120.0 2 Correspondence with the Federal Advisory Council - Fraser

295 Pages·2011·43.94 MB·English

F.D. 12A.3
/020.0
No
Federal Reserve Bank
STRo /V G pE re_S
District No. 2
Correspondence Files Division
SUBJECT
62.) (Alp (3 u -r-o S-n2.6 G
-
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
ENV. I 1.2006,1,6
AFTER 5 DAYS. RETURN TO
FEDERAL RESERVE BANK OF NEW YORK
FEDERAL RESERVE P. 0. STATION
NEW YORK CITY, I, Y.
FILE IF PERSONAL FIL7.8 OF BENJ. STRONG
i'vr-t4ne
-RARBURG, PAUL M. B.P-s441,-44,4-an from Federal Reserve Board
Letters to Benj. Strong dated 8.13.18 and 8.14.17'
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
WOODLANDS
WHITE PLAINS, NEW YORK
4
,42,
oKLet /4;a-a
aegw-
Zd,,Ezi hu22 /4- 66-fr
e-VAtzit
ct,td-z7
,0,77
.7/ `47
zelirk-,69( -
.P.Zz
/74 f(rzat
4-;
,;_fAA
4.14760-e-r-e-1:
44
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
ett dx",<,-t tzAZ-
0(4f?' egfee
ei,GcAravz
hefAere 40-7/ e
/2e0-e
a/i4 t
,,,eot° ,e4V
<
c%,
7
K&A eXe
X7-jr 4_
6e, 4- 4,,A4
<-4f,
h.
6--
/fey e;
#'1.e,i4
ca. Zi-Cde-4-e-
fAeek.,
cees.7 f
.06e_
ZeG(.5,
a0-7/keicez;,6-et) /Cc
4-ve
letezd,r
ceMit
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
/
Az-
iee?
X4/4/
4.-ve 46, e.,iii.m...ez,e774,
1U)ti/t a-fiet&L
44.
q
a/r7-7 cy,_;.0
AI/
04e-tics_
s
riLA
yaiY1-
A
icz_a( A,
Xe_
ie.424
ezh_6(z-
efreiuce
/0- zair____A ere" ptt-
Digitized for FRASER 4 4e-0( C
ettL
http://fraser.stlouisfed.org/
ilezez./
Federal Reserve Bank of St. Louis
PAUL M.WARBURG
WASHINGTON,D.C.
Au.3ust 14, 1918.
Dear Strong:
I wrote York, and upon my return
you yesterday from New find
here your two very dear letters of Au'..ust 9th and 10th -also your
letter of Alr--rnst 12th. I will do my best, old man, to live up to
your wise taaohings. Of course you realize that it is easier to
teach than to do things, but you yourself have shown me what
courage can do in
patience and tryin times. I trust you will not
find me wanting either.
As to going back to "money grabbing", quite between you and me
nd the angels, it does not appeal to me at all. On the other hand,
will take me sometime to find my
it bearings. It is impossible--to
concentrate your whole being upon one thing as much as I have done
and then all of a sudden wipe it out and be ready to something
r._()
else. It will take time to find new ground under my feet and to
develop some new interests. It cant be done in a jiffy, and it is
for this reason that ram going to gat away. I wish you could
yesterday, on Tues-
along. We are leavin as I believe I wrote you
,
day eyeing from :ea York,
goin; via the Canadian Rockies to Lake
there
Louise, and from to Lqke T-thoe, where we expect to stay for a
fortni-ht.
What I shall do /then I return to New York I do not yet know,
but probably I shall remain in the country very quietly, and put
benefit of my
'own in writing for the grandchildren my connection
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
-
with monetary reform since 1907.
I have written in a rough draft a pamphlet which deals with
Senator Owen's hearing in connection with the so-called foreign
exchange Federal Reserve bank. It is enough to blow this "S.O.B"
out of the water, but T have some doubts as to the advisability
of my getting balled up with a discussion of this kind, which most
believe I have started out of spite. If I can
of the people will
get some one else to do it, I shall be only too happy to send them
the material. Maybe I will send you the stuff as soon as I get a
little further advanced with it, because I would like to get your
reaction as to what you advise me to do with it.
As to Chapman: he has been made an Assistant to Broderick,
however, so far his salary has not been increased and to stay where
he is now will mean a loss as a7airst what he carnd before, together
cecie
with what I gave him in ac ition. He is a live-wire, loyal and
i(-
intelligent and I should be only too happy to see him get an oppor-
that I will
tunity for a broader future. If you can offer him be
very glad to have you do so. Thouzh, I believe that if the Board
will only give him a chance, there is sufficient field for a very
useful activity for him 'in Broderick's office. God knows they need
Enouh have left, and I wish for
able men who"know the ropes".
Broderick that the Board would enable him to keep Chapman where he
can be useful to him. In any case, an offer from you will at this
time be of help to him.
Take mod care of yourself and don't get bitter about this un-
fortunate intermezzo, as far as I am concerned. It is discouraging
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
-3-
and aF7ravating that in a work that we have done unselfishly and
to the very best of our ability, there should be such a thing as a
rouH7h and not entirely unselfish hand which interferes with securing
the best results, but some how or other I have a f-aling that at
some time our roads will converge again, and that good work done is
nev'er lost.
2enj. Strong, Esq.,
Woods Hole, ass.
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
PAUL M WARBURG
WASHINGTON,O.G. Hartsdale, 7. Y.,
rovAla0 er 1, 1918.
a
4
-7,
141e ..
rear ?trona: NOV
-
Yesterday tried to look you up at the
2.
Tlaza but found your placs empty. I dropped
'n at the bank and had a talk with 1,1r. Treman,
.no told me about the brilliant risults of your
a,mpaign, upon which I congratulate you vary
,:incerely. He also told the that you had gone to
Lenox, and I am glad that you are taking a rest,
thouh I do regret that you did not take it
out here.
ometime ago I spoke to you about the
article that I had written on Cwen's investi-
gation. Inasmuch as you may have a slow tithe
where you are, I send you this thing herewith.
If you care to read it, do - if you don't, don't.
I shall be glad to hear about your future
plans. Please don't forget that with the
7arburgs, frisndships outlast official relations.
r'ith best wishes for a pleasant holiday,
Always ncerely yours,
Eenj. Stron:-, Esq.,
New York.
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
On Juno 0, 1918, at 8sliator Oweits reovst 1 appeared
before the Committee on Nuking and Currency- oS the U. S.
jenate in order to eive testimony concerning tthe advisability
i of the eetabliehment of the Federal J!oreign exchange bank,
proposed by the Senator for the purpose of' "eel nt a ining
the rate of the ciol4ar at per in fareiert cow-Aries and of
removing "unfair exchanee profits" alleged by the Senator
to be levied by Pena ri oen beaks from Amer ic at 0 owner co en d
trade.
I presented 'myself before the committee in
company
with Governor Harding, ifiveletent Secretary Crochy, Mr.
l.bert 'Streams end T. F. T. flente Mr. 'Crosby, in eecretery
Illcit
e-- ---; edoole absence ena in view of a 10.043r written to the
Notate by the PreshAnt, cud not feel at liberty to e-
re himself froEly; on the other hand Governor ,,erding
a full eta tenant concerning the problem of the die-
gave
man% of the dollar' exCennge in, neutral countries.
He
shewed himeelf reads and anxiety to discuss tho pending
bill whoa 6ena1,or On adjourned the heering In doing
that, 'the senator veld that he realeed the bill ill its
Digitized for FRASER
http://fraser.stlouisfed.org/ AL
Federal Reserve Bank of St. Louis .