Benjamin Strong Jr. to Carter Glass
Title
Benjamin Strong Jr. to Carter Glass
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18809
Date
1925 March 5
Description
Benjamin Strong Jr. writes Carter Glass regarding upcoming Federal Reserve legislation.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
My dear Senator:
It was my hope and expectation, when in Washington this week, to make an effort to see you and thank you personally for the courtesy which you showed to my son and Mr. Hamilton; but unfortunately, the pressure of matters which occupied all of my time prevented my getting to the Capitol.
This is, therefore, to thank you by letter and to express my regret that I could not do so by word of mouth.
Many times during the past year I have been tempted to have a talk with you about the pending banking legislation. There is something about the McFadden bill which I do not like at all. Possibly what I most dislike is the fact that it will prove to be no solution in the long run of the matters which it undertakes to deal with.
As you know, I have never voluntarily or in any way undertaken to influence any legislation relating to the Reserve System, or even to the National system. Too many times I have been charged, without justification, with lobbying and endeavoring to do the very thing that I have always most scrupulously avoided, but I do regret very much seeing this opportunity for a real legislative treatment of the difficult problem miss its main purpose because of some few defects in the bill.
If you would care to have some comments from me about it, I think possibly it might be proper for me to write you personally, giving you my own views for such value as you may find them, but beyond that I would not expect to display any interest in the matter.
Hoping that you keep well, and with many kind wishes, I beg to remain,
It was my hope and expectation, when in Washington this week, to make an effort to see you and thank you personally for the courtesy which you showed to my son and Mr. Hamilton; but unfortunately, the pressure of matters which occupied all of my time prevented my getting to the Capitol.
This is, therefore, to thank you by letter and to express my regret that I could not do so by word of mouth.
Many times during the past year I have been tempted to have a talk with you about the pending banking legislation. There is something about the McFadden bill which I do not like at all. Possibly what I most dislike is the fact that it will prove to be no solution in the long run of the matters which it undertakes to deal with.
As you know, I have never voluntarily or in any way undertaken to influence any legislation relating to the Reserve System, or even to the National system. Too many times I have been charged, without justification, with lobbying and endeavoring to do the very thing that I have always most scrupulously avoided, but I do regret very much seeing this opportunity for a real legislative treatment of the difficult problem miss its main purpose because of some few defects in the bill.
If you would care to have some comments from me about it, I think possibly it might be proper for me to write you personally, giving you my own views for such value as you may find them, but beyond that I would not expect to display any interest in the matter.
Hoping that you keep well, and with many kind wishes, I beg to remain,
Original Format
Letter
To
Glass, Carter, 1858-1946
Files
Collection
Citation
Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to Carter Glass,” 1925 March 5, WWP18809, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.