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Collection Tilde
THE PAPERS OF
CHARLES SUMNER H MEAN
DIARIES
Series and/or Container
Shelf/Accession No.
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Federal Reserve Bank of St. Louis
3g
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Federal Reserve Bank of St. Louis
16'42
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Federal Reserve Bank of St. Louis
DIARY
VOL. #24.
October 1. 1933 -
April 30. 1934.
Acheson, Under Secretary o Treasury
Says R.F.C. has no power to buy gold.
Oct. 24, 1933. 30.
Attended White House conference as to gold purchases.
Oct. 3D, 193:-!•. 34.
Resigns.
Roosevelt said to have demanded his resignation.
Nov. 15, 193,. 47.
Roosevelt told press representatives that ne dropped Acheson
because of his lack of financial experience!
O.S.H. feels this an extraordinary reason, revealed by later
appointment of Morgenthau, who had had no banking
nor financial experience.
Nov. 15, 1933. 47.
Attended swearing in of Morgenthau at White House
Roosevelt praied Morganthau extravagantly but never mentioned
Acheson.
Nov. 16, 1933. 53.
C.S.H. believes Roosevelt distrusted Acheson in carrying out
any policy.
Nov. 17, 1933. 55.
See - Morgenthau
Roosevelt
C.S.H. and Gov. Black believe Acheson was able, faithful and
absolutely loyal to Roosevelt‘.
Nov. 17, 1933. 55.
Acting Secretary of Treasury
See - Acheson
Morgenthau
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Federal Reserve Bank of St. Louis
2
.
Adams, James Truesdale.
146, 148, 149.
See - Boreel,S.
Agreement.
100, 101, 102, 103.
See - Gold
Air mail scandal. 167, 169.
; •-•-; • .
See - Lippman
Roosevelt
Albany, N. Y.
H.P.H. leaves, for Washington.
Nov. 7, 1933. 46.
•
.
•
• .! •
•
.,_
Aldrich, Rev. Dr. 142, 148, 158.
See - Lawrence, Bishop
St. JonnIs Vestry
1,3-2aDixe
,o tawxvic4cie
c,1 •t.
.
Allen, Philip. 6, 39.
See - Hamlin, George
Federal Reserve Bank, Boston
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Amendments.
13, 16t 17, 20.
See - Capital loans
Miller
Amendments, Gold Reserve bill.
120, 122, 127.
See - Gold.
.3
r.,
•
American Federation of Labor. 169.
See - Lipman
Amoskeag National Bank, Manchester. 39.
See -.Federal Reserve Bank, Boston.
Anderson, Father. 189
See - Hamlin, Anna.
Ashley, Mayor C.S.
Miss Aanley and, dine with us t Mattapoisett.
Oct. 27, 1933. 32.
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Federal Reserve Bank of St. Louis
3.
Laser, Gen. Sir John
Sent us a Christmas card. 97.
Astor family. Sketch. 139.
See - Boreel, S.
.,
Astor, Vincent,2.
See - Roosevelt
•Jrast
.U;1 tC01 tICI 001
fqo.t /NO
.lehaA*17
Atlantic Monthly. 178.
See - Bored, S.
tIA
le
ammrtia
:1401mftoos
Attorney General, U.S.
29, 35, 82, 83, 84, 86, 88, 89, 100 ,120.
See - Gold
.1*
Atwood, Bishop
W e meet, at dinner at Charles Warren's.
Feb. 11, 1934. 139.
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Auld Lang Syne.
Prof. Dewar, 9 Maitlp.nd Road, Reading, Fricl and, writes that he
has sent the photostat copy or H.P.H.'s loose sheet containing
text of, and also the photostat of original letter of Burns
to Mrs. Dunlop, furnished by Morgan to Mr. MdBurnie, Sheriff,
Clerk's office, Dumfries, Scotlant, for deposit in the
MUTTS House with the original 2nd loose sheet owned by
that Body.
Iiter dated Sept. 26, 1933.
Oct. 8, 1933. 4.
Await, Deputy Comptroller
Agrees with Board that we must approve purchase of 50 millions
preferred stock of Continental Illinois National Bank and
Trust Company by Ra.C.
Oct. 13, 1933. 14, 15.
See - Continental Illinois Bank and Trust Co.
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Federal Reserve Bank of St. Louis
4
.
-B--
Baillie
Explains Treasury financing plan to Federal Reserve Board.
Said a popular loan at this time would interfere with
Treasury programme, and would diminish funds now being
used for family purchases.
Jan. 20, 1934. 122.
Governor Black said, was an able, practical banker but that
Morgenthau was confirmed only on condition that he be
dropped.
Jan. 23, 1934. 126.
tools/Vt.
4ouia1&'
o
Baker, Newton D.
83, 90, 91) 92, 93, 94, 95, 98, 100, 104, 124.
See - Gold
Calls on H.P.H.
Jan. 23, 1934.124.
. tC*LS
Bank of America. 156.
See - Calkins, Gov.
Bank of England
34) 59.
See - Harrison, Gov.
Norman, Gov.
Bank of France. 42.
See - Norman, Gov.
Bank of U.S. 115.
See - Roosevelt
Banking Advisory Committee. 27
See - Black, Gov.
Bell, Mr. 154.
See - Governors Conference.
Biddle, Mrs. Edward (Lilian Lee)
C.S.H* writes, making appo ntment to call.
April 13, 1934.183.
C.S.H. receives letter from, making appointment‘.
April 16, 1934. 184.
C.S.H. calls on, and has an hour's talk.
ago since I had seen her.
It was forty years
She had aged greatly and had grown very stout, but stil_ was
handsome. She seemd delighted to see C.S.H. Aril 19, 1934.184
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Federal Reserve Bank of St. Louis
5.
Biddle, Mrs. Edward (Cont'd.)
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•
.
44% te.1„:9C
."." •
1
Ttm:,ArtT
C.S.H. receives note from, thanking him for the "lovely!
song he had sent her.
April 26, 1934. 189.
Birthday, H.P.H.
61 years.
April 8, 1934. 181.
Black,Gov.
When, leaves, Roos-velt cakappoint, if he wishes, a N.Y. man.
Oct. 8, 1933. 5.
C.S.H. does not believe that, would consent to suggestion of
Hennessy in Boston Globe.
Oct. 8, 1933. 6.
Was emphatic on purchasing from 35 to 50 millbns of Government
securities, each week, as contrary action would stimulate
the inflationists under Thomas amendment.
Oct. 10, 1933. 8.
Said the Government should push the 3i billion appropriation
for public works, take care of all banks closed since
Jan. 1, 1933, and provide working capital for banks
needing it.
Oct. 10, 1933. 8.
See — Governors Conference.
Votes against permitting Federal Reserve Bank, N. Y. from
buying adjoining building.
Oct. 10, 1933. 9, 11.
Reads old letter from Gov. Harding clailaing authority of Federal
Reserve Board to approve or reject building plan.
Oct. 10, 1933. 10.
Agreed that, could tell secretary and President of the
resolution of Governors Conference opposing open market
policy and suggesting a broader plan for recovery.
Otherwise to be kept confidential.
Oct. 12, 1933. 13.
Told Board he was with Roosevelt Sunday on the Sequora; that
ne was the only man present; that he had 1 hours with
Roosevelt; that he told Roosevelt that if there was any
criticism of the Board he hoped Roosevelt would give him
a chance to answer it; that the Board was unanimous in
loyally carrying out every policy of Roosevelt; that
Roosevelt promised to tell him of any criticism; that they
6.
Bladic, Gov. (Contld.)
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Federal Reserve Bank of St. Louis
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fats't
IA!:be act
discussed open market poligy; that he told Roosevelt
it had done much good in staying further deflation;
that there was sane opposition among Federal reserve
banks.
Gov. Black said Roosevelt spoke of the Economic Conference,
saying that our delegation all had axes to grind;
that it contained too many prima donnas; that they
were not outstanding men; that he spoke very disparagingly
of the "lesser" artists, Sprague, Warburg and Moley;
that he finally had to be rough and rude to them;
that he thought the time for stabilization had not yet
come; that the British were shrewd and if stabilization
were desirable why had they not stabilized; that the
British were much Shrewder than our delegates.
Gov. Black said he told Roosevelt that he as one of the
Committee on devaluation - himself, Woodin, and Attorney
General - was ready to report.
GOT. Black said Roosevelt seemed tothink it was very simply; that
all he had to do was to direct the Federal reserve banks
to tarn over all their profits from devaluation to
the Treasury.
Gov. Black told Roosevelt the matter was rally very complicated;
that he could not issue such an order under the antihoarding power, because the Federal reserve banks were
not hoarders; that they had to carry a 40% gold reserve
against their Federal reserve notes; that there were
many other doubtful questions.
Gov. Black said this surprised Roosevelt very much and that
he began to appreciate the difficulties.
Gov. Black said he told Roosevelt the time for stabilization
had not yet come.
Oct. 17, 1933. 19, 20, 21.
C.S H. asked Gov. Black if he thougnt Roosevelt was satisfied
with the Federal Reserve Board.
Gov. Black said Yes, absolutely, - that he never for a manent
criticized the Board or any member.
Oct. 17, 1933. 21.
C.S.H. told Gov. Black he was an old and intimate friend of
Roosevelt but that he had kept away from him knowing
how busy he was.
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Federal Reserve Bank of St. Louis
•
7.
Black, Governor (Contld.)
Gov. Black Enid C.S.H. should go to Roosevelt, that he would
appreciate it.
Oct. 17, 1933. 21.
Gov. Black said many people were forcing themselves on Roosevelt
and mentioned particularly O'Connor, the Comptroller.
While Gov. Black did not specifically say so he gave C.S.H.
the distinct impression that Roosevelt did not like having
the Comptroller pressing in on him as he did.
Oct. 17, 1933. 21.
Gov. Black said the Comptroller had press conferences similar
to those of Roosevelt.
Oct. 17, 1933. 23.
Spoke at dinner of Woman's National Democratic Club.
A remarkably fine address.
C.S.H. introduced him.
lot
He paid a great tribute to C.S.H. and H.P.H.
He spoke of the greatness of Cleveland in the sannA money fight
of 1896) and gave a great tribute to Wilson.
He said comparatively little of Roosevelt except that in great
crises a man usually appears, citing Washington and Lincoln.
He also asked whether Roosevelt in this crisis had not been
called by God to help the American people as did
Washington and Lincoln.
He did not express any opinion on this, however.
The only other reference to Roosevelt was his Charming personality
and his evident desire to serve the whole American people.
He also stressed the Importance of keeping the Federal Reserve
System out of politics and said "so help me God it will be
kept out of politics so long as I remain upon the Board!"
He praised the Board's policies and action in 1914, 1920, 1929
and today.
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Federal Reserve Bank of St. Louis
8.
Black, Gov. (Contld.)
From what he said, or perhaps did not say, C.S.H. got thd
impression that he is not satisfied with, or happy under
RoDsevelt, but on the contrary, has many doubts concerning
him.
Oct. 20, 1933. 25, 26.
Said that he first h-ard of Roosevelt's desire to have the R.F.C.
buy gold at home and abroad and alter the gold content of
the dollar so as to make its purchasing power unchanged for a
genera:1m - which Roosevelt announced on the radio last
evening - Sunday - on last Saturday; that on Saturday evening
he at
a metting of the Banking Advisory Committee;
that they prepared a report that the Federal reserve banks
should buy and sell goldl exchange, etc. and that Congress
should indemnify them for any loss; that he and Gov. Harrison
refused to sign the report; that the others signed it but to
no avail.
Oct. 23, 1923. 27.
Reads to Board a memo. of Goklenweiser as to effect of the
proposed gold purchases which he decidedly opposed saying
it was much worse than outright devaluation. (See scrap book)
Oct. 23, 1933. 28.
Told Board R.F.3• has no legal authority to buy gold or
else; that the Attorney General is unable to give
opinion that the R.F.C. has any such power; that
however, has ordered the RS.C., through Acheson,
newly mined gold.
anytfing
an
Roosevelt,
to purchase
Gov. Black said the Federal reserve banks could buy the gold and
sell it at once to the commodities corporation for the same
price.
Oct. 24, 1933. 29, 30.
Spoke contemptuously of Morgenthpu desire to seize all gold held
by Federal reserve banks so as to assure the Government getting
.all the profit from devaluation.
Said Acheson will write Roosevelt today that this can not and
should not be done.
Oct. 24, 1933. 30.
Told Board Woodin is a very sick man and wants to resign but
Roosevelt won't let him; that Woodin is an amiable but
not an able man; that he now is a mere figurehead.
Olt. 24, 1933. 30.
I
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Federal Reserve Bank of St. Louis
9.
Black, Gov. (Cont'd )
He said Roosevelt has only contempt for Sprague; that Roosevelt
has seen him only once since he became a Treasury Assistant
and then said he did not want to see him again!
Oct. 24, 1933. 30.
Said he attended a conference yesterday at the White House.
Present:
Acheson, Bruere, Prof. Warren, Morgenthau, Gov. Harrison,
et al.
:le said Roosevelt told them that he had decided to have the
R.F.C. buy gold abroad and wished the Federal Reserve Board
to work out the mechanics of the operation; that he asked the
Federal Reserve Bank of New York to buy bonds of the R.F.C.
to obtain money for the purchase; that Gov. Harriwon said
this Could be done provided the Federal reserve banks could
legally buy R.F.C. debentures, but suggested that before
buying he should discuss the ivAter with the central banks of
Great Britain and France; that Roosevelt agreed to this.
Said Roosevelt did not consult him but merely told him what
he wanted done.
Oct. 30, 193c. 33, 34,
t. -
See - Federal Reserve Board.
and
Gov. Black read for the files a memo, of above conference
with Roosevelt. (See scrap book).
Oct. 31, 1933. 36.
See - Gold.
Gov. Black and Gov. Harrison said that neither the Federal Reserve
Board nor any one else were consulted as to the policy of purchasing
gold; that Roosevelt simply said the Liatter was settled; that
we were all in the same boat and that anyone not liking the
policy could get out!
Oct. 31, 1933. 37.
,
Told C.S.H. that Gov. Harrison tried to buy $500,000 of gold
in London but was outbid by a speculator and could get none;
that he did buy the same amount in Paris.
Nov. 2, 1933. 42.
•
GIFT. Black said no one can explain our policy for nu one
knows just what it is!
Nov. 2, 1933. 42.
tTt
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Federal Reserve Bank of St. Louis
10.
Black, Gov. (Contld.)
Votes against appointment of Doolin as Class C Director vf
Federal Reserve Bank, Kansas City.
Nov. 7, 1933. 43.
Told Board that Acheson has resigned as Under Secretary of
Treasury; that Woodin had been given a leave of absence
without pay; that Morgenthau had been appointed Under
Secretary of Treasury.
Said rumor was that Roosevelt had demanded Acheson's resignation.
Nov. 15, 1933. 47.
Said the rumor also was that Sprague and Douglas would soon have
to resign.
Nov. 15, 1933. 47.
Said that Roosevelt said to Press representatives that he
dropped Acheson because of his lack of financial
experience!
Nov. 15, 1933. 47.
Said Roosevelt also said his policies should be carried out even
than& there were 40 Spragues in the Treasury!
Nov. 15, 1933. 47.
Told Board that Executive Committee of Open Market Committee
wished to stop all further purchases of Government
seuurities in open market.
C.S.H. and Szymczak were opposed to this.
Nov. 15, 1933. 47.
Said sterling rose to 5:20 yesterday and that Roos-velt told
Gov. Harrison to sell some gold to ho)l down the rise;
that Gov. Harrison said Jesse Jones denied that R.F..
had any power to sell gold; that such authority was
given in the R.F.C. agreement with Federal Reserve Bank
of New York, and that Jesse Jones must reaffirm this
or cancel it.
Nov. 15, 1933. 48.
Said Roosevelt asked Gov. Harrison to take up with Gov. Norman
the question of some stabilization agreement, which he
had done.
Nov. 15, 1933. 48.
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Federal Reserve Bank of St. Louis
11.
Black, Gov. (Co!tld.)
Said Bruere was in a bad position; that he had avosed the gold
purchasing policy, but the N. Y. bankers believe he is in
accord with Roos,
velt.
Nov. 15, 1933. 48.
Said he had given up the idea of a liaison officer between the
banks and Roosevelt, in view of what has happened; that
he would have been glad to have C.S.H. appointed to this
position at $100,000 a year salary.
Nov. 15, 1933. 49.
Showed C.S.H. an article from London Economist to the effect that
depreciating the dollar abroad would not raise prices in
tne U.S. internally; that the only way to do this is:
1.
To restore confidence
2. Turther disturb confidence by deliberate inflation
to make people turn their money into commodities
through fear of the dollar and thus increase
prices.
(See scrap book).
Nov. 15, 1933. 49
Said the Treasury was buying bonds to protect the bond market;
that it has available 1 billion dollars for this in the postal
savings deposits.
Nov. 15, 1933. 50.
Said he told 7:oodin he was ready to retire if Roosevelt wished
it, but that Woodin said Roosevelt hnd no such thought,
but advised him to say so frankly to Roosevelt.
Nov. 15, 1933. 50.
Read Board a letter to Roosevelt in response to a letter from
him, he pointing out that the Republican National Committee
had issued a circular quoting from the F.R. Bulletin
which stnted that production had fallen off after the N.R.A.
took effect; that Roosevelt said that while the truth should
be spoken, it Should be the whole truth, and that, in future
his economic adviser, Riefler, should check up such
statements; that he told Roosevelt that the article in
question was most optimistic; that, as a fact, production
had abnormally increased just before the N.R.A. took effect, and
as a result, fell off just after it took effect.
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Federal Reserve Bank of St. Louis
12.
Black, Gov. (Cont'd.)
Gov. Black called Riefler and Goldenweiscr
over, and Riefler
said the article stated the whole truth.
Nov. 15, 1933. 51.
See - Federal Reserve Bulletin.
Told Board Gov. Harrison had just telephoned that
yesterday
Roosevelt directed him to reverse and sell
gold to
Prevent a runaway dollar; that sterling had
gone up
over $5.50; that he sold $300,000 gold in Londo
n which
broke sterling to $5.20, and gold $500,000 in
Paris
with similar results; that he had taken up
stabilization
with Gov. Norman Who said it was useless to discu
ss it
umless and until some definite plan was aLvanced
by U.S.;
that he has authority from Roosevelt to take up
with
Norman a plan involving 25 millions in gold to keep
sterling between $5.35 and $5.50.
That Morgenthau said he would consider it and let
him know by
9:00 a.m. tomorrow; that he said he could not tell
what
might happen before 9 a.m. in London (London time
3 p.m.)
that Morgenthau then authorized him to use 2 million
dollars at once, but he said this might only be a drop
in
the bucket.
Gov. Black voted to approve all of 25 millions
for this purpose.
Nov. 1E, 1933. 52.
Is very depressed.
Wonders what we are coming to.
Nov. 15, 1933. 53.
Never told Board of the omission of Review of
Month in
November P.R. Bulletin.
Nov. 18, 1933. 56.
Wile said over Radio that the rumor was that
Douglas and
Gov. Black mignt be called on to resign.
Nov. 19, 1933. 57.
Tells Board of m-eting 0; Executive Committeof Open Market
Committee.
Nov. 20, 1933. 58.
Votes to approve purchase of adjoining building
to P.R. Bank,
New York.
Nov. 20, 1933. 59.
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Federal Reserve Bank of St. Louis
13.
Black, Gov. (Contld.)
Told Board that Sprague sent his resignation to Roosevelt
in a very stiff letter.
Said that Morgenthau asked Sprague to move out of the Treasu
ry
building to the building where Prof. Warren was; that
Sprague
then said he would immediately resign; that Morgenthwu
at
once wrote and accepted his resignation.
Nov. 20, 1933. 59, 60.
Told Board that Gov. Harrison said Gov. Norman saw diffic
ulties in
any stabilization agreement which could not be put an end
to tntil
after 48 hours; that France was in a very critical situat
ion;
that Great Britain and France were consulting together
to meet
the emergency.
Nov. 23, 1933. 63.
Simpson, of Continental Illinois National Bank and Trust
Co.
wrote Gov. Black that Ranney was to be appointed
Chairman
and asked if he would be satisfactory to the P.R.
Board.
Gov. Black prepared a letter in reply but Szymczak
objected on
ground that this was the business of the Comntroller
and
not of the Board.
C.S.H. told Szymczak he sliould tell Gov. Bla k all he
knew of
of the matter.
C.S.H. suspects Gov. Black knows that Jesse Jones
wants Cummings chosen
and this is why he wants to write Simpson in favor of
Ranney.
Nov. 25, 1933. 65.
See — Continental Illinois Natl Bank & Tr. Co.
Glass writes Gov. Black defining clearly just what
information
he wants as to the Federal Reserve Bulletin dispute
with Gen.
Johnson.
Gov. Black read a proposed reply to Glass, which
C.S.H. and Milli'
criticised.
Gov. Black nut in the latter a statement that
Board recognizes
the right of no one to interfere.
C.S.H. said this was a decision in advance that,
as directed by
Roosevelt, all statistical interpretation henceforth
be checked by
Riefler.
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Federal Reserve Bank of St. Louis
14.
Bladk, Gov. (Contid.)
C4S.H. feels this is a political issue which may injure
Roosevelt and that Gov. Black sliould ask Roosevelt to
withdraw the letter.
Nov. 25, 1933. 66.
See - Federal Reserve Bulletin.
Leaves tonight for Atlanta and will visit Roosevelt at
Warm Springs.
Nov. 28, 1933. 68.
Moves to reply unequivocally favoring Ranney for Chairman of
Continental Illinois National Bank 'tnd Tr st Co.
Would not accept C.S.H.Is suggestion that Board merely say tilat
Ranney is in the class of men well equipped for such a position.
Dec. 4, 1933. 69.
Gov. Black said the Board should have the courage to say Yes or
No as to Ranney.
7.S.H. moved to amend as above.
Gov. Black voted aga,inst it and it was defeated.
Gov. Black moved to send his letter and so voted.
Dec. 4, 1933. 70.
See - Continental Illinois Natl Bank and Tr. Co.
C.S.H. told Szymczak that if Thomas intended to reconsider
his vote Le sllauIlat once tell Gov. Black.
Dec. 4, 193. 72.
Gov. Black read proposed letter as to Ranney.
Carried.
Gov. Black voted Aye.
Dec.6, 1933. 73.
See - Continental Illnois Natl Bank & Tr. Co.
Gov. Norris told Gov. Black of rumor of scandal in R.F.C.
Gov. Black said tilis did not surprise him; that the ILF.C. had
a very able Attorney; once the Attorney of tile P.R. Bank,
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Federal Reserve Bank of St. Louis
15.
Mack, Gov. (Cont'd.)
and tnat when Jesse Jones came into the R.P.C. he .was
sumiarily removed for political reasons.
Dec. 8, 193 .
- 76.
Said he conferred yesterday with Roosev it, Morgenthau and
Attorney General.
A memorandum prepared by a Mr. Holdzorf of Attorney General's
office was red.
The Attorney General said this memorandum represented his
views as to the method of obtaining the Profit on gold
after devaluation of the dollar.
The memo. claimed that the Government could get all 01 the
Federal reserve banks gold under the hoarding order,
under tne power of the Treasur:. to maintain the currency
under other laws.
The plan of seizure set out in the memo was to have a
Treasury representative with an Attorney visit each
Federal reserve bank at an agreed time in the afternoon
after the stock exchanges were closed, and demand that
the Federal Reerve Agent surrender to the Government
all gold in the bank and wherever else situated all
gold in which the Federal reserve bank had legal or equitable
title, the F.R. Agent 0 sign a certificate that he held
such gold for the Government land that after this was
done Roos velt would, on the same afternoon, issue an
Order devaluing the dollar under the Thomas amendments;
that this would avoid the danger of a temporary injunction,
at least until the Govtrnment got the gold or the rignt to it.
Dec. 15, 1933. 83.
1.tr.
Gov. Black said he told Roosevelt he doubted the mnstitutionality
of the Thomas amendment; that the matter should be settltd
by appropriate legiblation by Con:Tess, which should also
•
provide that if in the fature the dollar should be
restored to its present intrinsic value, the Government
wauld give back to the Federal reserve banks the Profit
it had made by devaluation; also that the Government should
agree to compensate the Federal reserve bar1.7s for giving
up the provit on devaluation by paying to the Federal reserve
banks all moneys paid and due from their surplus to the
Deposit Insurance Corporation, by paying out of the profit
for a building for the Federal Reserve Board, etc etc.
4,
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Federal Reserve Bank of St. Louis
16.
Bluck, Gov. (Cont'd.)
He pointed out that if valuation
were done away with either
voluntarily or by the U.S. Supreme
Court as unconstitutional,
the capital of the Federal reserve
banks would be wiped
out and the Federal Reserve Systen
destroyed.
Dec. 15, 1933. 84.
Wyatt said the plan was plainly ille
gal, that the Federal reserve
Agents held their gold only in join
t custody with each
Federal reserve bank, and nothing shor
t of action by each
Board of Directors could accomplishth
is and even then they
would have no right to turn over volu
ntarily gold held by
than in trust for specific purposes
.
The Attorney General insisted that this
plan was legal.
Gov. Black said the plan also called
for giving the Federal
reserve banks gold certificates for the
gold turned in,
nominally redeemable in the devalued
gold dollar, but
under its provisims the Secretary of the
Treasury could
redeem these certificates, if he chose,
in any kind of
lawful, i.e. legal tender money.
Gov. Black told Roosevelt the Federal
reserve banks did not
seek the profit from devaluation but
conceded it should
go to the Government, but that Congress
was the boy
to work out any such plan, with the fain
test taint of
legality.
Gov. Black intimated that if the Hold
zorf plan were to be carried
out he might resign.
Dec. 15, 1933 . 85.
Gov. Black told Roosevelt that the Fede
ral reserve banks did
not clop or desire the d -valuation prof
its, but he
strenuously contended that the Federal
reserve banks
should be permitted to retain their gold
, giving to the
Government credit on their booksfor
the amount of the
profit; that this would require legislat
ion by Congress
which should give the Federal reserve
banks certain
compensation referred to above.
Dec. 15, 1933. 85.
See — Gold.
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Federal Reserve Bank of St. Louis
17.
Black, Gov. (Cont'd.)
Gov. Black said Roosevelt indorsed the above plan, but did
not say positively he had definitely made up his mind to
devaluation, but he felt certain that he would either
devalue or issue greenbacks shortly.
Dec. 15, 1933. 86.
See - Gold.
Reads Roosevelt a memo. protesting against the plan of seizing
the Federal reserve gold favored by Attorney General.
He brought out that a trustee can not use his ward's money
for his personal profit.
He said Roosevelt expressed approval of practically every
sentence and asked him to a conference tonight at White
House to consider the plan further.
He is now inclined to think Roosevelt does not intend to
devaluate before Congress convenes and probably not till
after CorgresE adjourns.
Dec. 17, 1933. 88, 89.
Said he was at the Conference last niglit at White House.
Present:
Attorney General, Morgenthau, Oliphant, Gov.
Harrison et al.
Roos velt said Gov. Black's memo had shot the plan of
Holdzorf ap,
?roved by Attorney General, to pieces.
Dec. 20, 1933. 89.
See - Gd.d.
Conferred again this Morning with Roosevelt.
Said Roosevelt insisted on getting possession of the Federal
reserve gold before Congress comes in, and wanted all
gold turned in in exchange for gold certificates which
the Treasury is not bound to redeem in gold.
Said he again urged on Roosevelt necessity for Congre sional
action.
Dec. 20, 1933. 89, 90.
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Federal Reserve Bank of St. Louis
18.
Black, Gov. (Contld.)
Votes for staff salary increases and for fee to
Newton D.
Baker of $5000.
Dec. 21, 1933. 92.
Gives Governors Conference a statement as to gold and
devaluation situation.
He said the position °I Roosevelt and the Treasury is:
1.
The rederal reserve banks voluntarily to agree
to turn over to Treasury or to hold subject to
order of Treasury, all gold wherever situation,
belonging to than.
2.
To receive in return gold certificates not
redeemable in gold, and which the Treasury
declines to agree ever will be so redeemed.
Gov. Black read his memo. to Roosevelt of protest and
Newton Baker's opinion.
Dec. 22, 1933. 93.
See - Gold.
Suggests that the conclusions of the Governors be sent to
Board which will transnit it to Roosevelt.
Dec. 22, 1933. 96, 97.
Told Board he would see Morgenthau and beg him to wait
for Congress.
Dec. 27, 1933. 99.
Reeds to Board a tentative draft of agreement between re-iera
l
reserve banks and Treasury drawn by Baker anti Wyatt and
tentatively approved by Attorney General.
Dec. 28, 1933. 100.
See - Gold
Reads to Board draft of an agreement drawn by Oliphant,
Counsel
of Morgenthau, with a letter from Roosevelt asking that
it be carried out.
Dec. 29, 1933. 101.
See - Gold.
Was directed by Board to inform Roosevelt that no such
voluntary a..-;reement would be legal.
Dec. 29, 1933. 103.
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Federal Reserve Bank of St. Louis
19.
Black, Gov. (Contld.)
Reported that he had conferred with Roosevelt who asked
him to give a formal answer as to above Oliphant
draft.
Said that Roosevelt told him he thought he - Gov.
Bladic - was
right and that the matter must be left to Congre
ss.
Dec. 29, 1933.104.
At 4:30 p.m. read to Board his formal reply as to
Oliphant
memo. and for necessity of Congressional action.
He said Roosevelt accepted this and said he would
submit
matter to Congress, and told him to tell Federal
reserve
banks they were discharged from further consideratio
n, as
matter would be left to Congress.
D,-c. 29, 1933. 104.
C.S.H. feels that Gov. Black and the Federal Reserve
Board have
rendered a signal service to the country in having this
question settled by Congress.
Dec. 29, 1933. 104.
Told Board it aught to give to Sen. Glass in pursuance
to his
request, a copy of the intercepted cable of Sen. Owen's
secretary to Musher.
Jan. 3, 1934. 106.
Voted that the capital of the Taylor CoLif,any of Maryla
nd
was impaired by its reorganization and it could not be
admitted into the Federal Reserve System.
Jan. 5, 1934:
108.
Votes to give Glass a copy of the Musher intercepted
cable.
Jan. 6, 1934. 111.
Told C.S.H. and Miller that RoosevAt and Morgenthau had
pledged him to absolute secrecy as to Treasury taking
over
the Federal reserve gold.
This is worthy of Hoover and Meyer!
Jan. 13, 1934. 113.
Said he could say, however, that tne matter will be settle
d
by Congress and that there was no intention of crip-Jing
in any way the Board or the System.
Jan. 13, 1934. 113.
Conferred with Sen. Glass at his request yesterc„.ay; that
Glass seemed to knowall the Board did; that he thought
Glass got this from Gov. Harrison or from Gov. Norris
who told him he had had a long talk with Glass.
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Federal Reserve Bank of St. Louis
20.
Black, Gov. (Contld.)
He said that Glass at first denied
there would be any profit
from devaluation, but said if there was any the
Treasury
was not entitled to it.
He said Glass asked about Morgenthau and he said
he was a fine
man; that Glass said Yes but that that did
not answer his
question, etc. etc.
Jan. 13, 1934. 114.
See — Glass
Morgenthau
Believes Glass will make the fight of his life
against the
adminittration.
Jan. 13, 1934.114.
Tells Board Morgenthau consents to his telling us about
the gold
bill.
Describes the bill.
As the bill was introduced this morning, Morgenthau's
assent
does not mean much.
Jan. 15, 1934. 116.
Says Roosevelt asked him to have our Board send
out a statement:
1.
That the Board from time to time has discussed
this legislation with the President.
2.
The Government should retain all profit from
devaluation.
3.
The custody of monetary gold should be determined
by
the whole people.
4.
The present security of Federal reserve notes is
not
impaired by proposed bill.
Jan. 15,1934. 117.
Reads to Board a draft ofreply to Roosevelt and Board
ap7roved it.
It made no specific answer to 4.
Jan. 15, 1934. 117.
Told Board the resignation of Kent was both volunt
ary and
involuntary.
Said Kent hac-. criticised the proposed legislation.
Jan. 15, 1954. 117.
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Federal Reserve Bank of St. Louis
B1a4, Gov. (Cont l d.)
Gave out a very good interview for
tomorrow's papers.
(See scrap books)
Jan. 16, 1934.119.
Reads to Board what he will say to
Gla s Committee on
gold bill.
He was asked to meet the Committee.
Jan. 17, 19:14. 119, 120.
Told C.S.H. he did not know what Roos
evelt tiiought of
the proceedings yesterday.
Jan. 18, 1934. 120.
Told Governors that Board had taken
the position that the
gold should remain in Federal reserve
banks subject only
to the franchise tax and asked if Gove
rnors would be willing
to turn over the gold to the Tretsury
as a matter of
bargaining so as to get the other amen
dments we wanted.
The Governors opposed this.
Gov. Black thought we should give
the Governor's amendments to
Glass, but C.S.H. said they should be
given tothe Treasury.
Jan. 20, 1934. 123
Szymczak told Gov. Black he had hear
d that Booscvelt was
angry with our Board for fighting
the gold bill in the Senate.
Gov. Black said Wyatt hau prepared
certain amendments for
McAdoo and Glass but that the Board,
neither directly nor
indirectly, had approved then, exce
pt when he publicly
stated that devaluation profits shou
ld go to Treasury.
Jan. 23, 1934. 123.
Said the Treasury contained no one
versed in finance; that
Morgenthau knew nothing of either bank
ing or finance; that
Baillie was an able practical banker
but that Morgenthau
was confirmed only on condition that
he dropped Baillie.
Jan. 23, 1934. 126.
Said he really did not know who was a
vising Roosevelt on the
gold bill.
Jan. 23, 1934. 126.
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Federal Reserve Bank of St. Louis
Black, Gov. (Contld.)
Said Morgenthau told him there
was nothing in the bill of the
Comittee of the nation for a new
UonetL.ry Board and that
we could drop it from our mind
s.
Jan. 30, 1934. 131.
Said he had conferred with Roosevel
t at 3:30 p.m. and sai
him sign the Gold bill; thrt Roos
evelt asked his opinLon
as to when he should devaluate, and
that he said that if he
was going to devaluate it would
be better to do it now;
that Roosevelt is to decide this tomo
rrow.
Jan. 30, 1934. 131.
Gov. Black said he asked Roosevel
t to write him a letter
expressing his appreciation of what
the Board and Federal
Reserve System had done in cooperat
ing with him; that
Roosevelt said he would do this and
asked him and Gov.
Harrison to prepare a draft of such
a letter.
Gov. Black asked C.S.H. to prepare
a draft of letter.
Jan. 30, 1934. 131, 132.
Said Morgenthaa was going to mana
ge the stabilization fund
through Gov. Harrison; that he told
Morgenthau he should
have experts in Treasury to help him
but he said he did not
want any.
Jan. ao, 1934. 132.
Told Board that all Federal reserve
gold would be earmarked for
the Treasury; that it was not settled
whether the Federal
reserve banks shouldgive the Treasury
a book credit or
at once take gold certificates; that
he preferred the former,
as if it should finally be held by
tae Courts to be invalid,
the Federal reseive banks might waiv
e some rights by accepting
gold certificates not redeemable in
p,old.
Jan. 30, 1934. 132.
Said the form of the gold certific
ates was being changed so as
to provide for redemption in manner
provided by existing law.
Jan. 30, 1934. 132.
Gov. Black gave ".S.H. e draft of lett
er for Roosevelt to sign
as to services of System. It containe
d part of C.S.H.'s
draft but was altogether too long.
Gov. Black said Roosevelt read part
of it and said he would send
a letter to Gov. Black tomorrow.
Jan. 31, 1934. 134.
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Federal Reserve Bank of St. Louis
23
Black, Gov. (Contld.)
Said Roosev lt would probab
ly devalue the dollar at
near 60 cents this aftern
oon.
Jan. 31, 1934. 134.
Reads to Board a letter
of Morgenthau asking red,
-ral
Reserve Bank of Nev York
to act as fiscal agent in
•
using ti_e stabilization
fund.
Feb. 2, 1934. 135.
Said Morgenthau would be
absolutely dependent on Gov
.
Harrison in carrying out Roo
sevelt's policies.
This will make the Federal
Reserve Bank of New York
practically a central ban
k.
Feb. 2, 1934. 135.
Mrs. Berne told C.S.H. tna
t Gov. Black iad told her of
C.S.H.Is wondrful scrap boo
ks.
Feb. 5, 1934. 137.
To see Roosevelt today as
to proposed amendments to
Securities Act.
Feb. 13, 1934. 139.
Roosevelt sends Gov. Black
a very appreciative letter
praising the services of the
Federal Reserve System
and stating that the Gold Res
erve Act willnot interfere
with the System in any way
.
Gov. Black said his draft con
tained a statement that
Roosevelt did not intend to
have a central bank, but
that
he heard Morgenthau whisper
sametning to Roosevelt and
Roosevelt finally omitted thi
s reference.
Feb. 13, 1934. 140.
Gav. Bladk said he had inv
esti, ated, at request of
Roosevelt, horthe details of
tile Federal Intennediate
Credtt bill, appeared in the
Was.lington Herald.
Feb. 14, 1934. 141.
redenal Advisory Council invite
d Gov. Black to lunch but
no other member of Board.
Feb. 19, 1934. 146.
Gov. Black could not lunch
with the Council but sat
with it
in afternoon - no member of
Board being present.
Feb. 20, 1934. 147.
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Federal Reserve Bank of St. Louis
24.
Black, Gov. (Contld.)
Morgenthau wanted to wire -ach
member bank as to need for
capital loans but Gov. Black with
dignity told him our
Board should do this, to which he
meekly acquiesced.
Mar. 5, 1934. 155.
Szymczak told C.S.H. that Gait. Blac
k got a place un6er
R.F.C. for Thomas' son.
Liar. 7, 1934. 157.
Voted to permit staff to join Fede
ral reserve pension system.
Mar. 9, 1934. 159.
Told C.S.H. that Roosevelt at first
appro-:ed the Holdzorf
plan of seizing the Federal reserve
gold, approved by
Attorney Ge.eral, but after reading
Gav.Black's memo.
he admitted the plan h.d been shot
to pieces!
Max 13, 1934. 161.
Gov. Black rendered a great serviee
to his country.
Mar. 13, 1934. lel, 1C2.
Gov. Black saw Roosevelt today.
He agreed to Federal Intermediate Cred
it Bank bill.
He also agreed with stock exchange bill
; that at first he
favored giving the margin Power, to the
Trade Commission
but finally agreed that the Federal
Reserve System
should have power over loans between
banks and brokers.
He told Gov. Black to say this to Comm
ittee.
Mar. 13, 1934. 162.
After Board had gone over the stock
exchange bill as modified
by our staff in conference with Peco
ra and others,
Gov. Black prepared a letter to Sena
te Committee, stating
that our Board was prepared to acce
pt control of all
brokers loans by banks andalso of brok
ers loans to their
customers, if Congress so proviaed.
Board ap,,roved.
Gov. Black agreed with C.S.H. that
Miller's suggestion that
brokers be prohibited from loaning to
their customers,
would cause such disturbance as to get
back business
recovery for a long time, however good
the Tuggestion
might be on its merits.
Mar. 15, 1934. 16.
Gov. Black sends Senate Committee abov
e letter
(See scran book)
Mar. 23, 1934. 169.
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Federal Reserve Bank of St. Louis
25.
Black, Gov. (Cont'd.)
Votes for Morrill and against Taub
for Class C director,
Federal Reserve Bank of Texas
Max'. 28, 1934. 172.
Election of Taub is a reward for
Jesse Jones for providfng a
place for Thomas's son. Thomas
told me Gov. Black got Jones
to do this.
Mar. 8, 1934. 172.
Voted to approve Glass bill to
allow Federal reserve banks to
make
long term loans.
April 3, 1934. 178.
Gov. Black got Glass to accept an
amendment to his bill for long
term Federal reserve bank loans: the amount paid by Federal
reserve banks to Deposit Insurance
Cororation to be paid bPck
to Federal reserve banks.
April 4, 1934. 179.
Persuaded Glass to agree that our
Board should have power over
bank loans to brokers, under 7tock
exchange bill.
April 9, 1934. 181.
Told Board of desire of Treasury to
move Board down to floor below.
Told the Asst. Secretary that the Boar
d did not propose to be
autted in this mannar.
April 9, 1934. 182.
Went home feeling sick and dizzy.
April 11, 1934. 183.
Voted to increase Deputy Governor
Sailerls salary by $5000
making it $35,000.
Lost.
April 23, 1934, 186.
Says Morgenthau told him that the impressi
on given by the Asst.
Secretary that hewanted the Board to
leave the Treasury was
absolutely incorrect; that he wanted
us to stay and would
regret extremely our leaving.
April 23, 1934.187.
See - Federal Reserve Board
Quarters for Board.
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Federal Reserve Bank of St. Louis
26.
Black, Gov. (Coned.)
Told Board it would lose dignity
and prestige if we
left the Treasury.
April 22, 194. 188.
Told C.S.H. he would not object to
moving our rooms
down to north end on same floor;
that if Wyatt and
staff could not be accommodated they
could move
across the street.
April 23, 1934. 188
Martin told Board in Gov. Black's
absence, tliat Gov. Bledk
felt Board would lose prestige
by moving out of
Treasury.
April 26, 1934. 189.
Urged Board to accept new location
offered by Treasury.
Morgenthau said if Pr-ident wanted
Board to stay
he could possibly give Board an
extra room.
ov. BIck said not diolified to ask
approval of President.
C.S.H.
April 27, 1934. 190.
See — Federal Reserve Board
Quarters for Board.
Board instructs Gov. Black to say to
Morgenthau:
1.
Desires authority to erect a buil
ding of its own.
2.
Accepts new offer pending erection
of its bualing.
3.
Asks cooperation of Roosevelt and Morg
enthau for
getting own building.
April 27, 1934. 190.
Told C.S.H. Morgenthau fully approved
of new building
for our Board and asked to be recorded
in favor of
Board's resolution: that he would coop
erate in every
way.
April 27, 1934. 191.
Told C.S.H. Morgenthau had lost conf
idence in Comptroller
because he appointed Receiver and
Counsel purely for political
reasons.
April 27, 1934.191, 192.
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Federal Reserve Bank of St. Louis
27.
Blair, Emily NeTell
.:,€) dine with.
13, 1934.
162.
Blair, Gist.
We lunched with.
Mar. 18, 1934. 167.
Bliss, Mr. and 1.:rs. Robert
We m t Mrs. Bliss at din
ner :it Charles Warrens.
Oct. 24, 1933. 31.
We dine with, in honor of
30th wedd'n6 anhivers(!,ry of
Mr. and Mrs. Char_es Warren
.
Jan. 6, 1934. 110.
Bolling, Randolph. 23, 34.
See - Tumulty, J.
Bond issue, Lonw term.
62, 122, 148, 154.
See - Miller
Governors Conference
Federzl Advisory Council
Bonds, Helen
We meet, at dinner at Edi
th Helm's.
Oct. 31, 1933. 37.
Bonus, Veterans.
H.1.. votes, in deli-nce of Roo
sv it, to, Lnd 90 millions
for Veterans aid.
Mar. 15, 1934. 164.
Boreel, Madame
128.
Her ad_ress is ..:‘,1(3ame Boreel
d'Yor y
12 ArmaliL Street,
The Hajue.
See - Boreel, So.his. 193.
Boreel,
C.S.H. receives letter from, dat
ed Sept. 29 from San lranci
sco.
Oct. 4, 193.. 1.
C.S.H. writes. Oct. 4, 1933. 1.
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Federal Reserve Bank of St. Louis
28.
Boreel, So hie (Cont'd.)
Mrs. Carey told H.P.H. she ha:1 hope
cl all slimmer to hear frm,
and would love to have her visit her
on her ranch.
Oct. 6, 1933. 3.
C.S.H. writes, elling her of Van
aoyen's failure to answer
C.S.H.'s letter of Liarch 20th until
::.ay 10.
Oct. 8, 193. 4.
Writes C.S.H. Oct. 7, 193.
.S.H. l'eceives long letter from.
She hopes o return in time
to go to Mattacoisett. Gives next
address as The Biltmore,
Los Angeles.
Oct. 10, 1933. 7.
C.S.H• writes.
To Los Angeles.
Oct. 11, L90.7. 12..
Writes C.S.H.
Oct. 18, 1933.
C.S.H. receives letter of Oct. 18.
Has removed to Hilton Hotel, 535 Sout
h Gr xi , Ave., Los Angeles.
Oct. 20, 190— 24.
2..H. Tritest giving litter of intr
oduction to :Irs. Frnhlin Lane.
Oct. 13, 1933.
C.S.H. writes, as to danger of war betw
een Germany and Trance.
Oct. 22, 1933. 28.
Writes C.S.H.
From Los Angeles. Oct. 2r, 1933. 33.
C.S.H.. receives above.
Oct. 00, 1930. 33.
C.S.H. writes.
Oct. 31, 1930. 36.
S.B.'s birthday. Nov. 1.
77riesO.S.H.
Nov. 3, 1930.
Writes C.S.H.
Nov. 17, 1930.
60.
Robinson told C.S.H. that a friend of his,
Yir.
met, and praised her most highly.
Nov. 19, 1930. 57.
had
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Federal Reserve Bank of St. Louis
29.
Bored, Sophie (Contid.)
Received Sophie's letter dated
Nov. 17, 1933, from Pernando
Hotel, T- vs, _ew Mexico.
Nov. 22, 1933. CO.
C. S. H• writ es.
Nov. :22, 1933.31.
Writes C.S.H.
Dec. 2, 1933.
72.'.2.H. receives above.
be in ::e17 York the last of the week
.
Dec. 6, 1933. 74.
C.S.H. writes. To New Weston Hote
l.
Makes (late for Sunday, Dec. 10.
75.
C.S.H. calls up, In New York.
She will reserve
room for him at i:e'sv Weston Hotel,
Sundr.,,
and would be there when he arrived
7t 3 -:).ra.
Dec. 9, 193. 76
arrived at New Weston Hotel
-o.m.
Found a note from Sophie saying she
was luncL
rilks but would be back by 4 p.m.
with Kate
At 4 -p.m. she returned an-1 we sat
in the lounr;e, t:-2.1:ing tea
until ne,
zly 6 p.m. She had a bacl cold. in
her throat.
Dec. 10, 1933. 76, 77.
C.S.H. called up, and we agreed to
met at 3 p.m.
At about 3:30 she came up to my room
and. we had an hour's talk,
when I left to catch the 5:30 for
WashiniTton.
She gave C.S.H. a Christmas present for
Bertie, — not to be
opened until Christmas. It was a bowl
from Santa Fe
for cigarette ashes, beLutifu11y d.Lco
rs..t ed.
C.S.H. told her that, whz.ttever her feel
in,,s mit be, Bertie
and he looked on her and olr.imecl her
not only as a cousin
but as r. sister. She see-lied much plea
sed and C.S.H.
asked her if she would surrender at
least with Christian
resignation. She F_L id she surrende
red but not with
fihristian resi,mation, but rather with
keen joy and pleasure.
Lec. 11, 1903. 77, 73.
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Federal Reserve Bank of St. Louis
30.
Boreel, Sonhie (Contld.)
.S.H. writes.
Reuind-d h r of her promise
to send him a snap shot of
her
just as she vie..s dressed yes
terday.
Dec. 12, 1933. 78.
Writes C.S.H.
She goes to Washington for
a few d.ays next we: to ctay
with 1:adL..me Van Swinderen.
D. 13, 1933. 81.
C.S.H. writ-s.
asks if he c!-in meet her at sta
tion.
Dec. 13, 1933. 81
O.S.H. writes, thEt the lost soc
ks have been foun:.
Dec. 13, 1933. 81.
C.S.H. writes, -7iving trains fro
m 7ashington direct to Galt,
Ontario.
Dec. 15, 1933. 82.
Writes C.S.H. not to meet her at
train as Madame Van Swinderen
is to meet her.
Dec. 16, 1933. 88.
We called on Mrs. Glover who
said. Sophie would arrive on
Tue,day
and would go direct to Galt, Ont
ario, Friday morning.
She said Marialm Van Swinderen wou
ld met her at the station.
She asked us to tea to meet her
.
Dec. 17, 1933. 87; 88.
arri-,e
So)hie calls us
in WasilinL,ton.
Dec. 19,1933.
and said she would call.t-is
p.m.
Dec. 20, 1933. 89.
2.S.H. drove out to Mrs. Glov
rts to tea.
H.P.H. was already there.
Liadame Van. Swinderen was very kin
d and arranged it so that
C.S.H.
and So-:phie had a long talk. She
leaves tomorrow and Madame
Van Swinderen will go to statio
n with her.
She said she woul .send C.S.E.
a new diary for 1934, and woul
d
send a snap shot from Galt and wou
ld write O.S.H. from there.
Dec. .21, 1933. 92.
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Federal Reserve Bank of St. Louis
-
31.
Boreel, So)hie (Contld.)
alls on Bertie at 11 a.m.
o say -:ood-bye.
Dec. 22, 1933. 97.
Soohie leaves Washinoton for 0
-alt via New Yor.
Der:. '2.2, 1933. 97.
We send a Christmas telegran
to Sophie and Miss Wilks.
Dec. 25, 1933. 97.
So -hie sends Bertie a Christmas
card and also a diary for C.S.H.
Dec. 26, 1933. 98.
C.S.H. writes.
Dec. 26, 1933. 98.
Writes Bertie.
Dec. 27, 1933. 105.
Bertie writes.
Dec. 28i. .933. 101
rrites C.S.H.
Dec. 30, 1933. 105.
1 934.
C.S.H. w.ites.
Jan. 3, 1934. 10G.
WAtes C.S.H. from Galt, Ont
ario.
Jan. 10, 1934.112.
C.S.H. writes, to Hotel New Wes
ton, 1:.Y. where she arrives
::ond.z7 or Tuezday.
Jan. 13, 1934.113.
ritrs C.S.H. a short note that
she will be in Wasl.inLton
weel: but did not s:.y just when
or wher she would stay,
whether with Madame Van Breuzel,
Mts. LipAncott, or -rs.
Jan. 19, 1934. 121, 122.
Arrives in Washington.
Jan. 23,
19a_.
Calls up C.S.H. at 6:30 saying
she had arrived. at Mrs. Phi
llips
an hour ago.
She was uncertain when she could
dine with us but said she wou
ld
call up Bertie tomorrow morning.
She said she was f;oinz: to 11_6White House musicale this eve
ning.
Jan. 23, 1934. 126.
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Federal Reserve Bank of St. Louis
32.
Boreell Sophie (Cont'd.)
Calls up Bertie and says Mrs. Phillips
wants us to lunch
with her tomorrow.
Jan. 24,1934. 126, 127.
We lunch -7ith Z.rs.
C.S.H. sat beside Sophie.
She said she was
to Madame Van Breugel's tomorrow
and would return to I:ew York Monday.
She said she was to sail .olme February
28th on the uManhatt-n".
She said she would call us -L,T) tomorrow an6
make a date for
lunch or dinner before she left.
Jan. 25, 1934. 127.
Called up Bertie this morning and said she
would call this p.m.
She ailed at 4:30 and stayed over an -our
.
O.S.H. drove her to Ma&ne Van Breugel's wher
e she was due to
spend the week-end, returning to 1:ew York
lond4Y.
She ',old C.S.H. she would continue to write
him fraa abroad,
and hoped to see hLm in New York before
she sailed.
She said letters to Madame Boredl at :,he
hague woul surely
reach her but ,
- :hought the better address would be the
Guaranty Trust Co., 50 Pall Eall, S.7.1,
London.
Jan. 26, 1934. 127, 128.
We uilledfor Sophie at Madame Van 3reu
gells and tool: her out
to Great Falls and returning, took tea with
Madame Van
Breugel.
She suested lunching with us on Mond
ay but Bertie had to be
at "Toman's 7:ational Democratic Club
so So -hie said she
would lunch with me t the Hay-Ams Hous
e.
C.S.H. said he would{7ive her a ccpy of
Nevin l s life of Cleveland
and she asked him to send it o the
steamer so she could
read it on the voyage.
Jan. 27, 1934. 128.
So)hie went off for the day on a trio
with Btron and Madame
Van Breugel and the new Dutch Minister
, Mr. and Mrs. de With.
Jan. 28, 1934. 129.
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Federal Reserve Bank of St. Louis
33.
Boreel, Sophie (Contld.)
So-hie cane at 1 p.m. and
we lunched together alo
ne at
Hay—Adams :--.0-ase.
We had a lorv7 talk to(7et
her.
She sid that when she arr
ived on other side she wou
ld write
me once every month.
Later Bertie came in.
C.S.H. drove So-)hie badk
to Madame Van Breugells,
ston'Ang
en route, to buy a plant for
Bertie.
She leaves tomorrow Probab
ly on the B. Je 0. train,
11
She 7aid she would call up
early tomorrow and let C.S
.H. know
whether he should come and
tnke her to he train.
During her ,lk after lunch
she told C.S.H. she once
was engaged
but broke it off, and that
he man still wanted to
marry
her. She said she had had
many offers, but no one
I‘Lo
rally came u7 to her ide
als.
She said that, unlike many
girls, she hti. been sun
remely harny
with her !,lother, rnd not
hing but the stron -est inf
tucements
could have torn her away fro
m her.
Jan. 29, 1934. 129, 130.
C.S.H. called up So-ohie,
who said that Iladam Van
Breugel was
going to he station with
her to the 11:30 B. & 0.
train.
She beg6ed C.S.H. to let
her know a few days in a
vance before
he came to Nev: York.
She see...ea very grateful
for the little we were abl
e to
do for her.
It makes us both sad to
feel that nossibly we may
nev-r see
her again.
We are both devoted to
her as a sister and she 11...s
been a bright
s)ot in our lives
We trust that Fate may
be kin-, to us and that some
time, somewhere,
we may meet her
Jan. SO, 1934. 130, 131.
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Federal Reserve Bank of St. Louis
34.
Boreel, Sophie (Contld.)
C.S.H. writes, and sends a
coy of ::ational GeograPhi
c Magazine
with pictures of the Oregon
-ountains, and an interesti
ng
article.
Jan. 31, 1934. 133.
C.S.L. through Federal Reserv
e Agent Case of Nev' York
sent So)hie
some gardenias to wear at nrs
. Ore "alson's di_iner
tonight.
Jan. 31, 1934.
Suohie said the other day she
would surely send me a pho
tograph
of her in evening dress, fro
m Holland; that she did not
want to :lye me a snap shot wit
h her hat on, as styles
(Manged
so cruickly, she would look
ridiculous in a few years.
She said, however, C.S.H. cou
ld kespher automobile pictur
e which
•:.S.H. had had enlarged, and
which she thought v.as not
bad,
and which Bertie liked very
much.
Jan. 31, 1934. 133.
C.S.H. writes, as to the
flowers.
Jan. Fl, 1934. 133
Case said he duly sent the
gardenias to So)hie and C.S
.H. sent
him a check therefor - $2.75.
Feb. 1, 1934. 1.01.
Sends C.S.H. a sweet letter
thankUg him for the flower
s rv.A
saying she would be glad to
see him in 1:ew York Lay. Sun
day
when he could come on.
Feb. 1, 1934. 135.
C.S.H. writes, sendiilg let
ter of introduction to Alm
a Rug4es in
Constantinople.
O.S.H. wrote he hoped to be
in _ew York Sundr,.y Feb.
18th at 4 P.m.
and suggested a dinner, but
begged her to say so if she
had
any other dlinger enga,;eme
nt, as he could see her bef
ore and
perhaps after her dinner
.
In her letter of Februa
ry 1st Si-.e said she would set
aside
Sunday for dinner with
C.S.H.
Feb.
1934. 136, 137.
Writes C.S.H. she will
Aadly reserve Sunday Feb.
18th for d
Feb. 7, 1934. 138.
niss Patten told Bertie
that 1:,adalle Van Breugel had
gone
_sew
York to stay with So-hie
.
1934. 133.
35.
Boreel, Soehie (Contld.)
C.S.H. writes.
Tells her of Boston and
New York trio.
Will arrive I.ew Weston
Hotel Saturday, Feb.
17th.
Sends her the sketch of
the Astor family fro
m "Fortune" which
he got from the publis
hers.
Feb. 10, 1934. 139.
Bertie sends So7)hie a
pretty valentine bearin
g inscri7ption,
"It beats the Du.tch!
How I love you1"
Feb. 13, 1934. 140.
Writes C.S.H. asking if
Saturday evening Feb.
17th rill be as
convenient for dinner
as Sunday Feb. 18th.
Said she would
explain when she saw him
.
Feb. 14, 1934. 142.
C.S.H. wired and wrote
Saturday would be all
right.
Feb. 15, 1934. 142.
C.S.H. leaches New Wes
ton Hotel at 5:45 p.m.
Found a note from So-lie
that she would call C.S
.H. un as soon
as she returned from a
tea at the Choate's, I
think.
She returned about 7:1
5 .n.m. and came down to
C.S.H.Is sitting
room, and after Jisoassin
g whether or not to din
e soarewhere
else followed by the the
atre, we decided to din
e ouietly in
the hotel.
After dinner we went
uT? to C.S.H. Is sitting
room and talked toet
for an hour and a hal
her
f.
She said she would surely
write C.S.H. once a mon
th and asked C.S.H.
to send his letters to
the Guarrnty Trust Co.
, 50 Pall nall,S.—.1,
London.
She said letters in car
e of the Dutch Legat on
in London would
also reach her.
She also said she oft
en went to F1emirk7Is
Hotel, Half noon Street
London.
,
We had a delightful
evening together.
Feb. 17, 1934. 143.
C.S.H. and Sophie breakf
asted together Sunday
morning.
breakfast she came u7 to
C.S.H.Is sitting room.
4
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After
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Federal Reserve Bank of St. Louis
36.
Boreel, Sophie (ContId.)
C.E.H. tried to get her to
go to church with him to
hear
Dr. Aldrich at Church of the
Ascensi)n, but she said she
ha letters to write and
also had a luncheon enr,geme
nt
at 1:15 with nrs. James Roo
sevelt.
She said she told La's. Roosev
elt the other day that C.S
.H. was
to be in town on Sunday, hop
in she would invite C.S.H.
to lunch, but she did not off
er to.
Sonhie wanted C.S.H. to go wit
h her to he Rockefeller
radio
building, but he explained tha
t he could not as he had
to ta:le his bags to the Penn. sta
tion and check than and
then return to Dr. Aldrich's chu
rch to h -pr him preach
in behalf of St. John's vestry
.
She then suggested t, ;- C.S.H. tha
t she go with him to the IT,•
station and then return with him
to the church and then
leave him.
,
S.H. was delighted at this sug
gestion and we rode to the
station and then back to the
church.
Te then walked from the chu
rch down to Washington Scraare
and
return until the services were
well begun, and then O.S.H.
bade her au r,woir.
Before we left for the statio
n 0.7..H. said he tr-asted she
would
alwys remember us and that she
knew how we both loved her.
She almost tearfully assured
C.S.H. she would never forget us.
She sent her dearest love to
Bertie anJ seemed very much
affected.
She told C.S.H. to be sure to
tell Bertie she constantly
wore
the bracelet Bertie hud given
her - which her grandiJother
ori,-;inally gave to Bertie's
mother.
We said au revoir in front
of the church. She seemed
deeply
affected rnd told C.S.H. how dee
-Ay she loved us both.
C.S.H. then went into the church
and taming she v:aved her
hand
to him.
She is certainly a most remark
able woman, with a keen ..1ind,
very
hzndsome, athletic, and one of
the most agreeable women C.S.1".
has ever met.
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Federal Reserve Bank of St. Louis
37.
Borcel, Sohie (Con
tsd.)
We both - Bertie an
d C.S.H. - hoe and
believe we shni som
day see her again.
e
She seid on parting
that she alwnys wa
nted and ho ed to ke
in close touch with
eo.
us and would certainl
y retarn to Americ
before long again.
a
She told me that ::rs.
James Roos , velt had
invited her to sinner
some night this week
.
Had it not been for
C.S.H.Is bags she wo
uld have insisted on
warLing with her fr
his
om the hotel to the
church.
She examined my bags
end srld they were
really disgraceful
they made me look like
- that
n dummer carrying a
bag of samples, which ipleased C.S.H.
immensely when I tol
d her, as she had
often said the same.
She said she could be
with me in the aftern
oon late if 0..H.
stay, but C.S.H. fe
would
lt he uught to reo bac
:k. to Washington.
She said she asked me
change ,,he dinner fr
om Sunday to Saturd
for the reason that
ay,
Sne always dined on
Sundays with hrs. Sh
the widow of her Atto
erman,
rney, and when she
founC.. I would arrive
Saturday she Suggested
on
the change; that ot
herwise she woald
have gladly given it
u.) to dine with 3.-.H.
Feb. 18, 1934. 147,
144, 145, 146.
On arrival in Washingt
on, IS.H. wired S
;hie.
Feb. 18, 1934.
C.S.H. writes, asking
for the number of he
r steteroom on the
:.lanhattan, also as to
the exact name of Ja
mes Truslow Adams bo
which she had asked
ok
C.E7'.H.to send her fo
r the voyage, with
his nL,me inscribed in
it.
Feb. 19, 19,7. 14C.
Writes C.S.H.
Feb. 19, 1934.
Write-3 1.S.H. a sweet
note giving the number
of her stateroom
on the 1,1anhattan - L.
90 - She said. she wou
ld write a,7rin
-n the steamer bejore
landing at Plymouth
.
Feb. 20, 1934. 14r.
C.S.H. writes, but te
lls her not to errite
again until on shipbo
ard.
Feb. 20, 1934. 147.
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Federal Reserve Bank of St. Louis
38.
Boreel, So-thie (Contld.)
Writes C.S.H. giving nam
e of AdaIrm book.
Feb. 20, 1934. 143.
C.S.H. writes.
Feb. 21, 1934. 143.
C.S.H. b'Ju.ht "E_ics
of History" by James
Truslor Adfnms and
wrote in it:
"To my cousin So -)hie,
with love.
In memory of many happy
days in America.
Washington, D. 3.
Feb. 28, 1934."
159.
Charles Hamlin
O.S.H. also bout "On
ly Ye,ten.ay" by Fre
deric Lewis Allen tnd
in it:
rrote
"To my Cousin Sophie
With love and best wis
hes for a calm sea, n
hay voyage, and a spe
edy return to Americ
a."
Charles Hamlin.
Washington, D. 3.
Feb. 28, 1934.
Feb. 21, 1934. 148, 149
.
1.S.H. writes.
Feb. 22, 1934.149.
3.S.H. writes.
Feb. 24, l9. 150.
3.S.H. send- Soque a far
ewell letter to New Wes
ton Hotel.
Feb. 26, 1934. 150.
3.S.H. sends So—hie a
steamer letter dated Feb
. 28, addressed
to the "Manhattan" tog
ether with the boolcs abo
ve mentioned.
Feb. 25, 1934. 150.
Above letter was dated
Feb. 28th, the date of
the sailing, but
actually sent two or thr
ee days :.go.
Feb. 28, 1934. 150
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Federal Reserve Bank of St. Louis
39.
Boreel, Sophie (Contl
d.)
Copy of C.S.H. I s steame
r letter follows:
Ha;--Adams House,
Washingtm, D.
'
Sunday, Februry 25, 19
4.
Dearest So:hie:
It is hardly necessary
for :Ile to tell you wha
t a
pleasure it would be to
us both to be at the doc
k and see
you off next Wednesday,
but it would be a pleasu
re mixed
with sadness, for we hat
e to let you o, and I
only wish
that I could obtain an
injunction from he hig
hest court
forbidding your leaving
the country!
Although we can not be wit
h you in bodily presen
ce,
in spirit we will go UD
u-ion some lofty promontor
y and
watch your ship slowly
drop below the horizon,
and then
we will resume our a:'l
y work, philosonhizing
like Hans
Sachs in the "Meisters
inger" over the chtnge
s and
vicissitudes of life!
When you first come to
us, you
found an old couple dra
gged down by sorrow, wea
rily markiLg
time, but your coming bro
ught to us a ray of sun
shine and
really lightened up our
sombre lives.
I only wish I could - Act
ure to you adequately
the deep
impression you have mad
e on -All those fortunate
enough to
meet you in America. Fro
m .11 sides we hear but
one
verdict, - your charming
manners, your rare per
sonal beauty,
and your keen intellige
nce have won the hearts
of all who
were fortunate enough
to meet you. That especi
ally strikes
me is your broad spirit
of Democracy, and your
desire to
meet on terms of absolAe equality all with who
m you come
into contact; and to see
k and obtain from them
the best
that is in them!.
So far as Bertie and mys
elf are cancerned, let me
that while many others
say
have gained a friend fro
m your
coming, we feel proudl
y and joyously that we hav
e gained a
sister, for wham our dev
otion and love can never
change.
We were so sorry you
could not be with us at
Mattopoisett
last slimier, bv— I ass
ure you that next mimmer
when we face
the cold bleak Northeast
erly winds which sweep dow
n our
coast, they will really
seem to be tempered and
softened
from the fact that the
y come from dear old Hollan
d, your
home, and that sooner
or later, - we hone sooner
- they
may be raftin you bac
k to those who kner and
loved you in
America!
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Federal Reserve Bank of St. Louis
40.
Boreel, So )hie (Contl
d.)
Our ouiet dinner in
New York Saturdry we
and the ride to ,he
ek,
church Sunday will alw
r,ys be fresh
in my memory. Every
inclination and desi
re seemed to
compel me to walk ba
ck vith you from the
church, but
Duty (with a big, bi
g nru) called me in
to the church,
and finally, with ve
ry ill grace I am
,fraid, I yielded
to the claims of du
ty and le:t you to
walk Lome alone.
Bertie tells me tha
t you would have re
this as a test of
gardd
character, and that if
I had yield-d
to my inclination
I would have fallen
in your estima - t ion
!
Well, if this be a
test of character,
me I must be a man of
believe
character, indeed!!
Sometimes the widked
thought creeps into
mind, - d---n Duty!
my
- do you ever have su
ch thoughts
creep into your mi
nd? Bertie says she
frecuently has.
Tell, I duly made my
report to our Vestry
as a result, between
, and
ourselves, we have "c
alled" Dr. Aldrich
to St. John's March.
Whether he will acce
pt or not I do not
if he wants to go to
imow, but
us as badly r:s I writ
ed to walk home
with ;z2u on Sunday
, he will verily fly to
Washington!.
I am rather inclined
to the belief that he
come to us, in which
will
event I shall consol
e myself as well
as I can with the feel
ing that what was my
loss will .
to be St. John's gain
- prove
!
I sent to the Manhatta
n yesterday morning,
parcels post with a sp
by
eciP1 handing stanr:
, a copy of
Dr. Adams' "Epic of
America" and also a
cop7 of "Only
Yesterday" by Mr. Alle
n, duly inscribed by
me. I an sure
you will enjoy read
ing them both. I ha
ve also nr - anged
to send you a
all bunch of flower
s as a Darting toke
n.
I shall look for ard
every month o hearin
from you - do begi
g
n on board before yo
u reach Plymoutl. and if occesimally
you can give me an
extra dividend in
the shape of a lett
er, I can assure you
it will be
appreciated. We sh
all send all our lett
er
s in care of the
Guz,ranty Trust Comp
any, London, until YO
U send 112 some
other address.
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Federal Reserve Bank of St. Louis
41.
Boreel, So)hie (Contld.)
I Lm sure also that bef
ore long I shall receiv
that promised ohotograo
e
h, and you know how I wil
l prize it!
Do come back to us soon,
,,ne, when you come back
we will take from the
Congressionr1 Librry, whe
re it is
now deposited, the origin
al manuscri7A of Robert
Burns'
Auld Lang Syne, - a Pri
celess docum nt - which
Bertie
inh.rited from her father
, and we will read it
)gether
and then "we'll hae a wra
lFht olmalaca" in memory
of old
I could :rite ;210 write,
but I must not exhaus
your patience.
t
Let me say in oonclusion,
that I have in Bertie a
wife and companion as nea
rly perfect as any man
could ever
wish for, or as any woman
could ever aspire to be;
to h-r
I owe whatever success I
may have had in this wor
ld since
our marriage. Let me furthe
r add that Bertie and
I
to, ether feel that we hav
e in you a sister for
whom our
admiration, d votion and
love can never fail.
That you
will came back to us soo
n again is our earnest
hope, and.
that he good Lord may giv
e you the happiness and
-prosperity
you so richly deserve wil
l be our constant prayer
!
Good-night. God bless
you.
Your devoted brother,
Dear So ,hie:
Charlie has read
tLis 1 tter and I can
truly
say "Thera's my sentiment
s" except for his refere
nce
s to
Lie!
Hoy I have 2ooled him!
I once studied Latin.
Julius Ceasrx said - Ven
i,
Vidi, Vici - I c_me, I saw
, I conquered!
You c ..me to us - you saw us
- you conquered us!
With every hope for yo
r s-peedy return to your
frithful subjects.
Affectipnately,
Bertie.
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Federal Reserve Bank of St. Louis
42.
Boreel, So--)hie (Con
tld.)
sends So hie a
telegram to the sh
ip:
"Best wishes for
a calm sea and ha-e?
We both join in
y voyage.
dearest love."
Charles Hamlin,
Feb. 28, 1954. ltl.
C.S.H. -1 so sent
So3hie some llower
s.
Feb. 28, 19721.151.
Bertie sent Sophie
a Valentine of a sh
iD.
Feb. 28, 1954. 15
1.
Have not heard from
Sophie since her le
tter of February
but it was undtrs
20th,
tood between us th
at she nould not
write !Lgain until
on ship board bfor
e reaching Plymou
th.
Feb. 27, 1954. 1E
0.
So,)hie sailed today
at 12 M on the Ma
nhattan, U.S. Roos
Lines, du- at Plym
:evelt
outh Mardi 6, wher
e she disenly. ks
for London.
7e wonder when we
shall see her agai
n. She is a most
woman and we are nr
remarkable
aud to call her v.
sister.
Our steamer letter
, printed above,
represents our Lia
views about her.
tar ,-=.
Feb. :38, 1954. 15
1.
The "Manhattan" ca
rrying So)hie due
to arrive at Plym
outh today.
Mar. 6, 1934. 155.
C.S.H. has had fram
ed a picture of,
_iven by her to
Bertie.
Mrs. 3, 1934. 155.
The Manhattan .r
rived at Co-lib (Que
enstown) Tuesday
at 2 a.m. (our ti
m,rning
me, Mondry at 7 .m
.)
Mar. 6, 1954. 1b7.
Dr. Aldrich declin
ed the call of S,
. John's.
C.S.H. ,afLer al
l, could have had th
e walk back from
with So7)hie lLst
the church
Sunday!
Mar. 3, 1934. 158.
Two ships with ma
il from Plymouth
arrive at .- Cew York
A letter from So
today.
phie .1c,,y be rni them
as thy left Plym
March 7th while sh
outh
e arrived there
March 6th.
Mar. 14, 1934.163.
:o letter from So
)
- hie. CE,n she be
ill?
15, 1954. 14.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
43.
Borsel, Sophie (C
ontld.)
The "President
Harding" of same line
as the 'Anhattan
is clue on Sunday
.
If no letter C.S.H.
fears she must be
ill.
11-.r. 1, 1934. 165.
Writes C.S.H. a sh
ort stemer 1.tter
dated '.:arch 6th just
landing at Plymouth
before
, -oostmarked London
, March 7th.
liar. 17, 1934.
165.
Uniued States Lines,
On Board S. S. Ma
nhattan.
6th larch.
Dear Charlie:
I must send you a fe
w lines before we
in about an hour's ti:
re-ch Plymouth,
Ae l being there at
two o'clock. To
begin with, thank
you again and again
for your most welc
and kind letter wi
ome
th he added lines
fr
om Bertie. Will
you please also th
ank her for her ca
rd. I was delighte
with your books an
d
d violets which :re
lovely and so fresh
and sweet smelling.
You n.re a dear to ha
ve spoiled :de so
and I shall nev-r fo
rget all the warmth
an
d kindness I've
had from Bertie an
d yourself.
We've had a splendic
crossing. The sea
oond till Sunday wh
was like a
en it got rough as we
were nearing Ireland, and yesterda
y there was a rood
"swell" on which ma
one's daily deck "con
de
stitutional" rather
more difficult than
usual I've met cuit
e a nuMber of pleasa
nt peule an board.
A nrs. Cortland Park
er, an kaericrin, wh
ose husband is your
lalitary Attach in
London, the Maxwel
ls, and a Miss North
an Englishwoman who
,
_mows Norfolk and Su
ffolk well and
Liast of my friends in
those D-rts.
I had a rrdio from th
e Swinderens saying
back in London and as
that they were
king
to :, -try yith them,
be pleasant.
whidh will
I must stop and „,;()
to lunch. This is on
hurried scrawl to le
ly just a
t you both know I've
Li-rived safely.
With much 1 ve to
you ',nth and a thou
sand grrteful
thanks for everything
.
Yours affectionate
ly,
Sophie.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
44.
Boreel, So-)hie
(Contld.)
C.S.H. writes to
Guaranty Trust Co.
Mar. 19, 1934.167
.
Writes C.S.H.
Mar. 19, 19.74.
C.S.H. receives ab
ove letter.
Writes frin Nether
lands Legation 21
Portman Souvre, 74o
She said she wa
ndon, 7.
s leving for Peri
s Mal-ch 2-3rd end
be at the Hague on
would
Easter or shortly
after.
Ear. 30, 1934. 17
5.
C.S.H. met at dinn
er with 1rs. Grif
fin, Mrs. MitChell
of Camilla Lionin
, mother
cott.
1:rs. Mitchell talk
ed niuch about
She said Sophie we
nt to Paris to see
her niece, the da
o2 Madame Kattendy
ughter
ke, whose husband
is D-Ach Minister
Czechoslovakia, wh
to
o was visiting rela
tives in Paris. Sh
this niece was a
e said
Christian Scientis
t, which greatly
her parents.
worried
April 1, 1934. 17
5, 176.
,.,.H. writes.
A--)ril 2, 1934. 17
6.
C.S.H. writes, an
d sends under separa
te cover the Atla
containing an arti
ntic Monthly
cle by Frank Simo
nds on he war situ
in Europe.
ation
April 3, 1934. 178.
Sends C.S.H. two -e
icture c;xds with a
note on them.
Speaks of
sent a letter from
Paris which C.S.H.
received.
never
April 4, 1934.
C.S.H. receives no
te of April 4, abov
e.
April 14, 1934. 18
3.
C.S.H. writes.
April 16, 1934. 18
4.
Have had no lett
er from, since her
letter da.ed Aril
30, 1934.
193.
The address of So
phie's aunt is: 11-1.0]
Boreel dlYvray
12 AL:olia Street,
The Hague. 193.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
45.
Boston
See - Hamlin, Edwa
rd
Boston alobe.
1, 5, 21.
See - Hennessy,
Bradley, Mr.
109, 159, 172.
See - Hamlin, Anna
.
Brain trust
The assistants to Mo
rgenthau are really
the Brain Trust of
the Treasury.
M,
,Ar.5, 1934. 154, 15
5.
Dr. Wirt charges that
the, :Lre striving to
bring about a
social and economic
revolution.
Mar. 24, 1934. 170, 17
1.
See - Wirt, Dr.
The investigation fe
ll flat.
April 11, 1934. 182.
Breakfast
We take, with Justic
e McReynolds.
Feb. 11, 1934. 139.
Bredkinridge, Mr. and
1.:rs.
We took simper at
SUlgrave Club with.
Feb. 4, 1934. 136.
We dine with.
Aril 7, 1934. 180.
Brokers magazine. 16
6.
See - Stock exchange
bill.
Brown, Mr. 41.
See -Federal Reserv
e Bank, Kansas City.
Brown, Sen. New :-.
.amnshire. 32, 39.
See - Federal Rese
rve Bank, Boston.
Brown, Stanley, Mrs.
See - Stanley-Brown
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
46.
Bruere
Aproved before Federal Reerve Board and explaine,-,
proposed
banking corporation to be
organized, the R.F.C. to
buy mrcferred
stock, and to buy un assets
of closed banks up to 50e!
, of value.
A.1.greed to help.
Oct. 10, 1933.
11
Spends evrJning with C.S.H.
with his Counsel, nr.
Thomas.
Oct. 11, 1933. 12.
Sits with C.S.H. t breakf
ast.
Oct. 17, 1933. 19.
Mr. r,nd Mrs. dined with C.S
.H. at Hay-Adaas House.
Oct. 23, 1933. 29.
Attends White House Conferenc
e as to purchE,se of gol
d by R.2.C.
Oct. 23, 1937. 37, 34.
Gov. Black said that, is in
a hard position; that rlt
hough he
oposed the sold. 2urchase
policy, the New York banker
s believe
he is in accord ith Roosev
elt,
Nov. 13, 1930. 48.
Sends H.P.H. some beautiful
flowers.
Budget.
91, 92, 148.
See - Fedral Reserve Boa
rd
Federal Advisory Council
Burgess
Gov. anith, Treasury expert
, said he had sent the draft
of the
stock exchang- bill to, in
New York, DS altho confident
ial,
was an :3vic,'er to the Tre
asury.
Mar. 12, 1934. 161.
Burns House, Dumfries. 4.
See - Auld Lang Syne.
BusThess recovery.
C.S.H. fears proposed gold Pur
chases will impair cnnfid
ence and
imnede.
Oct. 23, 1933. 23.
Gov. Black and C.S H. feel
that a law orevmting loa
ns for brokers
to their customers as favore
d by Miller, would impair
confidence and impede.
Lar. 15, 19:4. 166.
-.3,at of Warbur;:. 140
See -
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Butler, Dr.
0.S.H. dines with, in :ew York.
Dec. 10, 1933.
77.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Cable, Intercepted. 10.
See - Glass
Calkins, Gov.
Suggests charing Federal reserve
direct discount law to
indorsed or secured.
Oct. ILL, 1933. 17.
At first cyo •osed license to Bank
of America.
Mar. 6, 1934. 156.
See - Roos,,v1t.
Ca-AtL.1
See - Impaired capital
Capital loans
Miller said he favored giving to Fede
ral reserve brinks the
Dower to discount paper repre enti
ng.
Oct. 12, 1933. 13.
Capital notes
Board overruled Wyatt and held that,
given b;,- non-national
banks to 2.F.C. should be counted as
capital in passing; on
ouAlifications for m mbershi-o.
Nov. 7, 1933. 45.
Carey, Mrs.
H.P.H. met, who is -7oing directly back
to Wyoming. She said she
had honed all sumer to hear :rom So-c
alie Boreel; that she
would so love to have a visit from her.
Oct. 6, 1933. 3.
Carey, Sarah
Snends Sunday with H.P.H. at L!attapo
iset t.
Oct. 22, 1933. 2G.
C.S. . writes.
Oct. 31, 193::. 36.
We call on.
Dec. SO, 1933. 105.
Calls on us to say good-bye.
Jan. 12, 1934. 112.
Wrote C.S.H. last week.
Feb. 19, 1934.
146.
C.S.H. writes.
Feb. 19
Calls on us.
April 3, 1934. 178.
April 11, 1934. 183.
1934. 146.
Carnegie Endowment.
C.S.H. attends meetinc in
Y.
Dec. 11, 1933. 77.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
49.
Case, Federal nerve Agent, N. Y.
lold
that Owen D, Young wns very sore et Roosevelt
because, ispite his prmlise, he had never
consulted hcc as
to his policies.
Nov. 24, 1933. 64.
Sent flowers to So:hie Boredl for "J.S.H.
in New York.
Jan. a, 1934. 133.
'%S.H. sends him check for $2.75 'or tne
Peb. 1, 1934. 1:4.
Castle, Mr. and 1:rs.
We meet, at dinner at Jananeee Ambas - ador'
s.
Mar. 37,1934. 171.
Central bank
'.;%S.H. feels the wishof Roos velt to seize
the Federal reserve
gold presages a central bank in the future.
Dec. 22, 1933. 97.
ew York Times quotes Roosevelt to effect thr:.t,
he is not
seeking to creete e central bank, as such an
attempt woul:
be the weposite of Andre - Jackson's war on the
Batik of
the U.S.
Jan. 13, 1934. 114.
C.S.H. feels that the Gold reervee Act in giv_n
g Secretary of
the Treasury power to use the stabilization
fund in buying
and selling Government securities in open marke
t at home
:nd abroad, as also bonds of foreign Government
s, makes him,
altho not a banker, the most powerful centr
al bank in the world.
Jan. 16, 1934. 113.
7,.S.H. feels that the action of Eorgenthau in
makine the
Federal Reserve Bank of New York fiscal rent
to c.rry out
his powers of usire=7, the stabilization fund, makes
Federal
Reserve Bank of New York, in effect, the centr
al bank of U.S.
Feb. 2, 1934. 135.
"Gov. Black put in the draft of letter he -)rep
ared for Roosevelt
to send eraisine. the Federal Reserve System a atete
ment
that Roosevelt had no intention
cleeting a central bank,
but that he heard Morgenthau whisper someteing to
Roosev it
about a central bank, and that when Roosevelt
finally gave him
the letter this reference was omitted.
Feb. 13, 1934. 140.
Central bank policy
Gov. Harrison, speal -Ang for the Governors
said there was no
reason of central bank policy which would promp
t tLe
ecntinuence of open market purehases of Government
securities.
Oct. 10, 1933. 8.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
50.
Central bank nolicy (Contid.)
Gov. Harrison said that an centrL1
bank principles no
further purchases of Golv-rnm,
:nt securities is necesary
or desirble; that future ef ecti
veness of open market
policy will depend in large met_
sure on the a-o,Ition of
a broader progr%mme deAgne(' to
strengthen confidence
and encourage thc flow of credit,
short and long term,
into use which make for a well bala
nced and enduring
recovery.
Oct. 12, 1933.
12, 13.
Centralization of power. 119.
See - Gold
Charleston, S. C. 179.
See - Nourse, Annie.
Christian Scientist. 176
See - Boreel, S.
Christmas, 1933.
78, 97, 98.
See - Boreel, S.
7T11iams Constance.
Church of the Ascension,
See - Boreel, S.
Y. 132.
31asE 0 Directors.
31, 38, 40, 41, 55, 171.
See - Fed-ral Reserve Bank of Bost
on
Dallas
Kansas City
Philadel-hia
Cleveland, Grover. 25, 128.
See - BlCk, Gov.
Boreel, S.
Cobb (qu.,ensto-n) 157.
See - Boreel, S.
Coffin, Y.rs.
!ass Rodgers and her mother, ::rs
reception at rhite Hose.
Coffin, were at judiciary
Miss Ro:gers ran off with an Ityl
ian anCI separated without
marrying him.
7.rs. Coffin was wife of Lieut. Rodg
ers but divorced him.
Jan. 13, 1934. 115.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
51.
Commercial paper.
117.
See - Gold.
Co..,mittee of the 1:ation. 170.
See - Brain Trust.
ConLiodities Corporation. 30.
See - Black, Gov.
Commodity dollar.
Warburg resigned as foreign adviser to
Economic Conference because
he C.id not believe a, wo-ald ste:bilize price
s.
Nov. 23, 193. 63.
Comptroller of Currency, O'Connor.
Called in to vote on new addition to bui1d
in4 of Federal Reserve
Bank of New York.
Said if he hac:-. to vote now he would vote Aye,
but would
favor a postponement of vote for a reaso
nable time.
Oct. 10, 1933. 9.
Voted to apnrove.
Oct. 10, 1937. 11.
Decision on onnlication of Continental Illin
ois National Bank
Trust Co.:pany to reduce capital lield up
by absence of
7o.aptrol1r who had. gone to Texas with Jesse
Jones and Farley
to 9ttend one'ling of a race track!
Oct. 17, 1933. 22.
Gov. Blr.dc said, maintained a regular nress
conference in
imitation of Roosevelt.
Oct. 17, 193— 23.
loves that Board be not restricted to Kans,s City ba choosing a
Class C director for Fed ral Reserve Bank
of Kansas City.
Carried.
Nov. 1, 1933. 40.
Votes for Doolin as Class C Director of
Federal Reserve Bank,
Kansas City.
Nov. 7, 1933. 43.
Szymczak said he knew on good authority
that Roosevelt, Jesse
Jones and Comotroller were to elect CumAngs
as Chairman
of Continental Illinois National Bank &
Trust Co.
Nov. 27, 1933.67.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Comptroller of Currency, O'Connor (Con
tld.)
Requests Board to delay action on
nronosed letter to Simpson
until he can be present.
Nov. 28, 193:. 63.
Votes ogainst sending letter.
Dec. 3, 1933. 70.
Tells C.S.H. R.F.C. has no voting powe
r on its preferred stock
so long RS bank pays interest on amou
nt.
Dec. 4, 1933. 70.
Thomas said he voted Aye on Co.Aptroller
statement above as to
voting power.
Dec. 4, 1933. 71.
Votes in a case involving depositors cert
ificates with a nrior
lien that the capital was not impaired
.
Jan. 5, 1934. 108.
James said that on the same day in a prec
isely siuilar case, the
Co..cotroller ruled that the capital was
impaired.
Jan. 5, 1934. 109.
Declines to vote on nuestion of extendin
g P.R. pension system
to Board's staff.
Liar. 9, 1934. 159.
Votes for Taub as Class C Director, P.R.
Bank, Kansas City.
Mar. 28, 1934. 172.
Refused to vote on maestion of incr
easing Sailer's salary.
F. Bank, N. Y.
April 23, 1934. 186.
Was very bitter at oro)osed change
of our Bo:Lrd roams in Treasury.
Said he had not been consulted. Thought
we should try to
tat a bill passed authorizing Board to bu
ld its own building.
April 26, 1934. 189, 191.
nartin, yesterday, and Gov. Black toda
y said Morgenthau had lost
confidence in Como roller as he was
.ppointing receivers
and caun el on nurely Political grou
nds.
April 27, 1934. 191, 192.
See - Await.
Condition precedent. 104.
See - Gold.
Condition vulsequent.
See - Gold.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
53.
Conferences.
Whits House.
33, 88 89.
See- Gold.
Confid-nce.
28, 49, 55, 60, 147, 148.
See - Gold
Congress.
89, 91, 94, 97, 99, 100, 102, 103, 104, 113, 129, 148.
See - Gold
Governors
Constitutionality. Thomas amendment.
83, 84.
See - Gold
BaLer
Continental Illinois National Bank a.Trust Co.
Announced today that it is to sll 50 millions of preferred
stock
to
anc:1 reducE its corn on stock to i5 millions, with
25 millions surplus, tn,A.vided profits, etc.
This means charging off of over 100 milli_ns.
The above is subject
Board.
o ap Toval of 0o,aetrol1er and Federal Reserve
Await and some of Board members felt we must ap.rove this.
This isthe b.nk which was licensed by Secretary o2 Tr-eeur
y 7oodin
as a "sound" bank!
The Comptroller gave it a national charter a yee.r end
a half
•-7;0
1 •
The Board at that ttle granted it trust powers.
Oct. 13, 1933. 14, 15.
Board took up application of, to reduce its common stock
and sell
preferred stock to R.F.7,.
The Board found that the reorganization wotld still leave
the
bank crippled and that the 30 millions loaned to its officer
s
should be cleaned un; thet the unnagement should be changed
as its loose policies had brought the bank to its present
condition.
Zuestion arose nether our Board should approve on condltioq
that the com.uon stock be inereazed and the other reforms
carried out, or whether Boe.rd should approve on the uneerstandin
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
54.
Continental Illinois National Bank
Trust Co. (Contld.)
that the Comptroller should tell the direc
tors this must be done.
It was stated that an immediate decision was
vital.
We found, however, that the Comptrolle
r, with Jesse Jones -Ind*
Farley had pone off together for a week
to attend the onening
of :1 race track in Texas!
Oct. 17, 1923. 21, 22.
The Board made Lc careful an examinle,ion s
time would per:At
and finally wrote Com-ytroller sever-ly criti
cizing the
Company but aP)roved the reduction on condition
that the
Comptroller told t-e Company it must have a
radical change
of management.)
Simpson, a Class C Director, wrote Gov. Bladk
that the directors
were to elect Raaniy of International Harvester
Co., Chairman
of the Board, an asked if he would be satis
factory to the
Federal Reserve Board.
Gov. Bladk prepared a letter sayin7
F Board approved Ranne:.
Szymczak objected on he ground that this was
the Comptroller's
business and not that of our Board.
Long Ascussion but no decision reached.
After the meeting Szymczak told C.S.H. tnat he
knew that Roosevelt,
Jesse Jones and the Com7troller had d-cided to
make Walter
Cumm ngs of the Deposit Insurance Corporation Chair
man of the
Board.
He said Cummings had had no banking exp-rience
.
C.S.H. believes this is a political deal and told Szymc
zak to . ell
Gov. Black all he knew about it.
C.S.H. suspects Gov. Bladk knows all about it and
that this is his
reason for wanting to write Sim)son ap,roving Ranne
,.
C.S.H. doubts whether Cummings has had. he hecessady
experience
for this position.
Nov. 25, 193.7. 64, 65.
Szymczak told C.S.H. that Cummins called on him recen
tly and said
that Roo evelt, Jones, the Co.a-Jtoller, and Woodin had
decided
to make him Chairman!
Nov. 27, 1931. 67.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
55.
Continental Illinois Nation
al Bank & Tn.st Co. (Cont'
d.)
Bor.rd took up Gov. Black's
proposed reply to Sim)son.
The Com -Aroller asked our Boa
rd not to ecidt the matter
until.
he could be nresent.
Nov. 28, 1933. 67,68.
Bc:y-rd took up reply to Simpso
n.
Simpson in his letterto Gov. Bla
ck said his directors 1rd
offered
the Chairmmnship to Ramsey, and
asked Board whether it
an .roved, or, if not, whethe
r it would recaamend any one
else wham our Board _light hav
e in mind.
Gov. B1ck moved to reply that
our Bor,rd Lp roved choice of
Ramey.
C.S.H. said the Board should
not establish a precedent of
an:;roving
the election of a national ban
k officer.
C.S.H. proposed as a substitut
e
resolution that while the Boa
rd
would not renly snecifically
to Sta-c)son's nuestion, it wou
ld
say that Ranney was in a las
s of men well equio ed for suc
h
a position.
Gov. Birtck nd Aller would
not accept C.S.H.'s substitut
e, saying
our Board should have courage
to s3y Yes or No.
C.S.H. then :.loved to substitut
e for Gov. Black's last senten
ce of
specific nr, ;royal the words,
"is in the clLss of men eli
gible
for this positi_n".
This was defeated.
Gov. Black then put the mot
ion of unequivocal an -A-oval.
In the discussion which follow
ed C.S.H.asked Comptroller
whether
the L.F.I. could vote its 50 mil
lions of preferred stock,
the common stock being only
25 millions.
The Comptroller said No, as lon
g as the bank held the intere
st
on the loan represented by the pre
ferred stock.
Gov. Black's .4otion was carried.
The vote was:
Aye: Gov. Black, Miller, James,
Thomas
No: C.S.H., Comptroller, Szymczak.
In the afternoon Szymczak said
that Thomas told him he voted
Aye
because of Com7tro1le's statem
ent that Le preferrd stock
had no votinr7 power
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
56.
Continental Illinois National Bank & Trust 3o. (Cpntid.)
Thomas said he called un Stanley Reed general Counsel of
R.F
who said the preferred stock had voting power.
Thomas said he should move reconsideration tomorrow.
Szyraczak said the Con'Aroller was very angry with Thomas because
of his vote.
C.S.H. feels, whatever :no merits, this vote is a direct slap
at Roosevelt, Jones and the Cd=troller.
C.S.H., while deploring this political control of ,he bank, yet
feels that our Board should not go out of its way to
Lip -,rove or disapprove s-_,ecifically the apJointmmt of 'n
officer of a national bank, under the jurisliction of the
Com)troller.
When the Board ori,inally criticised the bank's management it •
was in a letter to the Com-troller, and the Board asked his
perLiission to have it red to the banks directors.
C.S.H. feels this has created a dangerous precedent.
Szymczak said that Sprague, one of the directors, was a brotherin-law of Dr. Miller arid owed the bank sane $300,000, and that
Ranney was in employ of a coacany in which Snrague was heavily
interested and would hardly be expected ,to call on Enrt,,,,ue
to pay his loan, which was riDt satisfactorily collateralled.
There will be a row tomorrow if Thomas moves to reconsider.
C.S.H. toli Szynczak he feared reconsideration ow would injure
the Board more even than sending the letter,bi_it that if
Thomas intended to move censiderntion he should at once tell
Gov. Black or the letter might go out.
Dee. 4, 1933. 69, 70, 71, 72.
Board toactp Simpson letter again.
ov. Black read proposed letter which stated that while ti.,e Board
had no responsibility as to the election of a bank officer,
yet it replies to his queztion by stating thnt Ranney is in
every way qualified for the -)o:Aticn.
Before voting taller said that either Simpson or Spracue said
Ranney had said he did not want to be consi6ered as he
understood he was not acceptable to the R.F.C.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
57.
Continental Minds National Bank & Trust Co. (Centld.)
Gov. Black then polled the Board.
C.S.H. said that as Ranney was apparently out
proposed letter was in the nature of
he voted No as he felt ileBonrd should
responsibility of passinc jud,-,nent upon
national bank officer.
of the field, the.
ost mortam, and
not take the
the fitness of a
The vote was:
Aye: Gov. Block, niler, Thomas and James
No:
Comntroller, C.S.H. and Szymczak
Dec. 6, 1933. 73.
C.S.H. can not understand why Thomas voted Aye again es he said
yesterday he should move to reconsider when he found out
the R.F.C. haj voting power.
It a-.71.-)erred that Jesse Jones hod written Simnson he hoDed the
directors would not commit themselves until he could be
consulted.
Szymczak is very angry with Thomas.
C.S.H. feels that our Board, knowing that Ranney was out of the field
and was not aceepteble to the R.F.C., should not have "butted ie
as it will be construed, and rightly so, as a direct blow at
Roosevelt, Jesse Jones and the Comptroller.
It will simply put fuel an the fire engendered between the banks
directors and the R.F.C.
Dec. t31 1933. 73, 74.
ralter Cummings calls on C.S.H.
Said nothing about the bank quarrel.
Dec. 8, 1933. 75.
Szymczak told C.S.H. that the Governor of Illinois called on Roosevelt
Saturday before the Gridiron dinner; that Roosevelt
asked him if he knew Walter Cela,ings; that Roosevelt then told
him he wasto be the next Chairman of the Continental Illinois
"National lank & Trust CO!
Dec. 11, 1933. 78, 79.
Szymczak told C.S.H. that thE,. BoLa-dis letter a,)nrovinE Ranney had
been published in the Chicago paper, whiCh said the Board took
issue with the
Jan. 9, 1934. 112.
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Federal Reserve Bank of St. Louis
58.
Continental Illinois National Bank &
Co. (Contid.)
Cong. Snell, Republican leader of H.R., critiabed Cummings for
accenting the position of Treasurer of Democratic National
The administration - had by votin,',_: the preferred stock,
elected Cuaaings Chairmnn of Cont. Iii. Nationtl. Bank and
Trust io., turning down Ranney the choice of the directors,
and an ideal man.
C.S.H. fears the next step will be loans to the
CoaLAittee.
D. Nntional
C.S.H. fears Cunnings apoointment as Chairman was a scandal and
that his acce-otance of Treasurer of Dem. Natl. Committee may
lead to more scandal in the future.
Mar. 16, 1934. 165.
Coup dietat, Gold. 83
See - Gold.
Covington, Judge and
We dine with, to meet Mrs. Woodrow Wilson.
Jan. 22, 19,7.4. 125.
Cow -or,stu:I•e, Boston. (7,
See - Hamlin, Edward
HaLain, George
Credit, lianaged. 168.
See - Gold.
Crozier, Gen and Mrs.
We dine with, at Sulgrave Club in honor of his 79th birthday.
Feb. 19, 1934. 146.
Cummings, Walter.
65, 67, 75, 165.
See - Continental National Bank Pre_ Trust Co.
Cun..-ingbara, Edward
40, 41, 43.
See - Feder%1 Reserve Bank, Kansas City.
Curtiss, Fecl.:ral Reserve Agent
See - Federal Rez-rve Bank, Boston.
Cutting, Sen.
Farley announces, that rtimin s
- tration will . nrobElly not su-o
for eelection to Senc:,te.
1.:ar. 20, 197/1. 168.
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Federal Reserve Bank of St. Louis
59.
.?zechoslovalda. 176
See - Boreel, Sophie.
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Federal Reserve Bank of St. Louis
-D-
Dana
See - Old Colony Association.
Davison. 186
Sc - Federlil RP erve Bank, New York.
Denth, Dutch Minister
Sohie Boreel drives with Baron and Madame Van Bremgel, and
:r.and Madame DeWith.
Jan. 28, 1934. 129.
"Te call on.
Not receiving.
Feb. 9, 19:34. 138.
Deaths
See - Hollpmd, Queen Dowager of. 168
Harmin, Mrs. Hamilton. 104.
Kendrich, Sen. 42
Marvin, Edmund. 181
McClintock, Mrs. 72.
Scott, Gen. Hugh. 19:)
.
Van Royen, Madrtme. 185
Debentues, R.F.C.
11, 34, 35, 36, 37.
See - Gold.
Debuchi, Japanese Ambassador.
66, 15.
Went to train to bid good-bye to.
Nov. 25, 193 -. 66
C.:3.H. feels the new Ambassador Saito shAild have invited hiin
to his dinner to meet the Japanese Prince, Tokugawa.
C.S.H. feels Detudhi would surely have lone this.
Mar. 3, 1934. 15.
Delano, F.A
We me t Mr.%nd
dinner with Saito the new Japanese Ambassador.
Mar. 27, 1934. 171
Democratic National Committee.
Roos -velt announces ditpleasure at offic-rs of, who have opened
offices in Washington and are using their nositi.n to secure
clients, and directs them to close their offices or resign from.
The Secretary la Treasurer at once resigned.
Jan. 18, 1934. 120, 121.
See - Mullen, A.
Con,:ressman Snell says Cummini:s, Chailman of Cont. Ill. Natl Bank
& Trust Co. has accepted position of Treasurer of.
Mar. 1.7,, 194. 165.
60
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Federal Reserve Bank of St. Louis
61.
Daaocratic State Committee, Nebraska.
3, 14, 137, 169, 175.
See -Thomas
Democrats. 44.
See- Doolin
Federal Reserve Bank, Kasnas City
Dennett. 33.
See -Hamlin, Geore
Depositors certificates
Board ruled that aro)lying bank had capital imnairment because
denositors certificates in dissolution were preferred to
stockholders.
Jan. 5, 1954. 107, 108.
Devaluc,tion.
20, 27, 30, 49, 60, 82, Er, 86, 87, 89, 91, 94, 96, 9 , 100,
102, 114, 116, 119, 125, 127, 131, 134.
See - Gold
Dew' r, Prof.
4 7
See - Auld Lalz Syne.
92, 98.
See - Boreel, S.
Dinners (See breakfasts, riuncheons, supners, teas)
With Mrs. Blake, liattapoisett.
Oct. 3, 1933.
Mr. and Mrs. Henry Bruere with C.S.H.
Oct. 2,3 1933. 29.
Mayor and :Iiss Ashley with us. Matta oisett.
Oct. 27, 1933. 32.
7.S.H. with Editn Hel . to meet Helen I:ones.
Oct. 31, 193:.. 37.
C.S.H. with
Squire.
H.P.H. too ill to -7o.
Nov. 30, 1933. 69.
With Dr. Butler, N. Y.
Dec. 10, 193. 77.
With Charles Warren.
Dec. 24, 1933. 97.
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Federal Reserve Bank of St. Louis
62.
Dinners
(Cont'a.)
With PresictItald Mrs. Roosev-lt.
Dec. 27, 1933. 100.
With Edith Helm.
Dec. 30, 1933. 105.
With Mr. and Mrs. Robert Bliss.
30th wedding anniversary of r. & Mrs. Charles Warren.
Feb. 6, 1934. 110
With Edith Helm
To meet Mr. and Mrs. Hancock Griffin.
Jan. 15, 1934. 117.
Mr. :Ind Mrs. Griffin dine at White House.
Jan. 16, 1934
119.
With Fannie Lay, to met Gov. Greene of R.I.
Jan. 21, 1934. 125.
With Mrs. Herbert Slocum.
Jan. 28, 1934. 129.
C.S.H. dines at Cosmos Club with Robert L. O'Brien.
Jan. 31, 1934. 134.
With Mr. and Mrs. Breckinridge at Sulgrave Club.
Feb. 5, 1934. 136.
With Mr. and Mrs. Hugh Wali.ace.
Feb. 5, 1934. 137.
With Mr. and Mrs. Charles Warren.
Feb. 11, 1934. 139.
With Sophie Boreel at Hotel 7,ew Weston,
Feb. 17, 1934 .143
With Gen. and Mrs. Crozier at Sulgrave Club. His 79th birthday.
Feb. 19, 1934. 146.
!.:atsuhrta dines with us.
Feb. 20, 1934. 148.
At Woman's National Democratic Club.
Annual dinner.
Feb. 28, 1934. 152.
With Mr. and Mrs. Geo. McClellan.
Mar, 4
1934. 15 .
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Federal Reserve Bank of St. Louis
63.
Dinners etc. (Cont'd.)
With Mr. and Mrs. Charles Warren.
Her birthday.
Mar. 9, 1934. 159.
With Mr. anC... !!/.s. Emily Newell Blair
Democratic Club.
Mar. 13, 1934. 162.
Woman's Nati:Tnal
H.P.H. dined at Woman's Press Club Associ,Aion to me-t
Roosevelt.
She was E;uest of Mrs. Essary.
Mzr. 19, 1934. 167.
With Saito, the Japanese Ambassador.
Mar. 27, 1934. 171.
With Mrs. Nichols, the writer of life of John Sherman.
Amri15, 1934. 180.
Annie Nourse dines with us.
April 6, 1934. 180.
With .r. and Mrs. Bredkinridge.
April 7, 1934. 180.
C.S.H. dilies with Mr. Ricketson to meet Thom Thacher.
April 11, 1934. 182.
With
r. and ;ars. Dodge.
April 19, 1934. 185.
Witn Mrs. Lea.
April 30, 1934. 193.
Directors of Federal reserve banks. 104.
See - Gold
Discount rates.
Federal l'eserve Baak of 1.ew York lowered, to
discourage inflow of gold.
Feb. 2, 1934. 135.
Dodd, ::rs. 115.
See - Shuase, Mrs. Jouett.
D)dge, Mr. and Mrs. 185.
7e dine with.
April 19, 19344 185.
to
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Federal Reserve Bank of St. Louis
64.
Dollar.
53, 54, 100, 102.
See- Com .odity dollar
Devaluati n.
Doolin. 40.
See - red-1-11 Reserve Bank, Kansas City.
Douglas, Lewis, Director of Budget
Miller said Roosevelt appeared r%ther saspiciaus about, who is
crowding him in behalf of sound money.
Oct. 16, 1933.. 18
Was conspicuous by his absence from the White House Mnference
of yesterday.
Miller feels that Roosevelt is distrustful of Dou-las.
Oct. 30, 1933. 35.
Gov. Bladk said there is a rumor that Douglas will have to resign.
Nov. lb, 193 -. 47.
Wile in radio talk repeated the above rumor.
Nov. 18, 1933. 57.
Dumfries. 7.
See - Auld Lang Syne.
Dunn, Dr. 135.
See - R_ffin, Dr.
Dunning, Collector, N. Y.
See - McKee
Drury, Rev. Saauel.
137, 138.
See - Lawrence, Bishop
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Federal Reserve Bank of St. Louis
65.
-r_
Earmarked gold. 132.
See - Gold.
Economic adviser.
51, 56.
See - Roosev-lt.
Economic Conference.
19, 20.
See - Roosev,-1t.
Eliot, Samuel
We meet, at dinner with Y.r. and Mrs. Doe.
April 19, 1934. 185.
Emmett, Grenville
Appointed Minister to Holland.
Dec.31, 1933. 10,.
Easary,
H.P.H. the ,liest of, r,t dinner of Woman's Press 011.1b in
h -nor of Mrs. Roosev.-1t.
Mar.20, 1934. 167.
Excess reserves. 63.
Exr,cutive Comlit Lee. 34.
See - Nen Market Committee.
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Federal Reserve Bank of St. Louis
66.
-r-
Farley, Postmaser General
Byron Newtpn said that, by coming out for MCKeels candidacy
for Mayor of N.Y., made peoJle believ, that Roosevelt was
interfering and that this had injured RoosevAt.
,.S.. believes Farley mry have ins-Ared Hennessey's article
in the Bosbn Globe.
Oct. 4, 193E. 2.
Miller said, was said to be using the patronage to build up
personal machine to s -cure his own nomination for Governor
of New York or even for PreAd nt to sacceed Roosevelt.
Oct. 5, 1933. 2.
Goes off to open a race track in Texas with Jesse Jones .,nd
the Corn troller.
Oct. 17, 1933. :2:%
Calls us t Hay-idams over telenhone saying Roosev-It had so
requested,. and asked as to Pickard, candidate for Postmaster
at Marion, Mass.
We went over the situation with him but made no recommenntion.
Feb. 2, 1934. 136.
A...nounces that Roosevelt will not support LaFollette nor
Cutting for the Senate.
As administration is supporting Sen. Johnson, this seems to be
inconsistent!
Mar. 20, 1924. 168.
Father Coughlin
,.S.H. feels that the administration plan of seiz ng the Fed-rd
re:erve sold was inspired by.
Dec. 22, 1933. 97.
Federal Advisory Council
C.S.H. attends lunch given by.
Nov. 20, 1933. 58.
Board meets with.
Offered us a resolution denouncing inflation L,nd demanding an
international standard based on cold.
Miller said it contained no specific recormenc'.!ition.
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Federal Reserve Bank of St. Louis
67.
Fe.rnl Advisory Council (Contd.)
C.S.H. said it did not clearly state whether sta:Jilization meant
a return to old ,,old standard or to a new one; nor did
it aprove or disapprove devaluat. on.
Smith, Chairman, said some favoredrturn to old gold standard but
would compromise a stabilization based on a 60O dollar.
Frew saiLconfidence was improved and that under Roosevelt's
policy, he saw nothing ahead but issue of greenbacks.
James thought too airly to stabilize and added that he said
this as a gold z-tan ard man.
Smith said the Council would adjourn and consider possible changes
in the resolution.
The Council uid not reconvene with our Board and C.S.H. does not
know 1,k:ether or not it changed the resolution. (See scrap book)
Nov. 22, 1933. 60, 61.
The vote for the above resoluti n was 6 to 3, Traylor, Kemner and Ottley
voting No.
Nov. 27, 1933. 67.
Federal Advisory Council invited Gov. Black to lunch but no °tiller
Board member.
Feb. 19, 1934. 146.
Gov. Black could not lunch with it, but sat with the membrs in
the p.m., no Board member being present.
Feb. 19, 1924, 147.
Boald meets with.
Discussed Federal Intermeedate Credit banks bill.
The Council doubted its necessity but preferred that it be given
Fe:eral Reserve Board to manage rather than to R.Y.C.
The Council expIessed fear that confidence was not sufficiently
restored to justify a long term poular bond issue, but
they felt that after adjournment of CoAgress, if the budget
was balanced, and Securities Act modified, such a loan might
be placed.
Niller and. C.S.H.favored such a loan at once.
Feb. 20, 1934. 147, 148.
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Federal Reserve Bank of St. Louis
68.
Peder,1 Reserve Act
Sec. 11 N. 95, 103
Sec. 16
See - Gold
Stock Exchange bil.. 181
Warburg, Paul. 140 , 141.
Federal reerve agents. 95.
See - Gold
Federal Reserve Bank, Boston
C.S.H. .;oes to Boston to discuss Class A di.cector with Gcv.
Young and Curtiss.
Oct. 26, 193. 31.
At Federal reserve bank with Curtiss.
Dis?ussed Class C directorship, as to whether Allen Hollis should
be reap.ointed.
Yeterday Gov. Black gave C.S.H. a msmorandum with names of twc
11.H. men recommended by Shawmut NationalBank hrough a 1.1r. Chase.
Mr. Chase said Hollis was comnletely broken down and had melancholia.
C.S.H. told this to Curtiss who said it was nonsense; that Hollis had
been ill some time ago but had comlletely recovered; that he was
present at last meeting ofthe Board.
C.S.H. called up Ripley who ,aid the same and urgently pressed his
reayeointment.
Philip Allen came in and said the same.
Gov. Young, at home with a. cold, sai6 :ame over the te1e7hone.
aurtts. said Mr. Hurd, of Amoskeag Nationd Bank of :a.nchester,
was strongly urging Hollis reappointment.
Curtiss added that Hurd happened to be a very prominent 1:.H.
Democrat and an original Roosevelt man.
C.S.H. then called t.p Hollis and, stating that he spoke ,:. itheut
authority, asked him if he wo id care to accept a reanointment.
He said he would be glad to. He added that Sen. Brown of
might possibly oppose him on purely political grounds.
Oct. 27, 19:': .32.
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Federal Reserve Bank of St. Louis
69.
Federal Reserve Bank, Boston (Contld.)
Then C.S.H. returned he found a 1-tter
from Hurd strongly
indorsing Hollis.
Nov. 1, 1933. 38, 39.
Board took up Class C directorship at Bost -n.
O.S.H. and. Jaaes reroorted. in favor of
Hollis.
C.S.H. re,ported to Board as to the 1820. from
National
Shawmut Bank and the staement that Hollis was
aaffering
from melEmcholia..
He stated that he cnrefully investigated this,
—balking with
Curtiss, Gov. Young, Philip Allen and Riple
y, and that
all said that while ill 2 yearsago he ha:
perfectly
recovered.
They all said his s-rvices were of grzat
est value to the Bank,
as he had been a director since it was opene
d, and that
under existing critical conditions, it was
very important
to rea-Jpoint Hollis.
C.S.H.aleo spoke of letter of Hurd to himself
and added
parenthetically that Hurd was a - rominent New
York
democrat and an orignal Roosevelt man.
O.S.H. also told Board that Sen. Brown,
according to Hollis
himself, might o,ject to him on purely 9olit1ca1
grounds.
Board unanthously reaointed Hollis.
Nov. 1, 1933. 38, 39.
C.S.H. goes to Boston.
Feb. 16, 1934. 142.
C.S.H. had conference at Federal reserve bank with
Curtiss,
as to necessity for having a general counselfor
the
Federnl reserve bank, which C.S.H. for the Board
:tclvised.
He also conferred as to examination of state
member banks,
the admission of the Hyannis Bank to membership
, etc.etc.
Feb. 17, 1934. 142.
Federal Reserve Bank, Chico.
8, 15, 105.
See — Continental Illinois National Bank & Trust
Co.
Gold
Hovernors. 101
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Federal Reserve Bank of St. Louis
70.
Federal Reserve Bank, DallE
Board voted to app,int Taub Cla
ss C director.
James, as Chairman, recolimen
ded another man, Morrill.
Taub was suggested by Jesse
Jones.
Vote. For Taub:
Miller, Thomas, Szymczak ancl
7;omAro11er
For Morrill:
Gov. Black, C.S.H., James.
Mar. 28, 1934. 171, 172.
See - Thomas.
Federal Reserve Bank, New Yor
k.
Applied to Board for permissio
n to buy adjoining property
and extend bank over it.
Application said that while
not asolutely necessary
at present time the property
could never
in be bought
so cheaply; that it would hel
p its trucking arrangements
,
add to the directors roam and
give space to extend its
present quarters; that the bui
lding would cost about
,S800,000.
C.S.H. strongay favored, as,
among other reasons, it
would
carry out plans for extend
ing work to those out of
employment.
Board rejected.
Aye: C.S.H., Miller, Thomas
No: Gov. Black, James, Szy
mczak.
Lost on tie vote.
Woodin and Coimtroller were
called in.
Woodin asked for more time.
Comtroller said if he had to
vote now he would vote Aye
,
but would bot object to rea
sonable postponement.
The option expires on Tuesda
y, Oct. 10th at 3 p.m.
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Federal Reserve Bank of St. Louis
71.
Federal Reserve Belik, New Yor
k (Contld.)
Gov. Harrison was recalled and
ft the end incautiously said
that
his Board felt that our Board
had no authority over this
matter but that his Board ref
erred it to us merely as a
mkItter
of courtesy.
Wyatt was called in and said
that our Board had no specif
ic pow -r.
James then moved that our Boa
rd inform the Federal Resrve
Bank of
New York and of Richmon that
our Board was advised that
it had
no authority.
This was passed.
C.S.H. would not vote for it as
he felt -e should not give up
an
authority we had exercised for
many years under our general
supervisory power.
Miller, Who had gone out, return
ed and objected to such abroga
tion
of power.
C.S.H. moved to reconsi, -r, whi
ch was passed.
Today this came up again.
C.S.H. said he would not object
to postponement but felt we had
authority.
Gov. Black read an old letter
of Gov. Harding specifically
clai ting
this authority.
C.S.H. moved that the Board info
rm New York that it had consid
ered its
mrlication, under its general sup
ervisory authority, but coul
d
not decide it for SOMR days and sug
geted that the option
be extended.
Miler said that although he had
voted Aye, the question of powe
r
raised by Gov. Harrison was so
important that he had decided
to change his vote.
Miller then moved as a substitut
e for 0.S.H.'s motion that the
ap.lication be disapproved.
Passed.
Aye: Gov. Block, Miller, Szymcz
ak, James.
No
0.S.H., ComJtroller, Thomas.
C.S.H. believes Board would have app
roved but for Gov. Harrison'
s
denial of Luthority.
Gov. Harrison told C.S.H. that
Woodin was ready to vote Aye.
ch.:AE;e of mind settled the cuesti
on.
Oct. 10, l9.. 8, 9, 10, 11.
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Federal Reserve Bank of St. Louis
72.
Federal Re- erve Bank, New
York (Contld.)
Question of Federal Res
rve Bank, N. Y. purcha
sing R.F.C.
debentures to obtain fun
ds to purchase gold.
Oct. 30, 1937. 34.
See - Gold
R.F.]. debentures.
Board voted to approve
above purchases by Fed
eral Res-..rve Bank,
New York if it had legal
powers.
Oct. 30, 193:. 34.
Asks authority to act as
fiscal agent of
Our Board approved.
Oct. a, 1933. 37.
See -
in above mater.
Gold. 48.
Harrison, Gov.
Board approved purchase
by, of the adjoining
property.
Nov. 20, 1933. 59.
norgenthau asks, to act as
fiscal agent for stabil
ization fund.
Feb. 2, 1934. 135.
The Federal Reserve Bank,
New York, has practical
ly become a central
bank of U.S. under Gold
Reserve Act.
Feb. ') 1934. 135.
Board took up ruestion of
increasing Sailerls sal
ary from $30,000
to $35,000.
Last week Woolley and Dav
ison came before Board
and urgedthis
because of increased rox
ic put upon him. They sai
d $30,000
would be out of line wit
h other salaries.
Board refused.
Aye: Gov. B., C.S.H., Tho
mas
No:
i11, James, Szymczak.
Lost on a tie vote.
0.S.H. feelt that our Boa
rd by this action is rea
lly trying
to operate the Federal
Reserve Bank of 1:ew Yor
k.
C.S.H. feels, in absence
of strong evidence to con
trary, we should
accept judgment of the dir
ectors, and that our
power of
approving salaries should
not be used ao as to inj
ure the morale
of the Bank.
April 23, 1934. 18 , 187
.
See - Harrison, Gov.
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Federal Reserve Bank of St. Louis
Federal Reserve Bank, Kan
sas City
Thomas said Sweeney of Kan
sas City told him the new
Class C
director should not be a Kan
sas City man.
Oct. 7, 1933. 3.
On motion of Comptroller Boa
rd voted that Class C dir
ectors
should not necessarily be
Kansas City Lien.
The Commit bee - James and
Thompson - went out r tur
ned unable to
agree,
Thomas wanted Doolin chosen
.
James, although praising Doo
lin, thought we ought to
apnoint a
Colorado man, as two years
ago a good Colorado man
was dropped nnd
Langworthy apoointed, on a fic
ti n, designed by Gov.
Meyer, as
to necessity for choosing
a man in the main city;
la t this
was invent& to get in one
of his friends.
::ost of the Board believ
e this charge is true.
Board sent for Woodin
before voting.
C.S.H. went over Doolin's
record ana said he was
originally picked
out by the then Com ittee
- Gov. Young and Er. Cun
ningham both Republicans, as a mem
ber of the Oklahoma branch
; that he
-erved for 3 years and was
reap2ointed for 3 year
- ; that he
has made a first class rec
ord in that position;
that he is
unquestionably the best man
under consiration.
C.S.H. pointed out that the
re is another Class 0 vac
ancy caused by
expiration of ter:a of Mr.
Brown, Reuublican; that
the Boardla
Corlaittee unanimously rec
ommended Brown's reaDpo
int
ment; that
while there were a number
of letters - including
one from
Comntroller, stating that
a Democrat should be arn
ointed,
whi:h is most unfortunate,
yet he would vote for
Doo
lin as the
best man, irrespective
of politics.
C.S.H. said that no politi
cal change could fairly
be braucht
as All of the directors wer
e Reoublicans and the Com
mittee
recommended rea,r)ointment
of Brown, a Republica
n.
Nov. 1, 1933. 11.
Board again took u
Class 0 director - 2 vacanc
ies.
James and Thomas recommended
Brown's reap.mintment.
Thomas reported for Doolin to
fill other vacancy.
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Federal Reserve Bank of St. Louis
Federal Res,
-rve Bank, Kansas Cit
y (Cont'd.)
James reco.imended Bond
of Colorado.
James said the Board 2
years ago drop-)ed a Col
orado man in
favor of Langworthy, a Kan
sas City man by virtue
of a
trick of Gov. Meyer who
invented the fiction
that all
the Class C diiectors
shluld be Kansns Oity
men.
James then recommended
Bond of Colorado.
C.S.H. said Doolin was
origin,lly picked out by
Gov. Young and
Curvdngham to fill a vac
ancy in the aklahoma bra
nch; that
he made a fine record
and was later reappoint
ed by our Board
for a 3 year term; tha
t last y=: r he never
missed a
directors meeting.
C.S.H. said he should vot
e for him.
Vote:
For Do3lin:
C.S.H., Thomas, Szymcz
ak, CoLiptrolier.
For Bond:
Gov. Black, Miller, James
There was no politics in
this vote as bpth r re
Democrats.
The Board agoointed one
Republicans and one De!
locrat.
C.S.H.Is vote really ele
cted Doolin.
Thomas was very disapm
ntment that ^yov. Black
votedwainst Doolin.
Nov. 7, 1933. 42, 43, 44.
Federal Reserve Bank, Phi
ladel-ohia
C.S.H. and Thomas re2ort
ed in fvor of redesign;-ti
ng Austin for
Chairman for the year, but
said the Comittee wou
ld be on
the loak out for an outsta
nding man, to take Aus
tin's place
at the end of the year,
should the Board so dec
ide.
Nov. 1, 1933. 39.
Gov. Norris came befor
Deputy Governors.
Board on question of having
two additional
Dec. 8, 1933. 75.
See — Norris, Gov.
The directoru voted that
they would not turn ove
r their cold
to the Treasury either vol
untarily or involuntaril
y as it
was a fund held in tru
st.
Dec. 28, 1933. 101
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Federal Reserve Bank of St. Louis
75.
Federal Reserve Bank, Phi
ladelphia (Contld.)
C.S.H. and Thomas brouch
t up Paulgerls report
on need of two
more Deputy Governors.
Their report included
the
examiners confidential "ye
llow sheet", which sta
ted that
Hutt was the weakest Dep
uty Governor in the who
le
F.R.
System.
C.S.H. favored showing the
report to Board of Direct
ors, rthom he
felt were entitled to
know all the criticism
s.
Most of the Borrd though
t our examiner should. be
protected.
C.S.H. said that to take
..cti2r. on a recommendati
on in the yellow
sh-et would be a star cha
mber proceeding,
FinalLy the re..ort was ref
erred to Morrill to eli
minrte all
matters of o:inion and sta
te only facts, cnd then
the Board
woad Clecide whether or
not to send it A the
directw:s.
Jan. 6, 1934. 110, 111.
(After hearing with the
Directors the Board dec
ided to grant the
extra Deputy Governor ask
ed for.)
C.S.H. went to Philadelp
hia ancl lunthed with the
Directors.
April 18, 1934.184.
See - rorris, Governor.
Federal Reserve Bank, Ric
hmond.
James moved and Board vot
ed to tell New York E,„nd,
it had no
authority over purchase of
land and construction of
buLdings.
Oct. 10, 1933. 10.
Board reconsidered rer
York refusal and the mo -)roved Rich:Aond
request to buy acljoining
Oct. 30, 1933. 34.
Federal Reserve Bank, San
Francisco
See -Calins, Gov.
Federal re:rve bank dil
-otors. 104.
See - Gold.
Federal re7e,Ne banks.
1L, 27, 35, 36. 17, 82, 83, 84,
85, 90, 99, 100, 101, 102, 103
,
132.
See - Gold
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
76.
Feder, I Reserve Board
See - Black, Gov.
Comptroller
Cont. Ill. National Bank (2c Trust Co.
Federal Advisory Council
Federal reserve banks, Bostoll, -.Y.,
Phila., Chicago, Kan.City
Federal Intermediate Credit bank.
Federal reserve pension system.
Glass
Gold
Governors
Hamlin, C.S.
Harrison, Gov.
Hennessy, M.
James
Miller
Morgenthau
Open Market Committee.
Owen
Roozevelt
Securities Act
Stock Exchane bill.
Szymczak
Thomas
Votes.
etc. etc. etc.
Federal Reserve Bulletin
Gov.Black read a letter to Roosevelt
in response to a letter
from him -o ointinc, out that he Reo.
NationalCommit tee
had issued n circular quoting from the
Feder 1 Reserve
Bull:,:tin that production hn fallen off
.fter the N.H.A.
took effect; that, Roosevelt said, whil
e he truth
should be sodken, it should be the whol
e truth; that, in
the future, he desired o 1ILLve the Fede
ral Reserve Bulletins
report on industrial conditions here
after checked 1.1) by his
economic aviser, Riefler.
Gov. Black in proosed letter to Roos
evelt Pointed out that the
whole article was most optimistic;
,hat,as a fct,
production was abnormally increas-d
just before the N.R.A.
took effect, in ord.:r to anticioate
hi,ller costs under it,
and consequently fell off some just afte
r.
Gov. Black had a conference with Gold
enweiser and Riefler, rlid
the latter said the article stated the
whole truth.
1;ov. 15, 1933. 50, 51.
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Federal Reserve Bank of St. Louis
77.
Federal Reserve Bulletin (Cont'd.)
The papers this morning said ti-;; t the Fede
ral Reserve Bulletin
would no longer carry a review of the
month as to nroductien,
etc. and that in the future the economic
adviser of the
,
Pre ident would rnake n11 interpretrtions.
C.S.H. feels the neblic will 'eclieve that
Roosevelt desires to
interpret stetistics in f:vor of he Administ
rrtion!
Gov
Black has not informed Board of any such
decision.
Nov. 18, 1933. 56.
Glass crlled up 7.S.H. and demanded an offi
cial answer to his
questicn, - whether the Board, in omitting
my reference
to industrial conditions in the November
Bulletin, was
dominated by Gen. Johnson of N.:.A.
C S.H. reported this to Bova-a.
Nov. 20, 193 -. 58.
Sen. Glass wrote Gov. Black asi.An,e an expla
nation of the omission
fr.= the Federal Reserve Bulletin in November
, ofareview
of industrial conditions.
Gov. Black read a proposed letter in repl
y to Glass.
C.S.H. and
i11er criticised it and niller was asked
to rewrite it.
Gov. Black in pro-)osed letter to Glass said
the Board recognized
the right of no one to interfere.
C.S.H.eaid his draft might be interpreted
as a decison of the
Board that all interpretetions of statistics
would be subject
to check by Riefler.
:.S.H. s-es a Political question here which
will sirely injure
the administration, and feels that Gov. Blrc
k shoule ask
Roosevelt to Withdraw his letter.
Roosevelt's ignorance of the politictl effect
of his letter is
astounding to C.S.H.
Nov.25, 1933. 65, 66.
(Gov. Black told C.S.H. the leter of Roos
evelt was
personal en(1 not put on Board's files; that
Riefler was
not interpreting our statistics; that no atee
ntim
was to be paid to Roosevelt's lefter).
(Gen. Johnson did conelain to Goldenweiser.
The Board felt
that while every word in the October Bulletin
was true, yet
that iL was awkwar(Uy fremed.)
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Federal Reserve Bank of St. Louis
78.
Federal Interuediate Cre
di: banks.
Board originally sent
ConiE7ress a draft provid
inc for 12
banks under control of
Federal Reerve Board.
C.S.H. preferred to hav
e the Federal reserve
bari=s Co this
and felt with segregate
d assets, it would not
be inconsistent
with the Fe:-ral Re erv
e Act.
C.S.H. Also felt that bec
ause of R.F.C. loans the
Federal reserve
banks were almost out
of the picture and tha
t soon ,her would be little left for
them to do.
The Board, how ver, fel
t that Glass wodd nev
er consent to having
this power given to Fed
eral reserve banks.
Glass, however, insist
ed that they should do
it and Bcr,rd finally
agreed they could mak
e long capit!.1 loans,
Provided the
Treasury gave back to
them the 140 millions
Cone:ress from their sur
by
r)lus, and given to
Deposit Insurance
Corporation.
The Board finally felt
it would be b tter for
the Federal reserve
banks to rake there loa
ns than for the R.F..
to make them,
as this would surely be
the alternative.
Vote:
Aye' Gov. Lick, C.S.H.
, Miller, Thomas
. Szymczak declined to
vote.
April 3, 1934. 177, 178
,
172.
Federal reserve notes.
84, 85, 117.
See - Gold
Federal Reserve Pension
Plan
Bo: rd voted to extend to its
staff the benefits of.
Aye: Gov. Black, C.S.H.
, James, Szymczak
No: Miller, Thomas
?resent:
But not voting, - Cou
troller. May 8, lg 4.
Federd Reserve System
158, 159.
:
Av. Black rt roman's
National Democratic Clu
b, spoke of
importance of keePiAg Jol
itics out of, and snid
- "So help me
God it will be kept out
as long as I am onthe
Boa
rd!"
Oct. 20, 1933. 25, 26.
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Federal Reserve Bank of St. Louis
79.
iedertil Ress-rve Sytem (Cont'.)
C.S.H. fears that atempt to seiz
e Federal reserve gold
spells doom of, 1.10, :leans in the
future P. centre]. bank.
Dec. 22, 1937. 97.
Gov. BlLdk told Board that the
Gold Re.erve Act was not
intended by Roosev-lt to cripple
in any way the.
Jan. 17, 1934. 113..
Roosevdt ,Dromised Gov. Bldk to writ
e a let Ler praising the.
Jan. 30, 1934. 131.
Roosev-lt sends Gov. Black an arpr
eciative letter praising
the work of.
Feb. 13, 1934. 140.
(C.S.H. fears the Gold Reerve Act
in giving suCh power
to the Treasury over o-9en market
operations through the
-tabilization fund has seriously
crippled the System).
Filene. 113.
See - Shuuse, Mrs. Jouett
First National Corporation, Boston.
154.
See - Governors Conference.
Fiscal Agent
Biwrd ap-roves Federrl Reserve Bank
, :".er York, as, of
R.F.C. in making fold purchases.
Oct. 31, 1933. 37.
Board apnroves Peden]. Resere Bank
, er York, as fiscal
agent in man-ging the stab ilizaticn
fund.
Feb. 2, 1934. 105.
Fiscal policy of Aministratiun. 15,
154.
See - Governors Conference
Fleuings hotel, London
143
See - Boreel, S.
lowers. 77, 133, 134.
See - Boreel, S.
Fortesque, Mrs.
Attends with her daughter, Mrs. Mass
ie, the -hit4 House
reception.
The heroine of the Hon-)lulu Tarders,
Massie is now seekin,I.
a divorce from Mrs. Massie.
Jan. 10, 1954. 115.
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Federal Reserve Bank of St. Louis
80.
"Fortune"
C.S.H. sends So hie Boreel
sketch of Astor femi.ly in
Fortune.
Feb. 10, 1934.139.
Contains a bitter attack on Federal Re,erve Board.
April 27, 1934.192.
France
Can ,asily defeat on deva1uatio2 by an anbargo on
gold , xports
or hiF;her im-Gort duties.
Oct. 30, 1932. 25.
Gov. Norris said Roosevelt's gold policy he feared
would set
irc renewed hoarding in Prance and drive her off
the gold
cold standard.
Nov. 2, 1933. 42.
Gov. Norris said France was in a very critic'al
condition and
that Grent Britain and France were cmsulting togeth
er
to meet the consequences of our policy; that he
could not
agree to a stabilization policy which could only
be chanced
pn 48 hours notice.
Nov. 23, 1933. 63.
See- Bank: of France
Freeman, Bishop
St. John's vestry gives lunch to, at Metropolitan Club to
talk
over a new Rector.
Feb. 8, 1934. 138.
French, Presient. B. & M. Railroad.
See - Hamlin, George.
6.
Frew, FedE-ral Advisory Council
Said he favored a return o old cold standard but ould
com72romise on stabilizatiAl based on a 6(4 dollar.
He said confidence was impaired and thnt, under existing
s, he SaT nothing c.heaci excent an issue of 71e
Nov. 22, 1933. 61.
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Federal Reserve Bank of St. Louis
81.
-G-
Galt, Ontario
87, 113.
See - Boreel, S.
Gas company. 32.
S-e - Hamlin, Geo.
Gavit, Mr.
We lunch with, ,t Shoreham Hotel.
April 28, 1934. 197Girrdeau, Janet
Calls on C.S.H. after dinner.
April 10, 1934. 182.
Glass, Sen.
Calls up C.S.H. and demands an official answer as
to whether
Board omitted Review of Month in November Federa
l Rerve
Bulletin, at domination of Gen. Johnson, N.R.A.
C.S.H. reported this to Board.
Nov. 20, 193:. 58.
Writes Gov. Black defining more clearly just what
information
he wants as to above.
Gov.Bleck read a pro-eosed allswel, which "iller and
C.S.H.
criticised.
Miller was asked to redraft it.
Gov. Black in pro-posed draft said Board recognized the
right oi
no one to interfere.
C.S.E. said this might be interprete-1 as o decision in
advance
that Board would not obey Roo7evelt's order that hereaf
ter
Riefler should :heck up its Review of the Month.
C.S.H. felt that if Board settled this icsue officially
it would
injure Roosevelt, and thought Gov. Black should ask
Roosevelt to withdraw his leer.
Later, Gov. Black told C.S.H. that Roosevelt's letter
was personal
and would not go on the files and tht Board wo7:1d
pay no
attention to it.
(See next diary, June 16, 1934, at p. 29).
Nov. 25, 1933. 65, 66.
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Federal Reserve Bank of St. Louis
82.
Glass, Sen. (Cont'd.)
Morrill toll Board that just before Christmas,
Glass asked
for a cony of the interce7ted cable, - Jan. 1919,
- from
Sen. Owen's secretary to Musher; that Glass said
it was
intercepted While he was Secretary of the Treasury;
that
Sec. Mellon had given him a co -y of it which
he had now
at his hand; that he desired to see it and that it
would be
very inconvenient to have to go to Lynchburg to see
it,
as he ccf.L1d not describe just where it was to have
it sent to him.
Gov. Black favored giving it.C.S.H, felt we should
do so only on
request of n Senate Coimittee.
Miller seemed to agree with (10v. Black and the other
members
with C.S.H.
No action taken.
Jan. T, 1934. 106.
BoarC_ voted that iZ Ram would write a letter sttii
g the facts
as above, a copy of the cable we id be sent him.
Vote:
Aye, Gov. Black, niller, Szymczak and James
No: C.S.H. and Thomas
C.S.H. suggested instead of sending him a co-)y merely
to notify
him that he could inspect it in Board's files, but this
did not
satisfy the majority and was not voted on.
C.S.H. feels Glass wants this as a basis of an attack
on Owen
and that to give it might it Board in ;,n awkward
osit en.
Glass long ago, in 1929,
oi1C.S.H. this is wily he wanted it.
Jan. 6, 1934. 111, 112.
Gov. Black said he conferred with Glass yesterda, at
his request;
that Glass knew exactly what the Board was doing, and
that
he thought he got this from Gov. Harrison or Go,,. Norris
, the
latter having said he had had a long talk with Glass.
Gov. Black said Glass at first denied there would be
any profit
from devaluption, but that if there was any it did
not belong
to the Treasury.
Jan. 13, 1934. 114.
Gov. Black said Glass asked him as to Morgenthaus abilit
y; that
he, Gov. B1Rdk, said he was a fine man; that Glass said Yes,
but that does not answer my ruestionl
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Federal Reserve Bank of St. Louis
83.
Glass, Sen. (Contld.)
Glass also said that Morgenthau sent him
a telegru of sympLthy
-hen his brother died; chat his Father
soLie years aco told
him that if he an for President he would
put two millions
into his camnaign; th;A Glass said, "Unde
r these circumstances
what can I do!"
Glass meant by this how can he fight Morge
nthau for Se. of the
Treas xy.
Gov. Black believes Glass will make the
fight of his life against
the administration.
Jan. 13, 1934. 113, 114.
Gov. Black read to Board riv.t he was to say
to ths Glass Subconaittee on the Gold Reserve Act. He and
Mier were !:sked to
appear before the Comiittee.
Jan. 16, 1934. 119, 120.
GCv. Black wanted to send the amendiants,
gag,:ested by the
Governor, to the Goad Reserve Act directly
to Glass.
C.S.H. said that at lent at the same tile
they should be sent to
lor,s-enthau; that otherwise we might be put
in the posit l n of
conflictin with the Treasury.
The Governor finally gave the amendments to the Board
for it to
determine where to send them.
Jan. 20, 19 -4. 123.
Gov. Black said the Board had not in any way oir)o
sed the Gold Reserve
Act, except that Wyatt drew some zaenaments at reque
-..t of Glass
and McAdoo, F,nd except that Board wanted to retain
title to
Federal reserve old giving Treasury a book credi
t for the
devaluation profit.
Jan. 23, 1934. 125.
Glass is making a hard fir;ht against t.e Gold Rec•rve Act.
Jan. :)5, 194. 127.
Board finraly ag'eed to accept the Federal intermedia
te credit
bill, changed by Glass so as to have ,he Federal reser
ve
banks make ea-At-a loans, the Treasury to refund to
the Pederal
reserve banks for this puroose the 140 millions tak
n from
their surplus and given by Congress to Deposit Insur
ance Corn.
April 3, 1934. 177, 178, 179.
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Federal Reserve Bank of St. Louis
84.
Glass, Sen. (Oontld.)
Glass agreed with Gov. Black 'hat
his Stock Exchange Com:aittee
of 3 shoulci have charge over brokrc:' loans to their
custamrs an the Federal Re erve
System over bank loans.
to brokers.
April 19, 1934. 181.
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Federal Reserve Bank of St. Louis
85.
GOLD.
Gold.
Aci--eson, ':/14 21der Secretary.
15, 17, 18, 20, 30.
.1,
,
,.rea'aent, Pro osed. Gold .ransr.
97, 1DO, 102.
ALiendments, GolJ Res-rve Act.
126, 130, 130, 137 (Senate)
Attorney General.
4, 14, 55, 62, 64, 72, 77, 82, 97,
121, 132, 139, 157.
Baillie, Mr. 135.
Bak.3r, Newton D.
71, 80, 82, 83, 84, 86, 93, 93, 97,
105, 111, 132, 153.
Balik of Eni;land. 18.
See - Norman, Gov.
BankiJc: Advisory Couaittee. 7
Ban::int: crisis. 88.
Bargain with Oon-Tess, Suggested. 129.
Bell, Mr. 155.
force of Attorney General's opinion.
72.
Blr'ck, Gov.
3, 4, 5, 7, 9, 14, 16, 17, 13, 19, 22,
26, 27, 29, 32, 33,
34, 35, 36, 38, 42, 43, 48, 56, 59, 62,
63, 66, 70, 71, 74,
76, 77, 78, 84, 88, 94, 97, 100, 101,
102, 105, 103,109,
110, 112, 113, 114, 118, 120, 123, 127,
134, 135, 136, 141, 142.
143, 144, 145, 146, 147, 148, 149, 151,
152, 157.
Bcyrd, Stabilizr.tion. 126.
"Bomb shell" st .emPnt of Roosevelt.
Bond values. 10.
Bonds.
Se ,= - Foreig.,Government Londs.
Government securities.
Book credit.
70, 143.
119.
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Federal Reserve Bank of St. Louis
86.
GOLD I=EX.
Gold. (Con't.)
Brain Trust of Treasury. 156.
Bruere. 18, 35.
Building for Federia Reserve Board. 63, 70
Business recovery. 8, 10.
CapitA., Federal reserve banl:s. Danger of win'Ln
g out.
63.
Central bank.
91, 111, 116, 153, 154.
Centralizntion. 117.
Chairman of Federil Reserve Bcyrd. 72.
Clveland, Grover. 5.
Collateral security. 10().
Commercial paper. 116.
Committee of the Nations. 140.
Com.:edities Corporation. 16.
acn.i...odity do:
r. 60.
Cop_menstion to Feder_l reserve banks. 63, 70.
Condition precedent. 95, 105.
Condition subsequent. 100.
Conferences with Roosevelt.
18, 22, 26, 62, 74, 77.
Confidence, Failure of.
8, 10, 33, 41, 57, 85, 89.
Confirmation, conditional.
Morgenthau. 135.
Con,yes , Necessity of action by.
17, 70, 76, 78. 17, 84, 89, 94, 97, 93, 100,
101, 102, 103, 107, 109, 112, 139.
Conversion loan. 10.
Constitution. 83
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Federal Reserve Bank of St. Louis
87.
GOLD IlTDEX
Gold. (Contld.)
Constituti nality.
63, 68, 83, 86.
See - Ti. S. Su-)reme Court.
Coughlin, Father. 90.
Credit policy.
See - Policy.
116
Crisis, BanLing. 88.
Curbing of speculation. 116.
Currencies.
See - Depreciated aur-encies.
Currency, Maintenance of the. 62.
See - ManaFed currency.
Custody of monetary gold. 114.
Debentares of R.P.
18, 20, 23, 25.
Deficit, Treasury. 73, 87.
Deflation. 60.
Dmand in writim7. 84, 93.
Deposit credit, Federal reserve banks. 77.
Deposit Insurance Fund. 63.
Deprecited currencies. 21.
Destruction of Federal Reserve System, Threatened
. 63.
Devaluation of dollar.
4, 6, 8, 9, 17, 38, 57, 62, 63, 65, 68, 70, 71,
73, 76, 77, 83, 84, 86, 87, 95, 96, 97, 100,
103, 110, 113, 114, 117, 127, 137, 142, 149, 150.
Directors, Federal reserve bank.
34, 86, 93, 99, 103.
Discount rates. 92.
See - Sprague
Doll r.
28, 38, 49, 51.
• See - Coa.lodity dollar
D.-valu•Aicn of dollar.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
88.
GOLD INDEX.
Gold (Colit'd.)
Dollur, Internat onal Exchange value of. 126.
Doll' r obligation. 100.
Dire ')rocess of law. 33.
Earmarking of gold. 97, 146.
Embargo, Gold. a.
Emergengy limitation on President 126, 137.
Eminent domain theory oZ Attorney Genera.
Excess zeserves. 47.
Executive Committee. 32.
- Oznen Market Coadit tee.
Executive orders. 115.
Ex-2ert Treasury assistants. 155.
Federal Advisory Council. 53, 57,61.
Federal Reserve Act 20.
Federtl Re,er- e Agents. 74, 86.
See - Gold seizure.
Fed-ral Reserve Bank, Chicago. 99.
Federal Reserve Bank, :ew York.
7, 18, 24, 151, 15E.
Fe(rl,eral Res -rve Lank, Philadel Ida. 99.
Federal re erve banks.
4, 16, 18, 20, 23, 55, 69, 77, 79, 83, 34, 86, 93,
95, 96, 97, 100, 101, 103, 110.
Bee - Gold seizure.
Federal Rezerve Board.
11, 18, 19, 20, 21, 22, 24, 26, 46, 68, 72, 79, 90, 82, 83,
84, 85, 88, 92, 93, 97, 98, 100, 102, 103, 104, 114,
126, 127, 130, 131, 132, 134, 139, 143, 148, 154.
F-C,eral Re - erve Board bullding. 70.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
89.
GOLD
IITEX.
Gold. (Cont'd.)
Federal reserve notes. 4, 69, 114.
Federal Re,-rve 'system.
63, 71, 72, 91, 109, 143, 154.
Fiscal Agent, Federal Reserve 3ank, 1:ew 1"orl..
24, 25, 151.
Foreign exchange. 7.
Foreign Government bonds. 116.
Franc. 21.
France. 21, 27, 28, 43, 59.
See - France
Franchise tax. 126, 127
Frew, Federal Advisory Council. 57.
Glass. 110, 130, 134, 138.
Gold. 6, 17, 69, 70.
Gold bullion. 100.
Gold bullion standard. 115.
Gold certificates.
65, 77, 78, 79, 85, 84, 83, 95, 97,
101, 146, 14,.
Go1-1 dollars. 77, 97.
Gold aubargo. 21.
Gold, :onetary, Custody of. 114.
Gold, Purchase of.
7, 9, 14, 10, 16, 18, 19, 20, 21, 23, 24, 26, 27, 32, 45, 47,
51, 53, 55, 106.
Gold redemption fund. 69.
See - RedenrAion.
Gold reserve. 4.
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Federal Reserve Bank of St. Louis
90.
GOLD II:DEX
Gold (Cont'd.)
Gold Reserve
108,
125,
138,
Act.
109, 110, 112, 113, 115, 116, 118, 120, 122, 124,
126, 127, 123, 1:3, 131, 132, 13, 14, 136, 137,
139, 141, 154.
See - Gold, Seizure of.
Gold
a1es. 73, 43.
Gold, Seizure of.
62, 63, 64, 65, (-), 68, 69, 70, 72, 73, 77, 78, 79, 80,
83, 84, 87, 88, 89, 90, 93, 95, 100, 101, 105, 139, 157.
See - Gold Rerve Act.
Gold stan&rd.
1, 5, 21, 28, 1-.7.
Gold, Title to.
127, 134.
Goldenweiser. 9, 47.
Government bonds. 32.
Government securities.
32, 40, 42, 116.
Governors, Fedeva reserve banks.
84, 85, 86, 126, 128, 130, 131.
Great Britain.
3, 18, 21, 28, 59.
See - Norman, Gov.
Greenbacks.
2, 37, 38, 39, 41, 47, 57, 71.
Guaranty Trust Co. 23.
Hamlin, C.S.
10, 31, 32, HI 37, 38, 39, 40, 47, 48, 50, 51, 57,
71, 72, 73, 86, 87, 89, 90, 91, 92, 97, 95, 98, 107, 104,
115, 116, 129, 130, 144, 148, 153.
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Federal Reserve Bank of St. Louis
91.
GOLD
Gold. (Contld.)
Harrison, Gov.
7, 18,
25, 26, 27, 28, 33,
77, 88, 143, 152.
4, 43, 44, 45, .0, 54, 35, 59,
Hoarding.
4, 28, 62.
Holtzdorf plan.
62, 64, 65, 66, 72, 74, 75, 77, 89, 121, la, 125,
139, 157.
Hoover. 103.
Houston. 125.
Import restrictions. 21.
Indemnification to Federal reserve banks.
7, 97.
Infltition. 12, 38. 87.
International exchL.n.,Te value of dollar. 126.
International trade. 115.
Involuntry turning over of gold. 99.
See - Feder-1 Reserve Bank, Philadelhia.
Jackson, Andrew. 111.
James, George R. 49, 57.
Joint custody of gold. 86.
Jones, Jesse. R.F.:7. 25, 33.
Kemper. 61.
Keynes, John Maynard. 106.
Langdon, Aubrey. 155.
Lawful money. 6,)
Legal proceedings, PossiJle 71.
Leon. 125.
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Federal Reserve Bank of St. Louis
GOLD INDEX
Gold. (Contid.)
Liaison officer. 16.
Limitation of i)ower to three years. 137.
London Econ:::mis..
36, 41.
Managed currency. 6, 11, 116.
McAdoo, Sen. 134.
Member banks. 23, 24, 71.
Memoranda.
Draft of agreement to surrender gold voluntarily.
Gov. Black.
22, 23, 74, 77, 84.
Holtzdorf. 62.
See simor, Gov. Black
Message to Coairess, Gold Reserve Act. 107, 119.
Meyer, Gov. 108.
Miller, Dr.
1, 8, 11, 67, 69, 71, 118, 120
Monetary authority bill. 140.
Monetary gold, Custody of. 114.
Morc:enthau, Sec.
11, 17, 18, 45, 50, 52, 62, 77, 94, 100, 108, 112, 125, 135,
140, 145, 151, 152, 154, 155.
N.a.A. 106.
New York bankers. 35.
New York banks. 35, 36.
New York Herald-Tribune. 15.
New York Times. 13, 111.
Norman, Gov. 28, 34, 44, 45, 50, 59.
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Federal Reserve Bank of St. Louis
93.
GOLD INDEX.
Gold. (Contld.)
Oliphant, Counsel to Morgenthau.
77, 100, 102, 125.
Open mt..rket Committee.
32, 40.
Open Market powers. 116, 122.
Open market nurdhases. 116.
See - Government securities
Opinion Gf Attorney Gener1, Binding force of. 72.
Ottley, Federal Advisory Co,.ncil. 61.
27, 43.
See - Franc
Prance
Policy of Roosevelt
23, 28, 29, 35, 48, 50, 51, 52, 56, 5?, 58, 73, 106, 116,
152.
Politics. 116.
ostal savings funds. 42.
Power
See - Gold )urchases
Sec. 11 - Federal :tlee.i.ve Act.
Pres. 117.
Prices.
2, 6, 21, 38, 47, 49, 55, 60, 73,106.
Profit from devaluation.
4, 17, 63, 631 69, 70, 73, 83, 84, 85, 95, 100, 110,
114, 127.
Protest, Federal res rve banks.
83, 84, 86.
Purchasing power. 6.
14, 15, 18, 20, 2, 24, 25, 37.
See - Jones, Jesse.
94.
GOLD INDEX.
Gold. (0c)nt'd.)
Radio •idres,s. Roosevelt.
6, 11, 12, 13.
Ratification by Ipn,-resE,- . 97, 106.
Recovery. 96, 107.
Redem-Aion, "Gold certificates"
65, 77,78, 79, 84, 88, 97, 113, 146, 147.
Reed, Gen. Counsel,
25
Reerves.
See - Excess reserves.
rarburg. 60.
Resolution. Federal Advisory Council, Against inflr,
tion.
57, 61.
ResiEntion. 66.
Roosev it.
1, 3, 4, 6, 8, 10, 11, 13, 14, 15, 18, 19, 2, 23,
26, 28, 29, 30, 32, 33, 4, 35, 37, 43, 45, 48,
50, 51,
52, 56,57, 58, 62, 63, 71, 73, 74, 75, 76, 77, 78, 84,
86, 87, 88, 98, 99, 100, 101, 102, 10:-, 104, 106,
107,
108, 109, 111, 114, 116, 118, 123, 134, 136, 137,
159,
141, 142, 143, 144, 148, 149, 150, 154, 137.
Savannah, Georgia. 52.
Scrivener. 1:34.
Secrecy. 71, 108.
Secretary of Treasury. 72
See - Llorgenthau.
Sec. 11 N, P.R. Act.
84, 86, 93, 95, 101.
Sec. 16, Federal Reserve Act. 86.
Sec. 10, Gold Reerve Act. 122.
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Federal Reserve Bank of St. Louis
95.
GOLD
Gold (Cont'd.)
Security, Coll:Aeral. 100, 114.
Smith, Tom. 155.
Social revolution. 107.
Senate amendments. 137.
Sennte Com_ittee. 120,
la, 124.
Socialistic doctri.le. 107.
Sound Licney. 12.
S-Deculation. 10, 27, 116.
SrraEue, O.M.W.
2, 30, 56, 58, 92.
3, 4, 8, 28, 34, 44,
50, 51, 54, 57,
9.
Stabilization Board. 126.
Stabilization fund.
113, 126, 137, 145, 151.
Sterlin6.
28, 33, 43, 45, 54.
Szymczak. 133.
Timas unendment.
20, 62, 63, 83, 86, 95, 146.
Title to gold.
100, 127, 134.
Tories. 52.
Tr-ylor. 61.
mJ.re"sury.
4, 6, 17, 30, 42, 55, 69, 70, 77, 83, 84, 86, 88, 93,
96, 97, 100, 116, 126, 130, 1.5, 137, 146, 153.
See - Gold purchases
Gold seizure
Treasury assistants, E;:-,-)ert. 155.
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Federal Reserve Bank of St. Louis
96.
GOLD F:DEX
Gold (Contld.)
Treasury brain trust. 156.
Trer_sury d,:.ficit. 73, 87.
Trust funds. 99.
U. S. Slareme Court.
63, 83, 86, 132.
See - Constitutionality.
Vanderlip, Frank. 140.
Voluntary turning over of cold to Trea
alry.
84, 99, 101.
Votes.
20, 46, 61, 82, 93.
Waiver of rights. 146.
Warburg, J. 60.
rarren, Prof. 11, 18.
Wheat prices. 49.
Wilson, President. 72.
Woman's Nation. Democnitic Club. 5.
Woodin, Sec. 4.
Wyatt, Walter
20, 64. 72, 83, 97, 120, 121, 125,
126, 133, 13<..
(End of Index to "Gold")
0•11••••••••••••••••..
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97.
GULL.
Gold. (Oont'd.)
1. niller said Roosevelt told him that his memorandum a vising
a statement that we should ultimately return to a Fold
standard was somewhat radical.
Oct. 10, 1935. 14.
2.
S,ra,--ue opposed issue of greenbacks to increase prices.
Oct. 14, 1933. 16.
3.
Roos velt told Gov. Black that the timefor stabilization had not
yet come; that if stabilization were desirable why had not
Gr,
at Britain stabilized?
Oct. 17, 1933. 20.
4.
Gov. Btdk told Roosevelt that his Committee an d-valuatThn Attorney General, Woodin and Gov. Bl-dk - was rea4 to
report; that Roosevelt seaaed to think the mftter was very
sim-,1e; that he merely would have to dil.ect the P.R. banl:s
to turn over to Treasury all he -orofit from devaluL tion;
that he told Roosevelt it .'as very complicated; that he
could not issue such an ord r under the Anti-hoarding
Act, since the P.R. banks were not hoarders; that Lhey had
to carry 40% gold reserve against P.R. notes and that
there were many doubtful legal questions; that Roosev it
bean to ao reci:,te this; that he told FoosevPlt the time
for sta iliz tion had not yet arrived.
Oct. 17, 1935. 20, 21.
5.
Gov. Black in .ddress to Woman's National Dem. Club prrAsed
Cleveland for his fight in 1896 to maintain the gold
standard.
Oct. T, 1937. 25.
6.
RooEevelt 'n raCio aidress came out squarely for a manaed
currency.
He said devaluation must wait until prices had risen.
He said that in order to increase -)rices he had authorized to
buy gold at prices fixed by the Treasury and President; also
to buy and sell gold abroad.
He
that when prices had. risen, he would d-valuate the
dollar and would manipulate it so that its nurchasinJ7 rower
would be unchanged for a generation.
Oct. 23, 1933. 27.
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Federal Reserve Bank of St. Louis
93.
Gold (Contid.)
7.
Gov. Black said he heard on Sat.rday th t Roos-velt had
determined on this; tlit,t SaturdBef evening the Banking
Advisory Caa.tttee had met and adopted a report favorin.
eurchase and sale of gold, exchange etc. by the F.H. banks
and. that Congress should indemnify them against loss; that
,ov. Harrison
he declinee to sign the report; that the
others sioled it, - but all to no avail.
Oct. 23, 1937. 27.
8.
Miller said Roosevelt's action was a deliberate attemt not
to stabilize, but to lower the value of the dollar, which
would cause confusion and impeirment of confidence“-md
Tout beck business recovery.
Oct. 23, 1933. 28.
9.
Gov. Black read a meeiorandum of Goldenweiser as to effect of
promosed golipurehases, which he said would be worse than
outright devaluation of the dollar.
Oct. 23, 19C3. 28.
10.
C.S.H. fears Rooevelt's action will impair confidence and. set
back recovery; that it will encourage stock speculation
and depress bond value; thet it may also injure the
conversion loan.
Oct. 23, 1933. 28.
11.
Roosevelt never consulted our Board as to his radio address
or managed currency.
Millr sz id Prof. Warren and Morgenthau "out it over" on him.
Oct. 23, 1933. 29.
12.
The Press generally viered Roosevelt's radio ac-.dres as a
turning point to inflation and away from sound money.
Oct. LA, 1933. 29.
13.
N. Y. Herald-Tribune criticised it severely.
Y. Times criticised it as obscure.
Oct. 24, 1933. ,9.
14.
Gov. ElaCk denied legality of Roo:ev-lt's or0er to R.F.
to purchase gold or anything else.
He s id the Attorney General is unable to give an opinion
that such power exists.
Oct. 24, 1933. 29.
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Federal Reserve Bank of St. Louis
99.
Gold (Contld.)
15.
Rooevelt has ordered the R.F.?,. in conjunction with Acheson
to buy the ,;old, but Acheson says it would be illegal.
. 70.
16.
Gov. Black believes the F.:. banks could buy e-old and et once
sell it to the Commodities CorTior'ttion fr the same e'rice.
Oct. 24, 1933. 3D.
17.
Gov. B]ack contemptuousy said that Morzenthau wants
Treasury to corral allthe F.R. gold so as to give the
Government the profit from devaluation.
Acheson is to write Roosevelt that , his, apart from action
py Con_ res--, =not an should not be done.
Oct. 24 ,1933. 30.
18.
Gov. Black said that at a conference yesterday attended by
Acheson, Bruere, Prof. Warren, Gov. Harrison, Morgenthau
et al, Roosevelt informed him that he had decided to
direct the R.FC. to buy cold and wished the F.:. Board
to work out the mechanism; that he had asked the F.:.
Bank of New York to buy R.F.C. debenteres, to furnish money
for this purpose; that Gov. Harrison said this could be
done only if the P.R. banks could buy R.F.C. debentures,
that Gov. Harrison suggested that before buying, he be
authorized to take up with Great B itain the matter, - to
which Roocevelt agreed.
Oct. 30, 193. 74.
19.
Roosevelt never consulted the Board as to this order; he
merely tole Gov. Black of the order.
Oct. 3D, 1933. 74.
20. Board voted Lo approve this being done by the F.R. banks
erovided they could lawfulLy purchase R.F.C. debentures,
and asked Wyatt for an o dnion.
Wyatt gave e. formal o inion thet the R.r.. could not sell
its debentures to F.R. banka, that the F.R. Act prohibited
F.a. banks from purchasing or discounting paper secured by
R.F.C. debentures, and Joi.t the Thomas amendments die not
remove the prohibition.
Board then voted to LEL o in on from Attorney Generel.
Oct. 30, 1937. .5.
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100.
Gold (Contld.)
21.
The whole Board deprecated this ction as it cauld so
easily be negatived by Great Britain or France by
embargoing gold exports or restrictions from i:xports
from U.S.
The Board feels it will make Roosev-lt ridiculous and will
not raise 2rices, but will very likely lead to competiton
in depreciated currencies and d ive France off the gold
standard.
Oct. 30, 193:7. 35.
22. Gov. Bl-ek out on files a memorandum as to above conferences
with Roosevelt.
Oct. 31, 1934. 36.
•
Gov. Harrison came in and said the memorandum was correct but
he would like to emphasize the fact that the plan should
be carried out through some member bank, e.g. the Guaranty
Trist Co., to which Roosev-lt agreed.
Gov. Harrison said he told Roosevelt franhly that he did not
approve the policy of buying gold, but would loyally
cooperate to carry it out; that he cauldnot favor doing it
through the 7.2:. banks unless it was setted that they
could lawfully buy R.E.C. debentures.
Oct. 31, 1933. 36, 37.
24.
The Federal Reserve Bank of New York asked authority to act
as fiscal agents of the R.F.C. in this utter.
This seems to assume that the purchases are to be made
through a member bank and that the Federal reset ve banks
-)ct merely as agents of the R.F.O.
The Board Tp-roved this.
Oct. 31, 1933.
25.
77.
Gov. Harrison said he told Jesse Jones that his bank would
not act as Fiscal Agent unless Jones' Caunsel gave an
opinion as to legality of plFeing the proceeds of the
debentures.
It is understood ,hat Reed, General Counsel of R.F.0., gave
such: an opinion, b-A it was never published.
Oct. 1, 1933. 37.
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Federal Reserve Bank of St. Louis
101.
Gold (Cant'd.)
26.
Gov. Black and Gov. Harrison 9-1.1 1:L.eA neither the 1
- 3ord
nor anyone else at the Conference was consulted as
to the -policy; that Roosewat said it was settled,
that we were 11 in the same boat and that any one
that did not like it could get out!
Oct. 31, 1933. 37.
27.
Gov. Bladk told Bonrd tha -,, Gov. Harrison tried to buy
rP500,000 of gold in London but was outbided, and
could ret none, by a soculator; that he di; buy uhe
same amount in Paris.
Nov. 2, 1933. 42.
28.
Gov. Norman told Gov. Harrison he could not understand
what we were driving at, and that he feared our course
would revive hording and drive France off the old
stan-ard.
He said that for the present he would allow sterling to
fluctuate with the dollar below the Franc.
He then asked Gov. Harrison just \that our .- )olicy was,
and said if England and France understood it dley
might be willing to help.
Nov. 2, 1933. 42.
29.
Gov.Bladk said to Board that no one could explain our
policy form one knew just what it was!
Nov. 2, 1933. 42.
30.
Roosev it told the Press he had drop ed Acheson because
of his lack of financial experience!
He also said his policy should be carried out Even if
there were 50 Spragues in the Treasury!
Nov. 15, 1937. 47.
31.
C.S.H. is amazed :t r:hove declaration.
Nov. 15, 1933. 47.
32.
Gov. Black said the Executive Committee of Open Market
Committee wanted to sto:.:) further .
- ILrchases of Government
securities.
C.S.H. believes the 1. Y. bank-Ts want to scar Roosevelt
by showing that the ;;old purchases are denressing
Government bonds, -11,cl wanted to do away with every sustaining
effort which might come from Open market purchases.
Nov. 15, 193:.. 48.
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Gold (Contld.)
33.
Gov. Bl.ck z.aid sterling yesterday reached
5.20 rind that
Roosevelt Cirected Gov. Harrison to sell some
gold to
keep it down; tht Gov. Harrison said that
Jesse Jones
denied pny authority in
to sell 0:)1d; that
Gov. H rrison said such :,uthority was cive
n in the
agreement between R.F.. and F deral Re erve
Bank of
:e1.7 York and that Jones must rez:.2firm this
or cancel it.
Nov. 15, 1933. 48.
34.
Gov. 31 ck s,id Roo ev.lt had asked Gov. H.
rrison uo take u:1)
with Gov. Norman the raestion ofsome stab
iliztion
agreement, and tiv,,t Gov. Harrison /Did done
this.
Nov. 15, 1933. 48.
35.
Gov. Black si Bruere was in a 11. -. rd posi
tion; that he had
opposed the gJld buying policy, b...t that
the IL Y. bankers
believe he is in accord with Roosev it.
Nov. 15, 1933. 48.
36.
Gov. Black said he had given up the id-a of
LI liaison
officer between Roosevelt and the banks; that
he wauld have
liked o see C.S.H. have this position at $100
,000 per year!
Nov. 15, 1933. 49.
37.
C.S.H. fears that the only arrow left in Roos
evelt's auiver
is the issuance of _;.reenbadks in the near futu
re.
Nov. 15, 1933. 49.
38,
Gov. ElEck showed :;.S.H. nn article from the
London
Econoist to the ef:ect that devalultion will
not
increase prices; that the only wvzr to incr
eas- prices
17auld be:
1.
2.
39.
To restore confidence
To further dis:,rupt confidence, by deliberate
greenbadk inflation. This would make 2eop
le
rush to Put their m - ney into commoOlties
for fear of the future of the doll.?r, t-, nd
the
consequent incre. se of prices.
Nov. 15, 193. 49.
C.S.H. feel:-; Roosevelt's action means an issue
of greenix7cks
in near future.
1:ov. 15, 193.49.
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103.
Gold (Contid.)
40.
The open Market Cantee bought in Gover
nment scaritio
1st week, C.SH. opposer siich nolicy.
Nov. 15, 193. 50.
/11.
Gov. Black said the Trea:ury was bwinc; bonds
to protect '
the bond market.
It has over 1 billion of postal ,vinej.s fund
!arailalle
for this urose.
15, 193. 50.
42. London Econwillist says issue ofo.eenbadks
:Aijht put up
prices by cl.strving confiCienc.
Nov. lb, 193:, 49.
43.
Gov. Harrison tel- honed Gol,Black that yesterday
Roosev-lt directee, him to reverse and sell
gold to
prevent a runarz, dollar; that sterlinc today
was
over 5.5; that he sold 8700,000 gold in Londo
n
Whic: bro—e sterliiv to 5.2D; that he also sold
$500,000 in Paris with similar results.
Nov. 15, 193. El.
/A.
Gov. Harrison said he had talked with Gov.
Norm.r.n Es to
a stabilization t-!.reement, 'DIA Gov. Norman
::aid
it was useless to .al:e ul the mttter unles and
until the U.S. prouosed sane definite pin.
Nov. 15, 1933. 51, 52.
45.
Gov. Harrison said he now 11:-,s recsived autho
rity from
Roosevelt to take up with Gov. Norman a plan
involving 25 millions in ,=-old, to keep sterling
between 5.35 and 5.50; that he called up norge
nthau
whoedked time to consi(er it, saying he would
let him
have his answer by 9 a.m. tomorrow; that he repli
ed
that no one could foresee 17htLt might happen befor
e
9 a.m. (3 n.m. London time); 7.hat norgenthau then
sr'id he authorized him to use 2 millions at once;
that he
replied that this mi4ht -)rovr-, nly a drop in the
b- cket.
Nov. 15, 1933. 52.
46.
The Board approve zbove 25 million plan.
Nov. 13, 1933. 52.
47.
Goldenweiser told C.S.H. that the golc'. nurdhases had
not
yet put up rices; 'What an issue of greenbacks would
merely incr,
,se the excess reserves of the banlm.
Nov. 15, 1933.53.
48.
Gov.31ack is very much CAstmxbed over Roosev
it's nolicieF.
C.S.H. wonders -hat will hap-2en.
Nov. 15, 1933. 53.
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Federal Reserve Bank of St. Louis
104.
Gold (Contid.)
49.
Ja;aes said the theory that :he gyrations of our dollar
abroad - samet mes 20 points in a few minutes will permanently raise the price of wheat on the
farm and in the Chicago market - is aanifestly absurd.
Nov. 15, 1933. 53.
50.
C.S.H. writes congratulating Morc:enthau at his alypointment
as Under Secretary sayin he will loyally sun - ort him
in his policies.
At that ti:le Gov. Harrison was worl_ing out the 25 million
stabilization -1greement with Gov. Nonaan; in other
words, Roosevelt had adopted t, new golicy of stabilization
in vhidh 0.-.H. thoroughl:; believed.
This was the chief oolicy which was in C.S.H.Is mind in writing
the letter.
7.:ov. 17, 1933. 54.
51.
C.S.H. feels he had a right to believe :nit Roosevelt in
authorizing a stabiliztion agreement, had abandoned his
gold Purchase policy.
Nov. 18, 1933. 55.
52.
Roosevelt at Savannah Georgia th•sn.rn. apoLe and :eferred
to those who did not accert his policiaas "Tories".
Nov. 18, 1933. 56, 57.
53.
norgenthau told the Federal Advisory Council thet he should
buy ,eold until the nrice rose to $40.
He wanted to know whether he should do this
take sveral bites of the Cherry.
t once or
The latter course was urged Iron him.
He said nothing rs to what he should do after the price reached
$40.
It is now e little over $39.
Nov. 20, 1933. 58.
54.
Gov. Harrison ex-olained the workings of the stabilization
agreement to keen sterling between 5.25 and 5.35.
Nov. 20, 1933. 59.
55.
Gov. Harrison sal( the Attorney General had given an o -)inion
that, under an early statute, the Treasury could buy rold.
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Federal Reserve Bank of St. Louis
105.
Gold (Conti.)
(Contld.)
He stid that if te Fe,Ier21 reserve banks bought gold
sgy at ,40, they would have to enter it on Lheir books
at the statutory price, but they cold at once sell
it to the Treasury for the actual price they paid for
it.
Nov. 20, 1933. 59.
56.
Gov. Blac:-. said Sprngue resigned in a very caustic letter
to Roosevelt and Szymczak said he heard that he told aoosevelt
he would :cour the country in at-,ac:Iing his polici-s.
1:ov. 20, 193r. 59.
57.
Federal Advisory Council passed a r,solution against
infltion and dempmded an intemtional stabilization
based on P"old.
criticised 1:.esolution for not stating whether
Council wanted the old or a new .old standard, nnd if the
latter, whether it fnvored devaluian.
Sin th, Chairman, said some wanted old sta.n_ard.
Frew said he wanted return to old gold ,tanard but would
compromise on stabilization on a 60 cent dollar basis.
Frew said confi6.ence was irnaired, and under existing
policy of Roosevelt he saw nothing ahead but issue of
greenbacks.
James said, as a gold standard man he thought it was too
early to stabilize.
The Council said it would consider recast
the resolution
but nothing aame of it.
Nov. 22, 1933. 60, Gl.
58•
Sprague's letter to Roos.-velt esining and stating
op-oosition to Roovelt's riolicies was published and caused
some excitement. (See scrap book).
Nov. 22, 1932. Cl.
59.
Gov. HErriso told Gov. Jack that Gov. Norman saw
difficulties in n stabilization z_greauent hich could not be
put an end to except after 48 hours notice; that Gov. Norman
said Fr(mce was in a precarious situLtion and that Great
Britain and France were consulting to,:-ther Lo mc-,
-t the
emergency.
1933. 63.
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Federal Reserve Bank of St. Louis
106.
Gold (Contld.)
60.
James Warburg in an ad. ress yesterday srld he resiemed
frau the Treasury some time ago as he could not accept
Price Increase through in:lation, nor did he believe a
commodity dollar would keep xices stable. (See scrap book)
Nov. 23, 193 63.
61.
The vote of Federal Advisory Council last week on its gold
resolution was 6 to
Treyior, Kemper and Ottley voting No.
Nov. 27, 193. 67.
62.
Gov. Black told Board of his conference with Roosevelt
yesterday; that Morgenthau, Attorney Generel and Holtzorff
f Attorney Gencreells office and others were there.
Hcltzdorff presented a plan for seizing Federal reserve
gold, rhidp. the Attorney General said represented his views.
The memorandum set forth that the Government haL eeLthority to
seize he ,7o1d under a Hoarding order, and under the power
of the Treasury to maintain ,he currency under nother ect.
The nlan provided thro e Treasury :cent, with an Attorney,
at a given time, after the stock exchane:es had closed,
should visit each Federal eserve bank, and demand. that '6.he
Federal Reserve Ajent surrender to the Government all e;old
held by the bank, or to Yhich it had title, leally or in
equity, the Federal Reserve Ai-;.ent o give a certificate
t:Int hr, held this -old for the Government; ehat after this
was done, Roosevelt could at once Tevalue the dollar under
the Y.homas amendments; that in thislmy litigation and
nossibIe injunctions could be avoided, at least until the
Government got he gold or he riht to it.
Dec. 15, 19:3. 83.
63.
Gov. Lick told Roosevelt he doubted the constitutionality
of the Thomas amendment as to devaluatien; that Congress
should enact legislation in :his matter; ;hat Congress
should provide that the devolution should later be
repealed and the dollar restored to its former intrinsic
value, the Government s—ould return to the Federal ree.-e
banks the profit ithad obtained from the seizure; that the
Gov rnment should agree to cani)ensate the banks by
releasing their liability to the Deposit insurance fund,
and should also pay for a new building for the Federal
ite-erve Board.
He ;ointed out that if devaluation were dhan -ed back to
statutory inrinsic value o t—e dolLi-,r, either voluntarily
or through a decision by U.S. Su2reme Co rt that present
devaluation were unc-nstitutional, the capitel of the
ined out endthe Federal
Federal re:erve banks -rould
Reserve System destroyed.
Dec. le, 193. TZ, 84.
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Federal Reserve Bank of St. Louis
107.
Gold (Contld.)
64.
Wyatt differed from Attorney General an' said
nlan could not legally be carried out.
Dec. 15, 19. 84.
65.
The. Plan Also provided that the Treasury would give the
Zederel reserve banl:s so called "gold certificates" for
the gold taken, said certifice.tes being redeemable in
gol: dollars but of the devalued alue.
he Holzdorff
The plan furthermore 1..ovided that te Treasury need not
redeem the gold certificates, but could redeem in any
lawful money.
Dec. 15, 1933. 84.
66.
Gov. Black intimated that if the Holzdorfl 71Rn were
aLo73ted he mi t resign.
Dec. 15, 1933. 84.
67.
Miller said if the plan were legal we could do nothing and
we would be helpless.
Dec. 15, 1933. 84.
68.
All the Board agreed that 1 devalm.tion were legal, the
Government might be justified in elzing the profits, but
most of the members 7r!.Ive1y doubted the legality of the plan.
Dec. 15, 1933. 84, 85.
69.
Miller fid a le -d way m_ght be for Treasury .o deman an
increa e in fold rede4etion fund :aaintained by the
Federal reserve banks to 100, which would take fro:a the
Federal reserve banks about 3 billions of the gold, as
there were about C billions of Federal reserve not3s
outstanding.
The Federal rerve banks hold in all about 3.8 bilLions of
gold; the remaining 800 millions could be left in the
Fed -lea reserve banks with the devaluation profit.
Dec. Li, 1933. 85.
70.
Gov.Black did not o-cject to the Treasury getting the --)rofit
from devaluation, but felt that the prooer way was for the
FeCeral reserve bans to keep their teold an give he
Govtrnment credit for the amount of the profits; .hat his
would require action of Congress, and incident:11y the
Bo-rd might, in lieu of the profit, obtain some compensation,
e.g. a new Board building, etc. etc.
Dec. 15, 1933. 35.
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Federal Reserve Bank of St. Louis
108.
Gold (Contld.)
71.
Someone suggeted asking Newton Balzer for his opinion.
Laller thought this would be of no use.
C.S.H. a.reed with Killer unless the Board contemlated legal
eroceeeings to protect the Federal Reserve Systen, which
course C.S.H. felt unnecessary, as, if the olan were
attempted to be carried out, soue o2 the member banks
wold surely initiate legal eroceedine:s to protect their
interest.
C.S.H. no_nted out also tw.e. we had been bound to s crecy.
Gov. Bile& said Roo ev-lt did not sr:c: positively :,hLA he
Should devalue, but that he felt certain Roosevelt would
either devalue or issue greenbacks within the next few
months.
Bonrd adjourned over till tomorrow.
Dec. 15, 19. 85, 86.
72.
The Attorney General having said the Holzdorff plan was in
his o inien legal, and that it was adopted by him as his
ooinion, the question arose whether t_e Fe er-L1 Reserve
System was bound by the o-einion.
Wyatt said an executive order issued during the war,provided
that when a Department asked for an oAnion from the
Attorney General, the odnion was binding on it, but he
felt in this ease the Attorney Gen-ralls opinion not
having been askera for by the Board, it did not bind the
Board.
C.S.H. is not at all sure about this.
Su-
)se the Secretary of the Treasury as Chdrman o: the Board,
with or without its consent, asked Attorney GenerL1 for
an o inion, to aid him in c' sting his vote in the Board,
wauld not ,his be bindind on the Board?
This case is something likE the uuestion
arose In the
Redistricting fi,eht in the Board mew years ago, when
C.S.H. as Governor and as a member as1:ed President Wilson
to ask an ()Anion from the Attorney General.
The President die this and the Attorney General gave rn oeinion
that the ero,eosed action of the Board was Mega....
7:hile many of the Board were very angry, yet the Board accented
the oeinion as binding on it.
'Pc. 15, 197,3.. 87.
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Federal Reserve Bank of St. Louis
109.
Gold (Oontid.)
Lrter he said the FederL1 reserve banks mi7,ht u .,11o,
!ed to keep
all their gold but to give to Treasury a deposit credit.
Dec.20, 19,
89.
78. Gov. Black ,.g-An conferred rith Roosev-lt this a.m. - lid later
re-)orted that Roosev it insists on getting nossPssion of all
the Federal re - . rve gold, before 3ongr ,s assembles; that
Roosevelt wants all the gold turned in exchz-..ne for "gold
certificatesfthich the Treasury is not bound to redeem in
Gov. Black again stressed the necessity of Conoressionol rction.
Dec. 20, 1933. 90.
79. The Board members feel that if the Treasury has the legal right to
seize the Fedral reserve gold, the Board can not op )
- ose the
actin, nor on he other hand, caa the Board a-vise Federal
reserve banks to turn in their gold for certificaes not
specifically redeemable in
Dec. 20, 193,. 90.
80.
Board finally voted to sk Newton Baker Lo come in tomorrow and
give Board his o -ini n as to ,he issues involved.
D c.
1933. 90.
81.
Board also voted to cr.11 a conference of Governarst as
si47ested by Roos-velt, - at earliest moment, szy Saturday
of this week.
Dec. 20, 1933. 90.
82. Board voted to inform Attorney General it would consiGer his
suggeEtions with our Council and with the Governors.
Dec. T, 193'7. 90.
83.
Board met with Newton D. Baker.
Baker said that while he had some doubts as to t..e constitutima ity
of the Thomas dev-1-uatin amendment, he was rather inclined
to think the U.S. Sunreme Court woule. . cide in f-vor of its
constitutionrlity.
He a id the only sfe way, how.,vr, rould "Je to have Conreos
legislate and settle the rmestion as to use of the proftt from
d -valuation.
He was inclined to think that the Feder-1 reserve banks could not
turn over their gold in exchange for the nro)osed :old certificates
exce-A under nrotest.
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Federal Reserve Bank of St. Louis
110.
Gold (Contld.)
73.
C.S.H. is inclined to think that t.le nuestion of prices
and of monetary policy is not so much in Roosevelt's
mind, and that of his :visers, as that of getting
t:-.e profit by devaluing in order to cut down the
Treasury deficit for the fiscal year.
Dec. 15, 1933. 87.
74.
Gov. Black lunched with Roosevelt and read him a memorandum
protesting agLAnst the Holtzdorf plan.
The
s:ted, eirc.mg other things, that he Pe era].
Reserve agents were truste,is of the gold and. that no
trustee could use his wards money for the personal
gain of another, whether PM individuna or the Government.
Gov. Black sai, Roosevelt see:ed to agree with everything in
the me:Lo. and invited him to a conference tonight
further to consider it.
Dec. 19, 19.73. 88.
75.. U--o to this time Roosevelt _ad clearly Eoe ro- ed the Holtzdorf
plan.
76.
Gov. Black is new inclined to think that Roosevelt does not
intend to devaluate before Con,E;ress collies in and possibly
not till after it adjourns.
Dec. 19, 1933. 88, 89.
77.
Gov. Bl ck tells Board of the Conference la -t night with
Roosevelt.
Present: Roosevelt, :..orgenthau, Attorney Gerr:ra,
Oliphant, Gov. Harrison, et al.
At the beginzling of the conference Roosev it discussed the
Holtzdorf plan.
!ior,eenthau said - I had supposed it settled that we
:,roceed to carry out the plan.
Roosev it s. id Gov. Black had given him a Llecio. which
seemed to shoot than plan to pieces!
After long discussion of the memo. the Attorney General
1
sug.:ested that the Feder-al reserve banks turn over all
their gold in exchange on gold c rtificates, the Treasury
to agree to redeem theta in ;old :ol_ars of devalued fineness.
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Federal Reserve Bank of St. Louis
Gold (Oont'd.)
33. ( 7.ont I
)
He thyught the Treasury might have - ower to order the .Janl:s
to turn in their gold.
He thought the Federal reserve banks could hardly invoke the
due process clause of the constitution, as ultimately
would -couire, on dissolution o: the l'der_dreserve bnks
all their pronerty under existing law.
He finally went with Wyatt to prepare a formal croinion.
-Jec. 21, 1933. 90, 91.
84.
Board met with the Governors.
The Western o7overnors could not be present
reach Wa.t:Angton in time.
they could not
Gov. Bln.Ck ,:ave a concise history of the ouestion.
He said the nresent request or demand of Roosevelt was:
1.
That the Feteral reserve banks shall volunt/:Aly
agree to deliver to the Treasury or hold
subject to its order, %11 of their
wherever situated.
2.
Th1L. they shall ,7,gree to acce-A in return gol
certifica es which can not now be redeemable in ,rold,
-nd which the Tre. xry will not agree shall e- er
be so redeenable.
Gov. Black then read the me:non:n(1= of -protest given
to Roosevelt.
Gov. Bladk -uhen read o-oin.on of Neton D. Baker.
Baker',--; opinion was that the Pedertl reserve banks
canndlawfully voluntarily turn over their gold,
but he Clvised thaa to do so if dem-nded, at the
same time Mine; a -orotest.
The Governors, after long discussion, sked the Board
members for their opinion so they could re-eort
fully to their respective directors.
Roosevelt had agreed that they could co this.
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Federal Reserve Bank of St. Louis
112.
GolL1 (Oont'd.)
84. (Contld.)
The 'Board expressed the following o
1.
That the demand of the Treasury and Roov-lt be
ex)ressed in writLng, stating tint it is made
under Sec. 11 N of Fe er1,1 Reserve Act.
2.
Board believes all profits from devaluation should
go to Governmentand not o F.R. banks.
3.
Matter should be settled only be Congressinal action.
4.
Volunt.rily surrender of the gold would be illegal,
acordinr to Baker's oninion.
5.
If Conress is not to act, the Federal reserve banks
should tarn over the gold in exchange for the
so-called Gold certificates, but should file a
protest re7“-rving and protecting 311 their rihts.
Dec. 4, l933. 9.7, 94.
85.
The Governors rached ;he same conclusion as the Board excent
that as to 2 above, - as to which they wished to keep
enough oi* the nro.its to meet all nossible Feder-1 reserve
bank liabilities.
Dec.4, 193C. 94.
86.
During the discussion, C.S.H. nointed out that Baker had 7.:;vised
us:
1.
That the U.S. Suoreme Court would nrobably validte the
Thwas :,Inendment giving RoosevelLthe riE;ht to devalue.
2.
That the Treasury hd. the right to call on the
Federd reserve ;.,old under Sec. 11 N Federal Reserve
Act.
C.S.H. said the above was not in Baker's written
o,
- inon, but was given to our Board orally
yesterday's meeting.
A co-)y of the Protest preinred by Baker was then
read, but all agreed it was too formal and almost
offensive in cclling the proposed action of Roos-=-vlt
and stating th•Itthe Federal reserve banks
comnlied with it only to .void force etc. etc.
The c-aestion then arose as to what reply the Board
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Federal Reserve Bank of St. Louis
113.
Gold (Cont'd.)
86. (Contld.)
should mr'ke if Federal R.:serve Agent asked for
-7-)ecific ins tru.cti ons
C.S.H. pointed out and Wyatt E 1- .eed that every aollar of
gold was in the joint custody of the Federal reserve bank
and the Federd Re erve Aent, und r Sec. 16, Federal Reserve
Act.
This ffuestion was not deciJ-d.
The Gowlrnors all agreed to hrNe c, meeting of t_eir directors
not later than ne::t Wednesday.
Dec. 22, 193,3. 95.
87.
C.S.H. is Puzzled as to . hat Roosevelt
rae several
eally has in min,.
Th
1.
Calling in the gold in order to devaluate and oc,tain
the profit, with v—ich to cut down the deficit.
2.
Seizin the ,old in order to have possession and
control v.ithout necessprily devaluing.
is r•ther in'Adned to 1.
Lec. 22, 1 93L'. 96.
88.
Gov. 1-..rrison saiJ he feared that if the Ir. )-ple roke In some
morning to find that ,he Trea ury had seized all the Fe,eral
res ve gold giving in lieu th-r of only irr deemnble "gold
certificates" there would be a startling loss of confidence
c
ei.might well culminrite in ;Inother banking collapse and
ani
7
Gov. Harrison qu. p.ested that such r mes age be sent direct to
Roosevelt.
Gov. Black suggested that the Governors send this to
and it would transmit it to Roosev-lt.
Dec. 22, 1932, 96, 97.
89.
he Board
C.S.H. said that to attempt to put through the plan before
Congress met wauld be construed as an c.ttemot to evade
Con,:ressional action, which might be disastrous in its effect
on the country.
Dec. 22, 1922. 97.
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Federal Reserve Bank of St. Louis
114.
Gold (Contld.)
90.
91.
C.S.H. feels that this 6esire to seize the Federal reserve
gold was inspired by Father Coughlin's repeated demands
that this be done.
Dec. 22, 193:. 97.
•
C.S.H. fears the Federal Reserve System is doomed and that a
central bank is on the way!
Dec. 22, 1933. 97.
92.
C.S.H., last Friday, Zinished a statement showing how Sprague
in 1928 re'vised Board not te increase discount rates
nor sell Government securities, while 6 weeks la,er
he criticised the Board for not having clone both.
Dec. 27, 1933. 98.
93.
Newton Baker met with Board..
He said he Iliac, before intimated so:1.e doubt whether the
Treasury had the right under Sec. 11 N Federal Re.erve Act
to call in the Federal reserve gold, but tit on reflection
he was Clearly o2 the oeinipn that the Treasury had
no such right;as a matter of fact, at his last interview
he said he thought the Treasi
e ric,nt under
Sec. 11 N Federal Reserve Act, but in his written opinion
he was maewhat vague and doubtful.
C.S.H. Pointec: out while under Sec. 11 N the Treasury could
call in all gold and gold certifica;es, he was authorized
to pay for the only other forms of money, which would
exclude e-old certificates.
Board vote._ to send Baker's modified o inion to the Fed-ral
reserve banks and to ask them to hold their directors ready
for a meeting on short notice.
Dec. 27, 19:2. 99.
94.
Gov. Black said he would see Morgenthau and beg him to wait
for Coneessi -ntl action.
Dec. 27, 1933. 99.
95.
C.S.H. said that, wholly apart frim Sec. 11 N, Roosevelt had
power to devalue under the Thomas emenc:ments an, that this
gave him by necessary ilvelicction parer to cut in the gold
in order to devalue it and that the Federal reserve banks
must give up the gold for this purpose, entirely apart from
the ouestion of ultimate profit, but this could be oone
only as -)art of tne devdurtion process, but Jhat an
actual Order of Devaluation was not a condition precedent.
Dec. 27, 1923. 99.
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Federal Reserve Bank of St. Louis
115.
Gold (Contid.)
96. Baker tnouget a devaluation orde
r must first be m:.de, but
that in any event :he ection of the
Treasury would be
limit d to taking the gold, recoinin
g it, and then returning
the proceeds to ..he F-derel reserve
banks.
Dec. 27, 1933. 99.
97. Gov. Black read to Board a draft
of agreement betveen the
Federal reserve banks end the Trea
eury, prepared by
Baker and Wyatt and tentatively ap
roved by the Attorney
General.
It ,rovided that the federal reserve
banks should turn over all
of their gole but eserve all their
rLghts, receiving in
return gold certificates which the Trea
ury agreed to
redeem in gold (-milers after devaluat
ion; that ,he Treasury
would earmark all gold so received;
*Chat after devalued= all
of the gold except the prolit would be
returned to the
Fed ,ral reserve banks; that as a cond
ition subsequent was
that Cong.ess should ratify it; that if
Congress di(3 not,
all of the gbld would be returned to
the Federal re-erve banks;
that the Federal reserve banks should
be indemnified, if in
future the gold so devalued should be
restored in value.
Dec. 28, 1933. 100.
98.
The Board discussed the above.
All _elt tha, a uemand by the Presiden
t must be ineorpor'ted.
said this was really a reference to Cong
ress,the
issues being simelified.
Dec. 28, 1933. 101.
9. The 'Chicago directors voted that
they would not consent to
turning over teeir ,m1d voluntarily
at request of
Roosevelt.
The Philadelphia directors voted that
they -eould not tarn
over their gold either voluntarily or
involunterily, as
their Loki was held in trust.
Adjourned until tomorrow.
Dec. 28, 1933. 101.
100.
Gov. Black read to the Board a draft
ofavreement cirewn by
Olirphant, Counsel of Morgenthau, with
a letter from
Roosevelt eeeeing that it be carried
out.
It
rovided:
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Federal Reserve Bank of St. Louis
116.
Gold. (Contld.)
100 (Contid.)
1.
Federal reserve banks to tarn over all gold coin,
gold bullion -nd rold certificates received since
Mar. 4, 19:3.
2.
The Federal reserve banks, subject to
subsequent tn (1) to turn over all
possession and in Trelieury, and to
certificates therefor in 1. and 2,
$20.67 per ounce.
3.
The gold certifi2ates to be ti.ee.ted as dollar
obli 'tions so that all profit from devaluation
shall accrue to the Treasury.
condition
gold in their
receive gold
at rite of
They will be secured by 1005 of gold pledged as
collateral security.
4.
Should C nrress adjourn vdthout ratifying above transfers,
and devaluation should have theretofore b-en made, the
absence of such letifieation shall operrite as a condition
subsequent to the transfer mentioned in 2, reverting
title to the gold so transferred, except as o Lale
profits from d valuLtion, and provision of such gold
will be surrendered by the Treasury upon the sue_enJer
of the gold certificates received therefor.
5.
Upon d valuation the gold, except profits, will be returned
to the Federal reserve banks, but without agreement,
express or imelied, that such gold will not later be
called into the Treasury.
6.
Such administrative acts and rEcammeneation to Congress
as may be necessary to carry out the foregoing arrange—
ment will be made :t the appro7riste time.
On the back was a memorLndum detailLn, 4 matters seecifical
excepted from the above plan. (See scrap book).
:iec. 29, 1933. 101, 102, 103.
101.
Gov. Black was directed to inform Roos v_lt that no voluntary
agreement would be legal, nor would it be accePted
by at least some of the Zederal recRrve banks; that the
only lawful ray would be a direct order of the President;
that such an Ord r could not lawfully be based on Sec. 11 N
Federal Reserve Act, bemuse under that Section -old
certificates could not be given for the gold as the Section
says that "other Zonis of money" must be given for the gold
taken; that the only lawful way would be to :lave action by
Con,„;less.
Dec. 29, 1933. 103.
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Federal Reserve Bank of St. Louis
117.
Gold. (Contld.)
102.
Gov. Black rei.:ort-d thz..t he haL stated above to Roosevelt
who asked for a formal answer by tae Board to Oliphantls
memoranLum.
Gov.B1..ck scd, Roosevelt said he tl.ought he - Gov. Black - was
rigat and that Congress must act.
Dec. 29, 1933. 104.
103.
At 4:30 p.m. read to the Board the fort:Lai letter asked by
Roosevelt, and said that Roosevelt acce-,Dt-d it, nO. said
that the matterrould be submitted to Congress, ad
asked Gov. Bkck to discharge the Federal reserve di ectors,
rho were all wrAting in sessicn, that his request v-as
withdrawn, and they were released, as tioewhole matter
would be referred to Congress.
Dec. 29, 1937. 104.
104.
C.E.H. feels that he Fed-ral Reserve Board has rendered signal
s,rvice to he country and, as well, to Roos-velt.
Dec. 29,1933. 104.
10L;.
Baker :4-;reed with C.S.H. that an ,.ctual ord±r of devaluation
was not a conditon Dreeld:mt to calling in the gol,
but felt that the Federareserve banks iAght not ta:-:e
tais a:Aitude.
Dec. 29, 1933. 104.
106.
Jon Maynard Keynes Dulaishus an open letter to Roosevelt
attaching the N.R.A., the gold purchase 9o1icy of Roosev-lt,
and Roosevelt's waole theory of artificial price raising.
Dec. 31,1933. 105.
107.
Roosevelt today delivered his message to Congress. A wellwritten document but tinged with what was almost
socialistic doctrine.
He emphasized tae fact that the great problem was not so much
recovery to old conditions as the creatin of new
social conditions.
Jan. 3, 1934. 107.
108.
Gov. Black said Root v it and Liorgenthau had pleded him to
absolute screcy as to the bill being prepared to tk.e over the
Federal reserve gold.
This is worthy of Hoover and Meyer!
Jan. 13, 1934. 113.
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Federal Reserve Bank of St. Louis
118.
Gold. (Cont'd.)
109.
Gov. Black said he could say, howev-r, that a bill ras
being prepared for Congress, !Ind :11,at Roosevelt had no
desire ot intention of crip-ling in nny way the Federal
Reserve Board o Fed -rd Reserve System.
Jnn. 13, 1934. 113.
110.
Gov. Bl.ch said Glass at first denied ht there would be any
profit from devaluation, but finally said that if there was
any, the Treasury was not entitled to it.
Gov. Black believes Glass will attack the proposed gold bill.
Jan. 13, 194. 114.
111.
New York 'Ames quotes Roosevelt - that he does not intend to
have a central bank, scring that such a course would be just/
the opposite of Jackson's fight ctainst the Bank of the U.S.
Jan. 13, 1934. 115.
112.
Gov. Black and Morgenthau had consented to his tellin
about the gold bill.
us
As this bill was introduced thls a.m. in congress tlds was
a rather tardy concessions
Jan. 1:, 1934. 116.
11.
Gov. Mack explains the ,:old bill, - takin,:: the 'old, d valuati:n,
stabilization fund, etc. etc.
Jan. 15, 1934. 1L6.
114.
Gov. Black said Roosevelt wished or Board to -Alt out a
statement as to the Gold bill, as follows:
1.
The Board from time to time has discussed legislation
with Roosevelt.
2.
The Government should retain all profit from
devaluation.
3.
The custody of monetary cold Snould be determined by
the whole peole.
4.
The present security behind Federal reserve notes is not
impaired by the Proposed bill.
In ,he afternoon the Board aproved a statement drawn by
Gov. Black on the abcve, which, however, carefully :void -d
a s,)ecific sta,ement as to 4.
Jan. 15, 1934. 117.
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Federal Reserve Bank of St. Louis
119.
Gold (Contld.)
11.
C.S.H. believes uhe -)roposed bill is better than the
existing sttus under Ex. cutive Order, un.ter which no
re,..emption in Fpld is peruittecl, as it does certainly
enable the Treasury to go on a modified gold bullion
stani,ard in International transactions.
Jan. 15, 1934. 117.
116.
C.S.H. studied the proposed bill.
Open Market, at
The Treas_ry is given power to buy in
home or abrord, Gov-rnmnt securities, commercial Paper
and foreign Government bonds.
This nower over credit makes the Treasury the most nor-rful
central bank in ale world.
TIAle it does not take atry the Board's o-oen market nowrs of
the Treasury, yet the open market Pow(Ts of the Treasury
are far broader than those of thr Board.
The uhole question of managing currency and even credit i
taken from the Board and given to the treasury, whose
head is a political officer!
It puts politics into banljn, .
Responsibility fon_qurrengy and credit policies is now placed
definitely upon the Secretary of the Treasury.
It is clear that no President or Secretary of Lhe Treasury
would be likely to take rflLical action to curb speculr.tion,
und r the law.
Pure :,olitics will control their action.
Jam. 1C, 1934. 118.
117.
The Press this a.m. was absorbed chiefly in the d-valuatin
Power; soon they will discover the vast centralization in
the bill.
Jan. 16, 1934. 119.
118.
Gov. Black gave out an interview for t3morror's -1)apers.
(See scrap book)
Jan. 16, 19r4. 119.
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Federal Reserve Bank of St. Louis
120.
Gold (Contid.)
119. :Aller said he saw RooFevelt yesterday and that he Roosevelt - threw up 1.is hands and shouted, - "We11,
I gave them a bomb shell in my message yesterLayl!
Jan. 16, 1934. 119.
120.
Gov. Black read to Board what he was to say to the Senate
Subcomnittee on the Gold. bill, in response to Co. inittee
reauest.
and Wyatt had also been asked to appear.
Jan. 16, 1934. 129.
121.
Wyatt said Attorney General Cunnings made a very poor
impression on the Senate Sub-Committee, in spear.ing on
the Gold bill; that Holtzdorf also addressed the Committee
fnd an-oured like a cheap criLlinal lawyer.
Jan. 18, 1934. 120.
122.
The administration amended Sec. 10 of the bill by cutting
down but in very slight degxee the open market powers of
the Trea-ury.
Jan. 18, 1934. 120.
123.
Gov. Black told C.S.H. he did not know how Roosevelt felt
about the proceedin,.s yesterday.
This seems strange as Gov. Black was with RooEevelt earlier
in the day.
Jan. 18, 19:74. 120.
124.
Hearings on the gold bill are still going on before the Senate
Sub-Coarnittee.
Jan. 19, 194. 121.
125.
Wyatt told ine the other day that the Gold bill was drawn by
Oliphant, Counsel of Yorgenthau, Houston of the Treasury,
Leon, a N. Y. bankillg expert, rad Holtzdorf, of Attorney
General's Department.
Jan. 19, 1934. 121.
126.
Board .aet with Governors.
The Governors spent the :.ay examinlng proposed amendments
to the Gold bill drawn by Wyatt and staff.
These amendments covered:
1.
A franchise tax in place of taking the F.R. gold.
2.
Limiting the crnen market powers of Treasury,
including use of stabilization fund, to cases of
emergency not exceeding 2 years.
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Federal Reserve Bank of St. Louis
121.
Gold (Contld.)
123.
Cont d.
3.
Vezting the Treasury's powers in a Board consisting
of the Secretary of Treasury, the Governor of
Federal Reserve Board, -nd one other to be L:o•,ointed,
by the President.
4. Limit the use of the stobiliztion fund solely to protect
the international exchange value of the ftollr.
etc. etc. etc.
Jan. 20, 1934. 1 22, 123.
127.
Gov. Bladk said our Board had aready taken the position
that the p;old should remain in the Pe:_?ral reserve ban'1,
:s
subject to a franchise tax in amount equal to the
devriurtion profit.
Jan. 20, 1934. 123.
122.
Gov. Black asked Governors if they would consent to a bargain
under which all Federal reserve F;old wold be turned
over to the Treas.:_ry, in consideration of oar getting the
other amendments as :. 1)ove.
The Governors gen,
,r lly said 1:o.
Jan. 20, 1934. 123.
129.
O.S.H. said we should present out Imendments without any
attemnt at bargaining.
Jan. 20, 1934. 123.
130.
Gov. Black felt we should F:ive the -mendments ..greed unon to
Glass.
C.S.H. said they should first go to Treasury, - that otherwise
we might lose thm cal by putting our Board in
conflict with the Treasury.
he Governors f'nally reported the amendments to the Board,
leTving to it the dis-position of them, which the lord
will decide on :onday.
Jan. 20, 1934. 123.
131.
The Board dvised the Governors thIA even if the bill bec:ne
law in its present form the FeC,eral reserve banks
should accept it, and the Governors all ap;reed to this.
Jan. 20, 19:-.4. 124.
,
1
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Federal Reserve Bank of St. Louis
122.
Gold (Oontld.)
132.
3aker told Board that the eminent domain theory advanced
by ,tttorney General :ts justification for the Gold
bill, was very daubtful,but that the U.S. Suoreme
Court mignt find and probably would find 3ome other
way of finding it constitutional.
Jan. *J), 19:4. 1"4.
133.
Baker and Wyatt :wised that we should -cce'A the Gold bill
even if en; cted in its present for.n.
Jan. 20, 1934. 124.
134.
Szymczak told Board he hr1 heard on ';ood ilthority that
Roo3evelt was angry with our Board because it was
o-o-)osing tne gold bill in the Senate.
Gov. Black said the Board had not on-posed the cold bill;
that Wyatt haa merely acted as scrivener for Senptor
Glass and McAdoo, in pursuance of their reauest, to
-out into proper form certain amen,Lments whey desired
to offer; that the Board lika not on-oosed ,he bill,
diiectly or indirectly, excent on the occasion when
Gov. Black testified nubliTly that the Federal Reserve
Board wished to keep title to the gold, butto pay
to the Government an amount ecual to the profits from
devaluption.
Jan. 23, 1934. 1-5.
135.
Gov. Black said the Treasury lacked financial expert advisers;
that Morgenthau knew notning of banking or finance;
that Baillie was an ;,ble prnctical banker but that
Morgenthau as confirmed only on condition that he dropped
Baillie.
Jan. 23, 1934. 126.
136.
Gov. Black said he really diu not know who were aavising the
President an the gold bill.
Jan. 23, 1934. 126.
137.
Roosevelt has yielded as to Senate amendment placing a
2 year limitation, or 3 years if extended by tne
President, on exercise of Treasury powers as to
devaluation ,.1-1A stabilization fund.
Jan. 25, 1934. 127.
133.
Glass is ma.:in,c- wonderfully strong on-oosition to Gold bill.
Jan. 25, 1934. 127.
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Federal Reserve Bank of St. Louis
12,3.
Gold (Contid.)
139.
Never in the history of the Federal Res rve System has
the Board rendered such signal service to the country
as in defeating Lie Holzdorff "coun de etat" accepted
at first by Roosevelt and an-Toyed by Attorney General,
and nersuading Roo:evelt to drop it and apply to
Con ress for legislation.
Jan. 28, 19:.- 4. 129.
140.
Gov. Black said Morgenthau told him the administration
o7Josed the Federal monetary authority bill favored by
Vanderlip andthe Committee of the Nation.
Jan. 30, 1934. 121.
141.
Gov. Black said that at 3:30 n.m. he saw Roosrvelt sign the
Gold bill.
Jan. 30, 1934. 131.
1,12.
Gov. Black said Roosevelt asked him when to devrquate -nd
that he replied that if he intended ,o devalute it
should be done now; that Roosevelt will decide this
tomorrow.
Jan. GO, 1934. 131.
144:.
Gov. Black said he asked Roosev it if he would write him a
letter praising the loyal coo-oerti_11 of Fe..ral Resrve
Board rlid System.
Roos-v-lt aaid he would and asked Gov. Black and Gov.
Harrison to orenare a draft.
Jan. 30, 194. 131.
144.
Gov. BlIck asked C.S.H. to pre.rvre a dr,-ft of letter for
Roosevelt to sign.
Jan. 3D, 1933. 1:2.
145.
Gov. Black said norgenthau was going to manage the
stabilization fund personally; that he told him he
ought to have experts but he said he id notwant then.
Jan. 30, 1934. 132.
146.
Gov. Black said the Feder .1 reserve gold would be earmarked
for the Treasury; tit it was ndtyet settled whether
a book credit should be ,.iven, or wh-Aher they should
at once ,nke gold certificates.
He said he ref erred the earmarking as if the Thomas
amendment were later held invalid, the Feeral reserve
banks might lose their ri4its by ac,:enting gold
certificates, not redeemable in gold.
Jan. 30, 1934. 132.
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Federal Reserve Bank of St. Louis
124.
Gold (Cont'd.)
147.
Gov. Black said the form of gold certificates was being
changed so as to provide for redeantion "in the manner
prescribed by existing laws", leaving o,J.t .11 reference
to gold redemption.
Jan. 30, 1934. 17:3.
148.
Gov. Black gave C.S.H. a draft of letter to Roosevelt for hin
to s nd Federal Reserve Board.
It had part o
C.S.H.'s draft but was altor;ether too long.
He said Roosevelt read part of it an, said he
letter to Gov. Black tomorrow.
Jan. 31, 1934. 134.
oul d_ s ene a
149.
Gov. Black said Roosevelt would nrobably devalue the doll r at
near 60 cents this p.m.
Jan. 31, 1934. 134.
1E0.
Roosevelt devalued ,,he dollar yesterday afternoon.
Feb. 1, 1934. 134.
151.
Gov. Black read copy of a letter from norgenthau askine the
Federal reeerve bank to act as fiscal agent in using the
stebilization fund.
Feb. 2, 1934. 135.
152.
Gov. Black said Morgenthau would be absolutely danendent on
Gov. Harrison in carrying out his -eolicies.
Feb. 2, 1934. 1 5.
15 . C.S.H. believes the effect of above is to mate the Treagary,
in connection ith the Fede_el rec.,rve Ban2r: of New York
a central bank of U.S.
Feb. 2, 1934. 135.
154.
Roosevelt sett yesterday a very apereciative letter nraising
the cooperation of the Federal Res rve System and
d-fending the Gold Act as not interfering with the
Federal Reserve System in any way.
Gov. Black said is draft giveato Roosevelt contained a
disclaimer of intent to create a central bank, but that he
heard Morgenthau whisper something to Roosev-1t as to a
central bank, and that the final letter omitted any
reference to this.
Feb. 13, 19_. 140.
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Federal Reserve Bank of St. Louis
125.
?rold (Contld.)
155. !orgenthE:u has appointed PS exnert nssistants, TOM H. Smith,
President of Bostonit,n ational Bank, St. Louis,
nr. Bd11 an old Treasury employee, and Aubrey Landon,
formerly with First Nationnl Cor)oration, Boston.
April 5, 19'64. 154.
156.
Anoarently thc :.bove L-_re to bethe Brain Trust of tile Treasury.
Mar. 5, 19',34. 155.
157.
Gov. 31'1(-± told 0.S.H. that Roosevelt unquestipnably, ns well
the Attorney Gen-rta, didqp-prove he Holtzdorf plan of
seizing the Federal reserve gold, until he p(-2rsuaded him
it was i1lega, nd said he - Gov. Black - hz!cl "shot it to
pieces".
Mrx. 12, 1936. 161.
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Federal Reserve Bank of St. Louis
126.
Goldenweiser
Sprague told C.S.H. he had been al1ei mon :or a
memor7mdum showing how to increase orices !Ind he h:'.d
asked, to prepare ane for him.
Oct. 14, 1933. 16.
Told C.S.H. he would agree to C.S.H.'s ,liggestion of an
amendment permitting Federal re erve banks to buy
eligible paper direct without the intermediary of a
member bank, but doubted whether Glass would.
Oct. 14, 1933. 16.
Gov. Black reads Board a memo. of, as to pro-posed gold
-yurchases.
It was cl-cidedly adverse and stated it would ',;e worse
than
outright devaluation.
Oct. 23, 1933. 23.
Riefler said industrial recovery article of, in Oct. 1933
Fe0er,1 Res-rve Bulletin st-,ed the whole truth.
Roy. 1.5, 1933. i31.
Told C.S.H. that our gold purchases had not ns yet put up
1Drices of our international commodities; that even an
issue of greenbacks would merely go into excess reserves
of our member banks.
Nov. 15, 1933. 52, 53.
Bord fix's salary of, rt $15,000.
Dec. 21, 1937. 91.
Goodhue.
Miller said, called and said that Warlyurgis friends wanted
to
present to the Board a bust of Paul Warburg and asked
if the Board would accept it.
C.S.H. talked it over with Y.iller who said he would advise
Goodhue to postpone t.isl at least for the present.
We feared Seligman would try to put on it the legent
"The author of the Feder-a Reserve Act".
Feb. 13, 1934. 140.
Go; rnment securities.
62
See - Open iairket Caalittee.
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Federal Reserve Bank of St. Louis
Governor of Illinois
Roosevelt told, that Walter aammings :as to be el-cted
Chairmen of Cont. ILlinois National Baia
Trust Co.
Dec. 11, 1933. 78.
See - Szymczee:
Governors Conference
Board meets with Governors.
Gov. Harrison said there was no central bank :Jolicywhich
necessitated further open market purchases, but there
was a grave question whether it would not be
detrimental to hold Ivo such operetions.
Gov. Black empha;ically favored continued oper tions of -t
least 35 or preferAly 50 million per week. He said
otherwise it would give a powerful ianulse to inflation
under the Thomas nmendment.
He said the Government must push its 31 pillion for nroduct
ive
works, take care of de-oosits of banks Closed since
Jan. 1, 1933, orovik- working caoital for banks needing
it, etc. etc.
C.S.H. and all of Board took s'id vier.
McKay of Chicago said his directors eassed - resolut
ion not
to partici-pate in fitrther purchases unless required to
do so under Thomas amendment.
Gov. Bbdk said he did not believe Roosevelt r -71a1,3 devaluate.
Oct. 10, 1933. 7, 8.
Governors Conference
Board met with Governors.
Voted, subject to Board's aprovel that the authority given
to the Executive Comit,tee on April 2nd as to the
urchase of, up to 1 billion be reaffirmed and continued
for the unused portion ef the authority.
Goe. Harrison presented a resolution to the effect that under
central bank principles, no further open merket
purchases of Government securities are neces7ary or
desir ble, and. that the future ef ectiveness of such
-eurchases will, in large measure, d-pend upon the
early adoption of
broader T)rogromme designed to
strengthen confidence and to enco-urace the flow of
credit, both Short and lon term into uses which make
for a well brdencecl and en urinc, recovery.
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Federal Reserve Bank of St. Louis
128.
Governors Conference (Cont'd.)
Gov. Harrison, however, did not say what this broader
prograume should be.
The (.:overnors asked that this be kept absolutely confidential
except that Gov. Black could show the resolution to
Secretary of Trersury .nd Roosevelt.
If this were to leak out it would do greet harm end would
stimulate the demand for inflation.
It is really a slap in Roosevelt's f ce.
Oct. 12, 1933. 12, 13.
Board voted to consult, as to the plan of voluntarily turning
over Federel reserve gold to Treasury.
Dec. 20, 1933. 90
Board met with Governors.
The Testern Govereors could not be present as the notice was
too short.
Gov. Black said the present request or demand of Roosevelt and
the Treasury is:
The Federel reserve banks voluntarily to turn over
their gold to TreEsury or hold it subject to its order.
The Federd reserve banks to eeceive in exchange
so—called gold certificates which can not now be redeemcd
in gold ad which the Treasury refuses to agree will be
so redeemed.
Gov. Bladk then read a form of protest.
Gov. Black then read o:inion of Newton D. Baker, that the
Federal reserve banks could not lawfully voluntarily
turn over their gold, but advised them to do under
protest, in exchange for the alleged oeld certificates.
The Governors asked the Board members for their o7einion so they
could report to ,heir directors.
The Board finally expressed the following opinion:
1.
The President should melee his demend in writing.
2. The order of the Secretary of the Treasury should
state that the demand was mode under Sec. 11 N.
Federel Reserve Act.
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Federal Reserve Bank of St. Louis
129.
Gover::ors Confer ,nce (Contd.)
3.
All profits from d.evaluation should enure to the
Government and not to he Federal reserve banks.
4.
The proper way is to have Congre s act in the
matter.
5.
A voluntary turning over of the gold would be
illegal, according to Baker's opinLon.
6.
If Cok,ress is not called on to act, the Federal
reserve banks s.;.ould tarn over their gold in
exchange for alleged gold certificates, but under
protest, protecting all their rights.
The Governors were of same mind except that they desired to retain
enough of the profits to protect them agaist all possible
liabilities.
During the discussion C.S.H. pointed out that Baker pave the cc-Anion
that the U.S. Supreme Court would probably validate the
Thomas amendment, and tart the Treasury had right to call in
the gold under Sec. 11 N of the Fe-ral Reserve Act.
The above was not in the written o-Anion of Baker given to the Board
but was stated yesterday to the Board.
A cony of the protest prepared by Baker and Wyatt was read but all
agreed it was too formal are almost offensive in form,
in that it called Roosevates action illegal and said the
Federal reserve banks yielded to prevent use of force,etc.etc.
The question was raised what reply the Board would make if some
'federal reserve agent should ask for specific tnstructions.
This queston was not cl-Tcith.4.
The Governors agreed to call meetings of their Boards not later than
next Wednesday.
Gov. Harrison said if the people woke up some morning and learned
that all their gold had been taken from the Federal reserve banks
and only irredeemable alleged gold certificates Aven in
exchange, there would be an instant loss of confidence which
might bring on a bank panic.
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Federal Reserve Bank of St. Louis
130.
Governors Conference (Contld.)
Gov. Harrison suggested that such a message be sent direct
to
Roo evelt.
Gov. Block suggested it be given to the Federal Reserve
Board
which would transmit it to the President.
All agreed that to attem7t to Tut this through just before Congrss
was convening woad be consi.ered an attempt to evade
Congressional action.
Dec. 22, l93. 93, 94, 95, 96, .7.
Board met with Governors.
Morgenthau and Baillie explained the im9k.diate financial progra
m
which all accepted.
niller favored a poluar law but Baillie said it would interfe
re
with the recovery programme and divert funds now being used
for family purchases.
The Governors spent the day discussing amendments to Gold
Reserve
bill prepared by Wyatt and staff.
The chief ones su, gested were:
1. Putting in a franchise tax in lieu of taking the gold.
2.
Li%iting power of Treasury to an emergency of 2 ye'r3.
3.
Ap'oiAtin a Cola .ittee or Board consisting of the
Secretary of the Treasury.
4
The Governor and one to be xor inted by the
President, to manage the stabilization fund.
5.
Limiting the use of the fund to protect the
international exchange value of the dollar.
Gov. Black said our Board had already taken the nositn that
the
golcrahould remain in the Fe.' era), reserve banks, subject only
to
the proposed franchise tax, and asked if the Governors would
be
willing to turn over the gold as a bargatifor getting the
other
amendments.
The general opinion of the Governors was adverse.
C.S.H. said we should present all our amendments without
any
attempt at bargaining.
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Federal Reserve Bank of St. Louis
131.
Governors Conference (ContId.)
Gov. Black suggested pdving these amendments to Gs,
but C.S.H.
felt they should first be given to the Treasury to
avoid
putting our Board in op-)osition to it.
The amendments were finally reported to the Board,
leaving to it •
to decide whether or not to give them to Glass in first
instan
ce.
The Governors all agreed that even if the bill should
become
law in its present form, the Feder:. reserve banks should
accept it.
Jan. 20, 1934. 122, 123, 124.
While Governors and Sec. of Treamry and the Board
were considering
a popular lon, Miller said if it was not n popular loan,
he
would subscribe only Ys "loose change" - say $25,002,
while
if it was a popular loan he -7ould subscribe $500,0001
Jan. 20, 1934. 124.
Board met with Governors.
Considered Treasury's financial policy. Agreed that new
issue
should be 4 year notes at 3%, to be issued Mar. 15, to
amount
Of 500 to 700 millions.
Liorgenthau said Roosevelt insisted on not over 500 millins.
All agreed it was vital to give converse -)rivileges
to securities
maturing March 13.
All felt that by April a long term bond issue could be
floated.
Mar. 5, 1934. 153, 154.
Grant, Catherine
C.S.H. writes.
Dec. 18, 1333. 88.
Writes C.S.H. Dated Jan. 19, 1934.
Received Feb. 1, 1934.
C.S.H. writ-s.
Feb. 8, 1934. 133.
Mar. 21, 1934. 163
Grayson, Admiral. 23
See - Tunmlty
Great Britain
35, 63
See -Lank of England
Gold
Norman, Gov.
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Federal Reserve Bank of St. Louis
132.
Great Falls, Wash. 123
See - Boreel, S.
Green,
7
See - Auld Lang Syne
Greenbacks
See - Gold
Green, Gov. Theodore Francis
Calls on us.
20, 1934. 124.
We dined with Miss Fanny Lay to meet.
Jan. 21, 1934. 125.
Greenway, Mrs. Congresswouan
Rachel Hale has leased her house in Georgetown to
Oct. 22, 193. 26
Address is Woman's Nati Democratic Club.
Feb. 281 1934. 152
Griffin, Mrs.
We call on, !:other of Hancock Griffin.
Feb, 4,1934. 136.
We took suJper with.
April 1, 1934. 175.
Griffin, Hancock
We dine at Edith Helm's with Mr. & Y.rs. Hancock Griffn.
Jan. 15, 1934. 117.
They dine rt White House.
Jan. 16, 1934. 119.
Guaranty Trust Co. 31.
See - Harrison, Gov.
Guaranty Trust Co., London
128, 143, 150.
See - Boreel, S.
Guffey, Dem. National Committee. 75
See -Norris
Gvatims of dollar. 53.
See - James
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Federal Reserve Bank of St. Louis
133.
-H-
Hale, Rachel
C.S.H. calls ur, &n,1 finds that she has leased her Georgetown
house to CongresnmanIsabella Greenway; and is to spend winter
InNew York with her son Donald.
Oct. 22, 1933. 26.
C.E.H. called on, at the Anchorage.
He asked if he might continue his letters o her in New York.
said certainly, she would be delighted to have him.
She
C.S.H. renewed his promise to destroy all her letters in rerly.
Oct. 24, 193:z. 31.
C.S.H. writes, to New York Dec. 17, 19173. 88.
We met, at .:rs. Rogers.
Dec. 23, 193. 97.
calls -up, but she was ill in bed.
JaL. 6, l94. 109.
C.E.H. calls up. and has a talk with her.
Jan. 8, 1934. 110
C.S.H. calls on.
Jan. 18, 1934. 120.
Calls on Bertie.
Aril 8, 194. 181.
C.S.H. calls on.
April 13, _974. 137.
Hamlin, Anna
Derr Annals birthday.
'.S.H. feels terribly he can not be 71.th Bertie.
Oct. 26, 1933. 31.
Bertie receives r. letter from Ass Bradley, 808 de la Vina St.,
Santa Barbarr, dated Dec. 30, 1933, contnin'ng a :Jet.: age
from Anna as follows:
"Annito my !:other and Father:
He must not worry
She must not fret.
All works are for go ,d.
Tell them nothing on earth ratters but love.
Tell them Heaven speaks to those who love and believe.
Anna Hamlin. 109
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Federal Reserve Bank of St. Louis
134.
Hamlin, Anna (Contld.)
We received a letter from Mrs. Bradley giving us a message
from AnLa, dated March 4, 1934, as follows:
"Anna!
Here I aal
Please don't be sorr:/, dear
Bradley:
I see how tired and weary you are and troubled about m9ny
We here do so much to help you poor ones to understand
that God lives and loves you and will help you at your
call.
Call on him.
Tell my mother that I have been so worried bout her, not
worried as she worries, but -11 the sz-zne I can see her
distress and my longing to help her is intense.
•
Yes, I know that all is well. I know that the time will
come when all this will be as noth . ng to her.
Tell her Anna lives and loves them both, as she always did.
Tell her I long to have her feel the touch of my hand an hers.
Help and pray for all in distress and then cast the burden
on the Lord.
Give him the trust and ask for his power for all she is
disturbed about nnA for the cure of all her ills she is
disturbed
out and for the care of all her ills.
One poor mortal can not cure the multiple ills she and he
meet, but they can give them into His hands and leave
the rest to Hila.
I know, for here we realize the everlasting and enorlaaus
power for good that we wish to grasp.
That realization brin,:s ux, the power to seize it and annloy
it, just as the knowledge of electricity can give the
control of it to scientists.
Anna loves as always and can not express it as she would to
her two beloved ones.
Anna.
Max. 11, 1934. 159, 160, 161.
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Federal Reserve Bank of St. Louis
135.
Hamlin, Anna (Contld.)
Received a letter from
from A.,lna.
is
Bradley enclosing three messages
The third message predicting that she - Liss Bradley - would
receive a note from H.P.H. was received by Liss Bradley
the day before H.P.His letter reached her.
The message3follow:
No. 1:
This is Anna.
Ys we are coming to you for winter day and * * * my
mother's heart * * * and she never foret that Anna lives
and loves them both.
No. 2:
Anna is here.
Yes I was with you that night.
to get in for some time.
My mother needs py help.
time but needs this too.
I have been longing
She has it all the
Tell her not to worry for all is coming ri,-ht soon now.
She gets so very weary :lid it does grieve me, for I am so
very well and happy. Tell her how strong and full of life
lam.
You know!
Give them both my love.
Anna.
No. 3:
Anna.
Liss Bradley you did not send my message. You left
it
in the book.
nother will write to you soon.
Tell her that indeed I do worry about her.
She is c)o restive and does not trust enough.
Tell her to trust :lore and her work will be lightened.
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Federal Reserve Bank of St. Louis
136.
Halal in,Anna (Cont d.)
No. 3 (
.Contld.)
Tell her that I work with her, only I am never tired,
never discourr.ged, never hopeless.
I know and I am perfectly hay.
Give than both my dear love ansi say Anna lives and
loves, works, and awaits their comin when their lives
are ended.
Anna.
172, 17:7, 174.
We have our usual mellorial service for Anna at St. Agnes Church,
Father Anderson.
April 26, 1934. 189.
C.S.
Votes.
In favor of addition to Feder,1 Reierve Bank Building.
Oct. 10, 1933. 9.
For Doblin as Class C Director, Federal Re7erve Bank, Kansas
City.
Nov. 7, 1923. 43.
In f7vor of C.S.H.'s motion to change ?Toy. Black's letter
as to Rainey, Continental In. National Bank and Trust Co.
Dec. 1, 1933. 70.
Against sending aov. Black's letter.
Dec. 4, 193:-. 70.
That depositors prior lien certificates constitute an
impairment of capital.
19.4. 103.
Against giving copy of Owen's intercepted cable to Crlass.
Jan. 6, 19:4. 111
For Y.orrill as Class C director of FR Ban:: of Dallas.
nar. 33, 1974. 172.
See also:
Asser, Gen. Sir John
Biddle, :rs. Edward
1,19.dk, Gov.
Boreel, Scrthie
lapital notes
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
137.
Hamlin, C. S. (Canted.)
See also: Carnegie Foundetion
Continental Ill. National Bank & Trust
Co.
Comptroller
De-Dositors certificates
Dinners
Eligible paper
Federal Reserve Banl., Boston, New Yor1_, Phil
a.
Kansas City, Dallas
Federal Reserve Board buildine:
Federal Reserve Bulletin
Federal Reserve pension System
Federal Intermediate credit banks
Glass
Gold
Goldenveiser
Governors Conference
Grant, Catherine
Great Britain
Hale, Rachel
Hamlin, Edward, George
Hamlin, H. P.
Hennessy
James
Lunches
MatsUkata
Miller
Morgenthau
Ilational income tax
Open market Committee
Roosevelt
Securities Act
Sprague, 0.
17.
Simpson, Dr.
St. Johns Church
Stock Exchange bill
Suppers
Szymczak
Teas
Thomas
U.S. Treasary
Wilson, Mrs.
etc. etc.
Hamlin, Edward and George
Sr Boston Planning Board has appro
ved Purchase of Tenean
land and that the Consul would probably appr
ove it
tomorrow.
Also said or wrote that George had had an inter
view with
ihilip Allen, a Director of Federal Res rve Bank
, 7oston,
and went over the cow pasture proposition
ith him; that
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
138.
Hamlin, Edward and George (Cont'd.)
he was very enthusiastic and arranged an interv
iew with
Mr. French, President of Boston
Maine R.H., who was
also enthusiastic and said it would bring an enormo
us
business to port of Boston; that he had also arraAg
ed an
interview with Eliot Wadsworth.
C.S.H. sent the letter to Bertie.
Oct. 8, 193F-. 6.
Bertie te1ehones 7.S.H.
Chamber of Commerce
pasture development
Boston, that George
that the Maritime 7ommittee of Boston
had unanimously 'p roved the cow
as of the greates value to Port of
was very pleased.
Oct. 15, 1937. 17, 18.
George, in Boston, told C.S.H. of vote of Mariti..le
Comm. He
said the resoluti n was introduced by M:..rles Stewar
t of the
Cunard Line and seconded by another U.S. man.
Oct. 27, 1933. 33.
George also spoke of his talk with Dennett who
at first op. osed
the plan as graft, - an effort to sell the land
to the
Government; that later he - George- called him up
and
explained that of the 12 million first involved
the state
owned 5 Lal_lions (extension of bulk head line), the
Gas
Company coaled 4 millions and the N.E. Terminal Trust
only
3 million; that Dennett grudgi:_gly said he was glv,C.
to
know these facts.
Oct. 27,1933. 33.
Ned writes that Tenean purchase was ratified by Common
Council
on Dec. 11, 1977, t)21(1 th L the cow pasture plan had been
filed with the State Ca:mission.
Jan . 3, 1934. 106.
George crime to Wash,ngton to testify as to his income
tax rebate
claim.
Jan. 30, 1934. 132.
George testified as to above claim and flew back to 7,osto
n.
Jan. 31, 1934. 133.
Wrote that the Mass. Port authority strongly inorsed
the cow
pasture plan, stating th-t if the financial plan was
satisfactory to the Govn.nment the won: should be begun
at
earliest possible moment; that it would be f, valuable
addition to the f-cilities of th, Port of Boston.
April 18, 1934. 18,.
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Federal Reserve Bank of St. Louis
139.
Haml in, H. P.
Lrs. H-11 invited, to lunch to meet
Oct. 24, 1937.
C.S.H.
Roosevelt on Tuesday
alled up, and lc.ter sent reg,rets to ::rs. Hull.
Oct. 18, 1933. :A.
Leaves ::,atta)oisett for Albany en route to Wtsilin
gton.
Nov. 1, 1933. 38.
Arrives at Washington from Albany at 8:05 '.m.
Nov. 7, 1933. 46.
Lunchec -t White Holse with wives of Justices
Nov. 14, 193,. 46.
U.S. Supreue court.
In with severe cold in head end e.rs.
Nov. 19, 1937— 57.
Is somewhat better.
Dr. Zinkhan sys her 'xi:: rinF will clerr up Lii right.
Nov. 22, 1933. 61.
Is much b. tter.
Danger of an abscess in right ear is pr..cticz'aly over.
:Toy. 23, 1933. 63.
Henry Bruere sends flower= to.
Nov. 13, 1933. 68.
rs. Roosevelt sends flowers to, witha note on card.
Nov. 29, 1933. 68.
Boredl gives C.S.H. a Christmas present for, not to 6e
opened until Christmas. It was a Santa Fe dish for
cigarette ashes.
Dec. 11, 1933. 73.
Pre--ides Lt r-ception to Mrs. Roosevelt
Club.
P
Woman's National Democratic
The auto from White House called for Bertie, took her to
White House,
and they went together to the Club.
Returning, 2rs. Roosevelt insisted on stop ing
and leaving Bertie there.
Dec. 13, 1937. 81.
Goes to a concert es 7°.e,t of :rs. Roosevelt.
Dec. 14, 1933. 81.
t Hay-Adnms House
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Federal Reserve Bank of St. Louis
140.
Hamlin, H. P. (Contld.)
Lunches at Whit.- House to meet !:iss Dewson.
Feb. 9, 1934. 138.
Joins with C.S.H. in
Preside
stea:.er letter to Sophie Boreel.
Feb. 28, 1934. 151.
t annual dinnQr of 1,';orlan's 1:ationE..1 Democratic '- ,1ub. •
Was reelected President for 1934.
Mrs. Congresswoman Greenway soolLe.
152.
Bertie and Mrs. Greenway wi.de a beautiful picture together.
Greenway made an interesting humorous address C' nd Bertie
spoke charmingly Lind had a great reception.
Feb. ?.8, 1934. 152.
Mrs.
Called on Mrs. Wyatt.
Mar. 13, 1934. 162.
Bertie sat beside Marl: Sullivan ct dinner *ith Miss Emily Newall
Blair.
Sullivan told her th::..t Tug - ell rtEcently told h*m that in ten
year there would not be a. single private income in the U.S.
over 0.0,000 per year.
Mar. 14, 1934. 16, 163.
Dines as g-u_est of La's. Emory !- t 70man 1 s Press Club dinner to
Mrs. Roosevelt.
Mar. 19, 1934. 1(7,7.
Bertie's birthday — 61 ye:irs.
She looks so young.
C.S.H. gave her some flowers.
April 8, 1974. 181.
Goes to Mew York to attend l'uneral of Edmund Marvin.
April 10, 1974. 182.
Returns frail Mew York. April 11, 1934. 182.
Hamlin, Rose
Mrs. Edward Hamlin Jr. her sister zlnd two Peabody girls
Bertie took them to Cathedrn1 and to lunch at Dem. Club.
Mar. 28, 19L:4. 174.
Left for Boston tonight.
30, 1934. 175.
HanihLra. 153
See — Reed, Sen.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
141.
Hyrding, Gov.
Gov. Black reads an old 1-tter from,
clailling for Federal Reserve
Board supervisory uowers over constructi
on and sites of
ederal reserve
Oct. 10, 1933. 10.
Harrison, Floyd
7e went to .ea for daughter of.
Dec. 30, 1933. 105;
harrison, Gov.
Raises legal question whether our Board has juris
diction over
Federal reserve bank „landing construction and
Board cuic ly
refused to approve.
Oct. 10, 1933.11
See - Fe
ral Reserve Bank, -. Y.
Told C.-.H. "Toodin would have voted in favor
of above.
Oct. 10, 1933. 11.
Refuses to join in re-Port o Bankers Advis
ory Counittee fevorin,:;
purchase and sale of gold, exchange etc. by F.2. banks
.
Oct. 23, 1933.27
Agrefs to buy R.F.C. debentur,s to furnish Y:.P.C
. money with which
to purchase gold, provids7d the P.. banks can
lawfully do this.
He slarested that before beginA.ng this,
he should take u the
matter ejth central banks of Greet Britain rnd
France, to
whidh Roosevelt agreed.
Oct. 30, 1933. 34.
Told Board that the memo. rece:i by Gov. Black of
the conference with
Roosevelt (see scrap book) was correct, but he
wished to stress
the fact that he advised Roosevelt that the -plan
of -eurchasing
gold could and should be carried out through some
member bank,
e.g. - The Guaranty Trust "c). - to which Roose
velt agreed.
Oct. 31, 1933. 36.
He told Roosevelt frankly that he did not
agree with the
-policy of buying gold but would loyallwcooperet
e to carry it
out; that he could not favor it being done by
the F.R. banks
unless it was setled that they could buy
debentures.
Oct. 31, 193-. 36.
Said he had told Jesse Jones
R.F.C. debentures unless
legality. He understood
by Jones' Couesel but it
he would
act as Agent in Placing
Jones gve an o •inion as to their
that such an ()Anion had been elven
had never been Published.
Oct. 31, 1933. 37.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
142.
Harrison, Gov. (Cont'd.)
He said, also did Gov. Black, that neither the F.R.
Board
nor anyone at the Conference was ever consulted by
Roosevelt as to the policy of purchasing gold; that
Roosevelt
simply said the Policy was settled and that anyone
who did
not like it could g.:t out!
Oct. 71, 1937. 37.
Gov. Black told C.S.H. that, tried to buy ';!;500,
0D0 of oold in
London but was outbid by a speculator and could
get none;
that he bought the same amount in Paris.
Nov. :2, 1937. 41, 42.
Gov. Norman told Gov. Harrison he could not understand
that we
were driving at; that he feared our course would
set up
hoarding again and drive France off the gold standa
rd.
Gov. Norman said he Tould for the nresent allow
sterling to
'fluctuate below the franc.
.0v. Norman asked Gov. Harrison whtt our policy
was, stating
that if he tind FrLnce understood it they might be
willing
to help.
Nov. 2, 193. 42.
Roosevelt directed Gov. Harrison to sell some Fold to
hold down
the rise.
Gov. Harrison said tha., Jesse Jones denied arr
authority in R.F.C.
to sell gold; that such authority was given in the R.F.C.
agreement with Federal Reserve Bank, New York; that
Jones
must reaffirm this or cancel it.
Nov. 15, 1933. 48.
Roosevelt asked Gov. Harrison to take p with ':rov. Norman
the
question of some stabilization agreement.
Gov
Harrison said he hrd JJone this.
Nov. 15, 1937. 48.
Roosevelt directed Gov. Harrison to reverse and sell
gold to
precent
runaway dollar, sterling having reached today$5.50;
that he sold $300,000 of gold in London which broke
sterling
to $5.20; that he sold $:500,000 in Paris wi. similar
results.
Nov. 15, 1933. 51.
Said he had discussed with Coy. Norman a stabilizatio
n agreement;
that Norman said it would be useless to take Ivolie
ar: ter
unless some definite plan was advanced by U.S.
:ov. 1E, 1933. El, 52.
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Federal Reserve Bank of St. Louis
143.
Harrison, G07.. (Contid.)
Said he now had authority from Roosevelt to :ake up with
Normln a plan involving use of 25 mi l_ions of gold to
keep sterling between $5.35 and $5.50; that he told
Morgenthau afl( asked for his apnrowl; that ':orgenthau
said he would let him know tomorrow morning; that he
:orgenthal, that no one could tell wh't might happen
before 9 a.m. tomorrow- aom. London time; that Morgenthau
then authorized him to use 2 millions of dollars Pt once;
that he told hiai that would be only a drop in the bucket.
:Toy. 15,
At time of Llorgenthauls R,ointment as Under-Secretary, Gold.
Harrison was considering with Gov. :;ormL.n c. stabilization
agreement.
ov. 16, 197'.. 54.
Explains to Fedenl. Auvisory Council and Federal Reserve Bo:..rd
the agreement with Gov. Norman to keep sterling between
$5.25 ,.nd
Nov. 20, 1933. 59.
Said the Attorney General had given o-Anion that the
Tre-sury
could buy gold coin under an earlilr statute.
Said that if Federal Reserve bank bought gold at say $40 it -mild
have to put in its books the statutory ,
.:)rice but could
im7lediately sell it to the Treasury for the price it • ctually
paid for it.
:Tov. 20, 1933. 59.
Told Gov. Bl' ck that lov. Norman saw diflidulties in a
stabilization Pgreement which could not be terminated except
in 48 hours notice; that France was in r very critical situation
and that Gret Britain and Fr-ince were consulting to:ether
to meet this emergency.
Nov. 2:4, 1933. 63.
Said that if the people roke up some Tiorning and found that 11
Federal reserve gold ha been taken by Treasury in exchzmre
for irredeemable "gold certificates", confidence would be
severely jarred and a banking panic might r salt.
Gov. Harrison s id the Preside-nt should be inforaed of this
directly.
Dec. 22, 1933. 96
Gov. Black said Glass knew all about the positin of our Board
as to seizure of its gold and that ov. Harrison may have
told
him.
Jan. 13, 1934. 112.
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Federal Reserve Bank of St. Louis
144.
Harrison, Gov. (Contid.)
Roosevelt asks Gov. Black -nd Gov. Harrison to draft a
letter
for him to sign praising the Federal Reserve System and
its
cooper-,tion with him.
Jan. 30, 1934. 131.
L:orgenthau toli Gov. Black he was going to manage the
stfoilization
fund thru Gov. Black and Federal Reserve Bank of New
York.
Jan. 30, 1934. 132.
Gov. Bl..ck says Isiorgenthau would be absolutely C., 1)enzlen
t on
Gov. Harrison in carryin out his Policies.
Feb.
1934. 135.
See — Federal Res.:rye Bank, ';:ew York
Governors Conference
Hart, Rev. Dr.
St. John 1 .7; vestry met, today at 2:30 p.m.
We offered him $9000 salary, $1000 in ddition for
..loving his
furniture from Chattanooga, any surnlus to be kept by
him, also heat &nd 1i,7ht in Rectory.
He is to give us his final decislon on Saturday.
April 4, 1934. 179.
His accentance was announced to St. John's this morning,
— to tke
effect June 1, 1934.
April 8, 194. 161.
T-TJ sty PuL.'ing Club
We attend theatricals of, at Belasco Theatre.
April 4, 1934. 179.
Hel., ;&Jith
up C.S.H. and said she had wired Bertie she coalc: go
to
ttanoisett on ':ondity.
C.S.H. asked her to lunch or dine with him tomorrow and
she said
she would let him know tnnight.
She did not seem over anxious to come.
Called up C.S.H. in evening %nil ga.ve excuss for not accent
ing his
invitation.
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Federal Reserve Bank of St. Louis
145.
Hein, Edith (ContId.)
C.S.H. fears she must be angry with him as during the summer he
wrote her two letters which she only acknowledged in her
letters to Bertie.
Oct. 8, 1933. 3, 4.
Called up C.S.H. to say good-bye.
Oct. 9, 1933. 7.
Arrived it Mattaooisett Tue- ,v, Oct. 10.
Oct . 10, 1933. 14.
C.S.H. dines with, to meet Helen Bones.
Oct. 31, 193:-. 37.
We :ine with.
Dec. 30, 1933. 105.
We, with Hancock and Mrs. Griffin dine with.
Jan. 1E, 1934.
Sends Annie Nourse an invitation to White House Musicale.
Aoril 14, 1934. 184
Hennessy, Mike
In letter to Boston Globe sE-,ys it is whispered that Roosevelt
is ready to give C.S.H. a foreign mission to get him of:
the Federal Reserve Board and give his place to a New Yorker,
but that C.S.H. does not want to spend his declining years abroad.
This is the first C.S.H. has ever heard of such a rumor and he believes
it is arrant nonsense.
Oct. 1 1937 1
Possibly Farley may have some one in mind for C.S.H.Is 7)1ace.
Oct. 7, 1933. 2.
C.S.H. feels some politicans mv be after his place, or some
bankers may be angry with him and Dr. Miller bec-use they
secured passage of Sec. 3 of Glass banking bill.
7er York now has 2 representative on Board - Woodin, S cret ry of
Tre-sury.
Roosevelt could hvve chosen
N.Y. man instead of
Gov. B1Lck, or Thomas of Nebraska.
ointing
C.S.H. does not believe thLA Roosevelt- a friend for many yearsentertains any Euch thought.
Oct. 8, 1937.. 5, 6.
See - Boston globe
C.S.H. is satis2ied the r.mor is all n,nsense.
O.A. 17, 1933. 21.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
14 6.
Henry, Capt.
Writes H.P.H.
Mar. 15, 1934. 164.
Hoarding. 42.
See - France
Norman, Gov.
Hodgdon
See - Hamlin, Edward and. George
Holtsdorff
86, 120, 121, 161.
See - GavDrnment
Hollnnd
See - Emmett
Netherl-lnds
C..lueen Lowager
Hollis, Allen
31, 32, 38, 39.
See - Federal Reserve Bank, Boston.
Hoov,-r.113.
See - Meyer, Gov.
Hon in, Nina (Mrs. Ramilton)
Died this mornLng. Stroke.
Dec. 29, 1933. 104
Houghton, Alan son and :Irs.
We meet, at lunch with Mrs. Weld.
Oct. 1, 1933. 1.
Calls with Mr. McClellan on C.S.H. and asks him
to
be a Vestryman of St. John's.
C.S.H. accepted on understanding thatit involved
no payment
or subscription at any time - to which they assented.
Nov. 18, 1937. 56.
Hose of Rep. Committee. 127
See - Monetary Board.
Hull, Sec.
Mrs. Hull invited H.P.H. to lunch to meet !Irs.
Roosevelt
on Tuesday Oct. 24. H.P.H. was in Mattanoisett and
0.6 H. regretted for her.
Oct. 18, 1937. 24.
Gives lunch to Japanese Prince.
Does not invite C.S.H.
3, 1934. 152.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
147.
Hurd, Amoskeag National Bank, Il.tnche ,
-- ter, N.H.
32, 39.
See - Federal Re:- -rve Bank, Boston
Hutt, Deput,-; Governor Federal Reserve Bank,
Philadel
Federal reserve examiner reoorted that, was
the wer:kest
Dept. Gov ern or in the
. Sys t
Jan. 6, 194 110.
See - Federal Reserve Bank, Phila.
Hyannis Bank branch. 142.
See - Federal Reserve Bank, Boston.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
148.
Illinois banks.
See - Depositors certificates.
Impaired capitr.l.
Impairment, Capital
107, 108
See - Denositors certificates.
Income Tax, National
Filec: return, - $78.19, first gmar”rly payment.
Mar. 14, 1934. 162.
C.S.H. pays 1/4 of increased, levied by correction.
See letter in income tax file.
April 14, 1934. 184.
See -Hamlin, George
Inflation
The press interp_ ets Roosev-ltls radio address as a turning
to inflation.
Oct. 24, 1933. 29.
London Economist says the only way Roosevelt can effectually
increase prices is to depress confid-nce by deliberate
inflation through issue of greebacks.
Nov. 15, 193r. 49.
Federal Advisory Council passes
resolution condenning
inflation.
Nov. 22, 1933. 60
Prof. Sprague, in letter of resignation to Roosevelt
condemns inflation.
Nov. 22, 1933. 61.
Warburg said he resigned as Treasury dviser because he
could not accept Administrr=tion theory of inflation.
Nov. 23, 1973. 63.
Vote of Federcl. Advisory Council against inflation etc.
was 6 to 3, Traylor, Kemper and Ottley voting No.
Nov. 27, 1933. 67.
See - Open .arket Commit - ee.
13, 24.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
149.
Intermedite credit banks, Federal
141, 147, 155, 162
See - Federal Intermediate Credit banl:s
Glass
Interview, Gold Res-xve Act.
See -Black, Gov.
119.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
150.
-.3-
Jackson, Andrew 104.
See - Roosevelt
James, George R.
Votes against advising Federal Reserve Bank, N. Y. to extend
its building by buying an adjacent lot.
Oct. 10, 193. 9.
Moved to notify Richmonu and N -r York that Board has no
authority in matter of nurchsing sites and extension of
buildin .s.
Oct. 10, 1933. 10.
Reports in fcvor of Bond of Colorado for Class C director of
F.R. Bank of Dallas.
Nov. 1, 1933. 40.
Reported in fvor of reap ointing Brown as Class C Director
F.R. Bank of Dallas.
Nov. 2, 1933. 42, 43.
Said that our Board when it ap ointed Kenworthy w .o now has
resiPned, as Class C director of Kansas City, was induced
to do this by a trick of Gov. Meyer who inventeci the fiction
that Class C directors should all be chosen from Kansas City.
"loved a-D'Dintment of Bond. of Colorado.
Voted for Bond.
7, 1933. 43.
Voted to approve use of 23 millions by F.R. Bank of New York
to keep down sterling within certain li-its, - between $5.35
and $5.50.
Nov. 15, 1933. 52.
James said it was ridiculous to say that the gyrtions of our
dollar abroad, varying some times 20 points in a few
minutes, could permanently raise the price of Wheat on the
farm and on the Chicago market.
Nov. 15, 193‘?'. 57.
Said that as a gold standard man, he thout7ht this -as not the time
to stabilize.
Nov. 22, 1937. 61
Voted to send letter to Sim7?son approving Ranney for Chairman
of Continental In. National Bank c?: Trust Co.
Dec. 4, 1933. 70.
Dec. 9, 1933. 73.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
151.
James, George R. (Contld.)
Voted that prior lien denositors certificates constituted an
impairment of ca-dtal.
Jan. 5, 1934. 108.
Vote l to give him a coy of the intercepted cable from
Owen's secre,,:..ry to nusher.
Jan.
19A. 11_.
Voted to per.:.it Board's staff to join Federal reserve pension
System.
Mar. 9, 1934. 159.
Reports in 2!_vor of
for Clas
C Director,DalLs.
Votes for Morrill.
1.g.r. 28, 1934. 171, 172
Voted against increi.sin,7 Sailer's F-Alary to $35,00().
April 3, 1934. 186.
Said Board wnuld be foolish to give up voluntarily our rooms in
Treasury, necessit'Aing rentals of $35,000 per year in
Washington building.
Aoril 26, 1934. 189.
Said if Board would acceot new offices in Treasury suggested
by norgenthau, he would agree for 2 years to have his
secretary in his own office, in ord.,r to put the nlan - hrough.
April 27, 1934. 192.
Japan
See - Lebuchi
Hanihara
Liatsukata
Saito
Tokugawa
Johnson Dr. 80.
See - S. J)hn's Church
Johnson, Gen. N.R.A. 58
See - F.R. Bulletin
Johnson, Sen. Hiram. 168
See -Roosevelt
Joint custody
See - Gold
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
152.
Jones, Jesse
Goes to Texas with Comptroller and Farley to attena. opening
of a race tradkI
Oct. 17, 1933. 22.
Szymczak said he knew that Roosevelt, the Comptroller and,
had a plan to puI Cummings in as chairman of Continental.
Illinois Bank and Trust Co. through voting powers of
preferred stock owned by R.F.C.
Nov. 25, 1933. 65.
Wrote Simpson to tell Directorsof Continental Ill. National
Bank and Trust Co. not to commit themselves as to Chairman
until he was consulted.
Dec. 6, 1933. 74.
Asks members of our Board to appoint Taub, a tobacco manufacturer
as Class C director at Dallas.
James, Chairman of Dallas Committee, reported in favor of a
Mr. Morrill.
Board approved Taub.
Gov. Black, C.S.H. and James voted No.
Mar. 28, 1933. 172.
See - Continental Illinois National Bank: & Trust Co.
Federal Reserve Bank, Dallas
R.F.C.
Jurisdiction of Bo:'rd over Federal reserve bank buildings, constructionotc.
9•
See - Federal Reserve Bank, New York.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
153.
-K-
Kattendyke, Baron. 176
See - Boreel, S.
Kean, Mrs.
112.
See - Van Royen
Kemper 67
See - Federal Advisory Council
Federal Reserve Bank, Kansas City
Kendrick, Sen.
Death.
Nov. ;, 1933. 42.
Kent,
F.
I.
Gov. Black said resignation of, as Foreign Exchange Manager
of
Federal Reserve Bank of New York was both voluntary and
involuntary.
He had criticised proposed legislati)n.
Jan. 15, 1934. 117
Kerendky. 171
See - Brain Trust
Keynes, John Maynard
In open letter to Roosevelt attacks N.R.A., goLpurchases,
and whole theory of artificial attempts at price raising
.
(See scrap book)
Dec. 31, 1933. 105.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
154.
-
LaPollette, Sen.
Parley announces that Roosevelt will not support, for the
Senate altho he is supporting Sen. Hiram Johnson!
Mar. 20, 1934. 168.
La Guardia
Byron Newton is a campaign manager for,in N. Y. Mayoralty campaign.
1,2.
See - Newton, Byron
Larrabee, Rollin
Calls up C.S.H.
Oct. 23, 1933. 26.
Lanston, Aubrey 154.
See - Gavernars Conference
Gold
Lawrence, Bishop
137, 138, 142.
See - St. John's Church.
Lay,Pannie
We dined with, to meet Gov. Greene of R.I.
Jan. 21, 1934. 125.
Lea, Mrs. Phila.
We dined with.
April 30, 1934. 193.
Leak. 141
See - Pedelral Intermediate Credit banks.
Leave of absence. 47.
See- Woodin
Lee, Lilian
See - Biddle, Mrs. Edward
Leon, Mr. 121
See - Gold
Liaison officer. 49
See - Mick, Gov.
License. 156
See - Calkins, GOT
Limitations, Emergendy.
See - Gold
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Federal Reserve Bank of St. Louis
155.
Lippincott, Camilla
Sophie Boreal in her leiter did not say wheth
er on her visit
to Washington she would stay with, or Mrs.
Phillips.
Jan. 20, 1934. 122.
We met Mrs. Mitchell, the mother of,at suppe
r at Ilrs.
April 1, 1934. 175, 176.
See - Mitchell, Mrs.
Lippman, Walter
Severely criticises Roosevelt as to our mail
scandal.
Mar. 20, 1934. 167.
In these articles in N. Y. Herald-Triuune, Mar.
21,22, and 23
severely criticises Roosevelt as to mail scandal.
Also said V.R.A. was impeding business reco
very;also criticised
Sen. Wagner for his bill against comely unio
ns, saying that
the American Federation of Labor, before it repr
esented
labor in N.R.A. matters, must be reorganized
as it was not
fit now, and that labor mus be controlled
by the Government
through a code, the same as anployers.
Mar. 23, 1934. 169.
London Economist. 49
See - Bladk, Gov.
Long, Bredkinrildige
Loaned $10,000 to Dem. National Committee but
contributed
only $2500 towards the deficit.
He got the Itali.nEmbassy paying $17,500
at bargain rates.
Mar. 201 1934. 167, 168.
Long term bond issue.
148, 154.
See - Governors Conference
!Liner, Dr.
Lucas, Mr. 79
See - St. John's Church
Lunches (See dinners, suppers, teas).
Mrs. Evil invited Bertie to meet Mrs. Roosevel
t on Oct. 24,1933,
but as she was at Mattapoisett C.S.H. regretted.
Oct. 24, 1933. 34.
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Federal Reserve Bank of St. Louis
156.
Lunches (CoAt 1 d.)
H.P.H. lunches at White House to meet wives of Justices
of U.S. Supreme Court.
Nov. 14, 1933. 46.
C.S.H. lunches with Federal Advisory Council.
Nov. 20, 1937. 58.
We lunch with Under Secretary and Mrs. Phillips to meet
Sophie Boreel.
Jan. 25, 1934. 127.
.S.H. lunches at Metropolitan Club with Bishop Freeman and
St. John's Vestry.
Feb. 28, 1934. 138.
H.P.H. lunches at White House to meet Miss Dewson.
Feb. 9, 1934. 138.
We lunch with Eloise Sergent to me -t Rev. and Mrs. Roland Cotton
Smith.
Feb. 11, 1934. 139.
Sophie Boreel lunches with Mrs. James Roosevelt.
Feb. 18, 1934. 147.
Sec. Hull gives lunch to Japanese Prince. C.S.H. not invited.
Mar. 3, 1934. 152.
We lunch with Gist Blair.
Mar. 18, 1924. 167.
Bertie had Rose Hamlin and the Peabody girls at lunch at
Woman's National Democratic Club.
Mar. 28, 1934. 174.
We lunched with Mr. ez Mrs.Gavit at Hotel Shoreham.
April 28, 1974. 192.
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Federal Reserve Bank of St. Louis
157.
Managed currency
21, 118
See - Gold
Roosevelt
"Manhattans" S.S.
147, 151, 155, 157.
See - Boreel, S.
Margins. 180
See -Stock exchange bill
Marion Post Office. 136
See- Farley
Maritime Committee, Boston Chamber of Commerce
Unanimously approved Hodgdon's cow pasture plan.
Said it was a great undertaking of great value to Port of Boston.
Oct. 15, 1933. 17, 18.
Yartin, Mr.
141. See Leak
189
See Black, Gov.
191
See Comptroller
Yarvin, Edmund
Death of.
April 8, 1934. 181
Bertie goes to funeral in N. Y.
April 10, 1934. 182.
PUneral April 11, 1934. 182
Marvin, Langdon
Writes he has just met ::Latsukata in 1..Y.
Peb. 2, 1934. 135.
Maryland bank reorganization.
107, 108.
See - Depositors certificate.
Massie, Mrs.
The heroine of the Honolap murders, rs. Massie attends
judiciary reception at White House. Her husband is now
seeking a divorce from her.
Jan. 13, 1934. 115.
Matsdkata
Langdon Marvin writes he has met, in New York and that he spoke
with greatest :dfection ofus.
C.S.H. at once wrote him.
lab. 2, 1974. 135.
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Federal Reserve Bank of St. Louis
158.
MateUkata (Contld.)
Called on vs with his son.
Feb. 19, 1934. 146.
Dines with us.
reb. 20, 1934. 148.
Have not heard from him since he dined with us.
Mar. 3, 1934. 153.
Called on us.
C.S.H. told him how sorry he was not to have met Prince
Tokugara, and believes he realizes C.S.H. was not pleased
at not being invited to meet him.
Said he was going to N. Y. tomorrow but when he returned he
would like to arrange to have us meet the new Ambassador,
Saito, with whom he was staying.
C.S.H. said he kmsr him years ago when he was in Washington.
Mar. 8, 1934. 157, 158.
Baron Saito left cards on us.
We believe Matsukata arrRne,ed this.
Mar. 10, 1934. 1E9.
We meet, ft dinner with Baron Saito.
Mar. 27, 1934. 171.
Called with his son.
Mar. 30, 1934. 175 .
Mattapoisett
kith Helm arrived Lt, on Tuesday Oct. 10, 1933. 14.
C.S.H. could not go to, this week.
Oct. 13, 1933. 15.
Hancock and Mrs. Griffin are at for week-end.
Oct. 15, 1933. 18.
C.S.H. goes to Mattapoisett
Oct. 27, 1933. 33.
14r. Dana, Attorney of Old Colony Association ditves down to, to
Consult C.S.H.
Oct. 28, 1933. 32.
H.P.H. leaves Mattapoisett for Albamy via Boston.
Nov. 1, 1933. 38.
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Federal Reserve Bank of St. Louis
159.
Mattapoisett (Contlal.)
If depresses C.S.H. to think of our house :at, shut up,
except for Mrs. DeLong, with the Light House also dark.
Sometimes C.S.H. has the feeling he will never see it again!
Its associations are precious.
Nov. 1, 1933. 38.
H.P.H. pays t590 on account of tax bill of $774. Adds $7.95
for interest at 8% since Feb. 1, 1934. Total $597.95.
We received no bill in fall of 1933. Finally C.S.H. wrote the
Assessor and he received a bill about Feb. 1.
He felt no interest was due until at least he received the
bill altho the bill said 8% interest was due after Oct. 15.
April 7, 1934. 180.
McAdoo, W. H.
Requests Wyatt to fram amendments to Go Reserve Act for him.
Jan. 23, 1934. 125.
McBurnie. 4, 7.
See - Auld Lang Syne.
McClellan, Mr. and Mrs. George B.
Calls with Mr g Houghton and asks C.S.H. to be a Vestryman of
St. John's. C.S.H. accepts.
Nov. 18, 1933. 56.
See - St. John's Church
Calls up C.S.H. and says he was elected on vestry of St. John's
to fill a vacancy; that he was made Chairman of the
Music Committee with power to appoint others.
Nov. 27, 1933. 67
See - St. John's Church.
We dined with.
Dec. 23, 1933. 98.
Mar. 4, 1934. 153.
At meeting of proprietors of St. John's moves to lay on table
motion of C.S.H. that vestry be directed to ask Diocesan
Committee for authority to permit women, otherwise qualified,
to vote at proprietors meetings. So voted.
April 2, 1934. 177.
See - St. John's Church.
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Federal Reserve Bank of St. Louis
160.
McClintock, Mrs.
Died today in Prance after an operation.
Dec. 4, 1937. 72.
McKay
8
See - Governors Conference.
McKee.?
See - Dunning, Collector of Port, N.Y•
Newton, Byron
Roosevelt
McLean, Angus 75.
See - Norris, Gov.
McReynolds, Justice
We breakfast with.
Mrs. Wallace also there.
lab. 11, 1934. 139.
Member banks.
86, 155.
See - Gold
Intermediate credit bank.
Memoranda.
Gov. Black. 88, 93.
See - Black, Gov.
Holtzdorff. 82.
See - Gold
Message to Congress. 167.
See - Roosevelt.
Meyer, Gov.
James said, invented a fiction that only Kansas City men should
be elected Class C directors of P.R. Bank of Kansas City, in
ordc-r to ap-oint Longworthy, - a friend of his.
Nov. 1, 1933. 40.
James refers to above as a trick of .lov. Meyer.
Nov. 7, 1933. 43.
The secrecy of Margenthau in keeping from our Board the details
in drawing the Gold Reserve Act, was worthy of Gov. Meyer.
Jan. 13, 1934. 113.
Miller, Dr.
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Federal Reserve Bank of St. Louis
161.
Miller, DT.
Told C.S.H. it was being whispered about that Roos-velt
and Mrs. Roosevelt were not very close together, that each
were living separEte lives, and that this explained
Yrs. Roosev it's frequent absences from Washington.
Oct. 5, 1933. 2.
Also said that Farley was said to be using the patronage to
build up a personal machine for himself for Gov. of N. T. and
President to succeed Roosevelt.
Oct. 5, 1933. 2.
Votes to permit Federal Reserve Bank, N. T. to buy adjoining
property and extend the bank over it.
Oct. 10, 1933. 9.
When he came in he objected to notifying the F.R. banks that
our Board had no jurisdiction over banks purchase of Property
and extension of building.
Oct. 10, 1933. 10.
Said that the question of power raised by Gov. Harrison had
made him change his affirmative vote.
°et. 10, 1933. 10, 11.
Moves that N. T. application be disapproved.
Oct. 10, 1933. 11.
Carried.
Is ill with et cold and has cancelled his trip to San Francisco
to attend his brotharAs funeral.
Oct. 12, 1933. 13.
Said Roosevelt told him that his sug, estion of a public
statement in favor of an ultimate return to
gold standard,
was somethat radical.
Oct. 13, 1933. 14.
Said Roosevelt talked with him about money matters of Which he
would tell C.S.H. on !:.onCay.
He said nothing to make :;.S.H. believe he had spoken of hi, -C.S.H.
Oct. 13, 1933. 14.
Said that during his lunch with Roosevelt he -(Roosevelt)- spoke
a great dal about pressure from N. T. - apparently against
inflation, and that he seemed very sore about it; that
he also spoke rather superciliously about Lewis Douglas
who is crowding him an subject of sound money.
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Federal Reserve Bank of St. Louis
162.
Miller, Dr. (Cont'd.)
C.S.H. asked if he seemed satisfied with the Board.
Miller said he never spoke of the Board.
!Aller said that while tall:Lig, RooseveltIs head was up in
the air, talking over Miller's head and that he
evidently considered himself a man of lestiny, and
C.S.H. got the impression from what Miller said that his
sense of power had gone to his head.
Oct. 16, 1933. 18, 19.
Said Roosevelt's action was a deliberate attempt not to
stabilize but to cheapen the dollar which will impair
confidence and set back recovery.
Oct. 23, 1933. 27. 28.
Said Sprague had told him he was thinking of resiging and
attacking the administration policy.
Oct. 23, 1933. 28.
Said that Prof. Warren and Morgenthau had "nut over Roosevelt"
his address on mancged currency.
Oct. 24, 1933. 29.
Said that Roosevelt distrusts Douglas.
Oct. 30, 1933. 35.
Votes for Bond and against Doolin for Class C director of
Kansas City.
Nov. 7, 193. 43.
Attacked inflation resolution of Federal Advisory Council bec.use
it made no specific recommendation as to policy.
Nov. 20, 1933. 60.
Objected to Gov. Black's s4ggestion that we tell Morgenthau
that the Federal Reserve System will underwrite the bond
issue of over a billion on Dec. 15.
Said the Treasury must came to us on its billy, but that if worse
came to worse, we must support the Government credit.
Nov. 23, 1933 62.
Critidses letter prepared by Gov. Black to send to Glass on
subject of the row between Gen. Johnson and Goldenweiser
as to the October P.R. Bulletin.
Nov. 25, 1933. 66.
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Federal Reserve Bank of St. Louis
163.
Miller, Dr. (Cont11.)
Would not accept C.S.H.ts suggestion of reply to SLIP)son
as to the pronosed Chairman, Ranney, of Cont. Ill. Natl.
Bank and Trust Co., and said Board should have courage
to sny Yes or No.
Totes to write Simpson that our Board Rp roves appointment of
Banney as Chairman.
Dec. 4, 1933. 69, 70.
Szymczak said that Sprague, one of directors of Cont. Ill.
National Bank and Trust Co., who sided with Simpson
in supporting Ranney, was a brother-in-law of Dr. Milli*
and owed the Continental Ill. Bank some $300,000; tht
Ranney was employed in a company in which Sprague hid a
large interest; that Ranney if emnloyed by the Continental
bank would not be likely to call on Sprague to pay up his
loan, which was poorly collateraled.
- Dec. 4, 1933. 72.
Votes to send letter to Simpson lpproving Ranney.
Dec. 6, 1933. 73.
Before voting Miller said either Simpson or Sprague had said
that Ranney did not wish to be considered as he understood
he was 'lot acceptable to the R.f.C.
Dec. 6, 1933. 73.
Said we were helpless as if the legal right existed we could
do nothing.
Dec. 15, 1933. 84.
Said that a legal way to get possession of the P.R. gold
would be for the Treasury to call umon the P.R. banks to
increase their gold redemntion fund UD to 100;, which
would take from the P.R• banks about 3 billions of their
gold, - that being about the amount of P.R. notes outstanding;
that the P.R. banks held in all about 3.8 billions of gold;
that the remaining 800 millions could remain in the P.R.
banks with the accrualprofit.
Dec. 15, 1933. 85.
At first onoosed getting an opinion from Newton D. Baker, saying
it would be of no use.
Dec. 15, 1933. 86.
Toted Agninst increase of salaries of staff and against Baker's
fee of $5000, the lntter because we wr-re eqoloying Baker
to fight Administration.
Dec. 21, 1933. 92
-
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Federal Reserve Bank of St. Louis
164.
Miller, Dr. (Contld.)
At first doubted advisability of giving Glass a copy of the
intercepted cable from Owen's secretary to !::usher.
Jan. 3, 1934. 106.
Votes that a depositors prior lien certificate is not an
Impairment of capital.
Jan. 5, 1934. 108.
Votes to give Glass a copy of the cablegram to Masher.
Jan. 6, 1934. 111.
Said he saw Roosevelt yesterday who threw up his hands and almost
shouted, "Well, I gave them a bombshell yesterday in my
message." (on the Gold Reserve Act.)
Jan. 16, 1934. 119.
Said Gov. Black was taking with him this morning when he
- Gov. Black,
was sent for by Roosevelt.
Jan. 18, 1934. 120.
At meeting with Board of Governors strongly favored a long term
popular loan, as did also C S.H.
Baillie said such a loan would interfere with recovery.
Jan. 20, 1934. 122.
Said that for another short ;arm loan we would subscribe only
up to amount of his loose cash 1 - say $25,000, -while
to a popular long term loan at least $500,0001
Such talk almost makes C.S.H. a socialist!
Jan. 20, 1934. 124.
Said Mr. Goodhue called and aiked if our Board wouldszcept a
bust of Paul Warburg which his friends were thinking of
presenting.
Miller and C.S.H. finally felt it would be better to Postpone
this for the present fearing that Seligman would or might
insist on stating on the bust that Warburg was the founder
of the Federal Reserve System, - which was what Seligman actually
said in a book of addresses of Warburr.
Feb. 13, 1934. 140, 141.
Strongly favored,as did also C.S.H., a long term popular bond issue
at meeting with, Federal Advisory Council.
Feb. 20, 1934. 148.
Voted against allowing staff of P.R. Beard to participate in F.R.
Pension plan.
Mar. 8, 1934. 159.
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Federal Reserve Bank of St. Louis
165.
Miller, Dr. (Contid.)
Said today that Under Secretary Phillips told
him that
wave
of criticism of Roosevelt was sweeping over
the country.
Mar. 15, 1934. 164.
In discussing drafts of the stock exahange
bill, favored an
amendment prohibiting all loameby brokers
to their customers,
thus forcing the customers to borrow from the
banks as is
done in England.
C.S.H. said if present bill is passed and
fails to meet the
situation, there may be nothing left except
Miller's
suggestion, but that such loans are so well
established in
our economic life that Miller's suggestion would
disrupt
confidence and might set back recovery for
years.
Gov. Black and. almost all the members agree
d with C.S.H.
Mar. 15, 1934. 166.
Votes fof Taub as Class C Director of Dalla
s, in spite of James
recommendation for Morrill.
Jesse Jones asked Board members to vote for Taub.
specially urgent.
Thomas was
Jesse Jones had given Thomas' son a position
under R.F.C.!
Gov. Black, who voted with C.S.H. and James said
the vote was
a political scandal.
Mar. 28, 1934. 172.
Miller vote for Taub satisfies
that Miller wants a
reappointment for himself in August.
Mar. 28, 1934. 172.
Votes to accept Glass's Tuggestion that the Feder
al reA3rve banks
make the new capital loans rather than 12 inter
mediate banks
otAhe LLC..
April
1934. 178.
Votes against increasing Sailer's salary - F.R.
Bank of N. Y.to $35,000.
April 23, 1934. 186.
Miller, Mrs. Adolph
Last Thursday night was taken seriously ill
with some intestinal
trouble and rushed to Emergency Hospital where
Dr. Mitchell
operated on her. There was a kink in her intes
tines causing
stoppage.
She is doing well.
April 3, 1934. 178.
April 4, 1934. 179.
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Federal Reserve Bank of St. Louis
1 66.
Milliken, Mr. 57.
See - Boreel, S'
Mitchell, Dr. James.
178, 192.
See - Miller, Mrs. Adolph
Van Royen, Madame
Mitchell, Mrs.
We met, Mother of Camilla Lippincott, at supper at Mrs. Griffin's.
April 1, 1934. 175, 176.
See - Boreel, S.
Monetary Board.
The H.R. Banking & Currency Committee is giving hearings to
Vanderlip et al who desire appointment of a new Monetary
Board to take charge of all note issues etc. etc. This
would take away our power vested in Treasury under Gol
Reserve Act as to open market powers, stabilization fund,
etc. and would be the death knell of P.R. System.
Jan. 25, 1934. 127.
Morgenthau told Gov. Black the Treasury did not favor this
bill and that we could dismiss it from our minds.
Jan. 30, 1934.131.
Morgenthau, Sec.
Miller said Prof. Warren and, "put over Roosevelt his message
on managed currency.
Oct. 24, 1933. 29.
Gov. Black spoke in terms of contempt of, who, he said, wants
the Treasury to corral all F.R• banks gold so as to
assure the Govt. getting all the profit from devaluation.
Oct. 24, 1933. 30.
Gov. Black said Morgenthau had been appointed Under Secretary of
the Treasury in place of Acheson.
Nov. 15, 1933. 47.
Sworn in as Under Secretary at the White House.
Roosevelt praised, to the skies.
He referred to him as °Henry" when he gave him his commission.
C.S H. believesthe swearing in took place at the White House in
order to impre_s the fact that Morgenthau was Roosevelt's man.
C.S.H. remembers no other case of swearing in a subordinate officer
at the White Haase.
Nov. 16, 1933. 53, 54.
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Federal Reserve Bank of St. Louis
167.
Morgenthau, Sec. (Contld.)
C.S.H. wrote, congratulating him spying that he and every
other Board member will help in loyally carrying out
his policy.
At that very moment Gov. Harrison was tak ng up stabilizrtim
with Gov. Norman under Roosevelt's direction, that is
ROOS volt had changed his policy from disapproval to
approval of stabilizrtion, - a'decided Chnnge in policy,
and one in which C.S.H. firmly believed.
In other words, Roosevelt's policy of refusing stabilization
and cheapening the dollar was changed the day before
Morgenthau was swumn in, so that C.S.H. could conscientiousl
y
say he would loyally caapertte in carrying out this
changed 7solicy.
Nov. 17,1933. 54, 55.
C.S.H. assumed, and he feels had a right to assume, that
Roosevelt had recanted as to his gold purchases, but
preferred to have the change in policy carried out by his
friend Morgenthau.
Nov. 18, 1933. 55.
Writes C.S.H. a very appreciative note in answer to his
congratulations.
Nov. 20, 1933. 58.
Agreed with Executive Committee of Open ::4arket Association
that for the week no Govt. securities need by bought.
Nov. 20, 1933. 58.
Said he should buy gold until the price rose to $40.
He wanted to know whether to push it up to that price at once
or take several bites of the cherry.
The latter course was agreed
He said nothing as to what would be done after it reached $40.
It is now $39 and a fraction.
Nov. 20, 1933. 58.
Gov. Black said Morgenthau asked Sprague to take a room outside
of the Treasury, to building where Prof. Warren was; that
Sprague said he should resign and that Morgenthau
once
accepted his resignation.
Nov. 20, 1933. 59, 60.
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Federal Reserve Bank of St. Louis
168.
Morgenthau, Sec. (Cont'd.)
Gov. Black wanted to tell Morgenthau that the Federal
reserve would underwrite the billion dollar issue of
Dec. 15th but Miller objected.
Nov. 23, 1933. 62.
C.S.H. sends
'
a copy of his criticism of Prof. Sprague.
Dec. 23, 1933. 98.
Pledges Gov. Black to secrecy as to details of Gold Reserve
Act.
Jan. 13, 1934. 113.
Glass asked Gov. B. as to Mbrgenthau's ability. Gov. B. replied
he was a fine man; that Glass said this did not answer his
question.
Glass said Morgenthau sent him a message of sympathy when his
brother died.
Glass said Morgenthan's father, some years ago, told him that
if he ran for Presid-mt he would put 2 millions of dollars
into his campaign; that frankly under these circumstances
what could we do, meaning how could we oppose Morgenthau.
Jan. 13, 1934. 114.
Morgenthau and Baillie came before the Governors and Baillie
explained the financial program. Morgenthau said little or
nothing.
Jan. 20, 1934. 122.
Gov. Black said the Treasury needed men versed in finance; that
Morgenthau kner nothing about banking or finance.
Also said that Morgenthau was confirmed only on condition that
he Should dismiss Baillie, - an experienced banker.
Jan. 23, 1934. 126.
Gov. Black said he really did. not know who was advising
Roosevelt or Morgenthau on the Gold Reserve bill.
Jan. 23, 1924. 126.
Told Gov. Black the Treasury did not favor Vanderlip's
Monetary Board bill and that our Board could dismiss it from
lbw minds.
Jan. 30, 1934. 131.
Gov. Black said Morgenthau was going to manage the stabilization
fund through Gov. Harrison.
Goy. Black told him he ought to have experts in the Treasury
to help him but he said he did not ra-nt
Jan. 30, 194. 132.
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Federal Reserve Bank of St. Louis
169.
Morgenthau, Sec. (Cont'd.)
Gov. Black read Board a letter fraaMorgenthau asking Federal
Reserve Bank of New York to ack as fiscal agent to uFe
the stabilization fund.
Feb. 2, 1934. 135.
Gov. B. said he put into the draft of a letter for Roosevelt to
sign a statement that he did not rant a central bank, but
that he heard Morgenthau's witchery to Roosevelt evid-ntly
objecting to such a statement and it did not ap-Dear in the
draft Roosevelt signed.
Feb. 13, 1934. 140.
Sure R. would i.ot agree to a new issle of Government securities
over 500 millions.
Mar. 15, 1934. 154.
At the Governors Conference Morgenthau came in with 3 expert
assistances, - tom Smith, Presid-nt of BostoAWnNational '3:mak
of St. Louis, Mr. Bell an old Treasury employee, and Aubrey
Landon, formerly with First National '7om:..)any, Boston.
Morgenthau said practically nothing but the experts put many
questions and did much mysterious whisperings to one another
and apparently did not always agree with one another.
Apparently these men constitute Morgenthau's brain trust!
Mar. 5, 1934. 154, 155.
Told Gov. B. the rumor that he wanted our Board to 1-ave the
Treasury was absolutely false; that on the contrary he wanted
us to remain and would regret extremely our departure.
He called the Chief Clerk and directed him to prepare other plans
which would be satisfactory to the Board.
April 23, 1934. 187, 188.
Makes a new offer to Board as to rooms in Treasury, one which
was much more satisfactory to the Board.
April 25, 1934. 188.
See also - Gold.
Morgenthau told Gov. Black he fully an;Toved having Board build
a bui_ding of its own; that he asked to be recorded as voting
for it; that he woualcooperate in every way to get a bill
through '3ongress.
April 27, 1934. 191.
Morgenthau, Henry Sr.
Loaned $10,000 to Dem. Nat. Committee.
Mar. 20, 1934. 168.
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Federal Reserve Bank of St. Louis
170.
Mortgage, Mattapoisett
Paid interest $210 due DPc. 3.
Nov. 29, 193. 68
Morrill, Chester, Secretary Federal Reerve Board.
Board increases salary to $15,00c.
Dec. 21, 1933. 91.
Morrill, Mr. 171
See - Federal Reserve Bank, Dalls
Morse, Dr. 176
See - St. John's Church
Mullen, Arthur
Has not yet resigned from Dem. Nat. Comm. altho he is
practicing law in Washington.
Having persuaded Roosevelt to suol)ort Thomas, Mullen soon
will have a lucrative F.:. practice!
Jan. 18, 1934. 121.
Thomas said that if Mullen resigned from Dem. at. Comm.
he (Tho:as) would resign from Den. State Colaiittee of
Nebraska.
Feb. 6, 1934. 137.
Thomas gave out an interview to Press from his room in
tederal Reserve Board stating that he should c'll a
special meeting in Nebraska for, March 17th to accept
Mullen's resignation and his own as Chairman of Dem.
State Cora.ittee. of Nebraska!
Mar. 7, 1934. 157.
Thomas leaves for Nebraska tonight to choose successor to
Mullen on Dem. Natl Coradttee and his own successor as
Chairman of Dam. State Comm. of Nebraska.
He said he probably ih/uld resign.
Mar. 14, 1934. 163.
Myer, Gertrude
Called on us.
Jan. 6, 1934. 112.
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Federal Reserve Bank of St. Louis
171.
-N-
N.R.A.
Thomas said to C.S.H. that the, was not succeeding.
Oct. 7, 1933. 3.
Rooslvelt has excepted from N.R.A. concerns employing 5 men '
or less in towns less than 2500 population.
Oct. 2, 1933. 29.
Goldenweiser defended statement in October F.R. Bulletin that
production had recently fallen off just after N.R.A. took
effect, by saying that manufacturers expanded production
abnormally just before the N.R.A. took effect to get
advantage of lower costs and oonsequently there was a lull
just after it took effect.
Nov. 15, 1933. 51.
Glass asked official answer fram Board whether the omission of
the Review of the :Ionth in the November F.R. Bulletin was
because of the domination of Gen. Johnson of N.R.A.
Nov. 20, 1933. 58.
See,- Federal Reserve Bulletin.
Keynes in open letter to Roosevelt attacks N.R.A.
Dec. 31,1933. 105.
Lippman says N.R.A. is impeding business recovery.
May 23, 1934. 169.
National Democratic Comuittee.
See - Roosevelt
2Lullen
Natiaaal Shanmut Bank, Boston
See - F.R. Bank, Boston.
38.
Nevins, Allen
Called on us.
Feb. 1, 1934. 134.
Nepotism. 1C7.
See - Thomas.
Netherlands.
Death of Queen Dowager.
Mar. 21, 1934. 168.
Netherlands Legation, London. 175
See - Boreel, S.
lier Bedford Insti ution for Savings. 68.
See - Fortgage, Mattapoisett.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
172.
New Weston Hotel, r. Y.
77, 142.
See - Boreel, S.
New York. 5, 77.
See - Boreel, S
Carnegie 2ndowment
Federal Reserve Board
New York bankers. 48
See - Bruere.
New York Herald•Tribune
Attacks Roosevelt's radio message as to managed currency.
Oct. 24, 1933. 29.
See - Lippman.
167, 169.
New York Times.
Criticises Roosevelt's message as to managed currency as
obscurity as to real meaning.
Oct. 24, 1933. 29.
Newton, Byron
Called on C.S.H.
Said be was one of La Guardia'scampaign manager in
New York mayoralty fight.
Said McKee could easily have defeated the Tammany candidate,
but he declined to run; that La Guardia could surely
win; that suddenly McKee again became a candidate
and that this might split the anti-Tammany vote and
elect Tammany; that Vincent Astor, the Close friend of
Roosevelt is financing McKee, and this engenders the
belief that Roosevelt is taking a hand in favor of
McKee; that this was Parley's work; that Farley is
pulling every wire to be Governor of New York, and is
gravely injuring Roos-velt.
Oct. 4, 1933. 1, 2.
Newlands, Mrs
We called on.
Out.
Oct. 15, 1933. 17.
Nichols, Mr. and Mrs.
We dined with, at Woman's University Club.
Mrs. Nichols is writing a life of John Sherman ad C.S.H.
helped her with references from his diaries.
April 5, 1934. 180.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Norman, Gov.
Gov. Black said Gov. Norman said he could not
understand
what the U.S. was driving at; that he feared
our
course would revive boarding in France and
drive it
off the gold standard; that he would for the
present
allow sterling to fluctuate with the dollar
below
the franc; that he wished Gov. Harrison would
tell him'
what our policy was, saying that neither the
Znglish
nor the French could understand it, but that
if they did
they might be willing to help.
Nov. 2, 1933. 42.
Gov. Black said Roosevelt had asked Gov. Harris
on to take
up with Gov. Norman the question of some
stabilization
agreement, which he had done.
Nov. 15, 1933. 48.
Gov. Harrison said he had taken up the questi
on of a stabilization
agreement, but Gov. Norman said it was useless
unless
some definite plan was put forward by us.
Nov. 15, 1933. 52.
Gov. Harrison said he now had authority from
Roosevelt to
take up with Gov. Norman a plan involving 25 millio
ns of
gold, to keep sterling between 5.35 and 5.50. The
Board
approved this.
Nov. 15, 1933. 52.
See - Gold.
At the time Morgenthau took the oath as Under Secret
ary of
Treasury, Gov. Harrison was taking up with Gov. Norman
the question of stabilization.
Nov. 17, 1933. 54.
Gov. Harrison said Gov. Norman saw difficulties
in a
stabilization agreement which could be put an end
to only
on 48 hours notice; that France was in a very critic
al
condition and that Greit Britain and France were consul
ting
together to meet the emergency.
Nov. 23, 1933. 63.
See - Gold.
Norris, Gov. Federal Reserve Bank, Philadelphia
Came before Board to explain need of an additional Deputy
Governor.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
174.
Norris, Gov. Federal Reserve Bank of Philadelphia
(Cont'd.)
Before leaving he told C.S.H. that he feared
scandal
would develop in the R.F.C.; that in the Philad
el )hia
district, certain banks got speedy and libera relief
l
by retaining the law firm of Angus Masan, Democr
at,
in Washington; that the rumor was current in
Philadelphia
that this was the surest way to get such speedy
and
liberal relief.
Dec. 8, 1933. 75.
He also said that a very able man - C.S.H. forget
s his name
had been appointed by the R.F.C. on its local
committee
at the requedbof Gulley, the Pennsylvania member of
the National Democratic Committee; that he
declined to
recanmend relief for a certain bank on the ground
that
it was not entitled to the relief asked for; that
Guffey said to him, - "You are outl You had better
resign at once or you will be removed.'
Gov. Norris said one of these things happened - C.S.H.
does
not remember which.
C.S.H. told Gov. Norris to report this at once
to Gov. Black
which he did.
Dec. 8, 1933. 76.
See - Black, Gov.
Gov. Black said Glass knew all the Board was doing
as to the
Gold Reserve Act end that he suspected that either
Gov.
Harrison or Gov. Norris had told him; that Gov. Norris
told him he had had a long talk with Glass.
Jan. 13, 1934. 113.
Nourse, Annie
Calls onus en route from Charleston, South Caroli
na.
April 4, 1934. 179.
Dines with us.
April 6, 1934. 180.
Edith Helm sent, an invitation to a White House
musicale
for this evening, which she attended.
Had same trouble with a gland in her throat and
consulted
Dr. Perry of Hay-Adarce Haase who gave her great relief
.
April 14, 1934. 184.
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Federal Reserve Bank of St. Louis
175.
-0-
O'Brien, Robert L.
C.S.H. dines at Cosmos Club with, to meet Allan Nevins, et al.
Jan. 31, 1934. 134.
Old Colony Association
Mr. Dana, Attorney, drives down to Mattapoisett to consult
C.S.H. as to a voting permit for. Referral him to
Curtiss.
Oct. 28, 1933. 32.
Oliphant, Mr.
89, 101, 104, 121.
See - Gold.
'Only Yesterday' By Allen.
149.
See - Boreel, S
Open
Market Committee.
Executive Committee discussed falling off in purchase of
Government secutities from 35 to 31 million from last week.
This
8.U6
New York reported this falling off.
C.S.H. feels this is contra to the agreement arrived at at
last meeting and that the inflationists will cite this
as a deflationary change of policy.
C.S.H. fears the Committee has little sympathy with Roosevelt's
policies.
Oct. 20, 193. 24, 25.
Gov. Black said the Executive Committee wants to suspend all
puechases of Government securities.
C.S.H. and Szymczak strongly objected to such a course.
C.S.H. believes the New York banks want to scare Roosevelt
by showing that gold purchases are depressing Government
bond values, and to that end want every sustaining effect
such as further purchases by Federal reserve bank removed.
Nov. 15, 1933. 47, 48.
The Committee b ought no Gov. securities this last week.
A great mistake. C.S.H. protested to Gov. Black.
Nov. 15, 1933. 50.
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Federal Reserve Bank of St. Louis
176.
Open Market Coratnittee (Cont id.)
Morgenthau agreed that Executive Committee need
buy no
Government securities this week but nothing was
said
about next week.
Nov. 20, 1933. 58.
See - Disloyalty
Governors Conference
Gold
Ottley
See - Federal Advisory Council
Owen, Ex-Senator.
106, 111, 112.
See - Glass.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
177.
Panic 96
See - Gold
Paris. 51.
See - Gold
Harrison, Gov.
Patten, Miss
Said Madame Van Royemsecond son was very ill in Paris with
intestinal trouble; that they were going to take him, when
Mr. Van Royen died; that she was now in Paris with him but
would be here late in October.
Oct. 8, 1933. 4, 5.
Told Bertie that Baroness Van Breugel had gone to N. Y.
to
stay with Sophie Boreel.
Feb. 7, 1934. 138.
We called on.
Feb. 11, 1934. 139.
April 8, 1934. 181.
Told C.S.H. that Madame Van Royen was operated on for cancer
in the breast by Dr. William Mitchell, in Washington,
just after the death of Mr. Van Royen; that she went back
to Holland and went to a hospital at the Rage, but
whether because of recurrence of the cancer, she did not
know; that while in the hospital she got pneumonia and died.
April 29, 1934. 192.
Paris. 175.
See - Boreel, S Harrison, Gov.
Paulger, Chief Federal Reserve Examiner. 110.
See - Federal Reserve Bank, Philadelphia.
Peabody, George Foster.
Called on us with Mrs. Tait.
Nov. 13, 1933. 46.
Peabody, The Misses
Rose HaiLlin (Mrs. Edward Jr.) called on us with, daughter of
Rodman Peabody.
Bertie took them to the Washington Cathedral and to lunch.
Mar. 28, 1934. 174
Left for Boston this evening.
Mar. 30, 1934. 175.
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Federal Reserve Bank of St. Louis
178.
Pecora, F.
162, 163, 166.
See - Stock exdhange bill.
Persia, Minister of.
C.S.H. sat besid- wife of, at dinner with Mrs. Lea.
April 30, 1934. 193.
Peters, Andrew
Told C.S.H. Boston was terribly disturbed at Morgenthau
ls
appointment; that confidence was fading out and
was
setting back business recovery.
He expressed hope he might again be appointed as Class
C
director, but C.S H. said there was no vacancy.
Nov. 18, 1933.
55.
Phillips, William, Under Secretary of State
We lunched with, to meet Sophie Boreel.
Jan. 25, 1934. 127.
Miller said, told him that a wave of criticism was sweep
ing
over the country against Roosevelt.
Mar. 15, 1933. 164.
Phillips, Mrs. Wil_iam.
Sophie Boreel arrives in Washington to visit.
Jan. 23, 1934. 126.
See - Boreel, S.
Pickard, Mr. Marion, Mass. 136.
See - Parley
Plymouth, ngland.
147, 150, 151, 155, 163.
Policy
37, 42, 54, 55, 87, 135, 153, 154.
Gov. Black
See - Central bank policy
Governors Conference
Morgenthen
Norman, Gov.
Roosevelt.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
179.
Politics
Gov. Black at Woman's Democratic Club dinner said, "So help we
Godi The Federal Reserve System will be kept amtof
politics, so long as I am on the Board!"
Oct. 20, 1933. 26.
Doolin, Appointment, Federal Reserve Bank, Kansas City.
Nov. 1, 1933. 40.
Political letters were sent indorsing Doolin as a Democrat,
but all names before the Boaltd hapnened to be Democrats,
and C.S.H. feels Doolin was absolutely up to the standard.
Nov. 7, 1933.40, 43.
See - Federal Reserve Bank, Kansas City.
Roosevelt's directs that henceforth Mr. Riefler shall check up
Review of Month, before publication in F.R. Bulletin.
Nov. 25, 1933. 66.
See - P.R. Bulletin.
Gold Reserve Act takes away from P.R. Board its power to manage
credit and currency and gives it to Sec. of Treasury,
a political appointee.
It throws banking into politics.
Jan. 16, 1934. 118.
Thomas serving as Member of Board and Chairman of Dem. State
Committee of Nebraska.
Mar. 7, 1934. 157, 163.
•
See - Thomas
Jones,
Electing Taub Class C director of Dallas at urgency of Jesse
against report of James.
Jesse Jones had given a job to Thomas' son.
Mar. 28, 1934. 172.
Morgenthau has lost confidence in Comptroller because he has
appointed Counsel and Receiver on a purely political basis.
April 27, 1934. 191, 192.
Port Authority, Boston
See - Hamlin, Edward
Postal savings deposits
Treasury has 1 billion of, funds out of which it can buy
Government securities to protect the bond market.
Nov. 15, 1933. 50.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
180.
Power of P;esident. 99, 103.
°e(1 - Gold
Power of Treasury.
118.
See - Gold
14.
Preferred stock
See - Capital notes
Continental Ill. Natl Bank & Tr. Co.
R.F.C.
Press statement, Gov. Black. 119
See - Gold
Prices
Sprague told C.S.H. he had been called upon for a memorandum
how to increase prices and that he had asked Goldenweiser
to prepare one.
Oct. 14, 1933. 16.
Roosevelt, in radio address, said devaludion must wait
until prices bad risen; that to ensure the rise he had
authorized the R.F.C. to buy gold at prices fixed by the
Treasury and himself; that When prices have increased,
the content of the dollar will be manipulated so that
its purchasing power will be unchanged for a generation.
Oct. 23, 1933. 27.
The Board feels that the purchase pl.an will not succeed; that
it will not increase commodity prices generally and may lead
to competition in diiprecitt ed currencies and drive France off
Oct. 30, 1933. 35.
the gold standard.
Gov. Black gave us an article from the London Economist to
the effect that depreciating the dollar will not raise
general prices in U.S.; that the only way to raise prices
is to restore confidence or further disturb confidence by
issuing greenbacks, which would make people put their
money into commodities frokinfear of the dollar.
Nov. 15, 1933. 49.
Goldenweiser said that the gold purchases had not as yet
put up prices of our commodities; that even an issue
of greenbacks would merely swell the excess reserves of
our banks.
Nov. 15, 1933. 52, 53.
Morgenthem said he should buy gold until its price rose to
$40. It is now $39 and a fraction.
Nov. 20, 1933. 58.
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Federal Reserve Bank of St. Louis
181.
Prices (Conted.)
O.S.H. is inclined to believe that Roosevelt in pushing
the Gold Reserve Act althorizing dervalu:.tion
is not so much concerned as to prices or monetary
policy as with the profit from devaluation which enable
him to reduce the estimated deficit of 4 billionsfor
the year.
Dec. 15, 1933. 87.
Keynes in open letter to Roosevelt in New York Times of
today attacked the N.R.1.., gold purchases, and *hole
theory of artificial price raising. (See scrap book).
Dec. 31, 1933. 105.
See - Gold
Production, Falling off in. 50, 51.
See - Federal Reserve Bulletin
Profit from devaluation.
82, 83, 85, 89, 94, 96, 99, 102, 103, 114, 116, 125.
See- Gold.
Protest of Federal reserve banks.
91, 93, 94, 95.
Purchasing power.
27.
See - Roosevelt.
11.1.1.000411.1MINImit+.4
Quarters for Federal Reserve Board, New
187, 189, 190, 191.
See - Federal Reserle Board.
Queen Dowager of Holland.
Death.
Mar. 21, 1934. 168.
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Federal Reserve Bank of St. Louis
182.
al.rq I/ Jlevuil3oR 3(
1131/13b Ag1=1/c-,
TiA:sfm /0 sa3lIt 0 V4 '.-eziln(r.;.
Reconstruction Finance Corporation
Bruere explained to Board a new corporation to be
organized, of which the R.F.C. would take the capital, preferred stock.
Oct. 10, 1933. 11.
&LAIW OD j
Pa, Vr
401.1.
e1,71,10 ii031y ivls,,x:Jrp,I, f,2::11: ,Wtol: , t ihlfw
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Pli:
.b..4.Lizle
lotanollVd lo 4E-,
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.V8
.7.1e1 tal .DeC
ef41,461
4.tv-acoa o* te$Jel =ego.
comIT Imo!
Ji.vi 9A1 bogrc
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ejorf*
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toe
tarr
tg:
47)r
. i:ttr..d
. o
oft .1.M.(IND406
most:
.
Atl..
its1
.le
Federal reserve banks can not discount no
debentures.
Oct. 10, 1933. 11.
purchase R.F.C.
The Continental Illinois National Bank and Trust Co.
will sell 50 millions of preferred stock to R.F.C.
Oct. 13, 1933. 14, 15.
Roosevelt announces a new division in R.P.C. to buy assets
of banks closed since Jan. 1, 1933, umto 50% of their value.
Oct. 16, 1933. 18.
Roosevelt, in order to increase
R.F.C. to purchase gold at
and the President; also to
Oct. 23,
prices gives authority to
prices fixed by the Treasury
buy and sell gold abroad.
1933. 27.
Gov. Black said the R.F.C. ,Amn not legally buy gold or anything
else; that the Attorney General is unable to give an
opinion that the R.F.C. has any such power; that
Roosevelt directed Acheson to buy the gold but Acheson
said it would be illegal.
Oct. 24, 1933. 29, 30.
OM
4.weLeq io.”1A,-...o..;
.1(1 on ,S4231 ,T81
,frtoEbolF.
,frwor
laTI
•
.8b1
0.11.0ft..06...411111,
Roosevelt told Gov. Black he had decided to have the R.F.C.
buy gold abroad and wished the Federal Reserve Board to
work out the mechanism of the operation; that he had asked
the Fedelal Reserve Bank of New York to buy R.F.C.
debentures to furnish the necessary funds for the purchase;
that Gov. Harrison said this could be done provided the
Federal reserve banks could legally buy R.F.C. debentures.
The Board voted to approve this provided the Federal reserve
banks could lawfully buy R.F.C. debentures.
Oct. 30, 1933. 34.
Wyatt gave Board his opinion that the R.F.C. could not legally
sell its debentures to rederal reserve banks, as was
specifically provided by law, and that the Thomas amendment
did not remove this limitation.
The Board voted task opinion of Attorney General.
Oct. 30, 1933. 35.
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Federal Reserve Bank of St. Louis
183.
Reconstruction Finance Corporation (Cont'd.)
Gov. Harrison told Roomvelt he did not agree with the gold
purchase policy but would lcyally cooperate in carrying
it out; that he could not favor it being done by the
Federal reserve banks unless it was settled that thq7
could legally buy RFC debentures.
Oct. 31, 1933. 36, 37.
Federal Reserve Bank, New York, asked authority to act as
fiscal Agent of the R.F.C. in this matter.
This assumes that the purchases are to be made through member
banks, the Federal reserve banks merely acting as
agents of R.F.C.
Board approved this.
Oct. 31, 1933. 37.
Gov. Harrison said he notified Jesse Jones that Federal Reserve
Bank of New York would not act as his Fisc9,1 Agent in
placing the R.F.C. debentures unless his Cotinsel advised
him this was legal.
It is understood such an opinion has been given but never published.
Oct. 31, 1933. 37.
Our Board yesterday overruled Wyatt and ruled that an application
for admission to Federal Reserve System, capital notes
given to Ra.C. for preferred stock, should be regarded
as capital and not as a loan.
The Act June 15, 1933, provided that where a state bank could
not lawfully issue preferred stock it could in lieu
thereof give to R.F.C. its "ca,ital notes".
Board was unanimous that these notes should be regarded as
capital pending final deterthination of Congress.
Wyatt said to C.S.H. today that the Board had deliberately
violated the law, yielding to administrative pressure.
C.S.H. treated this calmlysaying that certainly no one had
brought any pressure on him: nor zis he believed, on any
other member; that he tLought the decision simply
common sense and in accordance with law.
Wyatt is plainly overworked and near the breaking point, so
C.S.H. treated him more kindly than he deserved.
Nov. 7, 1933. 45, 46.
Roosevelt directed Gov. harrison to sell gold to keep down
the rise in sterling.
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Federal Reserve Bank of St. Louis
184.
Reconstruction Finance Corporation (Cont'd..)
Gov. Harrison said Jesse Jones denied that R.F.C. had
power to sell gold.
Gov. Black said Gov. Harrison said that the R.F.C. agreement
with the Federal Reserve Bank of New York gave such ,
authority; that Jones
reaffirmed this or denied it.
Nov. 15, 1933. 48.
C.S.H. asked Comptroller whether the R.F.C. had voting power
in connection with its holding of 50 million preferred
stock of Cont. In. Natiow,1 Bank & TrLst Co., the
common stock being only 25 million.
The Comptroller said No, as long as the bank paid interest on
its preferred stock.
Dec. 4, 1933. 70.
Thomas said that Stanley Reed, General Counsel of R.F.C.
said the R.F.C. had the voting power on its preferred
stock.
Dec. 4, 1933. 71.
Miller said Ranney did not with further to be considered
for the Chairman of Continental Illinois National Bank
& Trust Co. as he understood the R.F.C. opposed him.
Dec.6, 1933. 73.
C.S.H. can't understand shy Thomas voted to send Board's
letter to Simpson approvine2 Ranney just because he
learned that the R.F.C. h&i voting pow -r.
Dec. 6, 1933. 74.
C.S.H. feels Board should not have qpproved Ranney's name
after Ramey had withdrawn, and knowing that the Complroller
and R.F.C. were o-posed to Ranney.
It was not the business of our Board to butt in.
Dec. 6, 1933. 74.
Jesse Jones of R.F.C. had written Simpson to take no action
on the Chairmanship until he was consulted.
Dec. 6, 1933. 74.
Gov. Norris told C.S.H. he felt that scandals would
develop or were developing in R.F.C.; that Philadelphia
banks got speedy and quick relief by retaining the
Washington law firm of Angus W. McLean, a Democrat.
Gov. Norris also said a very able man was put on the
R.F.C.
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Federal Reserve Bank of St. Louis
185.
Reconstruction Finance Corporation 'Cont'd)
local Committee in Philadelphia,
the request of
GuffAsy, National Committee member; that he had refused
to pass favorably upon the application of a certain bank
for relief, and Guffey said to him You are out! Resign
at once or you will be removed!"
Gov. Norris said one of these alternatives happened -C.S.H.
does not remember which.
'7.S.H. told Gov. Norris to report this to Gov. Black which he did.
7ec. 8, 1933. 76.
Gov. &a& said above st-tament did not surprise him; that the
had a very able attorney at Atlanta, once Attorney
for Federal Reserve bank, bi).t after Jesse Jones became
head of R.F.C. this Attorney was =warily rmoved and a
Democratic political lawyer a;,
- pointed in Place.
Dec. 8, 1933. 76.
Federal Advisory Council preferred having the Federal reserve
banks make capital loans rather than the R.F.C.
Feb. 20, 1934. 147.
Szymczak told C.S.H. that Thomas went to Gov. Black and induced
him to get a place for his son under the R.F.C.
Mar. 7, 1934. 157.
Cong. Snell, Republican leader of H.R. openly attacks Walter
Cummings decision af Continental Ill .Natl Bank and Tr. Co.
saying that the R.F.C. using its voting power Chose him
over the hands of the directors who wanted Hannay; that
he had just accepted the position of Treasurer of the
Republican National Committee.
C.S.H. feels if true this is a public scandal.
Mar. 16, 1934. 165.
James reported in favor of a Mr. Morrill for Class C director
of Dallas bank. Thompson reported in favor of Mr. Taub
who was being pushed by Jesse Jones of R.F.C.
To 0.S.H.'s surprise Dr. Miller, James, Thomas, Sgymczak and
the Comptroller voted for Taub and he was elected,
Gov. Black, James and C.S.H. voting for Morrill.
Thomas told C.S.H. some time ago that Jesse Jones gave his son
an appointment under the R.F.C.
C.S.H. hopes Thomas was not influenced by above fact!
Mar. 28, 1934. 172.
186.
Radio
See - Roosevelt
Rand, P. H.
170
See - Brain Trust.
Raney
64, 165
See - Continental Ill' Natl. Bank & Trust Co.
Red Cross tea. 152
See - Tokugara
Redemption of gold certificates.
90, 93, 100, 116, 132.
See - Gold
Reed, Sen David.
Was at dinner given by Saito the Japanese Ambassador to
Prince TokugAra. He was one of the bitterest enemies
of Japan at time of Hanihara incident!
Mar. 3, 1934. 15C.
Renublican National Committee.
Issues circular quoting from October P.R. Bulletin showing
that production had fallen off just following
initiation of N.R.A.
Nov. 15, 1933. 50.
See - Federal ReE.erve Bulletin.
Reserves
See - Excess reserves.
Resignations
Gov. Black said Woodin is a sick man and wants to resign
but Roosevelt won't let him.
Oct. 24, 1933. 30.
Gov. Black told C.S.H. Acheson had resigned; that Roosevelt
called for his resignation; also that rumor was that
Sprague and Lewis Douglas would soon be asked to resign.
Nov. 15, 1933. 47.
Sprague's letter of resignation published.
Nov. 22, 1933. 61
Gov. Black said resignation of Kent was both voluntary
and involuntary.
Jan. 15, 1934. 117.
Of members of Dem. National Committee practising law in
Jan. 18, 1934.'121.
Washington.
See - Miller.
-kr
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Federal Reserve Bank of St. Louis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
187.
Resignations (Contid.)
Morgenthau was confirmed only on condi
tion that
Baillie, his expert adviser, should resig
n.
Jan. 23, 1934. 126.
Thomas announces, from his office in
Federal Reserve
Board, the resignation of Mullen from Dem.
National
Committee, Nebraska; also his own resignatio
n
as Chairman of Dem. State Comm. of Nebraska.
Mar. 7, 1934. 157.
See - Thomas
Gov. Black intimated he would resig
n of Holdzorf plan were
carried out.
Dec. 15, 1933. 85.
Resolution. 60
See - Federal Advisory Council.
Rice, W. G. 105
See - Mmmett
Rts, W.G. Jr. Speaks at lunch of Woman's Nat.
Dem. Club. Mar. 5,1934. 154.
Rice, Harriet
Writes H.P.H. that they had declined Roose
velt's invitation
to dinner at the White House on the ground
that she
was not well enough to travel.
Jan. 16, 1934. 119.
Ridketson, Oliver
C.S.H. dines with, to meet Mr. Thadh-r.
Aprill.11, 1934. 182.
Riefler. 51.
See - Federal Reserve Bulletin
Roosevelt
Ripley, Mr.
Merchants National,Boston.
32, 39.
See - Federal Reserve Bank, Boston.
Rockefeller Radio Building. 145.
See - Boreel, S.
Rodgers, Miss
Miss Rodgers, daagher of Lieut. Rodgers and
her mother
Mrs. Coffin (she was divorced from Lieut. Rodgers)
attended
the Judicial Reception at White House.
She eloped to Rome with an Italian but returned
to her mother
without marriage.
Jan. 13, 1934. 115.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
188.
Rodgers, Co].. & Mrs.
We called on, and met Rachel Hale there.
Dec. 22, 1933. 97.
Rodgers, Lieut.
See — Rodgers, Miss.
Roosevelt, President.
Ilia= follows.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
189.
AOOSEriZT INDEX.
Roosevelt, President
Acheson, Under Secretary.
35, 38,46, 47, 62, 63
Adviser of Roosevelt. 124.
Agreement. Voluntary turning over of.
gold to Treasury.
102, 105, 106, 107.
Air mail scandal. 145,147.
Amoskeag National Bank. 45.
Astor, Vincent. 2.
Attorney General.
18, 82, 85, 120, 126.
-BBaker, Newton D.
92, 93, 99, 123.
Bank of America, San Francisco. 138
Beak of England. 38.
See - Norman, Gov.
Bank of France. 38.
Bank of U.S. 113.
Bankers Advisory 'ommittee. 28.
Banks. 14
See - Closed bans
Black, Gov.
7,10, 18, 10, 20, 21, 23, 25, 26, 28, 38, 41, 46
48, 50, 52, 53, 55, 56. 57, 68, 69, 77, 79, 82, 83,
84, 87, 88, 89, 90, 91, 93, 100, 102, 105, 106,
107, 108, 112, 119, 120, 123, 124, 126, 127, 128,
129, 130, 131, 133, 135, 136, 139, 140, 144.
'Bomb shell"
118.
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Federal Reserve Bank of St. Louis
190.
ROOSEVELT INDEX.
Roosevelt, President (Conted.)
Bond values. 31.
Boston Globe.
1, 3, G, 8, 22.
See - Hennessey.
Bran Trust. 143.
British delegation, Economic Conf
erence. 18.
BrOkers.140
See - Stock Exrthange bill.
Bruere. 38, 52.
Business recovery.
29, 31, 64, 147.
^
Calkins, Gov. 138.
Case, Federal Reserve Agent. 75.
Central bank.
98) 113, 133, 136.
Closed banks. 14.
Collector of Customp, N. Y. 9.
See - Dunning.
Committee on devaluation. 18.
Commodity dollar. 73.
Competition in depreciated currenci
es. 39.
Comptroller of Currency.
21, 23, 76, 80.
Conferences.
38, 40, 41, 44, 82, 89, 90, 91.
Confidence, Disturbance of.
29, 31, 64, 70.
Congress. 88, 91, 100, 106, 107
, 108, 111, 126, 139.
Conservators. 138.
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Federal Reserve Bank of St. Louis
191.
ROOSEVELT INDEX.
Roosevelt, President (Contld.)
Constitutionality. 92
See - U. S. Supreme Jourt.
Continental M. NationalBank and Trust Co.,
Chicago. 76.
Contracts of credit.
111, 116.
Conversion loans. 31.
Covellin, Father. 97.
Coup dietat
See - Holtzdorff
Credit contracts. 111, 116.
Crisis of 1929. 6
See - Direct pressure.
Criticism of.
144, 147.
Cummings. 76.
See - Ra.c.
Currency
See - Depreciated currencies
Managed currency
Curtiss, Federal Reserve Agent, Boston. 45
Custody of monetary gold. 114
Debentures, 1.R.
P.R. 38, 43.
Deficit, Treasury. 86, 95.
Deflation. 18.
Demand. 94, 102.
Democratic National Committee. 121.
Democratic State Committee, Nebraska. 7
See - Thomas.
Depreciated turrencies. 39.
Destiny, A man of. 16, 17.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
192.
ROOSEVELT INDEX.
Roosevelt, President (Contid.)
Devaluation.
18, 27, 28, 30, 84, 86, 92, 95, 114, 123,125, 128,
130, 131, 132.
Dinner, White House. 101.
Direct pressure. 6.
Disloyalty. 10, 11, 24, 49.
Dividends. 138.
Dollar.
See - Commodity dollar
Devaluation
Gyrations of dollar
Purchasing power
Runaway dollar
Discrimination over Federal Reserve Board. 66
Douglas.
15, 40, 46, 68.
Dunning, Collector of N. Y. 9.
Economic advisers. 57.
Itconamic Conference. 18.
Burnett, Grenville. 110.
lxcess reserves. 60.
ftecutive Committee
See - Open Market Committee.
Farley, Postmaster General.
2, 35, 134, 146.
Federal Advisory Council. 70, 78.
Federal Intermediate credit banks.
139, 150.
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Federal Reserve Bank of St. Louis
197,
ROOSEVELT INDEX.
Roosevelt, President (Contli.)
Federal Reserve Bank, Chicago. 103.
Federal Reserve Bank, New York.
38, 133.
Federal Reserve Bank, Philadelphia. 104.
See - Norris, Gov.
Federal reserve banks
Gold. Gold Reserve Act.
18, 93, 102, 105, 106.
Federal reserve Board.
1, 7, 11, 16, 19) 33, 38, 39, 41, 44,
56, 59,
66, 80, 96, 99, 106, 108, 114, 115,
123, 126, 127, 140.
Fiscal Agent, Federal Reserve Bank, N,
Y.
133.
Federal Reserve Bulletin, Dispute.
56, 66, 57) 77.
Gen. Johnson.
Federal reserve notes.
18, 114.
Federal Reserve System.
129, 136.
Foreign Minister. 1.
France. 39.
Frew. Federal Advisory Council.
70
-GGlass. 1231 135) 150.
Gold.
Certificates. 91.
Custody of monetary gold. 114.
Purchases of.
21, 27, 30, 35) 38) 43, 44, 52) 60, 109.
Reserve Act, Gold.
112, 114) 115, 116, 117, 119, 122, 124, 127,
136.
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Federal Reserve Bank of St. Louis
194.
ROOSEVELT INDEX.
Roosevelt, President (Contid.)
Gold (Contld.)
Sales of. 50 , 58.
Seizure of.
65, 91, 93, 95, 97, 100, 102, 103, 104, 139.
Standard, Gold.
12, 39, 70, 139.
Title to. 123.
Goldenweiser.
30, 60, 130.
Government bonds. 49.
Government securities. 10, 137.
See - Open market purchases.
Governor of New York. 2, 5.
Se - Farley
Governors, Federal reserve banks.
10, 93, 95,96, 137
See - Open Market Committee.
Greenbacks
54, 60, 70, 84.
Guaranty Trust Co. 42.
Gyrations of dollar. 61
Hague, The
See - limmett
Hamlin, C.S.
1, 3, 6, 8, 13, 16, 18, 20, 22, 24, 31, 45, 49, 53, 54 62
63) 65, 74, 75, 77, 80, 83, 86) 95, 97, 98) 101, 108,
116, 120) 130)135, 138, 139.
Hamlin, H. P. 101_
Harrison, Gov.
28, 38, 42, 43, 44, 50, 51, 58, 59, 63, 65, 72, 129,133.
Hennessy, Mike
1, 3, 6, 8, 22.
Hoarding, 18.
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Federal Reserve Bank of St. Louis
195.
ROOSEVELT INDEX.
ittel
Roosevelt, President (Conted.)
Holland
See - Emmett
Hollis, Allen. 45.
Holtzdorf.
82, 84, 87, 89, 108) 120, 126, 139.
Hoover, Preside it. 112.
H.R. 142, 149.
Hurd, Amoskeag National Bank. 45
-/
Indemnity to Federal reserve banks.28.
Inflation.
15, 34, 70, 73, 78.
Influence. 148.
Involuntary delivery of gold to Treasury.
104, 106.
Jackson, Andrew. 113.
James, George R. 61.
Johnson, Gen. N.R.A. 56
See - Federal Reserve Bulletin
Johnson, Sen. Hiram. 146,
• Jones, Jesse, R.F.C.
76, 80.
See - R.F.O.
-XXemper. 77.
Xerensky. 148.
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Federal Reserve Bank of St. Louis
196.
ROOSEVELT INDEX.
Roosevelt, President (Cont'd.)
Keynes, John Maynard. 109.
-LLaFollette, Sen. 146.
sqiesser° artists. Economic Conference. 18.
Liason officer. 53.
License, Bank of America, San Francisco. 138.
Limitation of Roosevelt's powers. 125
Lincoln, Abraham. 25.
Lippman, Walter. 145, 147.
Man of destiny. 17.
Managed currency.
28, 33, 34, 116.
Margins.
See - Stock exe.hange bill.
Mayor of New York 2.
See - McKee
McAdoo, Sen. 123.
McKee. 2, 7.
Member bank, Banks. 42.
See - Excess reserves
Memoranda
Black, Gov. 41, 87, 89.
Goldenweiser. 30.
Holtzdorff. 84.
See supra- Holtzdorff.
Merriam
See - R.F.O.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
197.
ROOSEVELT INDEX.
Roosevelt, Presid-nt (Cont'd.)
Message to Congress. 111
Meyer, Gov. 112.
Miller, Dr.
144.
4, 5, 6, 12, 13, 15, 16, 17, 29, 33, 40, 77, 118,
Moley. 18.
Monetary gold, Custody of. 114.
Morgenthau, Sec.
136, 137.
33, 38, 46, 62, 63, 82, 100, 112, 116, 117, 133,
Mullen, Arthur. 122.
N.R.A.
32, 109, 147.
New York. 2.
See - Farley
New York bankers. 15, 52.
New York Herald-Tribune. 34.
New York Mayoralty campaign.l.
See - McKee.
New York Times.
9, 34, 109, 110, 113.
Newton, Byron. 2.
Norman, Gov
51, 59, 65, 72, 81.
-0Oliphant. 105.
Open market Committee.
24, 49.
See - Governors.
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Federal Reserve Bank of St. Louis
198.
ROOSEVELT MEX.
Roosevelt, President (Contld.)
Open Market Committee, Protest.
10, Ll.
Open market policies. 18
Open market purchases.
10, 18, 24, 49.
Opinion of Attorney General, Bin
ding force. 85.
Ottley. 78
Patronage. 5.
Peters, Andrew. 64.
Phillips, Under Secretary .144.
Pickard, Marion, Mass. 134.
See - Farley
Policy
18, 24, 25, 26, 43, 48, 52, 58,
63, 64, 65, 67,
69, 70, 73, 74, 75, 86, 109, 133
, 148.
Political pressure. 15.
Politics. 6, 66, 77, 110.
Power, Limitations on granted. 125
.
Press. 34.
Press conference. 23.
Prestige, Injury to.
141, 142, 143, 144.
Prices.
27, 39, 47, 48, 60, 61, 93, 109.
Prima donnas. 18.
See - Economic Conference.
Profit from devaluation.
18, 86, 95, 114, 123.
Protest, Federal reserve banks.
93
Open mrket Committee. 10, 11.
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Federal Reserve Bank of St. Louis
199.
ROOSEVELT INDEX.
Roosevelt, President (Conted.)
Purchasing power of dollar. 27.
-R-
14, 27, 35, 38, 81.
Radio address.
27, 33, 34.
Bonney. 80.
See- Continental Ill. Natl. Bank and Trust 7o.
Redemption, Gold certificates. 91.
Redistricting dispute, Old. 85.
Reserves
See - Ucess reserves
Resignations
36, 46, 55, 68, 69, 71, 73.
Resolution, Federal Advisory Council.
70, 78.
Revolution. 148.
See Wirt, Dr.
Riefler. 57, 66, 77.
Roosevelt, Mrs. 4.
Runaway dollar. 58.
-SSalary cuts. 142.
Savannah, Georgia. 67.
Scandals. 81
See - Air mail.
Scrivener. 123.
Securities Act. 135.
Senate Sub-Comnittee. 119, 120, 140.
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Federal Reserve Bank of St. Louis
ROOSEVELT INDEX.
Roosevelt, President (Contid.)
Sequoia. 14.
Simpson. 80.
Socialistic doctrine. 117.
"Sound" banks. 138.
Sound money. 15, 34.
Speculation. 117.
Spoils system. 5.
Sprague. Prof. 0. M. W.
18, 31, 37, 46, 69, 71.
St.Louis Ship "Anal bill. 141.
Stabilization. 18, 29, 70.
Stabilization zgreement.
51, 59, 63, 65, 72.
Stabilization fund. 125, 133.
Stalin. 148.
Statement. Gold Reserve Act, Federal Reserve Board
114, 115.
Sterling. 50 , 63.
Stock exchange bill. 139.
Svaczak.
69, 74, 76, 123.
Tapping of te1e2hone wires. 74.
Thomas. 7.
Thomas amendment. 92.
Title to gold. 123.
"Tories" 67.
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Federal Reserve Bank of St. Louis
201.
ROOSEVMT INDEX.
,
Roosevelt, President (Cont'
d.)
Traylor, M.A. 78.
Treasury, U.S.
102, 105, 106, 116, 133.
Treasury d,
ficit. 86, 95.
-U-.
Unconstitutional. 83, 92.
See -U. S. Supreme Court.
Under Secretary of Treasury
See - Acheson
Morgenthau
Underwriting. 135.
U. S. Bank. 113.
See -Bamk of U.S.
0.•
United States Senate
141, 149.
See - LaFollette
United States Supreme Court.
83, 92
-17Veterans bill. 142, 149.
Veto. 149.
•
Voluntary turning over of gol
d to Treasury.
103, 104, 106
Votes.
Federal Advisory Council. 77.
•••
Federal Reserve Board.
59, 114, 141, 142, 149.
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Federal Reserve Bank of St. Louis
202.
ROOS.WaT INDEX.
Roosevelt, President (Contld.)
Warburg, James. 18, 73.
Warm Springs, Georgia. 79.
Warren, Prof. 33, 38.
Washington, George. 25.
Wheat. 61.
White House. 138.
See - Conferences.
White House dinner. 101.
Wile. 68.
Wirt, Dr. 148.
Woman's National Democratic Club. 25.
Woodin,Sec.
18, 36, 46, 55„ 62, 138.
Writing, Demand in. 94.
Wyatt
85, 119, 120, 123.
Young, Owen D. 75.
(End. of Roosevelt Index.)
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Federal Reserve Bank of St. Louis
203.
Roosevelt President.
1.
Mike Hennessey in Boston Globe says it is
rumored
that, is ready to give C.S.H.a fore
ign Ministership
to get him off the Federal Reserve
Board and give his
place to a New Yorker, but that C.1.
H. does not
want to spend his declining years abro
ad.
This is nonsense!
Oct. 1, 1933. 2.
2.
Supposed to fa\or McKee for Mayor of N.
Y. franfact
that Vincent Astor, Roosevelt's clos
e friend, is
to manage McKee's campaign.
Newton says Farley is injuring Roosevel
t by favoring
McKee; that Farley wants to be Gove
rnor of N. Y.
Oct. 4, 1933. 2. .
3.
C.S.R. believes Farley may have been
responsible for
Hennessey's article as to Roosevelt
and C.S.H.
Oct. 4, 1933. 2.
4.
Miller said it was being whispered
around that the
relations of Roosevelt and Mrs. R. were
not very
close, that each lived separ-te lives,
and that this
explained Mrs. Roosevelt's frequent abse
nce from
Washington.
Oct. 5, 1933. 2.
5.
Miller also said the rumor was that Farl
ey was using
patronage to build up a personal machine
to make him
Governor of New York and also Presidat
to suc-eed
Roosevelt.
Oct. 5, 1933. 2.
6.
C.S.H. is inclined to think that Hennessy
's article
represents pressure on Roosevelt by poli
ticians who
want C.S.H.'s job, combined with some bank
rs who
are angry with C.S.H. and Miller because
of the
direct pressure fight of 1929.
Oct. 81 1933. 5.
7.
Rooseva had three appointments on Federal
Reserve Board
and Ithen Gov. Black leaves he can, if
he wishes,
appoint a N. T. man.
He could have done this when he appointe
d Thomas - neither
a dirt farmer nor abanker and who is stil
l Chairman of
Dem. State Committee of Nebraska.
Oct. 8, 1933.6.
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Federal Reserve Bank of St. Louis
204.
Roosevelt, President (CDntid.)
6.
C.S.H. does not believe for a minute that Roosevelt /valid
yield to pressure on C.S.H., considering the old
friendship between C.S.H. and H.P.H. and Roosevelt,. his
mother ana family.
If this were true it would be hard to live with a Sword of
Damocles hanging over one's head, but even if true it
would be nothing compared to our loss of Anna, and
C.S.H. unhesitatingly believes the rumor has no basis of
fact.
Oct. 8, 1933, 5, 6.
9.
N. Y. Times brings out fact that Roosevelt is permitting
Dunning, the Collector of Port of N. Y. to manage the
campaign of McKee for Mayor.
Oct. 9, 1933. 7.
10.
Gov. Black was authorized to tell Roosevelt of the
protest of the Governors against further purchases of
Government securities.
Oct. 12, 1933. 13.
11.
Such protest was a direct slap in face of Roosevelt.
Oct. 12, 1933. 13.
12.
Miller said he had a long talk with Roosevelt, whothought
his suggestion of a public statement favoring an
ultimate return to
gold standard was somewhat radical.
°ct. 13, 1933. 14.
13.
Miller said Roosevelt talked a great deal on many matters,
and that he would tell C.S.H. about it on Monday.
He said nothing to make C.S.H. think that Roosevelt had
spoken of him (C.S.H.)in any way.
Oct. 13, 1933. 14.
14.
Announces a new division af the R.F.C. to buy sound
assets of banks closed since Jan. 1, 1933.
Merriam and Jones of Ra.C., Cummings of Insurance
Corporation and Comptroller will manage this.
Oct. 16, 1933. 18.
15.
Miller said that Roosevelt when he lunched with him spoke
much of N.Y. pressure, apparently against inflation,
and hat he seemed very sore against N.Y.; that he
spoke very superciliously about Douglas w...o is
crowding him in behalf of sound money.
Oct. 16, 1933. 18.
16.
C.S.H. asked Miller of Roosevelt seemed satisfied with
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Federal Reserve Bank of St. Louis
205
RoosPvelt, President (Cont'
d.)
the Federal Reserve Board ad
Liner said he never
mentioned the Board.
Oct. 16, 1933. 18.
17.
Miller said that While talkin
g Roosevelt's head was Lp
in the air, talking over
Miller's head, nd eviden
tly
considers himself a man of
Destiny.
C.S.H. got the i=ession fro
m what Miller said that
Roosevelt's sense of power
had gone to his head!
Oct. 16, 1933. 18, 19.
18.
Gov. Black spent Sunday wit
h Roosevelt on the Sequoi
a.
Said he was the only man
on board; that he talked
with
Roosevelt 1 hours; that he
asked to let him know of
any criticisms of the Board,
so he could answer them;
that the Board was unanim
ous in by
carrying out
every policy of Roosevelt;
that Roosevelt agreed to
tell
Gov. Black of any criticism
s; that he discussed wit
h
Roosevelt open market polici
es, and told him it had
prevented further deflation;
that some of the Federal
resen,e banks were opuose
d to further purchases; tha
t
Roosevelt said he knew full
wellthe source of the
ooposition.
He said Roosevelt spoke of
the Economic Conference, say
ing
that our delegation all had
axes to grind; that there wer
e
too many prima donnas on it;
that they were not outstandi
ng
men; that he spoke very dis
paragingly of the Lesser
artists", Sprague, Warburg,
and :oley; that frankly, he
felt he had to be rought and
rude to than; that he though
t
the time for stabilization
1.v.d not yet tome; that he
told
them the British were shrewd
and if they wanted stabiliza
t on
why had they not already
stabilized; that the Britis
h
were mach shrewder than our
delegation.
Gov. Black said he told Roo
sevelt that the devaluation
Committee 4pointed by him was
ready to report, - Woodin,
Attorney General and himsel
f.
He said Roosevelt seemed
to think the matter was
very
simple; that all he had to
do was to direct each Federa
l
reserve bank to turn over
all their profits from dev
aluation
to the Treasury; that he tol
d him how comlicated it
all
was; that he could not iss
ue an order under the Hoardi
ng Act
because the Federal reserv
e banks are not hoarders,
that
they have to keep 40% 0)1
d reserves against outstandi
ng
Federal reserve notes;
that .t_ere were other doubtf
ul
questions of law.
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Federal Reserve Bank of St. Louis
206.
Roosevelt, President (Cont'd.)
Gov. Black said Roosevelt was i pressed and said he began
to appreciate the difficulties; Gov. Black told
Roosev,
lt the time for stabilization had not yet come.
Oct. 17, 1933. 20, 21.
19.
C.S.H. asked Gov. Black whether Roosevelt seemed
satisfied with the Federal Re,erve Board.
Gov. Black said Yes, absolutely; that he never criticized
the Board nor any member.
Oct. 17, 1923. 21.
20.
C.S.H. told Gov. Black he was a very old friend of
Roosevelt but had kept away rom him knowing how
busy he was.
Gov. Black said C.S.H. sLould go and see Roosevelt; that
he would appreciate it.
Oct. 17, 1933. 21.
21.
Gov. Black .said many people were forcing themselves
on Roosevelt, - particularly the Comntroller.
While Gov. Black did not say so, he gave C.S.H. the
impression that Roosevelt did not like having the
Comptroller push in on him as he continually did.
Oct. 17, 1933. 21.
22.
C.S.H. is about satisfied that Hennings article in Boston
Globe did not portray anything in Roosevelt's mind.
Oct. 17, 1933. 21.
23.
Gov. Black said the Comptroller had press conferences following
the example of Roosevelt.
Oct. 17, 1933. 23.
24.
C.S.H. feels the Open Market Executive lommittee in
decreasing open market purchases, Shows little
sympathy with Roosevelt's policies.
Oct. 20, 1933. 24, 25.
25.
Gov. Black in speaking at dinner of Woman's National
Dem. Club said little or nothing about Roosevelt's
Policies, but said in every crisis some man appears,
caul after praising Roosevelt's charming personality,
asked the question whether Roosevelt has not been chosen
to save the American people, as did Washington and Lincoln.
Oct. 20, 1933. 25.
See - Black, Gov.
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Federal Reserve Bank of St. Louis
207.
Roosevelt, President (Cont'd.)
26.
C.S.H. got the impression from what Gov. Black said,
or perhaps did not say, that he is not happy as
to Roosevelt's policies -nd has grave doubts as
to them or some of them.
Oct. 20, 1933. 26.
27.
Came out on radio last night squarely for a managed
currency.
He said, however, that devaluation must wait until
prices have risen; that, to bring this about he had
authorized the R.F.C. to purchase gold at prices
fixed by Treaury and by himself; also to buy and
sell gold abroad.
He said that when prices have increased then the gold
content of the dollar will be adjusted so that its
purchasing power will remain unchanged for a
generation.
Oct. 23, 1933, Monday. 27.
28.
Gov. Black said he learned that Roosevelt will make this
announcement late Saturday noon; that he attended a
meeting of the Banking Advisory Committee on
Saturday evening; that they prepared a report
sucgesting that the Fed.ral reserve banks buy and
sell gold, foreign exchange, etc. and that Corvress
indemnify them for any loss sustained; that Gov.
Harrison and he declined to sign this report; that
the others signed it but to no accord.
Oct. 23, 1933. 27.
29.
Miller said Roosevelt's action was a deliberate attempt
1121 to stabilize bit to lower the value of the
dollar, which would cause utter confusion, impair
confidence, and set back business recovery.
Oct. 23, 1933. 27, 28.
30.
Goldenweiser in a memorandum id the Roosevelt's
proposed gold purchases were much worse than
outright devaluation of the dollar.
Oct. 23, 1933. 28.
31.
C.S.H. fear Roosevelt's plan will impair confidence
and set back business recovery; that it will
encourage speculation and depress bond values,
and may also injure the conversion loan.
Oct. 23, 1933. 28.
32.
Roosevelt excepted from N.R.A. all employing five men
or less in towns of less than 2500 people.
Oct. 23, 1933. 29.
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Federal Reserve Bank of St. Louis
208.
Roosevelt, President (Contld.)
33.
Roosevat never consulted the FedF,ral Reserve Board
before giving the radio address on managedosrency.
Miller said Prof. Warren and Morgenthau "put this over'.
Oct. 23, 1933. 29.
34.
The press general interpreted Roosevelt's radio address
as a step towards inflation and away from sound money.
The N. Y. Herald—Tribune was very bitter.
The V. Y. Times criticised the obscurity of the address.
Oct. 24, 1933. 29.
35.
Roos.-velt has ordered the R.F.C., through Acheson, to buy
the gold.
Acheson says this would be illegal and will so write Roosvelt.
Oct. 24, 1933. 30.
36.
Gov. Black said Woodin rants to resign but Roosevelt will
not let him.
Oct. 24, 1933. 30.
37.
Gov. Black said Roosevelt has a contempt for Sprague;
that he saw him only once since he became a Treasury
adviser and then said he did not want to see him again.
Oct. 24, 1933. 30.
38.
Gov. Black said he was at a confer-nce yesterday at the
White House attended by -cheson, Bruere, Prof. Warren,
Morgenthau, Gov. Harrison, et al; that Roosevelt
informed them that he had decided to have the R.F.C.
purchase gold and said he wished the Federal Reserve
Board to work out the procedure; that he asked the
FederAl Reserve Bank of New York to buy debentures of
the Ra.C. to furnish funds for the purchase; that
Gav.Harrison said this could be dine provided the
Federal reserve banks could lawfully buy these debentures;
that he suggested that before beginning he should take the
matter up with the central banks of Great Britain and
Prance; that Rooseveltcgreed to this.
Roosevelt did not consult the Board but merely told
Gov. Black his decision.
Oct. 30, 1933. 34.
See — Gold.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
209.
Roosevelt, President (Contid.)
39.
The Board members feel that this action will
make
Roosevelt ridiculous and that it will not increa
se
prices but may lead to competition in depreci.ted
currencies and force Frmace off the gold standa
rd.
Oct. 30, 1933. 35.
40.
Douglas was conspicuous by his absence from this
conference.
Miller feels that Roosevelt distrusts Douglas.
Oct. 30, 1933. 35.
41.
Gav. Black read to Board a memorandum as to above
conference with Roosevelt for the files of the Board.
(See scrap book)
Oct. 31, 1933. 36.
42.
Gov. Harrison came in and red the memo. of Gov. Black.
He said it was correct but that he wished to emphas
ise
that he advised Roosev it that the plan should be
carried out throughamme member bank, - e.g. the Guaranty
Trust Co. of N. T., - to which Roosevelt agreed.
Oct. 31, 1933. 36.
43.
Gov. Harrison said he told Roosevelt frankly that he did
not agree with Lis policy of buying gold but would
loyally cooperate to carry it out; that he could not
favor its being done by the Federal reserve banks
unless it was settled that they could buy R.F.C.
debentures.
Oct. 31,.1933. 36, 37.
44.
Gov. Harrison and Gov. BlaCk both said that neither
our Board nor anyone else at the conference were
consulted as to this policy; that Roosevelt simply
said it was settled, that we were all in the same
boat, and that anyone who did not like it could get
aatl
Oct. 31, 1933. 37.
45.
Curtiss told C.S.H. that Hurd, President of the
Amodkeag Natioial Bank of Manchester, who indorsed
Hollis for reappointment as Class C director at
Boston, was a very prominent Democrat and original
Roosevelt man.
Nov. 1, 1933. 39.
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Federal Reserve Bank of St. Louis
210.
Roosev-lt, President (Contld.)
46.
Gov. Black told Board that Acheson had sent his
resignation to Roosev it; that Woodin had been given
leave without pay and that Morgenthau was appointed
Under Secretary of Treasury.
Gov. Black said Roosevelt had demanded Acheson's resigna
tion;
that rumor was that Sprague and Douglas would soon be
called on to resign by Roosevelt.
Nov. 15, 1933.47.
47.
Gov. Black said that Roosevelt told the press representative
s
that he dropped Acheson b'-cause of his lack of financial
experience.
Nov. 15, 1933.47.
48.
Gov. Black said also that Roosev-lt told press that his
policies should be carried out even though there were
40 Soragues in the Treasury!
Nov. 15, 1933. 47.
49.
C.S.H. believes that the desire of the Executive 7.ommiltee
of
Open Market Committee to stop further purchases of
Government securities evidenced a purpose to score R.
by Showing that the gold purchases were depreciating
Government bondsl and wanted to remove every sustaining
effect of further purchases removed.
Nov. 15, 1933. 47, 38.
50.
Sterling reached $5.20 yesterday and Roosevelt told
Gov. Harrison to sell same gold to hold down this rise.
Nov. 15, 1933. 48.
61.
Gov. BlaCk said Roosevelt asked Gov. Harrison to take
up with Gov. Norman the questi n of a stabilization
apreement, - which Gov. Harrison had done.
Nov. 15, 1933. 48.
52.
Gov. Black said Bruere was in a hard position, that he
was oposed to Roosevelt's gold buying policy, but
that the N.Y. bankers believe he is in accord with
Roosevelt.
Nov. 15, 1933. 48.
53. Gov. Black said he had given up the idea of a liaison
officer between the banks and Roosevelt; that he would
have liked tesee C.S.H. in tha position at a salary of
O
:$100,00' per year.
Nov. 15, 1933. 49.
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Federal Reserve Bank of St. Louis
211.
Roosevelt, Presid-nt (Contld.)
54.
C.S.H. believes the only arrow left in Roosvelt's
quiver is an issue of greenlacks in the ne,ar
future
Nov. 15, 1933. 49.
55.
Gov. Black told Woodin he was rea4 to retire
if •
Roosevelt so wished; that Woodin said Roosevelt
had no such thought, but advised Gov. Black
frankly
to say this to Roosevelt.
Nov. 15, 1933. 50.
56.
Gov.Bladk reads to Board his letter to RooscVelt
as
to dispute between Gen. Johnson and Board as to
P.R.
Bu_letin.
Nov. 15, 1933. 3), 51.
See - Fedi-ral Reserve Bulletin.
57.
Roosevelt had told Gov. Black that in future his
economic adviser Rifeler should check up all stAmm
ents
in Bulletin relative to business recovery.
Nov. 15, 1933. 51.
58.
Gov. Harrison telephoned that Roosev,,lt had
directed him
to reverse policy and sell gold to prevent a runaw
ay
dollar.
iov. 15, 193:J. 51.
59.
Gov. Harrison reuorted to RoosevAt that Gov.
Normqn
said it was useless to discuss a stabilization
agreement
unless U.S. could propose some definie plan; a
-A
Roosevelt had given him authority to submit to
Gov. Norman a plan involving 25 millions of
orld to
keep sterling between $5435 and $5.50.
The Board approved this.
Nov. 15, 1933. 52.
See - Gold.
60.
Goldenweiser told C.S.H. that Roosevelt's policy of
inirdhasing gold had not as yet increased prices of
unrinternational commodities; that even an issue
of greenbacks would merely increase the excess reserves
of member banks.
Nov. 15, 1933. 52, 53.
61.
James said the claim that gyrations of the dollar abroa
d,
varying some times 20 points in a few minutes, - could
permanently raise prices of -;heat on the farm and
in the 13hicago market was absurd.
Nov. 15, 1933. 53.
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Federal Reserve Bank of St. Louis
212.
71
, oOsevelt, Presid-nt (Contld.)
62.
Morgenthau was sworn in as Under Secretary at White House.
Rooscvelt spoke 5 minutes praising Woodin and also
Morgenthau.
He spoke of his deep regret at losing Woodin even
temporarily but never mentioned Acheson, who was
present.
:"-oosevelt constantly referred to Liorgenthau as "Henry",even when he gave him his commission.
C.S.H. believes this took place at White House (unprecedented)
because RoosevAt wanted to emphasize the fact that
Morgenthau was peculiarly Roosevelt's personal appointment.
Roosevelt while speaking seemed very tired but very set.
Nov. 16, 1933. 03, 54.
63.
C.S.H. believes Roosevelt did not appoint Morgenthau
because of any change in his policy, for in fact
he had radically changed one policy the day before
Morgenthau was appointed when he directed Gov. Harrison
to work out the 25 million dollar plan of stabilization
so as to keep the porn sterling between $5.35 and 85.50.
C.S.H. believes that Roosevelt, having radically changed
his policy, distrusting Acheson, he desired O have
the new policy carried out by one in sympathy with hi
and one he could always dominate!
C.S.H.'s letter to Morgenthau saying he wouL sup:port
him In his policies was wtittsa iith this change of
policy in mind.
Nov. 17, 1933. 54, 55.
64.
Andrew Peters told C.S.H. that Roosevelt's policies mused
a lack of confidence which impaired business recovery.
Nov. 18, 1933. 55.
65.
C.S.H. feels tha Roosevelt's action in directing
Gov. Harrison to take up with Gov. Norman a stabilization
agreement was by necessary implication a reversal
or at least a radical modiciation of his gold
gurchasing policy.
Nov. 17, 1933. 55.
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Federal Reserve Bank of St. Louis
213.
Roosevelt, President (Cont'd.)
66.
The papers this a.m. st%ted that henceforth Riefle
r,
Roosevelt's economic adviser, would make all
interpretations of Federal re erve statistics in
Federal Reserve Bulletin.
If true this will be interpreted as an interference by
Roosev-lt in the Board's duties and a dtsire to
interpret statistics in the interest of Roosevelt's
administration.
Nov. 18, 1933. 56.
See - Federal Reserve Bulletin.
67. Roosevelt s)oke at Savannah this afternoon and called
those who disagreed with his policies "Tories°.
Rs printed speech contained no such statement and it
was
evidently a side remark but was quoted in the press
and undoubtedly the remark was made.
Nov. 19, 1933. 56, 57.
68.
Wile said in radio talk last night that the rumor
was that Roosevelt would so:n call for the resignation
of Gov. Black and Douglas.
Nov. 19,1933. 57.
69.
Gov. Black said Sprague sent Roosevelt a very stiff
letter of Resignation.
Szyczak said he heard that Sprague told Roosevelt
he would scour the country in an attack on Roosev
elt's
policies.
Nov. 20, 1933. 59.
70.
Federal Advisory C;auncil by resolutiLn attacked
Roosevelt's Dolicy as inflation and demanded
international stabilization based on gold.
Frew said confidence had been impaired and he saw
the danger ahead of an issue of greenbacks.
Nov. 22, 1933. 60, 61.
71.
Sprague's letter of resignation to Roosevelt was
published and caused some excitement.(See scrap book).
Nov. 22, 19.
61.
72.
Gov. Harrison reported that Gov. Norman saw
difficulties in Roosevelt's last plan of stabilization
which provided it could not ue put an end to except
di 48 hours notice
Nov. 23, 1933. 63.
See - Gold.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
214.
Roosevelt, President (Contld.)
73. James Warburg in an address yesterday said
he
resigned some time ago from Treasury as he could
not accept Roosevelt's theary of inflation,
nor
did he believe a commodity dollar could keep
prices stable. (See scrap book)
Nov. 23, 1933. 63.
74.
Szymczak told C.S.H. that he had heard on good
authority that some one in thb Treasury had been
assigned to listen to every telephone conversation
to learn whether Roosevelt's Treasury policies were
being discussed!
Nov. 24, 1933. 64.
75.
Federal Reserve Agent Case told C.S.H. that Owen D. Young
was very sore at Roosevelt because in spite of
his promise, he had never consulted him on any of
his policies.
Nov. 24, 1933. 64.
76.
Szymczak said Rooevelt, Jesse Jones and Comptroller
had a plan to make Cummings C.airman of Continental
Illinois National Bank & Trust lo.
Nov. 25, 1933. 65, 67.
77.
Gov. Black read a draft of letter to Glass on subject
of rederal Reserve Bulletin quartel with Gen. Johnson.
Miller and C.S.H. objected to it, on ground that it
was a decision in advance against Roosevelt's
order that Riefler should vise all statistical matter.
C.S.H. fears this question may result in a political
issue which may injure Roosevelt and feels that
Gov. Black should ask R. to withdraw his letter.
To C.S.H. it is astounding that R. with all his
political sagacity should have written such a letter.
Nov. 25, 1933. 66.
78.
The Federal Advisory Douncil at its meeting last week
passed the resolution attacking Roosevelt's
inflationary view by a vote of 6 to 3.
Traylor, Kemper, and Ottley voted No.
Nov. 25, 1933. 67.
79.
Gov. Black leaves for Atlanta tonight and will go
to see Roosevelt at Warm Springs.
Nov. 28, 1933. 68.
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Federal Reserve Bank of St. Louis
215.
Roosevelt, President (Contld.)
80.
C.S.H. feels that the vote to answer Simps
on's
letter as to Ranney is a direct slap at
Roosev it, Jesse Jones, and the Comptrolle
r.
The selection of a Chiamrna is no business
of our
Board, even assuming that we like Ranney and
do not
approve of Cummings.
It is a dangerous precedent.
Dec. 4, 1933. 71, 74.
81.
Gov. Norris tells C.S.H. of scandals in conne
ction with
R.F.C. which may injure Roosevelt's administra
tion.
Dec. 8, 1933. 76.
See - Norris, Gov.
82.
Gov. Black said yesterday he attended a confe
rence at
White House at which Roosevelt, the Attorney
General,
Morgenthau, Mr. Holtzdeff of Attorney
General's
office, et al were present. A plan prepared
by
Holtzdorff and approved by Attorney General
was read
anc discussed.
Dec. 15, 1933. 83.
See - Gold.
83.
Gov. Black told Roosevelt this was unconstitu
tional.
Dec. 15, 1933. 83.
See - BlaCk, Gov.
Gold
84.
Gov. Black said that in discussing the Holtz
dorff
memo, Roosevelt did not specifically say he would
devalue but that he, Gov. Black, felt certain
he
would either devalue under this plan or issue
greenbacks within a fery short time.
Dec. 15, 1933. 86.
See - Black, Gov.
Gold
85.
Question arose whethr, if Attorney General gave
a
formal opinion to Roosevelt on subject of Holtzdorff
memo, it would be bindong on Board.
Wyatt thought not, but C.S.H. doubts this.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
216
Roosevelt, President (Contld.)
85. (Contld.)
Suppose Sec. of Treasury as Chairman of
Board,
or the Governor, should ask an opinion,
C.S.H.
feels it would be binding.
In the old redistricting case, C.S.H. as
Governor
askisd Wilson to get opinion of Attorney
General,
and this opinion was accepted as bind
ing on the Board.
Dec. 15, 1933. 86, 87.
86. C.S.H. feels that in considering
devaluation R. is not
so madh concerned as to prices or mone
tary policy
as he is with the profit from devaluation
which
would materially reduce the d,-ficit
for this fiscal year.
Dec. 15, 1933. 87.
87.
Gov. Black lunched with R. and read him
a memorandum
protesting against the Holtzdorff plan.
He said R. expressed approval of almost ever
y sentence
and asked him to a conference tonight at
White House
in order further to consider it.
Dec. 19, 1933. 88.
88.
Gov. Black is now inclined to think that R.
does not
intend to devaluate before Congress co
in, and,
possibly, not until after it adjourns.
Dec. 19, 1933. 88, 89.
89.
At the conference R. said Gov. Black's memo
had practically
shot the Holtzdorff plan to pieces.
Dec. 20, 1933. 89.
90.
Gov. 31adk again conferred with R. and told
Board
R. insists on getting possession of the
F.R. gold
before Congress dames in.
Dec. 20, 1933. 89.
91.
R. wants F.R. gold turned over for gold
certificates
which the Treasury is not bound to rede
em in gold.
Gov. Black again pointed out to R. tht, nece
ssity of
securing action by Congress.
Dec. 20, 1933. 90.
See - Gold
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
217.
Roosevelt, President (Contld.)
92.
Newton Baker said while he doubted the const
itutionality
of the Thomas amendments, he thought the chances were
that the U.S. Supreme Court would validate the
authority granted to devalue the dollar.
Dec. 21, 1933. 91.
See - Gold.
93.
Gov. Black gave the Governors a statement of the
matter
of seizing the gold and nis talks with Roosevelt,
and read his memo. of protest given to 11,,
together
with Newton Baker's opinion.
Dec. 22, 1933. 93.
See - Gold.
94. Board requested that R. put his request in
writing.
Dec. 22, 1933. 94.
See - Gold.
95.
C.S.E. is puzzled as to just what Roosevelt has in
mind:
1.
Calling in the gold in order to obtain the
profit from devaluation.
2.
To use this profit to apply to Treasury deficit.
3.
Desire to obtain physical possession of Federal
Reserve gold *holly apart fromIthmaluation.
C.S.H. now thinks 3 may be correct.
Dec. 22, 1933. 96.
96.
Governors decided to send their conclusions direct
to
Board which will submit this to Roosevelt.
Dec. 22, 1933. 96, 97.
97.
C.S.H. feels that Father Couglin, who has demanded
Seizing the gold may have influenced R.
Dec. 22, 1933. 97.
98.
C.S.H. fears a central bank will be the result of
Roosevelt's efforts.
Dec. 22, 1933. 97.
99. Board meets again with Newton Baker to discuss
Vs plans.
Dec. 271 1933.
See - Gold.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
218.
Roosevelt, President (Contid.)
100.
Gov. BIck said he would talk again with Morgenthau
and impress need for action by Congress on the
gold matter and that he should impress this upon
Roosevelt.
Dec. 27, 1933. 99.
101.
We dined at White House.
Roosevelt called C.S.H. °Charlie° and said to H.P.H.
nertie we haven't had that talk yeti's
Dec. 27, 1933. 100.
102.
Gov. Black read draft of agreement between Federal
reserve banks and Treasury.
It was felt that the fact of a demand by R. should be
inserted.
Dec. 26, 1933. 101
103.
Chicago directors voted that they would not turn over
their gold voluntarily at request of Roosevelt.
Dec. 26, 1933. 101.
104. Philadelphia directors voted they would not comply with
Roosevelt's request either voluntarily or
involuntarily, as they held their gold in trust.
Dec. 28, 1933. 101.
105.
Gov. Black read draft of an agreement drawn by Oliphant
with a letter fram R. asking that it be carried out.
Dec. 29, 1933. 101.
See — Gold.
106.
Board directed Gov. Bleak to inform R. that no
voluntary agreement would be legal and that some
at least of the Federal reserve banks would not
sign it.
Dec. 29, 1933. 103.
See — Gold.
107.
Gov. Black reported that he had done this; that Roosevelt
asked him to give a formal answer to his 1,Ater;
that Roosevelt said he thought Gov. B1a2k. was
right and that the mtter must be left to Congress.
Dec. 29, 1933. 103, 104.
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Federal Reserve Bank of St. Louis
219.
Roosevelt, President (Conti
d.)
108.
C.S.H. feels that Gov. Black
and the Federal Reserve
Board have rendered signal
service to the
country and to the admini
stration, as well by
inducing R. to drop the Hol
tzdorff plan and
refer the matter to Congress.
Dec. 29, 1933. 104.
109.
N. Y. Times of today has an
open letter to Roosevelt
from Keynes.
Keynes attacks the :I.R.A.,
gold purchases, and the
whole scheme of artificia
l price raising.
Dec. 31, 1933. 105.
110.
N. T. Times announces al,
pointment by Roosevelt of
his former law partner Gre
nville Emmett as Minter
to Holland.
Thus endeth an unpleasant
chapter!
Dec. 31, 1933. 105.
111.
Roosevelt delivered messag
e to Congress today. I)
was a well written docume
nt couched in general
terms but, in its beginning
, at least, rather
socialistic!
He said the present proble
m was not so much a
recovery by returning to
old conditions, but the
creation of a new order of
society.
Jan. 3, 1934. 107.
112.
Gov. Black said Roosevelt
and Morgenthau had pledged
him to absolute secrecy reg
arding the gold. bill.
The above is worthy of Hoover
and Meyer!
Jan. 13, 1934.113.
113.
Roosevelt was quoted in N.
Y. Times as having no
intention to create a centra
l bank, saying that such
a course would be oust the
opposite of Jackson's
policy in fighting the Ban
k of the U.S.
Jan. 13, 1934. 114, 115.
114.
Gov. Black said Roosevelt
asked him to put out a
statanent:
1. Board from time to time
has discussed legislation
with Roosevelt.
2.
Government should retain
all prcfit from
devaluation.
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Federal Reserve Bank of St. Louis
220.
Roosev it, President (Contld.)
114. (Contld.)
3.
Custody of monetary gold should be determined
by the whole people.
4. Present security for Federal reserve
notes is not
impaired by the proposed Gold Reserve
Act.
Jan. 15, 1934. 116, 117.
115.
In afternoon Board 4proved a statement prep
ared by
Gov. Black as above.
This gave no specific answer to 4.
Jan. 15, 1934. 117.
116.
7;.S.H. believes the Gold Reserve bill give
s complete
power to manage currency and credit to Treas
ury
and Roosevelt.
It puts banking into politics. Under it
C.S H. believes
that neither Roosevelt nor Morgenthau woul
d
date to take the necessary steps to contr
act credit
to curb undue speculation.
Jan. 16, 1934. 118.
117.
It gives Roosevelt and Morgenthau unpreced
ented
centralized Dowers.
Jan. 16, 1934. 118.
118.
Miller said he saw Roosevelt yesterday; that
RoosevPlt
threw up his hands and almost shouted, - "Wel
l,
I gave them a bomb shell in my message yest
erday"!
Jan. 16, 1934. 119.
119.
Senate Sub Committee summons Gov.Black and Wyatt
on the
Gold Reserve hiMlof Roosevelt.
Jan. 16, 1934. 119, 120.
120.
Wyatt described the proceedings before the Senate
Committee yesterday.
Gov. Black told C.S.H. he did not know what RooF
evPlt
thought of the poor impression made by
Attorney General Cummings and Holzdorff.
Jan. 18, 1934.120.
See - Gold.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
221.
Roosevelt, President (Contld.)
121.
Roosevelt announced that off
icersof the Dem. National
Committee who haLi opened law
offices in Washington
in order to capitalize their
political influence,
must resign from the Dem. Nat
ional Committee.'
As a r.sult, the Secretary and
Tr,
lasurer of the National
Committee at once resigned.
Mullen of Nebraska who was one
of these has not resigned.
Jan. 18, 1934.121.
See - Mullen, A.
122.
Newton Baker and Wyatt advise
d Board to accept the
Roosevelt Gold Reserve bill in
its present form.
Jan. 20, 1934. 124.
123.
Szymczak told Board he had
heard On good authority
that Roosevelt was very angry
with the Federal Reserve
Board an the ground that it
was opposing the Gold
Reserve bill in the Senate.
Gov. Black said this was not
true;that while Wyatt had
drawn certain amendments at
request of Glass
and McAdoo, he had aced mer
ely as scrivener and that
the Board had not interfered,
either directly or
indirectly, except on one occasi
on when Gov. Black
publicly stated over the teleph
one that the Board
would like to keep title to the
Federal reserve gold,
but was always willing anc, rea
dy to pay over
d -valuation profits to the Tre
asury.
Jan. 23, 1934. 125.
124.
Gov. Black said he really did not
know who was advising
Roosevelt on the Gold Reserve
bill.
Jan. 231 1934. 126.
125.
Roosevelt has yielded to demand
of Senate limiting his
power over devaluation and the
stabilization fund
to two years or three years if
so extended by Roosevelt.
Jan. 25, 1934. 127.
126.
Never in the history of the Fed
eral Reserve System has
our Board performedsuch signal
service for the System
and the country as it has jus
t down by defeating the
Roos-v.lt coup dletat of R. and
the Attorney General
through the Holtzdorff plan, and
by securing Action
by Congress on the whole matter.
Gov. Black has made a most bri
lliant and successful fight
and is entitled to the deep gra
titude of the party
and the country.
Jan. 25, 1934. 129.
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Federal Reserve Bank of St. Louis
222.
Roosevelt, President (Cont'd.)
127.
Gov. Black saw Roosevelt sign the
Gold Reserve bill
at 3:30 p.m.
Jan. 30, 1934. 131.
128.
Roosevelt asked Gov. Black when
he should devalue and
Gov. Black said if he had made
up his mind to do it,
he mought to do it immediately;
that Roosevelt said
he would decide this tomorrow.
Jan. 30, 1934. 131.
129.
Gov. Black adked Roosevelt to
write him a letter
expressing his appreciation of
the loyal cooperation
of the F.R. System.
Roosevelt said he would do this
and asked Gov. Black
and Gov. Harrison to prepare a dra
ft of letter.
Jan. 30, 1934. 131.
130.
Gov. Black prepares a letter for
Roosev it to sign with
help of C.S.H. and Goldenweiser. It
was very long,
too long.
Roosevelt read part of it and
said he would write Gov.
Black tomorrow.
Jan. 31, 1934. 134.
131.
Gov. Black said Roosevelt would
probably devaluate at
about 60 cents this afternoon.
Jan. 31, 1934. 134.
132.
Roosevelt devalued the dollar yes
terday riternoon, Jan.31,1E4
Zeh. 1, 1934. 134.
133.
Roosevelt through Morgenthau has
written asking the
Federal Reserve Bank of New York
to act as fiscal
agent of the Treasury in managing
the stabilization
fund.
Gov. Black said Morgenthau woul
d be absolutely dependent.
Gov. Harrison is carrying out Roo
sevelt's ,
)olicies.
This means that F.A. Bank of N.
Y. will be in effect the
central bank of the U.S.1
Feb. 2, 1934. 135.
134. Farley asked what we thought
of Pickard for Postmaster at
Marion. We explained the vihole
situation frankly.
He aaid Roosevelt asked him to
call us up.
Feb. 2, 1934. 136.
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Federal Reserve Bank of St. Louis
223.
Roosevelt, President (Cont'd.)
135.
Gov. Black is to see Roosevelt
today and go over
suggested amendments to Securities
Act that Board
may allow banks to invest in secu
rities beyond
limits of Glass bill.
This might give banks the right
to underwrite bonds.
C.S.H. opposes this.
Feb. 13, 1934. 139.
136.
Roosevelt sends Gov.Bladk an appr
eciative letter
praising Work of Federal Reserve
System and
defending the Gold Reserve Act as
not interfering
with it.
Gov. Black said he put in his draft
a stawement that
Roosevelt had no desire to nave a
central bank but
that he heard Morgenthau whispering
to Roosevelt
somethingabout a central bank, and
in the final
letter Roosevelt omitted this.
Feb. 13, 1934. 140.
137.
Governors discussed new issue of cert
ificates and
favored issue on Mar. 15th of from
500 to 700 millions
of 4 year 3% certificates.
Morgenthau said Roosevelt wanted not
over 500'millions.
Mar. 5, 1934. 154.
138.
Gov. Calkins told C.S.H. he original
ly declined to
recommend giving a license to open
to the Bank
of America, San rrancisco; that Woodin,
speaking
from the thite House, in presence
of Roosevelt, uegged
him to recommend issuing the lice
nse; that Roosevelt
said he would not consent unless
he - Gov. Calkins consented; that finally he told Wood
in he would
consent provided Woodin would agre
e to put a conservator
in the bank shodUlany signs of trou
ble arise; that
Woodin agreed to do this; that fina
lly, most reluctantly,
he recommended the license.
Gov. Calkins said the bank was not
sound at that time
and that he so told Roosevelt and
Woodin; that it was
not sound now; that it was absolute
ly indefensible for
it to resume dividends, as it did
some days ago.
Gov. Calkins said Woodin, as per nis
greement, should
have put in a conservator, but did not.
Mar. 6, 1934. 156.
139.
In answer to C.S.H.Is question, Gov.
Black said that
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Federal Reserve Bank of St. Louis
224.
Roosevelt, Presid-nt (Contld.)
Roosevelt unquestionably Aid approve
the Holt:Id/3er
plan of seizing the Federal reserve
gold, but that,
after listening to Gov. Black's obje
ction, he admitted
it had been "shot to pieces".
Gov. Black rendered signal serv
ice both to Roosevelt
and the country in brlimging abou
t the reference to
Congress of the whole matter.
Mar. 13, 1934. 162.
140. Gov. Black saw Roosevelt toda
y and said that Roosevelt
agreed to the Federal Intermediate
credit bill and
to the stock exchanE;e bill; that
atfirst he seemed to
favor giving the margin powers to
the Trade Com-ission
but finally agreed that Federal Rese
rve Board should
have power over all loans between
banks and brokers;
that he told him to say this tothe
Commission.
Mar. 13, 1934. 162.
141.
The Senate killed the St. Lawrence
ship canal treaty
yesterday.
Aye: 46, No:42 - far less than
a 2/3 vote.
A heavy blow at Roosevelt's prestige
.
Mar. 15, 1934. 164.
142.
H.R. in defiance of Roosvelt's oppositi
on, voted to
add 90 millions for veterans aid and 155
millions
to restore pay roll cuts.
Another blow t R.
Mar. 15, 1934. 164.
143.
These two defeats are ominous for
Roosev,lt.
Mar. 15, 1934. 164.
144.
Miller said that William Phillips told
him that a wave
of criticism of Roosevelt was sweeping
over the
country.
Mar. 15, 1934.164.
145. Lippman severely criticises Roosevel
t ,s to cancellation
of all mail contracts.
Mar. 20, 1934. 167.
146. Farley announces that Roosevelt will
not support LaFollette
film the
Senate.
Yet R. is supi,orting Hiram Johnson!
Ma*. 20, 1934. 168.
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Federal Reserve Bank of St. Louis
225.
Roosevelt, ?resident (Contid.)
147.
LipTiman attacks Roosevelt on
air mail contracts
and says N.R.A. is impeding
business recovery.
Mar. 23, 1934. 169.
148.
Dr. Wirt writes a letter clatAi
ng to quote one of the
Brain Trust who said they int
ended to bring about a
revaluation in U.S.; that the
y controlled the
avenues of influence an Roosev
elt; that they made him
think he himself was making
their decisions; that
R. might not carry out all
their plans; that R. was a
Kerendky, to be followed by
a Stalin.
Uar. 24, 1934. 170, 171.
149.
H.R. overrides veto of vetera
ns allowance bill, 310 to
77.
Senate also - 63 to 27.
Mar. 28, 1934. 174.
150.
Glass said that when R. return
ed he woul6 take up the
-:ederal Intermediate credit
bill with him.
April 4, 1934. 179.
Roosevelt, Mrs. Franklin
Miller said the rumor was that
President and, were not ver
y
close together and led separa
te lives; that this
explained her frequent absenc
es from Washington
Oct. 5, 1933. 2.
Lirs. Hull invited H.P.H. to
lunch on Oct. 24, to meet.
H.P.H. was in :Lal,tapoisett and
C.S.H. regretted for her.
Oct. 18, 1933. 24.
Sent H.P.H. flowers with a note
on her card expressing
sympathy with her illness.
Nov.
1933. 68.
H.P.H. presides at recention to,
at Wo::,an's National
Democratic Club.
The White House car called for
her rIt Hay-Adams House
and drove her to White House,
and they both went to
the Club.
Returning, she drove H.P.H. dir
ect to hay-Adams House.
Dec. 13, 1933. 81.
H.P.H. attends a concert with.
Dec. 14, 1933 81
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Federal Reserve Bank of St. Louis
226
Roosevelt, Mrs. Franklin (Contld.)
H.P.H. lunches at White House to
meet !Ass Dewson.
Feb. 8, 1934. 138.
H.P.H. dines at Woman's Press Club
to meet. Mrs. Essary invite
d her.
Mar. 19, 1934. 167.
H.P.H. receives following letter
from:
The White House,
Mar. 21, 1934.
Dear Bertie:
I will be very glad to come on
May 23rd for the
garden party
I am very glad indeed to be bac
k and I had a
most delightful and enlighten
ing trio.
Thank you many times for continuin
g the letters
for the News.
We would be lost without them.
Affectionately,
Eleanor Roosevelt.
May 24, 1934. 170.
See - Roosevelt.
Roosevelt, Mrs. James
Sophie Boreel isto lunch with, tod
ay. She said she told
her C.S.H. was to be in N. Y. toda
y hoping she would
ask him too, but she did not.
Feb. 18, 1934. 143.
Sophie Boreel said, had also inv
ited her to dinner this week.
Feb. 18, 1934. 145.
Ruffin, Dr. Sterling
Dr. Dunn reported:
Sugar in urine
0
Blood sugar
19
Blood pressure 170
Blood count - good.
April 21, 1934. 185.
Ruggles, Alma
We dined with Mrs. Herbert Slocum
to say good-bye to, -ho
is just leaving for Turkey.
Jan. 28, 1934. 129.
C.S.H. sends telegram to, 6u Adriat
ic sailing tonight.
Jan. 31, 1934. 133.
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Federal Reserve Bank of St. Louis
227.
Ruggles, Alma (Contld.)
C.S.H. sends Sonhie Boreel a letter of introduction to,
written by H.P.H.
Feb. 5, 1934. 136.
C.S H. writes.
Runaway dollar. 51.
See - Gold.
Mar. 22, 1934. 168.
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Federal Reserve Bank of St. Louis
228
Sailor, Deputy Gov. Federal Reserve Bank, :J.
Y.
Board declines to increase salary to $35,0
00.
Woolley and Davison came down 1.st weak and
said
he vy additional duties as to personnel had
been.
imposed on; that $3000 approved by Board
would put
this salary out of line with others and
would
seriously impair the morale of the F.R.
Bank.
Vote:
Aye: Gov. black, C.S.H. Thomas.
No: Miller, James, Szymczak.
Lost in tie vote.
C.S.H. feels our Board is really trying
to operate the
Federal Reserve Bank of New York; that the
judgment
of the directors should presumptively preva
il unless
clearly wrong.
April 23, 1934. 186, 187.
See - Federal Reserve Bank, New York.
Saito, Japanese Ambassador
Garvan's enorm3us dinner at Mayflower Hotel
in honor of
Prince Tokugawa. C.S.H. not invited.
7hi9 is extraordinary for the Ambassador well
knows that
C.S.H. is one of the best friends of Jaoan in
this
country.
Feb. 28, 1934. 151.
Sen. Reed of Pa. who was a bitter foe of Japan
in the
Hanihara trouble was one of the guests!
March 3, 1934. 153.
Saito knew C.S.H. was a great friend of Debuchi,
the
former Ambassador.
Hornbeck said Saito is one of the militant Japan
ese
who would warn the U.S. in no uncertain manne
r to
let Japan alone.
Such an event really makes C.S H. weary of
the Japanese.
Mar. 3, 1934. 153.
C.S.H. told Matsukata he was very sorry not to
have met
Tokugawa and saw much of him when he was here
in 1922.
C.S.H. also told Matsukata that H.P.H.called
on the
Ambassador and left C.S.H.Is card as C.S.H.
was
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Federal Reserve Bank of St. Louis
229.
Saito, Japanese Am assador (Contid.)
detained at a Board meeting.
C.S.H. very diplomatically let Matsukata understand that
he
was not pleased at not oeing invited to the dinner.
Matsukata said that when he returned he wanted ?).S.H. to meet
Saito.
C.S.H. replied he met when he was here in Washington years
ago.
Mar. 8, 1934. 158.
Saito and wife left cards on us.
Mar. 10, 1934. 159.
We dined with Saito.
Mar. 27, 1934. 171.
Salary increases.
Board increased salaries of Goldenweiser, Simed, Wyatt,
Morrill and Paulger to $15,000.
Fixed Vests* salary at $101000 altho Wyatt only recommended
$7,500 to $9,000.
Dec. 21, 1933. 91 1 92.
Sargent, Eloise
We lunched with, to meet Dr. and Mrs. Roland Cotton Smith.
Feb. 11, 1934. 139.
Savannah, Georgia. 56.
See - Roosevelt
Scott, Gen. Hugh
Died. At Walter Reed Hospital.
April 30, 1934. 193.
Scandals
R.P.C. scandals.
7L,, 76.
See - Norris, Gov.
R.F.C.
Election of Walter Clza-ings as Chairman of Cont.I11.
National Bank & Trust Co. by voti ng power of R.F.C. on
its preferred stock. 165.
See -Cont. In Natl. Bank & Trust o.
Enforced _esignation of officers of Dem. National Committee
practising law in Washington. 121.
See - Dem. National Committee
Roosevelt
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Federal Reserve Bank of St. Louis
230.
Scandals (Contld.)
Election of Taub as
Class C director of
Federal Reserve
Bank of Dallas, to ple
rlse Jesse Jones of
1F.C.
172.
See - Federal Reserv
e Bank, Dallas.
Thomas gives interview
from his room in F.R.
Board that he
has called a meting
in Nebraska to elect
a successor
on Dem. National Commit
tee to Arthur Mullen
. 157.
See - Thomas
Scrap books. 137.
See - West, Bernie
Secretary of Treasu
ry
See - Morgenthau
Woodin
Section 4, Federal Re
serve Act. 181
See - Stock Exchange
bill
Section 11, N. Federa
l Reserve Act
95, 103.
See - Gold.
Section 16, Federal Re
serve Act. 95.
See - Gold.
Securities Act
Federal Advisory Counci
l thought a long ter
m popular loan
could be floated if
the, could be amende
d and budget balanced.
Feb. 20, 1934. 148.
Seligman, Prof. 140.
See - Warburg, Paul.
Shawmut National Bank
. 31.
See - Federal Reserv
e Bank, Boston.
Sherman, John. 180
See - Nichols.
Sherman, Mrs. 145
S-e - Boreel, S.
Shidehara. 36.
See - Debudhi
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Federal Reserve Bank of St. Louis
231.
Shause, Mrs. Joulett
The new wife of Jouett Shouse attends diplo
matic reception.
Jan. 13, 1934. 115.
Simonds, Frank. 178.
See - Boreel, S.
Simpson. 64.
See - Continental Ill. National Bank & Trust Co.
Simpson Dr.
liamoves a subaceaus cyst from right upper lip.
Nov. 13, 1933. 46.
Removes a cyst from upper lip.
Puts radium on it.
Feb. 23, 1934. 149.
Inspection.
All right.
Feb. 27, 1934. 150.
Inspection. All right. Mar. 6, 1934. 156.
deports on cyst.
Gave radium.
Mar. 22, 1934. 168.
Slocum, Mrs. Herbert
We dine with, to say good-bye to Alma Ruggles.
Jan. 28, 1934. 129.
Smead. 91.
See - Salary increases.
Smith, Dr. Roland Cotton. 79.
See -St. John's Church.
We lunched with Eloise Sargent to meet.
Feb. 11, 1934. 139.
Smith, Tan.
154, 161.
See - Governors Conference
Stock exchange bill.
Snell, Cong. 165.
See - Cont. Ill. National Bank and Trust Co.
Cummings, Walter
Socialistic message. 107, 108.
See - Roosevelt
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Federal Reserve Bank of St. Louis
Speculation 118
See - Gold.
Sprague, Mr. 71, 72.
See - Cont. Ill. National Bank & Trust Co.
Sprague, Prof. O. M. W.
Miller said, contemplated resigning and attacking Roosev-it.
Oct. 23, 1933. 28. '
Gov. Black said Roosevelt had a contempt for; that he has seen
him only once since he became a Treasury adviser and then
said he did not want to see him again!
Oct. 24, 1933. 30.
Gov. Black said it was rumored that Lewis Douglas and Sprague
would soon be called on to resign.
Gov. Black said Roosevelt said he would carry au* his policy of
purchasing gold if there were 40 Spragues in the Treasury/
Nov. 15, 1933. 47.
Gov. Black said Sprague presented his resignation to Roosevelt
--tter.
in a very stiff 1,
Symczak said he heard that Sprague told R. he should scour
the country in an attack on his policy.
Nov. 20, 1933. 59.
Gov. Black said Morgenthau asked Sprague to give up his room
in the Treasury and move to the building in which Prof. Warren
had his office; that Sprague said in such event he should
resign; tiv,t Morgenthau at once accepted his resignation.
Nov. 20, 1933. 59.
The papers published Sprague's letter to R. giving his
resignation in which he vigorously attacked inflation.
(See scrap book)
Nov. 22, 1933. 61.
C.S.H. last Friday finished a statement of Sprague's inconsistencies,
how in 1928 he advised Board as an expert receiving a fee,
not to sell Governments nor increase discount rates, yet
10 weeks later he publicly criticised the Board because it
had done neither.
C.S.H. sent copies to Board members and members of the staff,
and also to Baillie, MorgenthaOsadviser, who wrote C.S.H.
a very appreciative letter.
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Federal Reserve Bank of St. Louis
233.
Sprague, Prof. O. M. W. (Contld.)
C.S.H. also gave Fred Delano a cooy, who said he should
show it to Roosevelt. (See scrap book)
Dec. 23, 1933. 98.
Squire, Miss
C.S.H. dines with.
"-.P.H. was too ill to go.
Nov. 30, 1933. 69.
St.Agnes Church, Washington. 189.
See - Hamlin, Anna
St. John's Church, Washington.
George McClellan and-Alanson Houghton called on C.S.H. and
asked him to consent to an election to fill a
vacancy in the vestry.
C.S.H. finally said. he would accept but on the distinct
condition that it should involve, directly or indirectly,
no subscription of money at any time.
They both agreed to this.
Nov. 18, 1933. 56.
McClellan called up C.S.H. and said he had been elected on
the vestry to fill a vacancy yesterdw; that he had
been wppointed Chairman of the Music Co,amittee with
power to appoint other members.
Nov. 27, 1933. 67.
Mr. Lucas, Organist, called.
He asked C.S.H. to make no radical changes in the music until
the new Rector was elected.
Thanking he was referring to Dr. Cotton Smith, C.S.H. at first
agreed to this.
He then said he referred to the new permanent Rector.
C.S.H. then said he would have to talk this over with Dr. Smith
before he could give any promise.
That he wanted particularly was to continue singing the Psalter.
C.S.H. told LucAs of his desire for simple music which I believed
the rongregatinn wanted.
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Federal Reserve Bank of St. Louis
234.
St. John's Church, Washinvton (Cont'd.)
He said we should not
ought to want.
ive it what it wanted but what it
C.S.H. said if their tastes were .00 low of course we
shou.d try to elevate them, but he did not believe this
to be the fact.
C.S.H. said he felt the congregation h .d the right to say Amen
and not have it sung for them; that he also felt that
the Te Deum Should be greatly simplified and shortened so
as never to exceed
minutes.
C.S.H. t;aid the sermon also should be cut to 20 minutes and
that the whole service should not exceed one hour.
He asked if he could continue the organ recitals on Mondays at
which other organists took part.
C.S.H. said if he had any authority he certainly would not object.
C.S.H. asked for names of ladies to put on an advisory music
committee.
He told me about the rumors as to Dr. Joh son; that they vpire not
happy together; that some years ago a niece of Dr. Johnson
came over; that he was much attached to her; that later
another niece came over and he was more attached to her,
and that he went about much with her, She driving his auto;
that Mrs. Johnson was jealous and spread about rumors as to
them.
He said Dr. Johnson in Philadelphia,
caused some talk by his conduct
frequently he would put his arm
kiss her.
Dec. 12,
before he came to WaShington,
with a woman, and that
around a pretty girl and
1933. 79, 80.
C.S.H. attends his first vestry meeting.
Dec. 14, 1933. 81
C.S.H. makes appointment with Bishop Lawrence to talk about
Rev. Mr. Drury for St. John.
Feb. 8, 1934. 136.
C.S.H. has interview with Bishop Lawrence in Boston.
Feb. 17, 1924. 142.
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Federal Reserve Bank of St. Louis
235
St. John's Church, Washington (Contld.)
C.S.H. attends service at Church of Ascension,N. Y.
to hear Dr. Aldrich.
Feb. 18, 1934. 142.
Vestry voted to ask Dr. Aldrich to be Rector, at salary of
$9000 not including heat or light in Rectory.
McClellan instructed to see him.
Declined.
Feb. 20, 1934. 148.
Meeting of proprietors.
O.S.H. elected on Vestry.
C.S.H. _oved that Vestry be directed to petition Dioces
an
Convention for authority to permit women, otherwise
qualified, to vote at proprietors meetings and hold office
on Vestry.
McClellan raised point of order uhat such a petiti
on must
be made by the Proprietors and not by Vestry.
C.S.H. modified his motion accordingly.
Dr. Morse objected on groumd that such an immortant
matter
should not be acted on without prior notice to
the proprietors, and that only 11 were present at the
meeting.
At the suggestion of McClellan some one moved to lay on
table, which was carried, C.S.H. alone voting No.
During the discussion McClellan said that such a petition
would surely be granted by the convention if made.
It was finally moved and voted that the views of all
qualified voters should be ascertained prior to the next
annual meeting.
At first no one seconded this but Gen. Williams finally did.
April 2, 1934. 176, 1?7.
Vestry met and Dr. Hart was present.
Voted to offer him $9000 salary, and $1000 extra for moving
his furniture, any excess to go to him, also to give him
heat and light in Rectory.
He will give final decision on Saturday.
April 4, 1934. 179.
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Federal Reserve Bank of St. Louis
236.
St. John's Church (Cont'd.)
Dr. Hart's acceptance was announced by Dr. Cotton Smith at
service today. To take effect June 1.
April 8, 1934. 181
St. Lawrence ship canal treaty.
Treaty defeated in Senate.
Aye: 46, Nay 42, - far less than a 2/3 vote.
A hard blow for Roosevelt.
Mar. 15, 1934. 164
Stabilization.
21, 27, 48, 51, 52, 54, 55, 59, 60, 61, 63, 67, 135.
See - Gold.
Stabilization fund.
116, 123, 127, 132.
See - Gold.
Stanley-Brown, Mrs.
Called on us with her daughter, Mrs. leis.
Dec. 31, 1933.
105.
Statement, Federal Reserve Board.
117, 119.
See - Gold.
Steamer,letter. 150.
See - Boreel, S.
Sterling.
42, 48.
See - Harrison, Gov.
Gold
Norman, Gov.
Stock exchange bill.
Tom Smith, Treasury adviser, told our staff he had sent
the bill to Burgess at New York.
Wyatt said it had been given to us in confidence.
and he received a copy marked "confidential".
Smith
Smith said Burgess was an adviser to the Treasury and
therefore he had sent it to him.
For the Treasury to go to Burgess over the heads of the Board
seems extraordinary!
Mar. 21, 1234. 161.
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Federal Reserve Bank of St. Louis
237.
Stock exeharge bill (Cont'd.)
The dtaftmen of the Senate Committee, our staff, Pecora and
others are meeting in Board room studying the proposed
bill.
Mar. 13, 1934. 162.
Still working on bill.
Mar. 14, 1934. 163.
Board studied latest draft of bill.
Gov. Black prepared a letter for our staff, Peoora, R.F.C. etd.
stating that we were prepared to accept the control of all
bank loans to trokers and even of brokers loans to
customers, if Congress so willed.
Miller wanted us to recommend a prohibition of all brokers loans
to customers, thus forcing the customers to borrow from
banks as was the practice in England.
C.S.H. objected, saying that if the proposed bill failed of
its purpose, Miller's suggestion might be the only
course left, but that to change such a long established
custom suddenly would cause lack of confidence and set
back recovery. Gov. Black agreed to this.
Mar. 15, 1934. 166.
Board voted to approve the bill modified in accordance with
suggestion of our staff.
Mar. 22, 1934. 168.
Gov. Black gave Senate Committee a statement of our Board
approving the stock exchange bill (See scrap book).
Mar. 23, 1933. 169.
Great struggle in Senate Committee over the bill.
Great public ol)pos'Aion, including Untermyer.
All the opponents, however, agree that the Federal Reserve Board
should be given absolute authority over margins.
This would be a grant of power greater than ever given before
to a public Board.
April 7, 1964. 180.
Glass agrees with Gov. Black that his proposed new commission should
have control over lelations of brokers to their customers,
but that our Board should have control over loans of
banks to brokers.
April 9, 1934. 181.
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Federal Reserve Bank of St. Louis
238.
Stock Zxchange bill (Contid.)
The Senate Committee gave Board control over loans between
banks and brokers leaving to the new °omission the
control over loans from brokers to customers.
April 12, 1934. 183.
Sulgrave Club 136
See - Bredkinridge, Mrs.
Sullivan, Mark.
H.P.H. sat beside, at dinner given by Mrs. Emily Newell Blair,
and he told H.P.H. that Tugwell recently told him that in
10 years there would not be a single private income in
U.S. over $10,000 per yearl
Mar. 14, 1934. 162, 163.
Suppers
With Mrs. Griffin.
April 1, 1934. 175.
See - Griffin, Mrs.
Sweeney, Mr. 3
See - Doolin
Federal Reserve Bank, Kansas City
Thomas
Szymczeik, M.S.
Votes to disapprove purchase of site and extension of building
of Federal Reserve Bank, New York.
Oct. 10, 1933. 9, 11.
Votes in f-,vor of Doolin as Class C director, Federal Reserve
Bank, Kansas City.
Nov. 7, 1933. 43.
Joins with C.S.L. in opposition to discontinuance of purchase
of Government securities.
Nov. 15, 1933. 47.
Votes in favor of use by Federal Reserve Bank, New York, of
25 millions to stabilize dollar and sterling.
Nov. 15, 1933. 52.
Said Sprague told Roosevelt he would scour the country in
opposition to his monetary policy.
Nov. 20, 1933. :.)9.
Gov. Black confers with Miller, C.S.H., and, as to desirability
of informing Morgenthau that F.R. System would underwrite
the billion dollar bond issue of Dec. 15.
Nov. 23, 1933. 62.
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Federal Reserve Bank of St. Louis
239.
Szymczak, M. S. (Cont'd.)
Told C.S.H. he had heard on good authority that Treasury
officers had been charged with duty of listening in
on every telephone conversation, to learn whether Treasury
policies were leaking out.
Nov. 24, 1933. 64.
Objects to Board writing Simpson that Ranney would be a good
man for Chairmen of Cont. III. Natl. Bank & Trust Co.,
Chicago.
Nov. 25, 1933. 65.
After the Board meeting, told C.S.H. he knew that Roosev-lt,
Comptroller and Jesse Jones had a plan to elect Walter
Cummings Chairman of above bank.
Nov. 25, 1933. 65.
Told C.S.H. that Cummings called on him and verified above.
Nov. 27, 1933. 67.
Voted against sending letter approving Ramey to Simpson.
Dec. 4, 1933. 70.
Told C.S.H. the Comptroller was very an.-ry with Thomas for his
vote to send the letter to Simpson.
Dec. 4, 1933. 71.
Told C.S.H. Thomas said he voted so because Comptroller said
the R.F.C. had no voting power.
Dec. 4, 1933. 71.
Told C.S.H. that Sprague who backed up Simpson's letter to
Board favoring Ranney, was abrother-in-law of Dr. Miller
and owed the Cont. III. Natl. Bank some $300,000
unsatisfactorily secured, and that Ranney was in a
company in which Sprague was heavily interested; that Ranney,
if appointed, could scarcely call on Sprague to reduce
or pay up that loan.
Dec 4, 1933. 72.
C.S.H. told, he thought reconsideration of the letter would
injure the Board now more than sending it, but that if
Thomas intended to move to reconsider, he should at once
tell Gov. Black, - otherwise this letter might go out.
Dec. 4, 1933. 72.
Votes against sending the letter.
Dec. 6, 1933. 73.
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Federal Reserve Bank of St. Louis
240.
Szymczak, M.S. (Cont'd.)
Was very angry with Ti.omas because he again voted in fnvor
of sending the Simpson letter.
Dec. 6, 1933. 74.
Told C.S.H. that he Governor of Illinois called on
Roosevelt Saturday, before the Gridiron dinner; that
Roosev-lt asked him if he knew Walter Cummings; that
he saia Yes; that Roosvelt said, "He is to be the next
chairman of the Cont. Ill. Natl. Bank and Trust CO.
C. 11, 1933. 78, 79.
Votes to increase salaries of our staff.
Dec. 21, 1933. 92.
Votes that a Maryland bank having depositors certificates with
a prior lien, and its capital impaired.
Jan. 5, 1934.108.
Votes to give Glass a copy of the old imercepted cable sent
by Sen. Owens Secretary to Masher.
Jan. 6, 1934. 111.
Told C.S.H. he heard, on good authority, that Roosev-lt was
angry with our Board because it was fighting the Gold Reserve
Act.
Jan. 23, 1934. 125.
Told C.S.H. that Thomas induced Gov. Black to , t a position
in R.F.C. for his son!
Mar. 7, 1934. 157.
Voted to permit our staff to join Federal reserve pension system.
Mar. 9, 1934. 159.
Votes for Jesse Jones man Taub as Class C Director at Dallas.
Mar. 28, 1934. 172.
Said Thomas told him he haa not resignea as Chairman of
Democratic State Committee of Nebraska.
Mar. 30, 1934. 175.
Voted to accept Glass bill — capital loans by F.R. banks.
April 3, 1934. 178.
Votes against increase of Deputy Governor Sailer's salary to
$35,000.
April 23, 1934. 186.
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Federal Reserve Bank of St. Louis
241.
Szymczedc, M.S. (Contid.)
Strongly urges Board to move into Washington building rather
than accept new location in Treasury.
April 261 1934. 189.
Voted against accepting new Treasury location.
April 271 1934. 191
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Federal Reserve Bank of St. Louis
242.
Taub
171.
See - Federal Re -rye Ban.., Dallas
Thomas
Taxes, Mattapoisett, 1933.
Bill was $774.
Paid $590 plus $7.95 interest at 8% since Feb. 1.
No bill was sent me in 193::' and I had to write for it,
receiving it about Feb. 1, 1934.
Balance due, - $774-$590 = $184.
April 7, 1934. 180.
Teas
We attend a tea for daughter of Floyd Harrison at Shoreham Hotel.
Dec. 30, 1933. 105.
Thatcher, Tom
C.S.H. dines with Oliver Ridketson to meet.
April 11, 1934. 182.
The Hague
See - Boreel, S.
Emmett
The President Harding. 165
See - Bored, S.
Thomas amendment. 8, 83, 95.
Thomas, J. J.
Told C.S.H. the N.R.A. was not succeeding.
Oct. 7, 1933. 3.
Said Sweeney told him that the new Class C director should not
came from Kansas City.
Oct. 7, 1933. 3.
Called on us with Mrs. Thomas.
Said he was still Chairman of Dem. State Co-nittee of Nebrvska.
Oct. 7, 1933. 3.
Had Roosevelt d-sired to put a N.Y. man on our Board, he could
have done so instead of appointing fhomas, wilo was not a dirt
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Federal Reserve Bank of St. Louis
243.
Thomas, J. J. (lont'd.)
farmer although he owns some farms but was a
busy practising lawyer.
Oct. 8, 1933. 8.
Voted in favor of allowing Federal Reserve Bank, N. Y. to
buy adjoining property and extend building over it.
Oct. 10, 1933. 9, 11.
C.S.H. calls on Mr. and Mrs. Thomas at Hay-Adams House.
He said he had been practisilkg law for 40 year.
This means he must be well along in the 60's
Said he was still very busy winding up his law business and
also was very busy with his work as Chairman of Dem.
State Committee of Nebraska.
Oct. 12, 1933. 13, 14.
C.S.H. and Ahomas, of Philadelphia Com littee, reported in favor
of redesignating Austin as Federal Reserve Agent for
the coming years, but that they would be on the look-out
for an outstanding i.lan to succeed him at the end of
Nov. 1, 1933. 39.
next year.
Could not agree with James as to who sixuld be appointed
Class C director at Kansas City to succeed Langwortily,
resigned.
Thomas reported favoring Doolin, and James for Bond of Colorado,
although he said Doolin was a good man.
Mar. 1, 1933. 39, 40.
Thomas and James agreed on reappointing Brown
•
Thomas reuorted for Doolin to fill Langworthy vacancy, and
James for Bond of Colorado.
C.S.H., Thomas, Comptroller and Szymczak voted for Doolin
and he was elected.
Gov.Bladk, Miller and James voted for Bon.
Nov. 7, 1933. 43.
See - Federal Reserve Bank, Kas. City.
C.S.H. and, strongly object to wish of Executive Corailittee
of Open %,aer:et Committee to stop all purchases of Govrnment
scurities.
Nov. 15, 1933. 47.
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Federal Reserve Bank of St. Louis
Tomas, J. J. (Contid.)
Votes to approve use of 25 millions by - ederal Reserve Bank
of New York to steady fluctuati,ns in British exchange.
Nov. 15, 1933. 52.
Votes to send letter to Simpson approving Ranney for Chairman
of Continental Ill. Natl. Bank & Trust Co.
Dec. 4, 1933. 70
Later, S:ymczak told C.S.H. that Thomas so voted because of
Comptroll=los -tatement that the R.F.C. could not
vote its preferred stock; that he - Thomas - had asked
Reed, General Counsel of R.F.C. who said the R.F.C. had
the voting power; that he should move for reconsideration
tomorrow.
Szymczak said the Comptroller was very angry with Thomas because
of his vote.
Dec. 4, 1933. 70, 71.
C.S.H.said. for Thomas to do this would injure the Board more
than to have its letter go to Simpson, but that if
Thomas intended to do this he should at once so inform
Vov. B1-dk, or the letter might go out.
Dec. 4, 1933. 72.
Again voted to send Board letter to Simpson favoring Ranney.
Dec. 6, 1933. 73.
C.S.H. can not understand wily Thomas voted again to send this
letter, as he said the other day, on learning that he
R.F.C. had the voting power, that he should vote No.
Szymczak is very angr:,- with Thomas.
Dec. 6, 1933. 74.
Thomas is ill with a slight attack of pneumonia.
Dec. 11, 1933. 78.
Votes to increase salaries of heads of our staff.
Dec. 21, 1933. 92.
Votes that oppital of bank is not impaired although it has
depositors certificates outstanding with a prior lien
over stockholders.
Jan. 5, 1934.108.
C.S.H. and Thames bring before Board Paalger's report on
Federal Reserve Bank, Philadel;hia.
Jan. 9, 1934. 110.
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Federal Reserve Bank of St. Louis
245.
Thomas, J. J. (Cont'd.)
Votes against giving Glass a coy of intercepted cable of
Owen's secre;ary to Musher.
Jan. 9, 1934. 111.
Gov. Black, Szymczak and, conferred together 11-- hours this p.m.
Jan. 23, 1934. 123.
Told C.S.H. he was still Chairman of Democratic State Committee
of Nebraska and must soon io home to fight for
reelection, but that if Maim resigned from the National
Democratic Coaiittee, he also should resign.
Feb. 6, 1934. 137.
Told C.S.H. that he summoned the press representaAve7 to his
room in Federal Reserve Board, and announced that he would
call a special meeting in Nebraska to take action -)n
Mullen's resigndion and his own resignation as Chatrman
of Dem. State Committee of Nebraska.
This is certainly extraordinary!
Mar. 7, 1934. 157.
Szymczak told C.S.H. that Thomas told him that he went to
Gov. Black and induced him to secure a position in R.F.C.
for h s son.
Mar. 7, 1934. 167.
Votes against permitting our st.ff to join F.R. pension system.
Mar. 8, 1934. 159.
Called in to say good—bye.
Leaves tonight for Nebraska to attend political convention
called by him to choose successor to Mullen.
He said he should probably resign altho he did not seem very
certain about it.
Mar. 14, 1934. 163.
Mrs. Thomas tol1H.P.H. that 'in Thomas was on his way home, that
he felt obliged to continue in office as Chairman of
Democratic State Connittee of Nebraska.
Mar. 14, 1934. 169.
Votes for Taub as Class C Director at Dallas.
Jesse Jones wanted Taub.
James reported in favor of a Mr. Morrill.
Mar. 28, 1934. 172.
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Federal Reserve Bank of St. Louis
246.
Thomas, J. J. (Cont*d.)
Thomas got Gov. Black to get an appointment in R.F.C.
for his son.
Mar. 28, 1934. 172
Is home sick.
Said his head troubles him.
Mar. 30, 1934. 175.
Szymczak told C.S.H. that Thomas told him he had not resigned
as Chairman of Dem. State Committee of Nebraska.
Mar. 30, 1934. 175.
Votes to accept Glass bill giving F.R. banks Power to make
caltal loans.
April 3, 1934. 178.
Voted in favor of increasing salary of Deputy Governor Sailer
of Fe-eral Re--;erve Bank of N.Y. to $351000.
April 23, 1934. 186.
Todd, Miss. 68.
See - Van Royen, Madame
Tokugawa, Prince.
Saito, Japanese Ambassador, gave an enormous dinner at
Mayflower hotel to. Many of the guests were people
of no prominence.
C.S.H. was surprised that he as a very old friend of Japan,
was not asked.
Feb. 28, 1934. 151.
Sec. Hull gave a lunch to.
Consisted mostly of Congressmen and Senators. C.S.H. not asked.
Mar. 3, 1934. 152.
C.S.H. is not pleased at Saitols failure to ask him to the
dinner. Among the guests was Sen. David Reed - a
conspicuous enemy of Japan at time of Hanihara incident.
Mar. 3, 1934. 153.
C.S.H. told Matsukata very diplomatically that he regretted
that he did not meet, as he saw much of him when he was
here in 1922.
Mar. 8, 1934. 157.
Tories.
Roosevelt calls those opposed to his policies Tories in his
Savannah speech.
Nov. 19, 1933. b7.
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Federal Reserve Bank of St. Louis
247.
Traylor, M. 67
See - Federal Advisory Counal.
Treaty
See - St. Lawrence Ship Canal Treaty.
Trust powers. 15.
See - Cont. Ill. National Bank & Trust Co.
Tugwell.
Mark Sullivan told H.P.H., at dinner with Mrs. Emily Newell
Blair, that Tugwell recently told him that in 10 years
there would not be a single private income of over
$10,000 per year.
Mar. 14, 1934. 162, 163.
Tumulty, J.
Called on C.S.H.
Said that Wilson, after their quarrel over the telegram
Tumulty sent to Cox dinner, wrote a Itter strongly
indorsing him as Senator from New Jersey.
He said Wilson's memory was defective after his illness
and that he forgot that he himself dictated the
telegram Tumulty sent to the Cox dinner; that he, Tumulty,
of course, could not say this publicly.
He said Wilson wanted to be renominated in 1920.
He said he wrote Wilson explaining the telegram but
believes that Randolph Bolling kept it from him.
He said he tried to see Wilson before he died, that he
stood outside his house one night from 6 p.m. to 4 a.m.
the next morning but could not see him although Gray son
had said he would try to arrange it.
He said that at first he received no invitation to the
funeral, but that finally one Ras sent him through
some friend who protested against the amissim, but
that he was not assigned to any carriage and went out
to the Cathedral in a taxicab; that no seat was
assigned to him at the services.
He spoke with contempt of Randolph Bolling.
Oct. 18, 1933. 23, 24.
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Federal Reserve Bank of St. Louis
248.
Underwriting. 139
See- Black, Gov.
United States Supreme Court
H.P.H. lunches at White House to meet wives of Justices of.
Nov. 14, 1933. 46.
Newton Baker said he thought the Thomas amendment would be
validated by, although he personally haa doubts as to its
constitutionality.
Dec. 21, 1933. 91
Dec. 22, 1933. 95
See - McReynolds, Justice
Puller, Chief Justice
United States Treasury
Gov. Black said, was buying bonds to protect the bond market.
The Treasury has over 1 billiqa postal savings deposits
available for this purpose.
Nov. 15, 1933. 50.
Gov. Black wanted Board to say to Morgenthau that we would
underwrite the billion dollars of bonds to be issued Dec.15th.
C.S.H. felt Treasury should first prepare its plan and fix the
rate, and then, if we felt the rate was Proper, we could
step in but only to the extent that it failed.
Miller said the Treasury must come to us on its belly, but that,
if worse came to worse, we would have to support the Government
credit.
C.S.H. said of course we should make no assumption of failure
in advance, for if we did, the Treasury, having this knowledge,
might put in too lowarate.
We finally agreed that the Treasury should go to the market
prepared to pay what it considered a reasonable rate, but that
if it did this and the issue failed we must support the
Government credit.
Nov. 23, 1933. 62.
Szymczak told C.S.H. that he had heard on good authority that
Treasury operators had been ordered to listen in to every
telephone call, including Federal Reserve Board members,
to see if Trea,ury policies were being isaussed!
Nov. 24, 193. 64.
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Federal Reserve Bank of St. Louis
249.
United States Treasury (Cont'd.)
Power of Treasury to call in all gold held by Federal reserve
banks. 91.
See - Gold.
Draft of voluntary agreement between Federal reserve banks
and Treasury as to turning over Federal reserve gold.
Dec. 28, 1933. 100.
See - Gold.
The powers given to Treasury under Gold Reserve Act in effect
makes the Treasury the most powerful central bank in the
world.
Yet the Secretary of Treasury is a political officer, and yet
he is made a central banker. It is a fearful responsibility
to place upon the Treasury.
Political pressure might and probably would force the
Secretary in the administration to go very slow in restraining
speculation! °Nanaged currency° would break down!
Jan. 16, 1934. 118.
The press in criticizing the Gold Reserve Act confines itself
to the devaluation features.
Sooner or later it will discover the vast centralization in the
Treasury.
Jan. 16, 1934. 119.
Gov. Black reminded the Governors that the Board had always
maintained that the Federal reserve gold should remain in
the Federal reserve banks, subject only to a franchise tax
or earmarking the profit and asked the Governor whether by way
of bargaining they were willing to turn over the gold
to the Treasury, in order to get other advisable concessions.
They said No.
Jan. 20, 1934. 123.
Gov. Black wanted to send the amendments agreed on direct to
Glass but C.S.H. said they Should be sent, at lep.st at the
same time to the Treasury.
Governors finally left this to Board to determine.
Jan. 20, 1934. 123.
Gov. Black said the Treasury lacked aavisers verwed in finance; that
Morgenthau knew nothing of banking or finance; that Baillie
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Federal Reserve Bank of St. Louis
250.
United States Trea ury (Contsd.)
was an able practical banker, but that Senator
Couzens agreed to confirmation of Morgenthau only on
condition that he should drop Baillie.
Jan. 23, 1934. 126.
Governors conference considered the financialpilicy of the
Treasury and agreed that the new issue should be 4 year
notes at 3;13, dated Mar. 15th, for from g110 tO 700
millions.
Morgenthau said Roo2evelt would not agree to more than 500 millions.
Mar. 5, 1934.153, 1A.
See - Gold
Governors Conference
Morgenthau told Board he had wired 125 national banks over the
country asking as to need of canital loans; that
most of thenreplied Yes.
He then intimated that he would send a similar wire to ask
state member banks, but Gov. Black with much dignity
told him this should be done by our Board, - to which
Morgentnau assented.
It seems extraordinary that the Treasury should wait to get
this informat an over the heads of our Board!
Mar. 5, 1934. 155.
Tom Smith, financial adviser of Treasury, sent a copy of the
draft of Stock Exchange bill to Burgess for criticism.
Wyatt said the copies were marked confidential but Smith said
Burgess was a Treasury adviser and sent it to him.
For the Treasury to appeal to Burgess over the heads of our
Board, is extraordinary!
Mar. 12, 1934. 161.
See - Morgenthau
Woodin
Untermyer, S.
Openly criticises the Stock Exchange bill.
April 7, 1934. 180
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Federal Reserve Bank of St. Louis
251.
Valentine. 140.
See - Boreel, S.
Van Breugel, Baron and Baroness.
H.P.H• telephoned C.S.H that Madame, wrote they might visit
vs at Mpttapoisett for a week-end but that he was very
busy and could not tell definitely now.
She said Madame Van Royen was to be in Washington the last of this
month.
Oct. 8, 1933. 7.
C.S.H. calls on.
Out.
Oct. 15, 1933. 17.
We meet, at dinner with Mrs. Robert Bliss.
Jan. 6, 1934. 110.
Sophie Boreel wrote she was coming to Washington, Lut did
not say whether to visit, or not.
Jan. 20, 1934. 122.
Sophie Boreel goes to visit, the end of the week, from Mrs. Phillirs.
Jan. 25, 1934. 127.
C.S.H. drove Sophie down the Potomac and then to, where
she spends the week-end.
Jan. 26, 1934. 128.
We called for Sophie Boreel at home of, and took her to the
Great Falls, and returning we all took tea at.
Jan. 27, 1934. 128.
Sophie Boreel dines out with, and Mr.
Mrs. DeWith, the new
Dutch Minister.
Jan. 28, 1934. 129.
C.S.H. drives back Sophie from Hay-Adams House to.
Jan. 29, 1934. 130.
Miss Patten told H.P.H. that, had gone to New York iovisit
Sophie Boreel.
Feb. 7, 1934. 138.
Van Royen, Mr. and Madame
C.S.H. writes Sophie telling her as to Mr. Van Royen's failure to
answer C.S.H.'s letter of March 20 until May 10th.
Oct. 8, 1933. 4.
Miss Patten told C.S.H.that Madame's son was very ill with
intestinal trouble in Paris; that they were going to him when
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Federal Reserve Bank of St. Louis
252.
Van Royen, Mr. an, Madame (Contld.)
Mr. Van Royen died; that she was now in Paris with her
son but would be in Wasnington late in Octo,er.
Oct. 8, 1933. 4, 5.
Madame Van Breugel wrote Bertie that Madame Van Royen would
be in Washington the last of this month.
Oct. 8, 1933. 7.
C.S.H. heard that Madame Van Royen is at the Dutch Legation
and wrote her asking if she could see him if he called.
Said he would understand perfectly if she did not reply.
Oct. 31, 1933. 38.
Miss Todd wrote H.P.H. that Madame, had been in the hospital
for two weeks, and had had an operation; that she had
returned to the Legation and was very despondent.
We Called and left flowers.
Nov. 29, 193. 68
Madame Van Royen wrote, through Miss Todd, thanking us for our
Nov. 30, 193. 69.
roses.
Miss Patten called up H.P.H. and said Madame Van Royen had
just died in Holland.
April 19, 1934. 185.
Mary Patten said Madame Van Royen was operated on last November
by Dr. James Mitchell for cancer of the breast; that
on returning to The Hague she went to a hospital, but
whether or not because of recurrence of the cancer, she
did not know; that while in the hospital she died of
pnemmonia.
April 19, 1934. 192.
Van Swinderen, Madam.
81, 87, 88, 92.
See - Boreel, SVest, Mr.
Salary increased to $10,000 although Wyatt asked only for
$7500 to $9000.
Dec. 21, 1933. 92.
Vestry, St. John's. 176
See - St. John's Church.
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Federal Reserve Bank of St. Louis
253.
Veterans Compensation
H.R. voted, in defiance of Roos-vlt to add 90
millions for.
Mar. 15, 1934. 164.
Voluntary agreement. 93.
See - Gold
Votes
Purchase by Federal Reserve Bank, New York, of adjoining site.
Aye:
C.S.H., Miller, Thomas.
No:
Gov. Black, James, Szymczak.
Lost by tie vote.
Oct. 10, 1933. 9.
2nd vote an same.
Aye: C.S.H., Comptroller, Thomas.
No: Gov. Black, Miller, James, Szymczak.
Oct. 10, 1933. 11.
(Later, Board v-versed and granted permission)
That Federal reserve banks could purchase gold as fiscal
agents provided they could legally buy R.F.C. debentures.
Unanimous.
Oct. 30, 1933. 34.
To secure opinion of Attorney General on above.
Unanimous.
Oct. 30, 1933. 35.
For Doolin as Class C director of F-deral Reserve Bank,
Kansas City.
Aye: C.S.H., Yhomas, Comptroller, Szymczak
No: (Gov. Black, Miller, James.
Nov. 7, 1933. 43.
That capital notes given to R.F.C. by state banksshall be
regarded as capital for purposes of admission into
Federal Reserve System.
Overruled Wyatt.
Nov. 6, 1933. 45.
Approved use of 25 million by Federal Reserve Bank, New ':ork,
for purpose of keeping sterling between $5.35 and $5.50.
Gov. Black, C.S.H. James, Thomas, Szymczak. Nov. 15, 1933. 52, 59.
Nov. 20. 1933.
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254.
Votes (Coald.)
Federal Advisory Council resolution against inflation was
passed by 6 to 3, — Traylor, Kemper and Ottley voting No.
Nov. 27, 1933. 67.
For increased salaries of staff and Newton Baker fee of $5000.
Aye: Gov. Black, C.S.H., Thomas, James and Szymczak.
No: Miller.
Dec. 21, 1933. 92.
That there is an impairment of capital of a bank issuing prior
lien depositors certificates.
Aye: Gov. Blank, C.S.H., James, Szymczak
No: Miller, Thomas, Comptroller.
Jan. 5, 1934. 108.
To give Glass a copy of intercepted cable from Secretary of
Ex—Senator Owen to Masher.
Aye: Gov. Black, Miller, Szymczak
No: C.S.H. Thomas.
Jan. 6, 1934.
nd James
To permit staff to join Federal Reserve Pension Sysuem.
Aye: Gov. Black, C.S.H., James, Szymczak
No: Miller, Thomas.
Not voting: Comptroller.
Mar. 9, 1934. 159.
To approve the Stock Exchange billamended according to
changes suggested by Board and our st'Iff.
Unanimous.
Mar. 20, 1934. 168.
For Taab as Class C director, Federal Reserve Bank, Kansas City.
Miller, Thomas, Szymczak and Comptroller.
For Morrill:
Gov. Bladk,C.S.H., James
Mar. 28, 1934. 172.
To a,.cept Glass bill authorizing Federal Reserve banks to make
capital loans.
April 3, 1934. 178.
To increase Saileris salary as Deputy Governor, F.R. Bank, New fork
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255.
Votes (Contid.)
to $35,000:
4e: Gov. Black, C.S.H., Thomas
No: Miller, James, Szymczak
Comptroller: Not voting.
Lost in tie vote.
April 23, 1934. 186
1.
On accepting new location of rooms in Treasury.
2.
On desiring a building for itself.
3.
Obtaining cooperation of Morgenthau and Roosevelt.
Unanimous, except that Szymczak voted against accepting new
location of rooms in Treasury, and Comptroller asked to
be excused from voting on ground that an affirmative
vote would be equivalent to voting himself out of his
present quarters, not knowing where he could go.
April 27, 1934. 191.
Voting power.
70, 711 191.
See — R.F.C.
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Federal Reserve Bank of St. Louis
256.
Wagner bill
Linlman criticises, against company unions, adding that
the American Federation of Labor before representing
La'uor under the N.R.A. must be reorganized as it was not
fit now and must be controlled, as well as employers, by the
Government.
Mar. 23, 19A. 169.
Wait, Mrs. 46.
See - Peabody, George Foster.
Wallace, Mrs. Hugh
We dined with.
Feb. 5, 1934. 137.
See - West, Bernie.
We met, at breakfast with Justice McReynolds.
Feb. 11, 1934. 139.
Warburg, J.
Said, in an address, that he resigned as Treasury adviser
some time ago, as he could not accept the administration
theory of inflation, nor did he believe a comwodity
dollar would keep prices stable.
(See scrap bock)
Nov. 23, 1933. 63.
Warburg, Paul
Miller said Mr. Goodhue called and said the friends of,
wished to present a bust of him to the Federal Reserve
Board, and asked if the Board would accept it.
After a talk together we decided that Miller should tell
him to postpone this, at least for the present.
We feared that Prof. Seligman would insist on an inscription
°To the Founder of the Federal Reserve System' or
something of that kind.
If Warburgls bust were set up, surely Glass and Wilson, not
to speak of Owen or Morowitz, should not be forgotten:
Feb. 13, 1934. 140.
Warm Springs, Georgia. 68.
See - Black, Gov.
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257.
Warren, Mr. and Lrs. Charles
C.S.H. dined with.
Mrs. Robert bliss was uhere.
Oct. 26, 1933. 31.
We dined with.
Dec. 24, 1933. 97.
We dined with Mr. ec Mrs. Bliss - the 30th wedding
anniversary.
After dinner a number were invited in to have a Spanish
flute quartet.
Bertie bought at the 100 store imitation pearl earrings,
a Lrooch and a lare scarf pin with a pearl nearly the
size of an egg.
Jan. 6, 1934. 110
We dined with.
Feu. 11, 1934. 139.
We dine with, Birthday dinner.
Mar. 9, 1934. 1,9.
Warren, Prof.
Miler said Morgenthau and, "put over" Roosev-ltls radio
address as to managed currency.
Oct. 23, 1933. 29.
=lt, Gov. Blnar et al
Present at conference between Roosev,
to discuss purchase of gold.
Oct. 30, 1933. 34.
Weld, Mrs.
We lunched with, at Warellem
Oct. 1, 1933. 1.
West, Bernie.
We met, at dinner with
Wa_lace.
She said Gov. Black told her of C.S.H.Is wonderful scrap
books an diaries.
C.S.H. had not seen her for several years.
She is still a very attractive an handsome woman.
Pa. 5, 1934. 137, 139.
Wheat. 53
See - Gyrations of dollar.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
258.
White House
H.P.H. lunches at, to meet wives of Justices of U.S. Supreme
Court.
Nov. 14, 1933. 46.
Morgenthau was sworn in as Under Secretary of Treasury at.
Nov. 16, 1933. b0, b4.
See - Morgenthau
The White House auto called for H.P.H , took her to the,
and she and Mrs. Roosevelt went to recettion at
Woman's National Dem. Club.
Dec. 13, 1933. 81.
We dine at.
Dec. 27, 1933. 100.
White House judiciary reception.
Jan. 13, 1934. 115.
See - Fortescue, %:rs.
Rodgers, Mrs.
Shouse, Mrs. Jouett
Mrs. Rice aeclines invitation to aine at.
Jan. 16, 1934. 119.
H.P.H. lunches at, to meet Miss Dewson.
Feb. 9, 1934. 138.
Edith Helm got an invitation for Annie Nourse to a musicale at.
April 13, 1934. 184.
See - Conferences.
White, Rev. Luke. 142.
See -Lawrence, Bishop.
Wilks, Kate
Her address is: Cruikston Park, Galt, Ontario.
77, 97.
See - Boreel, S.
Williams, Constance (Lodge)
Sends us flowers with the inscription:
"With lots of love, dear Bertie, to you
and your husband, from Billy and me, and
Christmas grettings."
Dec. 23, 1933. 98.
176
Williams, Gen.
See - St. John's Church.
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Federal Reserve Bank of St. Louis
259.
Wilson, Mrs. Orme
Sophie Boreel dined with.
Jan. 31, 1934. 133.
Wilson, Woodrow, Mrs. Wilson
Tumulty told C.S.H. that Wilson after his break witn him,
wrote a letter strongly indorsing him for U.S. Senator'
from 1:ew Jersey.
Said his memory was defective following nis illness, and
that he forgot that he himself dictated the telegram he,
Tumulty, sent to the Cox dinner in N.Y., but that he
could not say this publicly.
He said Wilson wanted to be renomimited in 1920.
He said he wrote Wilson explaining the telegram but believes
Randolph Bolling kept it from him.
He said he tried to see Wilson before his death; that he stood
outside the door onenight from 6 p.m. to 4 a.m, but could
not see him, although Admiral Grayson said he would try
to arrange it; that at the funeral he at first was not
invited but finally an invitation was sent him through
the intercession of a friend; that he ras assigned no
carriage and finally took a taxicab; that no seat at the
funeral was assigned him.
He spoke with contempt of Randolph Bolling.
Oct. 18, 1933.23, 24.
Gov. Black paid a wonderful tribute to Wilson, at his address
to Woman's Natl. Dem. Club.
Oct. 2101 1 1933. 25.
Mrs. Wilson answered H.P.H.'s letter asking her to receive at
a tea at Woman's Dem. Club and, among other things, said:
"Your note just received gives me the opportunity
of telling you and Charlie how much I appreciate your
part in the service on Saturday". The letter began
"Dear Bertiell and was signed, "Af_ectionately".
From this no one could suspect a breach of over 6 years!
Nov. 20, 1933. 63, 64.
We dined with Mr. and Mrs. Covington to meet Mrs. Wilson.
Jan. 22, 1934. 125.
We laid a wreath on tomb of Woodrow Wilson.
Feb. 3, 1934. 136.
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Federal Reserve Bank of St. Louis
260.
Wirt, Mr. 170, 182
See - Brain Trust.
Woman's National Dem. Club.
Gov. Black addresses.
Oct. 20, 1933. 25.
Mrs. Wilson is given a tea at.
Nov. 1933. 63
Reception to Mrs. Roosevelt.
Dec. 13, 1933. 81
Annual (limier.
H.P.H. reelected President for year ending Feb. 28, 1925.
Feb. 28, 1934. 152.
H.P.H. gives lunch to Rose Hamlin and tae Misses Peabody at.
Mar. 27, 1934. 174.
Woman's National Press Club.
H.P.H. as guest of Mrs. Essary attends dinner in honor of
Mrs. Roosevelt.
Mar. 19, 1934. 167
Woman's suffrage
176
See - St. John's Church
Woodin, Secretary
Asks for more time to consider application of Federal
Reserve Bank, N. Y. to buy adjoining property and extend
bank over it.
Oct. 10, 1933. 9.
Gov. Harrison told C.S.H. that, had decided to anprove above.
Oct. 10, 1933. U.
Gov. Black said was an amiablelbut not an able man; that he is
now a mere figurehead.
Oct. 24, 1933. 30.
Board, before voting on Doolin as Class C director of F.R. Bank
of Kansas City, decided to wait for.
Nov. 11, 1933. 40.
Is given leave of absence without pay.
Nov. 15, 1933. 47.
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Federal Reserve Bank of St. Louis
261.
Woodin, Secretary (Contld.)
Gov. Black told, he was ready to retire if Roosevelt wished it.
Woodin said Roosevelt had no such desire but advised
Gov. Black to write frankly to Roos-velt.
Nov. 15, 1933. 50.
Roosevelt, at swearing in of Morgenthau as Unii-r Secretary,
Praised, to the skies.
Nov. 16, 1933. 53.
Szymemk told C.S.H. that Roosevelt, Comptroller and, had
decided to elect Cummings as Chairman of Cont. Ill. Natl. Bk
and Trust Co.
Nov. 27, 1933. 67.
C.S.H. feels that Board's vote to approve Ranney is a direct
blow at Roosevelt, Comptroller, and,
Dec. 4, 1933. 71.
Gov. Calkins told, he would consent to a license to Bank of
America to open only on condition that Woodin would agree
to put a conservator in the bank if there were signs of
any trouble; that Woodin so agreed; that he should have
appointed a conservator but did not.
Mar. 6, 1934. 156.
Woolley. 186
See — Federal Reserve Bank, New York.
Wyatt
Told Board there was no specific power given to Board under
Federal Reserve Act to exercise authority over purchases
of land and erection of buildings by Federal reserve banks.
Oct. 10, 1933. 9, 10.
Advised Board that R.F.C. could not sell its debentures to
Federal reserve banks, nor could Federal reserve banks
uiscount or purchase such debentures and that the Thcuas
amendment did not remove these limitations.
Oct. 30, 1933. 34,
Board refused to follow o ,inion of, to the contrary, and
ruled that capital notes given by state banks to R.F.C.
must be counted as "capital" in application for admission,
under requirement that to be admitted a bank must have
unimpaired "capital".
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
262.
Wyatt (Contld.)
This issue, however, would not cure an imnairment of
*capital stocks', nor would issue of preferred stock
for an equal amount glues on debit and credit side.
Nov. 7, 1933. 45.
Told Board that a plan for voluntary transfer of Federal
reserve gold to Treasury could not be legally worked out,
although Attorney General differed.
Dec. 15, 1933. 84.
Told Board that an Executive Order of Wilson during the war
provided that when a De:A. asked an o:inion of Attorney
General, the o-Anion would be binding on it, would not be
applicable to Federal Reserve Board.
C.S.H. believes, however, that the Secretary of Treasury
as Chairman of our Board could ask for an opineon which
would bind the Board.
In 1915 our Board accepte'd an opinion of Attorney General
asked for by the President at request of C.S.H., - as
binding on it.
Dec. 15, 1933. 86.
Newton Baker and Wyatt consult to prepare an opinion as to
transfer of Federal reserve gold, voluntarily or
involuntarily, to the Treasury.
Dec. 21, 1933. 91.
Board fixes salary of, at $15,000.
Dec. 21, '1933. 92.
Agreed with C.S.H. that every dollar of Federal re-erve gold
was held in joint custody of the Bank and Federal Reserve
Agent under Sec. 16 Fede!al Reserve Act.
Above does not apply to gold deposited with the Federal Re f=rve
Board subject to order of the Federal Reerve Agent or to
gold deposited with the Treasurer of the U.S. for the
purposes authorized by law.
Dec. 22, 1933. 95.
Gov. Black reads to Board a draft of agreeraent _eceived by
Baker and Wyatt, approved by Attorney General.
Dec. 28, 1933. 100
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Federal Reserve Bank of St. Louis
263.
Wyatt (Contid.)
Senate Committee asks, to come before it on Gold Reserve Act.
Feb. 16, 1934. 120.
Told C.S.H. the Gold Reserve Act was drawn by Oliphant the •
Counsel for Morgenthau, Holtzdorff and Leon, a N. Y. Banking
dtpert.
Jan. 19, 1934. 121.
Governors discuss changes in Gold Reserve Act prepared by
Wyatt and staff.
Jan. 3D, 1934. 122.
•
•
•
Gov. Black said Wyatt had drawn amendment at personal request
of Glass and McAdoo but that Board hat. not in any way taken
part in amending it.
Jan. 13, 1934. 125.
Said Smith the Treasury expert had shown Burgess the draft of
Gold Reserve Act although his copy was marked "confidential".
Mar. 12, 1934. 161.
Gov. Black said if Wyatt and his staff could not accommodate
themselves in the new quarters offered by Treasury
he would prefer to put them !cross the street.
April 23, 1934. 188.
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Federal Reserve Bank of St. Louis
264.
-Y-
Young, Gov.
Strongly urges to C.S.H. the reap ointment of Allen Hollis
as Class C director.
Oct. 27, 1934. 32.
C.S.H. told Board that Doolin was oriinally appointed on
Oklahoma Branch on the report of Edward Cunningham and.
Nov. 1, 1933. 40.
Nov. 7, 1933. 43.
See - Federal Reserve Bank, Boston.
Yorr, Owen D.
Case, early last week, probably Nov. 21, told C.S.H. that,
was very sore at Roos velt because, despite his promise,
he had never consulted him as to my of his policies.
Nov. 24, 1933. 64.
-ZZinkhAn, Dr.
Says H.P.H. is getting along well with her ear and that
her hearing would clear up.
Nov. 22, 1933. 61.
Said danger of an abscess in right ear had about disappeared.
Nov. 23, 1933. 63.
(The end)
@FedFRASER