The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-11

IL 10 Oniy LOU NATURAL dS our
casualty lists grow bitterness and un-
discriminating suspicion 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, II
has become increasingly evident that
should you choose to renominate me this
might precipitate n harmful fight which
in the interest of the country / wish to
do anything in my power to avoid, and
which even though resulting In my con-
firmation would be likely to leave an efe-
ment Of irritation in the minds of many,
whose anxieties and sufferings may JUS
tify their intense feelings. On the other
hand. II for reasons OF your own you
should decide not to renominate me. Il
10 likely to be construed by many as an
acceptance by you of a point of view
which ! am certain you would not wish
to sanction. In these circumstances
deem II my-duty to state to you myself
that 1t is my firm belief that the in
terest of the country will best be served
IL my name be not considered by you Inv
this connection.
Would Avoid Embarrassment.
II am frank to admit that have
reached this conclusion with the deepest
regret both on account of its cause and
Its effect. have considered II the great
est privilege to serve my country at this
time and I do not abandon lightly a
work half done in which I am deeply
and genuinely interested. But my con-
tinuation in Office under present condi-
tons might make the board target Of
constant attack by INSCRIPTIONS or I'M
reasoning people. and my concern to
save any embarrassment to you and to
the board In the accomplishment of its
work would make 1t difficult for me to
conserve that independence Of mind and
freedom Of action without which nobody
can do Justice to himself or his office
I'm writing you this letter I have been
prompted solely by my sincere convic-
ton that the national welfare must be
our only concern. Whatever you may
decide to be best for the country will
determine my future course. We are at
war and I remain at your orders.
May your patience and courage be
rewarded and may 1t be given to you to
lead our country to victory and peace
Respectfully and faithfully yours,
PAUL NJ. WARBuRo.
THE President, theN White House:
Washington"
The President made this reply:
August Q, 1915.
my DEAR Mr.. WARBURG-I hope that
my delay In replying to your letter
concerning your retirement from the
Federal Reserve Board has not given
you an impression OF indifference on my
part or any lack of appreciation Of the
fine personal and patriotic feeling which
made that letter one Of the most ad-
mirable and gratifying 1 have received
hov do
layed only because I was hoping that
the Secretary of the Treasury would be
here to join me in expressing the conf
dence We both feel alike in your .,reat
ability and in your unselfish devotion to
the public interest.
Retirement Loss to Public.
Your retirement from the board is
serious loss to the public service
consent to it only because I read
between the lines OF your generous
letter that you VIII yourself feel more
at ease II you are left free to serve
in other ways
II know that your colleagues on the
board have not only enjoyed their as
ISOLATION with you. but have also felt
that your counsel has been indis-
pensable In these first formative years
of the new system which has served
as the most critical period OF the ma
tion's financial history to steady and
assure every financial process and that
their regret is as great as my own
that IT is in your judgment best now
for you to turn to other methods OF
service. You carry with you in your
retirement from this work to'which you
have added distinction, my dear Mr..
Warburg. my sincere friendship, ad-
miration and confidence, and | need not
add, my cordial good wishes.
Cordially and sincerely yours.
WOODROW WILSON.
Hon. Paul NJ. Warburg,
Federal Reserve Board"