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Pending actual negotiations for peace, cases could be brought to us, such as
violation of neutrality, which we in turn could transmit to Washington with sug-
gestions. Wallace was impressed with this thought and believes it should be
taken up with the President and worked out.
September 10, 1914.
Wallace again called up from New York this morning telling of an in-
teresting talk he had had with Count von Bernstorff. Bernstorff wishes to have
a conference with me as soon as it is practicable. Bernstorff has not heard
directly from his Government, but Straus had received a letter from Spring-Rice
saying his Government was giving the matter <add>favorable</add> consideration. I do not credit this
England will not stand for peace unless it also means permanent peace and that, I
think, Germany is not yet ready to concede.
Mayor Mitchel telephoned from New York to ask my advice concerning the
eighty million dollars which it is necessary for the City to raise immediately
to pay off its foreign obligations. A syndicate composed of most of the banks
and trust companies of New York has been formed and they have agreed to take care
of this loan on a 6% basis, provided the City will agree to change <del/> its
system of financing so as to make it a "pay as you go" system. The City Cham-
berlain had been in Washington all day trying to see what could be done with
McAdoo, but up to the time the Mayor telephoned me, there was no hope of relief
from that quarter.
Mitched asked if I thought it would be possible for the Government to come
to New York's relief by a loan. I did not believe this was feasible for it
would open up the floodgates and every municipality and State in the Union would
feel that in time of stress they might call on the National Treasury for aid.
I told him if he had taken the matter up with me before I might have been able to
help him out of his difficulty, but I thought the only thing now was to accept
the rigorous terms offered, since it was either that or default. The changing
of the system is to the advantage of the City even though it will increase taxes
| Title | ms_0466_s2_v2_158 |
| Transcript |
Pending actual negotiations for peace, cases could be brought to us, such as
violation of neutrality, which we in turn could transmit to Washington with sug-
gestions. Wallace was impressed with this thought and believes it should be
taken up with the President and worked out.
September 10, 1914.
Wallace again called up from New York this morning telling of an in-
teresting talk he had had with Count von Bernstorff. Bernstorff wishes to have
a conference with me as soon as it is practicable. Bernstorff has not heard
directly from his Government, but Straus had received a letter from Spring-Rice
saying his Government was giving the matter |
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