William G. McAdoo to Benjamin Strong Jr.

Title

William G. McAdoo to Benjamin Strong Jr.

Creator

McAdoo, W. G. (William Gibbs), 1863-1941

Identifier

WWP18459

Date

1914 September 12

Description

William G. McAdoo tells Benjamin Strong Jr. that he is sending a Treasury Agent in London $500,000 in gold.

Source

Benjamin Strong Jr. Papers, New York Federal Reserve Bank

Language

English

Text

Dear Mr. Strong:
I desire to place at the disposal of our Treasury Agent in London, Mr. James L. Wilmeth, the sum of $500,000 in gold. A short time ago I arranged to put a like amount to his credit with the Bank of England by sending to the Finance Minister at Ottawa$500,000 in gold. The expense incident to this transfer was not large, amounting to less than one-half of one per cent. The Bank of England is willing to have me do the same thing with respect to this second installment of $500,000, but I am writing you to ascertain if you know of any other method by which I can get this credit in London without having to undergo the expense, or less expense, in any case, than was involved in the first transaction. As you know, the funds we hold are deposited with us for payment to the beneficiaries in London and on the Continent. We have no means of collecting the expenses incident to the transfer of these funds except in so far as we may be able to encroach upon the appropriation made by Congress for the relief of American citizens in Europe. As the Americans for whom these deposits are made are not destitute, naturally I do not want to draw on the relief fund for the expense of transferring money to them, if there is any proper way in which it can be avoided.
Will you be good enough to give me the benefit of your suggestions by wire or telephone on Monday morning, next?
Faithfully yours,

Original Format

Letter

To

Strong, Benjamin, 1872-1928

Files

http://resources.presidentwilson.org/wp-content/uploads/2017/03/D08162.pdf

Tags

Citation

McAdoo, W. G. (William Gibbs), 1863-1941, “William G. McAdoo to Benjamin Strong Jr.,” 1914 September 12, WWP18459, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.