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Letter from Theodore Roosevelt to Henry White

President Roosevelt agrees with Ambassador White that it is natural for people to treat their current situations as a permanent condition, as exemplified by Americans regarding the current financial crisis as if it will last forever while ignoring similar crises they have already overcome. Roosevelt agrees that a central bank would be a useful tool to combat future financial crises, but worries about the corrupting power a position in the bank could have. White’s suggestion for an international conference to discuss preventative measures is similarly agreeable although Roosevelt believes Americans are still too insular to appreciate the interconnected nature of modern global finance.

Collection

Library of Congress Manuscript Division

Creation Date

1907-11-27

Creator(s)

Roosevelt, Theodore, 1858-1919

Letter from Theodore Roosevelt to Henry White

President Roosevelt acknowledges Ambassador White’s letter regarding establishing a central bank. While Roosevelt wants to strengthen the American banking system, he worries that financial systems in the United States are too different from those in the Old World to warrant completely copying its central banking.

Collection

Library of Congress Manuscript Division

Creation Date

1907-11-18

Creator(s)

Roosevelt, Theodore, 1858-1919

Letter from Victor Morawetz to Theodore Roosevelt

Victor Morawetz briefly responds to a memorandum that criticized his paper on the solution to the United States’s banking and currency problem. Morawetz clarifies his stance that a central bank would be bad for the country and asks Theodore Roosevelt to suggest that the author reads his book on the topic.

Collection

Library of Congress Manuscript Division

Creation Date

1911-02-05

Creator(s)

Morawetz, Victor, 1859-1938

Letter from Henry White to Theodore Roosevelt

Regarding the central bank question, Ambassador White informs President Roosevelt that he has spoken to Luigi Luzzatti, an Italian financier. He believes that sooner or later, the United States will need to move to a central banking system, and that the men in the country are capable of rising to the challenge. Luzzatti provided several examples of banking systems in other countries and noted that Italy modeled their bank after Germany’s. Currently Luzzatti is working to establish an international conference on banking and would like the United States’s cooperation. White briefly congratulates Roosevelt on the progress of the Great White Fleet. White also updates Roosevelt on the progress of the embassy in France, which will finally be able to host the official reception for newly arrived ambassadors and officials. The record includes a handwritten letter and a typed transcription.

Collection

Library of Congress Manuscript Division

Creation Date

1908-01-31

Creator(s)

White, Henry, 1850-1927

Letter from Henry White to Theodore Roosevelt

Ambassador White summarizes a series of informal meetings he had with several European bankers and politicians regarding establishing a central bank in the United States, the effect of the Panic of 1907 on European investors’ confidence in American markets, and avenues of international cooperation to prevent or mitigate future financial crises. White recounts general support for a central bank in the U.S. among the European financial community and expresses his own support for holding an international conference to examine transnational approaches towards financial crises.

Collection

Library of Congress Manuscript Division

Creation Date

1907-11-18

Creator(s)

White, Henry, 1850-1927

An international monetary conference

Given the increasingly interconnected nature of the world’s financial markets, prominent economist Luigi Luzzatti has called for an international conference to reform international banking. Issues at hand would be the prevention and mitigation of financial crises, the establishment of a central bank in the United States, and modernizing England’s financial systems. Luzzatti hopes that eventually a permanent international monetary commission could be formed.

Collection

Library of Congress Manuscript Division

Creation Date

1907-11-15

Creator(s)

Unknown