Herbert Hoover to Benjamin Strong Jr.

Title

Herbert Hoover to Benjamin Strong Jr.

Creator

Hoover, Herbert, 1874-1964

Identifier

WWP18702

Date

1919 July 31

Description

Herbert Hoover writes Benjamin Strong Jr. regarding the purchase of gold in Belgium and the Netherlands.

Source

Benjamin Strong Jr. Papers, New York Federal Reserve Bank

Subject

Hoover, Herbert, 1874-1964--Correspondence

Language

English

Text

My dear Mr. Strong:
With regard to the gold at Brussels and in Holland, I trust that the Federal Reserve Bank understands clearly that this gold is a payment to me, personally, on account of not only foodstuffs furnished through the Grain Corporation but also for foodstuffs furnished from the Commission for relief in Belgium. In the arrangements which I have set up, the latter two accounts, that is, Belgium and C.R.B., are combined seo far as the Germans are concerned. Therefore, payments to be made in New York out of the realization of the gold are entirely separate as to these different accounts and the two institutions, that is, the Grain Corporation and the C.R.B. have an independent responsibility to the Germans, and they have no inter-relationship with each other. Upon the realization of the gold, the directions given through the Treasury were that the first $100,000k,000 realized was to be paid to the Grain Corporation and that the second $50,000,000 realized was to be paid to the account of the Commission for relief in Belgium at the Guaranty Trust Company in New York, the remaining realizations to be paid to the Grain Corporation.
I mention all of the above because there seems to be some misunderstanding with regard to the matter in Washington and the impression that the whole of the moneys realized are payable to the Grain Corporation, although the instructions through the Treasury are explicit on this point.

Faithfully yours,
Hoover, Herbert, 1874-1964

Original Format

Letter

To

Strong, Benjamin, 1872-1928

Files

http://resources.presidentwilson.org/wp-content/uploads/2017/03/D08355.pdf

Tags

Citation

Hoover, Herbert, 1874-1964, “Herbert Hoover to Benjamin Strong Jr.,” 1919 July 31, WWP18702, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.