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GOVERNOR MILLER: I take exception to that term "influence". Besides, 

there is no such thing as stabilizing the American dollar without 

stabilizing every other gold currency. They are tied together by the 

gold standard. Other eminent men who come here are very adroit in 

knowing how to approach the folk who make up the personnel of the 

Federal Reserve Board.

MR. STEAGALL: The visit of these foreign bankers resulted in money 

being cheaper in New York?

GOVERNOR MILLER: Yes, exactly.

CHAIRMAN MCFADDEN: I would like to put in the record all who 

attended that luncheon in Washington.

GOVERNOR MILLER: In addition to the names I have given you, there 

was also present one of the younger men from the Bank of France. I 

think all members of the Federal Reserve Board were there. Under 

Secretary of the Treasury Ogden Mills was there, and the Assistant 

Secretary of the Treasury, Mr. Schuneman, also, two or three men from 

the State Department and Mr. Warren of the Foreign Department of 

the Federal Reserve Bank of New York. Oh yes, Governor Strong was 

present.

135

CHAIRMAN MCFADDEN: This conference, of course, with all of these 

foreign bankers did not just happen. The prominent bankers from 

Germany, France, and England came here at whose suggestion?

GOVERNOR MILLER: A situation had been created that was distinctly 

embarrassing to London by reason of the impending withdrawal of a