Benjamin Strong Jr. to Russell Cornell Leffingwell
Title
Benjamin Strong Jr. to Russell Cornell Leffingwell
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18629
Date
1919 February 28
Description
Benjamin Strong Jr. writes Russell C. Leffingwell regarding Clark's salary, and to say that he is planning to attend a meeting in Washington on the twentieth.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
Dear Leffingwell:
I have not really replied to a recent letter you sent me about Clark’s salary. I submit to your authority in the matter but will, of course, give Clark a handsome present when I leave to compensate him for his work and attention to the visitors.
At present I am planning to attend the meeting in Washington on the twentieth, going over a day or two in advance, particularly for a conference with you and Secretary Glass. I have, at times, felt that I was so much out of sympathy with the position of some of the members of the Federal Reserve Board, that I was, in a sense, a conspirator to defeat their purposes. That’s the last thing that I want them to feel, and going to Washington in advance of the meeting would be somewhat with the object of endeavoring to agree in advance among ourselves upon a policy. It would be foolish for me to close my eyes to the fact that the governors of the other reserve banks will be very much influenced by my own attitude in the next discount policy, and I would feel much happier if that attitude were the result of a preliminary understanding with you and Secretary Glass, and with the Federal Reserve Board Board. Don’t think that this is inspired by egotism at all.
I have enjoyed very much the hospitality and many courtesies that have been shown me by Mrs. Hewitt, which I am very confident have been inspired by some private communication from you and Mrs. Leffingwell all of which I greatly appreciate.
Best regards.
I have not really replied to a recent letter you sent me about Clark’s salary. I submit to your authority in the matter but will, of course, give Clark a handsome present when I leave to compensate him for his work and attention to the visitors.
At present I am planning to attend the meeting in Washington on the twentieth, going over a day or two in advance, particularly for a conference with you and Secretary Glass. I have, at times, felt that I was so much out of sympathy with the position of some of the members of the Federal Reserve Board, that I was, in a sense, a conspirator to defeat their purposes. That’s the last thing that I want them to feel, and going to Washington in advance of the meeting would be somewhat with the object of endeavoring to agree in advance among ourselves upon a policy. It would be foolish for me to close my eyes to the fact that the governors of the other reserve banks will be very much influenced by my own attitude in the next discount policy, and I would feel much happier if that attitude were the result of a preliminary understanding with you and Secretary Glass, and with the Federal Reserve Board Board. Don’t think that this is inspired by egotism at all.
I have enjoyed very much the hospitality and many courtesies that have been shown me by Mrs. Hewitt, which I am very confident have been inspired by some private communication from you and Mrs. Leffingwell all of which I greatly appreciate.
Best regards.
Original Format
Letter
To
Leffingwell, R. C. (Russell Cornell), 1878-1960
Collection
Citation
Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to Russell Cornell Leffingwell,” 1919 February 28, WWP18629, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.