New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-13

condone or indorse the attitude of
those who would permit the American
OF German birth to give his all, but
would noe trust him as unreservedly
and as Fundamentally rs he, for his
part, serves the country Of his adop-
ton. Unfortunately, however, in times
of war we may not always count up
ural that, as our casualty lists grow,
bitterness and undiscriminatirg suspi-
cion will assert themselves in the
hearts of increasing numbers-even
though these lists will continue to
show their full proportion of German
names.
Much to my regret Mr.. President.
1T has become increasingly evident
that, should you choose to renominate
me, this might prccipitate a harmful
fight, which in the interest of the
power to avoid. and which, even
though resulting in my confirmation.
would be likely to leave an element
of irritation in the minds of many
whose anxieties and sufferings may
justify their intense feelings.
Has Decided to Retire
On the other hand, if for reasons of
your own you should decide not to re-
nominate me, it is likely to be con-
strued by many as an acceptance bv
you of point of view which | am GER
tain you would not wish to sanction.
In these circumstances, I deem it my
duty to state to you myself that it is
my firm belief that the interest of the
country will best be served if NV name
be rot considered by you in this con-
nectiQn.
II am frank to admit that have
reached this conclusion with the deep
est regret, both on account of its
cause and its effect. I have considered
1t the greatest privilege to serve nv
abandon lightly work, half done, in
which l am deeply and genuinely in
terested. But my continuation IN
Office under present conditions might
make the board a target of constant
attack by INSCRIPTIONS or unreason-
ing people, and my concern to save
any embarrassment to you and to the
board in the accomplishment of its
work would make it difficult for me
to conserve that independence of mind
and freedom of action without which
NOBODY can do justice TO himself or
this Office.
'In wiring you this letter, I have
been prompted solely by nv sincere
conviction that the national welfare
must be our only concern. Whatever
you may decide to be best for the
country will determine nv future
course. We are at war, and I re-
main at your orders.
May your patience and courage be
rewarded, and may it be given to YOU
to lead our country to victory and
peace!
Respectfully and faithfully yours.
lSigned) PAUL M. WARBURG.
The President, the White Hou.e
Washington"
President Wilson's Reply
"My Dear Mr.. Warburg.
Il hope that my delay in replying te
your letter concerning your retirement
from the Federal Reserve Board has
not given you an impression of indif-
ference on my part or any lack of ap-
probation of the fine personal and pa
triotic feeling which made that letter
one of the most admirable and gratify-
ing 1 have received during these trou-
bled times. l have delayed only be.
cause l was hoping that the Secretary
of the Treasury would be here to join
me in expressing the confidence we both
feel, alike in your great ability and ir
your unselfsh devotion to the publ,
interest.
"Your retirement from the board i.
a serious loss to the public service.
consent to it only because l read be-
tween the lines of your generous let
ter that you will yourself feel more a
ease if you are left free to serve il
other ways.
. II know that your colleagues on tn
board have not only enjoyed their asso