Russell Cornell Leffingwell to Benjamin Strong Jr.
Title
Russell Cornell Leffingwell to Benjamin Strong Jr.
Creator
Leffingwell, R. C. (Russell Cornell), 1878-1960
Identifier
WWP18624
Date
1919 February 6
Description
Russell C. Leffingwell writes Benjamin Strong Jr. regarding Treasury loan policy
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
Dear Strong:
I received your letter of February 3rd. I shall be very much interested to have your letter about the next loan and Treasury policy generally.
I have no intention of selling Treasury certificates to the Reserve Banks, except as a temporary expediencyt as heretofore. In that connection count it to my credit that I have retired nearly $30,000,000 (the whole issue) of one year notes which were held by the Federal Reserve Banks and were renewable for thirty years.
I am very glad that you are getting such good skating and enjoying it. I hope when the skating goes it will be followed by deep snows and that you will take to skis. There is a good book on skiing among my books: on the top shelf, I think, of the right hand book case, being a book printed with a yellow label on it.
I did send you a telephone bill the other day which was too large for an Assistant Secretary to pay. Notwithstanding your accursed persistence, I cannot let you pay Clark’s wages, which I should be paying just the same if you were not there. No doubt, however, if you were not there Clark would have less work to do and I should be glad enough to have you make him a substantial present, if that would make you feel easier in your mind.
I do wish I could get up to see you, but it is utterly impossible for me to be away from here. Recently I took a day off on each of three occasions to make speeches to the Investment Bankers in Atlantic City, the Massachusetts Bankers in Boston and to the Philadelphia bankers, at such injury to my work that I have been forced to make up my mind not to go away again for any purpose until the summer. This is very disappointing because I should enjoy an opportunity of having a little play with you and be very much the wiser for having a chance to talk things over.
I received your letter of February 3rd. I shall be very much interested to have your letter about the next loan and Treasury policy generally.
I have no intention of selling Treasury certificates to the Reserve Banks, except as a temporary expediencyt as heretofore. In that connection count it to my credit that I have retired nearly $30,000,000 (the whole issue) of one year notes which were held by the Federal Reserve Banks and were renewable for thirty years.
I am very glad that you are getting such good skating and enjoying it. I hope when the skating goes it will be followed by deep snows and that you will take to skis. There is a good book on skiing among my books: on the top shelf, I think, of the right hand book case, being a book printed with a yellow label on it.
I did send you a telephone bill the other day which was too large for an Assistant Secretary to pay. Notwithstanding your accursed persistence, I cannot let you pay Clark’s wages, which I should be paying just the same if you were not there. No doubt, however, if you were not there Clark would have less work to do and I should be glad enough to have you make him a substantial present, if that would make you feel easier in your mind.
I do wish I could get up to see you, but it is utterly impossible for me to be away from here. Recently I took a day off on each of three occasions to make speeches to the Investment Bankers in Atlantic City, the Massachusetts Bankers in Boston and to the Philadelphia bankers, at such injury to my work that I have been forced to make up my mind not to go away again for any purpose until the summer. This is very disappointing because I should enjoy an opportunity of having a little play with you and be very much the wiser for having a chance to talk things over.
Original Format
Letter
To
Strong, Benjamin, 1872-1928
Files
Collection
Citation
Leffingwell, R. C. (Russell Cornell), 1878-1960 , “Russell Cornell Leffingwell to Benjamin Strong Jr.,” 1919 February 6, WWP18624, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.