Banking law

President Roosevelt explains to Pearl Wight that he tried to convince William H. Taft and the rest of the cabinet to prevent William Jennings Bryan from causing issues with the bank deposit situation. Both Roosevelt and Secretary of State Elihu Root have responded to Bryan in The Outlook. His banking plan would be deeply problematic, as is evidenced by the failed attempt at a similar plan in New York.

Collection

Library of Congress Manuscript Division

Creation Date

1908-09-15

Creator(s)

Roosevelt, Theodore, 1858-1919

President Roosevelt assures Lawrence F. Abbott that he has followed the course of the Outlook. Roosevelt believes Abbott is correct in thinking that bankers and businesses will eventually look at the course that Roosevelt currently advocates, in the way the railroads now view legislation they had previously opposed. Roosevelt encloses an address by Robert Mather of the Rock Island Railway, who had previously been an enemy of the rate bill. Roosevelt also thinks that Abbott will like his message to Congress.

Collection

Library of Congress Manuscript Division

Creation Date

1907-11-12

Creator(s)

Roosevelt, Theodore, 1858-1919

President Roosevelt tells Pliny T. Sexton that the great difficulty in calling an extra session of Congress is that all the best men in finance cannot agree on what kind of laws are necessary in the wake of the financial crisis.

Collection

Library of Congress Manuscript Division

Creation Date

1907-11-05

Creator(s)

Roosevelt, Theodore, 1858-1919

George Washington Towle asks Theodore Roosevelt if he understands the proposed legislation regarding the country’s banking interests. He discusses the two purposes of commercial banks and the “evil possibilities” of Nelson W. Aldrich’s proposal. Such legislation would put money under the control of a few powerful bankers, just as in Europe. The potential outcome would be worse than the Panic of 1907.

Collection

Library of Congress Manuscript Division

Creation Date

1911-11-14

Creator(s)

Towle, George Washington, 1836-1914

Seth Low recounts his experience taking part in the National Conference on Trust and Combinations. Low reports that the Conference was generally favorable towards a proposed measure to institute federal licensing on all corporations engaging in interstate commerce, but cautions both that more work is needed before the measure could be successfully implemented and that many states distrust the federal government’s motivations in instituting such regulations. After complimenting President Roosevelt’s speeches, Low also recounts a conversation with the Scottish banker David R. Forgan, who expressed shock at the lack of regulation in American banking law.

Collection

Library of Congress Manuscript Division

Creation Date

1907-10-26

Creator(s)

Low, Seth, 1850-1916

Attorney General Moody writes to President Roosevelt regarding the pardon of Herbert H. Matteson. Moody provides extensive details into Matteson’s charges, trial, imprisonment, and health.

Collection

Library of Congress Manuscript Division

Creation Date

1906-01-10

Creator(s)

Moody, William H. (William Henry), 1853-1917

A Wall Street banker summarizes the Panic of 1907. They describe the weak banking laws which created the precarious conditions on Wall Street, and how J.P. Morgan & Co. took advantage of these conditions to achieve the “greatest financial confiscation the world has ever known.”

Collection

Library of Congress Manuscript Division

Creation Date

1907

Creator(s)

Unknown

The writer of the article calls into question statements made by Senator Theodore E. Burton made in an address the the American Bankers’ Association. Burton’s statements are generally agreeable, but provide little information on what the Monetary Commission intends to do to reform currency matters. Banks should facilitate the flow of money for commercial use to meet legitimate demands, while preventing inflation. Contraction should be prevented by forcing financiers to comply with regulations.

Collection

Library of Congress Manuscript Division

Creation Date

1911-02-10

Creator(s)

Unknown

The writer of the article recalls Theodore Roosevelt’s speech when, as president, he spoke against “malefactors of great wealth.” Although Roosevelt was subsequently accused of causing the Panic of 1907 following this speech, the events since have proved that the concentration of power in the hands of a few large banks and financiers has damaged the economy.

Collection

Library of Congress Manuscript Division

Creation Date

1911-02-10

Creator(s)

Unknown

This article details political negotiations between Austria and Hungary. Particular areas of focus are the railways, banking, and taxation.

Collection

Library of Congress Manuscript Division

Creation Date

1907-10-17

Creator(s)

Unknown

This song celebrates the accomplishments of President Woodrow Wilson over those of Theodore Roosevelt and William H. Taft. The illustration on the front cover shows a battered moose in the stable next to a donkey. Uncle Sam looks favorably upon the donkey.

Collection

Dr. Danny O. Crew Theodore Roosevelt Sheet Music Collection

Creation Date

1916

Creator(s)

Foster, C. R.; Foster, I. A.

President Roosevelt discusses the business problems in the country over the last three months, which he believes are a result of an overconfidence in the use of credit that cannot be solved by adjusting the banking policy. Roosevelt insists that the American currency system is strong and needs minor legislation rather than an overhaul.

Collection

Harvard College Library

Creation Date

1903-08-26

Creator(s)

Roosevelt, Theodore, 1858-1919

This article examines the question of whether President Roosevelt will call Congress into a special session to consider the proposed modifications of banking and currency laws. Interviews with Senator Henry Cabot Lodge reveal that a special session is set for November 9, 1903. J. Pierpont Morgan and George W. Perkins do not believe the special session to consider a currency bill is unnecessary, but that if one is called, it should occur as soon as possible. The writer believes that Roosevelt chose November, rather than October, for the special session because of the November elections of local and national importance. Creating a new currency bill is difficult, and anything that comes out of Congress, in order to satisfy the financial interests, Congress, and the American people, will need to be a compromise.

Collection

Library of Congress Manuscript Division

Creation Date

1903-07-18

Creator(s)

Unknown

On behalf of the Bankers Convention, Harris C. Fahnestock submits a memorandum regarding possible amendments to the National Banking Act relative to the national currency system. He reviews the history of the American currency system relative to the systems of other countries and focuses primarily on the issue of unsecured currencies.

Collection

Library of Congress Manuscript Division

Creation Date

1903-03-25

Creator(s)

Fahnestock, Harris C. (Harris Charles), 1835-1914

Grenville Mellen Dodge urges President Roosevelt to take action relative to the banking and finance question. He urges support for greater liquidity and argues that the Aldrich bill is insufficient and does not provide anything that the Secretary of the Treasury does not already have the authority to provide.

Collection

Library of Congress Manuscript Division

Creation Date

1903-04-06

Creator(s)

Dodge, Grenville M., 1831-1916

Secretary of the Treasury Shaw returns a letter from Luther B. Wilson pertaining to the National Bank Act. Upon request of President Roosevelt, he then submits three observations about this act: the plan is too detailed; nine Currency Commissioners is too many – Shaw suggests a board of three; and no new government bonds should be issued because the country would never accept the issuance of new bonds during peace time. Shaw likens issuing bonds because banks want them to issuing money because the public wants it.

Collection

Library of Congress Manuscript Division

Creation Date

1902-04-11

Creator(s)

Shaw, Leslie M. (Leslie Mortier), 1848-1932