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Collection Title THE PAPERS OF CHARLES SUMNER, 1-1 M:AN DIARIES Series and/or Container • Shelf/Accession No. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 37 V. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A: V •,‘./iw O/,1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis q 2. DIARIES VOLUME No. 23. Marc1125 - Septedb_er 29. 1933. Index-Digest. Abbdtt, Gordon H.P.H. gives lunch to Mr. and Mrs. Present: Swiss Minister and Madame Peter, Mrs. Carey and Miss Anna Connolly. Mar. 31, 193:. 10. Mrs. Abbott returns H.P.H.Is reminiscences and writes ! "Gordon, who finds in literature his greatest return, feels that your Sketches are only waiting your permission to take a foremost place in the ranks in a century of Fly)ish letters." April 6, 1933. 16. Acheson, Under Secretary of Treasury Draws bill providirg that all U.S. bonds shall be payabl e in lawful money, no matter What the Board prescribes; also that no future bonds shall be payable specifically in gold. Board's opinion was asked. Gov. Black said it was repudiation. The Board how-vtr felt that that was settled by the last gold order. C.S.H. said as to bonds nowoutstanding it was a political question to be decided by the administration, and practically had been decided; that as to future bond issues the gold clause should be eliminated and "dollar" substituted. C.S.H. said the bill did not specifically so provide and should be so amended. C.S.H. feels, however, that issue of aly such bonds will impair confidence and injure any long term contracts or bond issues. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2. Acheson, Under Secretary of Treasury (Contld.) , ".S.H. feels it deplorable for our Government to break faith as to bonds now outstanding, and believes the U.S. Supreme Court will hold that the Government must pay gold on its outstanding bonds or at least enough dollars to make up for the depreciation. There is, however, a contrary decision of an English court, but not well reasoned out. On principle C.S.H. believes no bond Should be payable in a community, e.g. gold but should be payable in lawful money. Ydy 22, 1933. 76, 77, 78. To meet Roos-velt, with Woodin, Gov. Black and Comptroller today at 4 p.m. June 1, 193. 92, 93. Sprague has sent a report from London to Acheson who has taken it up with Roosevelt. Gov. Black said he believed Roosevelt would never agree to it. June 17, 1933. 114. • Gov. Black telephoned from New York that he would tell, tomorrow as to change in F.R. funds from Treasury to F.R. bank Richmond. June 29, 1933. 123. Gov. Black said Baruch, Woodin and Acheson had cabled Roosevelt urging him to accept the central banks draft — to keep down exchange speculatim. June 29, 1933.124, 166. The above cable stated that it would be easier to stabilize now than when Roosevelt first turned it down. June 30, 193E. 127, 166. Gov. Black said Douglas and Acheson asked him to join in the cable, although they appreciated that Board did not favor it; that he said it was for the administration to decide as to policy, and not for him or for the Board, and that he had declined to sign it. June 301, 1933. 127. Gov. Black said he had E'sked Acheson for a statement as to Roosevelt's policy, in order to know whether to increa se, decrease, or keep stable purchases of Government securi ties; that Acheson was much worried and could not state Rooeve lt's policy; tht Acheson was all alone, Woodin being still sick; that Roosevelt had not invLed Acheson to the Annapolis Conference. July 2, 1933. 130. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 . Acheson, Under Secretary of Treasury (Contld.) Gov. Black said he would try to see Roosevelt with Acheson; that the Board would loyally carry out Roosevelt's policy but must know what it is. July 2, 1933. 130. Gov. Black said he and Acheson had had a long talk with Roosevelt. July 6, 1933. 136. See - Black, Ginr. Gov. Black reads a long cable from Hull to Acheson. July 11, 1933.139. • See - Black, Gov. Gold •" * Board asked Gov. Black to tell Acheson the proposed cable was not in accord with present conditions and no one could tell as to future conditions. July 11, 1933. 140. • See - Bladlf Gov. Gold Acheson told Gov. Black that Roosevelt wanted to have F.R. Bank, New York earmark 20 millions of gold for Bank of England to keep exchange from rising over $4.86. July 12, 1933. 141. See - Gold Stabilization Gov. Black visited Acheson at his house where he was ill. Acheson said all he knew of Roosevelt's policy was that he did not want sterling to go above $4.86. July 20, 1933. 148. Told Gov. Black that our delegates to Economic Conference, according to Warburg, were a leaderless group, almost like a comic opera; that they breathlessly awaited Moley's arrival; that Moley had absolutely no instructions from Roosevelt, and nothing to offer for himself; that Moley finally did agree to a measure of stabilization which Roosevelt promptly kicked over. July 34, 1933. 154. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4. Acheson, Under Secretary of Treasury (Contld.) Gov. Black said he was glad not to be in the super-Cabinet, as the saund money members, Acheson, Douglas and himself, if on it, would be outvoted by the inflationists, - Wallace, Ickes, Moley etc. July 24, 1933. 154. Gov. Black said Roosevelt wanted the Bank of Englana stabilizatim agreement renewed for two weeks; that Acheson wanted a new figure above which sterling would not be permed to rise, and thought $4.80 would be right; that he, Gov. Black, will see Roosevelt about it this P.M. July 27, 1933. 156, 157. Gov. Black said Roosevelt and Acheson had. no use for Sprague as he was always harping on stabilizrition. Aug. 3, 1933. 161. See - Black, Gov. Stabiltation. Gov. Black said Acheson was a little too strongly bent on immediate stabilization. Aug. 9, 1933. 164, 165. Appointed by Roosevelt Chairman of a Coraul_ttee to coordinate all loaning Boards. Aug. 10, 1933. 167. Roosevelt asked his Advisory Banking Committee, - Woodin, Acheson, Sprague, Jesse Jones, Gov. Harrison, and Gov. B1ac, - to report as to advisability of issuing greenbacks to meet the 200 millions of Govt. securities maturing next month. Report of Committee advising against this. Aug. 9, 1933. 177, 178, 180. See - Bankers Advisory (omittee Greenbacks Gold Act of Mar. 24, 193. 44, 45. See - Meyer, Gov. Act of May 12, 1933. See - Farm bill Thomas amendments Advisory Committee. 177, 178, 182. See - Banking Adviso7Committee. • http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5. Agreement See - Stabilization Alaska 129, ;32, 169. See - Boreel Aldrich bill. 17. See - Woodin. Aldrich, W.W. 71 See - Guaranty of deposits Roosevelt Allied debts 30, 35, 179. See - Bankiw: Committee Meyer, Gov. Silver Ambassador to Germany Dr. Miller said he had been offered the post of, but would not consider it. July 14, 1933. 143, 144. Amendment, Vandenburg. 95. • See - Roosevelt American National Bank, Memphis Newton, P.R. Agent, refused to recommend a license for the, but the Comptroller recommended a license and it was opened. He said it was in very bad condition. April 5, 1933. 15. Anderson, Father We have a service for Anna at St. Agnes Church. April 26, 1933. 41. Anderson, Larz We attend a cocktail party at house of. April 6, 1933. 16. Anderson, Mrs. Attends our dinner at Woman's National Democratic Club. July 24, 1933. 155. Ameoi.American Bank, San Francisco Gov. Black said the, must have 35 millions or close its doors; that the R.F.C. agreed to loan it to a Mortgage Co. wo that it would not Apear as a liability of the bank. Woodin gave the bank a license: July 15, 1933. 111. 1 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 . Annapolis Conference. 130. See - Acheson Apportionment. 92. See - Miller. Appointments to staff. Federal Reserve Board voted that Chiefs of Divisions must certify not only that the man recommended by them was qualified but also that he was the best man obtainable, and that they would be held strictly responsible. Aug. 4, 1933. 162, 163. See - Thomas Appraisal value of assets. H.W. Robinson at Federal Advisory Council meeting sugested coordination between F.R. Board and R.P.C. to fix a uniform basis as to. May 16, 1933. 69. See - Robinson, H.W. Argentine Ambassador. 144. Attorney General 3, 13, 195, 198. See - Bank holiday Devaluation Federal Re7 -rve Bank, Chicago , Atwood, Mr. 96. See - Magee Auld Lang Syne Ernest D. North,, 587 Fifth Ave.,N.Y. wrote C.S.H. he hd seen a photostat copy of our Auld Lang Syne at the Morgan Library, and asked how it differed fromthe Morgan (Thomson) manuscri7t. North is a prominent dealer in old manuscripts. C.S.H. sent him a long letter. The letter follows: Mar.30, 1933. 9. "My dear Mr. North: I have your note of March 29th. The manunscript which I have containing the text of Auld Lang Syne, is a loose sheet in Burns' handwriting originally contained in the letter from Robert Burns to Mrs. Dunlop, dated December 7, 1788. The Morgan Library Auld Lang Syne (Contld.) C.S.H.Is letter to Ernest D. North (Contld.) owns this letter, which it acquired some years ago. The loose sheet, however, referred to by Burns in this letter, is owned by my wife, Mrs. Hamlin. This loose sheet containing the text of Auld Lang Syne, was owned for many years by William Pickering, the London publish-r. It was bought at a sale of Mr. Pickering's effects by Mr. Stevens, the wellknown American collector (known familiarly as The Green Mountain Boy) in London in 1855 at Sotheby's. Mx. Stevens sold this manuscript to John V.L. Pruyn, Esq., of Albany, N.Y., the father of Mrs. Hamlin shortly after he acquired it. Speaking of this loose sheet manuscript, Professor Robert Dewar of England, who is about to issue a volume of Burns' poems, wrote me as of date of August 17, 1932, as follows: 'Let me confirm your view that you have the earliest Burns version of the old song of Auld Lang Syne. It is, I ber.eve (as your manuscript gives it) the original old song that Burns says he took down - words and music from an old man's singing. The next copies he made of the piece were for Johnson of the Scotts Musical Museum when it was published in 1797 (Vol. V, generally wrongly dated as Dec. 1796) and for George Thomson in whose Select School Airs it first appeared set to the tune to which it is nowadays sung over the world. 'Johnson set it to the old time, not used, but apparently the one Burns took now down on first finding the relic. Oddly enough Burns himself nowhere claims Auld Lang Syne as his own. And the copies he sent to Johnson and to Thomson - like another that he transcribed into his inter-leaved copy of Johnson's Museum for his friend Robert Riddell in the 1790's - differ from yours Chiefly in the Chorus and first stanza - the reference to "Malaga". It would seem as if IL http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 . Auld Lang Syne (Cant i cle) C.S.H.'s letter to Ernest D. North (Cont'd.) he refurbished what he took down veyy little indeed. Thomson makes a bad mistake in arranging the stanzas. Your cony keeps the proper order, as does also Johnson's. The piece, like a lot of old folk songs, is a little drama in arrangement. Two old friends meet, and (after a sentiment) call for 'pint stoups'; recall old days while the ale is drawn for them; then drink 'gude willy waughts' to each other's health. This is surely right; the order that puts last the 'pint stoup' stanza is as if we moved Act I to the place of Act 5.1 In order to explain Professor Dewar's remarks, I enclose a copy of three different texts of Auld LAng Syne in parallel columns. The first, is the text of the loose sheet in the letter to Mrs. Dunlop, which loose sheet, as I have said, is owned by Mrs. Hamlin. The second, the text as contained in Burns' letter to Mr. Thomson dated in September, 1793, which I uuderstand the Morgan Library owns, and the third, the text as contained in Volume I, page 26 of Johnson's Interleaved 1:lusical Museum. Mrs. Hamlin and I at one time thought of returnin4 this manuscript to Scotland in memory of our deceased daughter. Our friends, though, have almost all advised against this course. It is barely possible that we may decide to sell the manuscript and devote the fund to a siuilar memorial,but we would not dispose of it except at a price which we would consider its real value. To our minds it is as valuable as a folio of Shakespeare, although you may not agree with this. Perhaps you will give me your Judgment in this matter. Believe me, Very truly yours," http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . 9 Aules. Lang Syne (Contld.) Prof. Dewar sends C.S.H. two photostat copies of the ) second loose sheet referred to in Burns to Mrs. Dunlop C.S.H. will send one to Morgan Library. Aug. 3, 1933. 161. C.S.H. sends Prof. Dewar a photostat copy of the turns-Dunlop letter, given him by the Morgan Library. Aug. 8, 1933. 164. C.S.H. sends one of the photostats to the Morgan Library, writing Aug. 8, 1933. 164. Miss Greene. C.S.H. sends the other copy to the Congressional Library to be stored with our original manuscript of Auld Lang Syne, Aug. 8, 1933. 164. the first loose sheet. Austin, rederal Reserve Agent, Phila. Obtains a card to Widener Library for Sophie Boreel. May 7, 1933. 56. Sends tbecard to C.S.H. May 9, 1933. 58. At C.S.H.1 s request sends Sophie Bor eel flowers to her hotel May 15, 1933. 67. in Philadelphia. C.S.H. thanks, and sends him a check for 4;4 for the flowers. May 17, 1933. 70. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 -B- Baerwarts William Rice Jr. tells, ex-foreign affairs Dutch Minister, all about Rbosevelt's offer of the Hague to Wm. G. Bice for one year only. Sept. 2, 1933. 183. See - Rice, W. G. Baker, Newton D. Called on C.S.H. Vegrmuch disturbed about conditions. He said the Thomas amendments, if they became law, would put a terrible responsibility on Roosevelt, as they would crush him if he did not give him what they wanted. He worried over the Closed banks with their rained depositors and said he was about willing to accept some plan for the R.F.C. to pay off the denositors. April 29, 1933. 46, 47. J. P. Morgan and Co. sold stock to a list of customers at prices far below their market value, - among others, to Baker. May25, 1933. 84. Baker, Ray Stannard. 59. See - Boreel Ballantine, Under Secretary 1. See - Gold. Ballantine, Mrs. Calls on use. April 27, 1933. 40. Bank holiday, Opening etc. Woodin said the National bank of Vicksburg licensed to open, was in grave condition and in danger of closing; that it was put on the licensed list by mistake, put it on. Board agreed to ask Newton if it could not be consolidated with the other national bank in Vicksburg. It needed 4 or 5 millions to keep it open; all of its good assets were pledged to F.R. Bank or to the R.F.C. James said this bank for 10 years had been known to be rotten. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11 Bank holiday, Opening etc. (Cont'd.) Woodin said he feared another banking collapse, because so many bad banks had been opened by the State Bank Departments; that there might be an alibi in the case of non-member banks,but if any licensed national bank closed it would mean disaster. April 4, 1933. 13, 14. • Woodin said Roosevelt had received a telegram from a denositor in a New Jersey non-member bank stating that he relied on his radio address that only the sound banks would be opened; that, relying on this he redeposited his money only to have the bank close within a few days! April 4, 1933. 14. F.L. Agent Newton came before Board. He said he refused to put the bank on the license list but that Gov. Black put it on his list subsequently asked for by the Treasury; that the Comptroller, having both lists, advised the Treasury to license it. He said the bank was in bad condition and should be thoroughly examined; that possibly the collateral pledged could serve as basis for further loans by the Federal reserve bank and the April 5, 1933. 15. Newton said he refused to put the American National Bank of Memphis on the list but that the Comptroller recommended a license and it was opened, although in bad condition. April 5, 1933. 15. Woodin's irritation against the F.R. banks grw out of the attempt of the Treasury to override the recommendations for licenses to open made by the Chairmen and Governors, e.g. Calkins of San Francisco etc. This is scarcely a reason for having one central bank, as Woodin said he wanted. April 8, 1933. 18. Wyatt said Gov. Meyer, before Mar. 24, when he told Board he had notified Roosevelt he d-sired to resign, had had some differences with Roosevelt: 1. As to opening the Bank of America. 2. Responsibility of Chairmen of P.R. banks in recommendations as to licenses. April 24, 1933. 44. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis "".1111111111.1.111111111110111001, 12 Bank holiday, Opening etc. (Cont'd.) Wyatt said Gov. Meyer was dissatisfied that a license was given to Bank of America. The Board, howeve4 was not responsible for this and did not recommend it. Gov. Calkinswas finally induced or directed to issue the license, by the Treasury. Gov. Meyer took no part in the discussion before the Board, saying he would be attacked whatever the decision might be, and he left the room when the discussion began. The Board, however, never voted on it. April 26, 1933. 45. Gov. Black aaid we were morally bound to faaranty the deposits of all member banks given a license; that we should present a plan and so declare specifically. May 16, 1933. 69. Gov. Black prepares a draft of bill authorizing the President to direct the R.F.C. to loan to licensed banks on the best security available, on recommendation of F.R. Board, in order to pay off depositors, with the right of the R.F.C. to impose reasonable conditions thr01161 regulations to be approved by Sec. of Treasury, with the right to take proper action to close any bank. Board accepted this with slight changes. May 17, 1933. 70. Gov. Black said two licensed Michigan banks were about to fail but that he had induced the R.F.C. to take preferred stock for about 2 millions. June 2, 1933. 95. Board takes up application of 3 banks in Little Rock, Ark. for admission. All were consolidations of dlosed member banks. June 8, 1933. 98, 99, 100. See - Little Rock banks Meyer, Gov. 41. Federal Reserve Agent Stevens writes C.S.H. that it was after 1 a.m. on March 4 that the Governor of Illinois determined to issue a bank holiday. This gives the lie to Hoover who wrote the Board it knew this by 11:30 p.m. Friday night. 'f r IVA*, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N11111.1110M11116 13. Bank holiday, Opening etc. (Cont'd.) This was Hooverl d excuse for not acceding to Board's request for a national holiday. Aug. 14, 193- 170. . Meeting of Federal reserve agents to consider opening of closed banks. General report given by each Federal Reserve Agent of banks divided into groups: 1. Absolutely sound and liquid. 2. Needing capital but which the community can su.3 ly. 3. Neeatgassistance from other sources, e.g. R.F.C. 4. In critical condition requiring immediate outside help. Aug. 15, 16,1933. 170, 171. Governor Harrison, May 15, 1933 writes C.S.H., in response to ) his letter, stating: 1. Ogden nills told him early on morning of Mar.4th that Hoover definitely would not proclaim a national holiday. 2. That after this Governor Harrison went to Gov. Lehman's apartment in N.Y.City to a conference of bankers. 3. Gov. Lehman did not decide to proclaim a state holiday until some after 2:30 a.m. Sat. Mar. 4. This again gives the lie to Hoover. See scrap book 244 - 157. Bank of America. 45. See - Bank holiday, Opening. Bank of England. Burgess implied that Federal Reserve Bank, New York, was considering some stabilization agreement with. Mar. 29,1933. 9. C.S.H. asked Miller as to advisability of a resolution asking F.R. Bank of New York if it was discussing the question of stabilizing the dollar and pound with the Bank of England. Miller said No as possibly Roosevelt may have asked Gov. Harrison to take up the m:..tter, in connection with the Econanic Conference. off , http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 14. Bank of lbgland (Contid.) Miller said he suspected something was being done on which our Board had not been consulted, perhaps because Gov. Meyer was still on it. Mar. 31, 1933. 11. Burgess read Gov Black a cable from Gov. Harrison in London that a stabilization agreement might be worked out between Federal Reserve Bank New York and Bank of England. Gov. Harrison outlined it and his directors qoproved it subj-ct to Board'sqproval. July 15, 1933. 115, 116. See - Stabilization Gov. Harrison before Board gave the history of the attempt at stabilization. June 24, 1933. 118, 119. See - Stabilization. Stabilization Lgreement between Federal Reserve Bank, New York and Bank of England. July 12, 1933. 141, 142. July 12, 1933. 147. July24, 1933. 155. See - Stabilization. Bank of France Through holdings of British Exchange lost 100 milli3n dollars when Great Britain went off gold standard; that this wiped out its cap ital 3 or 4 times and the French Government had to come to its relief. May 4, 1933. 52. See - Stabilization. 110, 112, 119, 131, 141. Bank of Italy (America) 44 See - Bank of America. Bank of Netherlands. Lost 12 million dollars from holdings of British Exchange when Great Britain went off gollstandard. May 4, 1933. 52. Bank of U.S. 47 See - Woodin. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15. Banking Advisory Committee Gov. Black said Roosevelt asked him, - Woodin, Acheson, Sprague Jesse Jones, Douglas, Gov. Harrison and Gov. Black, - to to report on advisability of issuing greenbacks to meet the 200 millions, of Government securities maturing next month. He said the Committee report was adverse: 1. Would be throwing away a weapon which would be more effective, if at all, later. 2. Would greatly increase cost of future government issues. 3. Would seriously injure present holders of Government securities. The Committee advised that inflation shauldtake the form of credit inflation, rather than greenback inflation,thtough open market purchases. Acheson gave this report to Roos-velt. Roosevelt then asked purchase of 50 millions of Government securities. Aug. 29, 1933. 177, 178. See - Open market operations The Comdittee advised against devaluation of the dollar. (See sc.bk) Aug. 31 1 1933. 182. Banking and Currency Committee, Senate. Nomination of Szymczak was referred and reported favorably by. The nomination of Thomas was referred to and reported by Judiciary Committee. June 10, 1933. 105. B.a rilcs See - Closed banks Bannister, Mrs. Called on, just appointed Asst. Treasury of U.S. C.S.H. tol& her the whole story of his falling out with Mrs. Wilson. She was shocked; ;hat she had suspected some trouble growing out of the book but nothing like this. Aug. 12, 1933. 168. I,111 41F11, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Baruch, B. C.S.H. met, and Admiral Grayso n in the Park and went wit h them to the Treasury. Later C.S.H. told him of his trouble with Mrs. Wilson . He was very much surprised and shocke d. He advised letting matter s drift along in hopes of a rec onciliation. He said Randolph Bolling probab ly dictated the letter; tha t he was a terrible cross for Mrs. Wilson to bear; that the best way to help her was to wait quietly. He said he had had similar troubleswith her relatives . He said she once sent for him to advise her as to her contract with Ray Stannard Bak er; that when he went the re the contract had already been sig ned, and that Randolph rat her brusquely said, - "If you wan t to see it, here it is!" He spoke of his devotion to Mrs. Wilson and of her hig h opinion of C.S.H. He said we all had crosses to bear in this world. May 10, 1933. 58, 59. Baruch was bitterly opposed to the gold hoarding order and said it had destroyed the credit of the U.S. He said he was a hoarder him self. He seemed rather ressimistic about Roosevelt and his fut ure. It was plainly apparent tha t he thought Roosevelt's pol icies were largely wrong. May 10, 1933. 59 Wired Roosevelt to accept the stabilization agreement drawn by the central bank. June 29, 1933. 124, 166. Mrs. Bannister said Sen. Gla ss sailed to-day with Admira l Grayson. They are to meet, on the other side. Aug. 12, 1233. 168. Baseball curve Wile publishes a true sto ry about C.S.H. Some econom ists called and proved, as only econom ists can, that the N.R.A. cannot succeed. C.S.H. told them it reminded him of an inc ident 60 years ago when a Boston pitcher first introduced a curved ball; that some scientist s published a letter in the papers http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 17. Base ball curve (Contld.) proving conclusively that a ball could not curve horizontally; that the pitcher challenged them to a test; that they accepted and C.S.H., taken there by Secretary Olin, who then lived next to him in Roxbury, was present at the test; that the pitcher did curve the ball; that C.S.H. told the economists that their proof sounded well but that Roosevelt and Gen. Johnson were actually curving the ball! Sept. 8, 1933. 185. Bassett, Miss Dines with C.S.H. at Woman's National Democratic Club. Aug. 9, 1933. 167. Bennett, Prime Minister, Canada. We dine at White House to meet. April 27, 1933. 46. Berle, Prof. Wyatt said, organized a N. Y. Trust Co. of which the N.Y. savings banks owned the stock; that he got assurance of large loans from R.F.C. and Federal Reserve Bank, New York; that he came before our Board's staff and the staff understood he was appearing for the R.F.C. which he had done previously; that he was in fact paid counsel for the trust company, which fact he did not reveal to our staff. Aug.30, 1933. 181. Wyatt said Berle also acted as Moderator in a sugar code matter; that it was stated that he was paid counsel for a sugar company which was interested in the code; that this was to say the least, not ethical. Aug. 30, 1933. 181, 182. Bill Bonds of U.S. hereafter to be paidtn lawful money, even where gold specified. 76, 79, 80, 87, 88. See - Gold Birthdays Gen. Parker 90 years old. 43, 55. Sophie Boreel, Nov. 1, C.S.H. Aug. 30, 1861. 139. 181. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INDEX Governor Black. 4 ' - • -A, . f:4 • • Acheson, Under Sec. 17, 21, 251 31, 44, 48, 50, 51, 53, 57, 58, 59, .61, 66, 67, 72, 78, 79, 81, 85, 88, 89, 91. Aldrich, Chase National Bank. 13. Annapolis Conference. 58. Anglo-American bank. 43. Attorney General. 105. -BBank of England. 61, 70, 81, 82, 83, 86. Bank of France. 68, 69. Banking Advisory Committee. 91, 92, 94, 96, 98. Baruch, B. 50. Bills, Drafts of. 12, 15. See - Gold clause bill Black, Mrs. 96. Bonds. 21. Burgess. 40, 45. -CCabinet. 41, 77, 79. See - Super Cabinet Calkins, Gov. 3. Capital. 99. Capital, Flight of. 60. Central banks. 25, 50. Chase National bank. 13. See - Aldrich http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 19. Closed banks. 12, 104. Code, N.R.A. 84. Committees. 89, 105. See - Banking Advisory Committe e. Commodity prices. 61. Comptroller. 31, 32. Conferences. 7, 25 ,32, 56, 58. Congress. 20, 105. Constitutionality. 105. Coordination of loaning bodes. 89. Cox, Ex-Governor. Currency. Economic Conference. 45. 76, -DDaiger. 89. Deal, Economic Conference. 45. Democrats. 103. Depositors. 11, 15, 104. Deposits. See - Guaranty of. Devaluation of dollar. 981 105 Dewey, Ex-Asst. Sec. 49. Dinners. 3, 49, 90. Directors meetings, F.R. Bank, Kans as City. Attendance. 101. Dividend. See - Non-dividend paying stoc ks. Dollar. 21, GO. See - Devaluation. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Domination. 2, 47. Douglas, Asst. Sec. 26, 34. Dou4las, Budget director. 51, 77, 79, 91. -EEarmarking. 67, 68. Economic Conference. 25, 40, 45, 52, 53, 78. "Esquire" 37. Exchange transactions. 60. -rParley, Postmaster General 46,47, 102. Federal Advisory Council. 13. Federal Reserve Agent, San Franci sco 36 See - Wardell Federal Reserve Bank, Boston. 84. Federal Reserve Bank, Kansas City. 101. Federal Reserve Bank, New Yor k. 25, 52, 55, 67, 70, 80, 81, 82, 83, 86. Federal Reserve Bank, Richmo nd. 48, 106. Federal reserve banks. 30, 32, 105 . Federal Reserve Board. 5, 6, 12, 14, 15, 17, 34, 35, 51, 59,61, 62, 65, 66,70 73, 76, 77, 79, 99, 103. Federal reserve funds. 48. First National Bank, Ticksb lirg. Flight of capital. 60. France. 40 Fuktj. 24 1. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 21. -G- Gardner. 98 Glass. 15. Gold. 21. Gold base, Currency. 76 Gold bullion standard. 66. Gold clause bill. 17, 19, 20, 21. Gold order. 17. Gold standard. 19. Goldenweiser. 56. Government securities. 7, 18, 22, 62, 91, 92, 95. Governments See - Conference of Governments Governors. 3, 5, 6. Great Britain. 46, 97 Greenbacks. 91. Guaranty of deposits. 13, 30. -H- Harlin, C. S. 3, 4, 7, 10, 16, 18, 22, 29, 30, 35, 41, 48, 56, 85, 90, 98. Harrison, Gov. 3, 25, 28, 40, 42, 52, 56, 60, 68, 69, 70, 74, 91, 105 Hoarding order. 105. Hull, Sec. 66. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 22. Ickes, Sec. 79. Insurance corporations. 30, 32, 99, 105. -J James. 3, 18, 29, 41. Japan. 24. Johnson, Gen. 84. Jones. Jesse. 38, 91 -L1".Leaks" 86. Licenses. 1, 2, 11, 33. Little Rock Banks, Ark. 35. London. 40. Long, Huey. 9 -MMcClelland. 29. Magee. 14, 16, 26. McIntosh. 36, 64. Memorandum. 28, 81, 98. Meyer, Gov. 3 4, ) Michigan 'banks. 33. Miller, Dr. 15, 16, 18, 22, 23, 29, 30, 40 147, 99. Mistake, License. 1. Moley. 25 78, 79. ) Monetary policy. 94, 106. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 23. N.R.A. 841 95, 100. National banks. 1, 33. New York. 91. New York Stock Exchange. 61, 71. Newton, Federal Reserve Agent, Atl anta. Newton, Federal Reserve Agent, San Francisco. 47 Non-dividend paying stocks. 61. Non-member banks. 99. Norman, Gov. 93, 97. Norris, Gov. 3. --0-Open market conference. 1, 18, 22, 49. Open market operations. 23, 57. Open markt policy. 62. Outvoted. 79. Owen, Sen. 8. -PPhillips, William. 37. Policy of Roosevelt. 51, 57, 59, 62, 63, 72, 73, 75, 80 93, 94, 98, 100. Politics. 38, 41,64, 65, 102. Preferred stock. 33, 99, 104. Pressure. 2. Prices. 61. Protest. C.S.H. and Miller. 22 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 24. -R- R.F.C. 12, 15, 33, 38,99, 104. Regulations. 12. Reports. See - Banking Advisory Committee Repudiation. 17. Resignation. 87, 103. Resolution. 66. Roper, Sec. 41. Roosevelt. 7, 12, 13, 15, 16, 20, 23, 25, 26, 31, 321 34, 381 44, 46 47, 50, 51, 52, 53, 56, 57, 581 59, 601 61, 62, 63, 64, 65, 69, 72, 73, 74, 77, 78, 81, 82, 83, 85, 86, 87, 91, 92, 93, 98, 104, 105. Runaway stock market. 61. Salary. 29. Security prices. 61. Soft money men. 79. Sound money men. 79. Sprague, Prof. 19, 25, 28, 44, 53, 79, 85, 91. Spread the work. 55. Stabilization. 40, 42, 45, 50, 51, 52, 54, 56, 60, 67, 69, 80, 73, 74, 78, 81, 82, 83, 85, 86, 88, 97. Stabilizationists. 8. Steaga11 32. Sterling. 71, 72, 731 74, 80. Stock. See - Preferred stock. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25. Stocks, Non-dividend paying. 61. Super-Cabinet. 77, 79. Surplus. 30, 32, 105. Szymczak. 27, 34, 49, 102, 103. -TTemporary appointment. 5. Thomas, Federal Reserve Board. 27. Toastmaster. 3. Treasury. 2, 12, 75. -UUnited States. 40. , .V. Vandenburg amendment. 32. Veto. 30, 79. Vicksburg, First National Bank of. 1. Votes. 35, 101, 106. Wallace, Sec. 79 Warburg. 78. Wardell. 36, 38, 39, 46, 47, 64, 65. Woodin, Sec. 6, 13, 14, 16, 18, 27, 31, 32, 34, 38, 39, 50, 57, 58, 87, 91, 105. Wyatt. 34, 105 1111....11•140. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 26. Black, Gov. 1. Put national Bank of Vicksburg on license list by mistake. Newton refused to put it on. April 4, 1933. 13. 2. Treasury put pressure on, to put banks on license lfst. April 8, 1933. 18. 3. Acted as toastmaster at dinner of Governors to Gov. Meyer at Metropolitan Club. He called for remarks on James, Gov. Norris, Gov. Calkins, Gov. Harrison. C.S H. was not called on. April 21, 1933. 33, 34, 35. See - James Meyer, Gov. 4. C.S.H. believes Gov. Meyer told Gov. Black whom to ask and told him not to ask C.S.H. April 21, 1933.35, 36. 5. Papers announce appointment of, as Governor of Board. Gov. Black says it is only temporary, - for 2 or 3 months. May 10, 1933. 58. 6. At Board meeting, Woodin announced appointment of, as Governor. May 10, 1933. 59. 7. Told C.S.H. he had had a conference with Roosevelt who was pleased (-t action of Board in approving authorization of Executive Committee of Open Market Conference to buy up 1 billion of Government securities. May 12,1933. 62. 8. Daiger said the stabilizationists failing to get Owen, concentrated on Black. May 12, 1933. 63. 9. 10. Daiger said Huey Long said it was the happiest day of his life when he learned of Black's a.ointment. May 12, 1933. 63. Told C.S .H. he should lean on him and wanted his advice. May 12, 1933. 63. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 27. Black, Gov. (Cont'd.) 11. Said we were morally bound to protect the depositors in every bank licensed; that we should prepare a plan and so state specifically. hay 16, 1933. 69. 12. Proposes tentative draft of a bill authorizing Roosevelt to 0 direct the R. . . to lend to licensed banks on the "first available" security, on the recommendation of Federal Reserve Board, within the right in the R.F. to impose reasonable regulations, approved by Treasury, with further right to close any bank. May 17, 1933. 70. 13. Said Federal Advisory Council had seen Roosevelt who was much interested in the guaranty of deposits by R.F.C., and asked Woodin to take it up with Gov. Black and Aldrich, of Chase National Bank; that he had seen Aldrich who approved the general plan. May 17, 1933. 71 14. Said Woodin had just given him a list of applicants for positions on P.R. Board - that he reported that none of thenwere fit; that Woodin asked him whom he recommended and that he replied unhesitatingly, - Magee; that he rather thinks Magee will be appointed. May 17, 1933. 71. 15. Wrote Woodin that Board has examined proposed bill for protection of depositors of licensed banks by the R.F.C. at his and Roosevelt's request. He wanted Board to approve the bill but Miller objected. Gov. Black wrote Woodin to career with Glass and R.F.C. May 18, 1923. 72. 16. Told C.S.H. he with Woodin, yesterday strongly indorsed Magee to Roosevelt, but that he seamed cold and unresponsive. Gov. Black suggested that C.S.H. and Miller go direct to Roosevelt about Magee but Miller felt, and C.S.H. finally agreed it would be more hurtful than helpful and Gov. BIck finally agreed to this. May 19, 1933. 74. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28. Black, Gov. (Contid.) 17. Presents to Board the gold clause bill drawn by Acheson. Gov. Black said it was repudiation of a sacred promise, but Board members seemed to feel that the gold ordtstr settled the question. May 22, 1933.76. See - Gold. 18. Meets Executive Committee of Open Market Conference with Woodin, Miller and C.S.H. not invited. James away. Gov. Black told C.S.H. - Miller was at lunch - that Committee had voted to buy 25 millions of Government securities this week. May 23, 1933. 78. See - Open Market Committee Governors Conference 19. Said Sprague did not like the gold clause bill, but that we mist go back to gold standard or pass this bill. May 23, 1933. 79, 80. 20. GOT. Black said Roosevelt had accepted the gold clause bill and had so notified Congress. May 23, 1933. 80. 21. Said he had told Acheson of C.S.H.Is suggestion as to specific authority to issue bonds payable in dollars, while the law still says they must be paid in gold, and he said his legal adviser would consider it. May 24 1933. 80. 22. Told Board of vote to authorize Executive Committee to buy 25 millions of Government securities. C.S.H. and Miller thought at least 50 million should have been bought. Gov. Black was plainly distressed and mildly defended the 25 million purchases as a good beginning, saying, however, he would have been glad to purchase a larger amount. C.S.H. ,and Miller insisted on having their protest put in records. This has taught Gov. Black a good lesson. Had he asked C.S.H. and Miller to attend the me-ting -which he did not the result might have been different. May 24, 1933. 82, 83. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 29. Black, Gov. (Contld.) 23. Miller asked, if this 25 miLlion represented the views of Roosevelt. Gov. Black said he knew no more of Roosevelt's views than any other member! May 24, 1933. 83. 24. Pukui calls on, C.S.H. etc. May 26, 1933. 87. 25. Says that Sprague says Roosevelt wishes to send him and Gov. Harrison to attend a conference of Governments prior to tne economi conference; that later it was decided not to sand Sprague but to send Gov. Black and Gov. Harrison; that :oley felt Sprague must go but that Gov. Black was needed at home; that he, Gov. Black, was summoned by Roosevelt who said he should send Goy. Harrison as adviser to Sprague; that if later a conference of central banks was called., Gov. Harrison should attend as representing the F.R. Bank, New York. May 30, 1933. 89. 26. Said he had formally presented the names of Magee and Ex—Assistant Sec. Douglas to Roosevelt for appointment to P.R. Board, but that he feared Roosevelt would not make these appointments. May 31, 1933. 89. 27. He said Woodin had just given him 3 names — Thomas of Nebraska and Szymczak, Comptroller of City of Chicago, and one other. May 31, 1933. 89. • 28. Places on a record a memorandum as to designation of Sp-ague and Gov. Harrison. June 1, 1933. 90. 29. Board fixed salary of McClelland as Assistant to Gov. Black at $10,000. Gov. Black and O.S.H. preferred $12,000 but Miller and James objected. June 1, 1933. 90. 30. Gov. Black, C.S.H. and Miller all approved the taking of 150 millions from surplus of F.R. banks for the Insurance Corporation, but agreed that we should advise a veto of the bill because of ths. Miller suggested apportioning the amount among the F.R• banks having the largest surplus and Gov. Black said he would talk with Smead about this. June 1, 1933. 92. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 30. Black, Gov. (Conted.) 31. Meets Roosevelt this p.m. with Woodin, Comptroller and Acheson. June 1, 1933. 92, 93. 32. Said that he, Woodin, Comptroller, Glass, StRngall, were at the conference with Roosevelt yesterday; that Roosevelt insisted on striking out the Vandenburg amendment; that he also agreed that the Federal reserve banks should not be required to give one-half of this surplus to the Insurance Corporation. June 2, 1933. 94, 95. 33. Said that certain Michigan national banks which had been licensed were about to fail, but that he had induced the R.F.C. to take 2 millions of preferred stock. June 2, 1933. 95. 34. Wyatt said that recently Gov. Black and Woodin went to Roosevelt and advised him to appoint Ex-Assistant Sec. Douglas on the Federal Reserve Board; tnat Roosevelt said he would appoint him; that Woodin so inforned Douglas; that the next day Szymczak was appointed! June5, 193. 97. 35. Application of Little Rock, Ark. banks for admission was denied by Board. Gov. Black and C.S.H. voted Aye. June 8, 1933. 99. 36. Said Justice Wardell had called on him with a letter from McIntyre, Roosevelt's Secretary; that he wished to be appointed Federal Reserve Agent at San Francico. • Gov. Black said Wardell said he had been summoned to Washington by wire, giving the impressim that it was Roosevelt who wired him. June 8, 1933. 100, 101. 37. Under Secretary Philipps writes Gov. Black und-r title, "Esquire". June 8, 1933. 101. 38. Said he asked Jesse Jones of R.F.C. if he could not give .Wardell a job and he said he could, but after seeing Wardell he told Gov. Black he was merely a stock broker and a politician and was not fit for any position with the R.F.C. June 13, 1933. 106. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 31. Black, Gov. (Contld) 39. Gov. Black told this to Woodin who agreed with him perfectly as to Wardell. June 13, 1933. 106, 107. 40. Said Burgess telephoned that he had talked with Gov. Harrison in London, ansi that he said it would be impossible to do anything in the Economic Conference unless and until some stabilization agreement was worked out, at least temporarily between U.S., France and Great Britain. June 13, 1933. 107. 41. Said Sec. Roper had invited him to attend a conference of Cabinet officers and administrative heads to reach cooperation as regards certain politidal matters; that he at first accepted but now felt it would be improper, in which G.S.H. and James concurred. Thomas then came in and even ge agreed with us. June 15, 1933. 109. 42. Read to Board a telephone message from Gov. Harrison as to possible stabilization agreement. Juke 15, 1933. 109. See - Gold Stabilization. 43. Said the Anglo-American Bank of San Francisco must have 35 millions or close it down. June 15, 1933. 111. See - Anglo-American Bank Bank holiday, Opening. 44. Said Sprague had sent a report to Acheson who had taken it up with Roosevelt; that he believed Roosevelt would never agree to it. June 17, 1933. 114. 45. Said he believed the choice of for Chairman of Economic Conference was a deal or bargain, for which our delegation agreed to stabilize! He said also he thought the conference would cgickly break up. June 17, 1933. 115. 46. Miller said Gov. Black received a letter from a "very prominent person", praising Wardell in the highest terms. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 32. Black, Gov. (Cont'd ) C.S.H. later learned that the writer was Farley and that in it he said that Roosevelt desired the Board to make the appointment. June 18, 1933. 115. 47. Miller said Gov. Black received a letter from Farley practically demanding Wardell's appointment as lhairman of Board of Federal Reserve Bank of San Francisco, and, incidentally, the removal of Chairman Newton; that Roosevelt desired the Board to make this appointment! Miller said great pressure was being brought on Gov Black. June 26, 1933. 121. 48. Tells C.S.H. from New York tOt he has not specifically spoken of turning allF.R funds into Federal Reserve Bank of Richmond as disbursing officer, but would notify Under Sec. Acheson tomorrow. June 29, 1933. 123. 49. Returned from Executive Committee open market meeting in New York and attended Assistant Sec. Dewey's dinner to Szymczak at Wardman Park Hotel. June 29, 1933. 124. 50. Says that Acheson, Baruch and Woodin all wired Roosevelt, who was in his boat near Nova Scotia, to accept the stabilization plan proposed by the central banks. June 29, 1933. 124. See - Gold Stabilzation 51. Gov. Black said the above wire stated it to stabilize now than when he first Acheson and budget director Douglas join in the telegram, although they the Board did not approve it; that that this question of policy was for for the Board to decide. June 30, 1933. 127. 52. He said Roosevelt cabled Gov. Harrison to ask whether the Federal Reserve Bank of New York could not stabilize on its own account without any agreement with other Gauntries; that Gov. Harrison replied he would be willing to try this provided Roosevelt would agree to keep this authorization in effect unchanged, during the Economic Conference. June 30, 1933. 127. See - Gold Stnhilization would ,e easier refused; that asked him to appreciated that he declined, stating Roosevelt and not http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 33. Black, Gov. (Contld.) 53. Says that our present mess grew out of the failure of Sprague to keep Acheson and Roosevelt informed as to what was going on. June 30, 1933. 128. 54. Says he has heard nothing as to the stabilization agreement. July 1, 1933. 128. 55. Said the directors of F.R. Bank, N. Y. had unanimously agreed to discontinue the spread-the-work plan. July 1, 1933. 128. 56. Holds a conference with C.S.H., Gov.Harrison and Goldenweiser. He said Roosevelt in a statement had absolutely repudiated the stabilization plan. July 3, 1933. 129, 130. 57. Said he had asked Adheson to tell him what Roosevelt's policy was, in order that he might know whether to increase, decrease or keep stable open market operations. July 3, 1933. 129, 130. 58. He said Acheson was much worried and could not state whLt Roosevelt's policy was; that Acheson was all alone, Woodin being quite ill; that Roosevelt had not invited Acheson to attend the Annapolis Conference. July 3, 1933. 130. 59. Said he would try to see Roosevelt with Acheson; that he and the F.R. Board would loyally carry out Roosevelt's policy but must know what it was. July 3, 1933. 130. 60. Asked Gov. Harrison if he could do anything alone to stabilize; that Gov. Harrison said he could more rigidly control exchange transactions, but that this would tend to put up the dollar, which Roos velt, presumably, did not want accomplished; or he cauld relax exchnnge restrictions thus favoring the flight of capital and cheapening the dollar. July 3, 1933. 131. See - Gold Stabilization http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 34. Black, Gov. (Contld.) 61. Called a special meeting of the Board and said he and Acheson had had an hour's interview with Roosevelt; that he wanted both com..iodity and security prices to rise; but wanted no runaway stockmarket; that he said word should be spread around, but not by the Fi Board that investors should not buy stocks which were paying no dividends. July 6, 1933. 136. 62. Said he told Roosevelt the Board would favor some recession in purchase of Government securities, say, from25 millions as now, to say 12 millions; that he did not favor pulling out altogether; that the Board was in accord as to Roosevelt's open market policy ; that Roosevelt asked him to say this to Press, which he later did. July 6, 1933. 137. 63. One of Board asked Gov. Black just lat Roosevelt's policy was. He smilingly replied, "I do not think he has any well defined policy!" July 6, 1933.137. 64. Gov. Black at this conference spoke to Roosevelt about Wardell; McIntyre, Roosevelt's secretary, had asked him to do this. Gov. Black told Roosevelt that Wardell could not be appointed: 1. 2. Statute requites "tested banking experience, of which Wardell has none." 3. 65. No vacancy in F.R.A. San Francisco. Such a purely political ap_ointment, even if legal, would destroy the F.R. System. July6, 1933. 137, 138. GOV. Black told Roosevelt the Federal Reserve System must be kept absolutely out of politics. Roosevelt reT)lied, "I am absolutely in accord with this," and he said the Wardell case was settled - so far as F.:. System was concerned. July 6, 1933. 138. 66. Reads to Board a cable from Sec. Hull to Acheson and Acheson asked Board's o,inion. The cable decLared for the gold bullion standard .s the ultimate goal. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 35. Black, Gov. (Cont'd.) 66 (Cont'd.) After discussion the Board agreed that Gov. Black should inform Acheson that the pro-Josed resolution was not in accord with present conditions, -,nd no one could foresee what future conditions wculd be. July 11, 1937. 139, 140. 67. Acheson told Gov Black that Roosevelt wants Federal Reserve Bank, New York, to earmark 20 millions of gold for the Bank of Eivaand, the latter bank to give F.R. Bank, New York, a credit .or 27 millions, the F.R. Bank, New York, to keep sterling exchange from tising above $4.87. July 12, 1933. 141. See - Gold Stabilization 68. Gov. Harrison told Gov. Black this could be done but he would prefer to do it by earmal.king 50 millions with the Bank of France. July 12, 1935. 141. See - Gold Stabilization 69. Gov. Black will confer with Roosevelt as to this later today. JuLy 12, 1933. 142. 70. Gov. Black told Gov. Harrison the Board approved the arrangement between F.R. Bank, New York, and the Bank of England. July 19, 1933. 147. 71. Gov. Black reported that the stock market had a continuous decline and that sterling had fallen from 4.82 to 4.62. July 20, 1933. 147. 72. Gov. Black visits Acheson - sick at home. Acheson said all he knew of Roosevelt's policy was that he did not want sterling to rise above $4.86. July 20, 1933. 148. 73. Board decided not to reverse policy unless directed by Roosevelt. July 20, 1933. 148. 74. Gov. Black tried to see Roosevelt but was unsuccessful. Finally, however, he saw him and told him that Gov. Harrison http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 36. Black, Gov. (Contsd.) 74. (Contid.) felt we should now reverse and buy some sterling. Roosevelt approved this and said he wished Gov. Harrison to buy and sell to prevent sudden fluctuations. July 20, 1933 148. 75. Gov. Black said neither he nor the Treasury knew what Roosevelt's policy was, and they did not believe he had anyl July 20, 1933. 149. 76. Gov. Black said he believed in a currency based on gold. So does the whole P.R. Board! July 20, 1933. 149. 77. Gov. Black said that Douglas, Budget Director, wanted him on the Super-Cabinet and asked if he would accept if offered it. Gov. Black at first seemed favorable but Board felt he should not even consider tht unless Roosevelt of his own volition asked him. July 20, 1933. 149, 150. 78. Said that Warburg told Acheson that our delegates to Economic Conference were a ludicrous group, - that it s savored of comic opera; that they breathlessly awaited Morley's arrival, but when he arrived he had absolutely no instructions from Roosevelt and nothing to offer for himself! Warburg added that Moley did favor a measure of stFibilization which Roosevelt promptly kicked over. July 24, 1933. 154. 79. Gov.Black said he was glad not to be in the SuperCabinet as the sound money member, - Acheson, Douglas, Sprague and he, had he joined it, would be outvoted by the soft money members - Wallace, Ickes, Molely etc. etc. , while if he kept off of it the Board might have a kind of veto power over crazy action. July 24, 1933. 154, 155. 80. Said nothing had been done since the other day, as to policy of buying or selling sterling in connection with the Bank of England. July 29, 1933. 155. 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 37 Black, Gov' (Contld.) 81. Said he would place on record a memorandum giving full account of above. July 29, 1933. 155. 82. Said the two wedk limitation as to agreement between Federal Reserve Bank of New York and Bank of England had almost expired and that Roosevelt wanted it renewed for 2 weeks. He said Acheson wanted a new maximum of $4.80. Is to see Roosevelt this p.m. about this. July 29, 1933. 157. 83. Gov. Black said later that Roosevelt directed him not to July 28, 1933. 157. renew it. 84. Board approved action of Federal Reserve Bank of Boston to accept N.R.A. and directed Gov. Black to take up with Gen. Johnson the question of a code which would eliminate certain doubtful questions. July 28, 1923. 157. 85. Told C.S.H. that Roosevelt and Acheson had no use for Sprague as he was always harping on stabilization. Gov. Black said the time for stabilization undoubtedly would come but Roosevelt did not want it now. Aug. 3, 1933. 161. 86. Said Roosevelt in refusing to extend the two weeks said he was afrdd of "leaks" Aug. 3, 1933. 161, 162. 87. Gov. Black visited Woodin in New York: last week and s id Woodin said he called up Roosevelt telling him he wanted to resign when the telephone was cut off, that he called again and Roosevelt said he cut him off and always would if he talked of resigning. Aug. 9, 1933. 164. 88. Said Acheson is a little too inclined or bent upon immediate stabilization. Aug. 9, 1933.164, 165. 89. Committee, of which Gov. Black is Roosevelt has appointed a member with Acheson as Chairman to coordinate all loaning Boards. Aug. 10, 1923. 167. U. BladIF, Gov. (Contid.) 90. C.S.H. dines with Governor ard Mrs. Black at Normandy Inn. Aug. 15, 1933. 170. 91. Said he was in New York several days last week; that Roosevelt asked the Banking Advisory Committee, -.Woodin, Acheson, Jesse Jones, Sprague, Douglas, Gov. Harrison and himself, - to report on advisability of issuing greenbacks to meet the 200 millions of Government securities falling due next month; that the Committee reported adversely. Aug. 29, 1933. 177, 173. See - Bankers Advisory Committee Greenbacks 92. Gov. Black said this report was given by Acheson to Roosevelt who then said 510 millions of Government securities should be bought; that finally 35' millions was agreed upon. Gov. Black said he advised Executive Committee to buv at least 35 millions, last week, and that he preferred 50 millions. Aug. 29, 1933. 179, 179: 93. Said he met Gov. Norman yesterday at F.:. Bank, New York and talked with him a half hour; that Gov. Norman said he could not understand Roosevelt's monetary policy, either what it was or what the aim was, and that he said this in no spirit of criticism. Gov. Black said he explained it to him, perhaps better than he knew himself:. Aug. 29, 1933. 179. 94. Gov. Black said the Banking Advisory Committee had made another report as to Monetary Policy. Aug. 29, 1933. 179. See - Bankers Advisory ComAi,tee. 95. • e.,. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Said we should do all we could to help N.?..A. by buying Government s, .curities liberally; that whether the N.R.A. is succeeding is involved in great doubt! Aug. 29, 1933. 179. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 39. Black, Gov. (Cont l d.) 96. Gov. Black said the desire of the Bankers Advisory Committee was to offset the influence of the radical inflationist agitators. Aug. 9, 1933. 180. 97. Gov. Black said Gov. Norman said the British Government had done little to dtminish unemployment through Government works; that the Treasury tried to keep in the middle of the road; that he - Gov. Norman - never alluded to stabilizi,tion or any such question. Aug. 29, 1933. 180. 98. Shows C.S.H. a copy of a report of Bankers Advisory Committee against devaluation of the dollar; also a memorandum by Gardner on Roosevelt's policy. Aug. 31, 193. 182. 99. should supply capital to non-member Said thatthe banks by buying preferred stock, to enable them te join the Insurance Corporation, - to which all the Board agreed although Miller, while agreeing, said personally he would prefer to see them wound up. Sept. 11, 1933. 186. 100. Gov. Black said the N.A. was being held up because of uncertainty as to our monetary policy. Sept. 11, 1933. 186. 101 . In discussing the vacancy in the Class C directorship of the Federal Reserve Bank of Kansas City, Gov. Black read a list of attendance showing that out of town directors attended rarely at meetings of Executive Committee except in days when there was a full directors meeting. Gov. Black said the vacancy should be filled by a Kansas City man and called for an informal vote on this Which _resulted in 4 vs and 2 no, Gov. Black voting Aye. Sept. 19, 1933. 190. 102. Szymczak said he had arranged a meeting between Farley rind Gov. Black to talk over Federal reserve appointments and the necessity of keeping them out of politics. Sept.23, 1933. 192. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 40. • Black, Gov. (Contld.) 103. azymczak told Gov. Black he was willing to resign in favor of a Republican. He felt it was such a mistake • to have only Democrats an the F.R. Board. Sept. 23, 1933. 193. 104. Said that the conference with the President last night closed banks was the question of helping depositors taken up; that Roosevelt wanted the .F.C. to push vigorously the purchasing of preferred stock. Sept. 25, 1933. 195. 105. Said the question of devaluation of the dollar was also taken up; that the chief question was whether Congress could take from the Federal reserve banks the enhanced value of their gold holdings after devaluation; that the Attorney General said this could be done, and, if necessary, a new anti-hoarding order could be issued applying toF.R. banks; that after long discussion Roosevelt appointed a Committee, - the Attorney General, Woodin and Gov. Black to report a plan of devaluation; that Roosevelt did not say he would devalue, but that he, Gov. Black, believes that to be his intention. la Gov. Black asked Wyatt for an opinion whether devaluation in this way could constitutionally be done. Sept. 25) 1933. 197, 198. 106. Votes against permitting P.R. bank, Richmond, to buy an adjoining lot. Sept. 26, 1933. 198, 199. Bladder trouble. 195. See - Van Royen Blaine, James G. Took lunch with Harriet Hamlin to meet Mr. and Mrs. Of Marine Midland Bank, New York. He said. Donald Hale was doing splendidly in his bank and was in the way of becoming a Vice President. Aug. 25, 1935. 176. 01 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 41. Bliss, Robert, Mr. and Mrs. We meet Mr.and Mrs. at dinner with Genl and Mrs. Crozier. July 3, 1933. 132. Dine with us at Woman's National DOM. Club. July 13, 1933. 144. Blood sugar. Dr. Dunn reported, to be 14. A very good showing. July 29, 1933. 158. Blood pressure Dr. Dunn reported, as 165. Said this was normal. Bloom, Miss Sings at Woman's Nat. Dem. Club. April 23, 1933. 38. Bolling, Randolph. 59. See - Wilson, Mrs. Bolling, Wilmer. 44. H.P.H. not having Mrs. Wilson's telephone number, had to send a mes,age to her through. April 26, 1933. 44. Bond subscriptions See - Federal Reserve Bank, Chicago. Bonds, U.S' 76 77, 78, 90. ) See - Gold Bones, Helen Was offered a position by Roosevelt. Aug. 28, 1933. 177 See - Wilson, Margaret Warren) Charles House, Col. Borah, Senator Mrs. Borah thanks C.S.H. for his letter to Sen. Borah - ill in hospital at Baltimore. June 30, 1933. 124, 125. Borden, Dr. Removes a wart from over C.S.H.Is left eye. July 18, 1933.147. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 42. Boreel, Prancois. 153. See - Boreel, Sophie Boreel, Madame Harriet Rice wrote to, about Roosevelt's offer of Holland for one year. Sept. 2, 1933. 183. Boreel, Sophie C.S.H. deposits the two brooches given us by, in C.S.H.Is box in Natimal Metropolitan Bank. C.S.H. writes, suggesting insurance. Mar. 25, 1933. 1. H.P.H. receives letter from, dated Charleston, S.C. Mar.26. Mar. 28, 1933. 5. C.S.H. receives letter from, dated Mar. 29, 1933. Mar. 30, 1933. 9. C.S.H. writes, sending her a copy of W. B. Howell's "Adventures in a Sleeping Car." C.S.H. celled up Congressional Library for a copy and the reply was that the Library had a copy, bat it could not be removed from the Library even on order of the President, but that C.S.H. could see it if he came down to the Library and sat in a locked cage! Mar. 31, 1933. 10. Genealogy. Mar. 31, 1933. 11. Apr. 2, 1933. 12. Bertie writes, about Clarence Stetson who is c7 ;oing to Charleston. April 2, 1933. 12. Mrs. William Phillips called up H.P.H. sad said she wished Sophie would write her and ]t her know her plans; that she would like very much to have her at her house in Beverly during May. April 3, 1933. 13. Writes C.S.H. a long letter. April 1933. 14, 16. C.S.H. writes to. April 6, 1933. 16. Writes CI.S.H. April 9, 1933. 20. C.S.H. wires, to Charleston, that the statement in N.Y. Times as to Rice's appointment to Holland was not offered although he hoped it would ,urn out all right. April 12, 1933. 32. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 43. Boreel, Sophie (Contld.) C.S.H. writes, a long letter to Charleston marked "Hold until called for". She wrote she would be back in Charleston, returning from Beaufort and Savarinah by Friday, April 14. Since April 9 C.S.H. has not heard from her. April 13, 1933. 23, 33. C.S.H. called up the Fort Sumter Hotel in Charleston which replied that, left yesterday for Washington on the 1:30 train. She may not have received C.S.H.'sletter but she did receive the telegram as the telegraph company at first reported she was not in Charleston nor Beaufort, but later reported it was delivered to her in Charleston. April 13, 1933. 33. C.S.H. fears that, is beginning to lose interest in us. April 13, 1933. 33. No word from So-Snie. April 21, 193:3. 36. So-ohie teleph nes us from Camilla Lippincott's;she said she arrived last night by bus and tried to get us on the telephone. H.P.H. was engaged for lunch but C.S.H. asked Sophie to lunch at Hay-Adams Hausa. After lunch we had a long talk in our sitting roam. She said she received my letter of April 13 and intended to answer it, but suddenly left Charleston a wedic earlier than she originally intended, and vent on a four day bus journey to Asheville and the Sehandoah Valley to Washington. C.S.H. said Bertie had teased him at not having received a reply to his letter, and that he began to feel that she was wearied with his long letters. She quickly replied that his letters were delighted; that she was overjoyed to receive them; that she was a poor correspondent, but that she was delighted to write him in order to get his letters in reply. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 44. Boreal, Sophie (Contld.) She said she wanted to see the double cherry blossoms so we drove down to see them, and finally C.S.H. got out at Treasury while she went to Emile's, the hair dresser. At 5 p.m. she called on -H.P.H. who gave her a letter to Mr. Crane at Westover. She leaves with Mrs. Lippincott tomorrow for a week's tour of the Virginia gardens. She then will visit the Van Royens if they are not filled up, in which case she would ask C.S.H. to get her a room at the Hay-Adams House. She said she would send C.S.H. a snap shot while await. would send him post cards. We drove her back to Mrs. Lippincott's. April 24, 1933. 38, 39, 40. Told C.S.H. last Monday that people are saying thA Gov. Meyer resi7ned because he could not accept Roosevelt's policy in going off the gold standard. C.S.H. told Sophie this was not true, as Gov. Meyer toldthe Board on March 24th that some time before he had told Roosevelt he wished to be relieved from further servick on the P.R. Board; that at this time the Board was engaged in drawing regulations under the original order of Roosevelt • declaring a bank holiday and putting an embargo on gold, in which the Board was unanimous; that at that time no question of going off the gold standard or of devaluing the dollar had arisen. April 26, 193. 40, 41. C.S.H. reserves postal card from, dated April 26, from Charlottesville, Va. April 27, 1933. 45. C.S.H. receives postal card from, dated Richmond, April 30. May 1, 1933. 47. C.S.H. sends note to, in care of Van Royen. May 2, 1933. 49. Calls us up and --zrees to dine with us tonight. Later, asked if she could come tomorrow instead. C.S.H. said H.P.H. would be out at dinner but he would be at home. She said she would came. May 2, 1933. 49. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 45. Boreel, Sophie (Cont ld.) We dined together at Hay-Adams, at 10:15 C.S.H. took, to drive around the Speedway and. we ascended steps of Lincoln Memorial. She said Van Rnyen accepted the N. Y. Times statement as' official and wired his Government that Wm. Rice had been appointed Minister to Holland. May 2, 1933. 50. After dinner 3.S.H• made some casual mention to Sophie that he expected her to look on him as a "brother". She replied smilingly that she had so far only accepted him as a cousin adding that she already had a brother; that ) brothers did not necessarily mean regard or deep affection, but rather of duty, - no matter how disagre..able a brother might be. C.S.H. was much puzzled at this remark, as she once told him she looked on us as brother and sister. He is inclined to think she spoke in jest as she was particularly agreeable all through the evening. May 2, 1933. 53, 54. She asked many questions as to abandonment of gold standard, and C.S H. could give her only cryptic repliel. C.S.H. said she could say to Van Inyen that all looked well. She was full of critidism of Roosevelt's policies. May 2, 1933.50; Later in p.m. she called on H.P.H. and said she would call tomorrow at 11 p.m. and would let C.S.H. know whether she could lunch with her tomorrow or Satarday, after talking with Madame Van Roy en. She said last night she had some snap shots taken by Mrs. Lippincott which she would give to C.S.H., and would take some more when she dame to lunch. May 31 1933. 50, 51. She celled on Bertie from 11:15 to 12 and then both came to Treasury to C.S.H. C.S.H. got out her brooches fromthe National -etropolitan Bank box and gave them to her in presence of H.P.H. We insisted on her opening the package and she said they were all right. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 46. Boreel, Sophie (Contld.) We then drove her back to the Legation, she agreeing to dine with us on Sunday. We talked over the action of our Government in repudiating its gold obligation on its bonds held by foreigners. C.S.. . really agreed with her but was careful to express no opinion. He told her that British bonds were payable in sterling, but that "sterling" was equivalent to gold up to 1931 when Great Britain went off the gold standard; that the Bank of France, through its investments in sterling lost 100 millions of dollars, thus wiping out its capital 4 or 5 times, that the French Government had to astist it; that the Bank of Netherlands lost 12 millions, and tried to get Great Britain to make it good but failed. She said she remembered Van Royen telling her ta't Governor Norman deceived him by making assertions inconsistent with going off gold standard. May 4, 1933.51, 52. She said she bad no use for Roosevelt because of his treatment of William Rice. She begged H.P.H. to go direct to Rooeevelt and demand the appointment of William Rice. H.P.H. then told her of her talk with Mrs. Roos-velt. May 4, 1933. 52. H.P.H. wtred William Rice that Sophie was in Washington and deeply excited over William and asked if we could tell Sophie the whole story if we thought it best, at dinner on Sunday. We both would like to tell Sophie as we fear she may feel we are not doing all we Should in the m:tter. May 4, 1933. 53, 54. We received a wire from that we could tell only those mentioned in Harriet Rice's letter mailed today — Friday. May 6, 1933. Sunday. 54, 55. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 47. Boreel, Sophie (Conted.) A letter from Harriet Rice came. She said Van Royen had written William on May 3 congratulating him on his appointment. This was no answer to H.P.H.Is question unless it meant we could tell Van Royen. May 6, 1933. 55. Sophie dined with 113. C.S.H. felt if William Rice was willing to have us Well Van Royen, he could have no objection to our telling Sophie, who was then staying at the Van Royens. C.S.H. told her the whole story on her pledLe never to speak of it to arlyone - not even to Van Royen. May 6, 1933. 56. She said she knew of no reason why Van Royen wrote congratulating Wm. Rice. May 6, 1933. 56. C.S.H. told her that in view of wha,she said the other evening as to "cousin" and "brother", he owed her an apology for hiring once used the word brother in one of his letters. She burst out laughing and said there was nothing to apologize for, that on the contrary it pleased her very much indeed. She added - the word brother means little to May 6, 1933. 56. C.S.H. called up Federal Reserve Agent Austin at Philadelphia and he got a card to the Widener Library for SOlie. C.S.. so telephoned her. May 7, 1933. 56. C.S.H. called up, and said Charles :.cLane had invited , to us go to the Pimlico races on Saturday andasked her to join She had made her plans to leave Washington before this but would consult Madame Van Royen and would let us know tomorrow. May 7, 1933. 57. H.P.H. took tea at Madame Van oyens to meet Sophie and others. May 7, 1933. 57. Us. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 48. Boreel, Sophie (Contid.) Federal Reserve Agent Austin sent C.S.H. a ticket to Widener Gallery for Sophie. Sophie called up C.S.H. and said she would be glad to go to the races on Saturday. C.S.H. asked her to come in at 5 p.m. which she did and C.S.H. gave the Widener ticket, and had an interesting talk with her. She helped C.S.H. on a chronological table of her family. She said she, her brother, and her brother-in-law were passionately fond of horse racing. May 92 1933. 58. Telephoned she could not call this p.m. C.S.H. wrote giving her address of Bellevue Statford Hotel in Philadelphia. May 10, 1933. 61. We took tea with Mrs. Sussdorf. Sophie and Madame Van Royen were there. May 112 1933. 61. Goes to Treasury at 12:30. her at Hay-Adams. H.P.H. thatcht she was to meet She had her camera but had not time to take a picture of CLS.H. as she had to be back at the Legation at 1 p.m. May 12, 1933. 62. Calls at Hay-Adans at 5:30. C.S.H. drove her to Legation going around the Speedway. She eagerly accepted his invitation to drive but seaned rather distrait. C.S.H.asked her if he cauld take her to the train on Monday but she said she feared Madame Van Royen would insist on going with her. C.S.H. said he would not speak of it again unless she herself did. She said she would talk it over with Madame Van 1- o, ,en. May 12, 1933. 63. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 49. Boreel, Sophie (Cont'd.) She said Mr. Van Royen spoke to her of a letter S.H. had written him, but said she did not not know what it was about. C.S.H. thinks Madame Van Royen has very likely told her the whole story. May 12, 1933. 64. During the drive C.S.H. said he might possibly be in New York some time during the next four weeks and hoped to see her. She quickly replied to be sure to let her know in advance so she could surely see 1,1m. She asked C.S.H. to wire her if any news cane as to William Rice, and she suggested a code phrase - "all right" which was to mean that it is settled favorably, although not yet announced. May 12, 1933. 64 . We took Sophie to the Pimlico Races of the Maryland Jockey Club, of which Charles McLane is President. We lunched at the Club House at a table with Gov. Ritchie, Mayor Jackson, Frank Riggs et al. She enjoyed the races immensely and did some modest betting. We reached Washington at about 7:15 p.m. She could not dine with us as she had to have dinner at the Legation at 8:30. May 13, 1933. 65. On the way over C.S.H. asked her in what year her mother died. Instantly her eyes filled with tears and she said, "Let us not talk about it, Charles". May 13, 193:1. 65. She called up and asked if she could came to lunch and take aar photogranh at 12:36. She took lunch with us and then we went across to the park and she took some snap shots. Then Sec. Hull came along and Bertie persuaded him to be taken with us. C.S.H. drove her home. She said she would call up tonight, but if she did not, C.S.H. could consider it was settled he was to callfor her tomorrow at 9:15 a.m. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 50. Boreel, Sophie (Contid.) She goes to Mrs. William Phillips next Friday at Wenham, -a-s. for the week-end. Bertie begged her to go to Portsmough and see the Langdon House and other houses and places she wrote down for her. May 14, 1933. 66. C.S.H. calls for So4Lie at the Legation to take her to the train. Mr. and Madame Van Royen came out to see her off. May 14, 1933. 66. She said her brother Pranoois was a very attractive fellow but a born gambler always living up to or beyond his income; that he paid $7000 for an auto etc.etc. Evidently he gives her some cause for apprehension. She said if she did not see us this summer she would surely go to Washington to see us before She sailed in the fall and she begged C.S.H. to let her know in acivance if he expected to be in New York. When the train pulled out she bade C.S.H. good-bye and seemed really affected to leave us. May 15, 1933. 66, 67. After she left C.S.H. called up Federal Reserve Agent Austin in Philadel and asked him to send Salihie some flowers to his hotel with a card marked, "With dearest love from B. & C." May 15, 1933. 67. The Chilton Club wrote H.P.H. that she could nut Sophie down for 10 days and that she could have a room. May 15, 1933. 67. C.S.H. in a letter to Van Royen as to his prostate trouble, thanks him and Madame Van Royen for allowing him to take Sophie to the station. May 15, 1933. 67. We write Chilton and Somers -t Club to give Sophie the privileges. C.S.H. writes Sophie as to this. May 15, 1933. 68. C.S.H. writes. May 16, 1933. 70. Sophie writes H.P.H. from Phila. thanking her for the flowers. May 17, 1933. 70. C.S.H. sends Federal Reserve Agent Austin check for $4 for the flowers sent to So May 17, 1933. 71. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1,11.....10 ,111,41.0.1011•1•4 , 1.191. 51. Boreel, Sophie (Cont'd.) Rachel Hale said yesterday thlet , was a very interesting and agreeable woman and that she played an unusually fine game of Ma Jong. May 18, 1933. 73. Writes C.S.H. from New York dated 1:.ay 18, 1933. May 19, 1933. 73. C.S.H. writes. May 22, 1933. 76. Writes H.P.H. from Chilton Club describing her trip to Portsmouth, (.ated May 22. May 24, 1933. 84. At Sec. Hull's lunch to Ishii C.S.H. sat next to Under Secretary Phillips, viho said Sophie Boreel was one of the most intelligent, agreeable, and attractive women he had ever met; that she was a remarkable "mixer"; that she met quite a number of people -t tea and dinner and charmed them all. He said she was very much interested and excited over William Rice. May 25, 1933. 84, 85. We hope that when she writes us she will be able to ,Ave us some information about William Rice obtained from Phillips. May 25, 1933. 86. C.S.H. sends Sophie a letter from Harriet Rice forwarded from Chilton Club. May 29, 1933. 87. C.S.H. sends, a cony of "Liberty" to, containing an account of Geo. Hamlin's ghost story. May 29, 1933. 88. C.S.H. receives a long letter from, saying, in confidence, that she had a good talk with Phillips and that he hopes he can work out the Rice matter, but trhz-t there are many influential applicants for the place. May 30, 193. 88. C.S.H. writes to May 31, 1933. 90. C.S.H. wires, as to Parley's statement about William Rice. June 2, 1933. 94. C.S.H. writes, as to same. June 2, 193.94. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Boreel, Sophie (Cont l d.) C.S.H. receives letter from, dated June 3, as to Rice. She said she would send some snap shots tomorrow. Writes H.P.H. enclosing snap shots of Sec. Hull, O.SH' and H.P.H., also one of herself which C.S.H. is having enlarged, dated June 7. June 8, 1933. 98. H.P.H. writes, in reply. June 8, 1933. 98. C.S.H. writes, enclosing the best of his proofs. June 8, 1933. 98. C.S.H. writes to. June 8, 1933. 98. Writes C.S.H. returning proof of C.S.H. and approving it, saying she would like one very much. She said she was gong to the Rice's at Albany an Sunday and that she would write C.S.H. from there. June 10, 1933. 102. C.S.H. receives letter from, dated Albany, June 11. June 13, 1933. 106. C.S.H. writes. June 13, 1933. 106. C.S.H. writes, enclosing his photograph on which he wrote: To my cousin Sophie, with love. Charles Hamlin. Washington, JWIA 14, 1933. June 14, 1933. 107. Writes C.S.H. a post card dated June 16th saying she was so glad to receive C.S.H.Is photograph and letter; that she was just off for Newport, but would write from there tomorrow. June 17, 1933. 114. Writes C.S.H. from Newport - a long interesting letter. Received June 19. June 19,1933. 115. C.S.H. writes, in care of Mrs. Glenn, Yayfield, Newport. June 19, 1933. 115. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 53. Boreel, Sophie (Cont l d.) Sophiels address in Canada is care of Miss Kate Wilks, Cruikston Galt, Ontario. June 19, 1933. 115. C.S.H. receives letter from, dated Newport, June 21, 1933. June 22, 1933. 117. C.S.H. writes to, to Newport. June 22, 1933. 117. C.S.H. sends, letters of introduction to Gov. Calkins and Federal Reserve Agent Newton at San Francisco; also to the branch bank Manager at Seattle, to M.A. Traylor and Mr. Lidhtenstein, of Chicago, First National Bank. Enclosesa short letter to her. June 24, 1933. 118. C.S.H. writes,to New York. June 24, 1933. 118. Writes C.S.H. Dated June 25, Newport. June 27, 1933. 122. C.S.H. writes, to New York. H.P.H. adds postscript. June 27, 1933. 122. Writes H.P.H. dated June 29. In it said she would like to visit the Carey ranch , and thanked C.S.H. for his note of Tue5;day, to which H.P.H. had added a pólt.escript, and said he would write him when she reached Cruikston, about Friday or Saturday of ne:,t week. As her last letter was from Newport, June 25, C.S.H. will not hear from her again for at least two weeks. C.S.H. fears his letters are ceasing to interest her, especially as she never acknowledged his letter of Saturday, June 24, containing the letters of introduction to the F.R. Bank officials, and another purely personal letter of the same date. C.S.H. did not want to write again until he had heard from her. After consulting Bertie, letter asking if she adding that she need hear from her to the the letters. .S.H. wrote her a rather cold, impersonal Lad received the letters of introduction, not trouble to answer, as if he did not contrary, he should assume she had received http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 54. Boreel, Sophie (Contd..) C.S.H. feels this will stir her up and that he will probably get a speedy response. C.S.H. feels that if his letters do not receive a reasonably prompt reply, the only course to take is to cease sending them. June 30, 1933. 125, 126. H.P.H. writes Sophie. No copy. July 1, 1933. 128. Sends 1.S.H. a post card Idated July 1, saying she had received the letters of introduction and apologiz ing for not having acknowledged them before. July 2, 1933. 128. Mr. and Mrs. Van Royen called and Mada me Van Royen said Sophie was planning to go to Alaska. July 2, 1933. 129. C.S.H. sends, two letters: 1. A long, personal note. 2. A number of replies from bank official s to whom he has given letters to Sophie. Also a lett er to Deputy Governor McKay of Chicago. In the personal letter C.S.H. asked Sophie to send him a post card once a week while on her journey, and to send letters as often as she could; also to wire him, collect, from time to time giving address etc. July 3, 1933. 129. At dinner at Chevy Chase Club with General and Mrs. Crozier, C.S.H. sat next to Madame Van Royen, Wao talk ed mueh about Sophie. She said she was once engaged to a Dutch Baron, - Van Boss or some such name, - a widower with a grow n up child; that he was vegy arragant and ill-tempered; that Sophie simply could not stand him and finally brake the enga gement. She said Sophie wauld probably join Captain and Mrs. Leahey at Seattle and go with them to Alaska; that his ship - the Texas at Seattle and his wife was livi ng at an hotel; that he was once Naval Attache at the Hagu e. July 3, 1933. 132. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 55. Boreel, Sophie (Cont'd.) C.S.H. sends, a National Geographic Magazine containing pictures from national parks, Glac ier Park, etc. He marked it "From Bartle". July 5, 1933. 133. C.S.H. sends, a letter from Federal Reserve Agent Newton offering his auto for 2 or 3 days in San Francisco. July 5, 193:!.. 133 C.S.H. receives long letter from . She said, in response to C.S.H.I s inquiry that her birthday was November 1. She also said Mrs. James Roosevelt was very indignant that the only request she had made of her son had not been granted. July 8, 1933. 139, 144. C.S.H. writes. Said it was an important historical incident — the Queen Mother and Sophie laying their heads to:L ether to makethe King do what he was not prepared to do. July 11, 1933. 139, 144, 145. Sophie sends H.P.H. a post card bear ing a picture of Delanols place on the Hudson River. Sent from Canada and dated July 9. July 11, 1933. 139. C.S.H. sends, an account of H.P.H. poac hing an egg on our window sill. July 14, 1933. 144. Mrs. James Roosevelt invited Harriet Rice to lunch at Hyde Park to meet Sophie, but Harriet regretted. Later, Mrs. Roosevelt motored Sophie to Albany, where Sa2hie took the Empire State express for Galt via Buffalo. July 15, 1933. 145. We met the Van Breugels at Miss Pattens. Sophie often had spoken of them. July 16, 1933. 146. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 56. Boreel, Sophie (Cont l d.) C.S.H. has not heard from, since her letter of July 8, and her post card to H.P.H. She said she would send me a card either from Galt or Chicago. If she left Galt last Monday as she said she would, she must now be in Glacier Park. C.S.H. hopes she is not ill. July 22, 1933. 153. C.S.H. receives post card from, dated St. Paul. July 22. She said she spent her brother last letter Tuesday, at two days in Chicago and saw the Fair with Francois; that she would answer C.S.H.Is from Glacier Park where she arrives tomorrow, noon. July 24, 1933. 153. C.S.H. wires Sophie acknowledging her post card. July 24, 1933. 153. C.S.H. writes, a long letter to Glacier Park. July 24 1933. 153. Ai.r mail. C.S.H. receives a letter from Mrs. Robert D. Carey expressing pleasure at having Sophie clue to them at their ranch in Wyoming. It is along time since C.S.H. wrote Mrs. Carey and C.S.H. is not quite sure whether she wants Sophie or not. July 27, 1933. 156. C.S.H. wired Sophie. July 27, 1933. 156. C.S.H. sends, an air mail letter enclosing copy of Mrs. Carey's letter. July 27, 1933. 156. C.S.H. receives letter from, dated July 23. July 28, 1933. 157. C.S.H. writes Sophie to Glacier Park. July 29, 1933. 158. C.S.H. wires SOhie for her Seattle address, as she has not sent it. July 31,1933. 158. C.S.H. has received no answer to his telegram. Aug. 2, 1933. 160. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 57. Borrel, Sophie (Conttd.) C.S.H. receives letter from, dated Aug. 1 from Glacier Park. Aug. 3, 1933. 161. Capt. Leahy, Sophists friend, is Capt. Lamar R. Leahey of the "Texas., Puget Sound Navy Yard, Seattle. Aug. 3, 1933. 161. Writes C.S.H. a ten page letter dated Aug. 11. She said she had given up her Alaska trip as Mrs. Leahey was not well, and that she was so fascinated with Glacier Park, she should stay there until the 19th or 20th. She begged O.S.H. to write full particulars as to Rice. Aug. 14, 1933. 169, 170. C.S.H. writes, giving in confidence, full particulars as to Rice. Aug. 14, 1933. 170. Writes C.S.H. 3 cards in an envelope. Aug. 19, 1933. 176. C.S.H. writes. Aug. 20, 1933. 172. H.P.H. writes. Aug. 20, 1933. 172. C.S.H. receives letter from, dated Aug. 24. Aug. 28, 1933. 177. C.S.H. wires Sophie to Olympic Hotel, Seattle. Aug. 28, 1933. 177. C.S.H. writes. Aug. 29, 1933. 177. C.S.H. wires Sophie of death of Minister Van Royen. Aug. 31, 1933.182. C.S.H. writes Sophie that Van Breugel says all he knowsis that he received a cable a few days ago that Van Royen was critically ill. Aug. 31, 1933. 182 C.S.H. sends, clippings as to Van Royen death. Sept. 4, 1933. 182. C.S.H. told Rices he had told Sophie all about the Rice matter, including the one year term offer. Sept. 4, 1933. 183. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 58. Boreel, Sophie (Contld.) C.S.H. writes, a general letter. Sept. 5, 1933. 183. C.S.H. writes a long hand letter to, t elling about Van Royens trouble and fear of an operation. Sept. 5, 1933. 184. wrires Sophie. Sept.8, 1933. 184. C.S.H. writes Sophie that Van Breugel said he had a letter dated Aug. 30 saying that Van Royen was critically ill of pneumonia; that he died on August 31; that he assumed it was from pneumonia but had no further news. Sept. 8, 1933. 184. WesteniUnion Telegraph Co. reports that Sophie was not at Seattle but had gone to San Francisco; that they would try to reach her there; that they had forwarded it as a °collect" telegram. C.S.H. directed that they forward it as a paid telegram which they said they would do. Sept. 9, 1933. 185. C.S.H. wires Olympic Hotel, Seattle, for Sophie's address. They replied - S. Francis Hotel, San Francisco. Sept. 9, 1923. 185. C.S.H. writes, as to notice of unstamped letter. Sept. 11, 193:3. Writes O.S H. from Cruikston Park, Sept. 10, 1933. 191. Received Sept. 20. Western Union Telegra-Al Co. reported that So :hie was not at the St. Francis Hotel, San Francisco, but amat there were many letters and some telegrams there awaiting her arrival. C.S.H. fears Sophie must be ill and calls up 1:.rs. LipAncott who said the last ad ress she had was Seattle. Sept. 12, 1933. 186, 187. On return from Mattapoisett found 3 letters from Sophie, dated Sept. 5, 13 and 17. last week received a postal card from the Seattle P.O. that on receipt of 3¢ a letter there would be forwarded to him. He inquired at the Washington P.O. andthey said this letter must have been posted without any stamps. O S H. at once sent a 30 stamp by air mail and the letter - Sept. 5- was forwardPld to him. Sept. 19, 1933. 188. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 59. Boreel, Sophie (Contld.) C.S.H. wires Sophie that letter of Sept. 5th, Seattle - has been received. Sept. 19, 1933. 188. C.S.H. writes Sophie and encloses a letter of introduction to Sartori of Los Angeles. Sept. 19, 1933. 188, 189. C.S.H. received letter front Sophie from Crater Lake dated Sept. 10. It had an air mail letter but had been strangely delayed. !'irs' 7- 7" , It* * In her last letter she asked if C.S.H. had received it. In it she acknowledged C.S.H.Is Sept. 5th as to Van Royen. confidential letter of She did not completely understand it. Sept. 20, 1933. 191. C.S.H. receives letter from Sophie. Sept. 21, 1933. 191. Writes postal card to H.P.H. Sept. 211 1933. 191. C.S.H. called up Mrs. Lippincott to say we had got in touch with Sophie again. She praised Sophie almost extravagantly and spoke of her devotion to both of us. C.S.H. told her we locked on her as a sister. Sept. 23, 1933. 192. C.S.H. receives letter from Sophie dated Sept. 21. Sept. 24, 1933. 195. C.S.H. writes Sophie. Sept. 25, 1933. 195. C.S.H. writes Sophie in longhand telling her fully about Van Royen. Sept. 25, 1933. 195. Mrs. J. P. Sartori rrites very cordial letter expressing hope that Sophie will make long stay in Los Angeles, and that she would love to entertain her. Sept. 29, 1933. 200. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 60. Boteel, Sophie (Contld.) • • C.S.H. writes So-hie to be sure and present the letter to Sartori. The Western Union reported this had been delivered in person. Sept. 29, 1933. 200. C.S.H. receives letter from Sophie dated Sent. 29, 1933. Sept. 31, 1933. 202. Brain trust Sprague made it a condition of accepting Treasury appointment that the, should consult him and not he the Brain Trust, before taking action on any matter relating to the Treasury or the Federal Reserve System. May 24, 1933. 81. Warburg gave Miller a memorandum covering the subject matter of the Thomas amendment and of going off gold standard and seemed interested in it and asked Miller to talk with the Brain Trust abou:, it, which Miller declined to do. May 31, 1933. 91. Miller said Roosevelt has followed the behests of the Brain Trust without any comprehension of where it was taking him; that the Brain Trust does not seam to be permeated with any ideas of sound principle or even of national honor; that trouble is looming ahead; that the Brain Trust will be skillful at proving an alibi and will leave Roosevelt "holding the bag". June 10, 1933.103. Branch banks. 37 See - Roosevelt Brewster, Mr. & Mrs. See - Lyon, Tracy Bright, Mr. We dined with Mr. and Mrs. Bright. June 24, 1933. 121. Advised C.S.H. to have Mrs. Nagle resign and then reappoint her, say on Aug. 1. He said this was not an evasion of the law, and pointed out that the note attached to Sec. Roper's letter advised this course, and further, that the new Glassbill http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 61. Bright, Mr. (Contld.) absolutely removed F.R. employees from the law as to married couples. Wyatt thought the latter might not be true. 0.S.H. told Bright he certainly should not try to evade the law. Finally they both agreed that C.S.H. should write Roper as above and Bright said he would represent Mr. Nagle before the Civil Service Commission. July 5, 1933. 135. Lunches with us at Mattapoisett. Mr. Bright and her sister also came. Sept. 2, 1933. 183. liA7.4 Bristol, Admiral We meet, at dinner with Gertrud, Myer. July 17, 1933. 146. British Ambassador We attend garden party given by, to meet Ramsey MacDonald. April 21, 1933. 37. Broderick, Sir John Died in London. A great friend of Anna. June 2, 1933. 95. Brooches. 1, 51. See - Boreel, Sophie. Brown, Prof. Brown University Lunches with us at Mattapoisett. Sept. 18, 1933. 188. Bruce, Ex-Senator We lunch with, at Buxton, Md. July 30, 1933. 158. Bryan, Dr. C.S.H. meets, at dinner with Mrs. Newlands. Sept. 7, 1933. 184. Budget director See - Douglas. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 62 Bulkley, Sen. Mr. McClellan said a distinguished Democratic leader (C.S.H. believes Sen. Bulkley) said Moley wauld be fired from office within 6 months. June 26, 1933. 122. We met, at dinner with Miss Connolly. He was almost dazed with liquor. Eleanor Connolly later called up H.P.H. and apologized. July 7, 1933. 138. C Burgess C.S.H. fears Federal Reserve Bank of New York through, is sprinpjng a trap on Woodin in order to defeat the Glass bill. April 15, 1933. 24. Glass said Woodin had written Senate Committee protesting against part of the Glass bill; that the letter was evidently written by Burgess; that it was contra to Board's views as to Sec. 3 - power to close discount window etc. Woodin told Board he did not know realy what his letter contained! Woodin said he wanted Board to advise him what to say whehe went before Senate Committee. Evidently, Burgess has got in same fine work and has deceived Woodin. April 18, 1933. 25. Glass said Burgess was disloyal to Woodin in making him write to Senate Committee his oosition to Sec. 3, when he knew the Board had unanimously approved it, overruling the report signed by Burgess objecting to Sec. 3. June 16, 1933. 113, 114. S-e - Gold. 1, 6, 8, 9, 107, 109. Stabilization Burns, Robert. 161. See - Auld Lang Syne. Business recovery Goldenweiser says one-half price increase represents, 1/4 from fear of devaluaticn and one-quarter from speculation. June 16, 1933. 112. See - Goldenweiser. Butler, Nicho14s Murray Says he degree of L.L.D. was given by Columbia to Norman Davis in absentee because of the bitter attacks on him. June 11, 1933. 105. ..... ONO http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 63. -0- Cabinet See - Super-Cabinet Caldwell 190, 191. See - Federal Reserve Agent, Kansas City Calkins, Gov. Federal Reserve Bank, San Francisco The chief reason for Woodinis irritability towards the Federal ReF ,erve Bank grew out of his attempts to coerce Gov. Calkins and others in matter of licensing banksto open. April 8, 1933. 18. Speaks at dinner given to Gov. Meyer by the Governors. April 21, 1933. 34. Was finally induced or directed to give a license to Bank of America. April 26, 1933. 45. C.S.H. gives Sophie Boreal a letter to. JUne 24, 1933. 118. Canada See - Bennett Capital Traylor said the whole problem was haw to increase the capital structure of very many banks; that if this were done depositors would be satisfied. May 16, 1933. 69. Gov. Harrison said he could ease up on exchange restrictions, thus favoring a flight of capital and depressing the value of the dollar abroad. July 3, 1933. 131. Gov. Black said the R.F.C. should supply capital to all non, -member state banks needing it and which were in reasonably good condition tojoin the Insurance Corporation. Sept. 11, 1933. 186. Carey, Sarah Calls on C.S.H. at Treasury and has a fainting spell. C.S.H. got the Treasury nurse and later drove her home. April 18, 1933. 26. Calls on C.S.H. to say good-bye and C.S.H. drove her home from Hay-Adams House. May 18, 1933. 72. C.S.H. receives a letter from, dated Wyoming. Sept. 1933. 184. C.S.H.writes. Sept. 7, 1933. 184. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 64. Carey, Senator and Mrs. Mrs. Carey lunches with H.P.H. to meet Mr. and Mrs. Gordon Abbott. Mar. 31, 1933. 10. We dined with. April 4, 1933. 15. May 16, 1933. 70. Sophie Boreel writes H.P.H. that she would like very much to visit Mrs. Carey in Wyoming. June 29, 1933. 125. Over a month ago C.S.H. wrote LIrs. Carey that he had asked Sophie Boreal whenshe returned from the west to stop over at Cheyenne and see her ranch. C.S.H. asked her if this would be convenient for her. Finally, on July 27th, she wroteC.S.H. askini; where that Dutch Cousin of his was and she would receive her with a brass band, July 27, 1933. 156. C.S.H. writes 1rs. Carey and said he wauld write So,thie Boreel. July 27, 1933. 156. Carnegie Endowment. Gives a lunch to Board of Pan American Republics at Metropolitan Club. Sec. Hull, William Phillips, C.S.H. et al were present. April 12, 1933. 22. Central banks. 17, 89, 119, 124, 143, 165, 166. S-e - Gold Stabilization Woodin Chaos Everything is in a state of chaos. Roosevelt has no policy but is drifting. July 20, 1933. 150. Charleston, South Carolina. 5. See - Boreel, Sophie Chase National Bank See - Aldrich http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 65. Chicago banks Daiger said the, had no choice for the Federal Reserve Board but rather favored Miller as Governor if only for a short time, as a slap at New York. April 12, 1933. 21. Chilton Club. 68, 84, 87 See - Boreel, SolDhie Chilton, lotily Wife of Ambassador from Great Britain to Chile calls up H.P.H. who went to see her at noon. July 26, 1933. 156. Chronology. 58 See - Boreel, So,hie Civil Service Commission Roper writes C.S.H. that the, had informally told him that employees of P.R. Board were subject to the married women's law - as Mrs. Nagle. July 5, 1933. 133, 134. Mrs. Nagle was told that the, had ruled that tho man just below him on the list altho of a lower efficiency rating was entitled to a higher rating than Nagle because suffering from disability and having a wife and two children to support. July 6, 1933. 156. See - Nagle Clark, Homer. 102 See - Pelyton, F.R. Agent. Class of 1883, Harvard C.S.H. attends 50th anniversary dinner. June 21, 1933. 116. See - Hamlin, C.S. Hamlin, Robert Smith, Rev. W. C. .C. Closed banks Newton D. Baker said the crisis was so s vere he was a,out willing to indorse a plan for the R.F.C. to pay off deposits in. Apgil 29, 1933. 47. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 66. Closed banks (Contld.) Board considered proposed plan as to advancin,.; money against assets of closed licensed banks. Gov. Black wan ed Board to approve it but Miller objected. May 18, 1933. 72. • Black said question of helping depositors in closed banks was taken upat a conference with Roosevelt last niglA and that Roosevelt said he wanted the R.F.C. to take preferred stock and to push their opening vigorously. Sept. 25, 1933. 195. G0 1 4 Cocktail party We attend a, at Larz Anderson's. April 6, 193C. 16. Code, N.R.. Federal Reserve Bank, Boston, voted to accept. Board approved. Gov. Black will take up with Gen. Johnson some slight changes in. July 28, 193.. 157. Board formally approved. Aug. 2, 1933. 160. Code, Sugar. 181 See - Berle Codman, Russell We rehearse at house of, for class of 1883 dinner. June 21, 1933.116 Columbia University See - Davis, Norman Warren, C. Commencement, Harvard June 22, 1933. 117. Committees Banking advisory. 177, 178, 182. See same Coordination of loaning bodies. Acheson, Chairman Gov. Black a member Aug. 101 1933. 167. Devaluation Attorney General, Woodin and Gov. Black Sept. 25, 1933. 198 See - Devaluation. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 67. Coraptroller of Accounts. Ruling. 19 See - Salary reduction. Comptroller of Currency C.S.H. calls on O'Connor. A purely political appointment. No previous banking experience. A lawyer, once a partner of McAdoo. Impressed O.S.H. very favorably. May 11, 1933. 61. Bowman, at Federal Advisory Countil meeting, presented a plan of coordination between Treasary Comptroller, Federal Reserve Board and R.F.C. Aug. 16, 1933. 69. James said Comptroller was Gianini's man; that Gianini was delighted at the appointment. May 17, 1933. 71. Suggests fire insur, nce up to $2500 for all banks, member aa non-member until.July, 1934. June 1,1933. 92. Is to meet Roosevelt this p.m. with Woodin, Gov. Bladk and Acheson. June 1, 1933. 92. Was at the conference. June 1, 1933. 94. Votes against application of 3 Little Rock banks for admission because: 1. Action of state in using for other purposes taxes pledged for bond issues, causing the bonds to drop from 100 to 20. None of these bonds, how,ver, was held by these banks. 2. The officers held only qualifying shares, which the Comptroller said was against public policy. The Comptroller said that in view of the disreputable acts of the state, we owed no duty to help the banking situation in the state! June 8, 1933. 99, 100. In discussing the vacancy in Class C director of Federal reserve bank, Kansas City, James as one of .)omnittee appointed to consider the vacancy recommended, Mr. Caldwell of Kansas City on ground that the Board had a fixed policy to choose a resident of the Federal reserve city. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 68* Comptroller of Currency (Contld.) The Comptroller bitterly attacked this policy as in violat ion of law, as it concentrated the Executive Committee in Kansas City. Miller, while not caring for the policy, denied it was illegal. Sept. 19 1933. 189. Goy. Black called for vote an policy of concent rating Class 0 directors in Kansas City. Passed, but Comptroller and Thomas voted No. Sept. 14, 1933. 190. C.S.H. believes Comptroller is simply playing politics. Sept. 14, 1933. 191. Concealment from Federal Reserve Board. Woodin never told Board at the time that Glass had sent him the Sub-comatittee report on Glass bill for his criticism. April 15, 1933. 24. Roosevelt never consulted with Board before he forbad licens es for gold exports, thus putting country off the gold standard. April 19, 1933. 26. Conferences White House Woodin, Gov. Black, Glass, Steagall, Roos-velt. June 1, 1933. 94. See - Black, Gov. Conferees agreed on Glass bill. June 12, 1933. 106. Gov. Black said Sec. Raper invitedhim to a political confere nce of Cabinet and others to secure cooperation on certain political matters; that at first he accepted but now felt he ought not to go and C.S.H. and James agreed. July 15, 1933. 109. Gov. Black has conference with Gov. Harrison, Goldenweiser and C.S.H. He said Roosevelt in a sta,ement had absolutely repudi ated all stabilization efforts. July3, 1933. 129. See - Roosevelt Gov. Black conferred with Roosevelt last night. Sept. 25, 1933. 195. See - Roosevelt Governors Conference; Open market. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 69. Confidence C.S.H. believes the gold clause bill will impose, in Govt. credit. May 22, 1933. 77. Confirmation Thomas and Szymczak were confirmed as members of Federal Reserve Board. Thomas was referred to Judiciary Committee and Szymczak to the Banking and Currency Committee. June 10, 1933. 105. Congres tonal Library. 10, 164. See - Auld Lang Syne. Boreel, Sophie Congressimal Record. 97. See - Davis, Norman. Connally, The Misses We dine with. Sen. Bulkeley was there almost stupid with liquor. Eleanor Connolly later apologized to H.P.H. July 7, 1933. 138. D.S.H. dines with.Aug. 10, 1933. 167. Conrad, The Misses Dine with C.S.H. at Woman's National Dem. Club. Aug. 9, 1933. 167. Contracts. 29, 77, 94. See - Gold. Cooper, Judge. 57. See - Rice, W. G. Coordination Henry Robinson of Federal Advisory Council suggested a plan of, between Treasury, ComIroller, Federal Reserve Board and R.F.C. in fixing a uniform basis for valuation of securities at higher than the sacrifice mArket value, in order to assist banks which have been opened; that this would necessitate loan by R.F.0 . on value thus agreed upon, which in effect would be a guaranty of deposits. May 16, 1933. 69. Roosevelt appoints a Committee to coordinate all loaning bodies. Chairman, Aldrich, Gov. Black also on it. Aug. 10, 1933. 167. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 70. Corning, Parker C.S.H. while in Treasary room awaiting oath to be administered to a new official, Dr. Sprague,sat next to a man who said "You don't remember me". C.S.H. said he did not and the man said, "I am Parker.Cornthg . He was effusively polite and al_dost af_ectionate, and talked for some time about Congress and finally shook C.S.H. warmly by the hand when he left. 1ay 24, 1933. 81. Cow pasture See -Hamlin, Edward Cox, Ex-Governor Gov. Black srdd the choice of, as Chairman, Economic Conference, was a deal, our delegates agreeing in consideration to accept a stabilization Jan. June 17, 1933. 114, 115. Sec. Hull and, reported to Economic Conference that the central bank stabilization Plan was agreeable to U.S. Government. June 24, 1933. 119. Crane, Richard Bertie gives Sophie Boreel a letter to, of Westover. April 24, 1933. 39. Crater Lake. 191 See - Bored, So his Credit, Bank of England. Sta:oilization. July 12, 1933. 141. Credit of U.S. Government. 4, 59, 152. See - Baruch Gold Crozier, Gen and Mrs. We dined with. June 17, 1933. 115. We dined at Chevy Chase Club with. July 3, 1933. 132. Dine with us , Woman's National Democratic Club. A July 12, 1933. 142. We dined with, to meet Dr. TEmg of China. July 16, 1933. 146. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 71. Cruikston Par,. 125. See - Boreel, So)hie Wilks Outdo. See - Davis, Norman Curley, Mayor, Boston Declines offer of Minister to Poland. April 15, 1933. 24. Curtiss, Federal Reserve Agent, Boston Told C.S.H. he wished he could secure services of Robert Tappin, for the Federal reserve Bank. C.S.H. said nothing but thinks he will write him that Board would be very reluctant to approve appointment of any relative of one of its members. ,Aug. 23, 1933. 173. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 72. Dabney, Mr. C.S.H. meets, at dinner with Mrs. Newlands. Sept. 7, 1933. 184. Daiger, J. M. Said Chicago bankers had no choice for F.R. Board, but would like Miller for Governor even for a short time as a slap at New York; that the New York bankers strongly opposed Miller because of his direct action fight and of his advocacy of Sec. 3 of new Glass bill; thLt the stabilizationists of both H.R. and Senate were bitterly opposed to Miller because of his hostility to price stabilization; that the latter wanted Ex-Senator Owens on the F.R. Board. He maid there was a rumor that Walter Stewart was t the White House today; that some thought he would be apDAnted on Board and made Governor; that others thought he would be Under Secretary of the Treasury; that there would be opposition to him because he was an international banker, an ex-adviser of Bank of England, aad a member of a N. Y. investment house. He said Roosevelt might safely appoilt him on the Board if he made Miller Governor. He said there was a rumor that Gov. Harrison would be made Governor and Stewart made Governor of F.R. Bank of New York. He said there was a rumor that Gov. Harrison was not very happy in New York, and that his directors were not very happy with him as Governor. He said the stabilizationists were very bitter against Gov. Meyer. April 12, 1933. 21, 22. He said the Board should carefully consider whether under the new power given by the Glass bill it could not devise some means of stabilizing prices. April 12, 1933. 22. Said he believed Miller was defeated for Governor by a combination of Federal Reserve Bank, ..ew York,and the stabilizationists, and that Jae latter tried to have Owen appointed and not Black,, but failing to get Owen they insisted on Black ..nd Roosev-lt yielded to the political pressure. He said Huey Long said it was the happiest day of his life to /earn of Gov. Black's appointment. May 12, 1933.63. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 73. Daiger, J. M. (Tbnt'd.) Said that the N. T. banks reday favored inflation and that T. W. Lamont expressed the approval of the bankers oix. the Thomas amendment, just enacted, although it was broader than they expected. May 18, 1933. 72. Said it was rumored that Woodin was to resign and Budget Director Douglas was to succeed him. May 18, 1933. 73. Davis, Norman One of those to whom Morgan sold stock at less than market value. May 25, 1933. 84. Cong. Tinkham reads oninion of Court of ADIEL1S, affirmed by US. Supreme Court, in case of Davis vs. Las Ovas Company, holding that Davis made a profit of $15,000 in fraud of his associates. See scrap book. June 5, 1933. 97. The papers announced that Columbia is to give an L.L.D. to. The degree was given. June 6, 1933. 98, 104. Charles Warren said he read the above oninbn; that Davis was clearly guilty of fraud, but it occurred many years ago when standards were not as high as now! He said Dr. Butler said the degree was given in absentee hecause of the bitter attacks on him. June 11, 1933. 104, 105. De Meisner, Madame. 171, 181. See - Hamlin, Anna. Deal, Economic Conference 114, 115. See - Economic Conference Deaths See -Broderick, Sir John Ernst, Helen Graaf, H.C. McClelland Pease, Z.W. Van Royen Deflation 7,.S.H. and Miller at Federal Advisory Council meeting said the Board's open market policy had prevented frightful further deflation. May 16, 1933. 243 - 68. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Delano, F. A. Lunches with C.S.H. Says Lewis Howe has no use for Moley. May 2, 1937. 49. Harriet Rice writes we should get in touch with Mrs. James Roosevelt and Delano and tell them the vihole story about William Rice. May 7, 1933. 57. Mrs. Delano told Bertie that they both mnsidered Dr. Miller absolutely unfit to b IP Governor of the F.R. Board. May 7, 1933. 57. We lunched with. Mrs. Delano said this new biography of Roosevelt failed to mention his relationship to J. P. Morgan; that he was closer to Morgan than to Theodore Roosevelt. June 11, 1933. 105. Sophie Boreal, who, while staying with Mrs. James Roosevelt, called on the Delanos, sends us a post card picture of their place. July 11, 1933. 139. Mr. Delano calls on us. July 13, 1933. 144. Democratic State Committee, Nebraska. 107, 108, 124, 140. See - Thomas Democrats Twenty three, in Senate voted for the silver free coinage amendment, at ratio of 16 to 1 and only 25 voted against it. A change of 5 votes mould have put decisive vote on Vice President Garner. Mar. 20, 1933. 31, 32. The names referred to Gov. Black by Roosevelt for Federal Reserve Board were all Democrats! May 31, 1933. 89. N. Y. Herald Tribune bitterly attacks Roosevelt for having only Democrats on Federal Reserve Board. June 8, 1933. 101 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 75. Democrats (Cont'd.) Glass said he told Roosevelt he had made a terrible mistRke in filling Federal Reserve Board with Democrats. Roosevelt agreed. June 16, 1933. 113. See - Glass Roosevelt National Civil Service Reform League condemns R3osevelt for filling th6 service with incompetent spoils Democrats. June 19, 1933. 115. Szymczak said Roosevelt made a terrible mistake in appointing only Democrats on Federal Reserve Board and that he had told Gov. Black he would be willing to resign to correct the mistake. Sept. 23, 1933. 193. Department of Justice. 5, 6, 12. See - Federal Reserve Bank, Chicago. Deposits, Guaranty of. 37. See - Glass bill Guaranty of deposits Depreciated currencies. 120. See - Harrison, Gov. Devaluation of dollar Point raised in discussion of gold order that if Government gets in all the gold and then devalues it would deprive owner of the gold of the profit they would have had if they kept the gold in their possession. Max. 27, 1933. 3 The Governors felt that the devaluation clause of Thomas amendment would shake public confidence. April 20, 1933. 29. Gov. Meyer said it was shocking when all nations were trying to get together, for Roosevelt to go off the gold stan6ard and to use devaluation as a club to excite further trouble and uncertainty. April 21, 1933. 35. Gollienweiser said no country in recent times had d,Nalued in order to change prices; that prices had already changed from other causes and the devaluation simply adjusted the coinage to its actual value. April 24, 1933. 42. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 76. Devaluation of dollar (Contld.) When Gov. Meyer asked to be relieved, no question of, had arisen. April 24, 1933. 41. C.S.H. said if there was any likelihood of devaluation, the cause in our bonds as payment in gold should be eliminated and "dollars" substituted. May 22, 1933. 77. Goldenweiser said stabilization today would depress prides in U.S. and raise them abroad. He thought it best to find the price level our domestic programme would bring about, and then stabilize perhaps by devaluation of the dollar. June 16, 1933. 111. Goldenweiser said one-half of the price recovery came from genuine business improvement, one-quarter from anticipation of devaluation, and one-quarter from speculation. June 16, 1933. 112. Sprague told C.S.H. he could submit to some inflation to "prime the pump" but that he could not stand devaluation, and intimated he might resign, if devaluation took place. July 14, 1933. 143. Dr. Miller said devaluation would be preferable to the present state of chaos, but he doubted whether devaluation would put up prices. C.S.H. Said devaluation should be applied, if at all, merely to adjust gold coin to its actual value, after prices have risen. July 20, 1933. 149. The Banking Advisory Committee reports to Roosevelt against devaluation (See scrap book) Aug. 31, 1933. 182. Gov. Black said devaluation was considered at conference with Roosevelt last night; that the chief discussion was whether the Government cauld take from Federal reserve banks the profit acquired by devaluaticn. The Attorney General said this could lawfully be done, - if necessary by extending hoarding order to F.R. banks. Sept. 25, 1933. 195. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 77. Devaluation of dollar (Contld.) Roosevelt appointed Attorney General, Woodin, and Gov. Black as a Canaittee to prepare a plan for devaluat ion. Roosevelt did not say he had made up his :And on devaluation, but Gov. Black believes he has Sept. 25, 1933. 198. Gov. Black asked Wyatt and Goldenweiser for a memorandum and legal opinion on devaluation. Sept. 35, 1933. 198. Dewar, Prof. 161, 164. See - Auld Lang Sync. Dewey, Ex-Asst. Sec. Gives dinner to Mr. Szymczak at Wardman Park. June 29, 1933. 124. Dinners (See lunches, suppers) With Sen. and Mrs. Carey. April 4, 1933. 15. With Capt. and Mrs. McNamara. April 8, 1933. 19. With Helen Ernst. April 9, 1933. 19. With Mrs. Hagerman. April 15, 1933. 23. Womans dinner. H.P.H, dines at White House April 29, 1933. 47. Sophie Boredl dines with us. May 2, 1933. 50. Edith Helm dines with us. May 5, 1933. 54. With Mr.and Mrs. Warren. May 9, 1933. 58. With Senator and Mrs. Carey. May 16, 1933. 70. At Woman's National Democratic Club. Mr. aad Mrs. Suesdorf with us. May 19, 1933. 74. With Japanese Ambassador to meet Ishii. May 25, 1933. 86. Woman's National Democratic Club to Postmaster General Farley. June 1, 1933. 93. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 78. Dinners (See Lunches, Suppers) (Cont'd.) Alma Ruggles and Eloise Sargent with us. June 5, 1933. 97. With Alma Ruggles at Chevy Chase Club. June 11, 1933. 106. With Gen. and Mrs. Crozier. J11Xle 17, 1933. 115. With Mr. and Mrs. Charles Warren. June 18, 1923. 115. Harvard 1883. Class dinner. 50th anniversary. June 21, 1933. 116. With Mr. and Mrs. Bright. June 24, 1933. 121. C.S.H. with Asst. Sec. Dewey. In honor of Mr. Szymczak. June 29, 1933. 124. With Gen. and Mrs. Crozier at Chevy Chase Club. July 3, 1933. 132. d Mrs. Henry McLane at Olney Inn. July 6, 1933. 138. With the Misses Connolly. July 7, 1933. 138. With Mrs. Sussdorf on roof garden of Powhatan. July 8, 1933. 139. We give dinner at Woman's National Democratic Club. Present: Gov. and Mrs. Black, Mrs. Governor Ross, Gen. and Mrs. Vrozier, Mrs. Frazer. July 12, 1933. 142. We give dinner at Woman's National Democratic Club. Present: Miss Perkins, Sec. of Lauor, Mrs. Harriman, French Ambassador and Madame Laboulaye, Mr. and Mrs. Robert Bliss. July 13, 1933. 144. With Geu. and Mrs. Crozier. July 16, 1933. 146. With Gertrude Myer. July 17, 1933. 146. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dinners (See Lunches etc) (Cont*d.) We drive over and dined with Rachel Hale. July 21, 1933. 152 j Ш Ш ' '' •į 4 With Charles Warren on roof garden, Hotel Washington. July 22, 1933. 153. We gave dinner at W o m a n s national Democratic Club to Barčai and Baroness Van Breugel, Counsellor of Dutch Legation. Presenti Baron and Baroness Van Breugel. Mr. and Mrs. McClintock, Mrs. Newlands, Gertrude Myer Mr. and Mrs. Charles Eliot Tom Eliot Charles Warren Miss Anderson Mary Patten. July 24, 1933. 155. C.S.H. has dinner at Woman1s National Democratic Club. Present: Beauford Kelly, Miss Bassell, The Misses Conrad. Aug. 9, 1933. 167. C.S.H. dines with the Miss Connolly. Aug. 10, 1933. 167é C.S.H. dineK with Gov.and Mrs. Blade and Pederal Reserve Agent Newton at Normandy Inn. Aug. 15, 1933. 170. C.S.H. dines with Charles Warren at Metropolitan Club. Aug. 28, 1933. 177. We give dinner at Mattapoisett. Present : Ambassador and Mrs. Houghton Mr. and Mrs* Eellows-Gordon Mrs. Weld, Mrs. Lothrop and the Rices. Sept. 3, 1933. 183.. C.S.H. dines at Carlton Hotel with Mrs. Newlands. Sept. 7, 1933. 184. Mr. and Mrs. Hunnewell dine with us at Mattapoisett. Sept.16, 1933. 188. C.S.H. dines with Baron and Baroness Van Vreugel to meet Mr. Nigjh a Dutch Editor. Sept.23, 1933. 194. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 80. Dinners (Cont'd.) Direct pressure. 21. See - Miller, Dv. Dirt farmer When Congremedded a member to Federal Reserve Board, it intended, although no specified in the law, that he should be a dirt farmer. Roosevelt however farmer, and Chairman of farms as an refused to realp)o nt Magee, an ideal dirt appointed Thomas, a lawyer of Nebraska and the Democratic State Connittee. He owned some investment but was a pr%cticing lawyer. June 14, 1933.108. Dishonor, National 94 See - Miller Disloyalty. 113, 114. See - Burgess D.C. Court of Alpeals. 97. See - Davis, Norman. D.C. Tax return C.S.H. filed, for year 1934. July 7, 1933. 138. Dividend paying stocks. 136. See - Roosevelt Dodge, Clarence P. Mr. and Mrs. Lunch with us at Mattapoisett. Said he was a great friend of Sec. Ickes. Aug. 22, 1933. 173. See - Ickes, Sec. Dollar Hull agrees with Roosevelts policy to let dollar alone at present. Aug. 12, 1933. 169. See - Devaluation Gold. Domination The Federal Reserve Bank, New York, has gone over the head of the Federal Recerve Board and of Sec. of Treasury and have put in gold order what Wall Street wanted. Mar. 27, 1933. 4. Woodin tried to dominate the Fa. banks as to licenses to open. April 8, 1933. 18. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 31. Domination (Contld.) Burgess eliminated Woodin and made him write Glass a letter criticising his bill, which was just the opposite of the Board's unanimous recommendation. April 18, 1933. 25. Miller said Roosevelt completely dominated Woodin. April 20, 1933. 30. Miller said Roosevelt is dominated by Parlor economists. July 20, 1933. 149. Doolin 189, 191, 192. S -e - Feder. Reserve Bank, Kansas City. Douglas, Asst. Sec. Gov. Black formally recommended, to Roosevelt for Federal Reserve May 31, 1933. 89. Board. Wyatt said Woodin and Black advised Roosevelt to appoint, on Federal Reserve Board; that Roosevelt said he would appoint him; that Woodin so told Douglas; that next day Szymczak was appointed. June 5, 1933. 97. Szymczak said Douglas was not a good man for th- Federal Reserve Board; that he was a tool of Silas Strawn who got him his place in Treasury. Sept. 23, 1933. 193. Douglas, Lewis, Budget Director Rumor that Woodin is to resign and, to be arft)ointed in his place. May 18, 1933. 73. Asks Gov. Black to sign cables to Roosevelt urging him to accept latest suggestion of using efforts to prevent speculation in exchange, made by the Econouic Conference, but Gov. Black June 30) 1933. 127. refused. Suggests that Gov. Black he Put on the Super-Cabinet. He finally refused. July 20, 1933. 149, 150. Gov. Black said he was glad not to be in the Super-Cabinet as the sound money men - Douglas, Sprague, etc. would be outvoted by the others, - Wallace, Moley, Ickes, etc. July 24, 1933. 154. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 82. Dunlop, Mrs. 161. See -Auld Lang Syne. Dunn, Dr. Reported: Sugar in urine. 0 Blood sugar 14 Blood pressure 165 Said it was a very fine showing. July 29, 1933. 158. See - Ruffin, Dr. Dutch Legation. See - Van Brengel Van Royen http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 83. -E- Earmarking. 2, 26, 110, 143. See - Gold Economic Conference Roosevelt told Gov. Black he had d cided to send Gov. Harrison over as an adviser to Sprague, in connection with the Economic Conference; that if later a conference of central banks is held, Gov. Harrison will r4present Federal Reserve Bank of New York. May 31, 1933. 89. Gov. Harrison cabled Burgess that it would be impossible to do anything at, unless some stabilization agreement, even a temporary one, is entered into between U.S., France, and Great Britain. June 13, 1933. 107. Gov. Black said Sprague had sent a report to Acheson who will take It up with Roosevelt, but that he felt Roosevelt would never agree to it. June 17, 1933. 114. Gov. Black said the choice of Gov. Cox as Chairman of the Monetary Committee was the result of a deal, - our delegates having agreed to a stabilization plan as a consideration. June 17, 1933. 114, 115. Gov. Black said he believed the conference would speedily break up. June 17, 1933. 115. Gov. Harrison came before Board and gave an account of his work in connection with the central bank conferences. June 24, 1933. 118, 119, 120. See - Harrison, Gov. Acheson told Gov. Black that Warburg told him that our delegation at Econo:lic Conference formed a ludicrous grouo, - more like a comic opera; that they breathlessly awaited Molls coming, but that when he arrived he had absolutely no instructions from Roosevelt and nothing to offer for himself! He said Moley finally agreed toa resoLution that the central banks should do all in their power to prevent exchange speculation, - which Roosevelt promptly kicked over! July 24, 1933. 154. See - Gold Harrison, Goy. Stapiliza-Gion Roosevelt. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 84. Economic Conference (Cont'd.) Gardner comes before Board and gives account of the efforts to obt in stain ation at Economic Conferaice. Aug. 9, 1933. 165, 166, 167. See - Gardner Economic stability Miller said, and financial instability were absolutely inconsistent. July 20, 1933.149. Economists, Parlor Miller said Roosevelt is dominated by, but sooner or later would turn to our Board for help. July 20, 1933. 149. Egg) Poached Two days ago H.P.H. broke an egg in a fryine; pan, placed it on window sill and in 19 minutes hada poached egg. July 1, 1933. 122. Wile in his Star letter refers to above. C.S.H. sends clip ing to Sophie Boreel, Helen Ernst, and July 14, 1933. 144. Rachel Hale. Eliot, Mrs. Charles Mr. and Mrs. and Tom Eliot dine with us at Woman's National Democratic Club. July 24, 1933. 155. Emergency. 18 See - Hamlin, C.S. Woodin Emergency Farm Mortgage Act, 1933. See - Thomas amendments. English Court decision. 77 See - Gold. Ernst, Helen. We dined with. April 9, 1933. 19. We meet, at lunch - ith Constance Williams (Lodge) April 20, 1933. 17. C.S.H. sends clip ing aw to H.P.H.'s poached egg to. July 14, 193L. Writes C.S.H. a long letter. July 17, 1933. 155. Lied of pneumonied. July ;34, 1933. 155. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ernst, Helen (Contld.) C.S.H. writes letter of sympathy to Mrs. Grinnell. July :"6, 1933. 156. Buried at Forest Hills today at 2 p.m. Happened to see notice of funeral at Forest Hills in Boston Transcript. C.S.H. was at nattapoisett but was tired out and did not feel able to attend, as it would have taken the whole day. She was a strong friend and an agreeable, intelligent and charming woman. Aug. 26, 1933. 176. Espil See - Argentine Ambassador. "Esquire" UnderSec. Phillips to Gov. Meyer addressed, "Esquire" April 12, 1933. 20. April 14, 1933. 23. June 8, 1933. 101 Eustis, Edith Tells H.P.H. she had heard on good authority that the Governor of the Federal Reserve Board lay between Dr. Miller and 3.S.H. April 6, 1933. 16. Excess reserves. 79, 82. Exchange. See _ Gold Stabilization Executive Committee. 78, 79, 124, 152. See - Governors Conferece Open Market Committee. Export. 143. See - Gold Exports, Farm Sprague said we were on stilts as regards dollar depreciation and that this must be corrected, but that strengthening the dollar would injure. Sept. 23, 1933. 194. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 86. Export trade Gov. Meyer said he had no sympathy with our efforts to increase by cutting into foreign markets now controlled by other nations. April 21, 1933. 35. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 87. Fancher, Gov 79, 152. See - Federal Reserve Bank, Cleveland. Farley, Postmaster General Tells H.P.H. at dinner of Woman's Nati,nal Democratic Club that William Rice will be appointed Minister to Holland. June 1, 1933. 93. See - Rice, W. G. Dr. Miller said a man named Jenkil,s, of : ,emocratic National Committee, who said he represented Farley, called up Morrill and asked how Peyton came to be appointed Federal Reserve Agent of Minneapolis, who recau.ended him et al. Morrill said he would refer his inquiry to the Board. As a matter of fact the first notice to Board was a telegram of Governor of Minnesota to Roosevelt who forwarded it to us. This is an amazing request of the spoilsmen! June 10, 1933. 245 - 102. Miller said, wrote Sec. Woodin praCtically demanding the appointment of Justice Wardell as Federal Reserve Agent, San Francisco, and staAng that Roosevelt desired the Board to make the appointment. June 26, 1933. 121. See - Roosevelt Wardell James gave us a clipping from the Omaha Bee to effect that Thomas had said he would not resign as Chairman of Democratic State Committee of Nebraska until the close of the year; that Farley had told him there was no reason why he should resign! This is extraordinary indeed! June 29, 1933. 123, 124. Farm bill See - Thomas amendments. Farm Loan Board Gov. Meyer said there was a ra.:Lor that Roosevelt would consolidate the Farm Loan Board and Federd ReFerve Board. April 21, 1933. 36. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 88. Federal Advisory Council Meets with Board. Passed resolution apposing Guaranty of deposits. Discussion showed that many, perhaps a majority were opposed to continuance of the policy of contiLued buying of large amounts of Government securities. 0.S.H. and Miller defended the former policy cthowing that it stopped in large measure the fearful inflation; that the policy was modified at that open market meeting, over C.S.H. and Miller's objection. C.S.H. said that at that open market meeting he said that like Mr. Brittling, he wanted to see it through. Miller told Council it dio not discharge its duty by merely passing negative resolutions; that it should present a positive programme. Mr. Robinson presented a general plan of coordination between the Treasury's Comptroller and Federal Reerve Board for some uniform basis for finding the value of bank assets higher than liquidating market values, saying that this would help carry on banks which had been opened. Under his plan the R.F.C. would be bound to loan on the values thus agreed upon. He admitted that, in efiect, this would amount to a guaranty of deposits. Traylor said the real problem was to build up the capital structures of the bank which needed it, and that this action would satisfy the depositor; that Robinson's suggestion might require new legislation. Gov. Black said we were morally boumd to guarantee the deposits of every member bank licensed to open; that we should prepare a plan and so state specifically. The matter was referred to a committee of five to prepare a definite plan reconciling the apove views, to consult with Woodin and later with Roosevelt. M4416, 1933. 68, 69, 70. Gov. Bladk prepared a tentative draft of bill authorizing Roosevelt to direct the R.F.:3. to loan licensed banks on the recommendation of Federal Reserve Board, to pay http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 89. Federal Advisory Council (Contld.) off depositors, with the right of R.F.C. to impose reasonable regulations, approved by Secretary of Treasury, with the right to close any bank. The Board, with slight changes, approved this. Gov. Black reported that the Federal Advisory Council Committee had seen RADOS velt, Who seemed impressed with the idea of a guaranty of deposits through the R.F.C., and asked Woodin to take it up with him and with Aldrich, President of Chase National Bank, whom he had just talked with. Gov. Black saw Chase who aloproved the general plan. May 17, 1933. 70, 71. The Senate Committee rejected the bill of the Federal Advisory Council as to the R.7.C. Roosevelt had practically approved it. May 20, 1933. 75. Met with Federal Reserve Board. Presented resolution condemning Securities Act (See scrap book) and asked that he sent to Roosevelt and Congressional Committee. Gov. Black said it should be revised to give just what changes they wanted. After objections by Council it was understood that they would amend it and suggest amendments. Later the Council sent the same resolution to the Federal Reserve Board and asked that each Federal reserve bank send copies to its member banks. The Board objected to sending out Propaganda to the member banks through the Federal reserve banksand so advised the Federal Advisory Council. Sept. 19, 1933. 188. Federal Reserve Agent, Chicago. Bank holiday. See - Federal Reserve Bank, Chicago. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 90. Federal Reserve Agent, Minneapolis Board offered position to Homburg who declined. Board then appointed Peyton, former State Superintendent of Ban-ing. The Governor of ilinnesota wired Roosevelt asking 1,im to appoint Peyton anL Roosevelt sent it to Board. He made a fine record in Minnesota and tne whole Board , was pleased with his appearance. Miller said a man named Jenkins of the Democratic National Committee speLking, as he said for Farley, called um Morrill and asked how Peyton ca4le to be appointed and who indorsed him; that Morrill said he would recort his conversation to the Board. An impudent request. war path! The spoilsmen are evidently on the June 10, 1933. 102. Federal Reserve Agent, San Francisco. 100. See - Wardell Federal Reserve Agents,Conferance Considered opeing of closed banks. Aug. 15, 1933. 170, 171. Federal Reserve Bank, Atlanta. 14 See - National Bank of Vicksburg Newton, Federal Reserve Agent Black, Gov Federal Reserve Bank, Boston Passes resolution favoring liblal purchases of Government securities. May 24, 1933. 82. Directors vote to accept the Industrial Recovery Act. July 28, 1933. 157. Federal Reserve Board votes to interpose no objection. Aug. 2, 1933. 160. C.S.H. at, discusses general situation with Gov. Young. Official business. Used Government transportation. Aug. 17, 1933. 171. Atended directors meeting. Aug. 23, 1933. 173. At Federal Res rve Bank Discussed question of allowing payment of Federal reserve bank of expenses of stockholders Advisory Committee. Also discussed question of bank relief. Official business. Used Govt. Transportat on. Sept. 13, 1933. 18' http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 91. Federal Reserve Bank, Chicago Board took up report on bond subscription irregularities, and asked Wyatt to advise it whether it should not be given to Department of Justice. Board voted to ask Gov. McDougal to appear before it on Thursday and explain the over allotment and then to ask McKay and Simpson to appear. C.S.H. felt the Board should first ask the directors to report but Board voted to act directly. Mar. 28, 1933. 5, 6. Board gave hearings to McKay to explain his and Simpson's allotment made through him. McKay had split up Simpson subscription of 3 millions into 6 of $500,000 each, thus giving him a highei allotment. Mar. 29, 1933. 9. Board drafted a letter to Chairman, Simpson, and Department of Justice. The Board asked Chicago directors to send a Committee to Washington at earliest possible date, and decided to hold up the letter to Attorney Geneml until after the Simpson allotment had been disposed of. April 2, 1933. 12, 13. The director Committee came before the Board. April 10, 1933. 20. Gov. Young said that director of Boston, New York, Chicago, Philadelphia and Cleveland had passed resolution favoring liberal purchases of Government securities. May 24, 1933. 82. C.S.H. asked what had became of the letter to Attorney General on matter of bond subscriptions which the Board had some time ago voted to send Morrill said each member had checked Le letter but that it had been with Woodin awaiting his check for several May 26, 1933. 87. O.S.H. again asked as to above. Morrill said it was still with Woodin, and that Acheson had asked his legal adviser to study it, — hence the delay. Aug. 29, 193. 180. Szymczak said the bank had asked Board not to act on proposed salary for acting or Deputy Governor Preston as the directors would soon choose a permaw-nt Governor; that Stevens said it would be neither Talle;,- nor Preston. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 92. Federal Reserve Bank, Cleveland Gov. Fancher old C.S.H. and Morrill of the Ohio Senate investiation and of the card on the credit files of the Guardian Trust Co. to effect that his loan must not be called because of his nosition as Governor. July 21, 1933. 152. See - Governors Conference Open Market Committee. 91. Federal Reserve Bank, Dallas See - Governors Conference Open Larket Cam.itt e. Federal Res:rve Bank, Kansas City Board took up vacancy in Class O directors caused by resign of Langworthy. ion Many letters have came in indorsing Doolin, a director of Oklahoma branch. Many of them were clearly Political, frankly stating that a Democrat should be appointed. James said that Board fixed a policy when Langworthy was appointed that Class a directors should be taken from Kansas City, and thiE explained why a first-cnss Denver man was dropped and Langworthy ap ointed; that undr this policy he reported in favor of Caldwell of Kansas City. Thomas denied that this was a fixed policy. The Comptroller said if it were the policy it would be illegal discrimination against the rest of the state. Miller said we were free to ap-Doint anyone. Thomas refused to sign James re-Dort and finally nominated Doolin. James said the best man would be Lag.ee. C.S.H. said he assumed the Policy had been fixed and that therefore he was prepared to vote for Caldwell, a good man, but that if there was no such Policy he wanted time to consider the other canates. Thomas said there was originally a gentlemen's agreement among the banks that Kansas City would ask on_y for two directors. Miller said this (-dearly did not bind Board, and he had never heard of it. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 93. Federal Reserve Bank, Kansas City (Contld.) Gov. Black read a list of attendance at Executive Committee meetings which showed that cut of town directors rarely attended except on days when there was a meeting of. the full board. Gov. Black called for an informal vote on the desirability, other things being equal, of appointing a Kansas City man. Aye: Gov. Black, C.S.H., James, Szymczak No: Thomas, Comptroller Board then referred matter to a special Coadttee - Thomas, James and Szymczak - to report later. Sept. 19, 1933. 189, 190. Szymczak told C.S.H. he saw Farley yesterday who at once asked about Doolin, that he explained to him the attitude of the Board as to political influence and suggested that he have a conference with Gov. Black, to which Farley agreed. Szymczak told Farley that when the Board had picked a man he knew it wouldbe glad to ask Farley if the man had attacked the administration unfairly and so was obnoxious to it. Sept. 23, 1933. 192. Pederal Reserve Bank, New Yolk Daiger said there was a uumor the directors of ,were not very happy with Gov. Harrison. April 12, 1933. 22. C.S.H. believes the Federal Re‘ierve Bank of New York, througti Burgess influence over Woodin is trying to wreck the Glass bill. April 15, 1933. 24, 25 Glass told Woodin that, had written his letter criticising the Glass bill. April 20, 1933. 30. Gov. Harrison :A the dinner to Meyer said there were conflicts of authority between our Board and. April 21, 1933. 34. Daiger said jller was defeated by a cambination of stabilizationhts and the F.R. Bank of New York. May 12, 1933. 63. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 94. Federal Reserve Bank, New York (Contld.) Roosevelt told Gov. Black that if there was a conference between central banks at Economic Conference, Gov. Harrison would represent the P.R. Bank, New York. May 31, 1933. 89. Directors unanimously agreed to discontinue spread the work plan. July 1, 1933. 128. See - Berle Gold Governors Conference Harrison, Gov. Miller Open Market Com"ittee Federal Reserve Bank, Philadellthia See - Governors Conference Norris, Gov. ODen Market Committee 82. Fedral Reserve Bank, Richmond Federal reserve funds hereafter to be deposited in. June 29, 1933. 122. Federal Reserve Bank, San Francisco See - Wardell Federal reserve banks Board feels, an not safely give 1/2 of their surpluc. to Deposit Insurance Corporation but will not ask for a veto because of this. June 1, 1933. 91, 92. Roosevelt agreed that the, should not be required to turn over 1/2 of their surplus. June 2, 1933. 95. Board discussed whether, in case of devaluation the Government would take from, the profit on their gold holdings. The Attorney General said it could. Sept. 25, 1933. 195. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 95. Federal Reserve Board Gov. Black apointed and desinate, as Governor of. May 10, 1933. 58. Mr. Thomas and Mr. Szymczak appointed on. Rune 3, 1933.96. See - Douglas Magee Szymczak Thomas Glass told Roosevelt he had, made a terrible mistake in appointing only De-ocrats on. RoosyvEit sAJi he agreed but that should have said so before. Glass said he had done him the courtesy to ask him. June 16, 1933. 113. Roosevelt turned down the stabilization agreement without consulting the Federal Re3erve Board. July 3, 1933. 166. Szymczak told C.S.H. -at Roosevelt made a terrible mistake 1 in Putting only Democrats on Federal Reserve Board and tat he would be willing to resign to repair the mistake. Sept. 23, 19,32. 193. See also - Hitchcock See also - Separate headings. federal reserve branch, Seattle. 118. See - Boreel, Sohie Federal reserve credit. 82. See - Governors Conference Hamlin, C.S. Open Market CoOmittee Federal reserve funds. 122. See - Federal Reserve Bank, Richmond Federal Re irve System Woodin irritation against, grew it of his attempt to influence Federal res,.rve banks in matter of licenses to open banks. Scar.ely a good reason for turning, into a central bank! April 8, 1933. 18. Magee was very bitter L.t Roosevelt for bringing, into politics. May 19, 19::13. 74. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 96. Federal Reserve System (Contid.) Sprague made it a condition of his appointment that he sllauld be consulted by Brain Trust on my matter relating to Treasury or. May 24, 1933. 81. C.S.H. feels that Roosevelt by his action in putting on4 Democrats on Federal Reserve Board, by his offer to Hitchcock, and his practical dia:ection to Board, through Farley, to appoint Wardell as Chairman of Board of Federal Reserve Bank o: San Francisco, has irretrevably injured the. June 8, 1933. 101. C.S.H. feels Roosevelt has injured the Federal Reserve System by appointing Thomas, a lawyer and Chairman of Nebraska Democratic State Committee, on the F.R. Board, as a "dirt farmer" and refusing to appoint Magee. Mar. 14, 1933. 108. C.S.H. feels Roosevelt will go down to Ystory with President Hoover for having dragged, into politics. June 14, 1933. 108. Gov. Black told Roosevelt that even if legal, the appointment of Wardell would be such a purely political appointment as would destroy the Federal Reserve System, that the System must be kept absolutely out of politics. Roosevelt said he was absolutely in accord with this. July 6, 1933. 1371 138. Thomas told C.S.H. that as Chairman of Democratic State Committee of Nebraska he had before him 2000 applications for office and that they were following him to Washington. C.S.H. suggested resigning but he said he could not because of factional fights in the state and he must hold on to keep the peace. Heven help the Federal Reserve System: July 11, 1933. 140, 141. See — Omaha Bee James Pellows—Gordon. Mn and Mrs. Dine with us • t Mattapoisett. Sept. 3, 1933. 183. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 97. Fiftieth anniversary. Harvard. See - Harvard University Class of 1883. 116. Fiske, Bailey See - Sanderson, Mrs. Lloyd Flight of capital. 131 See - Capital Foreign bond holders. 79, 94. See - Gold France. 107, 109, 120. See - Gold French Ambassador Frazer, Mrs. Dines with us at Woman's National Democratic Club. July 12, 1933. 142. Free co.nage, 16 to 1. 23 Democrats in Senate voted for, and only 25 against it. April 21, 1933. 31, 32. French Ambassador We met Mr. and Mrs. Laboulaye at lunch with Dr. and Mrs. May 21, 1933. 76 We met, at dinner with Gen. and Mrs. Crozier at Chevy Chase Club. July 3, 1933. 132. Dines with us at Woman's National Democratic Club. July 13, 1933. 144. Fukai, Mr. 86, 87. See - Japan Funds, F.R. See - Federal Reserve Bei*, Richmond. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 98. Gait, Ontario 153. See - Boreel, Sw)hie Garden party We attend, at British Embassy to meet Ramsey MacDonald. April 21, 193. 37. We attend a, and string ouartet at Gov. Me:per's. May 4, 1933. 04. Gardner, Er. Tells Board made history o stabilization, Economic Conference. Aug. 9, 1933.165. See - Gold Prenares a memorandum on Roosevelt's )olicy. Aug. 31, 1933. 182. Genealogy Sophie Boreel. Mar. 31, 1933. 11, 12. Mrs. William Phillips. Uhr. 31, 1933, 12. Gentlemen's agreement. 190 See - Federal Re-,erve Bank, Kansas City. German Ambassador Lunched with Sec. Hull to meet Luther. May 10, 1933.60. Gelman Embassy Miller said Senator Owen, some years ago, wrote articles absolving Germany from 7.ar guilt, and tried to get $150,0r.0 from, and finally got $50,000. April 12, 1933. 23. C.S.H. attends 1.ecention at, to meet Sci,acht. May 5, 1933. 54. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 99. Germany. 27 See - Inflation. Germany, Ambassador to. il1er aid he had been offered; would not consider it. July 13, 193:. 143, 144. GlEcier Park 153, 158, 161, 169. See - Boreel, Sophie Glass Miller said, may h ve been wise in declining Secretary of Treasury, - he may have suspected Roosevelt's soundness. Mar. 27, 1933. 4. Calls on C.S.H. Fears Roosevelt may select political banks for F.H. Board. April 11, 1933. 20. Sent a copy of the Senate Committee report on Glass bill to Washington for his confidential criticism. Woodin never tolu Board of this until much later. A-cril 15, 1933. 24. Woodin told Board he had written Glass in a gen-ral the Glass bill. April 17, 1933. 24, 25. WV as to Told Wyatt and 1:,orril1 his Sub-Committee was ready to report but would do nothing until Woodin came before the Committee and made -flown the views nf the administration; that Woodin wrote the Sub-Com-littee a letter on April 9 from New York, undoubtedly prepared by Burgess - whict was utterly inconsistent with t;.e unanimous views of the Board as sent to the Committee. April 18, 1933. 25. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 100 Glass (Cntld.) Morrill said Glass told Woodin that the Federal Reserve Bank of New York had prepared his letter, and that the Committee would take no action until Woodin came before it and stated his and Roosevelt's views; that the Sub-Committ.ee was laughing at Woodin. April 20, 1932. 30. Told C.S.H. over telephone he was being importuned to speak on the Thomas inflation amendments; that his Doctor told him not to, but he thought he would speak for 8 or 10 minutes. He did not say what attitude he would take. This eveningls radio quoted Glass as saying that he would not vote for the farm b ill, with or without the Tho.:as amendments April 26, 1933. 42. Spoke in Senate yesterday against the Thomas inflation amendments. April 28, 1933. 46. Calls on C.S.H. Said he told Roosevelt he made a terrible mistake in filling the Federal Reserve Board with Demociats; that Roosevelt agreed with him, but that Glass should have came to him and told him so before; that he replied that Roosevelt had not asked his advice. C.S.H. told him of the memorandum he had prepared ior Woodin to give to Roosevelt. Glass said he did not believe Woodin ever gave it to him. June 16, 1933. 113. Said that Woodin admitted to the Sub-Committee that his letter to the Subcommittee criticismg the Glass bill was written for him by Burgess, and that he really knew nothing of its contents. Glass said Burgess was disloyal to Woodin in making him oppose Sec. 3 - Closing the discount window - when the Federal Reserve Board had unanimously approved it and had overruled Burgess' original opposition to it. June 16, 1923. 113, 114. Called on C.S.H. Said Woodin called on him some time ago and asked his advice about resigning, saying that he was utterly out of sympathy with Roosvveltis policies, - did not believe a word of them. Glass told him he could nat advise him. Aug. 1, 1933. 159. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 101. Glass (Contld.) Glass said Roosevelt's industrial programme would bankinapt thousands of small business men even now operating in , the red. Aug. 1, 1933. 159. Sails for Europe today with Admiral Grayson - to meet Baruch abroad. Aug. 12, 1933. 168. Glass bill C.S.H. told Woodin the authority of Board - along centralized lines would be greatly increased by Sec. 3. April 8, 1933. 18. Daiger said the N.Y. bankers opposed Miller for Governor because of his advocacy of Sec. 3. April 12, 1933. 21. Daiger s.id the Board should consider whether the new powers given by the, would not enable it to attain same measure of stabilization of prices. April 12, 1933. 22. Glass sends copy of, to Woodin for his confidential criticism. April 15, 1933. 24. C.S.H. believes the Federal Reserve Bank, New York, through Burgess influence on Woodin, is trying to wreck the Glass bill. April 15, 1933. 24. Woodin said he had written Glass in a gener,1 way about the Glass bill but before finally communicating with him he wished to F,et the views of thE Board. April 17, 1933. 24, 25. Glass told Morrill and Wyatt that his Committee was ready to report but would do nothing until Woodin came before than and had stated the views of Roosevelt, that Woodin had sent than a letter - probably prepared by Burgess- utterly inconsistent with the Board's view as sent to the Committee. April 18, 1933. 25. Woodin told the Board the other day that he really did not know what his letter to the Cannittee contained! He said he wanted the Board to ad-Ase him what to say. Evid,Intly Burgess has got in some fine work but how fine we can't know until we see Woodin's letter. April 18, 1933. 25. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 102. Glass, Senator (Contld.) Morrill said the Sub-Committee were laughing at Woodin; that Glass told Woodin that the Federal Reserve Bank of New York had prepared his letter of April 9; that Glass had notified him that the Sub-Committee would not report until Woodin came before it and stated his and Roosevelt's views. April 20, 1933. 30. Gov. Harrison said he had heard that Roosevelt had asked the Sub-Committee to postpone its report for 2 weeks as he wanted to consider branch banks, insurance on deposits, etc. April 21, 1933. 37. Traylor told Goldenwdiser that Roosevelt told him he was going to kill the Glass bill. May 18, 1933. 72. Glass bill passed Senate. May 25, 1933. 86. At Board meeting, Woodin aiscussed the Glass bill saying the Federal reserve banks could not safely contribute half of their surplus - near 150 milliones - to the Insurance Corporation. We are all agreed it was of doubtful legality and policy, but that we would advise a veto because of it. Miller suggested apportioning this among Federal reserve banks with the largest surplus, and Gov. Black said he would talk with Smead about it. Woodin also said the bill meant the ruin of the snail non-member banks -which could not join the Insurance Corporation. June 1, 1933. 91, 92. The Comptroller suggested a guaranty up to $2500 for all banks, member and non-9ember until July 1, 1924, when the new insurance would take effect. June 1, 1933. 92. James suggested paying off the depositz of all state banks failing UD to July 1, 1934, through th- R.F.C. June 1, 1933. 92. The conferees agreed.. June 12, 1933. 106. Roosevelt si_ms Glass bill. June 12, 1932. 114. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 103. Glass, Senator (Cont'd.) Bright said. the Glass bill had exempted all Federal reserve employees from the salary cut. Wyatt disagrees Ally 5, 1933. 135. Glenn, Urs. Newport. 115. See - Boree, Sophie Gold. (Also Economic Conference Gold standard Soutd money Sprague Stabilization agreement Harrison, Gov. Sterling) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 GOLD. Acheson, Under Secretary 36, 62, 70, 72, 75, 76, 83, 85, 87, 97, 100, 101, 111, 115, 117. Allied debts. 29. Annapolis Conference. 75. Attorney General. 2, 10, 126. -B- Ballantine,Under Secret.try. 1, 2, 5, 6, 9, 10. Bank of England. 9, 11, 81, 89, 93. Bank of France 34, 55, 57, 78, 87. Bank of Netherlands. 34. Banking Advisory Comiittee. 117, 119, 120, 121, 123. Baruch, B. 36, 70, 115. Black, Gov. 83, 84, 98, 100, 36, 44, 48, 49, 59, 70, 72, 74, 75, 78, 101, 109, 111, 117, 118, 126. Bloc. 67, 85. Boreel, Sophie 30, 33, 34. Brain trust. 45, 51. British bonds. 34. British exchange. 34. British stabilization agreement. 55. See - Stabilization agreement. Burgess. 1, 4, 9, 54, 55. Business recovery. 60, 127. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.4 -C- Cabinet See - Super cabinet Cable. Roosevelt refuses stabilization. 70, 71. Campobello. 70 Capita, Flight of. 78 Central banks. 7, 14, 64, 69, 85, 90, 115. Chaos. 80, 106. Constitution of U.S. 2 Contracts See - Gold contracts Cox- Ex-Governor. 63. Credit. See - Government credit Currency based on gold. 101 Currency, Managed. 87. -DDeal. Economic Conference. 63. Democratic Senators. 28. Depreciated currency competition. 67. Depreciation. 16, 125. Devaluation. 2, 25, 29, 30, 31, 91, 101, 103, 120, 123, 126, 127. Dishonor, National. 52 Distillery stocks. 84. Dollar 14, 78, 107, 116, 125. See - Devaluation Domination. 105. Dowaas, Budget Director. 72, 109, 117. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 106. Earmarked gold. 7, 14, 55, 87, 89. Economic Conference. ) 11, 19, 48, 58, 63 64, 73, 108, 115. Export licenses. 6, 9, 14, 32, 34. Exports, Farm. 125. -7Farm exports. 125. Federal Reserve Bank of New York. 1, 2, 8, 11, 48, 55, 73, 87, 89. See - Harrison, Gov. Federal Reserve Board. 6, 8, 10, 11, 12, 14, 16, 21, 36, 56, 72, 85, 86, 87, 88, 89, 90, 93, 96, 99, 105, 107, 109, 110, 115. Federal Reserve System. 45. Flight of capital. 78. Foreign bond holders. 3) 4, 34, 41, 50, 52. Foreign exchange limitations. 78. Foreign exchange speculation. 115. Foreign Government. 6. France 34, 54, 55, 64, 65, 67, 73, 78. See - Bank of France. Free coinage of silver. 28. -GGardner. 115. Garner. 28. Gold bullion. 7. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 107. Gold bullion standard. 85, 88. Gold clause bill. 36, 42, 43, 44, 46, '17. Gold contracts. 1, 2,4, 6, 25, 53, 68. Gold imports. 19. Gold order. 1, 2, 6, 7, 8, 12, 13, 19, 23, 24, 29, 30, 35, 50, 126. Gold reserves. 115. Gold standard 1, 6, 14, 23, 27, 29, 30, 33, 34, 36, 42, 50, 51, 57, 64, 67, 90, 115, 120. Goldenveiser. 4, 9, 31, 56, 57, 66, 74, 77, 127. Government bond redemption. 32. Government bonds. 2, 39. Government credit injured. 3, 25, 35, 107, 117. Government obligations. 3 Government securities. 117. Governors Conference. 25. Great Britain. 9, 29, 34, 38, 50, 55, 64, 115, 120. See - Bank of England British bonds Norman, Gov. Greenbacks. 25, 117, 120. -HHamlin, C.S. 1, 2, 3, 6, 11, 16, 19, 21, 23, 28, 32, 33, 34, 36, 37, 39, 44, 65, 74, 103, 110. Harrison, Gov. 11, 15, 25, 48, 49, 54, 55, 64, 65, 66, 67, 69, 73, 74, 77, 78, 87, 92, 98, 117. See - Federal Reserve Bank, New York. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 108. Herriott. 19. Hoarding. 2, 17, 57. See - Gold order. Hoover. 27. Hull resolution. 88, 90. ) Hull, Sec. 74 85, 116. Humiliating record. 65 Humiliation, National 69. Ickes, Sec. 108. Industrial Recavery Act. 104. Inflation. 15, 17, 18, 26,91, 117, 126. Inflationists. 18, 21, 109, 121. Jones, Jesse. 117. Lawful money. 36, 39, 44. Leaks. 114. Legal tender. 36. Licenses. See - Export licenses. Lipman, Walter. 22. 19 MacDonald. 19 Managed currency. 87, 115. Memoranda. Gov. Black. 49, 110. Meyer, Gov. 11, 29, 30. Miller, Dr. 19, 20, 25, 26, 27, 41, 50, 51, 52, 53, 68, 69, 70, 82, 99, 102, 104, 105. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 109. Holey. 48, 80, 108, 109, 115. Monetary Comuittee. 63. Monetary policy. 119 See - Policy, Roosevelt -NN.R.A. 124, 127. National Democratic Platform. 18. National dishonor. 52. Nev; York Herald-Tribune. 22, 23. New York Stock Exchange. 17. New York Times, 23, 32, 50, 80, 81. Norman, Gov. 118, 122. See- Bank of Eni;land. -0Obligation of contracts See - Gold contracts Open market operations. 20,75, 117, 120. Parlor economists. 105. econanists. Pegging of sterling. 87, 89, 92, 93, 111, 112, 114. Pittman silver resolution. 115. Policy of Roosevelt. 22, 56, 57, 59, 62, 72, 75, 76, 81, 83, 84, K, 87, 97, 100, 104, 106, 118, 119, 124. Political question. 36. Pound sterling. 9 See - Pegging of sterling. Prices. 25, 31, 56, 60, 61, 68, 83, 91, 102, 103. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 110. -R- Records. 3 Red, mption, Government bonds. 2. , Renudintion. 32, 36, 37, 41. Resignation. 91 Resolution, Hull. 85, 86, 89, 90, 115. Roosevelt 1, 2, 3, 11, 12, 13, 14, 16, 18, 19, 21, 22, 23, 24, 26, 27, 28, 29, 33, 35, 36, 43, 47, 48, 50, 52, 59, 62, 70, 73, 74, 75, 76, 77, 79, 80, 81, 82, 83, 84, 86, 87, 93, 97, 98, 100, 105, 106, 107, 108, 111, 112, 113, 114, 115, 116, 118, 121, 126. Run away market. 77. -SShirley, Swagar. 47. Silver. 115. Solicitor General. 6, 9, 10. See - Attorney General Speculation. 60, 91, 99, 102, 104, 115. Sprague, 0,E.W. 40, 41, 42, 45, 46, 48, 49, 58, 62, 64, 91, 107, 109, 113, 117, 125. St-bilization. 11, 78, 87, 106, 107, 108. Stabilization agreement 9, 54, 55, 56, 57, 60, 61, 63, 64, 69, 70, 71 73, 74, 77, 80, 81, 82, 88, 89 (F.R.Bank, N.Y) 111, 112, 113, 114, 115, 120, 122. Sterling 34, 93, 95, 96, 97, 98, 106, 111, 114. Sterling, Pegging of. 87, 89, 92, 93, 111, 112, 114. Stock market. 83, 94, 95. Super Cabinet. 109 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -TThomas amendments. 25, 28, 51. Uncertainty. 124. U.S. Constitution. 2 Van Rayen. 34. Veto. 86, 88, 109, 115. Wall Street. 2 Wallace, Sec. 109 Warburg. 51, 64, 108, 115. Woodin, Sec. 1, 2, 3, 14, 25, 64, 70. Wyatt. 38, 126. 4.11.111111111,.114•111 easSIONa http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 112. Gold. 1. Board took up gold order with Ballantine and after some not material changes, agreed upon a final drft of order and also a stement for Roosevelt to give out. Burgess was present. The draft contained all of 0.S.H.Is suggestions. (See last diary and scrap book.) It kept the U.S. on the gold stanClard. It rejected the gold bullion standard. Every one having a contract for gold could get it, but under hoarding order,must turn it in, if not a foreigner. Federal Reserve Bank, New York, ow)osed all of above but had to surrender. Ballantine backed us up. The above is the most important action ever taken by our Board, and will go down into history. 7oodin and Ballantine have accepted it and C.S.H. ho es Roosevelt will at once issue it. Mar. 25 193Z. 1, 2. 2. Woodin tells Board that RooF-velt insists on following changes in Board's draft: 1. Sec. (d) and after " rported as " the words Com:ent. This refers to the past and would debar earmarking in the future. 2. Strike out (e) altogether. Board discussed this. Ballantine said Trading with the Enemy Act merely prohiAts hoarding of gold, and that the President would have no legal authority to prevent a cornoration having a gold contract from carryinA it out. C.S.H. asked whether, if (e) were stricken out, the Government would or would not pay gold on its obligations, if demanded. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11•3. Gold (Contid.) 2 (Cont'd.) Woodin did not seem to know. C.S.H. said that whatever the law might be, as a matter of policy, if the Govt. prohioited specific performance of gold contracts by individuals it would logic ally h. ye' to refuse to pay its Obligations in gold. The point was also raised that if the Govt. corrals all gold under the hoarding order, and later should devalue the gold dollar, it would deprive those turning in the gold of the profit which the Govt. would make from d -valuation, thus taking from the individual property witho ut due compensation, in violation of the Constitution. Finally agreed that Ballantine should consult the Attorney General as to the logal points involled. Ballantine opposed vigorously uoth of Roosevelt' s change -nd Woodin seemed to agree with him, but said Roose velt insisted that (e) must be stricken out. Evidently the Federal Reserve Bank of New York and the Nev, York lawyers have gone to Roosevelt over the heads of Woodin and out Board and persuaded him to strike out (e). Wall Street has scored! Mar. 27, 1933. 2, 3, 4. 3. C.S.H. fears that if (c) is stricken out Roose velt will direct Woodin not to pay gold on its Obligations, at home or abroad, to the grave injury of Government credit. Mar. 27, 1933. 4. 4. Goldenweiser says Burgess and Gov. Harrison have changed and now want (c) - carrying out snecific gold con,racts, retained in the order. Mar 28, 1933. 6. 5. At Board meeting Ballantine read a long memor andum opposing the striAng out of (e). Mar. 28, 1933. 6. 6. Ballantine presents to Board a new draft of gold order, eliminating (e), but leaving in the power to is-ue licenses to export gold in legitimate export transactio ns. C.S.H. said he would not object to this provided the Government announce that it would not interfere with the gold standard in international trade. C.S.H. said that under the new dreft the President could out us http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 113. Gold (Contld.) 2 (Cont'd.) Woodin did not seem to know. C.S.H. said that whatever the law might be, as a matter of policy, if the Govt. prohiJited specific perfo rmance of gold contracts by individuals it would logic ally h. ved to refuse to pay its obligations in cold. The point was also raised that if the Govt. corrals all gold under the hoarding order, and later should deval ue the gold dollar, it would deprive those turning in the gold of the profit which the Govt. would make from d -valuation, thus taking from the individual pro-pert; witho ut due compensation, in violation of the Constitution. Finally agreed that Ballantine should consult the Attorney General as to the logal points involl'ed. Ballantine opposed vigorously both of Roosevelt's changes -nd Woodin seemed to agree with him, but said Roosevelt insisted that (e) must be stricken out. Evidently the Federal Reserve Bank of New York and the New York lawyers have gone to Roosevelt over the heads of Woodin and out Board and persuaded him to strike out (e). 'Tall Street has scored! Mar. 27, 1933. 2, 3, 4. 3. O.S.H. fears that if (c) is stricken out Roose velt will direct Woodin not to pay gold on its obligations, at home or abroad, to the grave injury of Government credit. Mar. 27, 1933. 4. 4. Goldenweiser says Burgess and Gov. Harrison have changed and now want (c) - carrying out specific gold conracts, retained in the order. Mar 28, 1933. 6. 5. At Board meeting Ballantine read a long memorandum opposing the striAng out of (e). Mar. 28, 1933. 6. 6. Ballantine presents to Board a new draft of gold order , eliminating (e), but leaving in the power to is-ue licen ses to exnort gold in legitimate export transoctions. C.S.H. said he would not object to this provided the Gover nment announce that it would not interfere with the gold stand ard in international trade. C.S.H. said that under the new dr.f t the President could -put us http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 114. Gold (Oontld.) 6. (Contli.) off the gold standard internationally by refusing to issue licatises; that the terms of the new draft did put us off the gold standard internationally, and, in his opinion violated the obligation under specific gold contracts. Ballantine said the Solicitor Gen-ral did not object to this draft. C.S.H. does not understand this as Ballantine said yesterd ay the Solicitor General said the President could not preven t a citizen from accumulating gold to carry out a specif ic gold contract. Miller and C.S.H. drew up a statement to effect that the Board, in approving the new draft, did so on the understanding that it did not prevent export of gold in interna tional trade. Mar. 29, 1933. 6, 7. 7. The text of the new draft (c) is: "Gold coin and bullion licensed for legiti ate transactions (not including hoarding) including gold coin and bullion imported for reexport or held pending action on applications for export licenses or held in Lust or earmarked for a recognized foreign Government or foreign central bank or tho Bank of International Settlements.0 C.S.H., on studying this, believes it leaves the Treasury free to issue licenses for holding and/or export of gold in any legitimate transaction not involving hoarding, whether domestic or foreign. Mar. 29, 1933. 8. 8. Board, after discussion, decid?d to go back to its original draft apiraved by it, but striking out (e) and slightly Changing the rest. Mar. 29, 1933. 8. 9. Burgess told Goldenweiser that Gov. Harrison and he were opposed to issuing any export licenses until and unless some arrangement were made with Great Britain as to stabilizing the pound and added that sane such arrangement would shortly be made, and that Ballantine was present when this was discussed. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 115 Gold (Cont'd.) 9. (Contid.) • This clearly seems to show that the matterwas under consideration between uhe F.R. Bank and the Bank of England. Mar. 29, 1933. 8, 9. 10. II Board finished its revised draft of order, which Ballantine said was approved by Solicitor Genera l and Attorney General. Mar. 3L, 1933. 10 11. C.S.H. asked Miller as to advisability of asking Federal Reserve Bank of New York if it was negotiating with Bank of England as to stabilizing the pound. 0 Miller doubed it, as it might turn out that R osevel t had asked Gov. Harrison to do this in connection with the Economic Conference; that he believed some such thing was going on behind the backs of our Board, possibly because Gov. Meyer was still on the Board. Mar. 31, 1933. 11. 12. Roosevelt m.de a few slight changes in the Gold order, substituting in one place "proper" for "legitimate". Board accented this change and approved the Order. April 2, 1933. 12. 13. Roos -welt issues gold order. April 4, l93. 14. 14. Roosevelt announces that no more gold export licenses will I be issued except as to gold now earmarked by certai n banks; that the dollar abroad would be left totake care of itself, at least until countries with depreciated currencies should return to the gold standard. This takes the U.S. definitely off the gold standard! Neither Woodin nor Roosevelt consulted the Board in any way as to this! Between April 4 and today licenses had been issued for gold exports in legitimate trade transactions. April 19, 1933. 26. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 116. Gold. (Contld.) 15. Gov. Harrison said he interpreted this as a preliminary to inflationary le6is1ation. April 19, 1933. 26, 27. 16. C.S.H. is appalled at this action of Roosei ielt as were the whole Board. He feels Roosevelt wi 1 now embark uipn a course of competition with German mark depreci tion! April 19, 1933. 27. 17. Co..lodity and stock prices feverishly rose today but a.s.H. believes they will sag again, and that.then the inflationists will demand more and more inflation with the usual disastrous results. April 19, 1933. 27. 18. Roosev,AA has aparently surrendered to the inflationists, thereby violating the sound money declaration of the National Democratic platform and repudiated saund finan cial principles! April 19, 1933. 27. 19. C.S.H. asked Aller what he thought of Roosev .=-1tIs action but he made non-committal answer,saying it was a Part of a broader policy but did not say what that policy was C.S.H. asked if it had to do with the coming Economic Conference in connection with Herriot and MacDo nald. Miller said it had more to do with domestic problems. C.S.H. asked if any more gold would come into the U.S. and Miller said he thought not. April 19, 1973. 28. 20. Miller said the Federal Reserve System shoul d at once begin vigorous open market operations. April 19, 1933- 28. 21. C.S.H. feels that, having surrendered to the infla tionists, Roosev it may remove the whole Federal Reserve Board and nut extreme inflationists in their place. April 29, 1933. 28. 22. Roosev lt's policy is exactly what Lippman favor ed the other day in the N.Y. Herald-Tribune and believes Lipman is responsible for it. (See scrap book) April 19, 1937. 28. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis .117. Gold. (Cont'd.) 23. C.S.H. now understands the changes Roos-velt insisted on in the Board's original draft of order! What will papers such as the N. Y. Times and N. Y. HeraldTribune say at the deliberate abandonment of the' gold standard! .6.,a11_17, 1933. 28. . 24. Roosevelt issued the new gold order this A.M. April 20, 1933. 28. 25. Woodin asked Board to consider with the Governors the new Thomas amendments, including the gold :levaluation amendment. The Governors felt it could be worked out except as to greenbacks and devaluation of the gold dollar; that issue of greenbacks would injure the public credit and destroy confidence, while devaluation would violate the obligation under specific gold contracts. Miller was inclined to accept the bill but felt it would fail in its purpose. Gov. Harrison said he could accept all except greenbacks and devaluation. April 20, 1933. 29. See - Thomas amendments. 26. Miller said he knew that as late as last :ionday, April 17, Roosevelt was positively onnosed to all inflation; that later he had to choose between accenting a bill creating immediate inflation, or one putting the matter entirely in his hands; that he believed Roosevelt felt the latter was politically expedient; that he was inclined to agree with him as to this. April 21, 1933. 31 27. Miller said he knew that Hoover wrote Roosevelt a month before inaugurbtion and asked him to join in a statement that the gold standard would never be lowered, or words to that effect; that he did not know That Roosevelt's reply was but assumed it must have been negative. April 21, 1933. 31. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 118. Gold. (Cont l d.) 28. C.S.H. feels that perhaps one reason inuucing Roosevelt to accent the Thomas amendments was the fact that 23 Democratic Senators voted for the imediate free coinage of silver at 16 to 1 and only 25 voted sigainst it; that a change of only 5 votes would have enabled Garner to cast the decisive vote! April 21, 1933. 31, 32. 29. Gov. Meyer, at the dinner given him by the Governors, made bitter attack on Roosevelts gold orde r and his action under it throwing over the gold stan dard. He also attacked devolution of the dollar. He said it was shocking it a time when the stricken nations were trying to pull together to use the threat of devaluation as a club to excite furt her trouble and animosity. He said the real remedy was to settle Allied debts and help Europe to remain or return to the gold standard. He said Great Britain was forced to leave the gold standard, while the U.S. had voluntarily left it, -a policy which to him seemed to him the very wors t policy conceivable. April 21, 1933. ,5. 30. Sophie Boreel told C.S.H. people were saying that Gov. Meyer resigned because he was so op, osed to ) Roos. veltls going off the gold standard. C.S.H. said that altho Gov. Meyer may have had other reR-ons for resigAing, this latter could not have been one, for he asked. Roosevelt to relieve him on or about Mar. 24, at which time the Board was preparing regulations under the original gold embargo order of Roosevel t on which the Board was unanimous; that at that time no qmestion of leaving the gold standard or of devaluing the dollar had -ven been thought of. April 26, 1933. 40, 41, 44. 31. Goldenweiser said no country in rece nt times had devalued its coinage in or&Ir to nut up prices; that in every such case prices had already risen and the coinage was merely adjusted. to its actual value. Anril 26, 1933. 42. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 119. Gold. (Contld.) 32. The Treasury has declined to issue licenses for ex ort of gold to pay inter st on its bonds held abroad and payable in gold coin! is almost heart-breaking! The dollar abroad is worth only 81 cents and t'flis is repudiation! See editorial in N. Y. Times. May 2, 1933. 48 33. Sophie Boreel asked many question s as to abandonment of gold standard to which C.S.H. gave rather cryptic replies. She seemed deeply impressed with the criticisms of Roosevelt's action. C.S.H. told her she could tell Van iioyen that all was well. May 2, 1933. 50. 34. Sophie Boreel expressed amazemen t at action of Treasury in repudiating its gold oblipfat ion on its bonds held by foreigners. C.S.H.avoided expressing any opin ion although he agreed with her in his heart. • He reminded her that zathough some British bonds were Payable in sterling, the equivalent to gold up to the fall of 1931 when Great Britain abandoned the gold standard, yet Great Britain was paying them in depreciated sterling; also that the Bank of France thro ugh its holdings of British exchange, lost 100 million dollars When Great Britain left the gold standard, thus wiping out its capital 3 or 4 times, and that the French Government had to come to its assistance; that the Bank of Netherlands lost 13 millions of dollars in the same way, and tried to recover but failed. C.S.H. said that our bonds were not placed abroad but foreigners who bought them bought them in our market subject to our domestic law. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Gold (Contld.) 34. (Cont l d.) C.S.h. said if we had placed their .Unds in foreign markets specifically payable in gold , as did France and Gre-t Britain in the U.S. duri ng the war, a different question would arise and that these foreign countries were paying gold to kierican hold. , :rs or would certainly do so. She said Van Royen claimed that Gov. Norman told the Netherlands Bank that Great Britain would not go off the gold standard. 11 S0-3hie Boreel was not convinced by C.S. H.'s precedents, and C.S.H. cited them without expressing any opinion, as of course he oyuld not properly do. May 4, 1933. 51, 52. 35. Burney Baruch told C.S.H. that Roosevel t's gold hoarding order had destroyed the credit of the U.S. abroad. May 10, 1933. 59. 36. Gov. Black presented to Board a memorand um of Under Secretary Acheson, with a draft of bill that all U.S. bonds shall be payable in lawful money whether or not gold is specified for payment. Acheson asked opinion of our Board. Gov. Black said it was repudiation of a sacred promise. The Board felt, however, whatever migh t be its o:Anion, that the policy was fixed by the abandonment of the gold standard by Roosevelt. C.S.H. said it was a political question which had been settled by the Government, t least as to bond s now outstanding; that as to future bond issues, how-ver, the word "gold' should be eliminated in accordance with the new policy and the word "dollar" or "lawful money" be substituted.. C.S.H. noirtsd out ....at while the prop osed bill inferentially authorizes future bonds payable in lawf ul money or dollar, yet it does not specifically so provide, and that this should be made clear. C.S.H. feels that the issue of such bond s will impair confidence and prevent long term contract s or bond issues on the part of individuals or the Governme nt. feels that whatever may be the policy as to bonds issued in the future, as to bonds now outs tanding, the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 121. Gold. (Contld.) 36. (Contd.) U.S. Supreme Court will rule that t-I.E) Government must pay or an equivalent value, in spite of any such law, which makes all forms or money legal tendr. May 22, 1933. 76,77. 37. C.S.H. feels it deplorable to break faith with existing bond holders. May 22, 1932. 77. 38. There is an English decision contra, but Wyatt says it was not carefully thought out. May 22, 1933. 77, 78. 39. C.S.H. feels on principle that in the future no bonds should be payable in a commodity such as gold , but should be payable in lawful money. May 22, 1933. 78. 40. Sprague has been appointed a Treasury assistant to help in bond and gold matters May 22, 1933. 79. 41. Miller said he never believed the U.S. would reoudiate its gold Obligations, at least to foreign holders. May 22, 1933. 79. 42. Sprague told Gov. Black he did not like the proposed bill as to the gold .ause, but uhat we must either go back to the gold standard or pass this bill . May 23, 1933. 80. 43. Gov. Black said Roosevelt accepted the proposed bill and had so notified the leaders in Congress. May 20, 1933. 80. 44. Gov. Black said he told Woodinls assi stant of C.S.H.'s suggestion that specific authority to issue bonds payable in lawful money should be given in the bill and he said he would consider this. May 23, 1933. 80. 45. Sprague made it a condition of his appo intment that the Brdn Trust would consult him before taki ng action on any financial or P.Reserve matter. May 24, 1933. 81. 46. Steagall introduces in H.R. the gold clau se bill as an administrative measure. May 26, 1933. 87. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 122. Gold (Contld.) 47. Swagar Shirley bitterLy opposed the gold clause bill. He said he was in the sound money fi,;-ht in 1896. O.S.H. at heart agrees with him but has a feeling that he was pinued at not being ofered some nositon by Rowevelt. May'.:6, 1933. 88. 48. 49. Sprague told Gov. Black that Roosevel t wanted to send him and Gov. Harrison to attend the Economic Conference; that later he decided to send Gov. Bla ck and Gov. Harrison; that Moley felt Sprague must go but that Gov. Black was needed at home; that Roos evelt finally decided to send Gov. Harrison as an adviser to Sprague and that, if later a conference of central banks is called, Gov. Harrison is to atte nd it as representing the Federal Re, ve Bank, New .2.er York. May 31, 193. 89. Gov. Black put on record a memo as to appointment of Sprague and Gov. Harrison. June 1, 1933. 90. 50. Miller told C.S.H. he was utterly depressed at Roosevel t's action in putting us off the gold standard; that it was absolutely unnecessary except as a temporary matter; that we could easily have paid foreign bondholders in gold. He agreed with the editorials in New York Times of yeterday and Monday. June 1, 1933 90. 51. Miller said Warburg tried to evade resPonstbility for the Thomas bill of May 12, 1933 tad for going off the gold standard, but that some time ago Warburg gave hi, a memorandum suE;gesting these very things for consideration and asked him to talk with the Brain Trust About them - -which he declined to do. May 31, 1933. 91. 52. Miller told C.S.H. this morning that Roosevelt refusal to Day gold on Government obligations held by foreiners was simoly national dishonor. June 2, 1933. 94. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 123. Gold. (Contld.) 53. Miller met the argument that there were in the U.S. over 90 billions of specific gold contracts, including Govt. bonds, wh le we had only 5 bdllions of gold in t_e U.S. .nd there were only 12 billion in the world, by saying it would not take 90 bill tons any more than it would reauire 120 billion of hearses to bury the 120 millions of people in the U.S June 2, 1933. 94. 54. Gov. Harrison cabled Burgess fran Londong that nothing could be done at the Economic Conference unles s and until some stabilization ..greement was reach ed, even temporarily, between France, Great Brita in, and the U.S. June 13, 1933. 107. 55. Gov. Harrison cabled Burgess that al exchange stabilization agreement might be agreed upon by which Great Britain, France and U.S., under which the U.S. should eitab lish a fund of about 100 millions, the proceeds to be used in stabilizing francs and sterling in U.S. and Gre. t Britain the fund to be managed by Federal Reserve Bank, N. Y. Under this, when France fell below a certain point the U.S. would buy and the necessary amount would be earmarked by the Bank of Franc e for export for U.S. account, if Francs should rise above a certain point the U.S. would sell francs acqui ted through gold earmarked by Federal Reserve Bank, N.Y. for account of Bank of France for export. The directors of Federal Reserve Bank of N. Y. approved the plan subject to ap.roval of F.R. Board and the administration. July 15, 193. 109, 110. air 4116 56. Goldenweiser said such a stabilization agree ment would slightly raise foreign and depress domestic orice s. Board agreed to do nothing unless administration approved the plan. July 15, 1933. 110. 57. Goldenweiser did not think much of tits stabilization agreement. He said it would cause general prices to reach an equality in Europe and U.S., - that prices would rise a little abroad and fall a little in U.S. where they are now.relatively higher than abroad. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 124. Gold. (Contld.) 57. (Cont i d.) He thought it better to find tile price level which our domestic policy will bring ahau t and then stabilize, perhaps d. -valuing the dollar a-cordin g1y. He said even a believer in the gold standard would not ,or should not want to stabilize now, with all nations hoarding gold. He said under the above plan the U.S. must sell francs from the Bank of France holdings and then deal with exchange brokers in buying and selling, — othe rwise purchases and sales of the Federal reserve bank would neutralize each other. To get francs to sell the Federal Reserve bank must have a deposit in the Bank of France or in a French bank, and draw on it and sell drafts in the open market to a dealer. June 16, 1933. 111, 112. 58. Gov. Black said Roosevelt and Wood in were angry with Sprague for not keeping them informed as to what he is doing from time to time. June 16, 1S33. 112. 59. Gov. Black believes Roo-evelt will not agree to above plan. June 16, 1933. 60. Goldenweiser said 1/2 of increase in prices comes from genuine business recovery, 1/4 from devaluation,and 1/4 from speculation, and that the stab ilization agreement would wipe out the speculative gain . June 16, 1933. 112, 113. 61. Pric-s fell yesterday from fear that the stabilization agreement would be accepted. June 16, 1933. 113. 62. Gov. Black said Sprague had sent a repo rt to Acheson who had taken it um with Roosevelt, who, he believed, would not accept it. June 17, 1933. 114. 63. Gov. Black said that the choice of Gov. Cox for the Chairman of the Moneary Committee of the Econ omic Conference was a deal in exchange for an agre ement in stabilization. He also said he believed the Economic Conference would quickly break up. June 17, 193.. 114, 115. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 125. Gold. (Cont e d.) 64. Gov. Harrison we Board an informal report of his work at Econrmic Conference. He said: • (1) Prior to Economic Conference Fran ce invited U.S. to attend a conference on stab ilization, which was to last through the Economic Conference. (2) The U.S. accepted the invitation thereby impliedly agreeing to try to arrange some stabilization plan. (3) The Treasury representative of Grea t Britin. France and U.S. asked the central bank s to agree upon some plan. (4) The central bank representatives fina lly agreed upon a plan. (5) The Treasury representatives accepted the plan, subject to approval of their Govts. (6) Sec. Hull and Gov. Cox reported to the conference that this plan was acceptable to U.S. Govt. (7) The plan as reported went fnrther than temporary stabilization, and clause 4 stated that the Govts. agreed in principle to the retu rn permanently to gold standard. (8) Sprague and Warburg wired State Depa rtment that Clause 4 was beyond their jurisdiction but that, per thwapproved it. (9) Gov. Harrison sailed for U.S. in firm belief that the stabilization plan had been accepted at' , least temporarily, by all the Govts. (10) The first intimation to the contrary was when he was embarking on his shin when he read a newspaper despatch quoting hoodin, that no stabilization plan, even temporrily, woul d be acceptable to U.S.! June 24, 1933. 118, 119, 120. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 126. Gold (Contld.) 65. C.S.H. feels above is a humiliating record for the U.S.! June 24, 1933. 120. 66. Gov. Harrison said France felt the U.S. had slapped her in the frce! June 24, 1933. 120. 67. Gov. Harrison feels that the result will be: 1. France will be forced off the i;old standard and a competition in depreciated currencies will result which, inthe long runovill inju re the U.S. and all nations Or 2. The other nations will join in a Bloc to injure the trade of the U.S. June 24, 1933. 120. 68. Miller said U.S. could not succeed in bringing about inflation of prices at home and that the rising tide of industry would agvan bring gold to U.S. June 24, 1933. 120, 121. 69. Liller said Gov. Harrison's account of the ttempted stabilization agreement prepared by the central banks was saddening and shocking; that the U.S. stood humiliated among nations. June 26, 1933. 121, 122 70. Gov. Black said that Woodin, Baruch and Acheson had wired Roosevelt off Campobello in a ship urgi ng him to accept the final stabilization plan prepared by the central banks and agreed to by Moley. June 29, 1933. 124. 71. Gov. Black said the telegram said it woul d be easier to stabilize now than when Roosevelt first turned down the suggestion. June .70, 1933. 127. 72. Gov. Black said Douglas and Acheson asked him to join in the above telegram, although they said they appreciated that the Board did not appr ove of it; that he told them it was for the administ ration to decide as to policy, and not for him or for the Board, and that he declined to sign it. June 30, 1933. 127. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 127. Gold (Contld.) 73. Gov. Black said Roosevelt wished Gov. Harrison to ask whether the Federal Res erve Bank, New York, cou ld not alone und -rtake to , stabilize the dollar by buying e.g. France or its own account withaut:iny agreement with other nat ions; that Gov. Harrison replied that he would be willing to do this, pro vided Roosevelt would agree to keen this in ef_ect dur ing the Econ,Llic Conference. C.S.H. feels this might expose the P.R. bank to a risk of he vy loss. June 30, 1933. 127, 128 . 74. Gov. Black, in confer ence with C.S.H., Gov. Harrison and Goldenweiser, aid that Roosevelt had absolutel y repudiated all stabiliza tion efforts in a staeme nt. July 3, 1933. 129, 130. 75. Gov. Black asked Ach eson for a statement as to Roos=velt's policy in order to determ ine as to future open market operations. ( Gov. Black said Acheson was much worried Lnd cou ld not state Roosevelt's policy; tha t Acheson was all alone, Woodin being still ill; tha t Roosevelt had not even invited Acheson to the con ference at Annapolis.. July 3, 1933. 130. 76. Gov. Black said he would try to see Roosevelt wit h Acheson; that the Board would loyall y carry out Roosevelt's policy, but did not know what it was. July 3, 1933. 130. 77. Gov. Harrison and Gold nweiser thought that stabil ization should be accelled b$ Roosev elt; that its failure had cr,used a runaway mar ket in N.Y.; that no one could foresee what the res ult would be; that while stabilization would somewh at depress prices, the country could stand this better tod ay than 3 weeks ago. July 3, 1933. 130, 131. Gov. Black asked Gov. Har rison if he could do any thing alone to stabilize. 78. Gov. Harrison said Yes, he could tighten um on foreign exchange transactions, but this would nut up the dol lar, which Roosevelt did not wan t; or he could ease up on foreign exchange thus favoring the flight of cap ital, and cheapening the dollar abroad. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 128. Gold (Cont'd.) 78. (Cont'd.) He said he could not stabilize by e.g. selling Francs without getting the francs from the Bank of France and inducing it to waive the 48 hour limit, - which was equivalent to an internationa l stabilization agreement, - which Roosevelt had repudiated. July 3, 1933. 131. 79. T1,e only one with Roosevelt on his foot is Louis Howe and we believe he is advising him. July 3, 1933. 131. 80. Moley found the stabilization agre ement bu Roosevelt kicked it over. All is chaos. July 3, 1933. 132. 81. N Y. Times severely criticises Roos . evelt pointing out that originally he declared stabilizatio n of prime imnortance while now he has relegate d it to tie background. July 3, 1933. 133. 82. Miller said Roosevelt had made a terrible mistake in rejecting stabilization. July 5, 1933. 133. 83. Gov. Black said he had had a conferen ce with Acheson and Roosevelt; that Roosevelt wanted comm odity prices to rise and also securities but a d not want a runaway stock market. July 6, 1933. 136. See - Roosevelt. 84. Gov. Black was asked just what Roos evrlt's policy was and he smilingly said, "I do not think he has any well defined policy". July 6, 1933. 137. 85. Gov. Black read a cable from Sec. Hull to Acheson on which Acheson asked oninion of Board. The cable suggested the gold bullion standard vs an ultimate goal, and that the 'central banks confer together as to this end. , http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 129. Gold (Cont'd.) 85 (Cont'd.) After discussion the Board uoo Jie position tht Hull's proposed resclutim was not in accord with present conditions and that no one knew as to future conditions. The Board added that it would alwaye be ready to take up with central banks any pertinent inquiry, or words to that effe ct. C.S.H. believed in the resoluti on on principle tat we all felt it was out of line with Roos evelt's present policy. It was plainly nut forward to appease the gold bloc and we felt it would only embarrass Roosevelt. July 11, 1933 139, 140. 86. In replying to Hull, Roosevelt use d exact language of the Board, and the Press said the Board had vetoed the resolution. July 11, 1933. 140. 87. Acheson told Gov. Black that Roos evelt wanted the Federal Reserve Bank of New Yol°4 to earmark . 20 milli -ns o_ gold for the Bank of England, and the latter bank to give a credit an its books to the Federal Reserve Bank of New York for 27 millions, representing the value in England of 20 millio ns of our gold; that the Federal Reserve Bank of New York should then keep sterling from going above $4.87; that the premium of 7 millions would protect the Federal Reserve Bank from any loss. Gov. Black said Gov. Harrison said it could be done but that he would prefer to do it by earmarking 50 millions for the Bank of Prance. The Board felt that Roosevelt was getting scared and was willing to have some form of stab ilization. The Board agreed not to object prov ided it was distinctly understood that Roosevelt wanted this as part of his managed currency policy. Gov. Black will see Roosevelt later today. July 12, 1933. 141, 142. 88. The papers say the Federal Re - erve Board vetoed this proposed stabilization resoluti on cabled by Hull, expressing as the ultimate goal the gold bullion standard. July 12, 1933. 142. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 130. Gold. (Contsd.) 89. Board approved request of Federal Reserve Bank of New York to carry out plan of a 20 million dollar fun d in connection with Bank of England to prevent ste rling going above $4.86, but said nothing as to the statement in the letter of Federal rescrve ban k that it assumed that if lar ger sums were necess ary the Board would permit further ear marking or export. July 13, 1933. 142, 143. 90. A long cable fro m Hull was read asking Board to reconsider its refusal and to to:1:e 11:) the question of ult imate return to gold standard in con nectiAl with the cen tral banks. Board declined to recons ider but said it would at any opportune time tice up with the central banks any matter consisent with our nat ional policy. See scrap book. July 13, 1933. 143. 91. 92. Sprague called on C.S.H. He seemed greatly dis gruntled and said he might resign . He said he would submit to some inflation to "Pr ime the pump", but he could not stand devaluation of the dollar to meet a purely speculative rise in pri ces. O.S.E. advised him not to resign. July 13, 193.. 143. Gov. Harrison telephone d that he should lik e to begin selling sterling a lit tle before it reached $4.86; that otherwise people wou ld think we were try ing to peg it at $4.86. July 18, 1933. 146. 93. Board authorized Gov. Harrison to begin sel ling sterling, he having completed arr angements with the Ban k of England; this was done at direction of Roosev -lt. He sold sterling to all auxt of 1.3 millions of dolki.rs and sterling fell frou, a little over $4.86 to S4.82. July 19, 1933. 147. 94. There was a decided bre ak in the stock market , probably caused by uneasiness ove r distillery stocks. July 19, 1933. 147. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 131. Gold. (Contid.) 95. Continued decline in stock market. In p.m. sterling fell from 4.82 to 4.62. July 20, 1933. 147. 96. Board considered whether to rese rve and buy some sterling, but decided not to unless dire cted by Roosevelt. 97. Acheson told Gov. Black that all he knew of Roosevelt's policy was that he did not want sterling to rise above its old parity of $4.86. July 20, 193: 148. 7. SS. Gov. Black told Roosevelt that Gov. Harrison thought we should reverse and buy some ster ling. Roosevelt anproved and s id he wish ed us both to buy and sell from time to time to p;event undue fluctuations. We so advised Gov. Harrison. July 20, 1933. 148. 99. Miller said that, in effect, this was a direction to F.R. Board to speculate without disclosing what ti,e ultimate plan was. July 20, 1933. 148. 100. Gov. Black said neither he nor Acheson knew What Roosevelt's policy was, and that thqy did not beli eve he had any Policy. July 20, 1933. 149. 101. Gov. Black said he believed in a curr ency resting on gold, so did all of the Board. July 20, 1933. 149. 102. Miller said even devaluation would be better than the present speculation, although he doubted whet her devaluation would increase prices. July 30, 1933. 149. 103. C.S.H. said devaluation should be appl ied, if ever, simply to adjust gold coinage to its real value after prices have risen. July 20, 1933. 149. 104. Miller said the Industrial Recovery Act could not be carried out with a shifting speculative curr ency; that financial instability and econo:nic stability were absolutely inconsistent. July 20,1933. 149. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 132. Gold (Cont'd.) 105. Miller said Roosevelt dominated by parlor economists, and that, sooner or later, Roosev-l t would tarn to our Board for help. July 20, 1933. 149. 106. Ev, -rything is chaos. Roosevelt has no policy but is drif ting aimlessly saying at one time that he would not stab ilize, and now he has directed us to stabilize, while the next day he became frightened and asked us to 12m sterling again, although we sold it only yesterda y. July 20, 1933. 150. 107. Sprague told the Governors that unle ss the dollar could be steadied it would seriously injure Government credit, and asked the Board's opinion as to this. He said he did not favor present stabilization but felt that we must make the dollar more steady. The Board unanimously of olDinion that the dollar should be made to cease its pyro-technical dancing UD and down. July 21, 1933. 152. 108. Warburg told Acheson that our dele gates to the Economic Conference were a ludicrous grou p, - that 'hey resembled a comic opera troupe; that they brea thlem4(awaited Moley's arrival, but that, when he arrived he had absolutely no instructions from Roos evelt and nothing to offer for himself; that he did findly agree to a resolution giving a measure of stab ilization which Roosevelt promptly repudiated. July 24, 1933. 154. 109. Gov. Black said he was glaa not to be in the -uper-Cabinet as the sound money member - Douglas, Spra gue and himself would be voted down by the inflationist s, - Wallace, Ickes, 1:01ey etc.; while if he kept off it, the Board might have a kind of veto power. July 34, 1933. 154, 155. 110. C.S.H. told Gov. Black that the Boar d's records should show that Roosevelt directed us both to buy and sell, and he said he would prepare a memorand uxn to this eff-ct. July 24, 1933. 155. 111. Gov. Black said the two week limitati on covering the operations in sterling had almost expired and that Roo evelt wanted it renewed for two weeks longer. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 133. Gold (Contld.) 111. (Cont'd.) He said Acheson wanted a new limit above which sterling would not be allowed to rise and thought $4.80 would be ri. ht. Gov. Black is to see Roosevelt about it this p.m. July 1933. 157. 112. Gov. Black saw Roosevelt yesterday and he said not to renew the arrangement. July '43, 1933. 157. 113. Gov. Black said Roosevelt had no use for Sprague as he was always harping on neces-ity for stabilization. Gov. Black said stabilization would undoubtedly come about but he did not want it now. Aug. 3 1933. 161. ) 114. Gov. Black taid that when Roosevelt decided not to extend the two week stabilization Period during which sterling was not allowdd to goup above $4.86, he said he was afraid of "Leaks". Aug. 3, 1933. 162. 115. Gardner, of our Statistical Staff, told Board about the Economic Conference which he attended as an expert. He said: 1. Our delegates, t the beginning nut in resolution favoring ultimate return to gold standard. To this Gre:t Britain offered a modification that the time and parity be fixed by each nation This ras unanimously voted by the Confer nce. 2. A plan was offered for central bank cooperation after return to gold tandard. Warburg made a reservation that this should be submitted home for determination. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 134. Gold. (Contld.) 115. (Cont'd.) 3. The above was referred to Federal Reser ve Board which disapproved it as premature, but said it would always be ready to tnke UD the matter with the central banks. Roosevelt cabled the Board's reply as his determination of the matter. 4. An agreement to try to stabilize exchange within certain narrow limits using gold reserves for this purpose. Roosevelt declined this without consulting the F.R. Board.( Central banks to use their moral influemce, without using their res-rves, to pl.event speculation in foreign exchange. This was the a reei)ent Moley favored, and the one which Acheson, Baruch, et al wired Roosevelt to accept. Roosevelt rejected this ruthlessly on July 3, without consulting the F.R. Board. His statement angered the nations and griev ed the delegates and his friends. 6. Pittman silver resolution unanimously adopt ed. It bound nations to restrict their sales of silve r and they agreed to buy up to a limited nmount. This resolution declared for the gold stand ard unequivocally with a limited amount of silver. Gardner said Pitman was a metallist and opposed to r. managed currency. Aug. 9, 1933. 165, 166, 167. 116. Sec. Hull told C.S.H. he had talked with Roose velt and that aparently he wanted to let the dollar alone for the present, - to which he signified his apPr owl. Aug. 12, 1933. 169. 117. Gov. Black said Roosevelt asked his Bankers Advisory Committee - Woodin, Acheson, Jesse Jones, Sprag ue, Dauglas, Gov. Harrison and himself, to repor t on the advisability of issuing greenbacks to meet the 200 millions of Government scuritiqs due next month, that the Commit ee reported: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 135. Gold (Conted.) 117. (Contld.) 1. Would be throwing away a weapon which, if used at all, could be used more effectively late r. 2. Would greatly increase cost of Governme nt credit in future. 3. Would severely injure present hoarders of Government securities. The Committee felt that inflation should take the form of credit inflation through open mark et Purchases of Government securities rather than greenbacks . Acheson A—ve this report to Roos, -velt who then said he desired a -mirth se of 50 millions oi Gove rnment securities. After discussicn 35 millions was agreed u?on . Aug. 29, 193E. 177, 178. 118. Gov. Norman told Gov. Black in New York that, speaking in no spirit of criticism, he could not understand Roosevelt's monetLxy policy, either what it was or what its aim was. Gov. Black said he explained it to him bett er than he knew himself! Aug. 29, 193:1. 179. 119. Gov. Black said the Bank Advisory Committe e had made another report as to monetary Policy. Aug. 29, 1933. 179. 120. The Bank Advisory Com.Jittee reported in favo r of vigorous open market operations, against devaluation of the dollar and in favor of some stabilization agreemen t with Great Britain in connection with the Allied d-ibt discussion, and for ultimate return to the gold standard , NNitho.,,t devaluation unless agreed to by all nations. The Committee also declared against greenbac ks. (See scrap book) Aug. 29, 1933. 179, 180. 121. Gov. Black said the Committee desired to -nut somet hing before Roosevelt to offset the influence of the radical inflationists. Aug. 29, 193.7. 18. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 136. Gold. (Cont'd.) 122. Gov. Black said Gov. Norman never mentioned the subj-ct of any stabilization or monetary agreement. Aug. 29, 1933. 180. 123. Gov.Bladk gave me a copy of report of Bank Advisory Committee opposing devaluation of the dollar. (See scrap book) Aug. 31, 19:3. 182. 124. Gov. Black said the uncertainty as to our monetary policy was holding UD recovery under the N.R.A. Sept. 11, 1933. 186. 125. Snrague told C.S.H. that we were up a tree on vigorous dollar depreciation; that this must be corrected, but that strengthening the dollar would injure farm exports. Sept. 23, 193. 194. 126. Gov. Black said that at the conference with Roosevelt last night the question of devaluation of the dollar was taken U:. Discussion followed as to whether the Government could take from the F.R. banks the increase in value of their gold holdings. The Attorney General said Yes, and that the Treasury could make the gold hoarding order "applicable to F.R. banks". Roosev lt finally appointed the Attorney General, Gov and Woodin to prepare a plan of devaluation. Black Roos-velt did not say that he intends to devalue, but Gov. Black believes that is his intenti:n. Just at the time when neople believe Roos velt will not yield to inflation he is actually preparing a plan to inflate! Gov. Black asked Wyatt's ooinion as to what could legalLy be done. Sept. 25, 1933. 195, 198. 127. Goldenweiser said he would rather have some devEi uation now to get rid of the uncertainty. He said the N.R.A. was impeding recovery. Sept. 27, 1933. 199. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 137. Goldenweiser Told C.S.H. that F.R. Bank oi New York now is tr, inr to keen in order C.S.H. I s draft permitting :old payments on gold contracts, - Sec. 2 E. Mar. 28, 1933. 6. Said that Gov. Harrison wanted no export licenses isped unless and until a stabilization .greement was arranged between U.S. and Great Britain, and that Gov. Harrison said some such arrangement would be made shortly, thus implying that negotiations were in progress Mar.29, 1933. 8. Told C.S.H. that no country in recent times had devalued its coinage in order to increase prices; that in each case prices had already advanced and the devaluation was merely to adjust the coinage to its true value. April 26, 1933. 42. Said Gov. Meyer was sore because the aaninistration had not consulted him. April 26, 1933. 44. Told Wyatt that Tralor told him that Roosevelt told him Lhat he was going to kill the Glass Act. May 18, 1933. 72. Ftkai visits, at Statistical Division. nay 26, 1933. 87. Said the stabilization agreement aproved by FR. Bank of New York with Bank of England and Bank of France, su.yested by the central banks, would slightly increase prices abroad and slightly depress prices in U.S. July 15, 1933. 110. Told 0.S.H. he did not think mudh of the proposed stabilization agreement. He sid it would bring about equality of prices between Europe end U.S., which meant a rise abroad and a decline in U.S. where they were now higher than abroad. He thought iL better to find the price level our domestic plan wauld produce and then stabilize, perhaps devaluirw; the dollar accordingly. He said no gold standard advocate would or should want to stabilize now with all the nations hoarding gold. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 138. Goldenweiser (Cont l d.) He explained the proposed stabilization plan, stiying that the U.S. must obtain e.g. francs from the Bank of France and then deal with exchange brokers, that otherwise purchases and sales of member banks would neutralize one another. To obtain francs to sell would regaire a credit in Bank of France or a French bank and draw on it and sell draft, in open market to a dealer. June 16, 1933. 112. Said that 1/2 of the price increase comes from business recovery, 1/4 from devaluation and 1/4 from speculation; that the stabilization agr-emit would wipe out all the speculative increase. June 16, 1 933.113 Gov. Black in conference with C.S.H., Gov. Harrison and, said Roos-velt had repudiated the stabilization agreement. July 3, 1933. 129, 130. Believed with Gov. Harrison that the pending stabilization should be accented; that the failure caused a run away market in N.Y. and no one could foresee what the result would be; that while stabilization would somewhat depress prices here the country could stand it now better than three weeks ago. July 3, 1933. 130, 131. Government credit. 4, 59, 152. See - Baruch Gold Government bonds. 77, 90. See - Gold. Government obligations. 3, 4. See - Gold. Government securities. 62, 68, 78, 82, 83, 91, 130, 136. 137, 151, 152, 154. See - Governors Conference Open market Commitzee Government transportation .171. See - Hamlin, C. S. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 139. Government works, Great Britain 180 See - Norman, Gov. Governor Governors Roosevelt receives Federal Re erve Bcyrd an Govern ors at White House. April 21, 1933. 32. Gov. Black appointed Governor of F.R. Board. May 10, 1933. 58, 59. See - Federal Reserve Bank of Chicago 193 Governors Conference Hamlin, C.S. 16 Meyer, Eugene 5 Miller. 21, 22, 43, 46, 57, 60, 63, 73. Open , .arket Committee in Governors Conference 1:eets with Federal Reserve Board. Woodin asked Conference to study Thomas amendments The Governors felt that the amendment as to buying 3 billions of Government securities could be worked all right but that the provisions as to greenbacks and devaluation would tend to imlair confidence,and the Ltter would impair the obligation of contracts. Miler seemed inclined to accept the mendments, but felt they would fail in their purpose. Gov. Harrison said he would accept all except devalu ation and greenbacks. The Governors did not seHm to worry about the Clause permitting foreign Governments to pay their debts, UD to 100 millio ns, in silvtx bullion at not over 50 cents per oz. April 20, 29, 30. Board did not meet with Governors today as Woodin was before Senate Corn mittee. April 21, 1933. 31. The Governors gave a dinner to Gov. Meyer at Metropolitan Club. James and C.S.H. were present as also Gov. Meyer; Miller was absent, having another engagement. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 140. Governors Conference (Contld.) Gov. Black acted as toastmaster. He called for remarks from James, Gov. Norris, Gov. Calkins and Gov. Harrison. James said he felt humiliated that Gov. Meyer felt obliged to resign for political reasons He clearly implied that Gov. Meyer's resignation wac: not voluntary. He said it was a public scandal that Magee was not reappointed, and that the F.R. Board had been turned into a Board of yes men, subject to the absolute control of the administration. He said Gov. Meyer's resignation was a national disaster. Gov. Harrison praised Gov. Meyer but said there were undoubtedly conflicts of authority between the Federal Reserve Bank, New York and our Board and that Gov. Meyer had sustained the Board with dignity and thoraughness. (Gov. Meyer made a lozki; address. (See Meyer)) C.S.H. believes Gov.Meyer must have asked Gov. Black not to call on him, and that the whole meting was Planned to boost Gov. Meyer. April 23, 1933. 33, 34, 35, 36. Met with the Board as Open Market Conference. Most of day spent in discussirk; the new regulations. Gal,. Harrison wanted everything stricken out of the preliminary draft which gave Board powers to go beyond approval or disapproval of the Committee's recommendations, or to issue orders affirmatively to the Committee. July OD, 193:. 151. Conlerence continued. Prof. Spr: ue explained the Treasury needs, - 3 billions kr q a year following. Discussion was had as to interest rates and consensus of opinion favored 1 Sprague said it was too early to set up a campaign to place long term issues - except to insurance companies and saving banks as their obligations were payable only in dollars, whatever the value of the dollar. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 141. Governors Conference (Cont'd.) He said that unless the dollar could be steadied, Government credit would be seriously injured, and he asked Board's opinion as to this. He said he did not favor i:_mediate stabilization, but felt we should steady the dollar. The Board was unanithaus that pyrotechnical gyrations of the dollar must be controlled. July 21, 1933. 151, 152. The Governors reaffirmed the resolution of April 22, 1933, as modified by telegraph after Executive Committee meeting of May 23, authorizing the Executive Committee to purchase up to 1 billion of Government securities, as to the portion not yet used. July 21, 1933. 152. Graef, H. C. Death of. Aug. 11, 1933. 168. C.S.H. writes Mr. Graef and telephones Bertie at Mattapoisett. Aug. 13, 1933. 169. Grant, Catherine C.S.H. writes. May 1, 1933. 48. Writes C.S.H. May 15, 193,. 67. Weites C.S.H. she would be in Boston when he goes on for Commencement. June 19, 1933. 116. C.S.H. writes, asteamer letter. June 21, 1933. 116. Sail s -vith her children on Minnetonka from N. Y. June 23, 1933. 117. Her address is Morgan & Co., Place Vendome, Paris July 13, 1933. 144. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 142. Grant, Catherine (Contld.) C.S.H. writes. July 17, 1933. 146. Sept. 23, 1933. 192. Grayson, Admiral C.S H. meetsl and takes him to Treasury with Baruch. May 10, 1933. 58. Sails for Europe with Sen. Glass. Aug. 12, 1933. 168. Great Britain 8, 30, 35, 37, 51, 52, 107, 109, 165, 180,194. See - Bank of England Economic Conference Geld Norman, Gov. Stabilization agreement. Green, Miss. 104 See - Auld Lang Syne Greene, Theodore Francis Calls on us and C.S.H. gets him an invitation to White House reception. May 2, 1933. 49. Greenbacks 178, 180. See - Gold. Grinnell, Mrs. , ?,.S.H. writes, on death of Helen Ernst. July 26, 1933. 156. Guaranty of bank deposits 68, 69, 70, 72, 75, 91, 92, 95, 186. Federal Advisory Council passed resolution opposing. May 16, 1933. 68. See - Federal Advisory Council. Henry W. Robinson suggested plan of coordination in appraising assets at value more liberal than liquidating value, the R.F.C. to be bound to loan on this value. He said this was equivalent to a guaranty of deposits. May 16, 1933. 69. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 143. Ceuarardzr of bank deposits (Contld.) Gov. Black said we were morally bound to guarantee the deposits of all member banks licensed to open and that we Should present a plan and so declare explicitly. The whole matter was referred to a Committee of 5 to prepare a definite plan, to consult with Woodin and later with Roosevelt. May 16, 1933. 69, 70. Board took up proposed bill as to guaranty of denosits in failed licensed banks. Gov.Black wrote Woodin that the -oard had taken up the bill at his and Roosevelt's request. Gov. Black wanted Board to approve the bill but Miller objected . Gov.Bladk wrote Woodin to consult with Glass and Roos, -v-lt. May 18, 1933. 72. The Senate Committee rejected the Federal Advisory Council bill as to R.F.C. practically guaranteeing of deposits during the emergency. Roosevelt had practicaLly accepted th,s bill. May 20, 1933. 75. Board discussed with Woodin the Deposit insurance clauses of Glass -All saying F.R. System could not afford to give up 1/2 of its surplus to the fund. Gov. Black, C.S.H. and 1-iller felt it was of doubtful policy but would not ask a veto on this ground. Miller suggested apportioning the amount among the F.R. banks having the largest surplus and Gov. Black said he would ask Smead to consider this. Woodin said the Deposit Insurance Corpordion meant ruin to small non-member banks who could not john. The Comptroller suggested guaranty up to:;.2500 for all banks, member and non-member, until July 1, 1934. James suggested naying off deposits of all state banks filing, until July 1, 1934, through the R.F.C. June 1, 1933. 92. Guardian Trust Co., Cleveland. 152. See -Fancher, Gov. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 144. -H- Hague, The 132. See - Leahey, Capt. Rice, W. G. Hale, Donald 176 See - Hale, Rachel Hale, Rachel Calls on H.P.H. Mar. 31 1 193. 12. We me-A, at lunch at Constance Williams. April 30, 1933. 47. We lunch rith, to meet Mr. and Mrs. Victor Morawitz. May 3, 1933. 50. C.S.H. calls on. May 17, 1933. 71. During 1";.S.H.'s call, Rachel said Sophie Boreel was a most interesting woman and that she played an unusually fine game of Ma Jong. May 18, 1933. 73. We drove dawn to Rachel's country place and took tea. June 11, 1933. 15. C.S.H. calls on. July 14, 1933. 144. We drove over and dined with. July 21, 19a- 152. .. C.S.H. writes, to Bernardsville, N.J. Aug. 12, 1933. 168. We meet James G. Blaine at lunch with Harriet at Marion. He said Donald Hale was one of his most valued enDloyees, steadily advancing, and on the road to a Vice Presidency of his bank. Aug. 25, 1933. 176. C.S.H. drove over and called on. Sept. 11, 1933. 186 Sept. 20, 1933. 191. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 145. Hamlin, Anna (Cont'd.) We have a service in memory of, at St. Agnes Church, Rev. Father Anderson. April 26, 1933. 41. Miss Padelford brought Madame de Meisner to tea at our apartm ent. She gave C.S.H. a mssage from Anna. Anna said she never had seen C.S.H. so clearly and asked C.S.H. to tell her mother she was always near her and was so happy. asked if she suffEred muCh when she died and she said she never thought of that as she became so happy just after death; that it was such a Privilee to look into the face of the Saviour, Jesus Christ. 7.S.H. asked if Margaret (Harding) was with her but she made no answer and Madame said the pow, had given out. r Aug. 17, 1933. 171, 172. C.S.H. called on nadame De neismer who gave him messages from Anna but not very satisfactory. C.S.H. asked what it was she wanted us to do at Mattapoisett but she said she could not now Fet it through. She said Margaret was with her and hap)y, as also Tracy Lyon; that sie did not want to talk of Tracy's death. Aug. 30, 1933. 181 Hamlin, C.S. See - Auld Lang Syne Baruch Bol.ah, Sen. Black, Gov. Boreel, Sophie Dinners Dunn, Dr. flu].in Federal ReFerve Bank, Boston Federal Reserve Bank, ChicaEo Federal Reserve Bank, Kansas City Federal Reserve Board Pukai Glass Gold Goldenweiser Government transportation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 146. Hamlin, C. S. (Contld.) See - Governor, Federal Reserve Board Guaranty of deposits Hamlin, Anna Harrison, Anna Harrison, Gov. Harvard University James Lunches Magee Mattapoisett Meyer, Gov. Miller, Dr. Morrison, Dr. Open Market Committee Peyton Rice, W. G. Roosevelt Ruffin, D Sprague, O.M.W. Suppers Szymczak Teas Thomas Van Breugel Van Royen Votes Wardell Williams, Constance Wilson, Mrs. Woodin, Sec. etc. etc. et.c Hamlin, Edward C.S.H. told George Hamlin that Ned should not promise to Prr sident of Corporation Hodgdon is forming or has , to our Govt. assistance to fill in and develop cow as Ned has an intere t op )osed tothe company, i.e. selling it the land 1/2 cash and 1/2 stock. be formed pasture, he is George said Ned would be President only temporarily until the Company formally takes over the Govt. money, if the Govt. will make the loan. George said Ned would frankly say he would act as President only temporarily. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 147. Hamlin, Edward (Cont l d.) C.S.H. fears the new Securities Act will make it unsafe for anyone to act as an officer or director. Ned called up C.S.H. and said he had agreed temporarily to act as President. Aug. 24, 1933. 174, 175. Hamlin, Geo. 174, 175. See - Hamlin, Edward Hamlin, Harriet G. 175. See - Hamlin, Edwa We lunciled with, to me t Mr. and Mrs. James G. Blaine. Aug. 25, 1933. 175, 176. Hamlin, Huybertie P. Lunched with Mrs. Meyer to meet Mrs. Wood in. her to remain after the others had gone. Mrs. Meyer asked She said Gov. Meyer felt that neither he nor the Board had been consulted as to the new legislation, and felt very badly about it. She was very bitter towards Mr. and Mrs. Miller. She said Dr. Miller wanted to be Governor; that everyone knew how fickle Mrs. Miller was; that she had taken Clown Hoover's Picture and substituted Roosevelt's; that Miller frequently calle6 up Gov. Meyer and had long talks with him but Gov. Meyer could not tell what he was driving tt! Mar. 27, 1933. 5. Receives long letter from Sophie Boreel at Charleston. Mar, 28, 1933. 5. Gives lunch to Mr. and Mrs. Gordon Abbott at Woman's liational Democratic Club. Present: Mr. and Mrs. Abbott, Swiss Minister t.nd Mrs. Peter, Mrs. Carey, Miss Connolly. Mar. 31, 1923. 10. Mrs. Roosevelt, two days ago, asked, to lunch. Bertie said she had another engagement but would break it. Mrs. Roosevelt said certainly not, and they fixed a later date. Mar. 31, 1933. 10. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 148. Hamlin, nuybertie P. (Cont'd.) C.S.H and, attend a cocktail Party at Larz Anderson i s. April 6, 1933. le. Mrs. Abbott returns part of Bertie's reminiscences !Tici writes; "Gordon, who finds in literature his greatest return, feels that your sketches are only waiting your remission to take a permanent place in the rf., ii:s z in a century of English letters." April 6, 193,. 16. Bertie called on Edith Eustis who said she had h ard on good authority that the Governorship of the Federal Reserve Board would be given either to Miller or to C.. April 6, 1933. 16. Goes with C.S.H. to a garden party at British ALlbassadorls to meet Rause:, Macdonald. April 21, 193,. 37. Calls on Mr. and Mrs. Geo. B. McClellan. April 21, 1933. 37. Goes with C.S.H. to White House reception at 9:30 p.m. following a dinner to Ramsey MacDonald. Roos-velt said to Bertie: "How well Charlie looks considering that he has been working 18 hours a day! When we went home Mrs. Roosevelt kissed Bertie. April 21, 193a. 37. C.S.H.told So-phie Boreel that Bertie had been teasing him at not gettix r. answers to his letters to her. April 24, 193:. 39. Bertie gave Sec)hie Boreel a letter to Charles Crane at Westover. April 2-, la,. 39. Bertie drove Mrs. Roosevelt from the White House to Woman's I;ational Democratic Club, where Mrs. Roosevelt poke. drove her back. Arril 26, 1933. 43. Mrs. Roosevelt, in the amdg said. to Bert e, "I suppose the Ric- are han y over the ap7)ointment to Holland!" Bertie said - he has not yet been amc,ointed. Also http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 149. Hamlin, Huybertie P. (Cont l d.) Mrs. Roos-velt said she could not understand this as she knew it was all settled. She told Bertie she would find out about it and let her know. • She also told Bertie she would invite the Misses Howlands to the Herriot reception tomorrow night and that she would telegraph Gen. Parker on his birthday. Bertie made a meaorandum for her of above- all of which she carried out. Bertie thanked her for the telegram to Z. . Pease. April 26, 1937. Last evening Bertie had to send a message to Mrs. Wilson to enter the Club at the side door. As she did not have her tele)hone number she called ur Wilmer Boling and asked him to telephone Mrs. Wilson, which Mr. Bolling did but did not offer to tell her the numo.=r! April 26, 193. 43, 44. Presides at dinner to Miss (Sec.) Perinq at Woiaan's National Democratic Club. May 2, 1937. 50. C.S.H., and, lunch with Rache Hale to met Mr. anC, Mrs. Victor Morawitz. May 3, 193 . 50. Calls on C.S.H. at Treagury with Sonhie Boreel, we return her her brooches she left with us. May 4, 1932. 51. So-)hie Boreel begs Bertie to ro to Roosev-lt and demand Rice's appointment. May 4, 1933. 52. See - Rice, W. G. Goes with C.S.H. to garden party and concert at Mrs. Meyer's. May 4, 1973. 54. Wired William Rice to ask if we could tell Sophie Boreel all about his a-epointment. May 6, 1937. 54. See - Rice, W. G. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 150. Hamlin, H. P. (Cont'd.) %S.H. and, tell ScAlie Boreel the whole story of the Rice appointment. May 6, 193. 56. Sonhie Boreel takez pictures of C.S.H , H.P.H. an. Sec. Hull in nark. May 14, 193:. 66. Receives postal card from Sohie Boreel from Chilton Club, Boston. 24, 1937. 84. Receives ion- letter from Edith Helm. June 1, 1933. 93 At dinner of Woman's Nat. Dem. Clun to Fnrley, Mrs. Gov. Ross leaned over Bertie [md said to Farley: "Mrs. Hamlin is an Albany woman, the sister of "rs. Rice and si ter-in-law of Mr. Rice whom I hooe soon will be appointed Minister to Holland." Farley said - "Rice is to be an ointed". Bertie then talked with him and in he said, "He is to be annointed. N. Y. has had so much there may be a little delay, but he will get the appointment." Bertie at 10:30 p.m. sent a special deliver:: letter to Harriet Rice, telling her of this talk. June 1, 1933. 93, 94. Receives letter from Sco)hie Boreel with Snap shots of C.S.H., H.P.H. ad Sec. Hull. Bertie answers her. June 8, 193.. 98. Wire William Rice suggesting a compromise with Roosevelt and accepting the term for two years. June 23, 1933. 118. Calls with C.S.H. on Mr. and Mrs. George B. McClelland who told her that distinguished Dem. politician, said that Moley would be fired from office within 6 months. June 25, 1937. 122. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 151. Hamlin, Huybertie (Cont'd.) Receives letter from Scy.)hie Bore, 1 dated June29. -1 In it she said she would like to visit the Carey ranch. She thanked C.S.H. for his note of last Tuesday, to whrch Bertie had added a postscri ,t. June 30, 1933. 125. Bertie wrote Sophie Boreel. Have no coy. July 1, 1933. 128. A few days ago Bertie T;oached an egg in a frying pan on our window sill. It took 19 minut-s July 1, 1933. 128. and C.S.H. dine with Mr. Sussdorf on roof of Powhatan Hotel. July 8, 1933. 139. So hie Boreel sends H.P.H. a post card with a picture on it of Fred Delano's home on the Hudson river, dated July 9. July 11, 1933. 139. gives dinner at Woman's National Dem. Club to Miss Perkins, Sec. of Labor. Present: French Ambassador and ::,adame De Laboulaye, Espil, the Argentine Ambassador, Mr. and Mrs. Robert Bliss, Mr. Hornbeck, Mr. Sussdorf, Mrs. Harriman and Miss Perkins. July 13, 1933. 144. C.S.H. sent Frederick Wile's tory of Bertie's poached egg to Helen Ernst, Rachel Hale and Sophie Boreel. July 14, 1933. 144. Bertie left for Mattapoisett on Federal Express. Aug. 1, 1933. 160. I'rot e to So, hie Boreel. Aug. _0, 1933. 172. Hamlin, Robert C.S.H. takes tea at Spee Club, Harvard College, June 21, 1933. 116. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 152. Harding, President Roosevelt is in danger of going down into history along with, in introducing the sooils system into the Feuerhl Reserve. June 14, 193. 108. Roosevelt is in dander of being ruined by his friends just as, was. June 29, 193:. 124. Harding, Margaret 171, 17:., 181. See - Hamlin, Anna. Harriman, Mrs. Borden C.S.H. asks H.P.H. to get, to try to Pers uade Mrs. Adolph Miller to join Woman's Nati onal Democratic Club as a life membgr, for ca000, promisin g to get authority from `'lub to apply the $100 0 to Club's debt to her. April 7, 1933. 17. Dines with us at Woman's National Democrat ic Club in honor of Miss Perkins, Sec. of Lauor, who is livi ng with her. July 13, 1933. 144. Harrison, Floyd. Mr. and Mrs. We call on. May 11, 1933. 62. Harrison, Gov. Federal Reserve Bank, New York Goldenweiser told C.S.H. that, is now tryi ng to keen in the Gold Order, C.S.H.'s clause (e) as to paym ent of gol on gold contracts, - which he originally opposed. Mar. 28, 1933. 6. Mills thinks Roosevelt may have asked, to take UD with Bank of England the question of stabiliz ation in connection with the caning economic Conf erence. Mar. 31, 1933. 11. Daiger has heard of rumor that, may be appo inted Governor of the Federal Reserve Board. He also saia, was not very happy in 1;ew York and that his directors were not very happy with him. April 12, 1933. 22. Said he interpreted Roosevelt's acts in refusing gold exports to Pay interest on bonds held abroad by foreigne rs as a precession of infl. tionary measures. April 19, 1933. 26. Said he could staid the '.homas amendments exce pt greenbacks and devpluation. April 20, 193:,. 29. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15E. Harrison, Gov. Feat.ral ReF rve Bank, New York , (Cont l d.) Was asked to speak at Governors dinner to Gov. Meyer. He praised Gov. Meyer ading that, while there were conflicts of authority between F.R. Bank, N. Y. and P.R Board, . Gov. Meyer had backed un the Boards posit on with dignity and ability. April 22, 1933. 34. Said he had heard that Roosevelt had asked Senate Committee to postpone action on Glass bill for a week, so he could study branch banks, guaranty of deposits, etc. April 22, 1933. 37. Miller told C.S.H. that, had been here and he believed he had persuaded Woodin to oppose his designation as Governor. C.S.H. said there was nothing in this as Woodin told him he had nothing to do with it. C.S.H. said, however, he believed that Gov. Harri son and the stabilizationists had brought pressure to bear on Roosevelt. May 11, 1933. 60. See - Woodin At Governors Conference - open market regul ations, asked that all in preliminary draft implying that F.R. Board could do more than approve or disapprove the recommenda tims of Open :iiarket Cannittee be stricken out. July 20, 1933. 151. Writes C.S.H. that Gov. Lehman decided on a bank holiday only at about 3 a.m. Mar.4, 193 . Aug. :A., 1933. 17,. See - Hoover Se also: Economic Conference. 89, 90, 118, 119, 120 127, 129, 130, 131, 141, 146, 147, 148, 151. Federal Reserve Bank, N. Y. Gold. 90, 109, 118, 119, 120, 121, 126, 127, 129, 130, 131, 14, 146, 147, 148, 151. Governors Conference. 167. Stabilization. 130, 131, 141, 146, 147, 148. Thomas anendments. 167. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 154. Harvard Club, Wasi.ington Lunched at, to h:ar President Lowell speak. April 29, 1933. 46. Harvard Univ.-rsity Comlencement. Class of 1883 dinner. June 21, 1937. 116. Hay-Adams House. We sit on roof to se- fire works. July 4, 1933. 133. Hayden, Sen. We me. t, at dinner at Mr. an Mrs. Keatings. July 15, 1933. 145. Hegerman, We lunched with. We dined with. Mar. 26, 1933. 2. April 15, 1933. 23. Helm, Edith Leaves for Graiyville, Ill. May 6, 1933. 54. C.S.H. writes. May 13, 1933. 67. Bertie receives letter from. June 1, 1933. 93. C.S.H. writes. Sept. 23, 1933. 192. Hei riott 27, 42. Hesitntion, Policy of. 79 See - Governors Conference. Hitchcock, Ex-Senator Calls on niller who explains Federal reserve work to him and tells how engrossing it is. April 4, 1933. 14. Told Miller he should tell Roosevelt he did not care for a position on Federal Reserve Board, but would try for the Nebniska Senatorship. April 4, 1933. 15. By his off Br to, and later appointment of Thomas, Roo-evelt has taken position that the dirt farmer position on Federal Reserve Board belongs to Nebraska. June 14, 1933. 108. VON,. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 155. Hoardinr. 3, 8, 112, 198. See - Gold Hodgsdon See - Hamlin, Edw. Holland N. Y. Times announces that W. G. Rice has been selected as Minister to. April 12, 1933. 20. Netherlands See - Bank Boreel, So hie Rice, W. G. Van Royen Homburg. 102. See - Peyton, F.:i. Agent. Hoover. Mrs. Meyer told Bertie that Mrs. Miller had taken down Hoover's picture and substituted Roosveltls. Mar. 27, 1933. 5. Mrs. Miller - See Wash. Post for Mar. 25, 192S - signed an appeal for nomination of Hoover and for his electi)n. April 7, 1953. 17. . Miller s! id he knew that Hoover, - a month before inauguration, wrote Roosevelt and asked him to join in a statement that the gold standard would never be lowered, or words to that effect; that he did not know 7-ha. Roosevelt's reply was but assumed it must have been negative. April a, 1933. 31. Roosevelt told "rs. Miller that the suggestion in his Petee message as to stopoing offensive armaments, arose out of suggestions once made to him by Hoover. May 19, 1935. 73, 74. Hoovenangry letter to F.R. Board stating that the Board knew at 11:30 p.m. March 3rd that the Governor of Illinois and New York would declare a bank holiday, is negatived in letter from Federal Reserve Agent Stevens of Chic..go stating that it was certainly after 1 a.m. Mar. 4, 1933, that he knew as to Illinois. Aug. 14, 1933. 170. St:tement of Hoover is also negatived in 1 tter from Gov. Harrison dated Aug. 15, - stating: 1. After midnight on awning of Mar. 4, 1933, Sec. Mills telephoned 'Am that Hoover positively would not proclaim a bank holiday. MN/ rf - http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 156. Hoover (Contl d.) 2. .qter this, Gov. Harrison went to Lehman's apartment in N. Y. City to a conference of bankers. 3. Gov.Lehman did not decide to proclaim a bank holiday until about 2:30 a.m. May 4, 1933. Aug. :31, 1933. 172. Hornbeck We meet, at dinner at Chevy Chase Club given by G. and Mrs. Crozier. July 3, 1933. 132. 2)ines with us at Woman's National Dem. nub to meet Miss Perkins, Secretary of Labor. July 13, 1933. 144. Houghton, Mr. and Mrs. Dine with us at L:attapoisett. Sept. 3, 1933. 183. House, Col. Charles Warren said, told him that he told Roosevelt his only reauest was some appointment for Margaret Wilson; that Roosevelt offered her a Positon paying $6000 per year; that she declined it but asked that it be offered to Helen Bones, who also declined it. Aug. 28, 193:1- 177. House of Representatives. See - Glas bill Housine;, 194. See - SpraEue Howe, Louis Delano said, had no use for Moley. May 2, 193:'. 49. Was the only one with Roosevelt at Campobello when he disapproved the stabilization greement. July 3, 1933. 131. Howells, W. B. Novelist 10. See - Boreel, Sophie. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 157. Howland, The Misses Called on us. Said Roos velt wired Z. V. Pease, as Bertie sugge ted. April 24, 1933. 40. Bertie got Mrs. Roosevelt to invite, to a Widte House recention to Herriott. Aril 26, 193,. 43. Hughes, Gen. We meet, Assistant Chief of Staff at dinner with Gertrude Myer. July 17, 193:. 146. Hull, Sec. • Sneaks at Carnegie Foun-ation lunch t -etronolitan Club to Board of Pan American Remblics. April 12, 1933. 22 C.S.H. lunches with, to meet Schacht and , erma- Ambassador. May 10, 1933. 60. So -hie Boreel takes Pictures of, with C.S.H. and H.P.H. May 14, 1933. 66 C.S.H. telephones secretary of ning he was an intimate friend of Ishii and would be glad to be of help in talking with h m. Lay 20, 1933. 75. Miller said he called down Wafbur the other day who spoke contemptuously of, saying he once had to kick him under the table to keer, him uaiet. Ylay 23, 1933. 79. Secretary of, called up C.-.H. and invited him to lunch tomorrow to meet Ishii. May 24, 1933. 84. So-)hie Boreel sends H.P.H. snap shots of, C.S.H. and June 8, 1933. 98. Renorted to Economic Conference that the central banks plan was agreeable to his Government. June 24, 1933. 119. tabilizt,tion Federd Reserve Board toll Acheson that the Hull gold resolution was not in acord with present conditions and no one could tell what future conditions would be. July 11, 1933. 139, 140. Papers say the F.R, Board vetoed the roJl resolution as to i;old standard in Economic Conference. July 12, 1933. 142. See - Economic Conference. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 158. Hull, Sec. (Cont l d.) A cable from, asked Board to reconsider the disaproval Board refused, but said it was always at any opportune time to consult with the central banks on any matter consistent wi,th national policy. July 14 193.. 143. (See scrap books) Calls up C.S.H. and asks him to come over to State Department. C.S.H. talked with him for half an hour. He said he hacs. talked with Roosevelt, that ap.narently he wanted to let the dollar alone for the present, as to which he gt.ve his general ap'iroval. he asked S.H7 how matters were prouessing and C.S.H. said that apparently they were going well. C.S.H. was ver;,. cautious and spoke only in vague generalities for he did not know how much, knew of what was soing on. C.S.H. got the impression that he knew very little. Aug. 12, 193. 168, 169. humiliation. 12.. See - Gold. Hummerville, .r. and lirs. Dined with us at 1:attanoisett. Sept. 16, 1933. 168. 4110.•• http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 159. Ickes, Sec. Gov. Black refers to, as an inflationist. July 24, 1933. 154. kr. Dodge at lunch said he was a Ere. t friend oi Ickes; that Ickes went to Washington to Fet anpointment 01 Committee of Indian Affairs; that Sen. Hiram Johnson gave him a letter to Roosevelt, and advised him to ask for a Cabint position, and that then as a compromise he mint get the IndiaL comiissionership; that he asked Roosevelt for position of Sec. of Interior, and, to his amazement, Roosevelt anpointed him. Aug. 1933. 173. Illinois, Gov. of. 170 See - Hoover Stevens, F.R. Agent, Chicago Indian Committee 173 See - Ickes Indistrial Recovery Act :flier said, coula not e carried out with a speculative, shifting currency; that economic stability was inconsistent with financial instability. July 20, 1933. 149. Directore of F.R. Bank, Boston, voted to acce-:,t, and Board approved the question of a code to be taken up with Gen. Jo . _son. July28, 1933. 157. Board formally ap)roved above. Aug. 2, 1933. 160. Inflation said he knew that as late as last nonv, April 17, Roosevelt was absolutely opposed to inflation; that later he accepted the Tomas amendments, which action 14il1er thought was particularly expedient. April 21, 1933. 31. Daiger said the N. Y. banker- 1.eally favored inflation and secretly favored tha Thomas amendments, although these amendments went further than they expected; that T. W. Lamont favored them. flay 16, 1933.: 72. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 160. Inflation (Cont'd.) Miller s. id he did not believe the U.S. couldaccom.lish much along lines of inflation at he as the tide of industry would bring gold to U.S. June 24, 1933. 120, 121.. Sprague told C.S.H. he was willing to submit to some inflation to prime the -pump but he could not stand devaluation to meet purely a epeauktive rise in prices. July 14, 1933. 143. Just when People believe Roosevelt will not yield to inflation he has appointed a Committee - Woodtn, Gov. Bladc and Attorney General to prepare a plan for devfau_ation. Sept. 25, 1933. 198. See - hamLin, C. S. 27 ,Harrison, Gov. 26 Roosevelt. 27 Thomas amendments. 36, 42 Inflationists feels it possible that Roosevelt may reaove the whole Federcl Re-erve Board and put a crowd of, on it. April 19, 1933. 28. Gov. Black said he was glad not to be on the Super Cabinet rys he would be outvoted by the inflationists, Wallace, Ickes, Moley, etc. July 24, 1933. 154. Insurf,nce of deposits 37, 92, 130. See - Guaranty of denocits Insurance Corporation. 186. See - Guaranty of deposits Intere:t on Mortgage J.S.H. paid, nattapoisett, due June 3. June 1, 1933. 91 Interest rates on Government securities Sprague and Federal Reserve Board thought a good rte for lon term loans. July 21, 193.151. International trade C.S.H. and lAller approved the final gold order but expressed strong opinion tht it sLould not be construed to affect gold in. Mar. 29, 1923. 7. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 161. Ishii, V1E7caunt C.S.H. told Hull's secretary that he was a very old friend of, and would be dad to help State Dent. in dealing with him. Eay 30, 1933. 75. Ishii's secretary called on H.P.H. and pave her six beautiful bamboo venetian blinds, from Ishii. Ylay 24, 1933. 84. Se'. Hull's secretary called C.S.H. invitil lunch to meet Ishii. T.lay 'A, 1933. 84. C.S.H. calls on. He was out. Lay 24, 1931.: to 84. C.S.H. _eets, at Sec. Hull's lunch. Ishii recognized him 20 or 30 feet away and seemed overjoyed to see him again, and seat his best regards to h. P. H. Ma: 25, 1933. 86. C.S.H. and H.P.H. dine with Debuchi to meet. May 25, 1933. 86. Italian Ambassador, C.S.H. meets, t dinner with Baron and Baroness Van Breugel. He drove C.S.H. home. Sept. 23, 1933. 194. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 162. -'7- Jackson, Mayor, Baltimore. 65. See - Boreel. Sonhie James, Geo. R. Said Vicksburg National Bank was known to be rotten for 10 years. April 4, 1933. 14. Spoke at Governors dinner at Metropolitan Club to Gov. Meyer. He said he felt humiliated that Gov. Meyer felt obliged to resign for political reasons. From what he said one would infer that Gov. Meyer's resignation was not volunatary, but was called for by Roosevelt. James said the failure to reap;Joint Magee was a public scandal and that under present policts our Board would be merely a Board of "Yes men" - subject to absolute control of the Administration in power. He said Gov. Meyer's resignation was a national disaster. April 21, 1933. 33, 34. Said the other day that the new Comptroller, DIConnor, was a Gianini man and that Gianini was delighted at his appointment. May 17, 1933. 71. Was at Nashville when Open Market Committee met. May 23, 1933. 78. Gov. Bleck and C.S.H. wanted to fix McClellandls salary as Assistant to Gov. Black at $12,000 but James objected. June 1, 1933. 90. Suggested paying off deposits of all state banks failing until July 1, 1934, through the R.F.C. June 1, 1933. 92. Voted against admitted Little Rock, Ark. banks. June 8, 1933. 99. Felt, 4th C.S.H., that Gov. Black should not attend a political conference at request of Sec. Raper. July 15, 1933. 109. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 163. James, George R. (Contld.) Sends to all members of Board a clipping from Omaha Bee stating that Mr. Tham4,A had stated that he could not resign as Chairman of Dem. State Comm. of Nebraska until the close of the year; that Parley had told him that there was no necessity for his resigning. June 29, 1933. 123, 124. We call on Mr. and Mrs. James. Out. July 16, 1933. 146. James, Ssymczak and C.S.H. met as a Committee and approved increases in salaries umder $2400. All heads of Divisions were present. James told them they would be held res-)onsible for all appointments recommended by them; that they must certify not only that the person certified is qualified, but also that he was the best man among those qualified. Later the Committee reported this to Board which approved it. Aug. 4, 1933. 162, 163. James, while addressing the heads of Divisions, spoke of Thomas' order to Van Fossen to give his secretary a place, although he did not mention names. Aug. 4, 1933. 163. See - Thomas Voted against giving Mercantile Trust .";c). of St. Louis, more time to dispose of its stock holdings in a national bank. Sept. 13, 1933. 187. ILplains that he recommends a Kansas City man for vacancy in Class C directors, because when Langworthy was appointed, now resigned - the policy of having only Kansas City men was fixed. Said the best man mould be Magee. He criticised Gov. Meyer for inventing this "policy" as a scheme for putting in his friend Langworthy. He voted, however, that, other things being equal, a Kansas City man should be appointed. Sept. 19, 1933. 189, 190. See jederal Reserve Bank, Kansas City. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 164. James, Geo. R. (Cont'd.) Board finally voted to refer matter back to a special Committee, - James, Thomas and Szymczak, to report later. Sept. 19, 1933. 191. Japan. 86, 87. See - ?Wad Ishii Jenkins, Mr. 102 See - Parley Peyton Johnson, Sen. Hiram. 73, 173. See - Ickes Miller Jones, Jesse. 106, 121, 178. See Joyce,_ Col. & Mrs. We Meet, at dinner with Gertrude Myer. July 17, 1933. 146. , e• http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 165. Keating, Mrs. Zdward We dine with. July 151 1933. 145. Kelley, Beaufort. C.S.H. has, at dinner at Woman's National Democratic Club. Aug. 9, 1933. 167. Kit contract Lippman criticises Louis Howe for favoritism in. July 15, 1933. 109. 4......mmemomammipmlemo http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 166. -L- L.L.D. Columbia Norman Davis. June 6, 1933. 98, 104, 105. Charles Warren. June 6, 1933. 104. Laboulaye, French Ambassador. We meet, and wife at Lunch with Dr. and Mrs. Miller. May 22, 1933.76. Lamont, T.W. Daiger said, expressed approval of Thomas amendments. May 17, 1933. 72. Langdon House, Portsmouth, N. H. 66 See - Boreel, Sophie Lansing, :fa's. Robert We lunch with. April 17, 1933. 24. Lawful money. 76, 78. See -Gold. Leahey, Capt. 132, 161, 169. See - Boreel, Sophie. Leaks. 162. See - Roosevelt Legal tender Thomas amendments make all Government money. May 22, 1933. 77. Lehman, Gov. 172. See - Harrison, Gov. Lewis, Sir Wilmot. C.S.H. me-ts, at dinner with Baron Von Breugel. message from Ralph Walter. Sept. 23, 1933. 194. "Liberty" ghost story. 87, 88. See - Boreel, Sophie Licenses, See - Gold. He sent http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 167. Lichtenstein, W. 118 See - Boreal, Sophie Lippincott, Camilla. 38, 39, 40, 51, 186, 192. See - Boreel, Sophie Lippman, Walter Roosevelt's policy is exactly what, favored in N.Y. Herald Tribune. (See scrap book) April 19, 1933. 28. Cutting down open market operations to 25 millions will justify criticism of, that Federal Reserve Board is hesitating and reluctant. May 23, 1933. 79. Severely criticises Roosevelt for putting only Democrats on the P.R. Board. Also condemned Louis Howe and kit contract. July 15, 1933. 109. Little Rock, Ark. banks Board took up application for admission of these banks, all were consolidations of closed member banks. They were perfectly liquid but were doing little business. Their officers were fairly good. The new banks had been opened by State Commissioner. The Manager of P.R. Little Rock branch, the Federal Reserve Agent, !Rod, and the P.R. Examiner. They all, including Yederal Userve Bank, St. Louis, urged admission. Noe After long discussion Board refused approval. Aye: Gov. Black C.S.H. on condition that the F.R. bank should watch carefully the loan and investment policies. No: Miller, until expiration of one year. James - Same as Miller. Comptroller; 1. Action of state in devoting to other purposes taxes pledged for bond issues, lowering bond values from 100 to 20. None of their bonds were held by these banks. 2. The officers held only qualifying shares, which was against public policy. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 168. Little Rock, Ark. banks (Contld.) No: Comptroller (Conted.) 3. Most of stock of old companies was pledged . to Rar.C. for loans. It was stated that a strong effort would be made to place the stock, now owned by the old Lompanies, with the publit. This seemed to satisfy Comptroller as to 3. As to 1, Comptroller said he owed no duty to help the banking situation in view of the discreditable action of the state! June 8, 1933. 98, 99, 100. Loan value. 69. See - Robinson, H.W. Lodge. See - Williams, Constance. Long, Huey. Said it was the happiest day of his life when he learned that Gov. Black had been made Governor of the F.R. Board. May 12, 1933. 63. Los Angeles. 189. See - Boreel, Sophie Lotbrop, Mr. Dines with vs at Mattapoisett. Sept. 3, 1933. 183. Lowell, A Lawrence C.S.H. lunched at Harvard Club to her. April 28, 1933. 46. He stayed with the Delanos. Mrs. Delano said the next morning he saw in the paper the picture of Mrs. (Sen.) Carraway who had been bitten the day before at a dinner at White House, Which Bertie attended, by Mrs. Roosevelt's police dog, and he said, "Poor dog! I would have bitten that face had I been a dog myself!" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 169. Lunches With Miss Hagerman. Mar. 26, 1933. 2. H.P.H. with Mrs. Meyer to meet Mrs. Woodin. Mar. 27, 1933. 5. H.P.H. to Mr. and Mrs. Gordon Abbott. Mar. 31, 1933. 10. C.S.H. at Metropolitan Club. Carnegie Foundation to Board of Pan American Republics. April 12, 1933. 22. With Mrs. Lansing. April 16, 1933.24. C.S.H. with Sophie Boreal. April 24, 1923.38, 39. Woman's Natianal Democratic Club to Mrs.Roosevelt. April 26, 1933. 43. C.S.H. at Harvard Club to meet President Lancal of Harvard. April 29, 1933. 46. With Gen. and Mrs. Clarence Williams (Constance Lodge) April 30, 1933. 47. Delano lunches with C.S.H. May 2, 1933. 49. With Rachel Hale, to meet Mr. and Mrs. Victor Morawitz. May 3, 1933. 50. C.S.H. with Sec. Hull to meet Mr. Schacht. May 10, 1933. 60. With Dr. and Mrs. Miller to meet French Ambassador, Italian Ambassador and others. May 21 1 1933. 76. With Mrs. Gov. Ross at Cosmos Club. June 8, 1933. 104. With Mr. and Mrs. Delano. June 11, 1933. 105. Mrs. James Roosevelt with Harriet Rice. July - 1933. 145. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 170. Lunches (Contod.) With Ex-Senator and Mrs. Bruce at Ruxton, Md. July 30, 1933. 158. Mr. and Mrs. Clarence Dodge with us at Mattapoisett. Aug. 22, 1933. 173. Mrs. Lloyd Sanderson (Baby riske) with us. Aug. 24, 1933. 175. Mr. and Mrs. Prank Bright with 11A at Mattapoisett. Sept. 2, 1933. 183. With Mrs. Herbert Slocum. Sept. 17, 1933. 188. Lyon, Tracy. 181 See - Hamlin, Anna. IIMIVEDIMIP.M.immMeM1 41=0.04.ftrimp.m. 44ihr t mhart•Afp http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 171. Ma Jong. 73. See - Boreal, Sophie McClelland We fixed salary of, as Asst. to Gov. Black at $10,000. Miller and James objected to 42,000. June 1, 1933. 90. jni Died this evening. Committed suicide. July 27, 1933. 157. C.S.H. attends funeral. • July 31, 1933. 159. MacDonald, Ramsey We attend a garden party at British Embassy to meet. April 21, 1933. 37. See - ECOMDMiC Conference. Magee, Wayland James said at dinner to Gov. Meyer that Roosevelt's failure to appoint, was a public scandal. April 21, 1933. 34. Gov Black said Woodin asked him wham he recommended for the Federal Reserve Board, and that he replied unhesitatingly,Magee,and he rather thinks Magee will get it. May 17, 1933. 71. Gov. Black said he and Woodin saw Roosevelt yesterday and strongly indorsed Magee, but that Roosevelt seamed cold and unresponsive. May 19,1933. 74. Gov. Black suggested that Miller and C.S.H. go to Roosevelt and urge the appointment of Magee, but we finally reached the conclusion that this would, probably now do more harm than good. May 19, 1933. 74. Magee came in to say Good-bye. He leaves tonight. He was very bitter with Roosevelt for filling P.R. Boadd with Democrats. May 19, 1933. 74. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 172. Magee, Wayland (Cont'd.) Gov. Black said he had formally indorsed Magee and Douglas for the Federal Reserve Board but feared Roose velt would not appoint them. May 31, 1933. 89. Roosevelt appointed Thomas of Nebraska and Szymczak of Chicago, time set ling Magee's fate. June 3, 1933. 96. Magee drove us out to his house to tea. Said very little about his failure to secure the appointment. June 4, 1933. 96. C.S.H. is shocked -1 Roosevelt turning down Magee, an expert dirt farmer - and appointing the Chairman of Dem. State Committee of Nebraska. June 14, 1933. 108. C.S.H. told Glass he prepared a memorandum showing advisability of appointing Magee or at least some Republican, which was given to Woodin to give to Roosevelt. Glass said. he could not believe Roosevelt ever saw it. June 16, 1933. 113. See - Glass Roosevelt James said Magee would be best man for Class C vacan cy at Federal Reserve Bank, Kansas City. Sept. 19, 1933. 190. Managed currency Gardner said Sen. Pittman was a metallist and opposed to. Aug. 9, 1933. 167. See - Currency Gold Married employees See - Nagle Mattapoisett H.P.H. left Washington for, on Federal Express. Aug. 1, 1933. 160. C.S.H. goes to, paying our expenses. Aug. 4, 1933. 163. C.S.H. leaves, for Washington. Aug. 7, 1933. 164. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 172. Magee, Wayland (Contsd.) ti• Gov. Black said he had formally indorsed Magee and Douglas for the Federal Reserve Board but feared Roosevelt would not appoint them. May 31, 1933. 89. Roosevelt appointed Thomas of Nebraska and Szymczak of Chicago, time set ling Magee's fate. June 3, 1933. 96. Magee drove us out to his house to tea. Said very little about his failure to secure the appointment. June 4, 1933. 96. C.S.H. is shocked -t Roosevelt turning down Magee, an expert dirt farmer - and appointing the Chairman of Dem. State Committee of Nebraska. June 14, 1933. 108. 11 1—to41,4111r . Nro. C.S.H. told Glass he prepared a memorandum showing advisability of appointing Magee or at least same Republican, which was given to Woodin to give to Roosevelt. Glass said. he could not believe Roosevelt ever saw it. June 16, 1933. 113. See - Glass Roosevelt James said Magee would be best man far Class C vacancy at Federal Reserve Bank, Kansas City. Sept. 19, 1933. 190. Managed currency Gardner said Sen. Pittman was a metallist and opposed to. Aug. 9, 1933. 167. See - Currency Gold ro4tt Married employees See - Nagle Mattapoisett H.P.H. left Washington for, on Federal Express. Aug. 1, 1933. 160. C.S.H. goes to, paying our expenses. Aug. 4, 1933. 163. C.S.H. leaves, for Washington. Aug. 7, 1933. 164. r http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 173. Mattapoisett (Cont'd.) C.S.H. goes to Boston to P.R. Bank on official business, to discuss problems with Gov. Young, - the N.E. situation. Government transportation. Then went to Mattapoisett for Sunday. Aug. 17, 1933. 171. Leaves, for Washington. Aug. 27, 1933. 176. The Rices arrive at. Aug. 30, 1933. 181. C.S.H. goes to. Pays own expenses. Sept. 1, 1933. 183. C.S.H. leaves Mattapoisett. Sept. 4, 1933. 183. See - Dinners Does not go to Mattapoisett this week. Sept. 8, 1933. 184. C.S.H. goes to Boston on official business and then to Mattapoisett. Government transpordion. Sept. 13, 1933. 187. Leaves Mattapoisett. Sept. 17, 1933. 188. C.S.H.invites Baron and Baroness Von Breagel to visit at Mattapoisett. Were not able to come. Sept.25, 1933. 198. UA Mattapoisett mortgage. C.S.H. pays interest on, due June 3. June 1, 1933. 91. McAdoo, W. G. Morgan gave stock preference to. May 25, 193: 84. . McClellan, Mr. and Mrs. Geo. B. We called on. April 21, 1933. 37. We called on. He said a distinguished Democrat - C.S.H. believes Sen. Bulkley - said Moley woad be fired from office within 6 months. June 26, 1933. 122. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 174. McClintock, Mr. and Mrs. Dine with us at Woman's National Democratic Club to met Baron and Baroness Van Breugel. July 24, 1933. 153. We took supper with. July 25, 1933. 156. McDougal, Gov. 60. See - Federal Reserve Bank, Chicago McIntire. 137. See - Roosevelt McKay. 6, 129. See - Federal Reserve Bank, Chicago McLane, Charles 56, 57, 65, 158. See - Boreel, Sophie McLane, Henry We dined with, at Olney Inn. A friend of H.P.H. July 6, 1933. 138. McNamara, Capt. and Mrs. We dined with. April 8, 1933. 19. Meismer See de Meismer, Madame Memoranda C.'E.H. and Miller Approved gold order on understanding that it was not to affect gold international shipments to balance exchanges. Mar. 29, 1933. 7. Gov. Black As to appointment of Sprague and Gov. Harrison. June 1, 1933. 90. Warburg to Miller Suggesting cancellation of Thomas amendments. May 31, 1933. 91. C.S.H. to Woodin - appointment of Nagee. June 16, 1933. 113. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 175. Memoranda (Cont'd.) Gov. Black agreed to furnish, as to Roosevatis instructions as to arrangement with Bank of England to stabilize exahonge. July 24, 1933. 155. Of Banking Advisory Committee against devaluation. See scrap books. Aug. 31, 1933. 182. Mercantile Trust Co., St. Louis Board declined to extend time in which, is to dispose of its stock holdings in national bank. Vote: Aye: C S.H. Thomas No. James, Miller, Szymczak. Sept. 13, 1933. 187. Meyer, Gov. Mrs. Meyer told Bertie that, felt the Board had not been taken into confidence of Roosevelt with regard to the recent legislattn, - that Miller wanted to be Governor of Federal Reserve Board; that Miller frequently called up, but after long conversation he could not tell what he was driving at. Mar. 27, 1933. 5. See - Miller, Mrs. Miller said reason why Roosevelt did not consult Board more frequently may have been because, was still on it. Mar. 31, 1933. 11. Receives letter from William Phillips addressed "Esquire" April 12, 1933. 20. April 14, 1933. 23. N. Y. Times announces resignation of. April 12, 1933. 20. Daiger said the stabilizationists were very bitter against. April 12, 1933. 22. The Governors gave a farewell dinner to, at Metropolitan Club. C.S.H. and James were present, - Miller had another engagement. Gov. Black acted as Toastmaster. He called for addresses on James, Gov. Norris, Gov. Calkins, and Gov. Harrison. James said he felt humiliated that Gov. Meyer felt called http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 176. Meyer, Gov. (Cont'd.) to resign for political reasons. Pram What James said one would think the resignation was not voluntary, but called for. James said Roosevelt's failure to appoint Magee was a public scandal, and that the P.R. Board, under present conditions, was simply a Board of Yes men, subject to domination of the administration in power. He said Gov. Meyer's resignation was a public disaster. Gov. Harrison praised Gov. Meyer. He said there had been conflicts of authority between the F.R. Board and the P.R. Bank, New York, and that Gov. Meyer had represented the P.R. Board's views loyally and ably. Gov. Meyer made a long address. He said two great political questions had cane to the front and that he felt it was his duty to withdraw and give Roosevelt an opportunity to appoint a Governor in harmony with his political views. - IL *.ter..4ero0h, , =fool be0 He bitterly attacked Roosevelt's latest order abolishing the gold standard, and specially attacked devaluation. He said it was shocking, when all nations were trying to get together, to use threat of devaluation as a club further to excite trouble and controversy. He said he had no sympathy with the efforts to increase our export trade by cutting into forelgn markets now controlled by other nations. He said our real remedy was to settle Allied debts and help Europe remain on the gold standard, and induce countries which had left it to return to it. 01103 elMOICOVO He said Great Britain was forced to leave the gold standard, while we had voluntarily left it, - the worst possible policy to his mind. C.S.H. believes Gov. Meyer asked Gov. Black to call bn James to speak and not C.S.H., and that the purpose of the dinner was to boom Meyer. April 21, 1933. 34, 35, 36. 177. Meyer, Gov. (Contld.) Goy. Meyer during the dinner said the rumor was that Roosevelt intended to consolidate the Federal Reserve Board and the Farm Loan Board. April 21, 1933. 36. Gov. Meyer is certainly on the war path and will be a severe critic of Roosevelt and his policieE. April 21, 1933. 36. Sophie Boreel told C.S.H. that people are saying that Gov. Meyer resigned because he could not accept Roosevates policy of going off the gold standard. C.S.H. told her this was not true as Gov. Meyer told the Board on March 24 that some days before that he had told Roosevelt he desired to be relieved from membership on the Board; that at that time the Board was engaged in preparing regulations under the original order of Roosevelt declaring a bank holiday, and embargoing gold, on which regulations the Board agreed unanimously; that at that time no question of leaving the gold staulard or devaluating the dollar had arisen. April 26, 1933. 40, 41. Wyatt said that before March 24th, when Gov. Meyer told Board he had told Roosevelt he wished to resign, Gov. Meyer had had some differences with Roosevelt as to opening certain banks, e.g. the Bank of America, as to the responsibility of the Chairmen of Federal ReEerve banIsin recommending banks to be licensed. April 26, 193- 44. . a loc 07)a431fft 0* n , A:71w 11,444- 44ff 4 laLt*Pc WIOVA b3d iff).ZJIir ae174avoo o.azithat brit http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0,1 vioqxt ved$0 Td $41 1001 WM .33 bliza Goldenweiser said Gov. Meyer was sore because Roosevelt had not consulted him. April 26, 1933. 44. Wyatt said Gov. Meyer was opposed to bill authorizing direct loans to non—member banks. April 26, 1933.44. C.S.H. later heard rumor that Gov. Meyer resigned because of the currency inflation bill, i.e. the Thanes amendments. These amendments did not become law until May 12, 1933. April 26, 1933. 44. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 178. Meyer, Gov. (Con'd.) C.S.H. believes the Chief reason for Gov. Meyt ,ris resignation was his bitter controversy with Sec. Woodin because the Board wired its approval of the bill authorising direct loans to non-member banks, to Pederal reserve agents, stating in the telegram that Woodin had explained the situAlon to tl6e Board, which Woodin felt would be construed as domination of Board by Woodin. April 26, 1933. 45. Wyatt said Gov. Meyer was dissatisfied at giving a license to the Bank of America. While the Board discussed this it made no recammendation as to it. Gov. Meyer left room while it was being discussed, saying he would be attacked whichever way the decision went, and because of family interest in that bank r the Anglo-American bank. The Board never voted on this. April 26, 1933. 45. Told Board he had notified Roosevelt he must resign and leave not later than Saturday of this week. May 1, 1933. 48. .1 1 Roosevelt asked, to remain a few days longer. May 5, 1933. 54. fLv(#.1',7%i. c • '-4.) rr::(-4 'T.t) v It.. We went to string quartet concert at home of. May 5, 1933. 54. Gov. Black appointed in place of. May 10, 1933. 58. t.ns , Buys Washington Post. White of National Metropolitan Bank told C.S.H. Mower offered 5 millions for it years ago but now had got it at a bargain price. June 2, 1933. 95. Meyer, Mrs. Eugene Gave lunch to Mrs. Woodin and asked H.P.H. to remain afterwards. She said she and Gov. Meyer were much troubled; that he felt he should have been consulted about the new legislation. She was very bitter against Dr. Miller and Mrs. Miller. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 179. Meyer, Mrs. Eugene (Contld.) She said Miller wanted to be Governor; that everyone knew how fickle Mary Miller was; that she had taken down Hoover's picture and had substituted Roos-velt's; that Dr. Miller frequently called up Gov. Meyer but at end of long conversations he could not tell what Miller was driving at. Max. 27, 1933. 5. Michigan banks Gov. Black said the Michigan National banks which had been licensed to open were about to fail but that he had induced the R.F.C. to take two millions of their preferred stock. June 2, 1933. 95. .44,trtw ISA Miller, Adolph After discussion of the draft of gold order, Miller said, Glass may have been very wise in deciding not to be Secretary of Treasury, from a suspicion as to Roosevelt's soundness! Mar. 25, 1933. 4. Miller and C.S.H. drew up a statement that in approving the gold order as changed by the President, they did so on the understanding that it did not ay-1y to gold in international trade. Mar. 29, 1933. 7. C.S.H. asked, as to advisability of asking P.R. Bank, New York, whether it was negotiating with the Bank of England for stabilization of our currency with the British pound. Miller said No, - that While he absolutely knew nothing about it, it might be that Roosevelt has asked Gov. Harrison to eater upon such negotiations, perhaps in connection with the coming Economic Conference; that he suspected something was going on, aa which the F.R. Board was not being consulted, possibly because Gov. Meyer was still on it. Mar. 31, 1933. 11. Ex-Senator Hitchcodk called on, and talked with him about his offer from Roosevelt of a place on P.R. Board, gs a result he said he would decline the apuointment. April 4, 1933. 14. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 180. Miller, Adolph (Contld.) Edith Eustis told Bertie she had heard on good authorlAy that d the Governorship of Board would go to Miller or to ' .S.H. April 6, 1933. 16. ' Daiger said the Chicago bankers have no candidate but demand Miller for Governor if only for a short time as a slap against New York; that the N.Y. bankers opposed Miller partly because of his fight for direct pressure in 1929, but more because of his securing passage of Sec. 3 of Glass bill, penalyzing banks for undue use of F.R. funds for speculative loans. April 32, 1933. 21. Daiger said the stabilizationists in both H.R. and Senate bitterly opposed Miller because of his Uncompromising hostility to price stabilization. April 12, 1933. 21. Daiger said Roosevelt could safely appoint Walter Stewart on the Board if he made Miller Governor. April 121 1933. 22. Said to C.S.H. that Ex-Senator Owen tried to make the German Embassy pay him $150,000 for the articles he published some years ago to establish Germany's freedom from war guilt; that he finally got $50,000. April 12, 1933. 23. C.S.H. wonders why Roosevelt does not consult Miller or himself as to the Glass bill. April 15, 1933. 24. 1C.S.H. asked Miller what Roosevelt intended when he deliberately refused to permit export of gold, stating that the dollar would be left to take care of itself, time going off the gold standard. Miller gave a non-commital answer, saying it was part of a broader policy, but did not say what that policy was. C.S.H. asked if it had to do with the coming Economic Conference Miller said he t -ought it had more to do with domestic problems. • s" 8 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 181. Miller, Adolph (Contsd.) C.S.H. asked if any more gold would come into the U.S. and Miller said he thouijat not. April 19, 1933. 27, 28. Miller said we must start up vigorous open market operations. April 19, 1933..8. Seemed inclined to accept Thomas amendments, but predicted they would not achieve desired result. April 20, 1933. 29. , Told C.S.H. that Woodin evidently had no influence with Roosevelt and knew nothing of their problems. April 20, 1933. 30. Said others than Moley were behind Roosevelt; that he knew of one prominent banker, whose name he did not give. April 20, 1933. 30. He said Moley hated Great Britain. April 20, 1933. 30. Said he knew that as late as last Monday, April 17, 1933, Roosevelt was absolutely opposed to all inflation; that later he had to choose between outright passage of the Thomas amendments or a bill giving him discretionary power as to them; that he thought the latter was the politically expedient course. April 21, 1933. 31. Said be knew that about a month before inauguration, Hoover wrote Roosevelt asking him to join in a statement that the gold standard would never be lowered, or words to that effect; that he did not know Roosevelt's reply but assumed it was negative. April 21, 1933. 31. Did not attend dinner of Governors to Gov. Moyer because of another engagement. April 21, 1933. 33. Washington Herald says Roosevelt has decided to make Miller Governor of Federal Reserve Board. April 26, 1933. 43. Told C.S.H. he knew absolutely nothing as to being designated as Governor. April 27, 1933. 46. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Miller, Adolph (Contld.) Mrs. Delano told Bertie they thought, absolutely unfit for Governor. May 7, 1933. 57. Papers announce appointment of Gov. Black and designation as Governor. May 10, 1933. 58, !.„ • : JO See.Woodin told C.S.H. that, felt awfully about the Governorship, and then he added, NBut I didn't do itIN May 10, 1933. 60. C.S.H. talked with Miller. He was evidently disappointed at his failure to be designated as Governor. C.S.H. feels it was not so much thrt he cared to be Governor but that he was somewhat piqued that it was not offered to him. He said he told Woodin he was ready to resign to give Roosevelt a chance to select a new man from the Pacific coast. May 10, 1933. 60. Said he feared that Gov. Harrison, who had just been in Was..ington, had persuaded Woodin to oppose his designation. C.S.H. said this was not true as to Woodin and quoted Woodin as above. May 11, 1933. 60. C.S.H. believes, however, that Gov. Harrison in conjunction with the stabilizationbts had brought such pressure upon Roosevelt that he could not resist it, although this is only a surmise. May 11, 1933. 60. • Said a man - Justice Wardell - had spent an hour with him a day or two ago, wanting to be made Chairman of Pederal Reserve Bank of San Francisco, and saying that Roosevelt had promised him this position. May 11, 1933. 60, 61. Said he felt that politics had crept Into the P.R. System and gave a vague intimation of resigning. C.S.H. begged him to drops]]. talk of resignation, as it would surely be attributed to disappointment. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 183. Miller, Adolph (Contid.) Feels terribly because Roosevit did not at least take him into his confidence. May 11, 1933. 61. Miller drew up resolutiln authorizing Open Market Committee to buy up to one billion of Government s-curities. Miller seems to be in the discard with Roosevelt. May 12, 1933. 62. Daiger said Miller was defeated for Governor by a combination of Federal Reserve Bank, New York and the stabilizationists, and that the later, failing to get Ex-Senator Owen, insisted on Gov. Black, and that Roosevelt then yielded to political pressure. May 12, 1933. 63. Miller and C.S.H. defended the old and new open market policy, at the Federal Advisory Council meeting, stating that it prevented further frightful deflation. They said the policy had been changed at last open market conference over their objection. May 16, 1933. 68. Gov. Black wanted Board to approve the amendment guaranteeing deposits in failed licensed banks, but Miller objected. May 18, 1933. 72. Miller said Sen. Hiram Johnson is bitterly dissatisfied with Roosevelt's failure to designate him as Governor. May 19, 1933. 73. Miller said Roosevelt told him that the maggestion in his peace message of stopping offensive armor, came from a talk once with Hoover. May 191 1933. 74. We lunched with Dr. and Mrs. Miller. May 21, 1933. 76. Neither Miller nor C.S.H. were invited by Gov. Black to dttend Executive Committee meeting of Open Market Committee. Committee voted to reduce buying of Government securities to 25 million this week. Had Miller and C.S.H. been at meeting the result might have been different as they felt this was but a drop in the bucket and was Almost ridiculous. May 23, 1933. 78, 79. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 184. Miller, Adolph (Conted.) -4 , Miller and C.S.H. insisted on Irving their protest put in the record. Had Gov. Black asked us to be at the meting the result might have been different. May 24, 1933. 83. Miller asked C.S.H- about William Rice. C.S.H' said he knew nothing except what he had read in the N. Y. Times a month ago. C.S.H. said Roosevelt might have a strong personal friendship and inclination and yet not be able to make the appointment. Miller said he knew it had gone much further than this and that . Rice is slated for the place. Miller must have got this from Wm. Phillips. May 25, 1933. 85, 86. ' r Miller objected to $12,000 as salary for Mr. Martin, Gov. Bladk's assistant and it was fj.xed at $10,000. Zune 1, 1933. 90. Miller said yesterday he was utterly depressed at Roosevelt's action in taking us off the gold standard; that it was absolutely unnecessary except as a temporary matter; that we could easily have paid foreign owners of our Government bonds in gold. He .qgreed with N. Y. Times editorials of yesterday and ::.nday. June 1, 1933. 90. Said that, while there was nothing really wrongful in act of Woodin buying Morgan's Ftodk, public opinion would force him to resign. June 1, 1933. 90. A 1.0:40V Of; 1 lor* • .J io11J: - ••J.C $ $ 7.3'1 L C45 Uiller said Warburg tried to wash his hands of all responsibility for the Thomas amendnuants of May 12, 1933, and for going off the gold standard, yet that some time ago Warburg gave him a memorandum, suggesting all the above for consideration and asked Miller to confer with the Brain Trust about them — which Miller declined to do. May 31, 1933. 91. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 185. Miller, Adolph (Contld.) 2 Miller and C.S.H. doubted propriety of taking 1/ of surplus of Federal reserve banks for deposit insurance plan but would not ask a veto on this ground. Miller suggested apportioning this among the Federaf reserve banks having the largest surplus and Gov. Black said he would talk with Smead about it. June 1, 1933. 92. Miller told C.S.H. that Roosevelt's refusal to pay gold on our bonds held by foreigpers, was simply and plainly national dishonor. June 2, 1933. 94. Miller reminded C.S.H. that at a Board meeting lately when fact was stated that, including Government bonds, there were 90 billions of contracts in this country payable in gold, while we had only5 billions of gold in the country, and only 12 billions in whole world, - he replied that 90 billions of gold were not needed to pay these gold contracts, adding that we have 120 millions of population but do not need 120 million hearses to bury them. June 2, 1933. 94. Certain Arkasas banks were refused admission. Miller voted No, until after expiration of 1 year to find how the banks come out. June 8, 1933. 99. Wardell called on Miller some time ago. June 8, 1933. 101. Miller said Jenkins of Democratic National Committee called up Morrill, saying he represented Postmaster General Farley and asked how Federal Reserve Agent Peyton came to be appointed. June 10, 1933. 102. • " I See - Peyton, Federal Reserve Agent. Miller said it must be admitted that Roosevelt is a pure spoils politician; that he is always enamoured of new ideas; that he allows men with the necessary cheek to break in on him and to dominate him; that he has followed the behests of the Brain Trust without comprehending where the Trust is taking him; that the Brain Trust does not seem permeated with any sauna principles, or even with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 186. Miller, Adolph (Contsd.) any idea of national honor; that if anything happens the Brain Trust will be akillful at proving an alibi and will leave Roosevelt holding the bag! June 10, 1933. 103. Miller said he would not be surprised if Roosevelt, to meet Republican clamor at having a purely Denocratic Pederal Reserve Board, should remove him and C.S.H. and put Republicans in our place! June 10, 1933. 103. C.S.H. told Glass that Miller gave to Woodin a memorandum on matter of Mageess appointment, who said he would give it to Roosevelt. June 16, 1933. 113. Miller said Gov. Black had received a letter from a very prominent person praising Wardell in highest terns. He intimated it was from Roosevelt. (Later it appeared it was from Farley who said Roosevelt desired the appointment.) June 19, 1933. 115. Miller said he did not believe the U.S. could, in brinring about inflation at home, as the tide of industry would. bring gold to VA. June 23, 1933. 120, 121 .et 7 Miller said Sec. Woodin recPived a letter from Parley practically demanding the appointment of Wardell as Chairman of Board, P.R. Bank, San Francisco, and stated that Roosevelt desired this appointnet! June 26,1932. 121. See — Wardell Miller said great pressure was being brought to bear on Gov. Black in behalf of Wardell. . June 26, 193: 121. Miller said Gov. Harrison's account of his work in Landon with the central banks to secure temporary stabilization, was, to his mind, saddening and shocking; that the U.S. stood humiliated among the nations! June 26, 1933. 122. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 187. Miller, Adolph (Contid.) 1:44 Miller said the Press had turned against Moley, believing he was not an able man, and that it was but a question of time before Roosevelt must throw him out. June 261 1933. 122. Told C.S.H. that Roosevelt had made a terrible mistake in throwing over stabilization of currencies. July 5, 1933. 133. Miller said he had been offered the Ambassadorship to Germany, but could not consider it. July 14, 1933. 143, 144. Said that Rooseveltisinstructions to Gov' Harrison to enter into a stabilization plan with Bank of England was really an order to speculate in exchange without disclosing to us what his ultimate plan was. July 20, 1933. 148. Miller said even devaluation would be better than the present speculative chaos, although he doubted whether devaluation would be followed by higher prices. July 20, 1933. 149. Miller said Roosevelt's Industrial plan could not be carried out with a shifting, speculative currency; that econcbmic stability and financial instability were absolutely inconsistent. July 20, 1933. 149. Miller said Roosevelt is dominated by parlor economists, and that, sooner or later, Roosevelt would turn to the rederal Reserve Board for help. July 20, 1933. 149. Director of the Budget Douglas siggested to Gov. Black that he become a member of the Super-Cabinet, but Miller said if Roosevelt bar' any suspicion that our Board was trying to 'butt inn he never would ask Gov. Black. July 20, 1933. 150. Voted against giving Mercantile Trust Co. of St. Louis more time in which to dispose of its holdings of national bank stock. Sept. 14, 1933. 187. • • t- In discussing the vacancy in Class C directorship, Kansas City, Miller replied to Comptroller's claim that it would be illegal to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 188. Miller, Adolph (Contld.) confine Clsss C appointments to Kansas City, by stating that the Federal reser e banks could elect any one they chose and so could the Board a point any Class C director it chose. Sept. 19, 1933. 189 In response to a claim that when the Federal Reserve Bank of Kansas City was organized there was a gentlent.nis agreement that only 2 directors should be chosen from KanRs City, Miller said it must have been a bank agreement made before our Board was appointment and could not bind the Board. Sept. 19, 1933. 190. Viller, Mrs. Adolph Gave a lunch to Mrs. Woodin and asked Bertie to remain afterwards. She told Bertie how troubled she and Gov. Meyer felt. She said Gov. Meyer felt Roosevelt should have consulted him about the new legislation. She was very bitter against Dr. Miller and Mrs. Miller. She said Dr. Miller wanted to be Governor; that everyone knew how fickle Mrs. Miller was; that she had taken down Hoover's picture and substituted Rooseveltls;that Miller frequently called up Gov. Meyer, but after long conversations he could not tell what Miller wax driving at. Mar. 27, 1933. 5. C.S.H. found from his scrap books that MstyMiller, in the Washington Post of Mar. 25, 1928, signed an appeal for Hoover's nomination and election. April 7, 1933. 17. C.S.H.advised Bertie to get Mrs. Harriman to ask Mrs. Miller to become a life member of the Womah's National Democratic Club, and to get authority fram the Club to give Mrs. Harriman the $1000 fee towards her vote. April 7, 1933. 17. Miller said Roosevelt told Mrs. Miller message would ward off danger of 3 months, during *hich time much May 19, Mills, Ogden. 172. See - Harrison, Gov. Hoover Minnesota, Gov. of.102 See - Peyton, F.R. Agent. that he hoped his peace a European war for at least may be accomplished. 1933. 73. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 189. Maley, RAynand Addresses dinner of Woman's National Dem. Club. April 7, 1933. 17. to• Miller said there were others than Moley backing Roosevelt's policies. He said Moley hated Great Britain. April 20, l93. 30. —_ Delano said Louis Howe had no use for Moley. May 2, 1933. 49. evil, .4 . 4,04 1 0 $ .;4.. • 7.,t , ,4 r C. - , • ,• 0, :W:144 ;NU., I to y tlo: 1ff:tr.) . 4 17' 7' 16 J . ".ft>.$ (.•.; r .34;4 Sprague told Gov. Black that Moley said he must go over to Economic Conference. May 31, 1933. 89. Miller said the Press had turned against Moley and that it was but a question of time when Roosevelt must throw him out. June 26, 1933. 122. Moley cabled advising Roosevelt to agree on stabilization but Roosevelt overruled him. July 3, 1933. 131, 132. Warburg told Gov. Black our delegttes at Economic Conference breathlessly awaited Moley's arrival but that they found he had Absolutely no instructions from Roosevelt, and nothing to offer for himself; that he did agree to a measure of stabilization which Roosevelt pramrtly turned dawn. July 24, 1933. 154. lel, Gov. Black said ne was glad nDt to be in Super-Cabinet as Moley and the other inflationists wauld outvote the conservative members. July 24, 1933. 154, 166. •...,91 • . f" • 1' !-91, The papers announce resignation of Moley. Good riddance! Aug. 28, 1933. 177. Monetary policy. 179, 186. See - Roosevelt. Morgan, J. P. Papers announce list to wham, offered stock at less than market value. Among them were Sec. Wood, Norman Davis, Sec.MoAdoo, bewton D. Baker et al. May 25, 1933. 84. See - Baker Davie McAdoo Woodin 190. Morgan, J. P. (Contl d.) Mrs. Delano told us that the new biography of Roosevelt failed to mention that he was a closer relation to J. P. Morgan than to Theodore Roosevelt. June 11, 1933. 105. Margan Library. 9, 161. See - Auld Lang Syne. Morowitz, Victor We lunched with Rachel Hale to meet Mr. and Mrs. May 3, 1933. 50. Morrill. 24, 26, 30, 87, 102, 109, 120, 138, 159, 160, 180. See - Federal Reserve Bank, Chicago Glass Peyton, P.R. Agent Szymczak Thomas Woodin Morrison, Dr. Said my eyes had Improved as to sight; that my trouble had not increased in either eye; that they were keeping up in a most satisfactory manner; that the vision of my right eye was 2/3 normal and my left eye 2/5th. May 24, 1933. 80. Mortgage, Mattapoisett Paid interest on. June 1, 1933. 91. 474 Mullen Roosevelt offered judgeship on U.S. Circuit Court of axpeals to, a member of Democratic National Committee of Nebraska! This seams shocking. Mar. 26, 1903. 2. Roosevelt offered place on Federal Reserve Board to Ex-Senator Hitchcock at behest of. June 13, 1933. 108. Musher. 23 See - Owen-Ex-Senator Myer, Gertrude We dined with. Present: Admiral aad Mrs. Mark Bristol, Gen. Hughes, and Chief of Staff, Col. & Mrs. Joyce, Commandant of Fort Myer. July 17, 1933. 146. 104., http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 191. Myer, Gertrude (Contld.) Dines with us at dinner to Baron and Baroness Breugel at Woman's National Democratic Club. July 24, 1933. 155. C.S.H. called on. She seemed reasonably glad to see me, but nothing more. When leaving she said possibly, she might see me before she went to Hot Springs toward the end of August. She made no suggestion as to coming to dine with her. (As a matter of fact she never asked me to dinner at all during the summer nor um to Bertie's return about Nov. 1.) Aug. 11, 1933. 168. •• 192. Pederal Reserve Bank of Boston notified our Board it had accepted the. July 27, 1933. 157. Board voted no objection. Aug. 2, 1933. 160. Gov. Black said we should do all we could to help, by liberal buying of Government securities; thdvih9ther the N.R.A. is to succeed or not is involed in grave doubt. Aug. 29, 1933. 179. Miler said the N.R.A. was being held up because of uncertainty as to our monetary policy. Sept. 11, 1933. 186. Sprague said the N.R.A. had put up prices but he feared it had gone too far. He said he wanted an increase in Agricultural prices but that other prices should go up only moderately. Sept. 20, 1933. 193, 194. See - Industrial Recovery Act. Nagle, Mrs. See.Rbper wrote C.S.H. that the Civil Service Commission had informally ruled that 7.11t. employees were Government employees and that if Mr. Eagle were retained, Mrs. Nagle must resign. C.S.H. wrote Roper asking for a formal ruling and said that if obtained either Mr. or Mrs. Nagle would resign. of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mr. and Mrs. Nagle said they preferred to have C.S.H. say that in such event, Mrs. Nagle would resign. Mrs. Nagle said a dismissed employee asked for a ruling whether he, having a wife and two children to support, should not be retained and Mr. Nagle, having only a wife not dependent on him should not be forced to resign. This did not involve question whether Mrs. Nagle was a Govt. employee. Mrs. Nagle asked C.S.H. to hold up his letter to Sec. Roper until the above question was settled, as Mr. Nagle might be dropped without reference to Mrs. Nagle's status. C.S.H. said he would hold it vaa for a few days. July 5, 1933. 133, 134, 135. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 193. Nagle, Mrs. (Contld.) Mr. Bright called and advised that Mrs. Nagle resign and then be reappointed, say on Aug.l. He calimed this was not an evasion of the law and pointed out that the note attached to Sec. Roper's letter advised this course, and he further said the new Glass bill removed Federal reserve employees from the law covering married employees. Wyatt said latter was not correct. C.S.H. told Bright he could not evade the law. Finally they both agreed to C.S.H. sending the letter to Roper. Bright said he would act for Mrs. Nagle before the Civil Service Commission. July 5, 1933. 135. Mrs. Nagle was told that the Civil Service Commission had ruled that the man next below him on the list who had been removed, having a lower rating, was entitled to reinstatement because of war disability and having a wife and two children dependent on him, and tkA Mr. Nagle would be dropped tomorrow. JuLy 6 1933. 136. National Democratic platform. C.S.H. feels Roosevelt has surrendered to the inflationists ad has violated the sound money plan of the. April 19, 1933. 27. National dishonor. 94. See - Miller, Dr. National Geographic Magazine. 133. See - Boreel, Sophie. National Metropolitan Bank I See - Boreel. Sophie Netherlands. See - Bak of Netherlands Rice, W. G. Van Royen Nevins, Mr. 75. See - Riggs National Bank Williams, Constance New Jersey non-member banks 14. See - Roosevelt. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis New Yotic Gov. of. 172 See - Bank holiday Lehman Hoover Harrison, Gov. New York banks. 72 See - Daiger Lamont, T.W. Thomas amendments. New York Herald Tribune Attacks Roosevelt for filling Federal Reserve Board with Democrats. June 8, 1933. 101. New York Stock Exchange. Prices feverishly rose. April 19, 1933. 27. Prices declined badly. July 191 1923. 147. Prices advanced. July 24, 1933. 154. New York Times Said Yesterday Rice was to be appointed Minister to Holland. April 12, 1933. M. Severely criticises Roosevelt saying originally he declared stabilization of prime importance but now relegated it to background as a minor issue. July 3, 1933. 133. Newlands, Mrs. We dined with. June 10, 1933. 195. We met, at dinner with Can, and Mrs. Crozier. iune 27, 1933.132. Dines with us at Woman's National Democratic Club to meet Baron and Baroness Van Breugel. July 24, 1933. 155. C.S.H. dines with. Sept. 7, 1933. 184. Newport, R.S. 114, 117, 122. See - Boreei. Sophie. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 195. Newton, Federal Reserve Agent, Atlanta Left off list a national bank of Vicksburg put it on by error. April 4, 1933. 13. but Gov. Black Agreed to ask Newton if he could arrange a consolidAion of two national banks in Vicksburg. April 4, 1933. 13, 14. Explained to Board Gov. Black's error above. April 5, 1933. 15. Said he refused to put National Bank of Memphis on list for a license, but that Comptroller gave a license; that the bank was in very bad condition. April 5, 1933. 15. See - American national bank, Memphis Vicksburg National Bank Newton, Pederal Reserve Agent, San Francisco. 118- 133. See - Boreel, Sophie nab., Mr. and Mrs. C.S.R. meets la Dutch Editor, at dinner with Baron Van Breugel. Sept. 23, 1933. 194. Non-dividend paying stock. 136. See - Roosevelt Non-member banks 92. See - Glass bill 186. Woodin See - Black, Goy. Norman, Gov. Gov. Black said be met, yesterday at F.R. Bank of New York and talked a half hour with him; that Gov. Norman said he could not understand Roosevelt's monetary policy, either what it was or what its aim was; that he said this in no spirit of criticism. Gov. Black said he tried to explain it to him, better than he knew himself. Aug. 29, 1933. 179. Told Gov. Black that the British Government had done little to diminish unemployment through Government workstas the Treasury wished to keep in the middle of the road. Gov. Black said Gov. Norman never mentioned stabilization or monetary policy or agreement. Aug. 29, 1933. 180. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 196. Norris, Gov. Praises Gov. Liver at dinner given Gov. Meyer by the Govern or. April a, 1933. 34. Norton, Ernest D. 9. bee - Auld Lang Syne. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ..0.. 197. O'Connor See - Comptroller of Currency. Obligation of contract. 7, 29. See - Gold Olney Inn. We dined with Mr. and Mrs. Henry McLane at. July 6, 1933. 138. Omaha Bee James sent to all member a clipping from, stating that Thomas had said that he would not resign as Chaimman of Democratic State Committee of Nebraska until the end of the year; that Farley had told him that there was no reason for his resigning! June 2D, 1933. 123, 124. Open Market Committee Federal Reserve Board, in Executive Comittee, authorized Executive Committee of, to buy up to 1 billion of Government s=carities. The language used broadened the earlier vote of, to advance 1 billion for needs of Treasury. May 12, 1933. 62. The Executive Committee of - Governors Norris, Young, Maay, and Faucher met with Sec. Woodin and Gov. Black. Neither C.S.H., James (away) nor Miller were invited to be present. Gov. Black, at 1:30, sent for C.S.H. -Miller was at lunch, -and said the Committee had voted to buy only 25 millions for the week. C.S.H. said this was good as far as it went but he wished the Connittee had voted to buy a larger amount. When C.S.H. returned to his desk in afternoon, he found on his desk a coy of the preliminary memorandum of, which sliowed that, since the last open market meeting, the member bank reserves had declined 45 millions. C.S.H. felt 25 millions was but a drop in the bucket and is ridiculous; that it -111 not met Lippman's criticism in N. Y. Herald-Tribune that the Federal Reserve Board was hesitating and reluctant. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 198. Open Market Committee (Cont i d.) The Executive CommitteE: - except possibly Faucher - have all been opposed to the Board's open market policy, and C.S.H. feels they "got around" Woodin, and C.S.H. believes if he and Milkr had been at the meeting the result might have been different. Lay 23, 1933. 78, 79. C.S.H. tells Woodin that the mountain had labored and brought forth a mouse; that the public will say that we merely tickled the nose of the business depression with a feather duster when an axe was needed! C.S.H. told him we should have bought at least 50 millions at; a starter. Gov. Black at Board meeting spoke of above decision saying he and C.S.H. approved it. C.S.H. said Yes, - as far as it went - but they should have gone fatther and should have voted to buy 50 and even 100 million. Miller said the same. Miller said it made the System ridiculous, - in failing to put through a vigorous open market policy. said Federal reserve credit had declined greatly in the last few months, that ie member bank reserves were 45 millions less; that Gov. Young told him that prices were rising and conditions improving, - meaning to imply that further open market operations are not necessary. Gov. Young replied tilat the directors of Boston, New York, Chicago, Phila. and Cleveland had passed resolutions accepting and even favoring liberal purchases of Government securities. Gov. Black was )1ainly troubled but mildly defended the action of the Executive Committee as a good beginning, wing, however, that personally he would have bene glad had larger purrhpses been voted. C.S.H. and Miller insisted on having thetrprotest put on record Had Gov. Black invited Miller and C.S.H. to attend tne meeting, the result might have been different! http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 199. Open Market Committee (Contsd.) Woodin told C.S.H. he agreed with him, adding that he did not want so soon to tell the Committee what Roosevelt wanted, larger purchases! Miller asked Gov. Black if the 25 millions represented the views of Roosevelt, and he replied he knew no more of this than any other member! The papers said the 25 million was ordered bought by the Treasury. This is not true. So far as we know it was a regular purchase under the recent resolution. May 24, 1933. 81, 82, 83. Only 9 of the Pederal reserve banks voted to approve the general power, approved by our Board, of buying Government securities, apart from "the necessities of the Treasury". All, however, joined in the 25 million purchase, except that Dallas was unable to take her full quota. May 31, 1933. 91. Gov. Black attended meeting of Executtve Committee in New York. June 27, 1933. 124. The Governors reaffirmed the resolution of April 22, 193Z, as modified by telegraphic vote after the Executive Committee meeting of May 23, authorizing Executive Committee to purchase the unused portion of 1 billion dollars. July 21, 1933. 152. See - Open Market Operations. Open Market operations The Governors considered the Thomas amendment as to purchase by Federal reserve banks of 3 billion of Government securities. They felt this could be managed all right but opposed devaluation and would destroy confidence. April 20, 1933. 29. Our Board voted not to approve request of N.Y. to buy this week from 25 to 50 millions of Government securities, C.S.H. alone voting Aye. The others felt: 1. That it might give the impression that the 1 billion subscription to the 2-7/8% certificates was brought about by this procedure. 2. That public might think Board did this in view of public criticism. April 26, 1933. 41, 42. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 200. Open market operetions (Oonttd.) . . . Bankers Advisory Committee reported that inflation through open market operations was preferable to i.sue of greenbacks. Roosevelt then said he desired a purchase of 50 :aillicns of Government securities. A compromise was arranged at 35 millions. Gov. Black said he advised Committee to buy , t least 25 and preferably 50 millions. Aug. 29, 1933. 178, 179. See - °pen Market Committee. Open market policy Miller favored resumption of a vigorous. April 19, 1933. 28. Gov. Black said Roosevelt seemed pleased with our. May 12, 1933. 62. A majority of Federal Advisory Council seemed opposed to out. C.S.H. and Miller defended it sting that the early policy prevented a further frightful deflation; that the present policy was changed from earlier policy over their objection. C.S.H. said, like Mr. Buttling, he wanted to see it through. May 16, 1933. 68. See - Federal Advisory Council. The Executive Committee of Open Market Comuittee- except possibly Gov. 'rancher - are opposed to our Boardls,and C.S.H. feels they "got around" Woodin. May 23, 1933. 79. Gov. Black told Roosevelt he thought our Board would favor some recession in purchases of Government securities, say to 12 millions per week instead of 25 millions as now, but that we did not favor pulling out altogether. Gov. Black said Roosevelt said he thorougbly ap.lraved of this policy. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 201. Open market policy (ContId.) Gov. Black told Roosevelt the Board was in absolute accord with him as to open market policy, and that Roosevelt suggested that he say this to the press, which le.ter he did. July 61 1933. 136, 137. Gov. Black said we should do all we could to help N.R.A. by buying Government securities. Aug. 29, 1933 179. The Banking Advisory Committee reported in favor of vigorous open market operations. Aug. 29, 1933. 179. See - Open Market Committee Open market operations Owen, Ex,.Senator Daiger said the stabilizatiotists wanted, as Governor of the Board. April 12, 1933. 21. Miller said that some years ago Owen published articles denying Germany's war guilt, and tried to get tne Embassy to pay him $150,000 for it, and got S50,000. I think Miller said one of the German Embassy told him this. April 12, 1933. 23. e C.S.H. looked up the records and found an intercepted cable sent in Jan. 1919 from Beller, Secretary to Owen - to Musher advising him to sell his Italian exchange. (See scrap book). Daiger said the stabilizationists failing to get Owen as Governor united on Black. May 12, 1933. 63. MIIMmemsammilomOMII http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 202. ..p Padelford, Miss Brought Madame de Meisner to tea with C.S.H. Aug. 17, 1933. 171. See - De Meisner. Pan .American-.Republics. Board of. C.S.H. attends lunch given to, by Carnegie Poundation. April 12, 1933. 22. Parker, Gen. Amasa Mrs. Roosevelt promised H.P.H. to telegra h, on his birthday. April 26, 1933. 43. Harriet Rice describes 90th birthday of, - yesterday, May 5. May 6, 1933. 55. Parlor lconomists. 149. See - Miller. Patton, Miss. We called on. July 10, 1933. 146. Mary Patten dines with us at Woman's National Dem. Club. July 24, 1933. 155. C.S.H. calls on. Aug. 13, 1933. 169. C.S.H. takes tea with. Aug.30, 1933. 181. Peace message. 73, 74. See - Roosevelt Pease, Z. W. Miss Howland said Roosevelt wired, when ill, and that it was published in New Bedford papers. April 24, 1933. 40. Bertie thanked Mr. Roaevelt for above telegram. April 26, 1933. 43. Mr. Pease dies. June 24, 1933. 121. Pegging of exchange. 161. See - Gold Stabilization agreement. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 203 Perkins, Miss, Secretary of Labor. H.P.H. presides at dinner to, by Woman's National Democratic Club. May 2, 1933.50. We meet, at dinner of Japanese Ambassador. She said she till had hopes that Rice would be Eppointed. May 25, 1933. 86. We give dinner to, at Woman's National Dem. Club. July 13, 1933. 144. Peter, Mr. Lunches with H.P.H. to meet Mr. and Mrs. Gordon Abbott. Mar. 31, 1933. 10. We lunch with. May 20, 1933. 76. Peyton, Federal Reserve Agent. 102. See - Federal Reserve Bank, Minneapolis. Philadelphia. 58. See - H.P.H. Philip, Van Ness We dined with. April 24, 1933. 40. Phillips, Mr. & Mrs. William Mrs. Phillips calls up Bertie and has a nice talk with hr about Sophie Boreel. April 2, 1933. 13. C.S.H. sits next to Mr. at Carnegie Lunch to Board of Pan American Republics. April 12, 1933. 22, 23, See - Rice, W. G. Addresses letter to Gov. Meyer "Esquire". April 14, 1933. 23. Sophie Boreel goes to Mrs.Phillips next Friday at Tareham, Mass. May 14, 1933. 66. C.S.H. sits near Mr., at Sec. Hull's lunch to Ishii. May 25, 1933. 84, 85. See - Boreel, Sophie. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Phillips, Mr.and Mrs. William (Cont'd.) Sophie Boreel writes of a talk with Mr. Phillips about William Rice. May 30, 1933. 88. Writes Gov. Black, - !Esquire". June 8, 193. 101. Photographs. Sophie Boreel takes snap shots of C.S.H., H.P.H. and Sec. Hull. May 14, 1933. 66 Sophie Boreel sends H.P.H. above snap shots. June 8, 1933. 98. Sonhie Boreel returns proof of C.S.H. photograph, approves it, and says she wants one very much. June 10, 1933. 102. C.S.H. sends Sophie Boreel one of his photographs, with the inscription: "To my cousin, Sophie, with love. Charles Hamlin, Washington, June 14, 1933." June 14,1933. 107. Class of 1883 Harvard. Class picture taken. June 21, 1933.116. Pimlico races. 57, 58, 65. See - Boreel, Sophie McLane, Charles Pittman resolution, Silver. Unanimously adopted by Economic Conference. It bound India to restrict sales of silver, and other nations to buy a limited amount each year. Aug. 9, 1933. 167. Pittman, Sen. Gardner told Board that, was a metallist and opposed a managed currency. Aug. 9, 1933. 167. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 205 Poached egg. H.P.H. broke an egg in a pan, .laced it in the sun on our window sill, and in 19 minutes it was poached. June 28, 193:-. 128. Wile describes this in his letter to Wasi.ington Star. July 14, 1933. 144. Poland, Minister to. 24. See - Curley, Mayor Policy See - Federal Advisory Council. 190. Federal Reserve Agent, Kansas City. 190. Federal Reserve Board. 189. Meyer, Gov. 35, 40. Norman, Gov. 179, 182. Roosevelt. 137, 138, 148, 149, 150, 159, 179, 182, 186. Woodin. 159. Politics Miller said Roosevelt thought it politically expedient to accept Thomas amendments. April 20, 1933. 31. James said it was humiliating that Gov. Meyer felt obliged to resign because of political considerations. April 21, 1933.34. Gov. Meyer said he felt it his duty to resign to Axe Roosevelt the opportunity of choosing a Governor of his political faith. April 21, 1933. 34, 35. The Wardell matter satisfies Miller that Roosevelt has put politics into the F.R. System. May 11, 1933. 61. The appointment of O'Connor as Comptroller is generally recognized as purely political. May 11, 1933. 61. Magee was very bitter at Roosevelt for injecting politics into F.R. System. May 19, 1933. 74. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.)6. Politics (Contld.) The Board felt that the question of payment of outstanding bonds of U.S. in gold or Lawful money is a Political one, to be settled by administration. May 22, 1933. 76. Appointment of Szymczak and Thomas on F.R. Board is pure Politics. June 3, 1933. 96. N.Y. Herald Tribune criticises Roosevelt for putting only Democrats on P.R. Board. June 8, 1933. 101. Farley, through Jenkins of Democratic National Camnittee calls on Board to explain appOintment of Peyton, as F.R. Agent, Minneapolis. June 10, 1933. 102. Miller says all must admit that Roosevelt is a pure spoils politician. JUMB 10, 1933. 103. Miller said it would not surprise him if Roosevelt removed him and C.S.H. and it Repunlicans in their pla.:e. June 10, 1933. 103. Gov. Black said Jesse Jones said that Wardell, whom Roosevelt wanted appointed Federal Reserve Agent at San Francisco, was simply a stock broker and politichn and utterly unfit for any place under the R.F.C. June 13, 1933. 106. Thomas, appointed by Roosevelt is to continue to act as Chairman of Nebraska Dem. State Committee. June 14, 1933. 108. The Federal Reserve System is becoming soaked in politics. June 14, 1933. 108. Roosevelt appointed Thomas, a lawyer and politician, as the dirt farmer to succeed Magee. June 14, 1933. 108. Roosevelt appointed or rather offered Sen. Hitchcock asdirt farmer. June 14, 1933. 108. Gov. Black declined to attend a political conference of Cabinet officers et al called by Sec. Roper. July 15, 1933. 109. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 207. Politics (Contld.) Lipman criticises Roosevelt for having made political appointments on P.R. Board. June 15, 1933. 109. Roosevelt admitted to Glass he had made a mistake in appointing only Democrats on Federal Reserve Board and said Glass should have come to him, but Glass said be had not asked him. June 16, 1933. 113. Miller said Farley wrote Woodin practically demanding Wardellls appointment, stating that Roos,velt desired the Board to make the appointment. June 26,1933. 121. Omaha Bee quotes Thomas, statement that he will not resign from Democratic State Committ. until end of year and that Farley said it would not be necessary to resign, before them. trUlle 29, 1933. 123, 124. Gov. Black told Roosevelt that Wardell could not lawfully be appointed Federal Reserve Agent at San Francisco because of lack of banking experience, and that his appointment would be pure politics which would destroy the F.R. System; that the System must be kept out of politics, - to which Roosevelt agreed. July 6, 1933. 137, 138. During a Board meeting Thomas went out to answer a long distance call from Nebraska, - evidently political. July 27, 1933. 158. Board turns down Thomas who demanded a place in Smeadis Division for his temporary Secretary. Aug. 1, 1933. 160. Federal Reserve Board warns its staff officers that all suggested appointments must be purely on the merits and the best men of those fitted must be chosen. Aug. 4, 1933. 162. C.S.H. felt that the move to appoint Doolin as Class C Director was a political drive, as shown by letter of Kemper of Federal Advisory Council to Gov. Black, and a letter from the Comptroller, praising his democracy. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 208. Politics (Contid.) Later C.S.H. found that all of the applicants were Democrats and that Doolin was exceptionally fitted for the place, hsving been originally appointed by our Board as a director of the Omaha branch. Sept. 19, 1933. 191. See - Federal Reserve Bank, Kansas City. Portsmouth, N.H. 84. See - Boreel, Sophie Pound. See - Gold Stabilization Sterling Preferred stock. 95. See - Black, Gov. Michigan banks President's day. Service in our churches. April 30, 1933. 47. Preston, 193. See - Federal Reserve Bank, Chicago Prices Daiger said Board should consider whether under the Glass bill it could not bring about some measure of stabilization. April 12, 1933. 22. Commodity and stock prices feverishly rose today, but C.S.H. believes they will sag again. April 19, 1933. 27. Goldenweiser said no country has devalued in order to raise prices; that in every case prices had already risen and the devaluation merely adjusted the coinage to its actual value. April 26, 1933. 42. Goldenweiser said a stabilization agreement would probably slightly raise foreign prices and depress domestic prices. June 15, 1933. 110. July 16, 1933. 111. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 209. Prices (Cont ld.) Goldenweiser thought we sho uld find the price level our domestic policy would bring about, and then stabilize and perhaps devalue the dollar accordingly. He said no gold standard man should want to stabil ize now with all nations hoarding gold. June 161 1933. 111, 112. New York Times said prices fell yesterday from fear that stabilization might be ado pted. June 16, 1933. 113. Roosevelt told Gov. Black and Acheson he wanted both sec urity and oommodity prices to ris e, but he clic not want a runaway stock market. July 6 1933. 136, 137. ) See -Roosevelt Sprague said he could not stand devaluation to meet a purely speculative rise in prices. July 13, 1933. 143. Miller doubted whether devalu ation would put up prices . C.S.H. said we should wait until prices had risen. July 20, 1933. 149. Sprague said the LB.A. had succeeded in putting up pri ces but he feared it had gone too far ; that he wanted agricultu ral prices to increase, but pri ces of industrial products should increase oily modera tely. He criticised the steel cor poration for incre. sing pri ces; that it should have waited until pro duction became more nearly normal. He favored H.R. equipment and housing at very low cos ts. He said we were up on stilts as regards dollar depreciat ion and this should be corrected but that strengthening the dollar would reduce prices and injure farm exports. Sept. 23, 1933. 193, 194. See - Stabilization. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 210. Proclamation. 29 See - Gold Production. 194 See - Prices. Protest. 83. See - Hamlin, C.S. Miller, Dr. Open market operations. Putnam, Herbert. Speaks of C.S.H. most erulogis lically at 1883 class dinner . June 21, 1933. 116, 117. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 211. -RR.F.C. See - Anglo...American Bank, 111. Berle, Prof. 181. Black, Gov. 70, 72, 75, 186, 195. Federal Advisory Council. 75. James. 92, 106. Jones, Jesse. 121. Little Bock banks. 100 National Bank of Vicksburg. 14, 15. Robinson, Henry W. 69 Wardell. 106, 121. Radio See - Roosevelt. Railroad equipment. 194. See - Sprague. Reception. We attend, at Germany Embassy to meet Schacht. May 5, 1933. 54. Regulations. Open market operations. 151. See - Open market operations. Reichsbank. 54. See - Schacht. Reminiscences, H.P.H. 16. See - Hamlin, H. P. Republicsms Leading Republican Senators attack the Thomas amendments. April 21, 1933. 36. Miller thinks it possible that Roosevelt might remove C.S.H. and himself and put, on Federal Reserve Board! June 10, 1933. 102. Glass tells Roosevelt he made a terrible mistake in putting no, on Federal Reserve Board. Roosevdt admitted this. June 16, 1933. 113. C.S.H. gave Woodin a memo. showing necessity of putting some, on Federal Reserve Board. June 16, 1933. 103. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 212. Repudiation U.S. repudiates its obligation to pay gold an its bonds even when held by foreigners. May 2, 1933. 48. See - Gold. Gov. Black says the gold clause bill is. May 22, 1933. 76. Reserves. 79. See - Excess reserves. Resignations. See - Meyer, Gov. 20, 34, 40, 41, 48. 2. Miller. 60, 61. 3. Moley 177 4. Sprague. 143. 5. Szymczak. 193. 6. Thomas 124, 140. 7. Woodin, 73 , 90, 159, 164. Resolutions. Boards of directors of Boston, New York, Chicago, Philadelphia and Cleveland passed, acceptmg and favoring liberal purchas es of Government securities. May 24, 1933. 82. Gov. Black at directbn of Board, told Acheson that the, of Economic delegation sent by Hull was not in accord with present conditions and that no one oyuld tell as to future conditions. July 11, 1933. 140, 166. Our delegates to Economic Conference at the beginning put in a, favoring ultimate return to gold standard. Aug. 9, 1933. 165. Sen. Pittman silver resolution was unanimously passed by Economic Conference. Aug. 9, 1933. 167. Federal Advisory Council passed resolution attacking the National Securities Act. Sept. 19, 1933. 188. Responsibility for appo'ntments. Board informs heads of Divisions they are absolutely responsilae for recomwending for appointment only eligible persons, and the best of those eligible. Aug. 4, 1933. 162. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 213. Rice, Mr. and Mrs. William G. N. Y. Times announces that Rice has been selected as Minister to Holland. April 11, 1933. 20. C.S.H. spoke to Wm. Phillips, Under Secretary, about Rice and the N. Y. Times dispatch. He said confidentially, he thauRht the matter would come around all right, but no appointment had yet been made. He said he had not seen the N. Y. Times despatch. He asked if Rice's name would be well received in Holland and C.S.H. said emphatically Yes. April 12, 1933. 22, 23. C.S.H. wired Sophie Boreel at aharleston, S. C. that the Times statement was not official, although he hoped it would come out all right. April 21, 1933. 32. Mrs. Roosevelt said to Bertie while driving with her to Woman's National Dem. Club, - "I suppose the Rices are happy over their appointment?" Bertie said they have not yet been appointed. Mrs. Roosevelt said She could not understand this as She knew it was all settled, and said she would find out about it and let her know. April 26, 1933. 43. Bertie received this A M. a coy of a letter dated April 20 from President Roosevelt to Rice stating that he was embarrassed because another friend of his with claims equal to his, wants Holland. He finally ended the letter by offering him the appointment provided he would agree to resign after one year! She also enclosed a copy of Rice's reply declining this offer. C.S.H. feels this extraordinary and almost humiliating. Rice eauld do nothing else than decline such an offer. May 2, 1933. 48, 49. Sophie Boreel told C.S.H. that Van Royen, the Dutch Minister, accepted the statement in the N. Y. Times as official and notified our Government that Bice had been appointed. May 2,1933. 50. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 214. Rice, Mr. and Mrs. Wm. G. (Contld.) Sophie Boreel told us she had no use for Roosvelt as he had not appointed William. She begged Bertie to go to Roosevelt and demand Rice's appointment. Bertie then told her of Mrs. Roosevelt's talk with her. Bertie wired Rice that Sophie was in Washington and asked if she could tell her the whole story, if we felt it best to do so. We both feel we would like to tell her, as we fear she may feel we have not done all we should in the matter. Bertie had telegraphed William Rice asking whether we could tell Sophie Boreel, in strict confidence the whole story, as she was to dine with us tomorrow, - Sunday. He rIlied to tell only those persons mentioned in Mrs. Rice's letter mailed "today° - Friday. May 5, 1933. 54, 55. Harriet Rice's letter came but was limited to a description of Gen. Parker's 90th birthday, yesterday, May 5. She Also said Van Royen had written than on May 3, but mailed May 5, congratulating than, L.nd suggesting a house for his consideration. We can not tell Whether this means we can tell the thole story only to Van Royen or not. The Rices are always cryptic! We think possibly Van Royen went to State Department and we hope this means triat Roosevelt has after all decided to make the appo ntment. May 6, 1933. 55, 56. Sophie Boreel dined with us. We told her the whole story on her pledge never to speak of it to ay one, not even to Van Royen. She gave the pledge, and also said she knew of no reason Why Van Royen had sent his congratulatory letter to Rice. May 6, Sunday, 193Z. 56. Mrs. Rice writes Bertie that her friend Judge Cooper advised her that C.S.H. and H.P.H. should get in touch with Mrs. James Roosevelt and Delano and tell them the whole story. Bertie wrote her that we felt this would be fatal unless Mrs. Roosevelt should happen to meet Bertie and speak to her about it. May 7, 1933. 57. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 215. Rice, Mr. and Mrs. Wm. Cr. (Cont'd.) Sophie Boreal asked C.S.H. to wire her if there was any news as to Rice and sug 2ested a code word "Allright" , which would mean it was settled favorably althaugh not officially announced. May 12, 1933. 64, 65. Mrs. Rice wrote Bertie that Mrs. James Roosevelt knows all about the one year offer and is much disturbed over it. C.S.H. believes they got some one to tell her, and fears this may be a fatal move. May 19, 1933. 74, 75. Asst. Sec. Phillips told C.S.H. at the lunci to Ishii that Sophie Boreel was tremendously excited over the Rice matter. C.S.H. told him we knew very little about it, and added, "I suppose it is still unsettled?" Phillips replied rather uncertainly, "I suppose so." He then added, "This uncertainty is very hard on Rice!" C.S.H. hopes this means that Rice, after all, may get it. May251 1933. 85. Miler, in the afternoon, asked C.S.H. .bout Rice. C.S.H. said he only knew what he had seen in the N. Y. Times. C.S.H. added that, of course, Roosevelt might have a strong personal friendship for a man and yet not be able to dive him what he wanted. Miller said "I ow it has gone much further than this, and that Rice is slated for the placeil He must have got this from Phillips. May 25, 1933. 85, 86. We hoe that Sophie Boreel, who is now visiting Mrs. Phillips at Wareham will be able to tell C.S.H., when she writes UM, some information. May 2, 1933. 86. Miss Perkins, Secretary of Labor, told C.S.H. at the Ishii dinner, that ihe still had hopes that Rice would be appointed. May 25, 1933. 86. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 216. Rice, Mr. and Mrs. Wm. G. (Contld.) C.S.H. sends Sophie Boreel a letter from Mrs. Rice forwarded from the Chilton Club. May 29, 1933. 87. C.S.H. receives a long letter from Sonhie Boreel datbd yesterday. She said, in absolute confidence, that Phillips said he hoped to be able to work out the Rice matter but that there were many influential applicants for the position. May 30, 1933. 88. At the dinnerto Parley at the Woman's National DedocraticClub, Mrs. Gov. Ross speaking across Bertie, said to Parley, "Mrs. Hamlin is a New York woman, the sister of Mrs. Rice and sister-in-law of William Rice whom I hope will be appointed Minister to Holland." Parley said he was glad to know this, and added, "He is to be appointed all right." Bertie then told him about Mr. and Mrs. Rice, their interest in Holland, etc. etc. Parlay said, "He will be appointed. New York has had so much, there may be a little delay, but he will get his appointment." June 1, 1933. 93. Bertie at 10:30 p.m. sent a special delivery to Harriet Rice telling of the above. June 1, 1933. 93, 94. We receive a letter from Sophie Boreel inquiring about Rice. June 5, 1933. 97. Sophie Boreel writes that she will go to Albany to the Rices for Sunday and that she would write C.S.H.from Albany. June 10, 1933. 102. William Rice sends us a copy of letter from Roosevelt, dated June 16, again expressing the hope that he will accept for one year, stating further that he was greatly edbarrassed at Rice's reference to a term; that there was no term in relation to_foreign Ministers; that they held office subject to the pleasure of the President; that several had accepted for one year and some even for a shorter period; that he had had to drop severalepplicants from consideration who were younger than he andfinally said the matter must be settled within two weeks. Juno 22, 1933. 117, 118. (Later Rice wrote Roosevelt positively declining on the terms offered.) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 217. Rice, Mr. and Mrs. Wm. G. (Contld.) Sophie Boreel in a letter to C.S.H. spoke of how indignant Mrs. James Roosevelt was, saying that the only request she had made of her son - Rice's appcintment had been refused by him. C.S.H. on July 11 wrote her that it was a very interesting historical incident, - the Queen Mother and Sophie plottint together to force the King to do what ht. was unwilling to , do! July 15, 1933. 145. Harriet Rice wrote Bertie that Mrs. James Roosevelt had invited her to lunch at Hyde Park to meet Sophie Boreel, but that she wrote she was feeling so bad she could go nowhere. July 15, 1933. 145. Later Mrs. James Roosevelt motored to Albany with Sophie Boreel who took the Buffalo train, while Mrs. Roosevelt lunche d with Harriet. She wrote Bertie that she told Mrs. Roosevelt had disap2 ointed she was, saying they had received 200 letters of conryatulation. She said she felt now she could never go to nolland for a visit again. C.S.H. regrets this talk immensely. July 15, 1933. 145. Sophie Boreel writes C.S.H. begging him to write full particulars as to Rice. C.S.H. replied giving, in confidence, all he knew. Aug. 14, 1933. 169, 170. Harriet Rice told Bertie told Mr. Baerwarts, whom the Rices knew also that she wrote at Mattapoisett that William Rice, Jr. Dutch Minister of Foreign Affairs, very well, all about the ne-year offer; Madll.me Boreel the *hole story. C.S.H. toll her he had told the whole story to Sophie Boreel. Sept. 2, 1933. 183. Rice, William G. Jr. 183. See - supra - Rie, Mr. and Mrs.W. G. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 213. Riggs, Frank We meet, at Pimplico races. May 13, 1933. 65. Riggs National Bank, Mx. Nevins. 75. See - Williams, Constance. Ritchie, Gov. We lunch with, at the Pimnlico races, Md. Charles McLane was the host. May 13, 1933. 65. Roberts, Justice and Mrs. We meet, at lunch with Constance Williams. April 30, 1933. 47. Robinson, Henry W. 69 See - Federal Advisory Council Roosevelt, Prsis. Index follows. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 219. Roosevelt, President. Acheson, Under Secretary. 112, 120, 122, 125, 128, 132, 134, 139, 141, 154, 157, 164, 167, 173, 179. Aldrich, Chase National Ban, N. Y. 70. Anacostia Conference. 125. Armament. 74. Attorney General. 188. -B.. Baerwartz, Minister of Foreign Affairs, Holland. 185. Baker, Newton D. 51. Ballantine, Under Secretary. 4, 9. Bank of England. 11, 142, 151, 164. See - Stabilization. Bank of Italy. 45. Bankers, See - N. Y. Bankers Banking Advisory Committee. 178, 181, 182, 183. BaruCh, B. 120, 173. Bennett, Prime Minister, Canada. 50. Biography of Roosevelt. 101. Black, Gov. 64, 68, 75, 76, 84. 121, 122, 123, 124, 138, 139, 141, 143, 170, 174, 177, 178, Boreel, Madame. 185. Boreel, Sophie 42, 58, 59, 61, 62, 150. Brain trust. 99. 85, 861 87, 91, 94, 125, 126, 132, 133, 154, 157, 160, 163, 179, 180, 132, 183, 107, 134, 167, 184, 112, 135, 168, 187, 120, 13/, 169, 188. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 220. Branch banks. 39 British exchange. 141. Burgess. 20. Cabinet, Super. 160. Campobello. 128, 173. Canada. See - Bennett. Central banks. 120, 128, 139, 147, 173. Chaos. 161. Chase National Bank See - Aldrich. Closed banks. 14, 187. Commissioner of Indian Affairs. 175. ComuLittee. Coordination 174. Devaluation. 188. See - Joint Committee. Barkers Advisory Commit.tee Commodity prices. See - Prices Confidence. 12, 67. Coordination. Joint Committee of. 174. Credit. See - Government credit. Currency, Speculative. 158. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 221. -D- Daiger. 19. Defensive armament. 74. Delano. 63, 101. Democratic National Committee, Nebr. 2. Democratic Senators. 33. Democratic State Committee, Nebr. 103, 119. Democrats. 93, 100, 106, 109, 113, 186. Deposit insurance. 39, 70, 91. See - Guaranty of deposits. Deposit Insurance Corporation. 91. Depositors. 11. Depreciated currencies. 22. Devaluatiun. 36, 143, 181, 183, 188, 189, 190. Disarmament. 74. Distillery stocks. 151. Dividends. Seev. Non-dividend stocks. Dodge, Clarence. 175. Dollar. 21. Domestic policy. 23. See- Policy Dominatim. 49, 159. Douglas, Asst. Sec. 85, 94. Douglas, Budget Director. 122. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 221. -D- DaiEer. 19. Defensive armament. 74. Delano. 63, 101. Democratic National Committee, Nebr. 2. Democratic Senators. 33. Democratic State Committee, Nebr. 103, 119. Democrats. 93, 100, 106, 109, 113, 186. Deposit insurance. 39, 70, 91. See - Guaranty of deposits. Deposit Insumnce Corporation. 91. Depositors. 11. Depreciated currencies. 22. DevaluatiJn. 36, 143, 181, 183, 188, 189, 190. Disarmament. 74. Distillery stocks. 151. Dividends. See N0- Non-dividend stocks. Dodge, Clarence. 175. Dollar. 21. Dome. tic policy. 23. , See- Policy Dominatim. 49, 159. Douglas, Asst. Sec. 85, 94. Douglas, Budget Director. 122. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 222. Earmark. 141. Earmarked gold. 21. Economic Conference. 84, 107, 123, 129, 147, 162. Economic stability. 158. Economits, Parlor. 159. European war. 73. Exchane:e speculation. 139, 156, 173. Expediency, Political. 31. Export licenses. 9, 10, 21, 54. -rFarley, Postmaster General. 89, 114, 117, 119. Farm Loan Board. 37. Federal Advisory Council. 69, 70. Federal Reserve Agent, Minneapolis. See - Peyton Feaeral Reserve Agent, San Francisco. See - Wardell. l'ederal Recerve Agents. 45 and 42. Federal Reserve Bank, New York. 5, 11, 20, 123, 141, 146, 151. Federal reserve banks. 21, 188. Fedelal Reserve Board. 5, 8, 13, 15, 19, 21, 24, 34, 37, 42, 49, 68, 86, 92, 93, 100, 106, 109, 110, 11F), 122, 126, 132, 133, 134, 139, 142, 143, 144, 145, 146, 147, 151, 156, 159, 160, 171. 172, 173. 186. Se - Douglas governor Hamlin, C.S. James See - Miller Magee !leyer, Gov. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 223. Federal reserve direct loans. 46. Federal Reserve System. 93, 97, 10 1 123, 137, 138. Financial instability. 158. Foreign owners of Government bonds. Gold. 54, 59, 88, 90. France. 168. Fr ee silver. 33. Gardner. Statistical Division. 171, 184. Garner. 33. Germany. 22. Glass. 6, 18, 30, 109, 110, 165, 166. Glass banking bill. 20, 39, 71, 111. Gold. 3. Gold bloc. 140. Gold bullion standard. 139, 171. Gold clause bill. 78, 82, 83. Gold contracts. 3, 9. Gold licenses. 54. See - Licenses Gold order. 1, 3, 4, 7, 9, 10, 13, 26, 27, 54. Gold redemption. 7. Gold standard. 9, 21, 32, 36, 42, 54, 59, 88, 181. See - International gold standard. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 224. Goldenweiser 46, 71, 127, 190, 191. Government bonds, Foreign holders of. 49, 54, 88, 90. Government credit. 7. Government securities. 79, 133, 178. Governor of Federal Reserve Board. 19, 34, 35, 64, 67, 72. Great Britain. 108. See - Bank of En61and. Stabilization. Greenbacks. 178. Greene, Theodore Francis. 57. Gridiron dinner. 52. Guaranty of deposits. 39, 70, 91. -HHamlin, C. S. 5, 7, 9, 10, 17, 20, 22, 24, 26, 34, 4u, 49, 56, 76, 79, 86, 97, 100, 102, 103, 105, 110, 119, 123, 136, 140, 101, 163, 123, 189. Hamlin, H. P. 40, 41, 44, 52, 60, 89, 116. Harding, President. 103 Harrison, Gov. 39, 84, 87, 108, 123, 127, 151, 155. See - Federal Reserve Bank, New York. Hindering business recovery. 191 Hitchcock, Ex-Senator. 15, 104. Hoarding. 10. See - Gold order. Holland. 55, 58, 60. See - Rice, W. G. Baerwortz. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 225. Hoover. 32, 74. House, Col. 177. Howe, Louis. 128. Howland, Miss. 48. Hull, Sec. 139, 140, 144, 147, 171. Ickes, Sec. 175. Inflation. 31, 38, 148, 189. Inflationists. 22, 34, 51, 182. Influence. 28. Instability, Economic. 158. Insurance, Deposit. 39, 70, 91. Interest on bonds held abroad, by foreigners. 54, 59, 88, 90. International gold tant:,:ard. 9, 42. -JJames, George R. 35. Johnson, Hiram, Ex-Senator. 72, 173. Joint Comiaittee. Banking advisory. 178, 181, 182, 183. Coordination. 174. Devaluatbn 188. Jones, Jesse. 102. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 226. Licenses to export gold 9, 10, :a, 64. Licenses to (men banks. 14, 15. Lippman, Walter. 25, 106. me i.jimmo MacDonald. 40. Magee. 35, 36, 75, 76, 85, 103. aarket. See - Runaway market Stock McIntire. 05, 137. Memoranda. 110, 163, 183., 184. Meyer, Goy. 8, 12, 35, 37, 42, 45, 46, 48, 49, 53, 61. Miller, Adolph 6, 11, 19, 30, 23, 28, 29, 31, 32, 43, 65, 67, 72, 74, 76, 80, 88, 90, 93, 99, 100, 114, 117, 118, 131, 149, 156, 15b, 159, 160. Miller, Mrs. Adolph. 73. Moley. 29, 118, 129, 162, 173, 176. Monetary plank. 22. Monetary policy. See - rolicy , 1 onetL-ry soundness. 6. Morgan, J. P. 101. Mullen, Arthur, i.ational Connittee. 2, 104. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 227. -N- N,11..A. 191. National Democratic Committee. 104. National Democratic Convention, 19.2. Money plank. 22. National disaster. 5. National dishonor. 90. National honor. 99. Nebraska. See - Dem. National Committee Thomas New Jersey non-member bank. 14. New York bakers. 5. New York Herald-Tribune. 25. N-w York Times. 54, 58, 113, 130. Non-dividend paying stock,. 132. Non-member bank. New Jersey. 14. Non-member banks. 46, 49. Norman, Gov. 180. -0Obligation of contracts. 9. Offensive armament. 74. Omaha Bee. 119. Open :01ax'ket Committee. 79, 179. Open market operations. 68, 133, 181. Open market policy. 125, 134. 228. -PParker, Gen. liguasa. 44. Parlor economists. 159. $1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Peace meFsage. 73, 74. Peach, The President is a. 16. 41. Perkins, !..Liss, Secretary of Labor. 81. Peyton, Federal Reserve Agent, :inn. 98. Plank, :onetry, Dew. Natl. Convention, 192. 22. Policy of Roosevelt. 23, 25, 35, 36, 37, 38, 42, 59, 125, 126, 135, 139, 140, 143, 147, 154, 156, 157, 161, 165, 180, 184. See - Open market policy. Political expediency. 31. Politics. 2, 18, 36, 93, 99, 102, 103, 137, 138. Pound sterling See - Sterling exchange Preferred stock. 187. Press statement 134. Prices. 136, 148. Prices, Commodity. 132 Prices, Domestic. 127. Profit, Devaluation. 188. Public scandal. 35. -Q.- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 229. -R- R.F.C. 70, 102, 187. Radio announcement. 14. Recovery, Impeding. 191. Recovery plan. 158, 166. Redeemable in old. 7. Republican Senators. 38. Republicans. 100, 110. Resignations. 35, 42, 45, 49, 53, 65, 143, 165, 170, 176, 186. Resolution. See - Hull, Sec. Rice, W. G. 55, 56, 58, 60, 62, 63, 77, 80, 81, 39, 115, 116. Rice, W. G. Jr. 186. Rice W. G. 55, 56, 63, 77, 185. Roosevelt, Mrs. Franklin. 17, 40, 44, 52, 60, 150. Roosevelt, Mrs. James. 63, 77. Roosevelt, Theodore. 101. Runaway market. 127, 132, 136. Russia, Ambassador to. 149 . -SScandal, 1-ublic. 25. Secretary of Interior. 175 . http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 230. Security prices. 132. See - Prices. Senators. Democrats - 33. Republics. 38. Shirley, Swagar. 83. "Shirt sleeve" dispatch. 173. Silver, Free. 33. Sound banks. 14. Sound money plank. 22. Soundness, Monetary. 6. Speculation, Exchange. 139, 156, 173. Speculative currency. 138 . Speculative price increase. 148. Spoils democrats. 113. Spoils politics. 99. Spoils system. 93, 103. Sprague, Prof. 0. M. W. 84, 87, 107, 112, 123, 148 , 167. Stabilization 11, 108, 120, 121, 123, 124 , 127, 128, 129, 130, 131, 139, 141, 142, 145, 131, 153, 154 , 10L), 162, 164, 157, 168, 169, 171, 172, 173 Statement. 1, 124, 134, 173. Sterling exchange. 145, 151, 153, 154, 155, 164 . Stewart, Walter. 19. todk market. 151. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 231. Stocks, Non-dividend payin . 1.2. Super Cd)inet. 160. Surrender to inflationists. 22, 24. Szymczak. 92, 94, 105, 186. Tested banking experience. 137. Thomas. 92, 10:3, 119. Thomas amendments. 31, 33, 48, 51. Trap. 20. Traylor. 71. Treasury domination. 49. -UUnemploym ent 191. . U. S. Circuit Court of Api.eals. C. U. S. Treasur; . 146. 77 Van Royen. 53. Vanderburg amendment 91. . Veto. 144. -"7Wages, 191. War, Eurove4n. 73. Warburg. 162. Wardell. 66, 95, 96, 102, 117, 137, 177. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 232. Washington Star. 144. White House. 40 1 50 ,52, 57. Constance. 16. Wilson, Margaret. 177. Woodin, Sec. 3, 7, 14, 21, 28, 30, 49, 61, 75, 79, 36, 94, 107, 110, 114, 117, 120, 125, 165, 170, 188. Wyatt. 45, 94. -YYez men, Board of. 35. (End of Roosevelt index) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 233. Roosevelt, President 1. Board agreed won a final draft of told order and. also a. interview in connection with it for, to give out C.S.H. believes, will accept it. Mar.25, 1933. 1, 2 2. Some days ago, offered to 1.1u11en, Limber of Democratic National Commi,tee from Nebraska, a typical spoils politician, a place on U.S. Circuit court of Appeals, but Mullen declined it. This seams like putting the judiciary into politics! Mar.26, 1933. 2. 3. Woodin says, insists on certain changes in Board's draft of gold order, among others clause (e) permitting discharge of gold contracts in gold. Mar. 26, 1933. 3. See — Gold.. 4. Ballantine said, insisted that (e) must be stricken out. Mar. 26, 1933. 4. 5. C.S.H. fears the Feth:ral Reserve Bank, New York, and the New York Bankers have gone over the hes of our Board and have persuaded, to take this position. Mar. 27, 1933. 4. 6. Miller said to O.S.H. that Glass may have refused the Treasury because suspicion of monetary soundness of. Mar. 27, 1933. 4. 7. C.S.H. fears that if (e) is stricken out, may direct Woodin not to redeem Government bonds in gold either at home or abroad and that Government credit abroad will be destroyed. Yar. 27, 1933. 4. 8. Mrs. Meyer told Bertie that Gov. Meyer felt, had not consulted the Board as he saould have done as to rec-nt legislation. Mar. 27, 1933. 5. 9. Ballantine presented a new draft of gold order eliminating (e) but retaining power in Treasury to issue licenses covering legitimate export trans-tctions. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 234. Roosevelt, President (Contld.) 9. (Contld.) C.S.H. said he would not object to this provided, announced that the gold standard in int ernational trade would not be interfered with. C.S.H. said that under the new draft, could put us of the gold standard internationally by refusing to issue exp ort licenses; that the new draft did put us off the gold standard internally, and, he feared might be held to violate the obligation of con tracts payable in gold, although he realized that the constitutional provision against impairing obligation of contracts ap lied only to stltes. Mar. 29, 1933. 7. S-e - Gold 10. C.S.H. feels the new draft lea ves, free to issue licenses in any legitimate export transa ctionlut involving hoardin . Llar. 27, 1933. 8. 11. Miller doubted advisability of asking Federal Reserve Bank of New York whether it was neg otiating with Bank of England on stabilization as it might turn out that, had ordered this. Mar. 31, 1933. 11. 12. Miller said that he suspected something along these lines might be in progress and that, had not taken us into his confidence because Gov. Meyer was still on the Board. Mar. 31, 1933. 11. 13. Roosevelt made a few changes in Board's draft, as amende d, substituting in one place "pr oper" for "legitimate" and Board accepted this and app roved final form of Order. April 2, 1933. 12. See - Gold 14. Woodin said had received a tel egram from a depositor in a certain non-manuer bank of New Jersey stating that he relied on Roosevelt's rad io announcement that only sound banks would be licensed, and nut back his money in a bank he designgted, but that it close within a few days! Anril 4, 1933. 14. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 235. Roos!velt, President (Contl d.) 15. Ex-Senator Hitchcock ;old Miller he Should write, and decline his offer of a position on the F. . Board. April 4, 1933. 14, 15. 16. Constance Williams writes C.S.H. and in postscrint says, "The President is a peach!" April 10, 1933. 19. See - Wil_iams. 17. C.S.H. sends Mrs. Roosevelt a copy of above letter. April 10, 1933. 20. 18. Senator Glass said he was fearful lest Roosevelt would put political backs on F.R. Board. April 11, 1933. 20. 19. Daiger said, could safely put Walter Stewart on our Board if we made Miller Governor. April 12 1933.21, 22. ) 20. The Federal Reserve Bank, New York, through Burgess is laying a trap for Roosevelt, to wreck the Glass bill. Why can not Roosevelt see this and why does he not consult with Miller and C.S.H.? April 15, 1933. 24. 21. Roosevelt announces that no more export gold licenses wiLl be issued except for gold now earmarked by F.R. banks; th t the dollar will be left to take of itself abroad, at least until countries now with depreciated currencies should return to the gold standard. This takes U.S. absolutely off the gold tnnd-rd! Neith-r Roos:-Nelt nor Woodin ever intimated this to Fedral Reserve Board.! April 19, 1933. 26. See - Gold. 22. C.S.H. feels Roosevelt has committed a terrible blunder and has embarked on a course of competition with depreciated currencies, which may and as did Germany; that Roosevelt has apparently surrendered to the inflationists, in violation of the monetary plank of the National Democratic Party, declaring for sound money, and of all sound financial principles! April 19, 1933. 26, 27. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 236. Roosevelt, President (Cont l d.) 23. Miller - very non-com-lital - said Roos evelt's action was part of a broader policy but did not say what that policy was. He said it had to do, not so much with he coming economic conference as with domestic Policies . April 19, 1933. 27, 28. 24. C.S.H. feels that Roosevelt having surrendered to the inflationists, may possibly oust the whole Federal Reserve Board and rut inaationists in their places. April 19, 1933. 28. 25. Roosevelt's present policy is in exact accord with Lin--man's suggestion in the 1;ew York Herald-Trib une. (See scrap book) April 19, 1933. 28. 26. C. .H. now understands Roosevelt's chan ges in Board's draft of gold order. April 19, 1933.28. 27. Roosevelt's new gold order issued this a.m. April 20, 1933. 29. 28. Miller said Woodin evidently had no influence with Roosevelt. April 20, 1933. 30. 29. Miller said others than Moley were belli nd Roosvelt; that he knew of one prominent banker but would not give his name. April 20, 1933. 30. 30. Glass told Woodin his Sub-committee would not report the Glass bill until Woodin told it his views and those of Roosevelt. April 20, 1933. 30. 31. Miller said he knew that, as late as last Monthly April 17, Roosevelt was positively opposed to all inflation; tnat later, however, he had to choose betw een unconditionally rutting into law the Thomas amendmen ts, or accerting the amendments Putting the whole matter in his discretion; that he believed Roosevelt thought latt er was politically expedient; that he was inclined toagree with him as to this. April 21, 1933. 31. 32. Miller said that a month before inaugura tion. Hoover wrote Roos?velt andasked him to join in a stte ment that the gold standard would nev9r be lowered; thnt he did not know Roosevelt's reply but cssumed it was negative. April La, 1933. 31. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 237 Roosevelt, President (Cont'd.) 33. C.S.H. feels that perhaps was indu ced to accept the Thomas amendments fromthe fact that 23 Democrat ic Setors voted for the free coinage of silver at 16 to 1, and only 25 voted against it; that a change ofon ly 5 Democratic votes would have given Garner the decisive vote. A.pril 21, 1933. 32. 34. The Board and the Governors at 3:46 p.m. called at White Ho se and were presented to Roosevelt, who delivered a short address. Roosevelt looked very tired. He called C.S.H. "Charlie" in a loud voice and seemed very glad to see him. April 21, 1933. 32. 35. At Governors dinner to Gov. Meyer Jame s said he felt humiliated that Gov. Meyer felt bound to tender his resignation to Roosevelt because of politics; that Roosevelt's failure to reappoint Magee was a public scandal; that our Board, under Roosevelt's administration, woul d be a Board of Yes men, subject to Roosevelt's absolute cont rol; that Gov. Meyer's resignation was a national disaster. April A., 1933.34. 36. Go.. Meyer, at the dinner, said orav e political cyliesions had come to the front and that he felt it his duty to tender his resignation to Roosevelt to enable him to appo nt a Governor in harmony with nis politica view l s. He bitterly attacked Roosevelt's orde r abandoning the gold standard, and especially the suggesti on of devaluation of the dollar. April 21, 1933. 35. See - Meyer, Gov. 37. During the dinner, Gov. Leyer said tne rumor was that Roosevelt intended to consolidate the Fede_til Reserve Board and Perm Loan Board. Evidently, Gov. Meyer will be a seve mcritic of Roosevelt and his policies. April 21, 1933. 36. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 238. Roosevelt, President (Contid ) 38. Leading Republican Senators have issued a statement severely attacking Roosevelt's policy of inflati(m. They forget that the bill - Thomas amendments - in themselves do not inflate but leave the pOwer with Roosevelt. It Tai ld be a strong argument against Roosevelt's usinr' this power. . April 21, 193: 36 39. Gov. Harrison at the dinner said he heard that Roosevelt asked the Senate Committee to postpone its report on Glass billfor 2 weeks, so he could further consider branch banks and insurance of deposits. April 21, 1933. 37. 40. We went to White House reception in hono of MacDonald, On leaving Roosevelt said to Bertie, "How well Charlie looks, considering that he has been working 18 hours per day." When we left, Mrs. Roosevelt kissed Bertie. Apri121, 1933. 37. 41. Miss Howland told us that Roosevelt wired Mr. Pease during his illness, as Bertie suggested. April 24, 19Z3. 40. 42. Sophie Boreel said people wereAsying that Gov. Meyer resigned because he could not accept Roosevelt's policy in goving off the gold standard. C.S.H. told Sophie this could not be true, as Gov. Meyer told Board on Mar. 24 that some days before he had told Roosevelt he desired to be relieved; that the departure from the gold standard did not take place until April 19 (See supra); that on Mar. 24, the Board had. unanimously agreed upon a draft of gold order keeping us on the international gold standard. No question of leaving the international gold standard had arisen up to Mar. 24, 1933. April 26, 1933. 40, 41. 43. Washington Herald says Roosevelt has decided to designate Miller as Governor of Federal Reserve Board. April 26, 1933. 43. 44. Mrs. Roosevelt promised Bertie to have Roosevelt wire Gen. Parker ou 1.1s birthday. April 26, 1933. 43. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 239. Roosevelt, President (Cont l d.) 45. Wyatt said Gov. Meyer, prior to Mar. 24th when he told Board he had told Roosevelt he wished to resign, eome differences with Roosevelt: had 1. Licensing of Bank of Italy. 2. Responsibility of Federal reserve agents in recommending licenses. 3. Direct loans to non-member banks. April 26, 1933. 44. 46. Goldenweiser said Gov. Meyer was sore at Roosevelt because he did not consult him. April 26, 1933. 44. 47. Gov. Meyer certainly did not resign because of Roosevelt's leaving the gold standard. See supra. April 26, 1933. 44. 48. C.S.H. also heard that Gov. Meyer resigned because of distrust of Thomas amendments accepted by Roosevelt. These, however, did not became law until May 12, 19:3. April 26, 1933. 44, 45 C.S.H. believes Gov. Meyer sent resignation to Roosevelt because of his controversy with Woodin growing out of the action of the Board, who notify Y.R. Agents of bill permitting direct loans to non-member banks; in quoting ftict that Woodin explaindllegislative situation, which Woodin claimed would be construed as domination of F.R. Board by Treasury. April 26, 1933. 45. 49. 50. We dined at White House to meet Bennett, Prime Minister of Canada. April 27, 1933. 46. 51. .. Newton Baker told C.S H that if the Thomas amendments be came law, leaving discretion to Roosev-lt, it would put a terrible responsibility upon him, and that if he did not give the inflationists what they wanted they would crush him. April 291 1933. 46, 47. 52. Bertie attends dinner at White House given by Mrs. Roosevelt to wives of Cabinet etc. whosx husbands were atending the Gridiron Club dinner. April 29, 1933. 47. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 240. Roosevelt, President (Cont'd.) 53. 54. Gov. Meyer tolu Board he had told Roosevelt he mu-st resign not later than Saturday of this week. May 1, 1933. 43. The Treasury, through Roosevelt, has refused to license gold exports to Day interest on Government gold bonds held abroad. The gold standard has gone! This is extraordinary and humiliating! See N. Y. Times of this morning. May 2, 1933. 48. 55. Bertie received letter from 1,rs. Rice enclosing a copy of a letter from Roosevelt to Rice, stating that he is embarrassed because another friend of his with charm equal to Rice's wants Holland. He finally offered Rice the post provided he will agree to resign after one year. May 2, 1933. 49. 56. Harriet also enclosed cony of a letter to Roosevelt from Rice declining this offer. This is extraordinary. Rice could do nothing else than decline. May 2, 193i. 49, 57. O.S.H. receives from White House an invitation to the reception tonight for Theodore Francis Greene. May2, 1933. 49. 58. Sophie Boreal told C.S.H. that Van Royen accepted the N. Y. Times statement that Rice was to be appointed by Roosevelt as official and cabled his Government. May 2, 1933. 50. 59. Sophie Boreel seemed filled up with the current criticisms She was very critical of of Roosevelt's Policies. Roosevelt's policy in repudiating Government ouligations to pay gold to foreign bondholders. May 2, 1933. 50, 52. 60. Sophie Boreel said she had no use for Roosevelt becase of his refusal to appoint Rice. She begged Bertie to go to Roosevelt and demand the appointment. Bertie finally told her of her talk with Yrs. Roosevelt. May 4, 1933. 52. See - Boreel, Sophie. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 241. Roosevelt, President (Cont'd.) 61. Gov. Meyer said that Roosevelt through Woodin had asked him to remain a day or two longer. May 5, 1933. 54. 62. We told Sophie Boreel the whole story as to Roosevelt and Rice in strict confidence. May 6, 1933. 56. 63. Harriet Rice writes that Judge Cooper feels that C.S.H • and H.P.H. should get in touch with Lirs. James Roosevelt and Delano and tell them the whole story. Bertie answered that this would be fatal unless Mr -. James Roosevelt herself should speak to Bertie auout it. May 7, 1933. 57. 64. Appoints Gov. Black on Federal Reserve Board and designates him as Governor. May 10, 1933. 58. 65. Liuller told Woodin he was ready to resign so as to give Roosevelt a chance to appoint a good man from Pacific coast. May 10, 1933. 60. See —Miller. 66. Wardell told Miller that Roosevelt had promised him the Chairmanship of the Federal Reserve Bank, San Francisco. May 11, 1933. 60, 61. 67. Miller feels terribly that Roosevelt has not taken him into his confidence as regards the Governorship. May 11, 1933. 61. 68. Gov. Black sa d he had a conference with Roosevelt yesterday and that he seemed pleased at open market operations of our Board. May 12, 1933.62. 69. Federal Advisory Council appoints committee to consult with Roosevelt. May 16, 1933. 70. 70. The Commi,tee appointed by Federal Advisory Council said Roosevelt who seened pleased at the plan of guaranty of deposits by the R.F.C. and asked it to Ake it up with Gov. Black and Aldrich of Chase National Bank who had just been with him. May 11, 1933. 70, 71. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 242. Roos •,: el t, President(Con tl d. -v 71. Traylor told Goldenweiser that Roosevelt told. him he was going to kill the Glass bill. May 17, 1933. 72. 72. Miller said S. Hiram Johnson is bitterly dissatisfied with Roosevelt because he did not designate him as Governor. May 19, 1933. 73. 73. Roosevelt told Mrs. Miller he hoe d his peace message would ward off danger of a European war for at least 3 months, dur.ng which time much might be accomp lished. May 19, 1933. 73. 74. Roosevelt told Miller that his - Roosevelt's - suggestion in peace message as to stopping offensive armament as distinguished from defensive arm ament came from a wuLrgestion once made to him by Hoo ver. May 19, 1933. 73. 74. 75. Gov. Black and Woodin s. w Roosev elt and strongly indorsed Magee for Federal Reserve Board but Gov. Black said Roosevelt was cold and unrespons ive. May 19, 1933. 74. 76. Gov. Black at first thought C.S.H. and Miller should speak to Roosr-velt directly in favor of Magee but we agreed finally it would be haralful rath er than helpful. May 19, 1933. 74. 77. Harriet Rice wrote that Mrs. Jam es Roosevelt knows of Roosevelt's offer of a one year term to Rice and is very much disturbed about it. May 19, 1933. 75. 78. Gov. Black said Roosevelt had acc epted the gold clause bill and had so notified the lea ders in Vongress. May 23, 1933. 80. 79. Woodin told C.S.H. he agreed with his criticism of Open Market Committee in voting to buy only 25 millions of Government securities but that he did not want so soon to tell the Committee what Roosev elt wanted, - a larger purchase. May 24, 1933. 83. 80. Miller told C.S.H. tr.at Ric e was slated for an.ointment by Roosevelt. May 25, 1933. 8, 86. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 243. Roosevelt, President (Cont i d.) 81. Miss Perkins, Secretary Of Lab or, told C.S.H. she still hoped Roosevelt would app oint Rice. May 25, 1933. 86. 82. Roosevelt sent gold clause Dill to H.R. as an administrative measure. May 20 1933. 87. 83. Swagar Shirley was very uitter towards Roosevelt because of gold clause bill. C.S.H. thin ks he may be sore at not receiving eome office fro m Roosevelt. May 27, 1933. 88. 94. Gov'. Black explains appointment of Sprague and Gov. Harrison by Roosevelt to atend Economic Conference. May 31, 1933. 89. 85. Gov. Black said he formally req uested Roosevelt to appoint Douglas and Magee on Federal Rese rve Board but feared Roosevelt would not do it. May 31, 1933. 89. 86. Gov. Black said Woodin had sent him 3 names for Federal Reserve Board, - all Democrats. C.S.H. is greatly shocked. May al, 193,. 89. 87. Gov. Black has on the records a mem o. as to appointment by Roosevelt of Sprague and Gov. Har rison. June 1, 1933. 90. 88. Miller told C.S.H. he was uttarly depressed at Roosevelt's action in putting us off the gold standard; that it was absolutely unnecessary exce pt as a temporary measure; that we could easily hav e paid foreign holders of our gold bonds in gold. He agr eed with N. Y. Times editorial criticising Roosevelt for this. June 1, 1933. 90. 89. Farley told H.P.H. that Roo sevelt will appoint Rice. June 1, 1933. 93. See - Rice. 90. Miller told C.S.H. that RoosPveltis refusal to pay our Govern ,ent bonds held. by foreigners in gold, was simply national dishonor. June 2, 1.93:'. 94. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 244. Roosevelt, President (Contl d.) 91. Gov. Black said Roosevelt insisted on striking out the Vandenburg amendment- guaranty of deposits and also agreed it was wrong to make Federal reserve banks give up half of their surpins to the Insurance Deposit Corporation. J111103 2, 1933. 95. 92. Roosevelt appoints Thomas and Szymczak on Federal Reserve Board. June 3, 1933. 96. 93, Miller said Roosevelt by appointing all Democrats on Federal Reerve Board had destroyed the Board and severely injured the Federal Reerve System. He has applied the spoils principle to a Board hitherto independent and non-partisan. June 3, 1933. 96. 94. Wyatt said Gov. Eladk indorsed Douglas to Roosevelt; that Roosevelt said he would appoint him; that Woodit so told Douglas; that the next L_ay Roosevelt changed his mind and appointed Szymczak. June 5, 193. 97. 95. Gov. Black said Wardell had Galled, referred to him by McIntire, Secretary of Roosevelt. June 8, 1933. 100. 96. ., Wardell gives C.S.H. to understand tha. Roosevelt had promised him the office o: Federal Reserve Agent, San Francisco. June 8, 1933. 101. 97. C.S.H. fears, if this is true that Roosevelt has destroyed the Federal Reserve System. June 8, 1933. 101. 98. Roosevelt sent Board a telegram from Governor of Minnesota indorsing Peyton for Federal Re erve Agent, Linn. June 10, 1932. 102. 99. Mi11er said that all must admit that Roosevelt personally is a pure spoils politician; that he is always enamaureC with new ideas; that he allows men with cheek enough to break in on him and to dominate him; that he has followed the behests of the "Brain Trust" without any clear camrrehension as to where the Brain Trust is taking him; that the Brain Trust is not permeated with any ideas of sound principle or even of national honor; http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 245. Roosevelt, President (Cont'd.) that trouble is looming ahead; that the Brain Trust will be skillful at proving an alibi, and will leave Roosevelt "holding the bag". Aline 10, 1937. 103. 100. Miller said he would not be surprised if Roosevelt, to abate Republican clamor at whole Board being Democratic, should remove C.S.H. and himself and put Republicans in our places! June 10, 1933. 103. 101. Mrs. Delano told us that the new biography of Roosevelt failed to mention his relationship to J. P. Morgan; that he was more closely related to him than to Theodore Roosevelt. June 11, 1933. 105. 102. Jesse Jones told Gov. Black that Wardell was a stock brokAr and a politician and was utterly unfit for any position under the R.F.C. C.S.H. wonders what Roos-velt will do now! June 13, 1933. 106, 107. 103. Roosevelt refused to ap- :oint Magee an expert dirt farmer . I and gave a lawyer and Chairman of Democratic State Committee of Nebraska, Thomas, the dirt farmer place. The Federal Reserve System is now plung-d into Politics. fears Roosevelt will be coupled with President Harding in an effort to make the Federal Reserve System a spoils system! June 14, 1933. 108. 104. Roosevelt has yielded to the influence of Arthur Mullen, Member of Natl. Dem. Committee, and, by his offer to Ex-Senator Hitchcock and his ap,ointment of Thomas has in ef:ect announced that the dirt farmer belongs to Nebraska and to a lawyer. What will the farmers say to this? June 14, 1933. 108. 105. Szymczak told Morrill that Roos=velt spoke to him about C.S.H. in terms of the greatest praise and affection. Jply 15, 1933. 109. 106. Lippman severely criticised Roosevelt for putting only Democrats on Federal Reserve Board. July 15, 1933. 109. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 246. Rooaevelt, President (Cont'd.) 107. Gov. Black said Roosevelt an Woodin are displ eased with Sprague because he 'Lau given tnem no infor mation as to what he was doing from time to time at Economic Confe rence. June 16, 1933. 112. 108. We all believe Roosevelt will not approve the stabilization plan bP.tween U.S., Great Britain and Franc e aoge,ested by Gov. Harrison. June 16, 1933. 112. 109. Glass told C.S.H. he had told Roosevelt this a.m. that he had made a terrible mistake in putting only De2ocrats on the F.R. Board; that Roosevelt said he agreed but felt that Glass dbauld have come to him and have said so before; that he told Roosevelt he had not asked his advice. June 16, 1930. 113. 110. C.S.H. told Glass he had made a meL-4orandum for Woodin who said to Uiller he would give it to Roosevelt. Glass said he did not believe Woodin had ever given this to Roosevelt. The memo. gave reasons Why Roosevelt shoul d appoint at least two Republicans on the Board. June 16, 193. 113. 111. Roosevelt signed the Glass banking bill this a,m. June 16, 1930. 114. 112. Gov. Black said Sprague had sent a report to Under Secretry Adheson who hzd taken it up with Roof,ivelt but that he felt Roosevelt would not agree to it. June 17, 1933. 114. 113. N. Y. Times had a resolution condemning Roosevelt for filling the service with incompetent soils democ rats. June 19, 1933. 115. 114. taller said Woodin had received a letter from a very prominent person praising Ward 11 and he intim ated it was from Roosevelt. (It really was from Farley). June 18, 193:.. 115. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 247. Roos-velt, President (Co nt'd.) 115. Rice sent us a copy of a let ter from Roosevelt dated June 16th again expres sing the hope he will accept Holland for one yPar, sayin he was greatly embarrassed, that he had had to drop several men from consideration, and stating that the matter must be settled within 2 weeks. He said there was no such thi ng As a term for for eign Ministers or Ambassadors, tha t they held office subject to his pleasure. (Why then did he make the offer for a term of 1 yea r?) June 23, 1933. 117, 118. 116. Bertie wired Rice as to pos sibility of trying to compromise with Roosevelt for 2 years. June 23, 1933. 118. 117. Miller said Woodin received r letter from Parley practically demanding the app ointment of Wardell as Federal Reerve Agent, San Fra ncisco, and stating that Roosevelt desired the Board to make this appointment. June 26, 1933. 121. See - Wardell. 118. Miller said the press had turned against Moley and it was only a auestion of time whe n Roosevelt would throw him out. June 261 1933. 122. 119. Farley according to Omaha Bee told Thomas he need not resign from Democratic State Com mittee of Nebraska until and of year! C.S.H. fears Roosevelt will be ruined by his friends! June 29, 1933. 124. 120. Gov. to to by Black said that Acheson, Bar uch and Woodin cabled Roosevelt off Campobello and urged him to agree the proposed stabilization agr eement drawn 'in the central banks. June 29, 193-. 124. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 248. Roosevelt, President (Oont l d.) 121. Gov. Black said above al:1)1e stated that it would be easier to stabilize now than at time when Roosevelt first refused. June 29, 1933. 127. 122. Acheson and Douglas asked Gav. Black if he would not join in the cable, altho they said they appreciated that federal Reserve Board did not approve it. Gov. Black declined saying it was for the administration to fix its policy. June 29, 1933. 127. 123. Gov. Black said Roosevelt cabled Gov. Harrison to ask whether Federal Reserve Bank, New York, could not alone try to stabilize the dollar by 'buying francs on its own account, without any agreement with other nations; that Gov. Harrison replied he would be willing to attempt this provided Roosevelt would agree to keen this in effect unchanged during the Economic Conference. C.S.H. felt this might involve heavy loans to Federal Reserve System. Gov. Black said our present mess grew aat of the failure of Sprague to keep Roosevelt and the Treasury informed as to what was going on. June 29, 1933. 127, 128. 124. Gov. Black said Roosevelt had absolutely repudiated all stabilization agreements in a statement just made. July 3, 1933. 130. 125. Gov. Black said he had asked Atchison for a statement of Roosevelt's policy, so we could fix our open market policy; that Acheson was much worried andepuld not state what Roosevelt's policy was;tbat he was all alone, Woodin being ill; that Roosevelt had not even invited him to the Anacostia Conference. July 3, 193:".. 130. 126. Gov. Black said he would try to see Roosevelt with Acheson; that he and our Board would loyally carry out Roosevelt's policy but no one knew what it was! July 3, 1933. 130. 127. Gov. Harrison and Goldenweiser thought Roosevelt anaald have consented to the stabilization agreement; that its failure caused a runaway market in Y.; that no one could foretell what ti.e result would be; that while http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 249. Roosevelt, President (Oont'd.) stabilization would somewhat de-press dome stic prices, the country could stand this better now than 3 weeks ago. July 3, 1933. 130. 128. The only person with Roosevelt at Campo bello when he repudiated the central banks stabilizetio n agreement was his secretary, Louis Howe. July 3, 1933. 131. 129. Moley, then with the Economic Conference, agleed to the stabilization agreement, but Roosevelt refu sed to accept it. July 3, 1933. 132. 130. The New York Times severely criticises Roos -velt this morning, pointing out that orig_nally he declared that stabilization of currencies was of prime importance but now relegated it to the background as a minor issue. (See scrap book). July 3, 1933. la. 131. Miller said Roosevelt had made a terri,le mistake in throwing over the stabilization plan. July 5, 1933. 133. 132. Gov. Black said he and Acheson had had a long talk with Roosevelt, who said he wanted commodity prices to rise and also security prices, but that he did not want a runaway market; that word should be quiet ly passed around - but not directly by our Board- that investors should not buy stocks not paying dividend s. July 6, 1933. 136. 133. Gov. Black told Roosevelt that he thought the Board would favor some recession in purchases of Gove rnment securities, say to 12 mill.ons instead of 25 millions as now; that Roosevelt said he thoroughly approved such policy. July 6, 1933. 136, 137. 134. Gov. Black told Roosevelt our Board was in absolute accord as to his open market policy. Gov. Black said Roos welt su.6ested that he shoul d spy tr.is in a press st-;ement, which later he did. July 6, 1933. 137. 135. One of our Board asked Gov. Black Just whot Roos evelt's policy was and strilitgly, he said, "I do not think he has any well defined Policy!" July 6, 1933. 137. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 250. Roos-velt, President (Contid.) 136. C.S.H. feels that Roosevelt wan ts all prices to rise, including security prices, but does not want a runaway market. July 61 19:.:3. 137. 137. McIntire, Roosevelt's seci-tary, asked Go.. Black to speak to Roosevelt about Wardell. GOT. Black said he told Roosev elt that Wardell could not be appointed Federal Reserve Age nt at San Francisco for following reasons: 1. The is no vacancy. 2. The Federal Reserve Act requir es "tested banking experience" which Wardell has never had, as he has never been connected with a bank. 3. His a- ,I)ointment would be purely : political, and such an ap-c,ointment, even if not illegal, would destroy the Federal Rese rve System. July 6, 1933. 137, 128. 138. Gov. Black told Roosevelt that the Federal Reserve System must absolutely be kept out of politics and Roosevelt said, "I am absolutely in accord with that!" July 6, 1933. 138. 139. Acheson gave Gov. Black a copy of Sec. Hull's cable on :hich Roosevelt desired Board's opinion. The cable was in favor of a res oluti n ceclaring for an ultimate gold bullion standard, and declaration that all Governments should try to stop speculation in the exchanges. The Board prepared a letter to Acheson for Roosevelt stating that the resolution was not in accord with present conditions and that no one could tell what future conditions would be. The Board said in the letter it would always be willing to confer with central banks on any question of immediate policy. July 11 1 1933. 139, 140. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 231. Roosevelt, President (Cont'd.) 140. C.S.H. agreed with the resolution on principle but believed it to be absolutely out of line with : Roos- !velt's present policy. :.S.H. feels it was put forward to appease the "Gold bloc", but feels it would clearly embarrass Roosevelt. July 11, 140. 141. Acheson told Go%. Black tilau Roosevelt wished the Federal Reserve Bank of New York to earmark 20 millions of gold for the Bank of England, which in return would give a credit on its books for 27 million, the latter representing the value of 20 millions of U.S. gold in England. The idea is that the Federal Reserve Bank of New York could then keep British exchange in ::ew York from going above $4.87. The Federal Reserve Bank, New York, could not lose because of tae 7 million margin. July 12, 1933. 141. See - Gold. 142. The Board feels that Roosevelt is getting scared and is willing to back some form of stabilizatioL. July 12, 1933. 141. 143. The Board agreed to interpose no objection provided it be distinctly understood that this is Dart of Roosevelt's managed currency policy. Gov. Black is to see Roosevelt today. The above is an extraordinary change of policy! July 12, 1933. 141, 142. 144. The Washington Star and other papers say the Federal Reserve Board had vetoed Hull's gold resolution. July 12, 1933. 142. 145. The Board ap)roved above plan of Roosevelt for stabilization through a 20 million gold fund, in order to prevent sterling rising above $4.86. July 13, 1933. 142. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 252. Roosevelt, President (Contld.) 146. The Board, however, made no decis an as to st,ttement of Federal Reserve Bank of New York to Treasury, that if larger amounts were needed, the Treasury would permit further earmarking or export. July 13, 1933. 143. 147. A long cable from Hull was read to Board asking Board to reconsider its refusal to accept Hullos gold resolution in Economic Conference. The Board declined to reconsider but said it would, at any olportune time, consult with the other central banks on any matter consistent with our national policy. (See scrap book). , (Later Roos, velt used exact langauge of Board. in replying to hull) Ju].y 13, 1933. 143. 148. Sprague told C.S.H. he might have to send Roosevelt his resignation; that he submitted to some inflation but could not stand devaluation to meet a urely speculative rise in prices. July 13, 1933. 143. 149. Miller said Roosorelt had offered him the position of Ambassador to Germany, but he had refused to constaer it. July 13, 1933. 143, 144. 150. C.S.H. wrote Sophie Boreel that it was really a great historical incident, - she and Mrs. Roosevcat, the been Mother, trying by laying their heads together, to force the King (Roosevelt) to make an apnointment he did not wish to make! July 11, 1933. 144, 145. 151. Board authorized Federal ReFerve Bank, New York, by direction of Roosevelt, having completed all arrangements with Bank of England, to carry out the stabilization plan. Gov. Harrison sold 1,300,000 of sterling for from 4.86 down to 4.82. A decided break occurred in stock market, but mostly caused by uncertainty over distillery stocks. July 19, 193L.147. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 253. Roosevelt, Presiaent (?)ont'd.) 152. Furtaer decline in sterling from 4.82 to 4.62, - also quite a fall in stock mvrket. July 20, 1933. 147. 153. Board considered whether to reverse and buy sade sterling but decided not to unless so directed by Roosevelt. July 20, 1933. 148. 154. Acheson told Gov. Black that all he knew of Roosevelt's policy was that -e did not want sterling to go above the old parity, - $4.86. July 20, 1933. 148. 155. Gov. Black, saw Roosevelt at 4 p.m. and told him that Gov. Harrison _elt we should reverse and buy some sterling. Roosevelt ap:.roved of this and said he wished us both to buy and sell, from t me to time, to prevent sudden fluctuations, We so advised Gov. Harrison. July 20 193. 148. ) 156. Miller said this was in effect an order by Roosevelt to Federal Reserve Board to engage in exchange sDeculation, without disclosing to us his ultimate policy. July 20, 1933. 148. 157. Gov. Black said neither he nor Acheson knew what Roosevelt policy was and that they did not believe he had any nolicy. July 20, 1933. 149. 158. Miller said Roosevelt's recovery plan could not be carried out with a speculative, shifting currency; that economic stability and financial instability were totally inconsistent. July 20, 193. 149. 159. ii1ler said Roosevelt is dominated by parlor economists, and that, sooner or later, he will tarn to the Federal Reserve Board for help. July 0 1933. 149. ) 160. Miller said if Roosevelt haa a suspicion that our Board wanted Black on his super-Cabinet he would never invite him. July 20, 1933. 150. 161. Everything seems to be in a state of chaos - apParently Roosevelt has no policy but is drifting aimlessly. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MS_ 254. Roosevelt, President (Contid.) 161. (Cont'd.) At first he said - on July 3 he would not .g.ree to stabilize, and now he directs us to stabilize; then apparently he became frightened, and now orders to buy again which we sold only yesterday! July 20, 1933. 150. 162. 7arburg said when Moley arrived et Economic Conference he had absolutely no instructions from Roosevelt. He did iinally agree to a stabilization understa nding which, however Roosevelt refused to accept. July 24, 1933. 154. 163 C.S.R. told Gov. Black that our reco rds should show that Roosevelt directed us to buy and sell British exchange and he said he would file a memo. J uly 24, 1933. 155. 164. Gov. Black said the two weeks fix ed by Roos ,-velt for Purchase and sale of sterling had about expi red, and that Roosevelt wanted it renewed for two weeks longer. Gov. Black said Acheson wanted a new figure above which sterling would not be allowed to go and thought 4.80 would be right. Gov. Black will see Roosevelt about tiAs this p.m. July 27, 1933. 157. 165 Sen. Glass told C.S.H. that Wood in called on him some time ago and consulted him about resigning as Secretary of Treasury. He said he was entirely out of symvathy with Roosevelt's policies, and did not believe a word of than; that he told Woodin he could not a vise him. Aug. 1, 1933. 1b9. 166. Glass said Roosevelt's recovery prog ramme would bankrupt thousands of small business men now operating in the "red". Aug. 1, 1933. 159. 167. Gov. Black said Acheson and Roos evelt had no use for Sprague as he was always harping on stabiliz ation. Aug. 3, 1933. 161. 18. Gov. Black scid stabilization would COMB ultimntely but that Roosevelt did not want it now. Aug. 3, 1933. 161. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 255. Roosevelt, President (Cont i d.) 169. Roos-velt tells Gov. Black he will not extend the 2 weeks period for purchasing and sellinv; ster ling exchange, that he was fearful of "leaks". Aug. 3, 1933. 162 170. Gov. Black said that when he visited Woodin last week, Woodin told him he had called Roosevel t on the Lelephc,ne and had just told him he must resign when the telephone was suddenly cut off; hat he called up again and Roosevelt s id he had cut him off and always would if he talked of resi gning. Aug. 9, 193Z. 164. 171. Gardner told Board that Roosevelt used the Board's letter in refusing to agree to Hull resolution as to gold bullion standard. Aug. 9, 1933. 165. 172. Gardner s'id there was also an 1 ranremen . . t for stabilizing exchange within certain limi ts which Roosevelt refused to accept without consulti ng the Federal Reserve Board. Aug. 9, 1933. 166. 173. T_ ere was another suggestion - the cent ral banks to use their moral influence to prevent exchange speculation, also using their reserves for the purpose, w_ich Roosevelt declined to accept, altho Moley favored it and Acheson, Baruch and others cabled Roosevelt to Camp obello urging acceptance. RoosTelt turned than down without consulti ng the Board, on July 3, 1933. Roosevelt's statement was a "shirt sleeve despatch" angering the other nations and grieving our dele gates and all of Roosevelt's friends. Aug. 9, 1933. 166 174. Roosevelt apPointed a joint comfliission with Acheson as chairman to coordinate all the various loan ing Boards, Gov. Black is a member. Aug. 9, 193. 167. 175. Mr. Dodge said Sen. Hiram Johnson gaTc Icke s a letter to Roosevelt and advised him to ask for a Cabinet position as the best way of securing the Commissioner shin of Indian affairs; that Roosevelt offered him the posi tion of Secretary of the Interior to his great asto nishment. Aug. L:2, 193. 173. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 256. Roosevelt, Pres. (Con.ld.) 176. Moley sends resiination to Roosevelt. Aug. 28, 1933.177. 177. Charles Warren said Col. House told him he had asked only one favor of Roosevelt - to appoint Margaret itlson to some office; that Roosevelt offered her an office paying $6000 per year; that she declined it but asked that it be given to Helen Bones; that Roosevelt made this offer but she also decibel it. Aug. 23, 193.. 177. 178. Gov. BIdk said Roosevelt asked his Ban-ing Advisory Committet to report on advisability of issuing greenbacks to meet the 200 millions of Government s-curities due next mnth; that the Committee advised against such an i:.sue. Aug. 29, 1933. 178. See - Banking Advisory Committee. 179. Roosevelt told Acheson he wished the Open Market Committee would at once buy 50 millions of Government securities. Gov. Black said the Committee finally agreed on 35 millions. Aug. 29, 193 . 178. 180. Gov. Norman, in New York, asked Gov. Bick what Roosevelt's policy was, or what its aim was, saying he asked this in no spirit of criticism. Gov. Black said he explained it to Gov. Norman perhaps better than he knew himself! Aug. 29, 1933. 179 181. The Banking Advisory Committee reported to Roosevelt favoring vigorous open market operations, ad against devaluation, and for ultimate return to a gold stan&xd without devaluation, unless agreed to by all nations. (See scrap book) Aug. 29, 1933. 180. 182. Gov. Black said the intent of the Committee was to put something before Roosevelt to offset the influence of the radical inflationist leaders. Aug. 29, 193 . 130. 183. Gov. Black gave C.S.H. a co.y of the meLlo. of Banking Advisory Committee given to Roosevelt OD osing devaluation. (See scrap book) Aug. 31, 193. 182. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 257. Roosevelt, President (Cont'd.) 184. Gov. Black gave C.S.H. a coy of G, rdne r's memo. on monetary policy, given to Roosevelt. Aug. 31, 1933. 182. 185. Harriet Rice said that William Rice, Jr. told Baerwarts, Ex-foreign Minister of Holland, all about Rice's ofler of a one year term to William Rice ; also that she wrote -adame Boreel about it. Sept. 2, 1933. 133. 186. Szymczak told C.S.H. that Roosevelt made a terrible mistake in putting only Democrats on Federal Reserve Board and that he told Gov. Black he would be willinc to resign to help repair the mistake. Sept. 23, 1933. 193. 187. Gov. Black said Roosevelt, at a Janference last night, said he wanted. the R.2.0. to push vigorously aid to closed banks by preferred stock purchases. Sept. 25, 1933. 195. 188. Gov. Black said he talked with Roosevelt also as to devaluation, - as to whether the Governme nt could take from Fa. banks the profit arising therefro m; that the Attorney General advised that this coul d be done legally; that the Treasury could ap-oly the gold hoarding order to Federal reserve bans; that finaity Roosev-lt appointed the Attorney General, Toodin, and himself as Committee to prepare a plan of devdluation; that Roosevelt did not say he would devalue, but tt he beli eved that was his intention. Sept. 25, 1933. 196, 198. 189. C.S.H. notes that just at a time when the peop le think that Roosevelt will not yield to inflation, he is actually preparing a plan for devaluation, which means inflation! Sept. 25, 1933. 198. 190. Goldenweiser told O.S.H. he would favor some devaluation by Roosevelt to get rid of the uncertainty. Sept. 27, 1933. 199. 191. Goldenweiser also mid that he believed tflat Roosevelt, through the lq..1-Z.A. was ctually impeding business recovery, as wages were increased but litt le, and not nearly enough people had been given emmloyme nt to take up the stock. Sept. 27, 1933. 199, 200. See - Bored, Sophie Miller Rice, W. G. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 258. Roosevelt Mrs. Two days ago, asked Bertie to lunch today. Bertie replied she had another lunch engaement, but of course would cancel it. Mrs. Roosevelt replied she must not do this, and she would fix another date for next week. Mar. 31, 193. 10. C.S.H. sends, a cony o_ Constance Williams lette r stating that "our President is a peach"! April 10, 1933. 20. We attended the White House 1.eception in honor of Mr. MacDonald. When we left Mrs. Roosevelt kiss d Bertie. April 21, 1933. 37. Bertie drove to White House and took 1rs. Roose velt to lunc at Womans National Dem. Club where -he intro duced her. April 261 1933. 43. During drive Mrs. Roosevelt spoke of Rice. April 261 1933. 43. See — Rice, W. G. Bertie dined at White House dinner given by Mrs. Roose velt to wives of those at Gridiron Club dinner. Durin g the dinner the police dod bit Mrs. Senator Carraway. April 29, 1933. 47. Bertie told So_hie Boreel of her talk with Mrs. Roosevelt as to William Rice. May 4, 1933. 52. Roosevelt, lks. James We called on, at M. Delano's. Out. Aril 24, 1933. 40. Harriet Rice writes that Judge Cooper advised her that we should get in touch with Mrs. James Roosevelt and tell her the whole story. We advised her this would be fatal umle.3s Mrs. Roo to meet um and spoke of the subject. May 7 1933. 57. ) velt han,ened Harriet Rice writes that, knows all about the one—y ear offer and is very much disturbed over it. C.S.H. thinks the Rices got some friend to tell this to Mrs. Roosevelt and believes it a fatal mistake. May 19, 1933. 75. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 259. Roosevelt Vrs. James (Contld.) Sophie Boreel writes how indignant :Li's. Roose velt is at the offer to Rice, saying that Roosev-at would not grant the only request she had made of him. J1y 8, 1933. 144. C.S.H wrote Sophie that it was an historical incid ent of *great iftportt-nce - the "Queen Mother" and Sophie laying their heads together tD force Roosevelt to do what hg. did not want to do. July 8, 1933. 144, 145. Harriet Rice wrote that Mrs. James Roosevelt had invited her to lunch at Hyde Park to meet Sophie Boreel, but that she replied she was so used up she could not accept. July 15, 1933. 145. Later Mrs. James Roosevelt motored to Albany with So-Alie Boreel who took the train for Buffalo and Mrs. Rooseveltl unched with Harriet Rice. Harriet wrote Bertie she told Mrs. Roosevelt that she had recdved 200 letters of congratulation; that she felt now she could not go to Holland again! C.S.H. is amazed at her saying this! July 15, 1933. 145. Roos. velt, Theodore , Mrs. Delano said Franklin Roosevelt was more nearl y relate to J. P. Morgan than to Theodore Roosevelt. June 11, 1933. 105; Roper, Sec. Invites Gov. Black to attend a political conference of Cabinet officers, which he declined. July 15, 19.. 109. Invites C.S.H. to a watermelonparty but .C.S.H of going to Mattapoisett. Aug. 4, 1933. 163. regretted because See - Nagle, Mrs. 133, 134, 135. Ross, Nellie, Governor C.S.H. has H.P.H. and, at lunch at Cosmos Club. C.S.H. pu hr up at Club for use of ladies dining room. June 8, 1933. 104. Dines with us at Woman's 1;ational Dem. Club to meet Gov. and Mrs. Black. July 1:3, 1933. 142. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 260. Ross, Nellie, Governor (Cont l d.) We call on. July 16, 1933. 146. See - Farley Rice, W. G. Rosso See - Italian Ambassador. Row between Gov. Meyer and Woodin. 45. See - Meyer, Gov. Woodin, Sec. Ruffin, Dr. Analysis Sugar in urine 0 Blood sugar. 14. Blood pressure. 165. He said it was a very fine showing. July 29, 1933. 158. Ruggles, Alma. Dines with us at Hay-Adams House with Miss Sergent. June 5, 1933. 97. We dine at Chevy Chase Clun with. June 11, 193,. 106. Dines with us. June 25, 1933. 121. Ruling, Civil Service Commission. 133, 134, 135, 136. See - Nagle, Mrs. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 261. -S- Salary cut Comptroller of Accounts rules that the 15% reduction apnlies to Federal reserve salaries ana staff salaries, although not paid by t;-e Government, on the ground that the specific excemption in old Economy Act was omitted from new Act. April 8, 1933. 19. C.S.H. receives s-lary chock for $425 - 15% reduction. April 15, 1933. 23. The Glass banking bill frees Federal Reserve System from 15% cut, and C.S.H. -eceives salary check of $500. July 1, 1933. 128. Salary increases C.S.H., James and Szynczak met as a Comnittee and aprroved certain increases in salaries under $2400. Board approved. Aug. 4, 1933. 162, 163. San Francisco. 125. See - Boreel Federal Reserve Bank, San Francisco. Sanderson, Mrs. Lloyd (Baby Fiske) Lunches with us at Mattapoisett. Aug. A, 1933. 175. Sargent, Eloise Alma Ruggles and, dine with us. June 5, 1933. 97. Schacht We attend rece tion at German Embassy to meet. May 5, 1032. 54. C.S.H. lunches with Secretary of State to meet. May 10, 1933. 60. Saturday Evening Post We icet Mr. Atwood of, at dinner with Magee. C.S.H. sends him H.P.H.Is sketch, - "Aunt Kity" June 4, 1932. 96. Seattle 158, 177, 185. See - Boreel, 6. hie. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 262.. Seeretry of Int. rior. , See Secretary of Labor See- Perkins, Miss. Secretry of State See Secretary of Treasury ftmor that Walter Stewart may be mLde. April 1.!, 1933. 21 See - Shirley Woodin Section 3, Glass bill. 114. See - Glass bill Securities Act Federal Advisory Council by resoluti )n op oses. Sept. 19, 1933. 188. Senate Com-ittEe. 30, 75, 113. See -- Glass bill Shirley, Swagar Was very bitter towards gold clause bill. He said he fought for sound money in 1896, and was bitter towards Roosevelt for advocating cheap money. ,1%S.H. feels he is perhaps unconsciously peeved at not having been made Secretary of Treasury, as was once rumored. May 29, 1933. 38. Shirt sleeve dispatch Roos evelts stuement declining stabiliz.ction Lzreement on July 3 called a. July3, 193,. Silver The Thomas anendment provided that the Government may receive silver bullion up to 10() millions frnm any foreign Government in payment of its debt to us t a price not to exceed 50 cents per ounce. The Governors did not seem to worry at all about this. April 20, 1933. 30. Twenty three Democratic Senators voted in Senate for fr.,e coinage of silver at 16 to 1, and only 25 voted against it. A change of 5 voter, would have given Garner the Vice President a casting vote. April 21, 193. 32. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 263. Silver (Contld.) Gardner pointed out to Board tat the Pittman silver resolution was unanthausly adopted .t tne Econol:dc Con:erence. This resolution bound India to restrict sales of silver, and bound other nations to buy silver up to a limite d amount. Aug. 9, 1933. 167. Simpson. 6 See - Federal Reserve Bank, Chicago. Sixteen to one. See - Silver Sleeping oar. 10. See - 4oreel, Sohie Slocum, Mr. Herbert We lunched with. Sept. 17, 1933. 188. Smead Gov. Black said he would consult, as to practicability of apportibnitig -mounts due from Federal Reserve System to Deposit Insurance Corporation, among Federal reserve banks having largest surplus. June 1, 1933. 92. See - Thomas. 160. Smith, W. E. C. Rev. Told C.S.H. ti.at a number of men in Class of 1883 were asked by one not in the class who was the most illustrious man in the Class of 1883, and that they all replied . C.S.H. with Herbert Putnam second choice. June 21, 1933. 116. Snapshots. 98. See - Boreel, Sophie. Solicitor General. 7 See - Gold Somerset Club 68. See - 1:Joreel, Sophie. Sound banks. 14. See - Roosevelt. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 264. Sound money. 88 See - Gold Shirley, Swagar Soundness. 4. See - Gold Soundnes. Test of. 18. See - Woodin Spee Club C.S.H. attends tea at, Cambridge, as guest of Robert Hamlin . June a, 193 . 116. , Speculation Goldenweiser said that 1/2 of ti.e price increase ca.:e from general business recovery, 1/4 from cheapening of dollar and 1/4 from speculation, that the proposed stabil iz'tion agreement would wipe out all the gain from sueculation. June - 16, 1933. 112, 113 Gov. Black said Roosevelt wanted higher nrices for comtodities and securities but did not want a runaway speculative market. July 6 1933. 136, 137. Sprague told C.S.H. he could stand some Imflation but =Lad not stand devaluation to meet a purely speculative rise in prices. July 14, 1933. 143. Miller said Rooseveltss direction to Federal Reserve Bank of New York to arrange with Bank of England towards stabil izing the pound sterling was in effect an order to speculate without disclosing to oar Board what his ultimate plan was. July20, 1933. 148. Miller said even devaluation would be better than the present speculative chaos. July 20, 193.. 149. The central banks at Economic Conference urged an agreement to use moral suasion, without using their reserves, to preven t speculation in foreign exchange. Roosevelt turned this down although Moley favored it. Gardner made above sttement. Aug. 9, 1933. 166. Spoils. 96. See - Politics. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 265. Sprague, Prof. See - Gold. 79, 31, 89, 90, 112.114, 119, 128, 13., 151, 154, 161, 178, 193, 194. Spread the work. Federal Reerve Bank, N.Y. directors unanimousl y voted to discontinue tne, July 1, 1932. 128. St. Agnes Church We attend service at, Father Anderson, in memory of Anna. April 26, 1933. 41. St. Gaudens coin. 75. See - Williams, Constance ;tability, Economic. 149. See - Miller. Stabilization. 107, 109,110, 111, 115, 141, 142, 143, 150, 152, 154, 155, 161, 165. See - Gold. Stabilization agreement. 109, 111) 113, 118, 119, 120, 124, 127, 128, 130, 131, 133, 141, 147, 156, 157, 165, 166, 167. See - Gold. Stabilization fund. 110. See - Gold. Stabilization of dolly See - Gold Stabilization of pound. 8, 11 See - Gold. Stabilization of prices. 21, 22. Stabilizationists. Daiger said the, were very uitter against Gov. Meyer and April 12, 193. . 22. Daiger said he believed tit Gov. Harrison and the, had brought pressure which Roos-velt could not resist, against ll1er .or Governor. May 10, 1933. 60. Daiger said Miller was defeated by, a combination of F.1 Bank of Nev: York and the. May 12, 1933. 63. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 266. State Department. See - Hull Sterling 51, 52, 142, 146 147, 148, 150, 155, 156, 157, 162. ) See - Gold. Stetson, Clarence. 12. See - Boreel, Sophie. Stevens, Federal Reserve Agent, Chicago Writes C.S.H. that it was after 1 a.m. on '!.arch 4 that he knew definitely that the Gov. of Illinois would proclaim a st-te holiday. This gives the lie to Hoover's letter to Board sta ing that the Board knew by 11:30 p.m. March 3 that New York and Illinois would act. Stevens said the Governor of Illinois was wita the Board of Directors of Federal Reserve Bank of Chicago allthe evening of March 3. Aug. 14, 1933. 170. See - Federal Reserve Bank, Chicago. 193 Stewart, Walter Was at White House today. Rumor he will be appointed on Board and made Governor. Another rumor that he will beap7)ointed Under Secretary of Treasury. There will be oppositi)n to him as all international banker and member of an investment house. l ,aiger said Roosevelt could safely appoint him on Board if Miller were mace Governor. April 12, 1933. 21, 22. Stodk purchases by Bank. 187. See - Mercantile Trust Co. Stockholders meeting, Federal Reserve 3ank, Boston. 187 See - Federal Reserve Ban::_, Boston. Stocks. 136 See - Roosevelt http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 267. Stoessel, Albert We attend operatic performance at Con. Library conducted by, who sent us tickets. We sat with Mrs.Stoessel. April 23, 1933. 38. Strawn, Silas. 193. See - Douglas, Asst. Sec. Sugar code, N.R.A. 181. See - Berle Suicide . Our Assistant Secretary McClelland was a. July 27, 1933. 157. Supercabinet. 150, 154. See - Black, Gov. Superintendent of State banks, Minnesota. 102. See -Peyton. Suppers (See dinners, lunches, teas) With Chades Warren. April 2, 193:3. 12. With Mr. & Mrs. McClintock. July 25, 1933. 156. Surplus. 75, 92. See - Deposit insurance Guaranty of deposits Sussdorf, Mr. c4 Mrs. We took tea with Mr. and Mrs. weting there Madame Van hoyen and Sophie Boreel. May 10, 1933. 61. Dine with us at Woman's National Democratic Club. May 19, 1933. 74. Mr., called on us. July 5, 193,. 133. We dined with L,r. on roof garden of Powhatan Hotel. July 8, 1933. 139. Mr., dines with us at Woman's National Democratic Club. July 13, 1933. 144. Swiss Minister. See - Peter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 268. Szymczak, Mr. Gov. Black said Roosevelt was considering the appointment of, on our Board. Ex-Cooptroller of Chicago. May 31, 1933. 89. Roosevelt appoints, on Federal Reserve Board. June 3, 1933. 96. Roosevelt ap-ooints, after having told Woodin he would appoint Douglas, and Woodin so informed Douglas. June 5, 1933. 97. Confirmd. by Senate. r. 4 June 10, 1933. 105. Tells C.S.H. that when he saw Roosevelt the other day he spoke in terms of extravagant praise of C.S.H. July 15, 1933. 109. C.S.H. attends dinner given by Ex-Assistant Secretary Dewey in honor of, at Wardman Park Hotel. June 29, 1933. 124. With C.S.H. and James, Szymczak sat on a Coranitt-e to fix salaries of Board's staff and notified heads o: Division that all names suggested for appointment must be the very best men amalable without regard to pull or politics. Aug. 4, 1933. 162. See - Thomas , Told Thomas he must look elsewhere for a place for his former private secretary as Board would never approve a political appointment. Aug. 4, 1933. 163. See - Thomas Voted against petition of Mercantile Trust Co. of St. Louis for more time in which to dispose of its holdings of national bank stock. Sept.13,1933. 187. Votes to sustain former policy of Board toOtect Class C directors only from Kansas City. Sept. 19, 1933. 190. Appointed on special Comuittr-e to recommend a Class C director from Federal Re-erve Ban-, Kansas City. Sept. 19, 1933. 191. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 269. Szymczak, Mr. (Cont'd.) Told C.S.H. he saw Farley yesterday who at once asked about Doolin; that he explained attitude of the Board as to political influence and suggested a conference with Gov. Black to which Farley agreed. He told Parley that when the Board picked a man he knew it would be glad to ask Parley if he was obnoxious to the administration, because e.g. of attacks on it. He said Roosevelt made a terrible mistake in putting only Democrats on the Board and said he told Gov. Black he would be willing to resign to repair the mistake. He said Douglas, however, was not a good man, but merely a tool of Silas Strawn who got him his Treasury position. He said the Federal Reserve Bank of Chicago asked Board not to act on salary of Deputy Governor Preston, as it mould soon decide on a permanent Governor; that Stevens said it would be neither Talley nor Preston. Sept. 21, 1933. 192, 193. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 270. Taber, Mr. and Mrs. C.S.H. calls on. Aug. 13, 1933. 169. Mr. Taber takes C.S.H. to Harpers Ferry and through Winchester where we lunched. Sept. 10, 1933. 186. Talley. 193. See - Federal Reserve Bank, Chicagp. Tang, Dr. C.S.H. and H.P.H. meet, a prominent Chinese geologist and former Mayor of Shanghai, at dinner with Gen. an., ivirs. Crozier. July 16, 1930. 146. Tappan, Robert Curtiss said he would like to have, in the Federal reserve bank. C.S.H. said nothing but may write him he could not approve the appointment even of a distant relative. Aug. 23, 1933. 173. Tax return. C.S.H. makes D.O. tax return. July 7, 1(.Z3. 138. Teas We attend a 6arden party at British A.Jbassador's to meet Ramsay MacDonald. April 21, 1933. 37. Bertie took tea at liadame Van Royenls to meet Sophie Boreel. May 7, 1933. 57. We took tea with Mrs. Sudadorf to meet Madame Van Royen and Sophie Boreel. May 11, 1933. 61. We drove down and took tea with Rachel Hale. June 10, 1933. 105. Tested banking experience.101, 137. See - Wardell. Thomas amendments. Board considered, with ;avernors. The Governors felt they could be managed except devaluation and greenbacks. They felt the latter would .use grave uncertainty and interfere with all contracts. April 20, 1933. 29. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 271. Thomas amendments (Cont l d.) Miller wPs inclined to accept the amendments, but thought they would fail in their purpose. Gov. Harrison said he could accept all except greenbacks and devaluation. The Governors did not worry about the amendment Permitting the Government to accent silver bullion at not over 50 cents per oz, up to 100 millions, in Payment of Allied debts. April 20, 1933. 30. Miller said Roosevelt had to choose oetween accepting the, or having them immediately enacted into law; that he thought his course was politically expedient. April 21, 1933. 31 C.S.H. felt Roosevelt was induced to accept the, with discretionary powers, because of the fact that 23 Democratic Senators voted for free coinage of silver at 16 to 1, and only 5 voted against it. A change of five votes would have given Vice President Garner the casting vote. April 21, 1933. 32. Leading Republican Senators and Congressmen in a statement attacked the, as dangerous inflation, a strong attack, at least, against Roosevelt's using these powers. April 21, 1933. 36. Glass tola C.S.H. he was being urged to speak on the; that his Doctor forbade him, but he would speak for 8 or 10 minutes. April 26, 1933. 42. This evening's radio quoted Glass as sa, ing that he would not vote for the farm bill with or without the. April 26, 3933. 42. Goy. Meyer could not have resigned because of the, for they were enacted into law on May 12, 1933, while Gov. Meyer told Roosevelt he wished to resign, a few days before Mar. 24. 1933. April 26, 1933.44, 45. See - $eyer, Gov. Glass in Senate yesterday bitterly attacked the. April 28, 1933. 46. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 272. Thomas amendm-nts (Contid.) Newton D. Baker said that if the, were enacted into law it would put a terrible responsibility on Roosevelt, as if he did not give the inflationists that they wanted, they could and would crush him. April 29, 1933. 46,47. Daiger said many New York banks really wanted the, although they were broader than they expected; that T. W. Lamont had expressed approval of them. May 18, 1933. 72. Miller said Warburg tried to wash his hands of all r.asponsibility for the, and for going off the gold standard, but that some time ago, he gave him a memorandum covering these matters and asked him to talk it over with the Brain Trust, - which Miller declined to do. May 31, 1933.91. Thomas, J. J. Federal Reserve Board. Gov. Black said Woodin had just given him the name of, to look up and also Szymczak ofChicago - both Democrats. C.S.H. is much disturbed as to this and fears Roosevelt is losing his senses. May 31, 1933. 89. Roosevelt apooints, to Federal Reserve Board, as also Szymczak. Miller says this has destroyed the Board and severely injured the Federal Reserve System. He has applied the soils system to a Board hitherto non-partisan and independent. June 3, 1933. 96. Thomas was reported favorably by Judiciary Committee and Szymczak by Banking and Currency Committee. Both were confirmed by Senate without op osition. June 10, 1933. 105. Calls on C.S.H. Said he was primarily an Attorney but also owned some farms; that he was Chairman of Democratic State Committee of Nebraska and that this involved so many qlestions ofped,ronaEe that he did not know whether to resign t once from that position or wait awhile. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 273. Thomas, J. J. (Cont'd.) Roosevelt refused to appoint Magee, an expert "dirt farmer" but appoints a political lawyer, Chairman of Democratic State Committee! What will become of the Federal Reserve System! • e', 4 11." It is certainly now soaked in po_itics! 4 C.S.H. fears Roosevelt will go down rith President Harding as turning over the Federal Reserve SzTstem to spoilsmen. .. -% 4 Thomas was appoited through the insistence of Arthur Mullen of the National Committee and floorleader for Roosevelt in the convention. 4.a.o Mullen first demanded Ex-Senator Hitchcock and Roosevelt of_ered him the place; on Hitchcock's refusal, Roosevelt gave it to Thomas. How will the dirt farmers like this! June 14, 1933. 107, 108. • Walter Lippman severely criticised Roosevelt for putting only Democrats on the Board. July 15, 1933. 109. James sent to all members a clipping from the "Omaha Bee" to effect that Thomas had stated that ne would not resign as Chairman of the Nebraska Dem. State Comm. until the close of the year; that Farley had told him there was no reason for his resigning! C.S.H. fears Roosevelt will be ruined by his friends, just as Harding was! June 29, 1933. 123, 124. Morrill said that after Thomas was sworn in, he .t tended a meeting of the Board and then went back to Nebraska where he has been since. July 7, 1933. 138. Thomas returned yesterday. He told C.S.H. and H.P.H. that, as Chairman of Nebraska Dem. State Comm. ne had 2000 apaications for office rind that the applicants had followed him to Washington. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 274. Thomas, J. J. (Contid.) C.S.H. told him he oudht to resign at once from his Chairmanship but he said he could not as there were such factional fights in his state that he must hold on to keep the peace! Comment is unnecessary. Heaven help the Federal Re erve Board! July 11, 1933. 140. During the Board meeting Thomas had a long distance call from Nebraska and left the meeting for 20 minute s. Evidently a political call! July 28, 1933. 158. Morrill said that Thomas had demanded a place in Smeadls division for his former private secretary whom he had dropped because he did not know shorthand; that Smead was away but Van Fossen told Thomas he could do nothing in Smeadis absence; that Thomas was very angry. Morrill said such a place required expert statis tical work, and that the man had absolutely no fitness for such a position as his -Previous jobs had been a policeman at the capita l. C.S.H. hold Morrill to hold the matter up until Smead returned and then not to appoint him unless Smead certified that he was uualified and that he could not get a better man. Morrill said this man had done valuable political work in Nebraska! This calls for firm action by our Board! Aug. 1, 1933. 159, 160. C.S.H., James and Szymczak, a Committee to consider staff salaries under $2400, got all the heads of Divisions together and told them they would be held strictly accountable for all appointments recommended by them; that they must certify not only that the man is qualif ied, but also that he was the best man among those uualified. The Committee reported this to the Federal Reserve Board which fully approved. Thomas asked if we were to surrender to the chiefs the right of appointment. Jame:, said no — merely the right to recommend. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 275. Thomas, J. J. (Contld.) The word "anpointment" in Committee report was then changed to "recommendation". Aug. 4, 193. 162, 163. James, in addressing the chiefs spoke of Thomas's order to Van Fossen impersonally without mentioning specif ic names. Aug. 4, 1933. 163. Szymczak told C.S.H. he had talked witn Thomas and told him our Board would never consent to a political appoin tment such as this and tuat he would have to get some other job fcrhis secretary through Farley. Aug. 4 1933. 163. 4 The above is a body blow to Thomas and the political crowd he represents! Aug. 4, 1933. 163. Vote with C.S.H. to give more time to MercanLine Trust Co. of St. Louis to dispose of its stock in a national bank. Sept. 13, 1933. 187. Fights in Board to secure appointment of Doolin as Class C director of Federal Reserve Bank, Kansas City. Denies any policy of Board to appoint Class C directors only from the Federal reserve city. Refused to join in Janes report in ...hvor of Caldwell and formally nominates Doolin. Voted against declaring policy to appoint only from the Federal reserve city. Finally Board referred matter to James, Thomas and Szymcz ak, for report. Sept. 19, 1933. 189, 190, 191. Tinkham, Congressman Told C.S.H. last Friday that Norman Davis had a civil judgme nt against himself, affirmed by U.S. Supreme Court, for having made $1500 in a deal covering cane sugar lands in Cuba in fraud of his associates. In the Congressional Record for Saturday, the opinion of Court of Appeals for D.C. and of the U.S. Supreme Court is printed. The case is Davis vs. Las Ovas Co. 227 U.S. SO. Apparently his guilt was clear. (See scrap bolc). June 5, 193. 97. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 276. Tinkham, Congressman (Cont'd.) The N. Y. Herald-Tribune today stated that ColumA.a. University is to give Norman Davis the honorary degree of L.L.D. June 5, 1933. 98. Trading with the Enemy Act. 3. See - Gold. Traylor, M. Said our real problem was to increase the capital structure of banks needing it and that if this were done de-oositors would be satisfied. MN,' 16, 193k., 69. . Tau Goldenweiser that Roosevelt told him he was going to kill the Glass banking bill. May 18, 193:. 72. C.S.H. gives Sophie Boreel a letter of introduction to. June 24, 1933. 118. Treasury assistant. 79 See - Sprague. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 277. -U- U. S. Bonds. 76, 77, 78, 90. See- Gold Gold clause bill Gold standard United States Circuit Court of Appeals. 2. See - Miller. United States Senate. 32, 106. See - Free silver Glass bill United States Supreme Court. 97. See - Davis, Norman. United States Treasury Subscription. One billion 2-7/8% three year notes. 41. Sprague accepted on condition that tne Brain Trust should consialt him before taking action on any matter concerning the Federal Reserve System or the U.S. Treasury. May 24, 1933. 81. Rumor that, had ordered the Federal reserve banks to buy 25 million of Government securities is not correct; it was a regular purchase under Board's recent resolution. May 24, 1933. 83. Only 9 of the 12 Federal reserve banks originally voted to favor the general power, approved by Federal reserve Board to buy Government securities, apart fram the °necessities of the Treasury". All, however, joined in the first 25 million except that Dallas could not take its full quota. May 31, 1933. 91. Gov. Black said neither ne nor the Treasury knew what Roosevelt's policy was, and they did not believe he had any. July 20, 1933. 14(J. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 278. United States Treasury (Cont'd.) Sprague told Board that, must raise 3 billions for the following year and that rate sLauld be somewhat around 3 %; that it was too early to place a long term issue. July 21, 1933. 151. See - SDrague Unstability. 149. See - Miller. • • http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 279. -V- Value, Appraisal. 69 See- Robinson, H.W. Van Bass, Baron 132. See - Boreel, Sophie. Van Riven Van Breugel, Baron. Committe, Dutch Legation. We meet Baroness, at the Pattens. Sophie Boreel has often spoken of her. July 16, 1933. 146. We called on Baroness. July 18, 1933. 147. We gave a dinner to, at Woman's National Democratic Club. July 24, 1933. 155. C.S.H. calls up, to get particulars of death of Mr. Van Royen. Aug. 31, 123. 182. Told C.S.H. he had had a letter saying that, Van Royen was critically ill from pneumonia. Sept. 8, 1933. 184. Leaves word for C.S.H. to call him up when he returns to Washington for details of Van Royen's death. Sept. 16, 1933. 188. Asks C.S.H. to supper on Saturday night. Sept. 20, 1933. 191. C.S.H. dines with. Present: Baron Russo, thc Italian Ambassador, Sir. Wilmot and Lady Lewis, Mr. and Mrs. Nijgh, a Dutch newspaper man. Sept. 23, 1933. 194. At dinner, told C.S.H. he had heard that Van Royen, daring his illness, suffered from bladder trouble. Sept. 23, 1933. 195. C.S.H. invites, to visit us at Mattapoisett, if they take a New England trip and he salt they would be delighted to. Sept. 25, 1933. 198. Van Fossen. 160 , 165. See - Thomas. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 280. Van Royen. Dutch Minister to U.S. Sophie Boreel said, on her return from the Virginia gardens, she Would visit Madame, if their hours were not filled. April 24, 1933. 4k:. Told Bertie at tea at Vanada Legation, "Tell your husband I have not answered his letter, because I do not know." April 28, 193. 46. Sophie Boredl said that, accepted the stat ement in N. Y. Times as to William Rice as official and so noti fied .is Government. May 2, 1933. 50. C.S.H. told Sophie she could tell, that all was well in this country. May 2, 1933. 50. Sophie asked if she could lunch with us Saturday if Madame, had no engagement for her. May 3, 1933. 51. Sophie said, had told her about the loss to her Government from England going off gold standard and that he told her Gov. Norman told officials of the central bank just before that England had no such intention and this deceived them. May 4, 193. 52. William Rice's answer to our telegram leav es us in doubt whether we can speak to Van Royen freely or not. May 6, 1933. 55. We are inclined to think that Van Roye n must have consulted the State Department before writing and congratulating William Rice for it is not likely he wouldhave written the kiter otherwise. May 6, 1933. 55, 56. We told Sophie all about William Rice but pledged her not to tell Van Royen. She said she knew of no reason for Van Royen's sending Rice the letter. May 6, 1933. 56. • Bertie takes tea with Madame, to meet Soph ie. May 7, 1933. 57. We meet Madame Van Royen and Sophie at tea with Mrs. Sussdorf. May 11, 1933. 61. 281. • Pmea I I Ia I Po http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Van Royen, Dutch Minister to U.S. (Contld.) Sophie said s1 feared Widame Van Royen would insist on going to the R.R. station with her, but would talk it out with her. May 12, 1933. 63. Sophie said Van Royen had spoken to her of a letter he had received from C.S.H., but added that he did not tell her *hat it was about. C.S.H. believes Madame Van Royen must have told her 611 about it. May 12, 1933. 64. Two days ago Van Royen wrote C.S.H. apologizing for his delay in not answering C.S.H.'s letter sent in Mardh. He said he was going to Dr. Hugh Young at Baltimore for a thoroug h examination and he would let C.S.H. know the result. It was really a very kind, almost affectionate letter. May 12, 1933. 64. A,J1: C.S.H. called at Legation to take Sophie to the R.R. station. Mr.and Mrs. Van Royen saw us off at the door. Van Royen told C.S.H. that Dr. Yaung said no operation was necessary, at present,at least, and that he was to try massage. May 15, 1933. 66. C.S.H. wrote Van Royen congratulating him on Dr. Young's reoort and thanking Madame Van Royen for giving him the privilege of taking Sophie to the R.R. station and asking him to appoint some time when they could have a good talk. May 15, 1933. 67. We met Mr. and Mrs. Van Royen at dinner at Chevy Chase Club with Gen. and Mrs. Crozier. C.S.H. sat next to Madame Van Royen. She talked mudlabaut Sophie and said at one time she was engaged to a very influenbial Dutch Baron, of the name of Van Boss, or some each name, - a widower with a grown up Child; that he was very rrrogant and ill tempered; that Sophie really could not stand him and finally broke her engagement. She saU Sophie would probably go to Alaska with Capt. and Mrs. Leahey at Seattle; that his ship was stationed at Seattle and his wife was living at a hotel there; that he was once our Naval Attache' in Holland. July 3, 1933. 132. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 282. Van Royen, Dutch Minister to U.S. (Cont'd.) (Early in July, Madame and Mx. Van Royen called on us to say Good-bye as they were just sailing. He flemed in fine spirits and very well. This was the last time we saw him.) Washington Evening Star annnunced death of Mr. Van Even in Holland, today. C.S.H. wired Sophie and called up Baron Van Breugel who knew only that he had received a cable a few days ago that hl was very ill. Aug. 31, 1933. 182. C.S.H. on train, mails Sophie various clippings on death. Sept. 1, 1933. 184. Sophie sends two letters acknowledging C.S.H.'s telegram. Sept. 4, 1933. 184. C.S.H. writes Sophie two letters, the first a general one and the second a confidential str,tement, as to Van Royen's trouble and fear ofan operation. Sept. 5, 193 184. Baron Van Breugel said he had a letter dated Aug. 30 saying that, was critically ill of pneumonia, and he assumes this was what caused his death. C.S.H. at once wrote Sophie. Sept. 8, 1933. 184. Baron Van Breugel asked C.S.H. to call him Mattapoisett. Sept. 161 1933. 188. C.S.H up. C.S.R. was at writes Sophie further explaining about Van Royen's death. Sept. 19, 1933. 191. Baron Van Breugel told C.S.H. he had heard that Van Royen, during his last illness, suffered from bladder trouble. C.S.H. believes this must have been his prostate gland. Sept. 23, 1933. 195. C.S.H. sends Sophie a letter about Van Royen. Sept. 25, 1933. 195. Vandenburg amendment. 95. See - Deposit insurance Roosevelt http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 283. Veto Gov. Black, iller and C.S.H. did not like pivin6 over 1/2 of Federal reserve banks surplus to Deposit Insurance Corporation but will not ask for a veto on that account. June 1, 1933. 92. The Washington Star said the Federal Reserve Board hesid vetoed Hu-l's request to adopt a resolution favoring gold bullion standard. July 12, 1933. 142. Gov. Black did not want to join the super-Cabinet becaus e the inflationists would control and have a veto power. July 24, 1933. 155. Vicksburg National Bank. 13, 14, 15. See - Woodin, Sec. Votes Board voted unanimously to investigate allotment of U.S. bonds at Federal Reserve Bank, Chicago. Mar. 28, 1933. 6. Board voted not to approve New York's buying from 25 to 50 millions of Government securities this week. C.S.H. alone voted Yes. ATTU 26, 1933. 4. Board refuses to admit 3 banks in Little Rock, Ark. Aye: Gov. Black, C.S.H. No: Miller, James, Comptroller. June 8, 1933. 99. Board voted to approve establishment of a 20 million credit in Bank of England to steady exchange. July 13, 193. 142. Board voted against Gov. Bl,ckis joining the Super-Cabinet unless Roosevelt personally asked him. July 20, 1933. 150. Board unanimous that the dollar should be made to cease its pyrotechnical dance up and down. July 21, 1933.152. Board apr)roved action of Federal Resene Bank, Boston, in joining N.R.A. July 27, 1933. 157 160. ) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 284. Votes (Contld.) Board unanimously approved action of Committee that all appointments must be absolutely on merits. Aug. 4, 193. 163. Board refused its holding Aye: C.S.H. No: James, Mercantile Trust Co., St. Louis, to disob se of of national bank stock. Thomas Miller, Szymczak. Sept. 13, 1933. 187. Board voted policy of appointing Class C direc tors from ::ity of P.R. bank. - Aye: Gov. Black, C.S.H., James, Szymczak No: Comptroller, Thomas Sept. 19, 1933. 190. Board votes to refer appointment or Class C direc tors of Kansas City to a Committee, - James, Thomas, Szymczak. Sept. 19, 1933. 191. • I • http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 285. Wall Street. 4. See - Gold. -allace, Sec. 154. See - Black, Gov. War guilt. 23. See - Miller Owen Warburg, J. Miller said he had to call down, the other day for speaking contemptuously of Sec. Hull. He said that once at Economic Conference he had to keep Hull und r the table to keep him quiet. May 23, 1933. 79. liner said, tried to wash his hands of all responsibility for the Thomas amendments, and for leaving the gold standard, but that same time ago Warburg gave him a memo . suggesting these very things and asking him to talk it over with the Brain Trust, - which he declined to do. May 31, 1933. 91. Sprague and Warburg wired the State Departme nt that the central banks plan of stabilization was beyond thei r jurisdiction, but that personally they approved it. June 24, 1933. 119, 165. Acheson told Gov. Black that Warburg told him that our delegates to Economic Conference formed a ludicrous group; that they were almost like charadters in a comic opera; that they Ilmost breathlesdly awaited Moley's arrival, but that after his arrival they found e had absolutely no instruct ions from Roosevelt, and nothing to offer for himself; that he did finally favor the stabilization plan which Roosevel t promptly repudiated. July 24, 1933. 154. Wardell Miller said, spent an hour with im a day or two ago; that he wanted to be made Chairman of Federal Reserve Bank , San Francisco. He said that Roosevelt had pramised him the position! Miller feels that politics has invaded the F.R. Syst em. May 11, 1933. 60, 61. Gov. Black said Wardell had called on him; that McIntire, Roosevelt's secretary had referred him to Gov. Black. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 286. Wardell (Cont'd.) Wardell said he wanted to be Chai rman of Federal Reserve Bank of San Francisco; tat Roos evelt had summoned him to Washington; that he sought to give him the impression that Roosevelt sent for him. June 8, 193,. 100. Calls on C.S.H., saying he was a grea t friend of Secretary Lane and repeated what he wanted. C.S.H. asked if he had ever had bank ing experience and whether he had ever been a director or offi cer of a bank. He said No, but that he could have been had he so desired. C.S.H. found he had been a newspaper editor but had had absolutely no banking experience. C.S.H. told him he could not qualify not being of "tested banking experience.' He said he felt sure he could qual ify; that a Vice President of a San Francisco bank told him he coul d. Without directly saying so he gave C.S. H. the distinct impression that Roosevelt had promised him this position. June 8, 1933. 101 Gov. Black said he had asked Jesse he could not give him a job. At he could, but after an interview Gov. Black he was merely a stock and was not fit for any position Jones of the R.F.C. if first he said he.thaught with Wardell, he told broker and a politician under the R.F.C. Gov. Black said he told this to Wcod in who agreed with him that he was not fit fot this position , even if eligible, which he was clearly not. What will Roosevelt do now! June 13, 1933. 106, 107. Gov. Black spoke of a letter from a very prominent person praising Wardell in the hig_est degree and asking for his appointment. He intimated it was from Roosevelt. June 19, 1933.115. Miller said Woodin received a letter from Farley practically demanding Wardell's appointment and stat ing that Roose7elt desired our Board to make this appointm ent! Miller said great pressure was being brought on Gov. lack. June 26, 1933. 121. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28'?. Wardell (Contld.) While at White House, McIntyre , Secretary of Roosevelt, aske d Gov. Black to sp:ak to Roos, velt about Wardell. Gov. Black said he told Roosevel t tht Wardell could not be anpointed: 1. Because no vacancy. 2. Not eligLble. 3. Would be a purely political appo intment which would destroy the Federal Rese rve System. No "tested banking experien ce". Gov. Black told Roosevelt the F.R. System must be kept out of politics, with whiC h statement Roosevelt said he abedlutely agre ed. Thus ended Wardell. July 6, 1933. 137, 138. (Later Roosevelt gives him another ap-oointment w;Iich called forth a storm of protest in California.) Warren, Charles '17e took supper with. April 2, 193G. 12. We dined with. May 9, 1933. 58. Columbus University gives L.L.D. to. June 6, 1933. 104. C.S.H• congratulates. June 11, 1933. 1014. a Told C.S.H. he had read the court opinions in the Norman Davis case, that Davis was clearly guil ty of fraud but it occurred many years ago when ethi cal standards were different! He said Dr. Butler rid the degree was given in absentee because of the bitter attacks on Davis. June 11, 1933. 104, 105. We dined with. June 18, 1933. 115. We dined with, on roof garden at Hotel Washington. July 22, 193: 153. 1 . Dines with us at Woman's National Democratic Club to meet Baron and Baroness Var Breugel. July 24, 1933. 155. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 288. Warren, Charles (Contsd.) Dined with, at Metroolitan Club. He said Col. House told him he told Roosevelt he shav.ld ask for only one favor, - the appointm ent to some office of Margaret Wilson; that Roosevelt offe red her a position at $6000 salary, which she dediined but asked that it be given to Helen Bones ;that this alm was done but that she also declined it. Aug. 28, 1933. 177. Washington Post. 95. See - Meyer, Gov. Weld, Mrs. Dines with us at Mattapoisett. Sept. 3, 1933. 183. Western Union Telegraph Co. 184, 185, 186. See - Boreel, Sophie Westover. 39. See - Boreel, Sophie White, Mr. 95. See - National Metropolitan Bank Meyer, Gov. White House In honor of Ramsey MacDonald. April 21, 1933. 37. Bertie takes Mrs. Roosevelt for, to Wamanss National Democratic April 24, 1933. 43. We dine at, to meet Bennett, Prime Minister of Canada April 26, 1933. 46. H.P.H. dines at. April 2, 103. 47. C.b.H. receives invitation to musicale at, for Cov. Theodore Francis Green. May 2, 1933. 49. See - Conferences. Widener Gallery. 56, 58. See - Boreel, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 289. Wile, Fred,ric1;. W. O.S.H. Etends story by, of H.P.H., poachinv an egg in the sun to Sophie Boreel and Rachel Hale. July 14, 1933. 144. Refers to C.S.H. story of curving r ball. Sept. 9, 1933. 185. Wilks, Kate Address of, is Cruikston Park, Galt, Ontario. She is a cousin of S0, -hie Boreel. June 19, 1933. 115. •1 Williams, Constance (Lodge) Writes C.S.H. as to gold hoar&ing order and in nostscrint adds "The President is a peach!, April 10, 1933 . 19. C.S.H. sends Mrs. Roosevelt a copy of above letter. April 10, 1933. 20. Nrs. Roosevelt thanks C.S.H. See - Scrap books. We lunched with. April 30, 1933. 47. Mr. Nevins, of Riggs National 3ank, sent his secret ary to stating that he has found an original St Gauden 's $20 gold A.ece which he will give, on receipt of 20.C.S .H. wrote to. May 20, 193,, 75. C.S.H. received a sweet note from, thanking him for getting her the St. Gauden l s coin. June 1, 1933. 93. Writes C.S.11. she is satisfied that he coin from Mr. Nevins was the one she originally gave up. C.S.H. acknowledges the letter. June 7, 1933. 98. Wilson, Margaret. 177 See - House, Col. Warren, C. Wilson, Mrs. H.P.H. had to send a hurried mesmge as to Woman's National Democratic Club recetion to, and was obliged to call up Wilmer Bolling and ask him to telephone her as she did not have Mrs. Wilson's telephone number. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis e90. rilson, Mrs. (Cont'd.) Mrs. Wilson thanked her for the message but said nothing about the telephone! April 2,1 933. 43, 4. C.S.H. tells Baruch about his quarrel with. May 10, 1933. 59. See - Baruch. C.S.H. tells Mrs. Bannister also of his dispute with. Aug. 12, 1933. 163. See - Bannister, idrs. Winchester, Va. 186 See - Taber. Winslow, Arthur C.S.H. dines at Somel.set Club with. June 22, 1933. 117. Woman's National Democratic Club. Moley speaks at dinner of. April 7, 1933. 17. We attend Musicale at, Miss Bloom sang charm ingly. April 23, 1933. 33. Mrs. Roosevelt is given a lunch at. April 26, 1933. 43. Dinner to Miss Perkins,Secretary of Labor. May 2, 1933. 50. We had Mr. and Ms. Sussdorf at dinner at. May 19, 1933. 74. Gives dinner to Postmaster General Parley. June 1, 1933. 93. We give dinner to Gov. and Mrs. Black at. July 12, 1933. 142. We give dinner to Miss Perkins, Secretary of Labor at. July 14, 1933. 144. We gave dinner to Baron and Baroness Van Breug el at. July 24, 1933. 155. C.S.H. gives dinner at, to Beaufort Kelly, Miss Bassill and tlie Misses ConrEd. Aug. 9, 1933. 167. See - Dinners. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 291. Wood, Federal Reserve Agent. 99 See - Little Rock, Ark. banks. Woodin, Sec. Accepts and approves Board draft of gold regulations. • Mar. 25, 1933. 2. See - Gold Explains the changes insisted an by Roosevelt. Mar 27, 1933. 2. See - Gold. Said he did not know whether unde r Roosevelt's changes the Government would pay gold on its obligations, if demanded. Mar. 27, 193,. 3. Seemed to agree with Ballantine that(p.).should be retained but said Roosevelt said it must go out. Mar. 27, 1933.4. See - Gold G.S.H. fears that if (e) is stricken out Roosevelt may. direct Woodin not to pay gold on Government obligations, at home abroad, which would destroy our cred it abroad. Mar. 27, 1933. 4. Or H.P.H. lwiches with Mrs. Meyer to meet Mrs. Woodin. Mar. 27, 1933. 5. Mrs. Woodin calls on us at Hay-darns at 5 p.m. Mar. 27,1933. 5. Tells Board the Vicksburg National Bank is in bad condition; that it was licensed by mistake and is in grave danger of closing. April 4, 1933. 13. Told Board he very much feared anot her bankinf collapse from fact that so many banks had been lice nsed by the state banking authorities; that in case of non-member banks we might have an alibi, but that if any licensed national banks should close it would be disastro usl April 4, 1933. 14. He said Roosevelt he. recAved a tele gram from a depositor in a New Jersey non-meniber bank stat ing that he relied on Roosevelt's statement that only soun d banks would be opened, and redeposited his money only to have the bank close in a few days! Apri14, 1933. 14. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 292. Woodin, Sec. (Contld.) Told Board that we should have a central bank. C.S.H. pointed out that the Aldrich bill called for 45 -irectors and an executive Committee of 25, and that sucLI a central bank would start another fight similar to that of Andrew Jackson against the banks of the U.S. C.S.H. said, however, that centralized autho rity of the Board would be increased by the Glass bill. He then said this was what he had in his mind, - to keep the Board as it is, but to increase its power. He said he did not like to have to appeal to each of 12 Governors for approval of Open Market policies C.SH. feels the trouble with Woodin is that he took office during an euergency when a dictatorship, even, might accomplish much good. C.S.H. believes his chief trouble grew oat of irritation because of his attempts to override the determination of the various Chairmen and Governors as to granting licenses to open, e.g. Calkins of San Francisco, Black of Atlanta, et al. The above is scarcely a goodrenson for radically changing the F.R. Systeml April 8, 1933. 17, 18. Glass said, was vigorously objecting to being drop2ed from Federal Reserve Board. April 8, 1933. 19. The Glass Sub-Committee sent a copy of its repor t on Glass bill to Woodin for his confidential criticism. Woodin never told Board of tids. April 15, 1933. 24. C.S.H. feels the Federal Reserve Bank, New York, is laying a trap for Roosevelt through Woodin. Atril 15, 1933. 24. Told Board he had written Glass in a general wazr as to the Glass bill, but before finally communicating with the Committee he desired to know the viers of the Board. April 17, 1933. 24,25. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 293. Woodin, Sec. (Cont l d.) The Senate Committee will not report the Glass bill until Woodin comes before them and states the views of the administration. April 18, 1:.33. 25. Glass said Woodin, on April 9, sent a letter to the Comnittee, probaliy prepared by Burgess, utterly inconsistent with the unanimous report of the Board to the Committee. April 18, 1933. 25. Told Board the other day he really did not know what his letter contained! He said he wanted the Board to advise him what to tell the Committee. feels the Federal Reserve Bank, New York , has put in some fine work through Burgess, but we shal l know only when we finally see Woodin's letter. April 18, 1933. 25. C.S.H. begins to have misgiv.nes as to Sec. Woodin's real ability. April 18, 1933. 25. Morrill or Wyatt told C.S.H. that Woodin said he would agree to anything if only he could be kept an the Board! April 18, 1933. 26. Never disclosed to Board that Roosevelt contemplated leaving the gold standard. April 19, 1933. 26. Asks Board to consider the Thomas amendmen t. April 20, 1933. 29. Miller told C.S.H. that Woodin knew very little about fiscal matters and had. no influence with Roosevel t. April 20, 1933. 30. Morrill said the Glass Sub—Commit tee was laughing at Woodin; that Glass told Woodin that the Federal Rese rve Bank of New York had prepared his letter to the Comm ittee. Glass told him the Committee would not repo rt until he came before the Committee and stated his and the Administration's views. April 20, 1933. 30. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 294. Woodin, Sec. (Cont'd.) Goes before Senate Committee. April 21, 1933. 31. Had a serious row with Gov. Meyer for sendi ng to the Federal reserve banks a telegram stating that Board approved the bill permitting direct loans to non-member banks and acaing t.c.at Woodin had explained the legislative situa tion to the Board. Woodin claimed this put him in position of dominating the Board. April 26, 1933. 45. (See last diary) Tells Board of appointment of Gov. Blac k to Board and the designation as Governor. May 10, 1933. 59. Told C.S.H. that Miller felt terribly about Farley to be designated as Governor, but added, - "But I didn't do it!" May 10, 1933. 60. Federal Advisory Council appointed a Committee to prepare definite suggestions as to deposit insurance and to consult with Woodin and with Roosevelt. May 16, 1933. 70. Gives Gov. Black a list of possible ap ointees on Federal Reserve Board. Gov. Black told him none were fit. Woodin asked whom he recommended and hre repli ed unhesitatingly, Magee. May 17, 1933. 71. Gov. Bladia wrote Woodin that the Board hadexamine d the Deposit Insurance bill and suggested that he confer with Glass and R.F.C. Miller objected to his saying that the Boar d approved the bill. May 18, 1933. 72. Daiger said the rumor is that Woodin will soon resign and be succeeded. by Douglas the Budget director. May 18, 1933. 73. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 295. Woodin, Sec. (Contld.) Gov. Black ano Woodin yesterday strongly indorsed Magee for Federal Reserve Board, but Roosevelt was cold and unresnonsive. May 19, 1933. 74. Executive Committee of Open Market Conte rence met witil Woodin and Gov. Black. May 23, 1933. 78. C.S.H. feels the Executive Committee "got around" Woodin. May 23, 1933. 79. Gov. Black told Woodin of C.S.H.'s sugg estion that specific authority should be given in the Gold Clause bill to tie Government to issue bonds payable in doll ars. May 23, 1933. 80. C.S.H. criticised decision of Executiv e Comnittee of Open Market Conference for not authoring larger purc hases of Government securities, saying that the mountain had labored and braught forth a mouse! C.S.H. told him we were merely tickling the nose of depression with a feather duster, when an axe was need ed! C.S.H. said we should have voted to buy at least 50 millions as a starter, instead of 25. May 24, 1933. 81. Woodin said he agreed with C.S.H. but he did not want so soon to tell the Committee what Roosevelt wanted, - larger purchases! May 24, 1933. 83. Papers announce that Woodin, among others, was on Morgan's preferred stock list. May 25, 1933. 84. C.S.H. asked what had become of Board's lett er to A ttorney General as to Federal Reserve Bank of Chicago's irregularity in allotting Government securities. Morrill said each member had checked the lett er, but it had been in Woodin's desk awaiting his checking for several weeks. May 26, 1933. 87. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 296. Woodin, Sec. (Contid.) Woodin id.s Gov- Black 3 names of candijates for Federal Reserve Board, one that of Thomas and another — Szymcznk. May 31, 1933. 89. ML.ler said that while there was nothing unlawful in Woodin accepting stock from Morgan on preferred terms, yet public opinion would force him to resign. June 1, 1933. 90. Woodin told Board he had examined the Glass banking bill and that the Federal reserve banks could not safely give half of their surplus to the Deposit Insurance Corporation. June 1, 1933. 91, 92. Said the small non, -member banks would be ruined unless they could join the Insurance Corporation. June 1, 1933. 92. Was at White House conference with Gov. Black et al. JUMB 2, 1933. 94. See — Roosevelt. Wyatt said Gov. Black and Woodin at White House indorsed Asst. Sec. Douglas for Federal Reserve Board; that Roosevelt said he wouldappoint him; that Woodin so told Douglas; that the next day Szymczekis appointment was announced! June 6, 1933. 97. Gov. Black said Roosevelt and Woodin were angry with Sprague for failure to cable them fran Economic Conference. June 16, 1933. 112. C.S.H. told Glass he prepared a mema. on Magee which Miller gave to Woodin, — Who said we would give it to Roosevelt. Glass said he did not believe Woodin ever gave it to Roosevelt. June 16, 1933. 113 Glass said Burgess was disloyal to Woodin in preparing the letter on Glass bill vihidh he sent to Senate Committee, and in making him oppose Sec. 3 of the Glass billwhich the Board had unanimously approved. June 16, 1933. 113, 114. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 297. Woodin, Sec. (Cont li.) Miller said Woodin had received a letter from Farley practically demanding Wardell's appointment as Chairman of Federal Reserve Bank of San Francisco and stated that Roosevelt desired the Board to make the appAntmentl June 26, 1933. 121. C.S.H. held up checking the order transferring Federal reserve funds from Treasury to Federal Reserve Bank of Richmond until Woodin could see it - in accordance with Woodinss request, made an account of the row with Gov. Meyer, that he be given op )ortunity to vote an every important matter. Morrill said due notice of all meetings had been sent to Woodin. Gov. Black found that Woodin was away, ill, and said he would consult Acheson. June 29, 1933. 123. Gov. Black said that Woodin, Baruch, and Acheson wireiRo osevelt at Campobello and adked him to accept the stabilization plan adopted or pressing before the Economic Conference. June 29, 1933. 124. Is still ill. July 3, 1933. 130. Glass said Woodin called on him some time ago and said he wanted his advice about resigning, as he was utterly out of sympathy with Roosevelt's )olicies. Glass told him he could not advise him. Aug. 11 1933. 159. Gov. Black said that when he visited Woodlninliew York last week he said he had called up Roosevelt and told him he wished to resign, when suddenly the telephone was cut off; that he again called him and Roosevelt said he had cat him off and always would if he talked about resigning. Aug. 9, 1933. 164. Roosevelt asked his banking advisory committee - Woodin, Gov. Black, Acheson et al to report on advisability of issuing greenbacks, and that the Committee reported adversely. Aug. 29, 1933. 177, 178. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 298. Woodin, Sec. (Cont'd.) Roosevelt appointed the Attorney General, Gov. Black and Woodin as a Committee to prepare a plan of devaluation. Sept. 25, 1933. 198. Wyatt, Walter. Board asked, to advise it whether or not there was enough evidence of irregularity of the Federal Reserve Bank of Chicago bond allotments to warrant a reference to the Attorney General. Mar. 28, 1933. 5, 6. Said Goldenweiser told him that Traylor told him that Roosevelt told him - Tra;ilor - that he was going to kill the Glass bill. May 18, 1933. 72. Said he thought the U.S. Sugrame Court would hold that the Government must pay gold on outstanding bonds so stipulating in spite of the gold clause act. May 22, 1933. 77. Said that the contrary decision of an English court was not well thought out or reasoned. May 22, 1933. 78 Told C.S.H. that Prof. Berle had organized a trust company of which N. Y. Savings banks owned all the stock; that he secured from Federal Reserve Bank, New York, the promise of large loans and also from the R.F.C.; that he wine before the Board's staff, as the staff supposed, representing the R.F.C., as he had done in several other matters; that he was really acting, as it later turned out, as Counsel for the savings banks. Aug. 30, 1933. 181. Said also that Berle acted as moderator in a sugar code matter; that some said that Berle was at the same time paid counsel for an interested sugar company; that his conduct was at least not ethical. Aug. 30, 1933. 182. Gov. Black asked Wyatt for an opinion whetner devaluation could legally be done under the Thomas amendment. Sept. 25, 1933. 198. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 299. Wyatt (Cont'd.) See - Meyer, Gov. 44, 45. Nagle 135. Snrague 81 Woodin. 24, 26, 97, 123. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 300. Young, Dr. Hugh. 64, 124, 129. Young, Governor. Said the directors of Federal reserve banks of Boston, New Yor_, Philadelphia, Cleveland and Chicago had Passed resolutions favoring liberal purchases of Government se:rities. May 24, 1933. 82. See - Federal Reserve Bank, Boston. (End of volume.)
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