. 87.

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Federal Reserve Bank of St. Louis

Receives note from Admiral Gr4yson W)
Inauguration ComiAttee.
Feb.

Lilting her on general

1933. 88.

ViriLes Sophie Boreel.
Feb. 20, 1933. 89.
Is almointed on following Inaugural Comli
iittees:
leneral Comittee.
Distinguished Visitors Committee
Comaiittee of Dutch Descendants
Rooms Committee.
Feb. 21, 1933.

Elected President of Woman's Dem)cratic
Club.
speech of accentamee.
Feb. 22, 1933. 94.

Made a brilliant

C. .H. sends H.P.H.Is nicture to Sonhie Boreel.
Feb. 25, 1933. 104.
Takes

place at concert to whidh C.S.H. took Sonh
ie Boreel.
Mar. 3, 1933. 1194.

Harding, Gov.
Curtimat first vas elected Governor of
P.a. Bank of Boston
after death of, but withdrew in favor
of Gov. Young.
Dec. 8, 1932. 17
Harain , Presidr.nt
Miller tells Joe Davies of attemnt of,
to rive Comstock the
position of Chairman of P.R. Bank of
Kansas City as a
political gift.
Feb. 20, 1933. 89.
Aarrison, Floyd
We dine with Mr. & Mrs.

Feb. 1, 1933. 70.

Was (x)posed to Mills plan of open
ing only sound banks.
Mar. 8, 1933. 136, 140.
Told O.
,hat Clark, Denuty Governor of p.a. Bank
of San
Francisco told him that when Treasury
dJcided to onen Bank of
America, th F.R. Bank changed its
list of recommendations
and recommended onening of nract
icai.ly all tLe banks in the Distict.
Mar. 21, 193?). 184.

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Federal Reserve Bank of St. Louis

124

Harrison, Floyd (Cont'd.)
See also:
14, 64, 66, 67, 68, 69, 81,
109, 127, 146, 159.
See — Bank oepniT
Magee
Meyer, qov.
Miller
Wyatt
Harrison, Gov.
Tells Gov. Meyer he is going abr
oad but will not sail this week
Saturday.
The Board wired him that such
a journey was not advisable und
er
present critcal zonditi)ns and
would like to know his
reasons.
Gov. :Ieyer said Gov. Harrison
said his directors wanted him to
go and that he was annoyed at
having the Board wire him
officially for his reasons,
as he said his directors and
not
he had suggosted it.
Jan. 19 ,1933. 58, 59.
Tells 0..H. that Gov. Meyer had
acted very discourteously in
officially
reporting to our Board his int
ention; that he had talked it
over with him infonnally at
least 10 days ago.
C.S.H said Gov. keyer did not
report it officially but merely
mentioned it at the meeting;
that the Board insisted on mak
ing
it official.
Gov. Harrison said he had a
bitter controversy with Gov.
Meyer
over it.
Gov. Harrison told C.S.H. his
directors had no definite
plans at present, but were inc
lined to answer the Board
very caustically; that 10
days ago he talked it over wit
h
Gov. Meyer in the presence of
Owen D. Young -nd that
Gov. Meyer said there wer
e strong reasons both for going
and for not going.
Gov. Meyer, following the tel
egram, had also sent or was abo
ut
to send a letter, which he ask
ed Gov. Meyer not to
send but he renlied he could
not control it as the Board
had directed it to be sent.
Jan. 20, 1933. 60, 61.
Gov. Harrison called and sai
d his directors were not wil
ling to
acknowledge that our Boa
rd had the right to
det
erm
ine whether
or not it could send
him abroad..

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Federal Reserve Bank of St. Louis

125.

Harrison, Gov. (Contid.)
We both agreed, however,
that the new Glass bill wou
ld give us
that power,
Jan. 21, 1933. 62.
0.6.H. told Gov. Harrison
that at first he was aanose
d to his
ltliving his post, as was
also a majority of the Boa
rd;
that the underlying rea
son was most complimentary
to
him, - hat we knew of no
one In the bank who could
take
his place in an emerge
ncy.
Jan. 21, 1933. 62.
Miller said Gov. Harrison
had a plan for nractical
freezing of
all deposits all over the
country if the need should
arise.
Miller said (*troy. Harrison,
Mills, and perhans Gov. Mey
er, were
working on this plan wit
h Hoover; that N. Y. was dom
inating
Hoover.
Feb. 15, 1933. 82, 83.
Gov. Mey(ir kept away from the
Board today. He is workin
g
aarently with another cro
wd, - Hoover, nills and
Gov. Harrison.
Feb. 15, 193,. 845.
Gov. Harrison was in town
at meeting of Federal Adv
isory Council
and was asked by it to add
ress it.
He said it was remarkabl
e how we kiL,ci reduced foreig
n central
bank balances from 2 bil
lions not long ago, to bet
ween
7 and 800 millions today,
which merely sufficed for
current
transactions, and that we
had nothing to fear on thi
s
account.
He said the fear of inflat
ion was undoubtedly depres
ing the
dollar abroad and startl
i4 the country at home.
He said onli one kind of
inflation could increase
prices.
He said devaluation of the
dollar would not increase
prices,
but on the contrary, mig
ht set up a competitive mov
ement
which would depress
foreign prices to meet the
com
pet
ition
irom the reduced exchan
ge value of our dollar, whi
ch
would gradually depress
prices all over the world,
including the U.0.
He said increased credit
s throu.v.h bond issues wou
ld not increase
prices as the increased
creAts would go into the
banks and thence into the
F.R. banks, merely displa
cing
F.R• notes.

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Federal Reserve Bank of St. Louis

126.

iiirrison, Gov. (Contld.
)
He said the oae way to
increase prices would
be for the
Government to meet its
expenditures by issuin
g and ,::aying
out irredeemable greenb
acks; chat tie effect
of this Policy
could be seen by stu
dying Germany; :Ilat .su
ch issues would
throw us off the 47o1d
standrd and ruin the
Govrmnmt
Miller uoubted whethe
r even this course wou
ld increase prices.
C.6.H. believes it wou
ld in the long run, but
that at first
it would produce a fea
rfuldeflat ion from the
disappearance of
p:old by hoarding and
export.
Feb. 21, 1933. 93, 94.
Gov. Meyer said that
last year he told Gov.
Harrison, as P.
matter of System pol
icy, that steps should
be taken by
Gov. Harrison to have
Charles Mitchell remove
d from
office as President
of National City Bank
; that Gov. Harrison
took steps to bring
this about and at fir
st thou4ht he was
succeeding, but later
found it could not.be
done.
Gov. Meyer never before
mentioned this to th
e F.,Board.
Feb. 25, 1933. 102.
Gov. Meyer said that
if he knew no more ab
out bond issues
than lov. Harrison and
his advisers, he should
be removed
from the Boardt
Mar. 1, 1933. 115.
Woodin is in N.Y. wit
h Gov. Harrison and
N. Y. bankers.
Mar. 2, 1933. 117.
Re-oorted to P.R. Boar
d at 3:20 a.m. that Gov
ernor of
would declare a legal
and N.Y.
holiday.
Mar. 3, 1933. 119 (5)
Advises Load that 1:.
Y. Clearing House banks
were u_animous in
desiring a proclamat
ion for a national ban
king holidzv.
Mar. 3, 1930. 1o3.
In bankers conerence
favored a 50,4; guaran
ty of d(Joocits.
Mar.6, 193‘. 128.
Told C.J.H. at 5 p.m
. that the legislative
committee appAnted by
bankers conference,
could not agree.
7, 1930. 1 , •

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Federal Reserve Bank of St. Louis

Harrison, Gov. (Contld.)
Agrees in the bankers
conference to a plan crn
eni:Ig all banks
having 5zA reserve aga
inst their de2osit liabil
ities, but
the 1)1an was lost in
the Shuffle.
Mar. 7, 1933. 137.
Some days ego Gov* Mey
er said that Cov. Harris
on had told him
he was shocked at Hoo
ver's reference to the gol
d standard in
his Des Moines speedh
; that he — qov. Harrison
—
called up
Mills at Minneapolis who
said he knew nothing abo
ut it.
Har. 24, 1933. 197.
See also — Boreel, Sot
thie. 47, 49, 50, 52.
Gold. 195, 196
Governors Conference. 41
.
Hay—Adams House
H. P. H. arrives in Wa
shinon and takes a roo
m tamoorarily in.
Nov.28, 193::. 2.
We move furniture fin
Security Storage Co •
to.
Nov. 30, 1932. 4.
Hedkeren, Baroness
Bertie leaves card on,
who is with the Oxford
Grou,, at Washington.
Jan. 16, 1933. 64.
So-phie Boreel in letter
to H.P.H. asked addres
: of.
J.b.H. asked Carl Vro
aman who said she was at
Briarcliffe Lode,
Westchester County, N.
Y.
Jan. 28, 1933. 68.
He-eman, Miss
We lunch with.
Dec. 18, 1933. 25.
She attends lunch giv
en by H.P.Ti. to Sophie
Boreel at Woman's
National Democratic
Club.
Dec. 30, 193,. 36.
We lunthed with.
Helm, Edith
We called on.

Jan.

Out.

Henricus, Miss
C.S.H. called on.

Jan. 23, 1930. 63.

Out.

Herridge, r.
We dined with sir. an

9, 1930. 69.

Jan. 28, 1930. 68.

nrs. neigs to fleet Can
adian Minister.
Feb. 14, 1933. 83.

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Federal Reserve Bank of St. Louis

128.

Hibben, President, Prince
ton University. 71.
See - Oxford movement
Hiccough
0..H. has severe att
ack of.
Jan. 30, 1936. 69.
Hitchcock, Sen.
Called an C.S.H. Said tha
t he had been offered a
-,lace on
P.R. Board and aslced .
s to its duties.
He said his wife ;.ante
d to live in Washington
very stronJy, and he
wanted some easy rositi
on not involving muc:i wor
k, nor
esnecially night work,
which he could not do.
C.S.H. gave him a faithf
ul picture of the Board's
work, stdting
that the future would
almost certainly involv
e ni7ht work.
He said he understood the
Board met only 2 or 3
times
week.
J..H. said some wee
ks this was true as to
official meetin7s, but
that the Board members
were hard worked all day
roing over new
business and checking
it for the full Board mee
tings.
He told C.j.H. he was
discouraged at C.S.H.Is
descrintion of the
work.
He said he had not see
n Roosevelt, but that
Roosev-lt hnd written
him.
He said nullen, the Nat
ional Committeeman fro
m Nebraska, told him
this was a Nebraska app
ointment and that he cou
ld have it.
he is 76 years old and
looks feeble and somewh
at decrepit.
He said 0.0.H. could
tell Miller and the who
le Board of this.
;.S.H. feels such an
annoLntment would turn -ou
r Board into an
Old Gentleman's Home and
would deface the Board
by Tdun=:_7ing
it into politics.
C.S.H. can not believ
e Roosevelt has done
this!
Sen. Glass in his boc
k said Sen. Hitchcock
lea the Republican
on)osition to the F.R
. Act; that he f:Nored onl
y 4 F.R. banks
and that all the Reublicans voted for his
bill.
Mar. 1, 1933. 113, 114
, 115.

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Federal Reserve Bank of St. Louis

129.

Hitchcodk, Sen. (Contld.)
Miller said he called on
Roosevelt last Prid4r, Mar.
10, and
Roosevelt asked him wha
t he thought of Hitchcock for
the P.A. Board; that he
told him Hitchcock was 74 yea
rs
old and too old to beg
in work on the F.R. Board;
that whqt
the Board needed was a
Chicago man, preferably a
banker;
that Roosevelt said he
would talk with him later
on this subject.
Miller is inclined to bel
ieve that Roosevelt has not
made Hitchcock
a final offer.
Mar. 14, 1933. 155, 156.
Mi_i.er said Sec. Woodin
spoke to him about Hitchc
ock, but that
Woodin did not seam to
ranember about it later.
Miller said he told him
that C.S.H. and he believ
ed a Reublidan
should be ap)ointed.
Mar. 23, 1933. 191.
Hoarding
Miller said fear of inf
lation ILA caused resumn
tion of hoarding
and was expelling -7
o1d from the country.
Peb.,21, 1933. 91.
See also:
93, 127, 180, 185, 188
, 190, 192.
See: Act of Mar. 9, 193
3
Gold
Harrison, Gov.
Hodsdon, Mr. 5, 42.
See — Hanlin, Edward
Hog, Ground
See — Ground Hog
Holiday, Bank
See — Banks
Homburg, Mr. 87
See — P.h. Agent,
Hoover, President
Cong. TinkhaLi, lunching
with 0.5.11., said he sen
t for copies of
the English Court record
s in the Chinese litiga
tion involving
Hoover, and that, whi
le not absolutely conclu
sive, taere was no
reasonable doubt but
that Hoover had acted
dishonorably; that
when he was in Austra
lia, the ,leo)le there had
a very low ooinion

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Federal Reserve Bank of St. Louis

Hoover, President (Contld.)
of him; that they smiled
any reference to him as an
engineer and said he was mer
ely a promoter.
He said his o)inion was that
Hoover was an unprincipalled
scoundrel.
Nov. 29, 1932. 3, 4.
All of those dining with Rob
ert Lincoln O'Brien agreed tha
t
Hoover should recommend an
extension of time of the
interest on debt from Ire,it
Britain, due Dec. 15.
Dec. 2,1932. 5.
Miller spoke of a talk with Hoo
ver in which Hoover epressed
bitter disappointment with
Gov. Meyer and thLt he also
revealed a prejudice agains
t the P.R. Board but mentioned
no member.
Dec.- 3, 1932. 6.
Miller asked C.S.H. not to men
tion Magee appointment to
Gov. Meyer or he might auote
us to Hoover and Hoover might
claim that if he appointed him
, we had agreed to be responsib
le
for his confirmation, and thi
s might infuriate the Democrati
c
Senators.
Dec. 8, 1932. 17.
See — Magee
C.3.H. sends Sophie Boreel an
article by Sen. Brace praisin:,
Roosevelt and attdking Hoo
ver.
Jan. 13, 1933. 53.
Is working on a plan for fre
ezing of deposits with Gov. Har
rison,
Mills, and nerhans Gov. Meyer.
Feb. 15, 1933. 82.
said it was considered that New
::ork counsel were
dominating Hoover against his
— Miller's plan for clearing
house certificates and scr
ip.
He said Henry W. Robinson fav
ored the plan and said he (nic
ht
to go to Hoover and press it;
that they both agreed that
Hoover would not have the
courage to throw over ,.Y. no
matter how much he might wan
t to.
Feb. 15, 1933. 83.
C.S.H. feels it better that
Hoover, having tarown over our
Board.
should go on his own, howevc
,r bad that course iiight be.
Feb. 15, 1933. 83.

•

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Federal Reserve Bank of St. Louis

131.

Hoover, President (Cont.)
Miller said Gov. Harrison had
in effect become a kind of
Under Secretary for Stimson /Id
Hoover.
Feb. 15, 1933. 84.
C.S.H. sAd to Miller that Hoo
ver undoubtedly approved the BoArd,s
policy of direct action in 192
9, but did not have the
guts openly to say so; thqt
he could have told Sec. Me11,-)n,
who did not agree with the
majority, that speculation must
be stonped, and this would have
helped the majority
tremendously, but that he lacked
the courage..
Feb. 15, 1933. 84.
Hoover, Mills and Meyer are work
ing to:,ether.
Feb. 15, 1933. 85.
Hoover writes a letter to the
Board sa;yin that an exnortation
of ca7ita1 is taking place and
aq<in,; Board to consider
whether it had done all it coul
d or desired new legislation.
Gov. Meyer said he had not heard
of flight of capital and Board
asked him to prepare a reply
to Hoover stating the need of
Board's resolution which yest
erday nasped the Senate.
Feb. 23, 1933. 95.
rlov. Meyer read a letter to Boa
rd from Hoover, evidently designed
to make a record for political
reasons.
The le er asked whether the Boar
d would approve a Government
r,uaranty of de,)osits, clearing
house certificates, or did
they prefer to "let matters
drift".
Gov. Meyer read a proposE d repl
y which C.S.H. and Mi_ler objected
to as weak and inadequate.
In afternoon Gov. Meyer presmt
ed another draft which (LS.H.
said he would accept if Mill
er would.
Mar. 1, 1933. 112, 119.
Gov. Meyer bit terly attacked Mill
er to C.S.H. He said Miller
attacked Hoover for his Des
Moines sneech, yet not long
ago he himself predicted we were
going off the gold
standard.
Mar. 1, 1933. 112.
Board approved Gov. Meyer's
letter to Hoover.
Mar. 2, 1933. 116.
Hoover again writes Bcerd ask
ing its recoraraendation as to
a national bank holiday.
Mar. 2, 1933. 117, 119.

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Federal Reserve Bank of St. Louis

Hoover, President (Contld.)
Controversy with Hoover as to declarin
g a national bank holiday.
Mar. 2 and 3, 1933.
119, llak, 120, 121, 122, 130, la, 132.
See — Banks, Holiday etc.
Miller said Hoover was bitterly
angry with Gov. Mep-r Friday
night when he tried to persumbhi
m to issue a proclamation
closing tae banks; „hat he thought
Gov. Meyer was trying
to coerse him.
Mar. 8, 193. 137, 138.
Miller said that later Hoover
called 111) Mills and said he would
be willing to proclaim ri gold emba
rgo, but Goldenweiser
and Smead strenuously obje
cted as it would be an abandonment
of the gold stand: rd.
Mar. 8, 1933. 138.
Last Saturday C.S.H. called Boar
d's attention to statement in
Hoover's last letter to the Board
that Roosevelt advised
against issuing a Proclamation
of ,1 Bank holiday, and
stated that Hoover rests this
statement on a personal
conversation with Roosevelt.
According to C.S.H.Is recollection
, Mills told us that Hoover
told Roosevelt that the N. Y. clea
ring house bark were
objecting to a national holiday,
as also the "yavernors of
New York and Illinois, and that
Roosevelt said that in
that event I do not think a
policy should be
proclaimet.
Later, however, Gov. Harrison
advised us that the N. 1 clearing
house banks were unanimous in
desiring a Prbelanation for
a national banking holiday.
Hoover's bold statement in his
letter is, therefore, not in
accord with the f_cts.
Mar. 12, 1933. 152, 153.
Prof. Berle told 0..H. that the
statement in Hoover's letter
that Roosevelt advised against
issuing the Prbclamation
for a bank holiday, was absolute
ly false; that he was with
Roosev ,-lt the whole evenin; that
Roosevelt said he would
internose no objection to :louver'
s issuing the Proclamation
but did not feel he could join
with him.
Mar. 6, 193Z'). 131.

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Federal Reserve Bank of St. Louis

133.

Hoover, Pres.(Contld.)
Some clays a:1,p Gov. Meyt,T siti
d that Gov. Harrison told him he
was shocked at Hoover's ref
erence to the gold standard in
hi. Des Moines speech; tha
t Gov. Harrison also said he
called up Mills wilo was in
Minneaolis who said he knew not
hing
about it.
Mar. 24, 1933. 197.
Houghton, Alanson, Mr. & Mrs.
We lunched with Mr. & Mrs
.
Jan. 3, 1933. 38.
Dine with us at Womaal s Nation
al Democratic Club.
Jan. 20, 1933. 62.
House of Representatives
Passed Act of Mar. 9, 1933,
without reading and without deb
ate.
Mar. 9, l9a .
, 143.
Houston, Ex—Secretary
Told Belle Breckinridge tha
t Woodin could not run his own
business much less the U.S
. Treasury.
Feb. 22, 193,. 96;
Howry, Mrs.
We call on, cnd. Janet Gir
ardeau.
Dec. 3, 1932. 8.
Galled up C.S.H. at 10:30 p.m
.
Jan. 3, 1933. 38, 39.
See — Girardeau, Janet
Hull, Cordell
Wooley said, felt very sor
e because Roos-velt had not
consulted
him, although he had sent him
some message within last
few days.
Dec. 30, 19. 37.
Board was unwilling to hav
e C.S.H. show, lerdiner rep
orts as to
preliLlinary economic confer
ence, but was willing to have
Uardiner talk with Hull wit
hout ouoting from his rer)orts
.
Jan. 26, 1933. 65.
C.S.H. last December, sent
a message to Roosevalt thr
ough
Delano suggesting that he sen
d for Hull zihcl consult him
.
Later, Rooscvelt did this.
C.S.H. feels he may have sta
rted which culminated in
Hull's
selection as Sec. of State.
Feb. 2, l93. 97.

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Federal Reserve Bank of St. Louis

Ickes, Sec.
Miller said, was a reputable
but not a prominent lawyer in Chic
a4ro.
Feb. 23, 1933. 97.
Illinois, Gov. of
119 (3) (5) 122, 130, 131,
153.
Inaugural Com-ittees
H.P.H. receives note from
Admiral Grayson anpointing her on
the
General Inauural Comuittee
.
Feb. 20, 1933. 88.
H.P.H. apl)ointed on:
General Inaugural Coaaittee
General Committee - distingui
aled visitors.
Ticket Committee.
Dutch descendL.nts CoLz.littee
ROQMS Coulittee.
Feb. 21 , 193.. 90.
Inauguration of Roosevelt.
107.
See - Boreel, Sohie
Income tax, National
C.S.H. paid $15.01 - last na,y
meit for 1932.
Dec. 14, lq2. 20.
See - National income tax
Indamnity to F.A. banks
Roosevelt agrees to ask Oons
:. ress to indemnity F.H• banks
for
any los.es incurred 'rom loa
ns to banks licensed to ope
n.
Mar. 8, 1933. 137.
Roosevelt writes Woodin he
hones 11.2* banks will not be
confined to present liquidati
ng value of bank assets, but
will be liberal; that undoub
tedly mistakes will be made;
that he will ask Con ress
to indemnify the F.a* banks for
losses incurred under thi
s liberal anpraisement; that he
was conficint Con ress would
enact the necessary legis1Ntion.
Mar. 11, 1933. 148, 149.
Inflation
93, 94.
See - Harrison, Gov.
Insull. 7, 8
See - Yourly', Owen D.

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Federal Reserve Bank of St. Louis

135.

Inter-Federal reerve rediscounts
Bo-rd voted to fecuire Chico to rediscount 125 millions for
N. Y. whose res rve ratio was down to 22%.
Mar. 4, 1933. 123.
Board voted to equalize reserves among the F.R. banks and
ordered Boston, Richmond, ancL Chicago to rediscount for
Mar. 7, 1953. L3.
Internationl trade
Board all felt that we must continue to nay gold in, or such
trade would be disra7ted.
Mar. 23, 1933. 194.

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Federal Reserve Bank of St. Louis

136.

-j_

James, George R.
Votes to agree to Williams suggestion to reappointin,Fanchw
rending Boar-1 s final decision.
Dec. 20, 1932. 27.
Votes to permit Thorne to be an interlocking airector in
First National Bank, N. Y. and Bankers Trust eo.
Jan. 17, 193,.. 56.
J.S.H. tells, of his talk with Glass as to Magee.
Jan. 30, 1933. 69.
Said that undx protoctien of the noratorium an effort
should be made to have depositors forego a part of their
deposits nerhans by acceptinw preferred stock, thus
nutting the banks in good c.)niition.
Feb. 13, 1933. 79, 80.
Voted to offer F.R. Agent to Williams, of Cleveland.
Feb. 24, 1933. 99.
Feb. 25, 1933. 102.
Suggested that Treasury Should overdraw •-iving a special
certificate.
Feb. 27,193‘,. 106.
Votes to an,
)rove increase at N. Y. from 2tt to Wo.
Mar. 2, 1933. 116.
Bcerd sum_ioned., from a sick bed to vote in re,)ly to
Hoover letter.
Mar. 3, 1930. 119 (2) 132.
Previously James had ar:r:eed to le.ter over telephone.
Mar. 3, 1933. 120.
C.0.H. and, ask Gov. Meyer to take un with lass the
economy bill which cuts salary of Board and staff.
LL r. 12, 1933. 152.
Tallvin James office Etnd in AiS /)resence told us that the
Bank of America was ,Jositively not in • . sound condition.
Mar. 12, 1933. 152.
0.3.H. sent most of the evening witil James in his rom.
Mar. 15, 1933.158.

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Federal Reserve Bank of St. Louis

137.

James, George R. ()ontld.)
This A.M. at 12:15 Gov. Meyer took James home in his car
but
did not ask
who vulked home.
nat. 15, 1933. 160.
Proposed bill as to non—member banks Janes believes
to
renresent an effort to dump on to the F.R. System paper
rejected by R.2.C.
James biterly op)osea the bill.
Mar. lb, 1933. 160.
James moveu to send co,Aes of Board's letter to Glass
, to the
President, all P.R. banks, the proper Committees ot
H.R.
and Senate.
Mar. 15, 1933. 161.
James finally agreed to perfect his motion and
7mit . t again.
Mar. 15, 1933. 161.
1)uring the discussion James bitterly attacked Mille
r saying he
thought he knew everything and the Board members
nothing,

etc.etc.

Miller then left tile roam and refused to came back
to vote on James
moti)n.
0.S.H. went to Miller who was writing out his resi:
nation from the
Board, and persuaded him to do nothing for the
present.
Mar. 15, 1933. 161.
C.S.H. then went to James who finally, fter C.S.H
. told him he had
used ign)roper lanni.age to Miller, promised to
patch it up
with Miller.
Mar. 15, 1933. 161, 162.
Moves to amend C..H.'s motion .inipt Board acce,
)t the emergency bill
as amended, by changing "accent" to Hapnrove"
C.S.H. acce2ted the amendment, which was passe
d unanimously.
James, who ori5;inelly oT),osed the bill, said
the new re erve provisions
had mi,de him Change his mind.
11,r. 15, 193,). 168, 139.
Morrill exJlained that the telegra,.1 he sent
out to F.R. banks used
exact language of 0.).H. motion as to ap)roving
the emergency
Act, as amended by James.
Mar. 18, 1933. 172.
James agreed with 3.6.-H. t.lat if we did
not issue a hoarding order, the
bic men would '.)rofit at exT)ense of s;.all men who obeyed the
first
-oro'31Eunation under misanprehension.*
Mar. 20, 1933. 180.

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Federal Reserve Bank of St. Louis

138.

James, George R. (Contld.)
James and 0.0.H. felt we should ultimately remove gold coin from
circulation.
Mar. 20, 1933. 183.
James favored C.S.H.'s four Dro-)ositions for gold orLer.
Mz.a‘. a, 1933. 185, 186, 187.,
C.S.H. asked James why Miller wantea to postpone the ;- -old
order.
James said ne had reason to know and that "he had that man's
numberl"
He meant that he believed that Miller or his relatives were hoarde
rst
Mar. 22, 193,. 188.
Jenenese Ambassador
See - Debuchi
Ja-lanesF- Bmbassy
We take tea at.

Feb. 21, 193,. 92.

Jennings, Mrs. Henning
We call on Mrs. Franklin Lane at home of.
Dec. 4, 1932. 8.
Joint Cau.littee of Congress. 20.
See - Mils, Ogden
Harrison, Gov.
Joint resolution.
119 (2), 126
See - Bank holiday
Jones, De7uty Governor, F.h. Bank:, Chicago.
See - F.R. Bank, Chicao.

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Federal Reserve Bank of St. Louis

139.

-K-

Kent, Frank, Baltimore Sun
C.S.H. meets, at dinner with Robert L. O'Brien
Said he was sure Baruch wanted to be Secretary of Treasury.
Op,)osed Ttoper as Secretary of Treasury.
ec. 2, 1932. 5, 6.
Kent, F.1.
Gov. Meyer said he had heard, speak on business recovery; that
he showed complete ignorance of tlie subject.
Jan. 26, 1933. 66.

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Federal Reserve Bank of St. Louis

140.

Lane, Mrs. Franklin
We call on, at hone of Mrs. Henner Jennitv,s.
Dec. 4, 1932. 8.
Lansing, Mrs. Robert
We dined with.

Dec. 12, 193?. 25.

Told C.S.H. that John
Davis would have b.ccetted Sec. of State
had it been offered.
Feb. 23, 193.. 97.
Lawful money
P.A. bank notes permitted based on U.S. bonds, redeemable in.
Mar. 9, 1933. 141.
Leve, Annual
See - Annual leave
Lee, Lilian
See - Biddle, Mrs. Edward.
Leffingwell, Russell
Miller said Glass if acce-Ain,
,
,. Secretary of- Treaxtry, should
invite, to cone back.
Bab. 15, 1933. 85.
Leonard, Lllen
We dined pith.

Dec. 14, 1930. 22.

Attends lunch at Woman's National Democratic Club -iven
by H.P.H.
for Sophie Boreel.
Dec. 30, 1932. 36.
So)hie Boreel ,q1d H.P.H. lunch with.
Jan. 6, 1933. 42.
"Letty"
Article by H.P.H. in Woman's Democratic News a few days
ago.
O'Day wrote H.P.H. that a well-known writer hz..d ,)ra
ised
the Letty articles immensely.
Dec. 31, 1932. 37.
See - Harlin, H. P.
Licenses
Bank onening.
126, 142, 145, 146, 148.
See - Bank holiday
Gold ex,lorts. 180, 182, 187.
See - Gold

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Federal Reserve Bank of St. Louis

141.

Li7Iman, Walter
C.S.H. meets, at dinner at Robert L. O'brien's.
Favored extended time for :)ayment of interest on 1,11ied
debt owed. by Gre t Britain, Dec. 15; that if refused
Great Britain will default.
Dec. 2, 1932. 5.
Liquid.ating Cor7oration
Willis said deoosits could be guaranteed by, .s.i.fely for 3 years
but dan.,7;er was that this might be e:tended
Nov. 28, 1932. 2, 3.
Liquidating value
Woodin read to Board a r)r000sed 1Ptter to him from Roosevelt to
effect that P.R. banks should not be obliged to take the,
on bank assets for loaning nurnoses, but should take a fair,
liberal valuation; that undoubtedly mistakes would be made;
that he would ask Congress to indemnify the F.R* banks for
any losses caused by such a liberal valuation; tl-r.t he was
confidnt Con, ress would give this indeunity.
The Board ap)roved this draft.
Mar. 11, 1933. 148. Long, Sen. Huey
Morrill said Glass called un Roosevelt and said that if he was
deoending on, for banking advice, he would get no further
assistance from the Banking and Currenay Cora t tee.
Mar. 17, 1933. 169.
Long tern investments
Board agreed that aoen market coluittee could change same of
these short tern into, runain not over 18 m)nths.
Feb. 27, 1933. 106.
Lasses, Indemnity for.
148, 149.
See— Liqutiatinvrdue.
Lowry, Mr.
C.S.H. meets, it dinner at Robert L. O'Brien's.
Dec. 2, 1932. 5.
Lunches (See dinners, sunllers, teas)
With Miss Her,3enan.
Dec. 18, 1932. 25.
With Iirs.Nef,.' to met Adm_ral Stanton.
Dec. 25, 1932. 28.

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Federal Reserve Bank of St. Louis

142.

Lunches (Contla.)
H.P.H. gives lunch for So hie Boreel at Woman's National
Democrctic
Dec. 30, 1932. 36.
With Mr. & Mrs. How4hton.
Jan. 3, 1933. 38.
So,thie Boreel and H.P.H. lunch with Ellen Leonard.
Jan. 6, 1933. 42.
We lunch together with So,thie Boreel, with Sen. & Mrs. Bruce
at Ruxton, Md.
Jan. 8, 1933. 45.
C.S.H. lunches with 3ov. Meyer and Floyd Harrison.
Jan. 27, 1933. 66.
We lunched with Mr. and Mrs. Geo. B. McClellan.
Feb. 12, 1933. 79.
H.P.H. lunches with „Irs. Rainelander at Sulgrave Club.
Feb. 23, 1933. 98.
H.P.H. lunches wi,n .Ars. Delaqo to meet Mrs. James Roosevelt.
Mar. 18, 1933. 173.

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Federal Reserve Bank of St. Louis

14Z).

Magee, Wayland
Miller advises O.S.H. not to consult Gov. Meyer as to an7loLntment
of, as Gov. Meyer ml_!rht e1l doover who might claim later
that 'Ile apuointed him on promise 'chat the Democrats would
confirm him.
Dec. 8, 1932. 17.
Miller 5-id if Hoover sent in m,me of, =lzss would unuoubtealy
consult us.
Dec. 8, 1932. 18.
If Magee is not rea)nointed, there will be trouble in scurine:
5 a:2irm:::_tive votes, wh(re neeed under Act.
Dec. 8, 1932. la.
11.1-r2ointment of Magee would relieve Roosevelt of a heylvy burden,
for hundreds of political dirt farmers will demand the
plce, and will be angry at losing it.
Dec 8, 1932. 16.
Votes to carry out Williams suggestion as to allowing Go-v. Fancher .
to be reap )Dinted.
Dec. 20, 1932. 27.
Wyatt said he heard Magee say to Gay. ideyer that he was probably
the first member of the Board to offer himself for that
position, to which Gov. Meyer replied, "I also did."
Jan. 7, 1933. 44.
C.S.H. calls on Glass and ex)lains as to.
Glass said it was clearly an emergency; that the Senate Democrats
voted not to donfirm appointments where the term expired
after Mr. 4, except Army ant. Navy emergencies; Lhat a committp
was appointed to consider all cases, - Glass, Barkely nd Bulkley;
that he would take it u) tomorrow and had no doubt but that
the Committee would hold it an emergency.
C.6.H. said he would leve it to Glass to decide whether he, Glass,
should take it u) with Roosevelt.
C..H. left with him a letter and memorhnuum an the subject.
C.S.H. sent codes to Delano.
Glass said he would take c:,re of this

t once.

Glass said it would be outraP7eous for Roos2velt to wyloint 6 Democrats
on the P.R. Board.
Jar'. 9, 1933. 47, 48.

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Federal Reserve Bank of St. Louis

144.

!lagee, Wayland (Contid.)
.H. sai- he was talking to 11 ss as one Democrat to another
and would ask Gov. Meyer to take it u , with him officially,
if he so wished.
Glass t.,aid he would be •lad to have Gov. Meyer a-o)roach him
official_y on the matter.
Jan. 9, 1933. 48.
Voted to oermit Thorne to serve as director of L.e First Natio!.al
Bank of New York an. Bankers Trust ,Jo.
Jan. 17, 1930. 55, u6.
Uajeels term exnires.

Jan. 24, 1933. 6s.

Board authorized C.S.H. to tke uu,thatter with ',lass and ask if
any official letter would help him.
Glass said it would help but mast be sent at once.
sends an official letter to qlass.
See scran bock.
Jan. 25, 1933. 63, 64.
Mrs. Sen. Carey called 11) O.S.H. and said her husband said Magee
would be confirmed; „hat Glass hau so told him.
Jan. 25, 1933. 66.
C.S.H. called up Glass.
'lass said there was no chance for Magee; that he ha* talked
with Sen. Robinson et al but they would not yield; that
he had not insisted an a vote in the Democratic conference,
knowing it would be useless; that if he had insisted blok
adverse vote would nrejudice Magee when Roosevelt came
in.
,;.o.H. asked if he thoupht Roosvelt would a),oint Magee, and ne sid
"Yes, of course!"
He said if J.:).H. insisted he v.ould force a vote on Monday but t:t
it Idas against his judgment.
Jan. 28, 193.. 67.
C.S.H. consulted Floyd Harrison and we agreed to speak to :,a.ee
about it on :londay.
If Glass becomes Sec. of Treasury, C.S.H. feels it
certain that
he will ask Roosevelt to al2)oint Uagee.
Jan. 28, 1933. 67, 68.

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Federal Reserve Bank of St. Louis

145.

Magee, Wayland (Contid.)
C.S.H. called in Magee, James, Floyd Harrison and Morrill and
toldihem of his talk with Glass.
I told them Glass made no promises as to what Roosevelt would do.
Magee decided and all agreed that we should wait patiently for
March 4.
Later

told Mi-ler who said he thought the only danger
might be that Roosevelt might avoint Wallace.
Jan. 30, 1933. 69.

Miller told C.S.H. he dined last night with Roosevelt and that
Roosevelt talked with him across Mrs. Parrish and asked
if Magee were not still on the Board and seamed surprised
when he said No; that he asked if Magee was independent
or whether he was dominated by anyone; that he told him Magee
was able, young and. had done good work, and he believed him
to be independent; that Roosevelt said he had been told that
Magee was very close to Mellon; that he told him he had never
heard of this.
Mar. 18, 1935. 173.
Miller at first said there was no reason Why C.S.H. should not
write Roosevelt as to Magee, but later we decided that in
view of Woodin's statement that Roosevelt was not pleased
with the letter the Board wrote Glass, we felt it
would not help and might hurt Magee, so we decid, d to wait
until Roosevelt asks our advice, as we felt positively
he would do.
Mar. 18, 1933. 173, 174.
Miller said Woodin asked him for a list showing a record of
the Board's terms, and he thinks the matter will soon be
Mar. 20, 1933. 178.
determined.
C.S.H. gave Miller, who said he would give it to Woodin a
memorandum showing the terms, the past appointments as
between Democrats and Republicans, the history of Magee,
the fact that C.S.H., Miller and James had all been
reappointed by Rel,u.blican Presidents and confirmed by a
Republi:an Senate. It was a strong argument to discard
political consid'rations as Coolidge and Hoover haJ. done.
Mar. 20, 1933. 178.
Miller said he talked in a general way
he and C.S.H. believed strongly
be appointed to at lest one of
Mar. 23,

with Woodin and told him
that a Republican should
the vacancies.
1933. 191.

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Federal Reserve Bank of St. Louis

14E•.

Magee, Wayland (Contid.)
Miller told C.S.H. 2 or 3 days ago that he would give C.6.H.Is memorandum
as to Magee to Woodin or directly to Roosevelt
Mi—ler had Wyatt check it up.
C.S.H. feels he has done all he can unless Roosevelt sends for
him. It is amazing that he has not already done this.
Mar. 23, 1933. 191.
Miller told C.S.H. that he gave C.S.H.Is memo to Woodin who later
told him he had read it and asked Miller to keep it for him
as he did not want to leave it around aa his desk, but would
like to refer to it again.
Yar. 24, 1933. 194.
Miller said he had twice spoken with Roosevelt about Magee, and
was satisfied that Woodin would tell Roosevelt what
he - Miller - had said to him, but that he, Miller - would
again speak to Roosevelt about it in the near future.
Mar. 24, 1933. 195.
Mattai)oisett
See- New Bedford Institution for Savings.
Mayor of New Bedford. 16
See- Ashley, C. S.
McAdoo, W. G.
Refused to vote in Senate Committee when it teported favorably
on Act of ML.r. 9, 1933.
Mar. 8, 1933. 143.
McClellan, Mr. & Mrs. George B.
We take Christmas dinner with.
Dec. 25, 1932. 28.
McClintock, Mr. & Mrs.
We lunched with.
Parewell to Count and Countess Czchenyi.
Feb. 12, 1933. 79.
McDougal, Gov. P.R. Bank, Chicago
29, 41 (2) (4)
See - Governors Conference.
Paulger discovered that, bought and sold Government bonds in one
day - a wash sale, nutting up no money and making $1500.
Feb. 9, 1933. 77.

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Federal Reserve Bank of St. Louis

147.

McDougal, Gov. (Contld.)
Ogden Mills told Board that the bond subscriptions of, had. been
classified so as to give him more than his subscription warranted.
Feb. 24, 1933. 100, 101.

•

. .

See - FR.. Bank, Chicago
Governors Conference
Open Market Cannittee
McKay. 101
See - F.R. Bank, Chicaco.
McLane, Judge Allan
We meet, at lunch at Sen. Bruce's, Ruxton.
Jan. 8, 1933. 45.
McLane, Mr. & Mrs.
Dines with us

t Woman's ilational Democratic Club.
Jan. 20, 1933. 62.

Mrs.
We dined with, to meet Herridge, the Canadian Minister.
Feb. 14, 1933. 83.
Mellon, Andrew
Miller and C.S.H. agree that if Hoover had had the courage to tell,
that speculation must be stopped, the cra:11 of 1929 would
have been far less severe or perhaps mrht have been averted.
Feb. 14, 1933. 64.
Roosevelt told Miller he had heard that nagee was very close to.
Mar. 18, 1933. 173.
Member banks.
See - Act of Mar. 9, 1933.

•

Memorandum, C.S.H.
Protest against act of Gov. Meyer in striking out of Wyattis
opinion on power of Congress to force commercial banks to
nationalize the fact that Con;ress also had power to force
them to join P.R. System without nationalizing.
Dec. 5, 1932. 14, 15.

WO, 1•11

Suggestion that closed banks should be allowed to cash checks for
people away from home to enable them to go home.
Mar. 6, 1933. 1.:!7, 128.
irr-t 94

tip", •• 7,112

Memorandum as to Magee and appointments to P.R. Board.
Mar.20, 1933. 178, 191, 194.
•

•

Four propositions as to gold order, later practically agreed to by
Board.
Mar 21, 1933. 185, 187.

148.

MEtill, Gov.
, Index.

Act of Mar. 9, 1933. 68, 74.
Act of Mar. 24, 1933. 80,

82.

Airplane. 16, 24.
Aldrich-Vreeland notes. 67
Anger at Wyatt. 69.
Anglo-Ade :Jean bank. 72.
Await. 76.
-BBallantine, Under Sec. 68, 76.
Bank of America. 72.
•=::":::•t

";;'.

•

Bank holiday, Opening.
52, 53; 56, 57, 59, 61, 62, 63, 66, 70, 71, 72.

•

Bankers Trust Co. 17.
'71

Black, Gov. 44.
Bond issues. 18, 22i, 42, 49, 86.
:

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•;

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- .:' :': il. -:,, . tli ,...i. t. 7:.,,L..i..',.

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.
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•

,
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Brother-in-law. 22.
Bullion standard. 89.

s;r--

.
/

t346

C..' t,

Burgess. 41.

1.,;`..L.
:

Burling. 26.

• •,

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Federal Reserve Bank of St. Louis

Case, P.R. Agent. 22i
Class C director. 8.
Codbination. 76.
Conferences. 44, 531-, 68.

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Federal Reserve Bank of St. Louis

14R

Consent. 49.
Constructive suc;gestions. 67.
See- Dazed.
Contera)t for old age. 8.
Crisis of 1929. 38.
-D-

Dates, Rum soaked. 11.

"k Cit

Davison, N. Y. 44, 68.
Dazed. 30, 32, 33, 67, 76.

fax

DeCamp, P.R. Agent. 4.
Delano. 2, 26.

4.1".

•

Deposits.
See - guaranty

4406

Des Moines Speech, ':oover. 46, 92.
Discount rates. 51.
Dispute with Gov. Harrison. 21.
Dispute with Hoover. 53.
See - Hover
Dispute with Woodin. 82.
See - Woodin

•

Discourtesy. 18, 21, 2*, 27, 79.
Doctor. 7.
Dollar stabilization. 85.
Douglas, Asilt. Sec. 76.
0

OtOW;11) 0 004

"Esquire" 48.
Evasive. 70.
Experts. 87.

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Federal Reserve Bank of St. Louis

150.

-F-

Failure. 60.
'anchor, Gov. 4, 10.
federal Reserve Agents. 61, 71.
Federal Reserve Bank, Cleveland, 36.
Federal Reserve Bank, Dallas. 80.
Federal Reserve Bank, New York. 16, 51.
Federal Reserve Board.
13, 28, 55, 62, 63, 70, 77, 78, SO, 81, 82, 87.
Federal Rarve Systam. 5, 37, 71.
First National Bank, New York. 17.

-4Glass, Ben.
5, 6, 14, 15, 60, 74, 77, 78, 81, 82, 83.
Gold bullion standard. 89.
Gold order. 88, 89.
Gold standard. 46, 92.
Goldenweiser. 3.
Government s curities
18, 221-, 42, 43.
Governor. 9, 29.
Governors Conference. 12.
Guaranty of deposits. 44, 47.
-HHamlin, C.S.
5, 6, 7, 9, 14, 21, 28, 33, 38, 40, 45, 53j, 63, 73, 75, SO, 87, 88.

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Federal Reserve Bank of St. Louis

151.

Harrison, Floyd
5, 40, 58, 63, 68, 78.
Harrison, Gov.
19, 20, 34, 37, 49, 92.
Hoarded money. 86.
Homburg. 25.
Hoover.
fr.

ter

1, 31, 34, 35, 45, 46, 50, 52, 54, 55, 59, 92.

Interlocking directors. 17.
Illness. 7.
See - Brotier-in-law.
Issue. 63.
-jJames. 73, 79, 80, 88.
Jew. 3, 60.

•••••..•

•

,
o

fijair.

AZA

0.1.1

fla J, • 0444,

Leaves, Absence from Washington.
22, 23, 90.
Licenses.
See - Bank openin.
Luddington Air Co. 24.

Magee.
7i., 13, 15.
Memorandum, C.S.H. 5.
Meyer, Mrs. Eugene. 9, 21, 26, 36.
Miller, Dr.
1,2, 3, 7, 7, 25, 26, 27, 28, 31, 32, 43, 45, 46,
59, 60, 74, 75, 84,
87, 88.

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Federal Reserve Bank of St. Louis

152

-•

•••••
*•

.1•11

Miller (Richmond). 44.

•

41V4v

eirJo

Ogden.
9, 18, 22i,31, 34, 44, 51, 92.

.0g (
I'

•

Mitchell, C. E.
37, 38, 39, 40, 41.
Morrill.
38, 44, 63, 64, 68, 78, 84.
-NNational bank holiday. 52, 53.
See - Bank opening.

National City Bank, N. Y. 37.

-0Old age, antipathy to. 8.
• 1•,•••

Open market 2olicy. 18.

•

Opposition to. 60.
.so
-PPaulger. 3.
Pnellmonia. 22.
444,,j-14,

Polk, Prank. 60.
Prices. 85.
410-r

Pc1

Proclamation.

52.

41.0

Protest to Hoover. 74.
f

-B,
R.F.C. 30, 32, 60, 77.
Rate of interest
See - Bond issues.
Relatives. 72.
Resignation. 63, 91.
Responsibility. 66, 71.

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Federal Reserve Bank of St. Louis

153.

Robinson, H. W. 44.
. 0
Roosevelt. 56, 57, 70, 74, 91.
.1.4444A

Rough neck methods. 18.
ROW with Gov. Harrison. 21.
Row with Hoover. 53.
Row with Woodin. 82.

1- ttot

-S.AiL07.

ff..

Salary cuts. 73.
Secretive. 15, 16.
Sloppy work. 84.
Smithsonian Institution. 26.
Solvent.
See - Bank opening.
StabilizatIon of dollar. 85.
State banks. 5.
Stewart, Walter. 87.
Summers, Cong. 29.
System policy. 37.
UP

-T-

jitthipir

Taussig, Prof. 87.
Thorne, Interlocking directors. 17.
tue/-*,rt_rto
Unified banking system. 5.
.

154.

-V-

Votes.
10, 17, 36, 51.

Williams, FL Agent, Cleveland. 4, 36.
Woodin, Sec. 65, 66, 71, 74, 76, 81,

ee, 83.

Wyatt.
5 , ô, 29, 64, 67, 69, 76, 78, 113.

Young, Owen D. 21.

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Federal Reserve Bank of St. Louis

Igze

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Federal Reserve Bank of St. Louis

155.

Meyer, Governor
1. Miller sAd Hoover in his talk with him expressed bitter
disappointment with.
Dec. 3, 1932. 6.
2. Miller knew all about the row between Delano and.
Dec. 3, 1932. 6.
3. Miller said it was most unfortunate to have in key positions
3 Jews, Goldenweiser, Paulger and Gov. Meyer.
Dec. 3,1932. 6, 7.
4.

Goy. Meyer was requested by Board to ask Williams to came on
to discuss DeCamp and Gov. Pandher.
Dec. 5, 1932. 11.

5. Board took up pronosed letter of, to Glass sending a couy of
Wyatt's opinion on power of Congress to create a unified
banking system.
C.S.H. asked if the opinion was the same as that shown to
Board members some days ago.
Wyatt said certain parts had been omitted, - the reference to
power of Conress to force all commercial state banks to
join the P.R. System.
C.S.H. objected to this omission and asked adjournment in order
to read carefully the new opinion.
Board adjourned to 3:30 p.m.
C.S.H. went over the new opinion with Wyatt who :,aid it still
contained several clauses implying, that Congress could
force all commercial state banks to join the P.R. System,
but that all specific reference to this power had been
stricken out, at the insistence of Floyd Harrison and
Gov. Meyer as shown in previous diary.
At Board meeting C.S.H. read a memorandum of protest stating
While should ttempt to influence Wyatt to change his
opinion, but desired to have his viers spread upon the
record.
Finally C.S.H. said he would not oppose sending the oninion
to the Glass Committee it must be on the understanding
that he should show the memorandum to Glass.
Floyd Harrison asked if C.S.H. would strike out the references

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Federal Reserve Bank of St. Louis

156.

Meyer, Governor (Conttd.)
5. (Contid.)
to the sch,nge& opinion, as that was an internal matter.
Harrison evidently wanted to shield Gov. Meyer because of his
action in effect forcing Wyatt to change the opinion.
C.S.H. said in
to a change
the opinion
force banks

any talk with Glass he would omit the refercnce
in the opinion, but would merely point out that
was not inconsistent with right of Congress to
to join the P.R. System.
Dec. 6, 1932. 14, 15.

6. Later Gov. Meyer came into C.S.H.Is man and begged him to hold
up his Vtter and memorandum to Glass for a few days
at least.
C.S.H. said he would hold it up until he saw Glass, - probably
within a few days.
Wyatt told Board that he thought the new draft was better than
the old one.
C.S.H., however, feels that Gov. Meyer forced Wyatt to make the
change.
CS.H. is sure of this for some time ago Wyatt told him that
Gov. Meyer was insisting on his making the change and that
he did not want to do it.
Dec. b, 1932. lo, 16.
7.

Miller told C.S.H. that, was so ill last summer that for 3
weeks his Doctor lived in the house with him.
Dec. 8, 1932. 17.

714.

Miller advised C.S.H. not to talk with Gov. Meyer about Mageels
appointment.
Dec. 8, 1932. 17.

Gov. Meyer sneered at the suggestion of appOinting a Class C
director aged 69 years.
He seemed to feel we should appoint no one over 60 years of age.
He did say, however, that we should have a pension system.
He has a supreme contempt for old agel
Dec. 8, 1932. 19.

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Federal Reserve Bank of St. Louis

157.

Meyer, Governor (Contld.)
9. Gov. Meyer came into C.S.H.Is office evidently tryim, to
ingratiate himself.
He said neither he nor his wife had made a political
contribution since he came on the Board.
He also referred to fct that Roo:)nrelt might want to
designate a new Governor but Showed clearly his hope that
he might be continued.
He also said Ogden Mills was showing signs of anf7er but Whether
because of the election or animosity to himself he did not
know.
He was altogether in a very subdued state of mind.
Dec. 14, 1932. 21.
10. Voted to follow William advise and to offer no objection to
the reappointment of Gov. rancher, for the present at least.
Dec. 20, 1932. 27.
11. Sends us a bottle of rum soaked dates.
Dec. 31, 1932. 37.
12. At Governors' Conference.
41
See 6,0 Governors Conference.
13. Wyatt said he heard Gov. Meyer say to Magee that he - Meyerhad asked Hoover to appoint him on P.R. Board.
Jan. 7, 1933. 44.
14. C.S.H. called up, at 9:30 p.m. and told him of his talk with
Glass.
Jan. 9, 1933. 44.
15. Goes to capitol to see Glass about Magee. Later he said he
had a satisfactory talk with Glass but did not tell C.S.H.
what it wast
Jan. 10, 1933. 49.
16. Left Board meeting at 11:45 a.m. to attend meeting of directors
of P.R. Bank, N.Y., going by airplane.
He did not say why he was going, merely that he would be back
on Saturday.
Morrill said it was to the directors meeting.

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Federal Reserve Bank of St. Louis

158.

Meyer, Governor (Contld.)
16. (Contld.)
His mysterious methods are getting on C.S.H.Is nervesi
Jan. 12, 1933. 51.
TifrLiA

17. Votes to permit Thorne to serve as director of First National
Bank of New York and Bankers Trust Co., Y. Y.
Jan. 17, 1933. 56.
18. Very angrily denies Ogden Mills st,l.t ement that Board's policy
of letting 38 millions, of Government securities run off had
eansed'such a reaction in the market that he had to postpone
issuing 350 millions, 10 year, *A bonds.
Gov. Meyer said that for some days after the open mrket
stataaent, the price of Governments rose; that really only
a few brokers wanted the issue postponed.
He denied that the press took the attitude mentioned by Mills.
He said he knew such an issue would go finely today.
.14

He was decidedly "rough-necked" in his manner, altho C.S.H.
believes he may have been nearer right than I:line.
Jan. 17, 1933. 57, 58.
19. Reported to Board that Gov. Harrison said he contemplated
going abroad, but would not sail this week Saturday.
Board wired him not to go.
Zan. 19, 1933. 59.
See - Harrison, Gov.
20.

Gov. Meyer said Gov. Harrison said his airectors wanted him to go.
Jan. 19, 1933. 59.

21.

Gov. Harrison told C.S.H. that Gov. Meyer had acted very
discourteously in officially reporti.np, to BoaA. his intention;
that he had talked this over with Gov. Meyer at least
10 days ago.
C.S.H. said lov. Meyer did not report this officially but merely
casually mentioned it; that some Board metabers insisted on
treating it officially.

.7.41

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Federal Reserve Bank of St. Louis

159.

Meyer, Governor (Contld.)
21. (Cont d.)

. -4

•

Gov. Harrison said he had a biter Lisput e with Gov. Meyer
over it; that 10 days ago he talked it over with ?toy, Meyer
in the presence of Owen D. Young; that Gov. Meyer said
there were strong reasons for both going and not go lag.

.1, •

. •
eve.

0 4. vl•

0•41,7

Gov. Harrison said he asked 1ov. Meyer not to send. the
letter accompanyin.7 the Board's telegram, but he slid he
could not control it.
Jan. 20, 1933. 60, 61.
4.
"'"tar4101111171V

22.
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td.1':t3V0i,`

Gov. Meyer has been in New York over a week. His brother-in-law
is critically ill with pneiznonia.
Jan. 25, 1933. 64.

9[1.1

22L-. Gov. Meyer said he heard. in IT. Y. that Ogden Mills thou-6ht he
had. been very discourteous when he discussed the proposed
b)nd issue before the Board.

1 z`f...,.Itt
•
•\t,I

elf 1.

•

.:•.

a.
.2? ,,).•

He said he was very angry because Mills when he charged that
the Board by letting Government bond issues run off had
Injured the bond market and. made the proposed issue of
bonds imnossible;that Mills was
ceived by his N.Y. advisers.
Case et al; that the issue could have been made and could
be made today; that the bond marlet had risen since then.

jcr•
ILAm
• 1
_ ef27511

f0t*

„at

0j•

Gov. Meyer can not argu.e a question without losing his temper
and becoming personally offensive.
Mills did. not attack the Board, but sira91y said what was
true, - that the Press construed the running off of the
Government securities as an evidence of a changed. policy.
Jan. 26, 1933. 64, 65.
I

• Oti
'5

d ".

23.

Gov. Meyer in N. Y.

24.

C.S.H. approved a voucher for $10 frau Luadington Corny for
air trip of Gov. Meyer to New York.
Feb. 2, 1933. 72.

25.

Gov. Meyer came into C.S.H.'s office; he was very indignant
because Dr. Miller, on the Minneapolis Committee, did not
acce,
,A without question a man - Mr. Homburg - wham he wanted
Chairman of F.R. Bait:, Minneapolis.
Feb. 2, 1933. 72.

Jan. 30, 1933. 69.

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Federal Reserve Bank of St. Louis

Meyer, Governor (Contld.)
26. Miller said some years ago -av. Meyer consulted Counsel to
secure the removal of Delano from the Smithsonian Institution
because of his op;osition to Lodge as Curator of the Freer Museum.
t.or'
He said a clause in Freer's will called for consultation
with Gov. Meyer as to appointments; that he tried td
retain Mr. Burling, Delano's brother-in-lawl
Feb. 8, 1933. 73.

7a1,-Q

27. Miller said Gov. Meyer's treatment of Ogden Mills was sim-oly
disgusting.
Feb. 8, 1933. 73.

*I •
••

28.

C.S.H. said Mills waiver of the right to preside at Board
meetings was accepted by Gov. Meyer not as an ,ct of
courtesy but as a confession of inferiority, - to which
Miller agreed.
Feb. 8, 1933. 74.

29.

Wyatt said Cong. Summers of Texas told Mrs. Wyatt that Gov.Meyer
would cease to be Governor after March 4th.
Feb. 8, 1933. 76.

30. At Board conference with the R.F.C..as to the Detroit banking
collapse, Gov. Meyer made not a single suggestion, but
seemed utterly at sea.
Feb. 13, 1933. 80.

41 *

31. Miller said Gov. Meyer was working out the banking situation
in the Chicago dietrict more with Mills and Hoover than
with the Board.
Feb. 1i, 1933. ET.

.t.wr

N)-E•
-

Rilfr;

0;-'.

Miller said that Gov. Meyer, at the R.1-0.C. Conference seemed
dazed, had nothinG to offer, and showed same symptoms
at the prior conference of the Board.
Feb. 15, 1933. 84.

33.

C.S.H. said he acted like a whipped dogl What a climaxl
Feb. 15, 1933. 84.

34.

Gov. Meyer never came near the Board today. As usual he is
acting with another crowd - Mills, Gov. Harrison and Hoover.
Feb. 15, 1933. 85.

35.

Reads to Board a letter from Hoover.
Feb. 23, 1933. 95.

;4115e7,

..
11.
•

•

See - Hoover.

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Federal Reserve Bank of St. Louis

161.

Meyer, Governor (Contld.)
36.

Votes to offer to Williams the Chairmandhip of Federal
Reserve Bank of Cleveland.
Feb. 25, 1933. 102.

37. Bitterly attaaks 0.3. Mitchell.
Said that last year he toll. Gov. Harrison as a matter of
System policy, that he should take steps to have him
removed as head of National City Bank, N. Y.; that
Gov. Harrison took steps to bring this about and at
first thought he couli do it but later found he could not.
Gov. Meyer never told the Board of this talk with Gov.
Harrison at the time, altho he now says it was a m tter of
System policyl
Feb. 25, 1933. 102.
38.

To C.S.H. statement that the removal of Nitchell micht have
precipitated a panic in 1929, Gov. Meyer said it would
not have been as disastrous as the one which took:place
in October, 1929.
Feb. 25,- 193 3. 103.

39.

Gov. Meyer evidently sought to give the impression that he
believed the Board should have removed Mitchell as a
Director in 1929.
As

a fact, howover, on June 4, 1931, he sw:gested to Board
that the Mitchell files, - still on the docket, - Waouli
be laid on the table, thus closing the incid(nt.

A, motion was made to this effect and passed unanimously.
Feb. 25, 1933. 103.
40.

Gov. Meyer, on Feb. 20, 1931. bitterly attacked Mitchell,
calling him the deposed Duke of Wall Street, and saying
he was utterly discredited.
C.O.H. asked him whether he thou -ht the Board should. have
removed him in 1929, but he evaded an answer, saying
that that was another quetion.
This was the 3rd time C.S.H. had put this question to him
and each time he evaded an answer.
See 18 Diary 106.
Feb. 25, 1933. 103.

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Federal Reserve Bank of St. Louis

Meyer, Governor (Centid.)
41.

Gov. Meyer, in answer to Dr. Miller who intimated that
Mitchell dominated the I.Y. directors, said that
Mitchell had never dominated him, adlcited the fict that
Mitchell wanted Burgess to go to Chile, which Gov. Meyer
said he disap)roved.
As s a fact, the whole Board disapproved itl
June 30, 1931.
See - 19 Diaries at p. 176.

104.

42.

Gov. Meyer said rates in Government securities were too low
and must be increaced; that by putting money into France
it would yield 31
1 %.
Feb. 27, 1933. 105.

43.

Mills said the announcment of a certificate issue at higher
rates would be made on March 6th.
Miller wanted it earlier to avoid the claim that the new
administration had stiffened rates.
Board finally agreed but Gov. Meyer objected.
Feb. 27, 1933. 105.

44.

Tells Board of a conference in Board roam last night at
which Gov. Meyer, Mills, Morrill, Floyd Harrison,
Miller (R.F.:4) Rounds of F.R. Bank, N.Y. Davison,
H.W. Robinson, and Gov. Bladk were present, - en the
question of guaranty of de,osits.
Mar. 1, 1933. 110.
See - Guaranty of deposits.

45.

Gov. Meyer read to Board a letter from Hoover to Board.
Gov. Meyer read a proposed reply to which C.S.H. and Eiller
objected as weak and inadequate.
In p.m. Gov. Meyer presented a new draft with same changes
to meet the objections, which C.S.H. aad Miller finally
accepted.
Mar. 1, 1930. 112.
See- Hoover.

46.

Gov. Meyer spoke bitterly of Miller to C.S.H., flaying he
was hysterical; that many mmths ago he - Miller - sHid
we were going off the gold standard, and yet later
attacked Hoover for intimating this in his Des Moines
speech.
Ma'. 1, 1933. 112.

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Federal Reserve Bank of St. Louis

163.

Meyer, Governor (Contld.)
47.

Said he nev(Ir would favor a lo,Jernment ,(Alaranty of deposits
whether for 50 or 100%.
Mar. 1, 1933. 113.

48.

Castle writes Meyer und( r title of "Esquire"
Feb. 8, 1933. 115.

49.

Some days ago Gov. Meyer told Bourd that if he did not
know more about the bond raLsket than Gov. Harrison's
advisers, he should be removed fram tii Boardl Modestyl
Mar. 1, 1933. 115.

50. Board approved Gov. Meyer's reply to Hoover.
Mar. 20, 1933. 115.
51.

Votes in favor of incre-sim U.Y. discount rate from 211 to 3.
Gov. Meyer said Mills would vote Aye, if present.
Mar. 2, 1933. 116.

52. Favored proclamation of a national bunk holiday by Hoover.
Mar.2 and 3, 1933.
119, 119 (2) (4) (5)
See - Bank holiday.
53. Dispute with

oover as to a national bank holiday.
Mar. 3, 1933. 122.

See - Bank holiday.
53i. Asks C..H. to attend conference of bankers at Treasury.
Mar. 5, 1933. 125.
54. Letter of Hoover to Gov. Meyer.
Mar. 4, 1933. 130.
- Hoover.
55. Board's reply signed by lov. Meyer to Hoover.
Mar. 4, 5, 1933. 132.
See - Bank holiday
Hoover

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Federal Reserve Bank of St. Louis

Meyer, Gov. (Contld.)
56. Reads to Board proposed plan of Roosevelt to onen banks.
Mar. 8, 1933. 134.
57.

C.S.H. asked Gov. Meyer if he approved this plan but he
gave an evasive answer, saying Rooscvelt had approved
it and that was all there was to it1
Mar. 8, 1933. 136.

58.

Morrill and Floyd Harrison disapprove the plan, which is
equivalent to saying that Gov. Meyer also disapproved it1
Mar. 8, 1933. 136.

59.

Miller said Hoover was bitterly angry with Gov. Meyer, when
he tried to persuade :him to proclaim a national holiday;
that he, Hoover, thought Gov. Meyer was trying to coerce him.
Mar. 8, 1933. 137, 138.

60. Miller said the pp osition to Gov. Meyer was intense; that
Frank Polk so told him today; that the N.Y. and the large banks
of the country hated to have a Jew as Governor; that under
Gov. Meyer P.R. matters had gone from bad to worse; that
the R.F.C. was an object of contempt; that his reputation
had greatly fallen.
Mar. 8, 1933. 138.
61.

Told Board Sec. Woodin as Chairman had wired all P.R. Agents
to report as to solvency of all member banks.
lov. Meyer said this could not be done satisfactorily ,as the
state bank reports varied as to time, and the P.R. Agents
would have to rely upon reports of state examiners.

62. He said also it would stir up violent oy)osition to the
Federal Res-rve Board for classifying banks as solvent.
Mar. 8, 1933. 139.
63.

C.S.H. and Miller feel that Gov. Meyer is strongly opoosed to
the plan of opening as well as to the telegram, as shown by
ilorrill and Floyd Harrison's op-)osition.
C.S.H. feels Gov. Meyer may make this an issue and resign
from Board.
Mar. 8, 1933. 140.

165.

Meyer, Gov. (Contld.)
64.

Goes to see Glass with Morrill and Wyatt.
Mar. 8, 1933. 145.

65. Board has conference with Woodin in Gov. Meyer's room.
Mar. 10, 1933. 145.
See
66.

Bank holiday

Tells Woodin it is a heavy responsibility on Secretary of
Treasury to find an ap)lying bank to be solvent.
Woodin told Gov. Meyer he would take full responsibility.
Mar. 10, 1933. 146.

1
67.

Wyatt said the only constructive suggestion Gov. Meyer has
made was the revival of Aldrich-Vreeland notes.
Mar. 10, 1933. 146

68.

Wyatt said the act of Mar. 9, 1933, was agreed upon at a
conference between Gov. Meyer, Ballantine, Floyd Harrison,
Davison, et al; that they agreed on the outlines of a plan;
that later Gov. Meyer, Floyd Harrison and Morrill went over
it and asked a further conference.
Mar. 10, 1933. 146.

69.

Wyatt said he feared Gov. Meyer was very angry with him for
not consulting him more freely in preparing the bill:
Mar. 10, 1933. 147.

70.

Woodin read Board Roosevelt's plan for opening bank.
The Board approved Roosevelt's tentative letter announcing
the plan.
Gov. Meyer said that perhaps it was the best course.
He certainly lacks decisiveness!
Mar. 11, 1933. 148.

71. A proposed telegram from Woodin to all P.R. Agents was read,
directing them to forward all appliaations of member
banks for licenses, with their recommendation.
Gov. Meyer said this was an attempt to put upon the F.:1.
System all responsibility as to opening banks.
!feral, 1933. 148.

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Federal Reserve Bank of St. Louis

Meyer, Gov. (Contld.)
72.

While the Board was discussing the question of opening
the Bank of America and Anglo-American bank, Gov. Meyer
said relatives of his were interested in one of these
banks, and he, therefore, should take no part in
the discussion and left the meeting.
Mar. 12, 1933. 151.

73.

C'eS.H. and James asked, to take up with Glass the question
of proposed salary cuts, and he agreed to do so.
Mar. 12, 1933. 152.

74.

Gov. Meyer was told by Glass that the Act of Mar. 24, 1933,
originally came from the White House and Treasury.
Woodin, Gov. Meyer and Miller went to White House to
protest to Roosevelt.
Mar. 14, 1933. 157.

75.

C.S.H. suggested a discriminating rate for loans to nonmember banks under above pra:)osed Act, but Gov. Meyer
and Miller thought this unnecessary.
Mar. 14, 1933. 157, 158.

76.

Wyatt said Ballantine, Douglas nd Await were dominating
Woodin; that Gov. Meyer had constantly fought the
above combination but had nothing donstructive to
offer and seems dazed.
Mar. 15, 1933. 159.

77.

Gov. Meyer this A.M. is to give Glass the Board's letter
and suggestions broadening the R.'. C. and makin:; its
bonds eligible as collateral for P.R. discounts.
Mar. 15, 1933. 159.

78.

Wyatt, Floyd Harrison and Morrill took breakfast with
Gov. Meyer this a.m., and in spite of our vote last
night changed the substance of our letter to Glass
and struck out all references to our suggested
amendments.
Wyatt said Board did not vote last night to send the
amendments with the letter but C.S.H. thinks it was so
voted.
Mar. 15, 1933. 159.

79.

Gov. Meyer at 12:15 this morning drove James home with him
not asking C.S.H. who was present at the time.C.B.H.
walked home.
Deliberate discourtesy.
Mar. 16, 1933. 160.

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Federal Reserve Bank of St. Louis

Meyer, Gov. (Contld.)
BD.
‘-fir
,

Galls special meeting at
consider telegram of
draft of Act of Mar.
could take up matter

James insistence at 5:30 to
P.R. Bank of Dallas opposing
24, 1933, and asking if it
with Congressmen, etc.

„7(ZP:7.7

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C.b.H. drew answer that majority apposed such acts, this in response to request of Pederal Reserve Bank
for opinion of Board.

•

Gov. Meyer, who at first criticised C.S.H. for his
notation on originalinlegram that a P.R. bank should
not lobby, finally agreed to C.S.H. answer.
Mar. 16, 1933. 163, 165, 166.

;"' it.);;

7.",C1..•:

•

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81. Woodin severely criticised Board's action in sending letter
to Glass.

0041,f4*TX

Gov. Meyer said Woodin was not there at the time and the
appointive members sent the letter in response to a
request from Glass.
Mar. 16, 1933. 164.
82.

Woodin protested against action of Bcard wiring the text
of Act of Mar. 24, 1933. with the addition of Woodin
statement explaining the circumstances leading up to
his approval of the bill, as it put hi,: in apparent
position of trying to dominate the Board.
Gov. Meyer said the telegram was a fair statement of
just what occurred.
Woodin almost violently disagreea and there was a rather
bitter tontroversy between them.
Mar. 18, 193,.,. 171.

4 444

83.

Gov. Meyer explained that when the vote to send the letter
to Glass was taken, Woodin could not be found.
While probably it would have been better to have waited
for Woodin, as Glass wanted an immediate reply,
feels the anpointive members were justified in sending
Mar. 18, 1933. 176.
the letter.

84. It seems that Morrill sent out the telegram without showing
it to Gov. Meyer or any member.
Miller said the telegram was a very sloppy one and that
Gov. Meyer was very sloppy in his methods.
Mar. 20, 193:,. 179.

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Federal Reserve Bank of St. Louis

168.

Meyer, Gov. (Contld.)
85.

117

9eavq-al.

Said many people believe that stabilizing the dollar
abroad would keep prices down in U.S.
Mar. 20, 1933. 182.

86. Said Treasury was considering an immediate issue of
five year notes at 3%, free of all taxes, no maximum
amount, to be fixed,with a provision that all small
bids will be accepted.
Said he believed this would draw out much money now boarded.
Mar. 20, 1933. 183.
87.

Gov. Meyer and Miller agreed it might be advisable to call
in some experts to advise Board.

—
Gov. Meyer said Stewart could net came down.
They asked C.S.H. to invite Tausiiig but C.S.H. declined.
unless Woodin were present aryl voted for it.
Mar. 20, 1933. 183
88.

When C.S.H. introduced his four propositions as to gold
order, James favored, Hiller at first doubted, and Gov.
Meyer was dumb.
Mar. 20, 1933. 186.

89.

Gov. Meyer pointed out that to omit bullion from prohibitions
of gold order would at once put us on the Gold Bullion
Mar. 23, 1933. 192.
standard.

90.

Leaves discussion of gold order to go to
Y. to attend
Yale dinner.
Mar. 24, 1933. 195, 196.

91. Before the afternoon meeting, Gov. Meyer talked with Board
in C.S.H.Is room and said, confidentially, that he
had told Roosevelt that he wished to be relieved of his
duties as a member of the Board; that Roosevelt asked
him for a little time, which he said he would be glad
to give.
Mar. 24, 1933. 196.
92.

Gov. Meyer, some days ago, said that Gov. Harrison told him
that he was shocked at Hoov 'los reference to gold
standard in his Des Moines speech; that Gov. Harrison
talked with Ogden Mills of Minneapolis over the telephone
who said he knew absolutely nothing over Hoover's
reference to himself.
Mar. 24, 1933. 197.

—.:Z1111111r

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Federal Reserve Bank of St. Louis

169.

Meyer, Mrs. 2ugene
Gov. Meyer said Mrs. Meyer had not made a political contribution
since he went on F.R. Board.
Dec. 14, 1932. 21.
Attends lunch riven by H.P.H. to ScOhie Boreel at Woman's
National Democratic Club.
Dec. 30, 1932. 36.
See - Meyer, Gov. 26
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Michigan, Governor of
See — Detroit banks
Moratorium.

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Federal Reserve Bank of St. Louis

MILLER, Da.
Index.

Act of Mir. 24, 1933.
81, 82, 83, 84, 89, 95, 99.
Active executive officer. 91.
Anglo-American bank. 73, 77, 78.
Appointive members. 93, 94.
See - Glass
Attack by James. 85.

Ballantine, Under Secretary. 111
Bank of America. 64, 73, 75, 76, 77, 78, 79.
Bank opening. 59, 62, 63, 66, 72, 74, 76, 78.
Bankers Legislatie Comittee. 61, 65.
Bankers Trust Co. 17.
Baruch, B. 3.
Board of Governors. 71, 91.
Breaking a nuorum. 89.
Burliiv. 21.
Business recovery.33.
Business strangled. 56.
-0Cabinet of Roosevelt. 40.
Calkins, Gov. 76.
Clayton Act. 10, 17.

1.71.

Clearing house certificates.
23., 24, 27, 29, 35, 42, 49, 50, 53, 56.
Comptroller. 73.
=stock. 34.
Conference. 95.
Continental Illinois Bank & Rrust Co.
25, 62, 64.
Curtiss, F.R. Agent. 6.
-DDavies, Joe. 34.
Davison. 65.
DeGamp. 4, 5.
Delano, P.A. 21.
Department of Justice. 25.
Deposits
See - Guaranty
Des Moines Speech.

Hoover. 55.

Detroit banks. 23, 47.
Discount rates. 46, 58.
Dollar stabilization. 102.
Domination. 27, 45, 90, 100.
-zadbL.rgp
See - Gold embargo
Expert assistance. 103.
0

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Federal Reserve Bank of St. Louis

.4rancher, Gov. 13, 18.
Federal Reserve Agent. 34, 37, 41, 43, 44.
See - AoMburg.

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Federal Reserve Bank of St. Louis

/72.

Federal Bes,:rve Bank, Dallas 89.
Federal Reserve Bank, Kansas City. 34.
Federal Reserve Bank, New York. 45, 58.
Federal Res-rve Board
2, 10, 12, 28, 45, 49, 57, 60, 69, 70. 71, 72, 80, 87,
92, 96, 99, 100, 103, 106, 107, 109, 111.
Federal reserve notes. 50, 51.
Federal Reserve System. 70, 71.
First National Bank, Boston. 64, 68, 79.
First National Bank, New York. 17.

Glass. 19, 31, 32, 48, 82, 84, 65, 91, 93, 94, 95.
Gold embargo. 66.
Gold order. 101, 104, 105, 107, 108, 111.
Gold standard.
51, 52, 53, 66, 67, 101, 104.
Goldenweiser. 3, 66.
Government securities. 46, 47.
Governors. 85.
Governors, Board of. 91.
Governors Conference, 16.
Greenbacks. 36, 68.
Guaranty of deposits. 26, 65.
Guardian Trust Co. 18.

-H•

Hamlin, C. S. 4, 5, 8, 15, 16, 20, 28, 29, 37, 42, 47, 48, 53, 54, 71, 76,
84, 87, 88, 89, 91, 92, 94, 98, 101, 102, 103, 108, 110, 112.

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Federal Reserve Bank of St. Louis

J.(0.

Haulin, C. S. Gold order draft.
105, 106, 107.
Harding, President. 34.
Harrison, Gov. 26, 65.
Hitchcock, ExpsSenator. 57, 80, 109.
Hoarding.
'
See ,old order.
't

Homburg, Mr. 20, 30.
Hoover, ax-President.
1, 2, 8, 9, 22, 25, 26, 27, 54, 55, 59, 00, 66.

Ickes, Sec. 39.
Illness. 14.
Interlocking directors.
See - Clayton Act.
Irredeemable greenbacks. 36, 68.

James, George R.
85, 88, 89, 107, 108, 112.
Jews. 3, 69.
-LLegislative Bankers Committee. 61, 65.

Magee.
8, 9, 10, 90, 92, 96, 98, 110, 113, 114.
Mellon. 90.
Memorandum, C.S.H.

8, 110, 113.

Meyer, Gov. 1, 3, 6, 7, 20, 21, 26, 54, 55, 56, 66, 69, 70, 71, 81, 83,
95, 99, 103.

OT.014.

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Federal Reserve Bank of St. Louis

Meyer, Mrs. 21..
Mills, Ogden.
26, 46, 50,50, 60.
Mitchell, C. E. 45.
Mitchell, John. 34.
Moratorium. 42.
Morrill. 76, 95.

-NNational Economic Association. 33.
Norris, Gov. 12.
-0Open market policy. 16.

Parrish, Mrs. 90.
Paulger. 3.
Pegging of dollar abroad. 102.
Penn. Insurancefcr Lives. 12.
Phillips, Wm. Under Secretary. 22.
Politics. 28.
Polk, Prank. 69.
Prices. 36.

Quorum, Breaking of. 89.

Radio, Roosevelt. 75.

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Federal Reserve Bank of St. Louis

175.

Republican. 109.
Resignation • 87.
Robinson, H. W. 27, 35.
Roosevelt, Presid,•nt.
11, 15, 19, 22, 28, 38, 48, 57, 59, 62, 63, 74, 75, 76, 77, 78,
80, 81, 84, 90, 92, 107, 110, 111, 114.

-SScrip
See

Clearing house certificates.

Sew, Gov. 85.
Secretary of Treasury. 3, 31, 32.
See - Miller
Mills
Woodin
Smead. 66.
Smithsonian Institution. 21.
Solvency. 32.
Stabilization of dollEir abroad. 102.

-TTaussig, Prof. 103.
Thorne. 17
See - Clayton Act
Trading with Enemy Act. 59.
Tr'lor, M.A. 24.
t

-U..
U. S. Treasury
See- Mills
6ecretary of Treasury
Woodin

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Federal Reserve Bank of St. Louis

176.

-V-

Votes. 10, 17, 30, 41, 44, 58, 86, 106, 107, 111.

Wallace, Sec. 19.
Williams, P.R. Agent, Cleveland.
13, 37, 41, 43, 44.
Wing, Daniel. 68.
Woodin,Sec.
38, 61, 73, 76, 81, 91, 96, 99, 100, 103, 107, 109, 110, 112,
113, 114.
Wooley, Bvans. 97.
M.110.000.0.Williaammme.

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Federal Reserve Bank of St. Louis

lit1.111r, Dr.
1.

Said Hoover was bitterly disappointed with Gov. Meyer.
Dec. 3, 1932. 6.

2. Said Hoover at times showed prejudice against P.R. Board.
but mentioned no name.
Dec. 3, 1932. 6.
•

3. Said impossible.to believe that Baruch would be Secretary
of
Treasury.
Unthinkable to have Goldenweiser, Paulgpr and Gov. Meyer all
Jews - in such key positi,ns; that Baruch and Gov. Meyer
were leading stock speculators.
Dec. 3, 1932. 6, 7.
4.

Reports, with C.S.H. against reap.7ointment of P.R. Agent
DeCamp.
Dec. 5, 1932.

5. Miller and C.S.H. last week gave DeCamp a hearing.
Dec. 5, 1932. 10.
See - DeCamp.
6. Spoke contemntuously of P.R. Agent Curtiss.
Gov. Meyer seemed to agree with him.
Dec. 8, 1932. 16.
7. Said Gov. Meyer was so ill last summer that he had a Doctor
living with him at his house.
Dec. 8, 1932. 17.
8. Advised C.S.H. not to consult with Gov. Meyer as
to Magee,
for (bov. Meyer might make Hoover think we had agreed to
have
him confirmed if ap)ointed, and that this might anger the
Democratic Senators.
Dec. 8, 1932. 17.
9. He said if Hoover ap,)ointed Magee undoubtedly
Glass would
consult us.
Dec. 8, 1932. 17, 18.
10.

Miller charged Board with being influenced by pressu
re and being
witil,ut any fixed policy in Clayton Act decisions and cited
the case of Hall in a San Francisco bank as a flagra
nt inaktance.
Morrill looked up the records and found that Miller
had indorsed
on the application the words, "I approve"I
Dc. 16, 1932. 22.

r •

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Federal Reserve Bank of St. Louis

-1711.

Miller, Dr. (Contld.)

•-••.

•

11. Left today to visit Gov. Roosevelt at Albany, N. Y.
Dec. 16, 1932. 23.
12. Miller attacked Gov. Norris and said he was conspiring with
the Penn. Insurance for Lives Co. to outwit the F.R.Board.
Dec. 16, 1932. 24.
13.

Absent - ill - when Board aaoroved Williams recommendation as to
Gov. Faucher.
Dec. 20, 1932. 27.

14. Has been ill in bed since Monday
Dec. 20, 1932. 27.
15.

•

C.S.H. saw Miller for 1/2 hour.
He never mentioned his visit to Gov. Roosevelt.
Dec. 28, 1932. 30.

16. Prepares long statement as to Open market policy at Governors
Conference.
C.S.H. prepared Shorter statement which was adopted.
Jan. 4, 1933. 41 (3)
See - Governors Conference.
17.

Votes against Thorne as interlocking director of First National,
New York and Bankers Trust Co.
Jan. 17, 1933. 56.

18.

Felt that Gov. Fancher was entirely innocent as to his
borrowing from Guardian Trust Co., ann that it did not involve
speculation, yet that if rea7oointed this yetLr he should be
dropped in 1934.
Jan. 19, 13. 59.

19.

Agreed that we should not ask Glass to force a vote on Magee.
Thought only danger was that Roosevelt might appoint Wallace.
Jan. 30,1933. 69.

20.

Gov. Meyer abused Miller to C.S.H. because he would not accept
without investigation }Walburg, suggested by Gov. Meyer for
F.R. Agent, Minneapolis.
Feb. 3, 1933. 72.

21. Said that some years ago Gov. Meyer consulted Counsel in order
to remove Delano from Saithsonian Institution because
of his opposition to Lodge as Custodian of Freer Gallery.
A clause in Freer will proyided that nrs. Meyr must be consulted.
Said that Gov. Meyer consulted Burlinc;, Delano's brother-in-law.
Feb.8, 1933. 73.

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Federal Reserve Bank of St. Louis

179.

Uiller, Dr. (ContId.)
22. Said that William Phillips had been shamefully treat
ed by
Hoover and was practically forced to resign from Belgi
um
and was given no support in Canada.
He said he told Roosevelt he hoped he would send Phill
ips to
Italy.
Feb. 8, 1936. 75, 76.
23.

Urges use of clearing house certificates with coope
ration of
Fria. banks which would take checks from out af town drawn
on Detroit banks for collection and under agreement
that
they could receive payment in clearing house certificat
es.
Feb. 13, 1933. 80.

24.

Traylor said Miller's suggestion of clearing house
certificates
was not practicable.
Feb. 14, 1933. 82.

25. Miller said Department of Justice was considerin
g the possible
indictment of certain officials of the Conttnenta
l Illinois
Balk and Trust Co.; that he, Miller, was called up
by a
prominent Chicago man and asked to tell Hoover that
if this
were pressed there would be grave danger of finan
cial and
banking trouble An the Chicago District; that he
delivered
this message to Hoover.
Feb. 15, 1933. 82.
26.

Said Gov. Harrison had a plan for partial freezing
of deposits,
to be used, if need arose, all over the country.
;'aid Gov. H-rrison, Mills and possibly Gov.
Meyer were workirg
on this with Hoover.
Feb. 15, 1g33. 82.

27. Said it was evident that N.Y. Counsel was
dominating Hoover,
in op-)osition to his plan for clearing house certi
ficates
and scrip; that H.W. Robinson favored his plan and
said
he should go to Hoover and nresv it, but they
both agreed
that Hoover would not have the courage to throw over
N.Y.,
however much he mIght want to.
Feb. 15, 1933. 83.
28.

Miller and C.S.H. agreed that our Board had been
made absolutely
negligible, but that, on urely political grounds,
this
would help Roosevelt.
Feb. 15, 1933. 83.

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Federal Reserve Bank of St. Louis

180.

Miller, Dr.( Contid.)

•

29.

C.S.H. told Miller he had offered the only constructive
suggestion - cle,ring house certificates.
Feb. 15, 1933. 83.

30.

Votes to offer P.R. Agent, Minneapolis, to Homburg.
Feb. 18, 1933. 87.

t.;

31. Says he has heard that Glass has definitely refused to be
Secretary of Treasury. Feb. 20, 1933. 88.

*IC

32. Said that Woodin, talked. of for Sec. of Treasury, is a man
of character, and a first class business man, but of very
insignificant appearance, and will not nearly approadh
Glass's level.
Feb. 20, 1933. 89.
33. Said he had been reading research reports of the National
Economic Association and that he believes the tide will
turn by next fall.
Feb. 00, 1933. 89.
34. Said Joe Davies had called him up and suggested that the
appointment of F.. Agent of Minneapolis to fill Mitchell
vacancy, be held up for several months, Elt the same time
recommending a candidate; that he told him the Board had
Already decided on a man to fill the vacancy; that it was
not a -7,o1itical position; that he told him of President
Harding's effort to appoint Comstock at Kansas City; that
Davies took it very well.
Feb. 20, 1933. 89.

writ

•

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35. Miller and Robinson took view that the banking troubles had
now been localized and should be kept so by use of clearing
house certificates.
Feb. 21, 1933. 92.
36. Doubts whether even issue of irredeemable greenbacks would
increase prices.
Feb. 21, 1933. 94.
37.

C.S.H. and Miller confer with Williams as to P.R. Agent for
Cleveland.
Feb. 23, 1933. 95.

38. Says Woodin is insignificant looking and will have little
weight with Roosevelt.
Feb. 23, 1933. 96.
39. Says Ickes is a reputable but not a prominent lawyer of Chicago.
Feb. 23, 1933. 97.

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Federal Reserve Bank of St. Louis

.".....W.I.P.M•1111.1111•••••••

181.

Miller, Dr. (Contld.)
40. Says the Cabinet is conservative but not strong and is
disappointed in it.
Feb. 23, 1933. 97.
41. Executive Committee authorized Miller and C.S.H. to tender
to Williams the office of P.R. Agent, Cleveland. Miller
voted for this.
Feb. 24, 1933. A.
42. Again suggests clearing house certificates and a moratorim.
Feb. 24, 1933. 100.
43. In recommending to Board Williams for P.R. Agent, Cleveland,
Miller said Williams would withdraw from his investment firm,
either taking out his share of the investments or of the
capital.
Feb. 24, 1933. 101.
/7
44. Voted for Williams for F.R. Agent, Cleveland.
Feb. 25, 1933. 102.
45. Said C.E. Mitchell had dominated the P.R. Bank, N. Y. for
years and that Board should have-removed him in 1929.
Feb. 25, 1933. 102.
46. Wants Mills to announce the new certificate IAMB at higher
rates before Mar. 4 to avoid chLrge that the new administration
had stiffened rates.
Mills said announcement would be made Mar. 6.
Feb. 27, 1933. 105.
47. Miller opposed buying of Government securities to help Detroit
situation. C.S.H. alone favored this.
Feb. 27, 1933. 106.
48. Told C.S.H. he had heard from reliable sources that Glass's
interview with Roosevelt was not satisfactory to Glass.
Feb. 28, 1933. 109.
49. Said FR Board was drifting and should have come out for
clearing house certificates and scrip two weeks ago; that
this inertia made him feel that the whole Board should
be reorganized.
Mar. 1, 1933. 110.
50. In answer to Mills who said that even under clearing house
certificates there would still be a demand for P.R• notes
and gold for interest and tax payments, Miller said the
local banks should agree in that cases such payments would
be permitted.
Mar. 1, 1933. 111.

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Federal Reserve Bank of St. Louis

Miller, Dr. (Contld.)
51. Miller said that even if, temporarily suspended payment of
gold an F.R. notes, it would merely be a temporary
matter.
Mar. 1, 1933. 111.
52. Mills asked whether the Government should refuse to loEw gold
for its intere:t Obligation?
Miller said this could be done temporarily without
permanently leaving the gold standard.
Mar. 1, 1933. 111.
53.

C.S.H. said he was ready to vote with Miller for affirmative
action by the Board recommending the issue of cle'ring
house certificates and scrip.
Mar. 1, 1933. 111.

54. Miller and C.S.H. objected to Gov. Meyer's draft of reply
to Hoover as weak and undignified.
They later accepted a modified draft.
Mar. 1, 1933. 112.
5

Gov. Mayer was very bitter with Miller, telling C.6.H.
that many months ago Miller predicted we were going
off the gold standard, yet • attacked Hoover for his
gold statement in his Des Moines speech.
Mar. 1, 1933. 112.

56. Miller said business was being strangled and must have
clearing house certificates and scrip.
57. Sen. Hitchcock told C.H. he could tell Miller of
Roosevelt's offer to him of a place on F.R. Board.
Mar. 1, 1933. 194.
58. Votes against increase of N. Y. discount rate from 2i to 3.
Mar. 2, 1933. 116.
59.

Goes up to Mayflower Hotel and confers with Roosevelt
who said he believed the Trading with the Enemy Act
was still in force; that he would interpose no objection
to Hoover's proclaiming a national holiday, but that
was as far as he would go. This was between 12:00 and
1100 a.m.
Mar. 3,1933. 118.119 (2)

60.

Calls attention to Board that it has never answered Hoover's
letter of Mar. 2.
Calls Mills attention to contents of proposed letter of Board.
Mar. 4, 1933. 119 (3)

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183.

Hiller, Dr. (Contld.)
61. Appointed by Woodin on Committee of Bankers to consider needed
legislation.
Mar. 5, 1933. 126.
62. Objects to Roosevelt plan of opening 2500 absolutely sound
banks; that the Continental Illinois Bank& TrUst Co.
could not be opened under it and that this would bring about a
complete banking collapse of all banks not opened on Friday.
Mar. 8, 1933. 135.
63. Miller said Roosevelt's plan of opening was the N. Y. plan.
Mar. 8, 1933. 136.
64, (Miller claimed that any successful plan must include the
First National, Boston, the Continental Illinois Bank and
Trust Co. and the Bank-of America.)
65. Miller said that yesterday the bankers legislative cammiteee Gov. Harrison and. Davison absent - agreed on a plan opening
all banks having 5% reserve against deposits, but that it
was lost in the shuffle.
Mar. 8, 1933. 137.
66. Miller said Hoover was very angry with Gov. Meyer Friday night
when he tried to persuade him to proclaim a national bank
holiday; that he thought he was trying to coerce him;
that later Hoover called him - Miller- up and said In was
willinl to issue a gold embargo; that Goldenweiser and
Smead fought this strongly as it would be an abandonment
of the gold standard.
Mar. 8, 1933. 138.
67. Miller said the gold standard had already been abandoned even
if only temporarily; that he personally would have apfroved
this.
Mar. 8, 1933. 138.
68.

Miller said Wing of the First National Bank, Boston, urged Woodin
to issue 500 millions of irredeemable greenbacks1
Mar. 8,1933. 138.

69. Miller said the opposition to Gov. Meyer was intense; that
Frank Polk so told him: that the N.Y. and other large banks
of the country hated to have a Jew as Governor of the
Federal Reserve Board.
Mar. 8, 1933.138.
70. Miller said that under Gov. Meyer Federal re(:erve matters had
gone from bad to worse; that the R.F.C. was an object of
contempt; that Gov. Meyer's reputation had fallen very much.
-so. 8, 1933. 138.

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Federal Reserve Bank of St. Louis

184.

Miller, Dr. (Contld.)
71. Agrees with C.1J.H. that the Board should be called the
Board of Governors of the P.R. System; that since Gov.
Meyer's accession he had practically been the Board.
.200e. 8, 1933. 139.
72. Miller said that Whatever criticism the Board might face in
determining the solvency of opening banks we Should do
all in our power.
8, 1933. 139.
-r14

73. Said Woodin told him the Comntroller had made no
recommendation as to onening the Bank of America and Anglo—
American bank.
Mar. 12, 1933. 150.
74. Miller said the question was whether refusing to open above
banks would not injure the Whole license plan of Roosevelt
more than it would injure the above San Vrancisco banks.
• Mar. 12, 1933. 150.
75. Miller heard Roosevelt read his radio address as to opening
only sound banks, before its delivery, and told him it
would necessarily prevent any license to Bank of America.
MbaN, 12, 1933. 151.
76. Miller told C.S.H., in Morrill's presence that he was with
Roosevelt last evening; that Woodin was there; that he heard
them talk to Gov. Calkins; that Gov. Calkins would not
change his unfavorable position as to the opening of the
Bank of America; that he — Miller- told Roosevelt that he
thought 300 millions would be the maximum aid against
the banks assets, While its deposit liabilites werc over
600 millions.
Mar. 13,1933. 153.
77. Miller said Roosevelt asked him what would happen if the
bank were permitted to open, and that he told him the
inside depositors might withdraw their balances, and that,
if they did, the Bank would be broken in a week; that
on the other hand things might go on for a long time,
thus postponing the inevitable.
Mar. 13, 1933. 154.
78. Miller said he told Roosevelt that not to open the bank
would bring immediate disaster to California.
Mar. 13, 1933. 154.

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Miller, Dr. (Contld.)
79. Miller said the assets of the First National Bank of Boston
were not so very mudhbetter than those of the Bank of
America, but that the latter undoubtedly would came back
gar. 13, 1933. 154.
quicker.
80. Miller said he had a talk with Roosevelt last Friday p.m.
and Roosevelt asked him What he thought of Hitchcock
for the P.R. Board; that he told him Hitchcock was in his 74th
year, too old to begin work on the Board; that the Board
needed a Chicago man, preferably a banker.
Miller said Roosevelt said he would talk with him later
on the subject.
Miller is inclined to doubt whether Hitchcock has received
an unequivocal offer._
Mar. 14, 1933. 155, 156.
81.

Goes to White House with Woodin and Gov. Meyer to protest
against early draft of Act of Mar. 24, 1933.
Mar.14, 1933. 157.

82. Miller suggested that we write Glass opposing above bill
and adding suggestions as to amendments.
Ilan. 14, 1933. 157.
83. C.S.X. suggested. a discrimnatory rate against non-member
banks but Miller and Gov. Meyer thought it not necessary.
Mar. 14, 1933. 157, 156.
84. C.S.H. believed the suggestions to be attached to the Glass
letter were the suggestions later agreed to by Glass
and Roosevelt. Enclosure of these was suggested by Miller
and approved. by C.S.H.
Mar. 15, 1936. 158.
85. Board discussed sending co-des of Glass letter to P.R. Agents
• and Governors.
During the discussion, reference was made to Gov. Seay and
Miller said he would never nay the slightest attention
to anything Gov. Seay said.
James then made a bitter assault an Miller saying he thought
he kne. everything and that nobody else knew anything etc.etc.
Miller thereupon left the room.
Mar. 15, 1933. 161, 176.
86. Before voting, Miller was asked to return but refused saying
the Board could take any action it pleased, - he would not
came back to the meeting. Mar. 15, 1933. 161, 176, 177.

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Federal Reserve Bank of St. Louis

186.

Miller, Dr. (Contld.)
87.

C.S.H. went into Miller's office.
He said he was writing his resignation as a member of the
Board.
After much persuasion he finally agreed to do nothing
without further consulting C.S.H.
Mar. 15, 1933. 161, 176, 177.

88.

C.b.H. then went to James and told him frankly he had
not treated Miller right. After a long talk James
finally said he would "patch it un" with Miller.
Mar. 15, 1933. 161, 162, 176, 177.

89.

C.S.H. went home at 4:30 but was called back for a special
meeting at 5:30 insisted unon by James, to ansTer
telegram of P.R. Bank, Dallas, asking opinion of
Board as to whether it could get its Congressmen
to protest against Act of Mar. 24, 1933.
C.S.H. called up iiiller at his home.
Miller said he would stay away to break a quorum.
C.S.H. begged him not to and he finally came.
Mar. 16, 1933. 163.

90.

Miller said that last night he dined at White House; that
Roosevelt talked with him at the table speaking across
Mrs. Parrish; that he asked if Magee were not still
on the Board and seemed surprised when he said No;
that Roosevelt asked if Magee was an independent man
or whether he was dominated.; that he told him that
Magee was young, able, and had done good work; that
he believed him to be independent; that Roaievelt
said he had been told that Magee was very close to
Mellon. Miller told him he had never heard of this.
Mar. 18, 193. 173.

91.

Miller agreed that C.S.H. should write Glass suggesting that
Board should be called the Board of Governors with
the right to choose its own active executive officer,
and said C.S.H. could quote him as favoring this.
C.S.H. prepared a letter but finally Miller agreed that it
should not be sent unless Woodin approved of it.
Mar. 18, 1933. 173, 174.

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187.

Miller, Dr. (Conttd.)
92.

C.S.H. and Miiler agreed that there was no reason Why C.S.H.
should not write Roosevelt directly about Magee, but
considering that Woodin had told us that Ramevelt was
Olspleased with Board's action in sending the letter to
Glass, it was agreed that such a letter might injure
rather than help Magee.
Mar. 18, 1933. 74.

93.

Miller himself dictated the appointive members letter to
Glass.
Mar. 18, 1933. 175.

94.

Miller had gone when the appointive members voted to send the
letter to Glass, but C.:).H. stated he voted on definite
understanding that Miller favored it.
Morrill said Miller not only favored it but actually dictated it.
Mar. 18, 1933. 175.

95. After the White House Conference Glass asked Gov. Meyer,
Miller, and Morrill to obtain an expression of opinion
on the draft of later act of Mar. 24, 1933.
Mar. 16, 1933. 176.
96. Miller said Woodin asked him to give him a statement as to
the terms drthe Boardts membership.
Miller thinks Magee matter will soon be settled.
Mar. 20, 1933. 178.
97. Miller also spoke of Evans Woolen as a possible appointment.
Mar. 20, 1933. 178.
98.

C.S.H. gave Miller a memorandum prepared by him showing the
various terms, also the reappointments by Republican
Presidents, etc. etc.
A strong statement in behalf of Magee.
Mar. 20, 1933. 178.

99. Miller said that while Woodin was present when the Board
voted to send to P.R. bank officers its approval of
draft of Act of Mar. 24, 1933, it did not follow that
Woodints remarks should have been put into the telegram,
and that it should have simply stated that Board
approved the Act.
As a fact neither Gov. Meyer nor any member was shown the telegram
before it was sent out.
Millersaid Gov. Meyer was very sloppy in his methods and that
this telegram was an instance.
Mar. 20, 1933. 179.

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Federal Reserve Bank of St. Louis

188.
t

!Allier, Dr. (Contsd.)
100. Miller said Woodin felt the telegram put him in the
position of trying to influence the Board.
Mar. 20, 1S63. 179.
101. Miller did not favor the proposed Tresury draft of a gold
hoarding order forbidding hoarding, because it would put
us off the gold standard.
C.S.H. said we were in fact now off the gold standard,
even though temporarily.
Mar. 20, 1933. 180, 181.
102. Miller agreed with C.S.H. that our dollars should be kept
at par abroad-at any cost.
Mar. 20, 1933. 182.
103. Agrees with Gov. Meyer that Board should consult experts on
gold question.
Asks C.S.H. to write Taussig but C.S.H. declines unless
Woodin is consulted.
Mar. 20,, 193',J. 183.
104. Miller ap2osed the draft of hoarding order as under it all
thegpld in the country would be coralled, thus puttin us
off t, e gold standard.
Mar. 21, 1933. 185.
105. Miller at first was in doubt as to C.S.H.Is four propositions
as to gold order.
Mar. 21, 1933. 185, 186.
106. Finally the Board voted to accept C.S.H.Is suggestions with
slight changes. Liiller voted Aye.
Mar. 21, 1933. 186.
107. Board gave C.S.H. draft as amended to Woodin Who thoroughly
approved it and said he would take it up with Roosevelt.
Miller then offered a draft postponing the operation of the
Order for the present.
Woodin, C.S.H. and James opposed Miller's draft and it was
rejected.
Mar. 21, 1933. 187.
108. Alter the meeting C.S.H. asked James why Miller opposed the
gold order.

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Miller, Dr. (Contld.)
108. (Contld.)
James said he had reason to know and that, — "Re had
that man's number", meaning that he believed that
Miller or some of his fam_ly were hoarding go10..
Mar. 22, 1933. 188.
109. Miller said he had talked with Woodin in a general way about
Board appointments; that he spoke of Sen. Hitchcock
but that Woodin did not remember ever having heard of him.
Miller told Woodin that he and C.S.H. felt strongly that
a Republican should have at least one of the vacancies.
MDr. 2E, 1933. 191.
110.

Miller, some days_ago, told C.S.H. he would give his
memorandum as to Magee to Woodin or directly to Roosevelt.
Miller had Wyatt check it uo.
C.S.H. feels that, as neither Woodin nor Roosevelt have
consulted hi9, he has done all he properly can for Magee.
Mar.-23, 1933. 191.

111. Ballantine at first opposed O.S.H. draft of gold order
because it permitted gold to be paid to foreigners.
He finally was persuadeC., and Board finally voted to approve
C.S.H.10 order as amended tentatively, i.e. subject to
Roosevelt's ap3rova1.
Mar. 23, 1933. 194.
112. Miller said Woodin told him he had a very high opinion of
C.S.H. and a not very favorable opinion of James.
Mar. 24, 1933. 194.
113. Miller said Woodin mad C.S.Ws memorndum asto Magee
and asked Miller to keep it for him as he did not want
to leave it around on his desk, but would like to refer
to it again.
Mar. 24, 1933. 194.
114. Miller said he had twice talked with Roosevelt about
Magee and felt that Woodin also would tell Roosevelt
What Miller had said to him, but that he would personally
speak to Rooselelt again in the near future about Magee.
Mar. 24, 1933. 194, 195.
Miller, Mr. (R.F.C.) 109, 110.
Miller, Mr. (Richmond) 129.
L- illis, Ogden.

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190.

MILLS, OGDEN
Index.

Administration, Roosevelt. 25.
Agricultural relief bill. 6.
Ander. 4.
Annual report. 3.
Animosit,. 4.
Attack by Gov. Meyer. 7, 8,
Await, Deputy Comptroller. 13.
—BBaltimore banks. 22.
Bank holiday. Opening. 30, 32, 33.
Banking panic. 22, 25.
Berle, Prof. 33.
Black, Gov. 26.
Bond s ubscriptions.
See — rederal reserve bank, Chicago
Broken hearted. 34.

Capital. 32, 33.
Case, P.R. Agent. 7, 8.
Cheap money. 6.
Clearing house certificates. 28.
Cleveland banks. 22.
Comptroller. 16.
Conference. 11, 26.
Congressional Committee. 3.
Conservator. 13, 15.

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4)-

D. C. banks. 22.
Davison. 26.
Deflation. 32, 33.
Deposits. 15, 18, 19,31.
See - Guaranty.
Denosits, Government. 25.
Des Moines speech.

Hoover. 35.

Detroit banks. 11, 22, 25.
Discount rates. 29.
Discourtesy of Gov. Meyer. 7, 8, 111;. .
Disturbed. 21.

Excess reserves, Member banks.6.
-FFederal Advisory Council. 14, 15.
Federal Reserve Bank, Chicago. 31.
Federal Reserve Bank, Cleveland
See -Cleveland bank
Williams, F.R. Agent.
Federal Reserve Bank, Kansas City
See - Kansas City banks.
Federal Reserve Bank, New York. 29, 31.
Federal Reserve Ban], Richmond.
See - Baltimore banks
D. C. banks.
Federal reserve banks. 21, 25.
Federal Reserve Board.
7, 9, 10, 11, 18, 21, 23, 25, 26, 30, 35.

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192.

rederal Reserve System. 1

iteezing of deposits. 15, 18, 19.

Glass bill. 3
Gold. 17, 27.
Gold standard. 27, 35.
Goldenweiser. 32.
Government bond issue. 21.
Government deposits. 25.
Government securities. 6, 7, 8, 25.
Governors Conference. 6.
Guaranty of deposits. 26, 31, 32, 33.

Hamlin, C. S. 1, 9, 10, 11, 18, 19, 25, 33.
Harrison, 'Floyd. 11, 26.
Harrison, Gov. 12, 23, 35.
Hoover. 12, 35.
Hardin. 17.

Inferiority. 9.
Inflation. 6, 14, 17.
Investigation. 23.
a

Issue.
See - Government securities.

193,

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James, 25.
Joint Committee
See - Congressional Comaittee.
-.KKansas City banks. 22.

011

Magee.2.
Meyer, Gov. 4, 7, 8, 9, ll, 12, 25, 26, 29, 35.
Miller, Dr. 9, 10, ll, 25, 27.
Miller. (M.O.) 26.
Money in circulation. 25.
Moratorim. 28.
See - Bank opening.
Morrill. 11, 26.

National bank holiday. 30.
S3e - Bank opening.
0
-

Open market operation. 25.
Open market policy. 6, 7.
Overdraft, Treasury. 25.
-p_
Paulger. 23.
Policy. 14.
See - Open market policy
Politics. 31.

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Federal Reserve Bank of St. Louis

194.

Preference. 28.
Preside, Waiver of right to. 10.
Proclamation. 30.
—QqUO rIlLaur

30.

R.F.C. 25.
Rates of interest. 6, 25.
Roosavelt. 4, 14.
Roughnedk treatment by Gov. Meyer. 7.
Rounds, F.R. Bank, New York. 26.
Run off of Government securities. 7, 8.

—5—
Secretary of Treasury. 3.
Smead. 32.
Sound banks. 32, 33.
State banks. 1.

Tea. 5.
Traylor plan, Bank openi-tg. 31.
Treasury officials tea. 5.
Trea,ury overdraft. 25.

Unified banking system. 1.

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195.

Votes. 2, 20, 24, 29.

Williams, P.R. Agent. 20, 24.
Wyatt. 1, 13, 16, 18, 26, 34.

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196.

Mills, Ogden.
1. C.S.H. and, feel that the state banks will bok upon Wyatt's
07inion as to unification as a states rights challenge,
especially as all reference to power in Congres!-.3 to force
than to join the P.R. System has been eliminated.
Dec. 5, 1932. 15.
2. Will have to vote on every measure requiring five affirmative
votes, after Magee's term expires.
Dec. 8,1932. 18.
3. Recommends in Annual Report as Sec. of Treasury, wvointment
of a Joint Congressional dommittee to consider all banking
legislation.
An effort to side track the Glass bill.
Dec. 9, 1932. 20.
4. Gov. Meyer toldYC.S.H. that, was showing signs of anger at him
(Gov. Meyer) but whether because of the election of Roosevelt
or personal animosity, he did not know.
Dec. 14, 1932. 21.
5.

We attend a tea at house of, given for Treasury officials.
Jan. 2, 1933. 38.

Tells Governors Conference it makes practiddly no difference
to the Treasury whether the F.. System adheres to or changes
its open market policy; that of course, the Government was
getting funds at too low a rate; that the Govern= should
not consider Treasury interests, Whatever thqy might be; if,
however, the System should change its present policy, it
would result in pushing many inflationary bills already
introduced and would give them impetus; that the demand for
inflation was greater thaa at any previous time in our history;
that any change in System policy would surely increase the
agitation for cheap money; that issuing cheap money, so called,
would first go to individuals and then drift into the banks,
and thence into the banks reserve balances with the F.R. banks,
increasing the present excess reserves of the member banks.
He also said the pending bill for agricultural relief was an
absolutely insane proposition.
Jan. 4, 1933. 41 (1)

7. Told Board he had intended to issue 350 millions of 10-year bonds
at 56, but that the reaction 4"rolin the Board's policy Of
letttlg 38 millions of Government securities run off, last
week, had been so gre:t that he had to postpone the issue; that

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197.

Mills, Ogden (Coritid.)
7 (Contld.)
Chairman Case had told him it was now out of the question.
Gov. Meyer very brusquely denied this and said that for some days
after the Systemls open market state:lent, Government securities
had risen; that only a few brokers wanted postnonement; that the
Press did not take the attitude described by Mill; that he knew
that such an issae would be freely taken today.
Gov. Meyer was very Nrouch necked!' and discourteous in his treatment
of Mills, altho C.S.H. is inclined to agree with Gov. Meyer
on the facts.
Feb. 17, 1933. 57, 58.
8. aov. Meyer said he heard in N. Y. that Mills felt he had been
very discourteous to him when he discussed the proposed
. was very angry at Mills'
bond issue; that he - Gov. Meyer,
. he Board's decision to let Govt. securities
charge that .
run off had injured the bond market making an issue of 10-year
bonds impossible; that he had been deceived by his N.Y.
advisers, Case et al; that this bond issue could then have
been made and could now; that the bod market had risen since
then.
Jan.. 26, 1933. 64, 65.
9.

10.

C.S.H. told Miller that Mills act of waiver of right to preside
at Board meetings was accepted by Gov. Meyer not as an act
of rare courtesy but as an admission of inferiority. Miller
Feb. 8, 1933. 73, 74.
agreed.
C.S.H. told Miller in his - C.S.H.Is office - that he made a
grave mistake in waiving right to preside.
Mills eviaently understood What was in C.S.H.Is mind.
Feb. 9, 1933. 76, 77.

11. Morrill said he and Floyd Harrison were with Mills at his
house Sunday p.m. and evening discussing Detroit banking
troubles.
C.S.H. was not invited.
Morrill said Mills really lost his head and blamed our Board
for hot having done more; that he told Mills everything
possible had been done.
Feb. 14, 1933. 81.
Miller said Meyerls attacic on Mills was simply disgusting.
Feb. 8, 1933. 73.
12.

Gov. Meyer kept away from Board today. He is working with
another crowd, - Hoover, aov. Harrison and
Feb. 15, 1903. 85.

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198.

Mills, Ogden (Contld.)
13. Draft of bill providing for conservators drawn by
Wyatt and Await and sent to Mills.
Feb. 17, 1933. 86.
14. Favors proposed resolution of Federal Advisory Col4ncil calling
on president-elect Roosevelt to annourre his financial
policy and stating that the country was disturbed at the
danger of inflation, etc.
Feb. 21, 1933. 90.
15. Tells Federal Advisory Council of a bill prepared under his
direction, providing for freezing of deposits and
appointment of conservators.
Feb. 21, 1933. 91.
16. Wyatt objected to this. He wanted power given to any bank
With consent of Comptroller, but drew it as it stood at
Mill's request.
Feb. 21, 1933. 91.
17. Mills said the fear of inflation was driving gold out of the
country and had caused a resumption of hoarding.
Feb. 21, 1933. 91.
18. Neither the Mills bill nor the earlier bill of Wyatt has been
considered by our Boardt
Feb. 21,1933. 92.
19.

C.S.H. fears the Mills bill will cause banking crisis.
Feb. 21, 1933. 92.

20. Votes to offer to Williams the position of Federal Reserve
Agent, Cleveland.
Feb. 24, 1933. 99.
21. Was in very disturbed state of mind; said Board should
carefully consider Whether anything more could not be
done in this critical emergency. He thought the P.R. banks
might buy Government bonds of sered locally.
Board agreed it might be well to try this.
Feb. 24, 1933. 99.
22. Mills said the Detroit situation was not yet remedtd, that
Cleveland was critical as one bank might close there
tomorrow; there was trouble in Kansas City, two trust
companies in Baltimore might close tomorrow; that two
banks in D.C. were about to close, dragging down 4 or 5 small
banks with them.

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199.

Mills, Ogden (Oontld.)
22. (Oonted.)
He said any one of these situations could be met, but,
coming together might generate a banking panic over U.S.
Feb. 24, 1933. 100.
23. Mills said Paulgeris report an bond subscri7)tions of officers
of F.R. Bank, Chicago, was startling.
He asked Board to direct an investigation at every F.R. bank.
0.6.H. moved such an investigation, which was passed.
Feb. 24, 1933. 100, 101.
See - McDougal
McKay
24.

Votes to offer F.R.A. to Williams of Cleveland.
Feb. 25, 1933. 102.

25.

Asked Board to permit Gov. Harrison to buy up to 100 millions
of Government securities, as the Treasury had to draw
down its Government deposits by that amount, - of which
75 millions would go to Detroit banks.
He said the strain on the banks would be severe and he feared
panic might result.
Gov. Meyer said rates an Governments must be increased; that
one investing in France could get 3-b for his money.
Adjourned. for lunch without action.
Mills was very disappointed but Miller said the Board would
approve in the P.M., to which C.S.H. agreed.
Miller wanted Mills to announce the issue before Mar. 4, to
relieve new administration of charge that it was
stiffening rates.
Mills said announcement would be maie March 6th.
Board again considered the matter.
Gov. Meyer objected.
C.S.H. and niller felt that to draw out 75 millions from the
money market and give it to Rat.C. for. use of Detroit banks

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200.

Mills, Ogden (Contid.)
25. (Contld.)
where it would be deDosited in the nt. Bank, was
simply reducing the money in circulation, having the
same effect as a sale of 75 millions of bonds.
•
James suggested a Treasury overdraft giving a special
certificate.
C.S.H. preferred to buy Governments and seemed the only one
favoring this.
Board, C.S.H. thinks, finally approved purchase.
Feb. 27, 1933. 104, 105, 106.
28.

Tells Board of a conference last night - Board roams, at which
Gov. Meyer, Morrill, Floydliarrison, Wyatt, Miller (R.F.C.)
Rounds of P.R. Bank, N.Y., Davison, Gov. Black were
present.
Guaranty of deposits discussed.
Mar. 1, 193.;. 109.

27. Asked Hiller whether the Government should refuse to pay
interest on its Obligations in gold.
Mills said it could be done temnorrily without going off
gold standard.
Mar. 1, 1933. 111.
28. Says if clearing house certificates were issued under a
moratorium to permit ban)m to pay out cash for taxes, etc.
would be a preference.
Mar. 1, 1933. 113.
29.

Gov. Meyer said that Hills, if present, would vote in f vor
of increase in N.Y. discount rate from 2h to 3N.
Mar. 2, .1233. 116.

30. Proposed proclamation of national bank holiday. Board letter.
Mar. 2, 3, & 4, 1933.
119 (2) (3) (4) (5), 120, 121, I32.
See - Bank holiday.
31.

Criticised Traylor plan saying it would mean 100% guaranty
for some banks, e.g. Chicago and N.Y.;lhat nolitically
this would be disastrous.
Mar. 6, 1933. 129.

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Federal Reserve Bank of St. Louis

201.

Mills, Ogden (Contld.)
32. Mills plan for opening banks:
1. No bank to open unless absolutely sound.
2. Banks only e.g. 40% sound to be reorganized and
made absolutely clear, the Government to furnish
the necessary capital where it could not be obtained
otherwise.
Goldenweiser and Smead strongly objected because of the
deflation involved.
Mar. 6, 1933. 129.
33. Berle told C.S.H. he thought that Roosevelt's , lan of opening
was the Mills plan which would at first open only 2500 banks
and would deflate 10 billions of deposits.
Mar. 6, 1933. 134.
34.

Wyatt said Mills had left Washington broken hearted because
not asked to remain.
Mar. 14, 1933. 159.

35.

Gov. Harrison telenhored to Hills at Minneapolis asking
about Hoover's reference to danger of going off of gold
standard, quoting Mills, in Des Moines speech, and Mills
said he knew absolutely nothing about it.
Above stated to Board by Gov. Meyer, somedays ago.
Mar. 24, 1933. 197.

Mitchell, Attorney General
See.Attorney General
Mitchell, C.3. National City Bank, N. Y.
Gov. Meyer spoke of injury to P.R. System from testimony of,
before Senate Committee.
He said that last June he asked Gov. Harrison, as a matter of
System policy, to take steps to have, removed as President
of National City Bank, NY.; that Gov. Harrison took certain
steps and at first thought he vas succeeding, but finally
found it could not be done.
Gov -Meyer never before told Board of thlisdirection to Gov.Harrisonl
Feb. 25, 1933. 102.

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Federal Reserve Bank of St. Louis

202.

Mitchell, 0. E. (Contld.)
Miller said, had dominated the Fit. Bank, N.Y. for many
years and that the Board should have removed him in 1929.
panic.
C.S.H. said it would at that time have precipitated a
not have
Gov. Meyer and Miller said even if it did it would
1929.
Oct.
of
crash
been as bad as the
ed the
Gov. Meyer tried to give the impression that he believ
fact
a
s
1929;a
in
ll
Mitche
d
Board should have remove
on June 4, 1931, Gov. Meyer either himself moved or asked
in
someone in Board to move that the Mitchell files -still
table,
the docket, be disposed of by laying them on the
103.
case.
the
of
thus disposing
ll ,calling
On Feb. 24, 1931, Govo Meyer bitterly ttacked Mitche
him the deposed Duke of Wall Street, and said he was
absolutely discredited.
have
;.3.H. then asked him if he thought the Board should
removed him, but he evade..1 a direct answer, s6.ying"thnt
is arnther matter."
time
C.S.H. has put this ruestion to him three different
each time he has evaded a direct answer.

and

See - 18 Diaries, p. 106.
Mitchell
Gov. Meyev on June 30, 1931, in answer to Miller, said
to send
desire
had never dominated him, citing Mitchell's
roved.
disapn
had
Burgesr, to Chile, which, Gov. Meyer said he
As a fact, the whole Board disapproved.
See - 19 Diaries, 176.
Feb. 25, 1933. 102, 103, 104.
was
(See scrap books for Mello. of C.S.H. showing that it
not
,
and
Board
What Mitchell said in definance of the
what he did, which merited his removal.)
Mitchell, John. 72 89.
See - P.R. Bank, Minneapolis
'Moran. Secret service.
on
C.S.H. asks, to guard Woman's National Democratic Club
3,1933.
Mar.
on
rlt
occasion of a reception to Mrs. Roosev
109.
108,
1933.
Feb. 27,
Moratorium. 79, 100, 111, 113, 117, 119(
See - Bank holiday.

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Federal Reserve Bank of St. Louis

203.

Morgan Library. 3, 115.
See - huld Lang Syne.
Morrill, Chester
11 (deCamp)
16 (Unified Banking System, Wyatt)
64 (Glass)
69 (Magee)
81 (Mills)
100 (P.R. Bank, Chicago)
109 (Conference)
119 (3) (Bank opening)
125 (Conference)
136 (Bank opening)
140
"
144 (Glass)
145 (Bailantine)
159 (Meyer)
153 (Miller)
160 (Roosevelt)
164 (Glass)
169 (Glass)
170 (Glass)
172 (Woodin)
176 (Woodin)
188 (Gold order)
It )
Mortgage, Mattapoistt
See - Hamlin, H. P.
New Bedford Institution :'or Savings.
Moulton
C.S.H. meets, of Brookings Institute at dinner with
Robert Lincoln O'Brien.
Dec. 2, 1932. 5.
Said the Dawes reparations report was much better than the
Young report, because it recognized necessity for a
balanced budget and also the transfer difficulties;
that Gilbert and Young overlodked these in Young report;
that they did not understand the real sittv.tion.
Dec. 2, 1932. 7.

•

Mullens.
Told Lx-Senator Hitchcock the anyUntment to succeed Maee
was a Nebraska appointment and that he could have it.
Mar. 1, 1933. 114.

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Federal Reserve Bank of St. Louis

204.

Myer, Gertruie
Attends lunch at Woman's National Dem. Club given by H.P.H.
to Sonhie Boreel.De
c. 30, 1932. 36.
We call on.

Feb. 5, 1933. 73.

Rachel Hale told C.S.H. she felt that, had been sneaking against
her to Mrs. Van Ness Philip.
Peb. 11, 1933. 78.
mIM.Ommo..moam.mome

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Federal Reserve Bank of St. Louis

205.

..N-

•

National banks
Glass asked Await to draw a bill givin6 Comotroller power to
authorize, to issue prefrred stock, with no double liability
and preference as to diviaends and distribution of assets.
Pep. R, 193,. 88.
Government bill authorizing preferred stock for national banks.
Mar. 9, 1933. 141.
See - Act of Mar. 9, 193.
Bank opening, 142, 149.
Conservation
National City Bank, N. Y.
See - Mitchell, C.E.
National Econamic Association. 89.
See - Miller
National income tax
C.S.H. files return for 1933.
No tax due because of loss in sale of 500 shares Calumet & Hecla.
Mar. 13, 193, 155.
National Press Club
C.S.H. resigns from.

Dec. 19, 1932. 26.

Neff, Mrs.
We lunch with, to meet Admiral Stanton.
Dec. 25, 1932. 28.
Nelson, Sally (Fisher)
Death.

Jan. 4, ,933. 43.

C.S.H. attends funeral and sits with Mrs. Bruce.
Jan. 7, 1933. 44.
Netherlands Minister
See - Van Royen
New Bedford. 16.
See - Ashley, Charles S.
New Bedford Institution for Savings.
M.P.H. writes to increase mortgage from $7000 to 810,000.
Dec. 7, 1932. 16.
Refused. Dec. 1 0, 1932. 24.

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Federal Reserve Bank of St. Louis

206.

New Weston Hotel, N.Y. 50
See - Boreel, Sophie
New York
Goes to, with H.P.H.
Carnegie meeting
Federal Reserve Bank, N.Y.
Dec. 11, 12, 13, 1932. 20.
See - Foreign Exchange Division.
New York Bankers
Conference.
Guaranty of deposits.
Mar.2, 1933. 118.
See- Bank opening.
New York clearing house certificates. 82, 153.
See - Clearing house certificates.
New York, Governor of.
119 (3) (5) 122, 130, 131, 153.
See - Bank opening.
Non-member banks
145, 146, 156, 165, 166, 168.
See - Act Mar. 24, 1933.
Bank opening
Norris, Gov' B.H. Bank, Phila.
Confers with Board as to banking situation in Atlantic City.
Some collateral for member bank collateral notes, originally
eligible, had become ineligible by being turned into
canital loans.
He wanted to turn these- into a Sec. 10 B loan.
Bcard advised him to leave matters as they stood.
Dec. 16, 1932. 23.
Board, some time ago, had refused application of Penn. Insurance
for Lives to purchase entire stock of a new bank at
Ardmore, Pa., as violating the snirit of the McFadden
Branch. Act.

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Federal Reserve Bank of St. Louis

207.

Norris, Governor (Contld.)
Board had just learned that the bank has to trustees for
benefit of its stockholders a sum of money sufficient to subscribe
to the entire stock of the Ardmore bank.
Gov. Norris said tie banks counsel advised it that this was
legal; that the State Superintenc-nt raised no objection altho
its law as to branches was saue as McFadden Act.
)iring
Miller bitterly attacked Gov. Norris and said he was cons,
Board.
Reserve
Federal
the
deceive
to
bank
the
with
Gov. Norris said. this was entirely within jurisdiction of Federal
Recrve Agent, Austin.
The Boaru members, or same, were almost violent on tlis attack on
Gov. Norris.
C.S.H. said F.R. Agent Austin was to be criticised for not reoorting
this plan to the Board before it was carried out, but that
the attack on Gov. Norris was not justified.
S.H. feels the Board went too far and practicklly took the )aosition
that the Governor is resnonsible for everything the P.R. Agent
Dec. 16, 1932. 23, 24.
does.
At Governors Conference. 41.
See- Go/ernors Conference.
Northrop
Originally recommended DeCamp for F.R.Agent, Cleveland.
Williams said Northrop was an able man, of high integrity.
Dec. 6, 1932. 12.

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Federal Reserve Bank of St. Louis

208.

-0-

O'Brien, Robert Lincoln
C.S.H. dined with.
Dec. 2, 1932. 5.
See - Gilbert
Lippman
Kent, Frank
Simonds, Frank
Moulton
Warren, C.
Sttends our dinner at Woman's National Democratic Club and speaks.
Jan. 20, 1953. 62.
O'Day, Mrs. 37.
bee - HRmlin,
Observatory museuM, Dumfries. 34.
See- Auld Lang Syne.
Onening of banks.
See - Bank holiday, Moratorium, Onening.
Open market policy
Gov. Harrison told O.S.H. that a majority of the Governors in their
hearts favored a complete reversal of, by letting Govt.
securities run off.
Jan. 20, 1933. 61.
See - Governors Conference.
Onen market operations. 104.
See - Governors Conference
Mills
Overman Act
O.S.H. and Miller feel that if the Board does not cooperate in
every way with Woodin and Roosevelt Congress will rive
Roosevelt the power vested in the old Overman Act, - to turn
all the Board's function over to Treasury or some other body.
Mar. 8, 1933. 140.
Oxford Group
We attend meeting of,

Shareham Hotel.

Baroness Heckerin was with them and Bertie left a card on her.
Jan. 16, 1936. 54.
Carl Vrooman said he believed absolutely in Buchman; that at times
he showed lack of tact but he vas sincere; that he never had

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Federal Reserve Bank of St. Louis

209.

Oxford group (Contid.)
any connection with Princeton University; that the
Group had met at Princeton and that one of them talked
too much of sex relations which stirred up great on ,osition;
that they saw much of President Hibben who seeme.1 to favor
the Group, but that Buchman "challenged" him to do certain
things in connection with the movement which made him very
indignant; that finally a Committee of investigation was
appointed. which gave the Group a clean slate; that Alexander
Smith, one of the Conuittee, later joined. the Group.
Feb. 2, l93. 71.

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Federal Reserve Bank of St. Louis

210.

Page, Dr.
C.S.H. had attack of hiccoughs.
Blood pressure 180/80.
Nothing to worry
He said hiccoughs increase blood pressure.
about as to blood pressure.
l.
The Important figure is 80 which is norma
Jan. 30, 1933. 69.
See- Dunn, Dr.
Ruffin, Dr.
Pan American recention. 119k
See - Boreel, Sophie
Panic
See - Bark panic
Crisis of 1929.
Parrish, Mrs. 173
See - Roosevelt
Patten, Mary
We called on.

Feb. 5, 1933. 73.

Paulger, Chief P.R. Examiner
7. (Miller)
10. (DeCamp)
11, 12. (DeCarip, Fandher)
19 (Continental Ill. Balk & Trust Co
22 (P.A. Bank, Chicago
(Stevens, Federal Reserve Agent)
77 (P.R. Bank, Chicago)
)
I
100 (" " "
go
Chica
101 (P.R. Bank,
McDougal, Gov. McKay)

Pegging of dollar abroad
at par abroad at
C.S.H. said dollar should be maintained
whatever cost.
Miller agreed.
Mar. 20, 1933. 182.
Penaliz ing member b anks.
who were onlosed to.
Board overruled Burgess and Goldenweiser
2.
1932.
Nov. 28,
See - Willis

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Federal Reserve Bank of St. Louis

211.

Pennsylvania Insurance for Lives. 23, 25.
See - Norris, Gov.
Pension system
Gov. Meyer favors a, for F.R. bank officers and
emloyees.
Dec. 8, 1932. 19.
Perishable food products. 128.
See
merson, Guy
First National Bank, Boston
Philip, Van Ness, Urs.
Rachel Hale says she believes Gertrude Myer
has been speaking
against her to.
Feb. 10, 1933. 78.
Phillips, William
Miller said, had been shamelessly treated by
Hoover, and was
practically forced to resign as Ambassador
to Belgium; that
he was given no sup)ort as Minister to Cana
da; that he
had told Roosevelt he should appoint him Amba
ssador to Italy.
Feb. 8, 1933. 75, 76.
Photographs
H.P.H. has, taken.

leb. 21, 1933. 90.

C.S.H. sends Sophie Boreel a, of H.P.H.
Feb. 26, 1933. 104.
Pinchot, '-av. 119 (5)
See- Bank holiday
Platt, Edmund. 84.
See - Hoover
Policy, System. 102
See - Meyer, Gov.
Mitchell, C.E.

Polk Fr-nk
Tells Miller of the great o-J,osition to
ov. Meyer.
Mar. 8, 1933. la.
Political contribution
Gov. Meyer told C.S.H. that •neither he nor
his wife had made a,
since he cme on P.R. Board.
Dec. 14, 1932. 21.
Politics
Failure to put Republicans on Board will
be pure politics.
Dec. 8, 1932. 18.

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Federal Reserve Bank of St. Louis

212.

politics (Contd.)
C.S.H. tells Sen. Walsh (Montana) that there is no, in F.R. Systm.
Feb. 8, 1933. 75.
See - Walsh
O.S.H. believes suggested resolution of Federal Advisory Council,
later dropped, calling on Roosevelt to declare his d policy was
pure politics to anbarrass Roosevelt.
Feb. 21, 1933. 91.
Postal savings funds
Bankers conference agreed that withdrawals from, should not be
prohibited except as to cold.
Mar. 5, 1933. 126.
Preferred stock. 88,151.
See - Act Mar. 9, 1933.
Glass.
?rides
Guests at dinner of Robert Lord O'Brien thought that if Great
Britain defaulted on her debt payment of interest to U.S.
there would be further deflation and fall in prices in Gret
Britain.
Dec.-2, 1932. 5.
Gov. Harrison said that inflation would not increase prices exce)t
through issue of irzedeemable greenbacks for Government expenses.
Feb. 21, 1933. 93.
Gov. Harrison said devaluation of the dollar would not increase
domestic prices but might set up a competitive movement in
international prices which would depress )rices at home and
abroad, first through reduced exchange value of the dollar
abroad and then a gradual fall all over world, including the U.S.
Feb. 21, 1933. 93.
Gov. Harrison said increased credits through bond issues would not
increase prices but tie credits would go into the banks
displacing F.R° notes.
Feb. 21, 1933. 94.
Miller doubted whether an issue of irredeemable greenbacks would
increase prices.
Feb. 21, 193'i. 94.
C.S.H. believes above would cause at first an increase of prices
but would be followed by great deflation caused by rold
hoarding and flight from country.
Feb. 21, 1933. 94.

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Federal Reserve Bank of St. Louis

213.

Proclamation, Bank holiday
118, 126, 127, 131, 137, 142, 145, 152, 180, 181.
See - Bank holiday
Prostate operation
108, 162, 179.
See.Van Royen
Protest
Woodin, Meyer and Miller go to White House to nrotest against
pronosed act of Mar. 24, 1933.
Mar. 14, 1933. 157.
See - Glass. 165, 166, 167, 170, 171.
Unified banking
Provost Lenox. 35
See - Auld. Lang Syne
Public moneys
At Glass's request Wyatt gave him draft of bill providing
that F.R. funds shall not be considered public moneys,
and exanItiw Board and staff from salary reduction.
Mar. 17, 1933. 170.

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Federal Reserve Bank of St. Louis

214.

-Q-

Quorum
Mills raises point of no quorum to prevent Boamisending letter t•
Hoover requesting proclamation of bank holiday.
Mar. 3, 1933. 119 (2),' 120.
Miller threatens to stay away from Board meeting to break a quorum,
but finally attends meeting.
Mar. 16, 1933. 163.
See —

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Federal Reserve Bank of St. Louis

at.o.

Reconstruction Finance Corporation
Board goes over and consults with, as to Detroit banks.
Feb. 13,1933. 80,84, 106.
Under Roonevelt nlan of bank opening the Board and R.F.C. are
to help licensed banks up to full amount of their de2osits.
Mar. 8, 193. 136.
Miller said the R.F.C. had become an object of contamnt, and
had seriously injured Gov. Meyer's prestige.
Mar. 8, 1933. 138.
Board disapproved draft of Act of Mar. 24, 1933 as to loans to
non-rgeMber banks on ground that the R.F.C. can make loans to
Mar. 8, 1933. 156.
them.
Gov. Meyer is today to send to Glass suggestions for broadening
the functions of R.F.C. and making its bonds eligible as
collateral for discounts.
Mar. 14, 193. 159.
Wyatt said Jesse Jones was withloodin all the t!vening, evidently
trying to protect the R.F.O. by dura )1.e its problems on
P.R. System.
Mar. 14, 1933. 160.
Board feels Act of Mar. 24, 1933, is unnecessary as non-member
banks can now borrow from Ra.C.
Mar, 14, 1933.160.
James says the non-member banks want the Act of Mar. 4, 1933
so they can dump on the P.R. banks their pa2er rejected by
R•F• •
Mar. 14, 1933. 160
Radio, Address. 151.
See - Roosevelt
Redemytion in gold. 126
See - Gold
Redisoounts, Inter-P.R.
Board orders Chicago to rediscount 125 millions for N.Y. as
N.Y. ratio was down to 22%.
Mar. '4, 1933. 123.
Board ordered Boston, Richmond and Chicago to rediscount for N.Y.
Mar. 7, 1933. 133.
Regulations
Board's staff directed to draw, under Proclamation closing the banks
111r. 5, 193,. 127, 128.

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Federal Reserve Bank of St. Louis

216.

Regulations (Contld.)
Board at work on gold order regulations.
Mar. 9, 1933.142.
Treasury lays before Boa d. drafts of two proposed gold order
regulations.
Mar. 20, 1933.
See — Gold
Reonening of banks
See — Bark holiday, Opening.
Reorganization
Miller said Board's inertia as to clearing house certificates makes
him feel that the whole Board should be reorganized.
Mar. 1, 1933. 110.
Mills plan involved, of all banks not absolutely sound.
Mar. 6, 1933. 129.
Mar. 8, 1933. 134.
Republicans
Ex..Senator Hitchcock was leader of Republicans against the P.R.Act
H.R. Bill.-Feb. 27, 1933.
115.
Relurchasing agreements
Miller said interior P.R. banks might Imirclosed offerings of Govt.
securities through.
C.S.H. thought such agreements not necessary.
rob. 24, 1933. 99.
Reseres
Board ordered interbank P.R. rediscounts at Boston, Chicago and
Richmond to equalize reserves.
Mar.7, 193. 133.
Roosevelt agrees dlat non—mamber banks must out un an amount
equal to required, if a member bank.
Mar. 1:), 19,3. 165.
C.S.H. is willing to approve Act of Mar. 24, 1933, if modified as
above as to.
Mar. 16, 1933. 167.
Glass and Roosevelt agree as to above.
Mar. 17, 1933. 168.

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Federal Reserve Bank of St. Louis

217.

Reserves, Suspension of required.
Board suspended reserve requirements of Federal Reserve Bank, New York,
for 30 days.
Mar. 3, 1933. 123.
Resignations
C.S.H. resigns from University Club, N. Y.
Dec. 19, 1932. 26.
C.S.H. feels Gov. Meyer may raise as an issue the Roosevelt
bank opening plan and resign from Ba,rd.
Mar. 8, 1933. 140.
C.S.H. went into Miller's office after James had attacked him and
Miller said he was writing his resi(rnation.
C.S.H. induced him not to.
Mar. 8, 1933. 161.
Gov. Meyer called Board members into
office and told
them confidentially that he had told Roosevelt he wished
to be relieved of duties as a member of the Board; that
Roosevelt asked him for a little time which he said he
would be gla- to give.
Mar. 24, 193'0. 196.
Resolutions. 41 (3), 119 (3)
See - Governors Conference.
Res)onsibility.
136, 144, 145, 148, 149.
See - Bank holiday
Restricted basis. 150.
Reyburn, I.
Case told C.S.H. that, of Lord and Taylor Co. had cut down
his amnloyees twice by 101 and intended to cut again; that
his Company paid 1TA dividends on its common stock and would
also pay a bonus.
Reyburn was responsible for the cut down of the F.H. Bank, NY.
Jan. 13, 1933. 52.
Rhinelander, Mrs.
H.P.H. lunched with, at Sulgrave Club.
Feb. 23, 1933. 98
See - Van Royen, Madame
Rice, William Pruyn
The son of William Rice, Jr.
Death.

Dec. 24, 1932.

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Federal Reserve Bank of St. Louis

218.

Ric:hie, Mr. 119 15) 30.
See - Hoover
Richmond, Dr. 66.
See - Auld Lang Syne
Ridgeley, Lira.
C.S.H. calls on.

Out.
Jan. 28, 1933. 68.

Robinson, W.
Miller said, favored issue of clearing house certificates
and said he ought to go to Hoover and press it but
both agreed that Hoover would not have the courage
to
throw over New York no matter how much he might want
to.
Feb. 15, 1933. 83,
Took view that the banking troubles were now localized and
should be kept so by clearing house certificates and scrip.
Feb.21, 1933. 92.
Miller said, all/Jima Hoover that he was not prepared to
advocate
clearing house certificates.
Mar. 1, 1933. 109, 110.
(Later he told C.S.H. he felt that it was then too late to
press
the idea.)
Robinson, Sen.
Refuses to permit Magee to be confirmed by Senate.
Jan. 28, 1933. 67.
Rodgers, Col. & Mrs.
We took tea with, in honor of their golden wedding.
Jan. 11, 1933. 51.
Roosevelt, President
(Index follows)

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Federal Reserve Bank of St. Louis

219.
ROOSEVMT
Index.

Act of Mar. 24, 1933.
49, 50, 51, 53, 55, 57, 63.
Ap)ointive mambers. 60
See - Glass
A2,)raisa1 of assets, Liberal. 40.
Assets, Liquid,ting value of. 40.
Attorney General. 24, 26.
-BBaker, Ray. 18.
Bank holiday.
24, 25, 27, 28, 29, 30, 31, 32, 34, 44,
See - Bank opening.
Bank of America. 43, 45.
Bank opening.
36, 38, 41,42,43, 45.
Bankers conference. 30.
Berle, Prof. 29.
Boreel, Sonhie. 11.
Bruce, Ex-Sen. 11.
Budget. 19.
-0Cabinet. 20.
Calkins, rlov. 45.
Chic:zo banker.. 47.
Congress. 40, 41.
Constitutional power. 38.

Delano. 21.
Democratic Senate Oom..ittee. 12.
Designation as Governor. Meyer. 2.

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Federal Reserve Bank of St. Louis

220.

Domination.

61.
-E-

Examinations. u3.

-FFederal Advisory Council. 19.
Federal Reserve Aent, Minnea-)olis. 16.
Federal Resnive Bank, San Franci3co
See - OalAns, Gov.
Federal reserve banks. 40, 41.
Federal Reserve Board.
17, 23, 24, 28, 35, 37, 40, 41, 44, 47, 50, 54, 55, 58, 59,
60, 61, 62, 63, 65, 68.
Fed ral reserve notes. 5'0.
Federal Reserve Sytitem. 10, 51, 65.
Financial 1
- )ol1cy. 19.
Foreign exchange restrictions. 37.

Glass
9, 10, 12, 13, 14, 15, 22, 38, 49, 50, 51, 53, 54, 5j, 57,
58, 59, 60, 62.
Gold order. 64.
Governor of Federal Reserve Board, Redeci.7nation. 2.
See - Redesiqmation.
Grayson, Admiral. 6.

Hamlin, C.S.
32, 34, 35, 44, 46, 52, 54, 57, 58, 59, 60, 64,66, 67,

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221.

Hamlin, H. P. 4, 18.
Harrison, Gov. 44.
Hitchcock, Ex-Senator. 23, 47. 48

Hoarding. 37.
Hoover. 24, 25, 26, 28, 29, 44.
Hull, Cordell. 8, 21.

Illinois, Gov. of. 44.
Inaugural. 18.
Indemnity by ConTess. 40, 41.
Inflation. 19.
-jJames, George R. 54.
-LLehman, Gov. N. Y. 44.
Liquidating value. 46.
Losses, Indemnity for.

Magee, 1, 9, 12, 13, 14, 61, 62, 66, 67.
Mellon. 61.
Me orandum as to Magee. 3.S.H• 66.
Meyer, Gov. 2, 32, 34, 40, 49, 68.
Miller, Dr.
3, 5, 17, 19, 20, 22, 24, 26, 33, 35, 43, 45, 47, 48, 49, 61• 629
66, 67.
Mills, Ogden. 44.

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Federal Reserve Bank of St. Louis

222.

Morrill. 45, 53.
Mullens. 23.

National bank holiday
See - Bank holiday
New York
See -Lehman, Gov.
New York clearing house ban
ks. 44.
New York plan.

Bank ape1inr7. 33.

Non-member banks. 38, 56.

Overman Act. 35.

Politics. 19.
Proclamation. 27, 28, 38,
49.

Radio address. 41, 42,4
3, 46.
Rejublicans. 10.
Reserve requirements.
u6.
Resignation, Gov. Meyer.
68.
Resolution
Federal Advisory Counci
l. 19.
Restrictions, Gold exp
ort etc. 7.

Sound. banks. 42, 43,
46.

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Federal Reserve Bank of St. Louis

223.

Soundness, Test of. 40.
State banks, :on-member. 38, 56.
State su5erintendents. 65.
Sweetwater, Texas.
bee - Texas Bank & Trust Co.
65.
Test of soundness. 40.
Trading with Enemy Act. 24, 26.
Treasury.
See - U.S. Treasury.
U. S. Treasury. 51.

-U-

-VValue, Liquidating. 40.
Votes. 59.

Walsh, Sen. (Montana). 16.
Wilson, Mrs. Woodrow. 6, 7.
Woodin, Sec.
24, 25, 29, 30, 31, 40, 41, 45,
49, 55, 56, 59, 60,
63, 64, 65, 66, 67.
Wooley, Robert. 6, 7, 8.
Wyatt.
n6, 39, 50, 51, 53.

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Federal Reserve Bank of St. Louis

224.

Roosevelt, President.
1. J..).H. feels it would relieve, of a gre t burden if Mailve
is annointed and confirmed.
If not an - ointed, hundreds of dirt farmers will dmand
the place, with a fair chance thidta political
farmer will get it, and it will make enemies of the
many who are disannointed.
Dec. 8, 1932. 18.
2.

Gov. Meyer spoke to
S.H. about desimation by, of a new
Governor. He clearly wants to be continued.
Dec. 14, 1932. 21.

3. Miller left today to visit.

Dec. 16, 1932. 23.

4. H.P.H. receives a very cordial letter from.
Dec. 27, 1932. 29.
5. Miller talked with C.S.H. for over an hour but never
mentioned his visit to.
Dec. 28, 1932. 30.
6. Robert Wooley told C..H. he askedAdmral Grayson to
ask Mrs. Wilson for a campaign subscrintion, but
Grayson said he would not ask her. as she was very
cold towards Roosevelt.
Dec. 30, 1932. 36.
7.

Wooley sEid that all that Mrs. Wilson said for Roosevelt was
just as she was sailing for Janan, when she said, "I am
for ti:e nominee t"
Dec. 30, 193. 37.

Wooley said Cordell Hull felt very sore because, had not
sent for him to consult him, altho Wooley said he had
recently sent him some message.
Dec. 30, 1932. 37.

C.S.H. told Glass he would leave it to him to decide whether
or not to communicate with, as to Magee.
Jan. 9, 1933. 48.

10.

Glass said it would be a terrible blow to the F.R. System
should, fail to fill LA least one of the vacancies
with Renublicans.
Jan. 9, 1933. 48.

11.

C.S.H. sends So)hie Boreel a coy of an article by Ex-Senator
Bruce nraising Roosevelt.
Jane 13, 1933- 53.

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Federal Reserve Bank of St. Louis

225.

Roosevelt, President (Contld.)
12.

Glass said Democratic Com:Attee would not agree to
confirm
Magee; that if he insisted on a vote it might injure
Magee with Roosevelt.
Jan. 28, 1933. 67.
•

13.

C.S.H. asked Glass if he thought Roosevelt would appoi
nt
Magee.
He said, "Yes, of course."
Jan. 28, 1933. 67.

14.

C.S.H. feels that if Glass becomes Sec. of Trea:ury
he will
surely ask Roos vet to appoint Magee.
Jan. 28, 1933. 68.

15.

Glass, of course i made no d( finit e promise as
to what
Roosevelt would do.
Jan. 30, 1933. 69.

16.

C.S.H. fears that Senator Walsh will bring pressure
on
Roosevelt to ask that anointment of Federal Reser
ve Agent,
Minneanolib, be deferred for the pre,ent.
Feb. 8, 1933. 75.

17.

Miller felt that Federal Reserve Board should
heln,in every
way.
Feb. 15, 1933. 83.

18.

H.P.H. writes Ray Baker for a ticket to Roosevelt
inaugural
ceremonies.
Feb. 18, 1933. 87.

19. Federal Advisory Council passed a resolution
calling on, to
state his financial policy, as the country was
disturbed
over danger of infl::tion and lack of balanced budge
t.
Later, this was withdrawn and it was greed that
one of the
members should interview Roosevelt and beg him
to issue
such a statement.
C.S.H. beliees this was a 2olitical move to embar
rass Roosevelt
Mills favored it.
Feb. 21, 1933. 90, 91.
20. List of Cabinet announced.
Miller says conservative but not strong.
Feb. 23, 1933.
21.

96, 97.

C.F.H. last December, sent a message to Roosev
it through
Delano, begging him to a)nsult with Corde
ll Hull.

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Federal Reserve Bank of St. Louis

226.

Roosev(lt, President (Contld.)
21. (Cantld.)
Roosevelt later did this.
C.b.H. feels that this mes..1%ge
, may have contributed to
Hull's selection as Secretary of State.
Peb. 24, 1933. 97.
22.

Miller said he had heard 'rom several reliable sources ,hat
Glass's interview with Roosevelt as to accepting
the Secretary of Treasury, had not been satisfactory
to Glass.
What can this mean?

It looks dubious!
Feb. 27, 1933. 109.

23. Ex,..Senator Hitchcock tells J.S.H. th,Lt Roosevelt has offered
him a position on federal Reserve Board.
He said he had not seen Roosevelt, but that Mullen, Nebraska,
member of National Democratic Camittee, had told
him Roosevelt would ap)oint him.
0.5.a. can not believe that Roosevelt has offered this to him.
!tr. 1, 1933. 113- 114.
24. Board spent much of evening of Mar. 2nd listening to efforts
to bring Hoover and Roosevelt together on subject of
a national holiday.
Attorney General Mitchell said he would a.Lvise Hoover to
decIE're the holiday if Roosev it would join with aim.
The Board would talk with Woodin in New York and he would
talk with Roosevelt in Washington at the Mayflower.
Roosevelt said he believe& the Trading with the 2namy Act
was still in force; that he would interpose no
objection to Hoover's acting but that was as far as
he could go.
The above came from a talk Mills had with Roosevelt at the
Mayflower between 12 and 1 awn.
Mar. 2 and 3, 1933. 117, 118
119 (official records)
25.

Woodin told C.S.H. that if he had been in Washin:ton with
Roos volt Thursday evening Mar. 2, he could have
persuaded Roosevelt to join with Hoover.
Mar. 3, 1933. 120.

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Federal Reserve Bank of St. Louis

227.

Roosevelt, President (Contld.)
26.

C.S.H. told Mills that Wyatt told us that the Attorney General
said there was color of law for o-Anion that t.le
Trading with the Enemy Act was still
force and that
he would advise Hoover to act if Roosevelt would join
with him.
Mar. 3, 1933. 121.

27. Roosevelt is to sign proclamation as to bank holiday -t 12105 a.m.
Mar. 7, so as not to issue it on Sunday.
Mar. 5, 1933. 127.
28.

Hoover writes Board saying he received Board's letter this
morning at 1230.
Hoover, among other things, said that Roosevelt at 11 p.m,
last night - Mar. 3 - had informed him that he did not wish
such a proclamation issued.
gar.4, 1933. 130.
See - Hoover.

29. Prof. Berle tells C.S.H. that the statement in loover's letter
as to Roosevelt was absolutely false; that he, Berle,
was 4 n New York with Woodin the whole evening Of Mar. 2nd
and heard all of Woodin's tdks with Roosevelt in Washington;
that Roo; Telt said he would internose no objection to
Hoover's proclaiming a national holiday, but did not feel
he could join with. him.
Mar. 6, 1933. 131.
30.

Woodin tells Bankers Conference that .as they could not a.:ree
he had laid whole matter of bank opening before Roosevelt;
that Roosevat had arrived at a solution on his own
resnonsibility; that they would undoubtedly be shocked at
Roosevelt's solution but did not sr what it was,
Mar. 7, 1933. 133, 134.

31.

Woodin reads to Board Roosevelt's plan of bank opening.
Mar. 8, 1933. 134.

32.

C.b.H. asked Gov. Meyer whether he approved of Roasevelt's plan.
He said Roosevelt had approved it and that was all tflere was
to it.
Mar. 8, 1933. 136.

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Federal Reserve Bank of St. Louis

228.

Roosevelt, President (Contld:.)
33. Miller said Roosevelt's plan was the Y. Y. plan.
Mar. 8, 1933. 136.
34.

C.S.H. feels that Gov. Meyer is apposed to Roose;telt's
plan and may resign on it as an issue.
Mar. 8, 1933. 140.

35.

C.S.H. agrees with Miller that the Board must cooperate in every
way with Roosev it; that if we did not he could easily
get Congress to revive the Overman Act, which would
enable Roosevelt to transfer Board's functions to the
Treasury or any other body.
Mar. 8, 1933. 140.

36. Roosevelt will not permit any bank to open before Friday.
142
37. Roosevelt asked Board if it favored continued restrictions on
gold exports, foreign exchange, hoarding etc.
Board renlied Yes.
Mar. 9, 1933. 142.
38. Glass denied any power in Roosevelt to clase or open state
non-.member banks altho he did not object to langualv
of Roosevelt's nroclamation which a-pllied to them.
Mar. 9, 1933. 145.
39.

Wyatt said he was amazed at Roosevelt's general knowledge
of banking problems. He has had several interviews
with him.
Mar. 9, 1933. 147_

40.

Woodin reads proposed letter from Roosevelt expressing the hope
that Fedf-ral reserve banks would not feel oblic:ed to take
the present liquidating value of bank assets as a
test of soundness in determining loans,but would make a
fair, libsral appraisement; that undoubtedly mistakes
would be made; that, at the proper time, he would ask
Congress to indemnify Federal reserve banks for any
losses incurred from such a lib ral valuation; that he
was confident Congress would vote such indemnity.
The Board anproved this draft of letter.
Gov. Meyer said it was perhare the best course.
Mar. 11, 1933. 148.

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Federal Reserve Bank of St. Louis

229.

Roosevelt, President (Contld.)
41.

Roosevelt sends above letter to Woodin.
Mar. 11, 1933. 149.

42. Roosevelt gives radio address.
Will open only sound banks.
Mar. 12, Sunday, 1933. 151.
43. Miller said that Roosevelt read the address to him
befor he delivered it and that he told Roosevelt
that his addrdes would bar any license to open to the
Bank of America, San Francisco.
Mar. 12,1933. 15.
44.

C.S.H. calls attention or Board to Hoover's letter of
Mar. 4, 1933, stating that Roosevelt advised against
declaring a bank holiday.
Apparently Hoover mutt rest this statement upon some
telephone talk with, Roosevelt.
C.S.H. is not certain but has a very vague recollection
that Mills at one time said that Hoover told Roosevelt
that the N.Y. clearing house banks were opposed to a
national holiday and that Gov. Lehman spoke of the
oVeotion, and that the Gov. of Illinois also objected;
that Roosevelt said that in view of such objections he
agreed that a national holiday should not be proclaimed.
Later, however, Gov. Harrison told us the I.I. clearing
house banks were unanimous in favor of such a holiity.
Mar. 12, 1933. 152, 153.

45. Miller, in Morrill's presence, told C.S.H. that he was at
the White House with Roosevelt last evening; that Woodin
also was there; that he heard thom talk to Gov. Calkins
about giving a license to the Bank of America; that
Gov. Calkins would not Change his unfavorable attitude.
Miller said he told Roosevelt that 300 millions would be the
maximum relief which could be given against the banks
assets, While its deposit liabilities exceeded 600 millions.
Miller said Roosevelt asked him what would happen if the
hank were refused a license; that he told him the "inside"
depositors might withdraw their deposits and that if they
did the bank would be broken within a week; that if this
did not happen things m ght go on for a long time and the
inevitable post)oned.

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Federal Reserve Bank of St. Louis

230.

• i

Roosevelt, President (Contle...)
45. (Contld.)
Miller also said be told Roosevelt that not
to open
the bank would bring immediate disaster to
California.
Mar. 13, 1933. 153, 154.
46.

C.S.H. believes that granting a license to abov
e bank
would give the lie to Roosevelt's pledge in
radio
address that only sound banks would be opened,a
nd
would discredit Roosevelt's plan.
Mar. 13, 1933. 154.

•

47. Miller s id he talked with Roosevelt
last Friday afternoon;
that Roosevelt asked what he thought of Ex—S
enator
Hitchcock; that Miller told him he was in his
74th
year and too old to take up the work of the
Federal
Reserve Board; that the Board needed a Chic
ago man,
preferably a banker; that Roosevelt said he
would
talk with him about -this later.
Liz,r. 14, 1933. 155.
V

•

48. Miller is inclined to think that Roos
evelt has not formally
offered Hitchcock this position.
Mar. 14, 1933. 156.
49.

Glass said he thought the Act of Mar. 24,
1933 came from
the White House Ind- the Treasury.
Woodin, Gov. Meyer and Miller went to Whit
e House to
protest to Roosevelt against this bill.
Mar. 14, 1933. 157.

50. At theWhite House conference Glas
s and Roosevelt finally
agreed on certain changes in Act of Mar. 24,
1933.
Wyatt said these changes were incorporated
in the suggestions
added by the ap2ointive members to thei
r letter to Glass.
Mar. 15, 1933. 158.
51. Watt said that Glass, in above
conference, stood up
squarely against Roosevelt in opposing the
Act Mar. 24,
1933, and told him the Government had neve
r contributed
a dollar to the P.R. System, Tihich surprise
d
Roosevelt very much.
Mar. 15, 1933. 158.

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Federal Reserve Bank of St. Louis

231.

Roosevelt, President (Contld.)
52.

0.5.H. begins to fear that Roosevelt is goin
g along
the l!.ne of least resistance, forgetful of bank
ing
soundness.
Mar. 15, 1933. 159.

53. Morrill told Wyatt that Roosevelt told
Glass the bill must
be put through with the changes as to examination,
P.R.
notes, etc.
Mar. 14, 1933. 160.
54. James moved to send a co:y of our lett
er to Glass to
Roosevelt.
C.S.H. said this seemed unnecessary as Board has
already
advised Roosevelt of our o))osition.
Mar. 15, 1933. 161.
See - James
55.

Woodin told Board that Roosevelt and Glass
had agreed to
the changes suggested by our Board and that the
bill migkit
be /biassed this p.m,
Mar. 16, 1933. 164.

56.

Woodin elidRoosevelt would agree that any
state bank,
non-member, asking for a loan must deposit
an amount
equivalent to reserve requirements and capi
tal requirements.
Mar. 16, 1933.165.

57.

C.S.H. was told that Glass was objecting
to the Changes
made at the White House and agreed upon by
Roosevelt
and. himself.
Mar. 16, 1933. 165.

58. The action of Board in opposing the
Act with suggestion
of Changes ultimately accepted by Roosevel
t and Glass
is certainly interesting'
Mar. 16, 1933. 167.
59.

Woodin read the bill agreed to by Roosevel
t and Glass
and said he hoped the Board would accept it.
Board finally amended C.S.H. motion to "acc
epts to
"approve and so voted.
Mar. 17, 1933. 168, 169.

60. Woodin Said Roosevelt was very much
disturbed at action of
appointive members in sending the lett
er to Glass; that
that water, however, :had gone over the
dam.
Mar. 18, 1933.171.

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Federal Reserve Bank of St. Louis

232.

Roosevult, President (0ontld.)
61. Miller told C.S.H. that he dined with
Roosevelt last night
and that Roosevelt, speaking across the
Parrish, asked
if Magee was not still a member ofthe Boar
d and seemed
surprised when he said No; that he asked
if Magee were
independ, nt or dominated; that he told hi:a
Magee was
young and able and had done good work, and
he believed
1..im to be independent; that Roosevelt said
he had been
told that Lave was very close to Mellon;
that he
replied he had never heard of this.
Mar. 18, 1933. 173.
62. Miller at first said there was no reas
on why C.S.H. Should
not write Roosevelt about Magee but on refl
ection,
considering that Roosovelt was angry with
the Board
because of the Glass letter, we agreed
it might do Magee
more harm than good.
Mar. 18, 1933. 174.
63.

Woodin, after telling Board that Roosevel
t approved of the
bill literally begged the Board to acce
pt it.
Mar. 18, 1933. 179.

64.

Woodin thoroughly approved C.S.H.'s draf
t of gold order
and said he would at once take it up with
Roosevelt.
Mar. 21, 1933. 187.

65.

Woodin said Roosevelt felt the Board ough
t to let the
Texas Bank& Trust Co. of Sweetwater, Texa
s, withdraw
from P.R. System, although it opened
in defiance of
Woodin who did not give it a license.
The Boa:d wanted to expel it but finally yiel
ded to
Roosevelt's request und allowed it to
withdraw.
The State Superintendent had licensed it
to open in
spite of the refusal of Woodin.
Mar.23, 1933. 190.

66. 0.S.H. some days ago gave Miller
a memo as to Magee
and Miller said he mull give it eith
er to Woodin or
Roosevelt; as Roosevelt has not consulte
d C.S.H.
about Magee, C.S.H. feels he now has
done all he could
in the matter.
Mar. 23, 1933. 191.
67. Miller told C.S.H. he had twice talk
ed with Roosevelt
about Magee and felt sure Woodin would
tell him what
Miller had said to him, but that he
speak to Roosevelt
again in the near future.
Mar. 24, 1933. 194, 195.

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Federal Reserve Bank of St. Louis

233.

Roosevelt, President (Contld.)
68. Gov. Meyer told Board he had asked Roosevelt
to relieve
him as a member of the Board; that Roosetelt asked
for a little time Which he said he would be
glad to
give him.
Mar. 24, 1933. 196.
Roosevelt, Mrs. James
Sophie Boreel writes she is to dine with.
Feb. 14, 1933. 81.
Tells W.H. that Sophie is to dine with her in
New York tomorrow.
Mar. 18, 1933. 173.
Roper, Secretary
All the guests at Robert Lincoln O'Brien's dinne
r agreed that,
was not of sufficient calibre to be Secretary
of Treasury.
Dec. 2, 1933. 6.
W.H. spoke to, in favor of Janet Girardeau.
Jan. 6, 1933. 43.
Rounds, Federal Reserve Bank, New York
Attends conference at Treasury.
Mar. 1, 1933. 109.
Favored a 50% Government guaranty of &pos
its.
Mar. 1, 1933. 110.
The N. Y. directors and bankers favored as
principle the
suggestion of.
Mar. 2, 1933. 118.
Ross, Mrs. Governor
Went to Mayflower Hotel in evening to hear
a guest of, sing.
Jan. 26, 1953. 66.
We dial with, to meet Sec. and Mrs. Dern
and many Governors.
We had to wait
hours for Sec. Dern.
Mar. 4, 1933. 125.
Ruffin, Dr.
C.S.H. had bad case of hiccoughs. Dr. Page
called.
Blood pressure 180-80.
Said hiccoughs increased blood pressure.

• , •
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Federal Reserve Bank of St. Louis

234.

Ruffin, Dr. (Contid.)
He said the important figure was 80 and that
the other did not
count so much; that he considered the blood press
ure normal.
Jan. 30, 1933. 69.
Dr. Dunn called.
Sugar 0.
Blood sugar 20.
Blood count - good.
Jan. 31, 1933. 70.
Ruggles, Alma
Dines with us.

Feb. 11, 1933. 78.

all Nam,.

•

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•

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nir

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07—Z,

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.Tr.12 ,

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Federal Reserve Bank of St. Louis

235.

Salary reduction
Federal Reserve Bank, Ridhmond, votes to cut down wages and,
by $73,000.
Salaries

Told cut down

Less than $1200
Over $1200
Officers

$5000
50,000
_1_18000
$73,000

Board asked for further particulars.
Dec. 17, 1932. 25.
Board took up Chicago "spread the work" plan.
C.S.H. s_id he would vote for this in Executive Commit tee meeting
as Board had decided on the principle, reserving his
objections to the plan.
Had C.S.H. voted No it would have killed it in Executive Com,..ittee.
Dec. 27, 1932. 29.
The pending economy bill will cut Board and staff salrry by 15.d.
Vest gave C.S.H. a draft of amendment to cure this.
C.S.H. lalked it over with James.
We both asked Gov. Meyer to take this up with Glass and he agreed
to do this.
Mar. 12, 1933. 152.
Morrill said Glass asked. Wyatt for draft exempting Board and
staff from the cut, as the Board's funds were not really
Government funds.
Mar. 17,1933. 17a
See - Beyburn
Sanger, Marion
Writes C.S.H. from Bermuda.
Dec. 16, 1932. 22.
C.S.H. zrites.

Dec. 24, 1932. 28.

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Federal Reserve Bank of St. Louis

Scrip
See - Clearing house certificates.
SeEW, Gov.
Favored a change in easy money policy.
Jan. 4, 1933. 41 (2)
Felt that 500 millions of excess reserves was too hi
dh a figure
on which to base open market policy.
Jan. 4, 1933. 41 (4)
Wires Board that the Changes agreed to in act of
Mar. 24, 1933,
made it satisfi,ctory.
Mar. 18, 1933. 172.
Originally opposed a license to American National Bank
of
Danville, Va. but Woodin licensed it.
Await asked him to reconsider his recommendation
but he declined
as his refusal was based on the yellow sheet of
the
National bank examiner.
Gov. Seay wired Board on March 16th that he was credi
bly informed
that the decision to give a license was due in part
at least
to the intervention ofa U.S. Senator (C.S.H. thinks
Senayrd)
Mar. 21, 1933. 184.
Secret lervice 108.
See - Roosevelt, Mrs.
Secretary of State
All of those at dinner of Robert L. O'Brien agreed
that Owen D.
Young would be the best man for.
Dec. 2, 1932. 6.
Simonds opposed Norman Davis for.
Dec. 2, 1932. 6.
Wooley asked John W. Davis if he would accep
t office of, if tendered.
He said, - "Don't ask: me etc. etc."
Jan. 1, 1933. 38.
See - Davis, John W.
Mrs. Lansing said that, would have accepted, if
offered.
. Feb. 23, 1933. 97.
See - Hull, Cordell

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Federal Reserve Bank of St. Louis

237.

Secretary of Treasury
Prank Kant Izid Baruch wants to
be.
Dec. 2,1932. 6.
Charles Warren predicts that Swa
ger Shirley will be.
Dec. 2, 1932. 6.
Miller says he has heard that Glas
s has definitely declined to
be.
Feb. 20, 1933. 88.
See — Glass
Mills
Woodin
Section 10 (b) Federal Reserve
Act, Amended
Gov. Norris wanted to turn collater
al notes of Atlantic City
banks, on which the collateral had
become ineligible,
into Section 10(b) loans.
Board sold not necessary.
Dec. 16, 1932. 23.
See — 156, 157, 160, 161, 162, 163
, 164, 167, 168,
174, 175, 177, 178, 179.
Act of liar. 24, 1933.
Security Storage Co.
Move things from, to Hay—Adams
House.
Nov. 30, 1932. 4.
Shaler, Mr.
Ap ;ointed Deputy Governor of
7.R. Bank, Chicago, subject to
approval of Board.
Owned, with his family ...a cont
rolling interest in a member
bank at Storm Lake.
Board doubted whether said ownershi
p was consistent with
duties of Deputy Governor, alt
hough not a violation oflaw.
Went over for conference with
Gov. McDougal.
Dec. 27, 1932. 29.
Share the work. 29
See — Salary cut.

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Federal Reserve Bank of St. Louis

Shirley, Swager
Charles Warren predicted that,
would be Secretary of
Treasury.
Dec. 2,1932. 6.
Wooly said, was a man of abilit
y but an intellectual snob.
Dec. 30, 1932. 37.
Short tern investments. 106.
Simonds

; •

Prank
Bitterly opposed Norman Davis
as Secretary of State, said
he was not a big man and was sub
servient to Hoover.
Dec. 2, 1932. 6.

Smsad
OpJosed Roosevelt plan of ban
k opening because of the
deflation involved.
Mar. 6, 1933. 129.
Opposed a gold embargo because
it meant going off of gold
standard.
Mar. 8, 1933. 138.
Smithsonian Institution. 73.
See - Delano
Meyer, Gov.
Solvent banks, sound banks
Traylor plan would give a Gov
ernment guaranty in propartio#
to worth or soundness.
Mar. 6, 1933. 128, 129.
The Deputy Comptroller is prepar
ed to accept responsibility for
licensing banks as sound or
solvent.
Mar. 8, 1933. 135.

*fey°

Woodin wired all P.R. Agents
to report as to soundness or
solvency of state member ban
ks..
Mar. 8, 1933. 139.
Gov. Meyer said this could not
be done as they would have
to rely on examinations by sta
te authorities at widely
varying times.
Mar. 8, 1933. 139.
The Hills plan, adopted by Roosev
elt yesterday, was to open
about 2500 absolutely sound
and solvent national banks.
The Comptroller however has
increased this to500 out
of 6100
national banks.
Mar. 9, 1933. 143.

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Federal Reserve Bank of St. Louis

239.

Solvent banks, sound banks (Contld.)
A grave responsibility rests on Secretary of Treasury
to
license only sound and solvent national bank
s.
He knows, how ver, that many of the banks proposed
to be
licnnsod are not sound.
Mar. 9, 1933. 143, 144.
Glass and Steagall feel that responsibility for cert
ificate
of soundness of state non-member banks should rest
on
the state authorities.
Mar. 9, 1933. 145.
Woodin prepared a form of license for non-meMb
er state banks
stating that he was satisfied the bank was solv
ent.
Gov. Meyer said this was a heavy responsibili
ty.
Woodin said he was ready to accept full rosp
onsibility.
Mr. 10, 1933. 145, 146.
Gov. Calkins wired yesterday quoting Woodin's
telegram as to
licensing only sound banks and said he coul
d not recommend
a license either to the Bank of America or
the Anglo-American
bank, as sound.
The Board agreed to want to see what recammen
lation the
Comptroller would make.
The whole Board agreed that these banks were
not sound.
Mar. 12, 1933. 150.
Roosevelt announces over the radio that only
sound banks will be
licensod.
Mar. 12, 1933. 151.
Lynn Talley told C.S.H. in James Office and
before James,
that the Bank of America was not sound.
Mar. 12, 1933. 152.
The Bank of America and Anglo-American bank were
licensPd, absolutely inconsistent with Roosevelt's
promise to license
only sound banks.
Mar. 13, 1933. 154.
See - Bank holiday. Opening.
Speculation. 10, 11.
See - Debaimp, Y.R. Agent
Tandher, Gov.
Direct pressure
Hoover

240.

•

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Federal Reserve Bank of St. Louis

Stabilization. 182
See - Dallas
Stanley-Brown, Mrs.
C.S.H. calls on.

OZi"

Jan. 29, 1933. 69:
Stanton, Admiral
We lunch with Mrs. Neff to meet.
Dec. 25, 1933. 28.

•

State banks, Member
15, 16, 135, 139, 142, 145, 149, 184.
See - Bank holiday, Opening
Unified banking
Wyatt

"4.

State non-member banks. 145.
State banks, Superintendents of
See - Superintendents of.

..,
•

##,

State Department
See - Secretary of State
HullWillis
State examiners. 139.
Bank holiday
See
State superintendents of banks.
86, 135, 145, 190.
Steagall, Cong. 95, 145,
See - Glass
Sterling. 5.
See - Goldenweiser

•.•

•

Stevens, Federal Reserve Agent, Chicago
C.S.H. asked Paulger to examine the reports of examination of
the Continental Illinois Bank& Trust Co., an applicant
for admission, to see whether was a borrower, as James
had heard was the fact.
Dec. 9, 1932. 19, 20.
paulger reported that, with two others owed the bank about
$1,200,000, on collateral of a present worth of only
$150,000.
The rejorts stated that the two others were of doubtful worth.
Dec. 15, 1932.22.

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Federal Reserve Bank of St. Louis

241.

Stevens, P.R. Agent, Chicago (Contld.)
C.S.H. moved that the Chicago Committee of our Board inves
tigate
the above.
Board voted in favor.
Dec. 19, 1932. 25, 26.
Tells of seriousness of Chicago situation.
Mar. 2, 1933. 119 (5)
Stewart, Walter
Boal'd thought of consulting, but he could not come to
Washington.
Feb. 15, 1933. 85.

• —et Jr.

Stock ownership in another bank.
23, 29, 174.
See - Penn. Insurance for Lives
Shaler
Wyatt

,Nar

age

Strother, French
We called on Mr.and Mrs.
Feb. 3, 1933. 72.
Death of.

Mar. 12, 1933. 152.

Sulgrave Club
We dine at, with Mabel Boardman.
Jan. 15, 1933. 54.
We dine at, with Miss Gurnee.
Feb. 5, 1933. 73.
W.H. lunches at, with Mrs. Rhinelander.
Feb. 23, 1933. 98.
Summers, Cong. 76
See - Meyer, Gov.
Superintend, nt of state banks
86, 135, 142, 143, 156, 184.
Suivers.
H.P.H. with Mr. & Mrs. Charles Warren.
Dec. 26, 1932. 54.

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Federal Reserve Bank of St. Louis

Suspension of reserve requirements, N.Y.
For 30 days.
Mar. 3, 1933. 123.
Sussdorff, Mr. & Mrs. Louis
We aall on.

Jan. 15, 1933. 54.
11•11.0.4•1110.m..m•

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Federal Reserve Bank of St. Louis

243.

Texas National Bank, Sweet Valley, Texas
Refused a license by Woodin.
Given a license as state bank and opens in defiance of
Woodin. Asks to withdrawn from F.R. Sys-,em. Board
wants to expel it but at request of Roosevelt permits
it
to withdraw.
Mar. 23, 1933. 190, 191.
Talley, IAynn
Told .S.11. in presence of James that Bank of America
was not
in sound condition.
Mar. 12, 1933. 152.
Tax, Income
Paid $15.01

— last payment for 1932.
Dec. 14, 1932. 20.

Teas
H.P.H. with Gertrude Meyer.
Dec. 9, 1932. 20.
At Ogden Mills.

Jan. 2, 1933. 38.

With Mrs. Alexander Rodgers.
Golden wedding.
Jan. 11, 1933. 51
At Woman's National Democratic ClUb in honor of Mrs. Wilso
n.
Jan. 14, 1933. 54.
At Japanese eMbassy.

Feb. 21, 1933. 92.

Thorne, Mr. 55
See — Clayton Act.
Traylor, M.A.
Said that Miller's suggestion of clearing house certificat
es
and such was not practicable.
Feb. 14, 1933. 81, 82.
At bankers conference, favored clessiificattcaof banks and
guartnty of deposits based on worth.
Mills objected that this would give some banks 1040
guaranty, e.g.
New York and Chicago and a much smaller guaranty for
other
banks which would be politically im-2ossible.
Mar. 6, 1933..128, 129.

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Federal Reserve Bank of St. Louis

244.

,
1,
•

Treasury, U.b.
See - U. S. Treasury
Secretary of Treasury
Three % Treasury certificates. 183.
See -U.S. Treasury.
Tinieham, Cong.
Lunches with C.S.R.

•

,Ltt

• •.

Said he had copies of record of Hoover's Chinese litigation;
that Hoover, beyond a reasonable doubt, had acted
dishonestly; that when in Australia he found that the
people there had a very low ()Anion of Hoover; that they
smiled when he was referred to as an engineer; and said
he was merely a Pranoter; that, in his ojinion, Hoover
was an unpinsipled scoundrel.
Nov. 29, 1932. 3, 4.
Title of Board members. 115.
See - 113Sopire
Trading with Enemy Act
117, 119, 119 (3) (4) 186.
See - Attorney General
Gold order
Bank holiday
Roosevelt
00MMON1.111••••

•

e—-

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Federal Reserve Bank of St. Louis

245.

Unification of banking. 13, 14.
See - Meyer, Gov.
Wyatt
U. S. Bonds
See - U.S. Treasury
United States Senate
Banking and Currency Committee.
64, 143, 161, 170.
See- Glass

United States Treasury
57, 58, 64, 99, 183.
See - Gold order
Mills, Ogden
University Club, New York
C.S.H. resigns from.
Dec. 19, 1932. 26.

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Federal Reserve Bank of St. Louis

246.

-V-

Validating Act. 119 (3)
Valuation of assets.
Roosevelt urges a liberal.
Mar. 11, 1933. 148.
Value, Loan. 148.
Van Royen, Mr. and Madame
We meet, at lunch with Mrs. McClellan.
Dec. 25, 1932. 28.
We called on. Out.
Jan. 20, 1933. 61.
Sophie Boreal writes H.P.H. that the, have invited her for the
inauguration.
Jan. 27, 1933. 57.
We meet, at lunch at Mrs. McClintocks.
C.S.H. arranged with them so that they would take Sophie to the
Inaugural Ball and we would attend to everything else.
lob. 12, 1933. 79.
We meet, at dinner with Sen. Coolidge.
She said she would meet Sophie at the Railroad station.
C.S.H. was puzzled whether ihswanted him to go to station or not.
lob. 15, 1933. 85.
We dine with the Van Royens.
She said she would not go to station to meet Sophie but would
leave that to C.S.H.
C.S.H. told them he had tickets for the parade, and for the
swearing in t the Capitol.
He said it was understood that we would take c ,re of Sophie in
morning and afternoon and seemed much pleased.
lob. 16, 1933. 85, 86.
H.P.H. met Madame Van Royen at lunch with Mrs. Rhinelander at
Sulgrave Club.
She talked much of Sophie and seemed relieved that C.S.H.
was to
meet her at the train.

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Federal Reserve Bank of St. Louis

247.

Van Royen, Mr. and Madame (Contid.)
H.P.H. told her C.S.H. was so fond of Soph
ie that he would be
delighted to sit in the station and wait
for her, howoter
late the train might be.
Feb. 23, AM. 98.
Van Royen called up H.P.H. and said Sen. Robi
nson had sett him
3 seats for the swearing in and aske
d, as Sophie was going
with us, whether he should return then
. H.F.H. said C.S.H.
would tele2- 111one him.
C.S.H. called him up and said we had plen
ty of tickets both for
Sophie and William Rice.
He seemed very much interested to lear
n thr,t William Rice was
caning down.
C.S.H. asked him frankly if he preferre
d to have Sophie sit with him.
He said it was 50-50; that of course
he would be glad to have Sophie
' with them, but that, if we real
ly wanted her,they would be
glad to have her go with us, as already
arranged.
C.S.H. assured him we really wanted
her and he said it was most
satisfactory to them, and asked if C.S.
H. would call for her
and C.S.H. said Yee and would let him
know the exact time later.
He said he had only 2 seats for the para
de.
C.S.H.said he had plenty.
Feb. 27, 1933. 107, 108.
Van Royen told C.S.H. that he, C.S.H.,
once spoke to him clout
his prostate operation, and that he
himself had trouble of the
same kind and feared he would have
to be operated on.
C.S.H. said he would faadly aall on
him at any time and explain
the whole matter - this in response
to a specific request
from him.
He said it would be a great favor to
him if C.S.R. would let him
call, after the Inauguration. C.S.
H. said he would caLl
on him.
C.S.H. can not remember ever having
spoken to him about his operation;
if he did it must have been when
we dined with him, on Feb. 16, 1933.
Feb. 27, 1933. 107, 108.

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Federal Reserve Bank of St. Louis

248.

Van Royen, Ur. and Madame (Oontid.)
C.S.H. wrote Mr. Van Royen asking him tolend So)hie to us on
Friday evening for dinner and later for the concert.
He replied. Yes.
Feb. 27, 1933. 109.
Sophie called on
at his office to say good-bye, leaving
Madam Van Royen waiting for her in her auto.
Mar. 10, 1933. 145.
C.S.H. called on Mr. Van Royen and gave him full particulars
about his prostate operation.
Mr. 15, 1933. 162.
Mr. Van Royen told C.S.H. that Sophie was once engaged to a very
prominent Dutch Baron, a widower with two children, named
Van Bose (?); that he was or had been President of the Senate
;
that he was very irritable and arragant and that she finally
had to bra,k the engagement.
Mar. is, 1933. 162.
H.P.H. meets Madame Van Royen at lunch t Mrs. Delanols to meet
Mrs. James Roosevr,lt.
Mar. 18, 1933. 173.
C.S.H. writes Mr. Van Royen and asks if he can not "stand by" as
a friend if he has to have the operation.
Mar. 20, 1933. 179.
Votes
To postpone action on Gov. Fancher at Mr. Williams suggestion.
Aye: Gov. Meyer, C.SZ., James and Magee
Dr. Miller absent, - ill.
Dec. 20, 1932 27.
C.S.H.
tea for Chicago salary reduction plan at Executive
Comalittee meeting so as not to defeat the policy laid down
by Board, reserving all rights as to future action.
Dec. 27, 1932. 29.
Board votes to permit Thorne to serve as director of first
National
Bank and Bankers Trust Co., New York.
Aye: Gov. Meyer, C:SX., James, Magee
No: Dr. Miller.
Jan. 17, 1933. 56.

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Federal Reserve Bank of St. Louis

249.

Votes (Contid.)
At Executive Committee meeting voted to offer Federal Reserve
Agent to Williams at Cleveland.
Feb. 24, 1933. 98. 99.
Board voted to offer above to Williams:
Aye: Mills, Gov. Meyer, Miller
James and C.S.H.
Feb. 25, 1933. 102.
Board voted on June 4, 1931, on lov. Meyer's suggestion that
the
C.E. Mitchell files he laid on table, thus disposing of
the matter. (18 Diary 106)
Feb. 25, 1933. 103.
Boa rd voted to approve increase in N.Y. rates from 2i to
3i%.
Aye:
Gov. Meyer, C.S.H., James
No: Dr. Miller
•

Gov. Meyer said Mills asked to be recorded Aye.
Mar. 2, 1933. -116.
H.R. vote on Act of Mar. 9, 1933, for the bill.
For the bilLDem. 51, Rep. 22.
Against bill Dam. 1. (See Costigan)
Rep. 5
Borah, Carey, Dale, LaFollette, Nye
Farmer labor 1. Shipstead
Passed:
For: Lever
Against:Norbeck
Mar. 9, 1933. 144.
Appointive members vote to send Glass letter protesting
against
proposed act of Mar. 24, 1933. Miller absent but drew letter
.
Mar. 14, 1933. 158.
•

•'

P•Yr",•,./7:

I
•

•

•,..t •

Baird votes to approve changed ,_raft of Act of Mar. 24,
1933.
Mar. 17, 1933. 168.

'
eJsk

Board voted, an Rooseveltss solicitation, to permit
Sweet
Valley National Bank to tithdraw from F.R. System.
Mar. 23, 1923. 190, 191.
See — C.S.H.
Gold order.

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Federal Reserve Bank of St. Louis

250.

Vrooman, Carl
C.S.H. gets Baroness Heckerines address - Oxford Group - from.
Jan. 28, 1933. 68.
Oalls on us.

Feb. 1, 1933. 70.

Gives us his opinion of Buchman, of Oxford Grou).
Feb. 1, 1933. 71.
See - Buchman.

4110411110Mmi,..•41.0

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Federal Reserve Bank of St. Louis

251.

Walsh, Sen. (Montana)
Calls up C.S.H. and asks that Board take no action as to
vacancy in P.R. Agent, Minnapolis, for 2 or 3 months.
C.S.H. said that present crisis demanded an immediate appointment.
Sen. Walsh said 7 months had already elapsed since Mitchell's death.
He asked When Board would act and C.S.H. said very soon.
C.S.H. said many telegrams had been received, one from a
1001evelandN democrat, asking for the an2ointment.
Sen. Walsh said he thought highly of Democrats.
3.S.H. said he, his father, and his grandfather were all
Democrats, but that- the P.R. System was absolutely apart
from politics; that the Board took the best man, rarely
even knowing his politics.
Sen. Walsh did not personally ask for delay in the appointment
but concurred with others whom he said wanted delay.
C.S.H. suggested that he should write the Board but he was
unwilling to do this.
C.S.H. said he would report his views to the P.R. Board.
lieb. 8, 1933. 74, 75.
Walker, Mr.
We dined with.

Jan. 3, 1933. 3b.

Warren, Charles
C.S.H. meets, at dinner given by Robert Lincoln O'Brien.
He predicted that Swagar Shirley would be Secretary of Treasury.
Dec. 2, 1932. 5, 6.
We dine with, to meet Judge and Mrs. Graham.
Dec. 17, 1932. 25.
W.H. takes supper with Mr. and Mrs. C.S.H. ill with grippe.
Dec. 26, 1932. 28.
Nancy Warren calls up C.S.H. and says the Woman's National
Democratic Club members are unanimous for M.P.H. for
President, and begged C.S.H. to urge her to accept.
Jan. 16, 1933. 55.
H.P.H. wrote Nancy and the nominating Committee that she would
accept if elected. Jan. 17, 1933. 57.

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Federal Reserve Bank of St. Louis

252.

Warren, Charles (Contld.)
Nancy, told C.S.H. there were many f:tctions in the
Club
favoring different candidates but that all factors eager
ly
agreed to suil,ort H.P.H.
Nancy said it was the finest tribute she had ever kiwwn
..
Jan. 17, 1933. 57.
White House
See — Boreel, Sophie
Roosevelt
Williams, Federal Reserve Agent, Cleveland
Cleveland Committee confer with, as to P.R. Agent
, Cleveland.
Feb, 20, 1933. 95.
Executive Committee voted to offer, this position.
Feb. 24, 1933. 98.
Miller reported for Executive Committee in favor
of.
He said, would withdraw from his firm.
, taking a share of tie
investments representing his share of the ca'Atal.

•11

Williams also referred to a trust fund for his son,
but Board
felt this was not material.
Feb. 24, 1933. 101.
Board voted to offer the P.R. Agent to.
Feb. 25, 1933. 102.
See also:
DeCamp
Faadher.
1, 11, 12, 13, 26, 27, 59.
Willis, H.P.
Called on C.S.H.
Bitter over criticism of P.H. Bank, N.Y. at his
cables to French
papers.
He said that Ambassador Edge attacked at Frenc
h Foreign office
and that Edge said he was instructed to do so;
that lisss
wrote State Department a strong letter of protest.
He asked if our Board approved Burgess and Golde
nweiser report
on Glass bill.
C.S.H. said. Board. sent all Of its suggestion
s to Senate Banking
Committee.

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Federal Reserve Bank of St. Louis

253. •

Willis, H. P. (Conted.)
As a fact the Board overruled some of these suggest ions, as to Sec. 3, penalizing of banks, divorce of affiliates,etc.
He said he had finished his work as expert for the Banking
and Currency Committee.
He said the pro-)osed Liquidating Corporation would probably
restore confidence; that the Glass bill had a preferred
status and he hoped it would mass; that the Government
might safely guarantee deposits for say 3 years if the
Glass bill became law, blit there was danger that Congress
might e:Aend the 3 years indefinitely.
C. .H. made it clear he did not personally favor a guaranty
but was carefully turning over tile suggention.
Nov. 28, 1932. 2, 3.
Wilson, &c,-President
We laid a wreath on tomb of, on the anniversary of his death Feb. 3, 1924.
Feb. 3, 1933. 72.
Wilson, Mrs.
H.P.H. sent, a ahristmas card but she never adknowledged it
although in past years she has always sent us one.
Dec. 25, 1932. 34.
Robert Wooley aaked Admiral Grayson to ask, for a subscri-Aion
to Rooseveltes campaign fund, but she declined, saying
she was very cold towards Roorevelt.
Dec. 30, 1932. 36.
Wooley said that, just on point of sailing for Japan, said
merely, "I an for the candidate."
Dec. 30, 1932. 37.
We went to a tea at the Wamanes Depocartic Club in honor of.
H.P.H. received with her.
She was very cordial and said she must have a good talk
with C.S.H. about Japan.
Jan. 14, 1933. 54.
Wing, Daniel, First National Bank, Boston.
Miller said, urged Woodin to issue 500 millions of Greenbacks
under the Thomas lawt
Mar. 8, 1933. 138.

,Aco

Winslow, Sam
We called on Mr. & Mrs.

.•

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Federal Reserve Bank of St. Louis

Out.
Feb. 3, 1933. 72.

Withdrawal of balances. 154.
See - Miller
Roosevelt
Womans Democratic News
Mrs. OlDw, of the N.Y. Dem. State Committee a few
days ago wrote
H.P.H how pleased readers of the News were at the
"Lettys
articles; that a well known writer for same newsp
aper, while
waiting in the office read some of the Letty artic
les, said
they were admirable, and congratulated the paper
for having
such a brilliant correspondent.
Dec. 1, 1932. 37.
Worians National Democratic Club
We dine at, to discuss future plans for the
Club.
Nov. 29, 1932. 4.
M.P.H. gives lunch at , to meet Soghie Boreel.
Dec. 30, 193%; 36.
See - Boreel, Sophie
We take Sophie Boreel to dinner at.
Jan. 6, 1933. 43.
We went to tea at, in honor of Mrs. Wilso
n.
Jan. 14, 1933. 54.
See - Wilson, Mrs.
Nancy Warren called up C.E.H. and szt.id the ballo
ts turned in for
Pre. ident were all for M.P.H. and bec!:ged C.S.H. to
make her
accept.
Jan. 16, 1933. 55.
M.P.H. wrote Committee that if elected she would
serve.
Jan. 17, 1933. 57.

•4

•

Nancy Warren called up C.S.H. and said the
ballots turned in
for President were all for M.P.H. and bePre
d C.S.H. to make
her accept.
Jan. 16, 1933. 55.
W.H. wrote Committee that if elected she would
serve.
Jan. 17, 1933. 57.
Nancy Warren told C.S.H. there were
a number of factions in the
Club favoring different candidates but that
all agreed to
withdraw unanimously in favor of M.P.H
. if sie would accept.
Jan. 17, 1933. 57.

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Federal Reserve Bank of St. Louis

255.

Woman's National Democratic Club (Contld.
)
We give a dinner at.
Precent:
Mr. and Mrs. Houghton, Mr. & Mrs. McLane,
Miss Janet Fish,
and Robert L. O'Brien.
Jan. 20, 1933. 61, 62.
We attend tea at, in honor of Mrs. Garn
er.
Jan. 28, 1933. 68.
C.S.H. s-)eaks et dinner of.
Reminiscences of Presidents.
Feb. 10, 1933. 78.
Sohie Boreel writes M.P.H. congratu
lating her on her nauination
for President.
Feb. 14, 1933. 81.
H.P.H. unanimously elected President.
Feb. 22, 1933. 94.
The Club had $4000 deposited in the clos
ed District National Bank,
Mar. 15, 1933. 161.
Woodin,Secretary of Treasury
Miller said that, talked of for Se,
!retary of Treasury, is a man of
character, of first class business
ability, but of very
insignificant presence and not up to
the Glass standard.
Feb. 20, 1933. 88, 89.
Announced as Secretary of Treasury
.
Feb. 22, 1933. 96.
Was in N. Y. with Gov. Harrison and
N. Y. bankers.
Mar. 2, 1933. 117.
The Board would talk with, in New York
, he would talk with
RoosevAt in Washington and converse
ly.
Mar. 2, 1933. 117, 118.
Mills advised, in New York that Boar
d unanimously favored a bank
holiday for Friday, Saturday and Mond
ay on undcrstanding
that Roosevelt would call Congress
in immediate session on
Monday or not later than Tuesday to
enact :Appropriate legislation.
Mar. 2, 1933. 119.
Woodin was with the Board and
told C.S.H. that if he had been in
Washington with Roosevelt on Thur
sday evening he could have
persuaded Roosevelt to join with Hoov
er in proclaiming a
national holiday.
Mar. 3, 1933. 119, 119i, 100.

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Federal Reserve Bank of St. Louis

256.

Woodin, Secretary of Treasury (Contld.)
Appointed a Committee of bankers, et al to
draw regulations
as to what banks could do under a n‘t iona
l holiday.
Mar. 4, 1933. 126.
Appointed a Committee of bankers to report
on needed legislation.
Mar.4, 1933. 126.
Said Roosevelt would sign Proclamation Mond
ay at 12:05 a.m. to avoid
signing on Sunday.
Mar. 4, 1933. 127
Told the Legislative Committee that, as they
could not agree,
Roosevelt had agreed upon a plan for opening
the barks on his
own responsibility; that they would undo
ubtedly be shocked
by his solution/
He did not reveal what the solution was.
Mar. 7, 1933. 133, 134.

•

Reads to Board Roosevelt's plan of bank
opening.
Mar. 8, 1933. 134.
C.S.H. told, he would accept Roosevelt's
plan.
Mar. 8, 1933.135.

•:.1:

Agreed to C.S.H. statement that the plan
will open at first only
2500 national banks which are absolute
ly sound, the others
to be opened on demonstration of their soun
dness.
Mar. 8, 1933. 137.
Reads Board a draft of letter from Roos
evelt expressin the .lope
that the P.R. banks would feel obliged
to take the present
liquidating value of bank assets in dete
rmining loans, but
would make a fair liberal estimate;
that undoubtedly mistakes
would occur; that at the proper time he
would ask Congress
to indemnify the P.R. banks for any loss
es occurred;that he
was confident Congress would enact such
legislation.
The Board ap)roved this draft and, C.S.
H. thinks, the letter
was sent by Roosevelt to Woodin.
Mar. 11, 1933. 148.
Miller, in Morrill's presence, said he
was at White House last
night and heard Roosevelt and Woodin
talk with Gov. Calkins
who would not change his unfavorable reco
mmendation as to
Bank of America and Anglo-American
bank.
Mar. 13, 1933. 153.
.

Told Board that Roosevelt was very
much disturbed at action of the
appointive members in sending the lett
er to Glass apposing
Act of Mar. 24, 1933. Mar. 18, 1933.
171.

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Federal Reserve Bank of St. Louis

257.

Woodin, Secretary of Treasury (Contid.)
Has bitter row with Gov. Meyer as to quoting him in telegram
to F.R. banks as to apl)roval of Act of Mar. 2, 1933.
Max. 18, 1933. 182.
Has not asked opinion of Board as to kee?iag on gold standard.
Mar. 20, 1933. 182.
C.S.H. refused to summon Prof. Taussig as an expert until and unless
Woodin, as Chairman, was informed.
Mar. 20, 1933. 183.
Agreed with C.S.H. that a gold hoarding order should be issued.
Mar. 20, 1933. 185.
Said C.S.H.Is four pro7ositions as to gold order (keepinp on
gold standard) were admissable and that he would take them
up at once with Roosevelt.
Mar. 21, 1933. 187.
Opposes Millerls draft postponing the order.
Mar. 21, 1933. 187
Sent draft of C.S.H.Is gold order to Federal Reserve Bank of /
New York for comment.
Mar. 23, 1933. 188.
Told Board Roosevelt wanted us to permit the Sweet Valley National
Bank to withdraw from Federal Reserve System rather than
expel it, although it had not been licensed by Woodin but
had opened with consent of state authorities.
Mar. 23, 1933. 190, 191.
Miller said he would give 0.S.H.Is memorandum as to Magee to
either Roosevelt or Woodin.
Mar. 23, 1933. 191.
Miller said Woodin told him he had a very high opinion of C.S.H.
and not a very favorable one o James.
Mar. 24, 1933. 194.
Woodin told Miller to keep C.S.H.Is memo. for him as he did
not want to leave it on his desk but would like to refer
to it again.
Mar. 24, 1933. 194.

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258.

Woodin, Secretary of Treasury (Contld.)
See also: 139, 140, 142, 145, 146, 147, 148, 149, 150, 151,
153, 156, 157, 158, 159, 163, 164, 165, 166, 168,
170, 171, 172, 174, 176, 178, 179, 182, 183, 185,
187, 188, 190, 191.
See: Act of Mar. 24, 1933
Bank holiday. Opening
Federal Reserve Bank, Dallas
Glass
Meyer, Gov.
Miller
Roosevelt

•

Woolen, Evans
Miller thinks, is under consideration for P.R. Board.
Mar. 20, 1933. 178.
Wooley, Robert. 36, 38.
See:
Grayson, Admiral
Hull, Cordell
Shirley, Swager
Wilson, Mrs.
Wyatt, Walter
Said certain parts of his opinion on unified banking had been
taken out on insistence of Gov. Meyer and Floyd Harrison,
viz, the reference to the power of Congress to force all
commercial banks to join P.R. System.
When matter came up before Board C.S.H. asked if any changes had
been made in the opinion sent previously to Board members, and
this brought out above facts.
Wyatt said also that Harrison and Morrill insisted on inserting
quotat one from Gov. Meyer before Committee some time ago,
favoring nationalization of 411 banks.
C.S.H. objected to these chan es and Board adjourned to give him a
chance to read the new opinion.
C,S.H. went over the new opinion with Wyatt who said all the power
of Congress to force banks to join the P.R. System as state
banks had been stricken out.
At later Board meeting C.S.H. read a memo. of protest, saying that
while he would not ask Wyatt to change his latest draft, he
wished his views spread ,x)on the record.
Finally C.S.H. said if the Board had no objection to his sending
his mam. to Glass, he would not object to sending the new draft

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259.

Wyatt, Walter (Contld.)
to the Senate Comriittee.
Harrison asked C.S.H. to omit his reference to a "changed" o4n on
as that was an internal matter. He evidently was trying.
to shield Gov. Meyer from the charge of changing Wyatt's opinion.
C.S.H. said in his Memo. to Glasc he would omit this reference;
that he would merely tell Glass of the undisclosed power.
Dec. 6, 1932. 14, 15.
Wyatt later told C.S.H. he thought the new draft was better than
the original one, as it by implication recognized the right
of Congress to force all commercial banks to enter the
Federal Reserve System.
C.S.E. feels, however, that Wyatt was forced, probably unconsciously
to change the opinion, for in fact some time ago Wyatt told
C.S.H. that Gov. Meyer and Harrison were trying to force him
to change it, but he did not want to do it.
Wyatt said Morrill agreed with C.S.H.'s views.
Dec. 5, 1932. 15, 16.
Said he heard Magee say to Gov. Meyer that he was probably the
first member to offer himself for the position, to which
Gov. Meyer replied that he also did.
Jan. 7, 1933. 44.
Draws up a letter to Glass as to Magee.
Jan. 25, 1933. 64.
Says Congressman Summers of Texas told Mrs. Wyatt that Gov. Meyer
would cease to be Governor after March 1st.
Feb. 8, 1933. 76.
Said Glass refused to accept draft of Board of bill giving
Comptroller power to permit national banks to exercise all
powers vested in state banks.
Feb. 17, 1933. 86.
Said a draft of bill had been agreed to giving Comptroller power
to appoint conservator, freeze d. posits, etc.
None of Board were consulted about this.
lob. 17, 1933. 86.
Said that Morrill and Mills had a quarrel at Mills house; that
Mills said Board had done nothing to help Detroit situation;

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260.

Wyatt, Walter (Contid.)
that Morrill took this as an attack on Gov. Meyer; that
Morrill said Board had done everything possible.
Feb. 17, 1933. 86, 87.
•

•

.
baid that Hills had had a bill drawn providing for conservhtion, etc;
that this bill differed from Wyatt's, in that it provided
that any bank could take this actim with consent of Comptroller.
•

•

Wyatt did not favor this but inserted it at direction crr Mills.
Feb. 21, 1933. 91.
Neither the Wyattror the Mills bill were ever considered by our Board%
Feb. 21, 1933. 92.

•

Attends night conference in Board room with Gov. Meyer, Morrill, Harrison,
Rounds, Gov. Black, Ogden Mills, etc.
Feb. 28, 1933. 109.
Prepares draft of jolnt resolution validating acts of Roosevelt
as to bank holiday and gold order and continuing Trading
Mar. 2, 1933. 118.
with Enemy Act.
States ooinion of Attorney General as to Trading with Enemy Act,
Mar. 2, 1933. 119 '3) (4)
See - Bank holiday.

•.

Act of Mar. 9, 1933, was drawn by Wyatt and drafting Committee of
Congress. They began it on preceding night, March 7,
working all night.
Mar. 9, 1933. 144.
Confers with Glass and Stez.ga.1.3..
Mar. 9, 1933. 145.
Said that the suggestions referred to in Board's letter to Glass
were those agreed to by Glass and Roosevelt at the Conference,
examinations, reserves, eligibility for F.R. bank notes, etc.
Mar. 15, 1933. 158.
Says Ballantine, Douglas and Await are dominating Woodin.
Mar. 15, 1933. 159.
Said Uills had left Washington broken hearted because he had
not been asked to ranain.
Mar. 15, 193. 159.

Said Gov. Meyer had consistently fought the above
combination,

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261.

Wyatt, Walter (Contld.)
although 11.3 had nothing constructive to of--er, and appears
to be dazed.
Mar. 15, 1933. 159.
Says Board did not vote to include its suggestions in its
letter to Glass. C.S.H. believes it did so vote.
Mar. 15, 1933. 159.
Said Morrill told him that Roosvelt told Glass, - "This bill
(Act of Mar. 24, 1933) must, be put throuel" (with the changes
liar. 15, 1933. 160.
agreed ui)on.
Glass asks Wyatt to go over final draft of his banking bill;
that he gave Glass a section exem)tiong Board and staff from
salary cuts and divorcing its funds from Treaoary; that Glass
,said he wanted to bring this about.
Mar. 17, 1933. 170.
Prepared suggestions for changes in proposed Act of Mar. 24, 1933, compliance with reserve and capital requirements,etc. Back
Mar. 18, 1933. 174.
reference.
Prepared draft of gold order on C.S.H.'s plan with an interview
for Woodin to give out.
Mar. 21, 1933. 186.
Said the Federal Reserve Bank, New York, suggestion as to gold order
required no change in Board's order.
Mar. 24, 1933. 196.

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262.

Young, Gov.
Curtiss withdrew from Governorshio to enable Boston directors to
elect, as Governor of P.R. Bank, Boston.
Dec. 8, 1932. 17.
Expressed o)inion in Governors Conference that average of
500 millions of member bank excess reserves was too hi,
but he voted for the gentlemen's agreement fixing it at that figu .e.
Jan. 4, 1933. 41 (4)
Voted against direct pressure in 1929.
Feb. 15, 1933. 84.
Young, Owen D.
All the guests at dinner of Robert L. O'Brien agreed that, was
the best fitted man for Secretary of State.
Dec.2, 1932. 6.
Moulton at dinner of Rolert L. O'Brien said the Dawes reparation
report was much better than the subsequent Young
report; that the former recognized the necessity of
a balanced budget and the transfer difficulties; that
Young and Gilbert in their report overlooked this; that
they did not understand the real situLtion.
Dec. 2, 1933. 7.
The New York Times says that Young has been summoned before a
Chicago court to explain a loan made by General Electric
Company, of which Young was Chairman, to the Insull
Utility Investment Co. of $500,000, secured by more than
1 million dollars collateral.
Also said Young was one of 250 men Who were allowed to bur stock
in one of the Insull companies at $12 per share, which
stock was later offered to the public at $37 per share
and later rose to $142 per share.
C.S.H. wonders if this preference to Young was given as a reward
for his granting the Insull Company the loan of $500,000.
0.S.H, can not believe this.

Time only can tell.
Dec. 3, 1932. 7, 8.

(The end.)

Full text of Diaries of Charles S. Hamlin : Index-Digest of Charles S. Hamlin Diaries, Box 36, Volume 22, Reel 21, November 28, 1932-March 24, 1933

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