Benjamin Strong Jr. to William G. McAdoo
Title
Benjamin Strong Jr. to William G. McAdoo
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18445
Date
1914 August 4
Description
Benjamin Strong Jr. writes to William G. McAdoo about sending a $5,000,000 fund to England and Europe to make payments against travelers’ credit issued by all American concerns.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
My dear Mr. McAdoo:
I enclose a preliminary draft of the meeting of the committee of ten associated subscribers who have contributed to the $5,000,000 fund proposed to be sent by the U. S. S. S. “Tennessee” to England and Europe, there to be used only and solely for the purpose of payments against travelers’ credits issued by all American concerns. Of course the cashing of such travelers’ credits will involve consideration of the responsibility of the banks or bankers drawing such letters of credit, but no trouble is anticipated in that direction, and the fund is intended to meet the requirements of all responsible American travelers’ credits.The enclosed is a preliminary draft only, but it embodies the substance of the meeting held this afternoon and is subject to revision in form only.It is the firm belief of the committee that the proposed relief work would be much more effective if the same agencies handled, not only the relief contemplated to be furnished by the Government, but also the relief which is to come from the fund contributed by the ten New York City institutions. Therefore the committee strongly urges the Government to appoint as its fiscal agents which the committee has selected, namely, the Guaranty Trust Company, Messrs. Morgan, Grenfell & Co., and Brown, Shipley & Co., in London, and Messrs. Morgan, Harjes & Co. and the American Express Company in Paris. The selection of such agencies fully equipped for such work by the committee was merely the selection of the ones most available for the purpose. The institutions represented here are acting in entire co-operation, no one trying to seek special credit for itself.It is highly essential that the shipment is not complicated by any other features than solely relief features.It may be advisable to take up some form of receipt, or some similar paper, to be given by the Government, of the nature corresponding to a short form of bill of lading, to be given by the Government or by the Captain as master of the ship, indicating the consignor, who would be the Bankers Trust Company as agent, a citizen of the United States, and giving the consignee, the Guaranty Trust Company, a citizen of the United States, stating that the property consigned is solely a relief fund, limited in its use to financing the needs of the holders of American travelers’ credits - all that to avoid the possibility of its being construed a commercial proposition and therefore involving possible contraband features.This letter is written hurriedly, but to comply with your wish that you have something from me before you tomorrow.(signed) Benjamin Strong Jr.
President.
I enclose a preliminary draft of the meeting of the committee of ten associated subscribers who have contributed to the $5,000,000 fund proposed to be sent by the U. S. S. S. “Tennessee” to England and Europe, there to be used only and solely for the purpose of payments against travelers’ credits issued by all American concerns. Of course the cashing of such travelers’ credits will involve consideration of the responsibility of the banks or bankers drawing such letters of credit, but no trouble is anticipated in that direction, and the fund is intended to meet the requirements of all responsible American travelers’ credits.The enclosed is a preliminary draft only, but it embodies the substance of the meeting held this afternoon and is subject to revision in form only.It is the firm belief of the committee that the proposed relief work would be much more effective if the same agencies handled, not only the relief contemplated to be furnished by the Government, but also the relief which is to come from the fund contributed by the ten New York City institutions. Therefore the committee strongly urges the Government to appoint as its fiscal agents which the committee has selected, namely, the Guaranty Trust Company, Messrs. Morgan, Grenfell & Co., and Brown, Shipley & Co., in London, and Messrs. Morgan, Harjes & Co. and the American Express Company in Paris. The selection of such agencies fully equipped for such work by the committee was merely the selection of the ones most available for the purpose. The institutions represented here are acting in entire co-operation, no one trying to seek special credit for itself.It is highly essential that the shipment is not complicated by any other features than solely relief features.It may be advisable to take up some form of receipt, or some similar paper, to be given by the Government, of the nature corresponding to a short form of bill of lading, to be given by the Government or by the Captain as master of the ship, indicating the consignor, who would be the Bankers Trust Company as agent, a citizen of the United States, and giving the consignee, the Guaranty Trust Company, a citizen of the United States, stating that the property consigned is solely a relief fund, limited in its use to financing the needs of the holders of American travelers’ credits - all that to avoid the possibility of its being construed a commercial proposition and therefore involving possible contraband features.This letter is written hurriedly, but to comply with your wish that you have something from me before you tomorrow.(signed) Benjamin Strong Jr.
President.
Original Format
Letter
To
McAdoo, W. G. (William Gibbs), 1863-1941
Files
Collection
Citation
Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to William G. McAdoo,” 1914 August 4, WWP18445, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.