Benjamin Strong Jr. to Clearing House Associations

Title

Benjamin Strong Jr. to Clearing House Associations

Creator

Strong, Benjamin, 1872-1928

Identifier

WWP18470

Date

1914 September 1

Description

Benjamin Strong Jr. writes the chairman of the Clearing House Association to recommend a gold fund of $100 million.

Source

Benjamin Strong Jr. Papers, New York Federal Reserve Bank

Language

English

Text

Chairman of the Clearing House Association,
_____________________________,

We enclose copies of reports of a Committee appointed by delegates from the Clearing House Associations of the Central reserve and Reserve cities to the Conference of September 4th, which we recommend that a gold fund of one hundred million dollars be contributed by banks (both national and State institutions) located in such cities. The recommendations of this Committee meet with the unanimous approval of this Board, and recommend that in accordance therewith, your Association appoint a committee to secure pledges for contribution of gold or gold certificates to the fund by the national and State institutions of your city, aggrehgating $_________. We deem this amount the proper quota to be contributed by your city based upon the holdings of gold and gold certificates by the banks of the Central Reserve and Reserve cities, as recently reported to us.The prompt payment of obligations payable in European countries by banks, corporations, firms and individuals of the United Stqates, is essential to the maintenance of the crdedit of our country and the further development of our commerce. Such action will restore confidence and relieve the business community from the heavy burdens under which it now labors, in consequence of the prevailing high rates of exchange. The evidence of the ability and desire of American bankers to furnish the means of discharging the foreign debts of the merchants and manufacturers of the United States will re-open avenues of credit and facilitate the payment of this country’s foreign indebtedness through the export of its products.We would request that you secure the necessary pledges for contributions, accompanied in each case by a duly certified resolution of the board of directors or trustees on the forms enclosed, and return them to the Secretary of this Board so as to be in his hands not later than October 1st.

Original Format

Letter

To

Clearing House Associations

Files

http://resources.presidentwilson.org/wp-content/uploads/2017/03/D08143A.pdf

Tags

Citation

Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to Clearing House Associations,” 1914 September 1, WWP18470, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.