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Letter from Theodore Roosevelt to Henry White

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 Henry White to Theodore Roosevelt

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

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

Letter from Joseph Bucklin Bishop to Theodore Roosevelt

Letter from Joseph Bucklin Bishop to Theodore Roosevelt

Joseph Bucklin Bishop has met with General Hubbard and Hubbard would like the International Bank to be the government’s fiscal agency in Panama. Hubbard had a fiscal agent visit Panama and he found no financial institution of any importance. Hubbard believes his bank could be very useful to American interests. Bishop believes that the proposal is “reasonable and proper.”

Collection

Library of Congress Manuscript Division

Creation Date

1904-01-21

Creator(s)

Bishop, Joseph Bucklin, 1847-1928