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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.
Library of Congress Manuscript Division
1907-11-18
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.
Library of Congress Manuscript Division
1907-11-18