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1. Thomas W. Lamont Handwritten Trip Diary, March 11, 1920 (hereinafter cited as Trip Diary), Papers of Thomas William Lamont, Baker Library, Harvard University. (hereinafter cited as TWLP). TWLP 273/5-7. Lamont made a distinction between Japanese militarists and businessmen; the latter he believed wanted to cooperate with the West in the peaceful development of Asia.

2. Ron Chernow, House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Simon & Schuster Inc, 1990), 230.

3. See Mira Wilkins, The Emergence of Multinational Enterprise: American Business Abroad from 1914 to 1970 (Cambridge: Harvard University Press, 1977), 35-69.

4. Bernard Baruch cited in Chernow, House of Morgan, 65.

5. William Braisted, “The United States and the American China Development Company,” Far Eastern Quarterly, XI (1952), 158. G. Kurgan van-Hentenryk, Leopold II et les groupes financiers belges en Chine: La Politique royale et ses Prolongements (1895-1914) (Brussels: Academie Royale de Belgique, 1972), 451-62, 492-503.

6. Chernow, House of Morgan, pp. 144-45. See also Edward M. Lamont, The Ambassador from Wall Street: The Story of Thomas W. Lamont, J. P. Morgan’s Chief Executive (Lanham, Maryland: Madison Books, 1994), 105-07.

7. As David McLean points out, railroad, mines, and other concessions “ensured the regional domination of the power whose financiers controlled them.” McLean, “Finance and ‘Informal Empire’ before the First World War,” Economic History Review, XXIX, 2nd ser. (May 1975), 292. The first American Group consisted of J. P. Morgan, National City Bank, Kuhn, Loeb, and First National Bank, Morgan’s usual syndicate partners, all of whom had an interest in Chinese investments. Vincent Carosso, The Morgans: Private Investment Bankers, 1854-1913 (Cambridge: Harvard University Press, 1987), 551.

8. Walter V. and Marie V. Scholes, Foreign Policies of the Taft Administration (Columbia: University of Missouri Press, 1970), 145-5. Arthur Link, ed., The Papers of Woodrow Wilson (Princeton: Princeton University Press, 1978), 192-94. A copy of Wilson’s statement can be found in his papers, Series 4, Case File 227. Library of Congress, Washington, D. C.

9. Wilson to Secretary of State Robert Lansing, June 21, 1918. Arthur S. Link, ed., The Papers of Woodrow Wilson, XLVIII (Princeton: Princeton University Press, 1985), 182.

10. The administration did insist that the American Group be enlarged to include some but not all of the original members. However, the leadership remained where it had been in the first group—with the Morgan Bank. Details of the meeting can be found in Breckinridge Long’s memorandum,
The Chinese Consortium, undated, in the Papers of Ray Stannard Baker, Library of Congress, Washington, D. C.

11. Ibid.

12. Lamont to House, February 13, 1920, TWLP 184-23. See also Long to Lamont, December 20, 1920, TWLP 185-15.

13. Thomas W. Lamont, Across World Frontiers (New York: Harcourt & Brace, 1951), 214. This is Lamont’s posthumously published autobiography.

14. In 1932 Inouye would meet his death at the hands of an ultranationalist assassin determined to liquidate influential members of the political parties, the financial clique, and the privileged class. For Inouye, see Iwao, ed., Biographical Dictionary of Japanese History, 350-51. Taichiro Mitani, “Nihon Kokusai Kinyu-ka to Kokusai Seiji,” [“International Financiers and International Politics,”] in Seizaburo Sato and Roger Dingman, Kindai Nihon no taigai taido [Attitudes toward Modern Japan] (Tokyo: Tokio Daigaku Shupankai, 1974), 123-45. Chernow attributes much of the power enjoyed by the House of Morgan in the 1920s to its intimacy with the world’s major central bankers such as Inouye; Chernow, House of Morgan, 233.

15. Mitani, “Nihon no Kokusai Kinyuka to Kokushi Seiyi,” 123-54. Takeshi Matsuda, “Woodrow Wilson’s Dollar Diplomacy in the Far East: The New China Consortium, 1917-1922.” (PhD diss., University of Wisconsin, 1979), 317-23.

16. Matsuda, “Woodrow Wilson’s Dollar Diplomacy,” 323. Lamont also welcomed the opportunity to discuss with Inouye Japanese business for his firm, including the possibility that Morgan, instead of Kuhn, Loeb, might bring out a stock issue of the South Manchurian Railway. Lamont to Inouye, March 20, 1922, TWLP 184-14.

17. W. G. Beasley, Japanese Imperialism, (Oxford: Clarendon Press, 1987), 106, 136.

18. Lamont to Lansing and the American Group, March 18, 1920. FDSNA 893.51/2718. U.S. Department of State, Record Group 59: Internal Affairs of China 1910-1929. National Archives, Washington, D.C. (hereinafter DSNA).

19. Trip Diary, March 6 & 7, 1920. TWLP. Morris to Dept. of State, March 8, 1920. DSNA 893.51/2703. Morris to Dept. of State, March 8, 1920, Tokyo: 851. Alston to For. Off. March 15, 1920. FO371/5298/F561/2/10. Alston to For. Off., March 9, 1920. FO371/5298/F131/2/10. Records of the British Foreign Office, PRO, London, England. Ian Nish, Alliance in Decline: A Study of Anglo-Japanese Relations, (London: Athlone Press, 1972), 287, 395.

20. Confidential Memo, “Thomas W. Lamont’s Visit to the Far East,” March 13, 1920. Tokyo: 851. Alston to Fon.Off., March 29, 1920. FO371/5299/F842/2/10. Morris to Lansing, March 11 & 12, 1920. DSNA 893.5l/2707.

21. Ibid.

22. Alston to Fon. Off., March 28, 1920. FO371/5298/F315/2/10.

23. Lamont to American Group, April 25, 1920. DSNA 893.51/2797. Trip Diary, March 26, 1920, TWLP. Alston to FO, March 29,1920. FO371/5299/F784/2/10. Morgan to Lamont, March 29, 1920. Lamont MSS 185-19.

24. Long to Lamont, December 20, 1919. Long Papers.

25. Morris to Dept. of State, May 5, 1920. DSNA 893.51/2818. Lamont, “Preliminary Report,” May 14, 1920, ibid. Trip Diary, May 11, 12, 1920, TWLP. Lamont, “Supplementary Remarks for Banker’s Dinner,” Tokyo, May 11, 1920; TWLP 185-21.

26. C. Walter Young thoroughly airs the issue of a “gentleman’s agreement” and finds no justification for the charge that Lamont conceded any reservations on Manchuria and Mongolia. See his Japan’s Special Position in Manchuria (Baltimore: Johns Hopkins Press, 1931), 284-88. Lamont, “The Economic Situation in the Orient,” Academy of Political Science Proceedings, IX (February 1921), 212-19.

27. Both Hara and Foreign Minister Uchida Yasuya made similar representations. Lamont to Editor, Japan Advertiser ,July 12, 1920. Tokyo: 851. Lamont to Norman Davis, September 4, 1920. Norman Davis Papers, Box 33/T, Lamont Folder 1919-1921. The Davis Papers are in the Library of Congress, Washington, D. C.



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