Clearinghouses (Banking)

Secretary of the Treasury Shaw writes to President Roosevelt about F. E. Lyford’s suggestion that the government should accept certified checks instead of requiring currency. According to Shaw, requiring cash does not contribute to the “nonelastic character of our present currency system,” and he does not agree with Lyford’s recommendations regarding national bank notes. Shaw claims that Lyford has not sufficiently analyzed the matter.

Collection

Library of Congress Manuscript Division

Creation Date

1906-12-01

Creator(s)

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

President John Claflin of the H. B. Claflin Company acknowledges receipt of a memorandum on currency reform from United States Treasurer Charles H. Treat. As requested, Claflin sends suggestions to President Theodore Roosevelt. He does not think forming an association of Clearing House banks will be feasible nor does he concur on the taxes Roosevelt is proposing. He suggests consulting with Frank A. Vanderlip and Charles A. Conant, the “best informed members of the Chamber of Commerce Committee.”

Collection

Library of Congress Manuscript Division

Creation Date

1906-10-19

Creator(s)

Claflin, John, 1850-1938

Paul Morton responds to President Roosevelt’s request that he criticize a memorandum from Treasurer Treat on currency reform.

Collection

Library of Congress Manuscript Division

Creation Date

1906-10-20

Creator(s)

Morton, Paul, 1857-1911

Paul Morton gives President Roosevelt his assessment on the currency question and other economic matters, and suggests that he contact Charles A. Conant or Frank A. Vanderlip if he wants unofficial expert advice. Morton likes the idea of Roosevelt issuing a manifesto on Cuba and suggests that there will never be a better time for it.

Collection

Library of Congress Manuscript Division

Creation Date

1906-09-14

Creator(s)

Morton, Paul, 1857-1911

William Barret Ridgely, Comptroller of the Currency, reports on his investigation into the loan practices of the Chicago National Bank. The bank and its President, John R. Walsh, were under investigation for granting loans above the legal limit to corporations. Walsh had repeatedly promised to improve banking practices and adhere to government regulations, but failed to do so. Ridgely believes that the affair was well handled by the bank examiners and his own office.

Collection

Library of Congress Manuscript Division

Creation Date

1906-06-26

Creator(s)

Ridgely, William Barret, 1858-1920

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