Benjamin Strong Jr. to Theodore E. Burton
Title
Benjamin Strong Jr. to Theodore E. Burton
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18421
Date
1913 December 5
Description
Benjamin Strong Jr. writes Senator Theodore E. Burton concerning the Federal Reserve Act.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
My dear Senator,
In presenting the attached paper, I wish to have you thoroughly understand that it is not my desire, intention, or expectation that it be used by you as an address before the Senate. I took this form of presentation, as I felt that I could get into the subject personally a little deeper, and possibly with more effect, by imagining myself in the position of writing an address that I was to make.
In view of the debate in the Senate which occurred yesterday, that rather emphasized the necessity of passing a bill that is not a central bank because of the plank in the Democratic platform, I think that the matter referring to this plank should be very strongly developed, and to a point where those to whose minds the matter is brought will realize that the country, because of your remarks, will know absolutely that they are not bound by any demands of the people that we do not have a central bank. It seems to me that you have a great opportunity to settle this contention once and for all. Should you so desire, we can easily incorporate in this paper, as marginal notes for your own information only, the particular places where certain things appear in the bill that are referred to.
One reason why it seems wise to endeavor to clip the wings of Mr. Samuel Untermyer is because Senator Owen, in making his presentation, stated that Mr. Untermyer was one of the most patriotic gentlemen in this country, or words to that effect, which would seem to imply that it is the present intention of those in control of the Democratic program to again employ Mr. Untermyer to carry on some sort of investigation that may seriously disrupt business. There is undoubtedly a very strong undercurrent of fear existing in the minds of business men, not because of any truth that might be brought out concerning business methods, etc., but because that they anticipate further misrepresentation, and consequently do not know where they stand. Mr. Untermyer used his position as counsel for the Pujo committee entirely for the purpose of exploiting himself and his unusual ability as a cross-examining lawyer.
Sincerely yours,
[Strong?]
In presenting the attached paper, I wish to have you thoroughly understand that it is not my desire, intention, or expectation that it be used by you as an address before the Senate. I took this form of presentation, as I felt that I could get into the subject personally a little deeper, and possibly with more effect, by imagining myself in the position of writing an address that I was to make.
In view of the debate in the Senate which occurred yesterday, that rather emphasized the necessity of passing a bill that is not a central bank because of the plank in the Democratic platform, I think that the matter referring to this plank should be very strongly developed, and to a point where those to whose minds the matter is brought will realize that the country, because of your remarks, will know absolutely that they are not bound by any demands of the people that we do not have a central bank. It seems to me that you have a great opportunity to settle this contention once and for all. Should you so desire, we can easily incorporate in this paper, as marginal notes for your own information only, the particular places where certain things appear in the bill that are referred to.
One reason why it seems wise to endeavor to clip the wings of Mr. Samuel Untermyer is because Senator Owen, in making his presentation, stated that Mr. Untermyer was one of the most patriotic gentlemen in this country, or words to that effect, which would seem to imply that it is the present intention of those in control of the Democratic program to again employ Mr. Untermyer to carry on some sort of investigation that may seriously disrupt business. There is undoubtedly a very strong undercurrent of fear existing in the minds of business men, not because of any truth that might be brought out concerning business methods, etc., but because that they anticipate further misrepresentation, and consequently do not know where they stand. Mr. Untermyer used his position as counsel for the Pujo committee entirely for the purpose of exploiting himself and his unusual ability as a cross-examining lawyer.
Sincerely yours,
[Strong?]
Original Format
Letter
To
Theodore E. Burton
Files
Collection
Citation
Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to Theodore E. Burton,” 1913 December 5, WWP18421, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.