Benjamin Strong Jr. to Elihu Root
Title
Benjamin Strong Jr. to Elihu Root
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18430
Date
1913 December 15
Description
Benjamin Strong Jr. writes Senator Elihu Root to congratulate him on his speech on the Federal Reserve Act.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
My dear Senator:
Allow me to congratulate you upon the wonderful speech which you made on the Currency Bill. I have read it with much interest and satisfaction, as I am sure have all of those in the country who have any understanding of the subject and who have had opportunity.
In a statement purported to have been given out by Senator Owen, I note that he again repeats the canard about the panic having been brought on purposely by New York interests, and adds insult to injury by stating that Europe forwarded us gold in order to stop the panic. Europe did not forward us gold, but the very interests that Senator Owen claims brought on the panic bought that gold in Europe and paid high premiums for it, and imported it into this country. Europe had nothing whatever to do with it, other than to sell the gold at a very fine profit to itself.
Enclose herewith corrected copy of figures taken from the Comptroller’s report. In checking it back I found one or two unimportant changes necessary, due to errors in transcribing the figures. The percentage of excess cash in Kansas was changed from 85.3% to 88%, otherwise there was no change of moment.
Allow me to congratulate you upon the wonderful speech which you made on the Currency Bill. I have read it with much interest and satisfaction, as I am sure have all of those in the country who have any understanding of the subject and who have had opportunity.
In a statement purported to have been given out by Senator Owen, I note that he again repeats the canard about the panic having been brought on purposely by New York interests, and adds insult to injury by stating that Europe forwarded us gold in order to stop the panic. Europe did not forward us gold, but the very interests that Senator Owen claims brought on the panic bought that gold in Europe and paid high premiums for it, and imported it into this country. Europe had nothing whatever to do with it, other than to sell the gold at a very fine profit to itself.
Enclose herewith corrected copy of figures taken from the Comptroller’s report. In checking it back I found one or two unimportant changes necessary, due to errors in transcribing the figures. The percentage of excess cash in Kansas was changed from 85.3% to 88%, otherwise there was no change of moment.
Original Format
Letter
To
Root, Elihu, 1845-1937
Files
Collection
Citation
Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to Elihu Root,” 1913 December 15, WWP18430, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.