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Speeches by H.M. Jr. (cont.) - Stabilization
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Henry Morgenthau, Jr. Papers
Diaries Index
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Speechee by HELTY
United Automobile Workers, Detroit, 1/25/421.
487
Confs.; present: HMJr, Kuhn, Odegard
,
1/21/42, 1/23/42
487: 55,339
a) Draft 1
357
b) Reading copy 1/25/42
488: 93
City Club, disveland, Ohies.
Draft-
480.1
Reading copy-
Speeches by MJr
City. Club, Cleveland, Ohios
488
Draft
488s 1
Reading copy 1/24/42
19
a) Comment in C.C. pub. "The City"
45
b) Tax-exempt securities proposal and
Epstein oppositions See Revenue Revision
e) HILJr thanked by City Club 2/3/42:
See Bk. 491, p. 409
peeches by HAJT
Great Lakes Steel Corp. plant, Ecorse, Mich.,488
presented with Minute Man flag by HMJr
1/25/42
488: 91
President's Birthday Ball:
Kuhn's pencilled notes
Back of 92
Drafts
181,186
Reading copy
191
a) am mitte thanks H mar
489.89
Speeches-by
NK-A- DMDC : 490
Defense Savings Bonds: Navy thanked by HMJr
for participation 1/31/42
490: 324
Speeches by HMJr
Defense Savings Bonds: Navy program at which 491
check for $1,700,000 is presented to HMJr
2/3/42
491: 376,377,380
a) Radio talk by HMJr and Knox
2/3/42
382
Speeches by HMJr
Before Advertising Club of Baltimore, Md., 2/14/496
Drafts A and B 2/13/42
4961 144,158
Gov. O'Conor's telegram of welcome
172
Draft C
2/14/42
497:3
Realing any
:
15
Lither of appre. to Ins. Chills of club 2/15/A2 498118
thanks p
:
Communt- appre. mail . to Balto police 499:406
2/20/41 499:216
/20/42 499:269
Speeches by HMJr
Defense Savings Bonds: AF of L thanked for
499
participation - Draft 1
2/20/42
499: 222
" 2
2/21/42
359
. 3
2/21/42
369
Realing agy 2/22/42
500: 1
Gusts
: 11
2) Plelye to hny 116.11.m
in tefine Bands
: 16
3) sct.f readings sent +
We Grew 2/24/42
$02:124
.
Speeches by HMJr
Steinberg, Wilton - Rabbi (N.Y.C.): Will help 516
on speech before Jewish Welfare Bd.
4/13/42
516: 26
a) Joseph Gase smft
517:66
t) Kuhu maft A
617:210
c) " " 0
1215
2) Reching copy 4/15/42
518:22
Speeches by HMJr
See also Financing, Govt.: Bar Savings Bonds 518
War Savings Bonds - newsreel talk
4/20/42
518: 115,117
Speeches by HMJr
519
Broadcast with reps. of CIO, AF of L, U.S. Chamber
of Commerce, Secy. of Ag., Lt. Comdr. O'Hare,
etc.:
Draft A
4/22/42
519: 60
. B
.
66
# C
#
74
Rechinglogy Reching 4/23/42
520:39
39
) Guits
: 38
Speeches by HMJr
Nation-wide War Savings Bonds broadcast May 4:
520
Stimson, Knox, and Nelson asked to participate
4/23/42
520: 72
a) Nelson accepts 4/24/42
198
of know substitute : unavoidable
521:86,95
c) Hm Ir anv. 4/28/42
521:285 521 : 285
d) Talk patymed
4/29/42
522 : 35
5L1: 296
522: 40
Speeches by HMJr
Army's Payroll Savings Plan for Civilian Employees:
HMJr's talk with Stimson for the newsreels 520
4/24/42
520, 196
Speeches by HMJr
OFF (MacLeish) told HMJr will make one of the 528
speeches to follow FDR's anti-inflation message
5/15/42
528, 381
Speeches by HMJr
Inflation: HMJr's broadcast on June 3- first 535
series of nationwide talks by Govt. leaders
following FDR's 7-point economic program of
4/27/42:
Draft 1
6/1/42
535: 1
Discussion at 9:30 meeting
6/2/42
123
HMJr asks Kuhn to check with
Henderson's office (OPA)
6/2/42
143,173
Draft 2
6/2/42
188
" 3
6/2/42
202
" 4 6/3/42
536:45
Reading way 6/3/42
536:57
Speeches by HMJr
Talk at Walter Reed Hospital when soldiers
547
participating with Gen. Deolittle in raid
over Japan were decorated
7/6/42
547. 53,63
a) Presentation ceremony
55
1) HMJr describes to
Bell, Graves, and and Thompsen
66
Speeches by HMJr
Radio Stations: Tribute to, in connection with
551
War Savings Bonds
7/18/42
551: 90
Speeches by HMJr
War Savings Bonds: Remarks to Navy Dept. employees 553
in connection with announcement of results
of 10% deduction plan
7/23/42
553: 8
a) Reading copy
7/24/42
147
Speeches by HMJr
War Savings Bonds: Roanoke, Va.,A " speech as
fat Treswy Flagity 559
telegraphed by HMJr from Augusta, Ga.
8/18/42
559: 226
a) Copies to Bell, Caston, Graves,
and Odegard
236
b) Changes as telegraphed by Odegard
to Fort Benning, Ga.
244
c) Draft 2
247
2) Reding of
8/20/42 560:3
1) singing is andime wand
by HmJr at 9:30 macting 8/21/92 560:42
1) Honor Roll sent *m5r 5/25/42
562.29
Speeches by HMJr
sprond by Mail stars
War Savings Bends: Rally, on south steps of Tr562
8/31/42:
Draft 1
8/27/42
562: 345
" 2 14 142
563:15
Realing you 8/01/42
564:68
a)Gusts
:73
Speeches by HNJr
"Schools at War" celebration, 9/25/42:
List of luncheon guests
522 5728 41
1st draft of talk
42
2nd
# .
.
45
Reading copy
48
Speeches by HMJr
Winston-Salem, N.C., speech: See Financing, Govt.:
War Savings Bonds
Speeches by HMJr
596
War Savings Bonds: Movie talk on progress made
in 12-mo. period
12/14/42
596: 107
Speeches by HMJr
612
In connection with captured German war film
2/27/43
612: 216
Speeches by HMJr
Sound track and film to accompany captured
616
German pictures- Schwarz memo concerning
3/13/43
616: 119
617:314 3 14
Speeches by HI'Jr. 124 Warhan Labr to participate: 621
1 considered by HMJr, Gaston,
Odegard, Mager, and Murphy 3/30/43 621, 35
a) Draft
50
Green and Murray asked to participate
3/30/43
57,58
Draft 2 considered by HMJr, Gaston, Odegard,
Mager, and Murphy
3/31/43
191
a) Draft
204
Speeches by HMJr
2nd War Loan Drive opening speech discussed by
(carnic Hall, n.y.c.) 822
Jr, Gastony Haas, Murphy, Lindow, Peabody
4/1/43
622: 17,38
4) Resume fi om 1935 to be worked up
2) Goal - setting of frowned upon by
Bell
44
Albee
5
Smith (Fred) and Xpxxy (George) to work on
4/1/43 1)Hmsr. thanks them the 143 624: 146,m 51
c) Lindow material used in discussion with
HMJr, Smith, Albee, and Lindow
4/6/43:
Bk. 623, p. 64
d) Draft 1 prepared by Smith and Albee 4/6/43:
Bk. 623, p. 70
e) Draft 2 by Mager: Bk. 623, P. 77
f) LaRoche suggests putting speech on record and
playing it back 4/7/431 Bk. 623, P. 124
*
1) Donald Stauffer suggested as coach
EXEX
a) Emphasis notations on speech
4/8/43 Bk. 623, P. 327
2 Speeches by HMJr
622
E) War Dept. approves 4/7/43 Bk. 623, p. 203
h) Draft by Smith and Albee 4/7/43:
Bk. 623, P. 205
1) Publicity through Fed. Res. Districts
discussed by Treas. group 4/8/43
Bk. 623, P. 277
I) Background material for nowspapers
to accompany speech
4/8/43
Bk. 623, P. 317
White House approves copy 4/9/43
3k. 624, p. 38
2) Allocation of time discussed by Treas.
group 4/10/43* Blue 624, D. 97
1) Reching way 4.12.43
624:242
3 Speeches by In/Jr
1) -----
622
1) Reactions to be checked
through Hooper and Crossley
agencies 4/13/43* Bk. 625, P. 3
2) Stauffer-IC'Jr conv. 4/13/43
3k. 625, P. 6
3) Green, Murray, etc., thanked for
participation 4/13/43* 3k. 625, p. 11
4) Broadcasting COB. thanked 4/13/43*
Bk. 625, P. 22
5) CIO Pres. Murray resents treatment
accorded him: Bk. 625, P. 126
a) Nurray-HIJr conv. P. 127
b) Sproul told by H/Jr of
Murray's feeling P. 131
4 Speeches by HIJr
622
6) Owen D. Young thanked for
congratulatory letter
4/15/43.
Bk. 625, P. 256
1) aws me of speech ourseas nowthly by Knlu
8) Liffingmell thanked to angratulations
4/17/43 626:203
627:63
9) Elmmanf Roy (ammeru - Inlustry
thanked for congral.
623:66
Speeches and Public Addresses by Treas. Officials
622
Policy established
4/1/43
622, 83
Speakers' 0/5/43 Bur. discussed by Treas. group
158
Speeches by HMJr
622
Radio recordings
4/1/43
622: 52
Speeches by HMJr
2nd Var Loan Drive: Radio speech to be made
624
on Sat., April 10
4/9/43
624: 40,118,
127
a) Allocation of time
4/10/43
97
1) Robbins' speech
109
Speeches by HiJr
625
Kansas speech: For possibility of see Financing,
Govt.: War Savings Bonds
Speeches by HMJr
626
2nd War Loan Drive - possibility of speech in
Red Oak, Iowa: See Financing, Govt.: War Savings
Bonds
Speeches by Ill'Jr
Cedar Rapids, Iowa:
629
See also Book 627: Financing, Govt. - War Savings
Bonds (2nd War Loan
Drive)
Reading copy of speech at auditorium
4/25/43
629: 4
Reading copy for participation in
"We the People" broadcast 4/25/43
9
Speech translated into 21 foreign languages
for overseas
4/26/43
35
Halifax's congratulations
4/26/43
36
char Ragids Gagette astick 5/1/43
630:64
Milo Boulton congratulates HMJr on program
5/6/43
632: 78
--
Speeches by HMJr
Kaiser Shipyards Portland, Oregont
629
Reading copy
4/27/43
629: 82
Say Francisco Gal.
War Memorial Opera House, San Francisco:
Reading copy 4/28/43
107
a) Program of meeting
116
to Disc. by 9:30 group 5/1/4,
630:1
c) Axis comments E 5/3/43
630:369
Speeches by HMJr
2nd War Loan Drive workers - HMJr's speech to thank 632
Publicity plans as outlined by Bell 5/6/43 632: 32
Draft 1
34
. 2
46
Reading copy
59
HMJr-Marshall conv. as quoted
74
naji broadcasters Toicus : HmIr thanks Phose
who took off
5/14/43
633:215,519
Speeches by HMJr
641
Kingston, N.Y., "T" flag award
Draft 1 6/11/43
641, 34
a) Smith changes
88,100,
110
b) Bell suggests a few changes
123
**
Final draft
6/12/43
137
Reading copy 6/12/43
150
a) of publity carrel in Smith
right 6/15/43 6/15
642:58
Speeches by HMJr
3rNatt. Negro Business League, Baltimore, Md., 8/25
Loan Drive:
659
a) Elmer Davis-HMJr conv. 8/25/43
659: 3
b) Draft 1
7
c) - 3
21
d) M 4
31
.)
" 5
40
f) AlBee's draft 1
48
g)
:
. 2
57
h) Reading copy
64,93
1) League thanks HMJr
183
g) Jess themas 0. Themas, Consultant, was Finance stall
HmIr 8/25/43
660 : 1
Speeches by HMJr
3rd War Loan Drive:
662
Opening of drive: HMJr's introduction of FDR
9/8/43
6621 230,231
a) FDR's speech
234
.
Speeches by HMJr
3rd War Loan Drivet
662
Detroit, Mich., speech before Wayne County
Council/CIO, Labor Day, Sept. 6, 1943:
Draft 1
662: 33
$
2
41
" as given to Shaeffer for
mimeographing
50
Reading copy
64
French Underground message as relayed
from London 9/4/43
106
Speeches by HMJr
Monticello, Va., "We the People" broadcast,
663
Sept. 12, 1943:
Draft 1
663: 150
"
2 - script
177
=
Speeches by HMJr
664
"Back the Attack" Army show - HMJr's speech 9/15/43:
Marshall resume of war reported by HMJr to
Gaston, Smith, Albee, and Cook
9/14/43
664: 1
Actual speech 9/15/43
130.
157
a) Drafts
158
tesh. Post (Engane mayer) -ar. comog. "44, " 9:422
Speeches by HMJr
3rd War Loan Drive:
665
St. Louis, Mo., before Chamber of Commerce
and War Finance Com., 9/17/438
Reading copy
665: 16
Walter Head's introduction
14
Dinner program
13
Drafts
26
N.Y. speech discussed by Treas. group
9/20/43
200
a) thirmary
666:199
by humbin quests at Fel.Res.BK
:20L
di WA Plants checked onsales 9/29/43 668: 12
6) speech
: 203
Speeches by HMJr
3rd War Loan Drive:
667
New Orleans, La. - Delta Yards: Message from
HMJr delivered by O'Day (Maritime Com.)
9/25/43
667: 3
Mrs. FDR introduction by HMJr
9/27/43
124
a) Text of Mrs. FDR's address
127
Speeches by HMJr
Missouri Valley Bridge and Iron Works,
668
Evaneville, Indiana, 9/30/43
668: 119
a) LST program described in
this speech discussed with
Admiral Sherman 9/29/43
58
b) George Albee drafts
127
Speeches by HMJr
XXXXXXX
671
Trip to War Zones: Radio address from Algiers
with Eisenhower 10/23/43
671: 84
Speeches by HMJr
NAXEM
674
Message for Madison Square Garden meeting
of Natl. Council, Soviet-Amn. Friendship
11/8/43
6741 238
Natl. Conf. of State Chairmen - War Savings Bonds:
HMJr's remarks - press release on
11/9/43
273
Speeches by HMJr
Assn. of Natl. Advertisers, N.Y.C., 11/18/43
676
Invitation and acceptance 11/15/43 676: 187,188
Draft 1
53,69
a) Discussion by HMJr. Gaston, Smith.
and Mrs. Klots
11/15/43
40
Draft 2
94,112
# 3
134,153
Working draft
169
Draft from which reading copy was typed
678: 95
Last-minute changes in final reading copy
114
Reading copy 11/18/43
191
Speeches by HMJr
War Savings Bonds
687
29
Retailers: HMJr's broadcast, Carnegie Hall, 12/28/43
a) Smith's second draft 12/27/43
687: 8
b) Reading copy 12/29/43
71
e) Script
697: 199
Speeches by HMJr
695
Cincinnati War Bond speech discussed by HMJr,
Gaston, and Smith 1/19/44
695: 129
a) HMJr's netes for
1/29/44
207
b) Press release
219
Speeches by HMJr
698
"Wo the 1/30/44 People" broadcast, Bridgeport, Conn.,
-
698. 66
(See also Bookar697: Financing, Govt. -
War Savings Bonds, 4th War Loan Drive)
a) Labor -Management news 12/12/2014 article
b) Sharmad and Rob't E and amoung oursing 700:
55
2/6/44
700 177
Speeches by HMJr
704
"Five Million Patriots" broadcast, 2/26/44
704: 16
(See also Bk. 703, pp. 5,80; Bk. 704,
PP. 3,6; Bk. 705, PP. 51,87,122)
Report to Armed Forces 3/2/44: Bk. 705: 184-A
Reading copy 3/2/44: Bk. 705: 185
a) Radio coverage disc. by HMJr and Harold
Steele 3/3/44: Bt. 706: 1
1) Disc. by HMJr, Bell, Gaston, Gamble,
and Smith 3/3/44: Bk. 706: 14
Speeches by HM.fr
Fiscal Policy speech in conn. with testimony
717
on raising debt limit - Smith draft
4/7/44
717: 156
Speeches by HMJr
Costs of specific expeditions to be worked up
739
for use in speech - Haas memo cencerning
6/5/44
739: 176
Speeches by HMJr
Fifth War Lean Drive Sexeshane
742
- Final draft by Orsen Welles
6/12/44
742: 157
Reading copy
215
alpart swt toFDR 6/13/44
1) Zabin (mail) of A.F. of thank I to ammunlation 143:1 745:211
Hollyword and Bowl, Las Angeles cal : Reading way 414144743:71
Biltmans Hotil, Las Angeles, cal. 4/14/4
743:106,
=
Speeches- by HMJr
744
Possible comment against acceptance of premature
War German peace propesals by HMJr in Chicago
Bond speech discussed with FDR and Hull
6/17/44
744. 238
a) Excerpt from proposed broadcast
as approved by FDR 6/18/44
298
b) Draft 6/19/44
745: 1
e) Reading copy 6/19/44
5
d)Coca-Cola Co thankd
1) R.W. woodrulf ngly 6/26/44 741:82
8/22/44 122144746:82 746:82
Speeches by HMJr
,
:
,
745
Internatl. Monetary Conf., Brotton Woods, N.M.: -
Draft of speech welcoming delegates
6/20/44
745, 233
Speeches by HMJr
746
War Savings Bonds - 5th War Lean Drives
Fifth Ave. Assm., N.Y.C.
Draft 1
6/21/44
7461 25
Reading copy
If 17
a) Copy sent to FDR
16
Noving thanks HMJr for being present
Rudio 6/23/44 arron- Ganble rigat 6/29/44 748:197 237
Poughkeepsie, N.Y.: Statistics/used in speech
6/26/44
747: 63,7
a) Dutchess Co. report
746: 176
by Andience Disc. at dv gmy muting
7/25/44 741:170
Speeches by HVJr
747
Welles.thanked for assistance 6/27/44
747: 136
MacLeish asks fate of portion of
Welles show prepared by him (MacL.)
6/28/44
174,196
Speeches by RMJr
Internatl. Monetary Conf. at Bretton Woods, N.H.: 748
HMJr's-welcoming speech to delegates
*******
Drafts
6/29/44
748: 8, etc.
a) Data on China
163
b) Exports to U.K. and China -
Lindow memo 6/29/44
166
e) Treas. policy on internatl.
monetary cooperation under HMJr -
Bernetein memo
169
* For Hany Whites Drafts m Bk 743:188A
Speeches by ANJr
749
Internatl. Monetary Conf., Bretton Woods, M.H.
4/1/44 - --- 749. 55,62
Phila. Navy Yard/ speech for 5th War Loan Drive,
July 4, 1944
Drafts 7/3/44
297,302,304,
3096
Reading copy 7/3/44
.
#
305,313
7/4/44
750. 1
Program (entire) as broadcast
7/4/44
10
Speeches by HMJr
Radio broadcast from Bretton Woods, N.H. -
755
Internatl. Monetary Conf.
7/18/44
755: 243
Speeches by HMST :.. 757
Internative Mometary-Comf., Brotton Woods, N.H.
HMJr's closing address
(See also Post-War Planning) 7/22/44
757: 100
Speeches by HMJr
Am. Forum of the Air
704
See. also Book 762
Radio speech on Bretton Woods Monetary Conf.
8/22/44
764: 178
Speeches by HMJr
772
Before Jewish Welfare Fund of Chicago, Sept. 21, 1944
Conf.; present: HMJr, Abramson, Barth,
and Smith
9/19/44
772' 178
a) Draft
188
Pehle notes on arrengements 9/19/44
198
Speeches by HMJr
773
Before Jewish Welfare Fund of Chicago, Sept. 21, 1944
Reading copy
773: 146
Program of meeting
144
Drafts of speech
164,186,196,
206,217,234,
244,260
H/Jr, Pehle, and Abrahamson discuss
success of speech 9/25/44
774: If 155
Speeches by HMJr
774
War Finance Groups (Regional): Vanderpoel's notes
9/23/44
774: 51
Speeches by HMJr
775
War Finance speech at Atlantic City
Barth draft No. 1
9/26/44
775: 132
..
.
.. 2 9/24/44
777:45
Speeches by HMJr
War Savings Bonds - 6th War Loan Drive
See also Financing, Govt. $ War Savings Bonds
chings,
Atlantic City,, New Orleans, etc., speeches
discussed by HMJr, Barth, Coyne, Haas,
and Murphy 10/5/44
779: 185
a) Barth draft
213
b) Press releases
228,234,240,
244
1) D.W. Bell's ******* references
to criticism of World War I
financing
352
Atlantic City and Chicago speeches discussed by
HMJr, Gaston, Murphy, and Barth 10/6/44 780: 14
a) Atlantic City: Draft from which reading
copy)"Reading
43
copy
223
Speeches by HMJr
2 War Savings Bonds - 6th War Loan Drive
b) Chicago speech
780: 43
1) Draft - reading copy
made from this
781: 2
o) Los Angeles speech -
draft 1 (Vanderpoel)
115
1) Discussion by HMJr, Gaston,
*
Murphy, Vanderpoel 10/11/44
105
d) New Orleans speech 10/12/44
228
Gen. Watson transmite memo on "slip-upe
in HMJr's itinerary 10/25/44
786. 172
Reading copy 10/14/44
782: 44
3) Bell (D.W.) has copy 7½ hours
in advance of delivery -
Shaeffer memo 10/16/44
125
Speeches by HMJr
Democratic Campaign of 1944: James Barnes and
Robt. Ramspeck request speeches by HMJr
10/17/44
782: 230,233
a) Businessmen for Roosevelt, Inc.,
Waldorf-Astoria Hotel, N.Y.C., 10/27/44,
assigned to HMJr
784: 115
1) Draft 1, prepared by
Res. & Stat. economists
10/23/44
160
2) Barth draft 10/24/44
785: 34
a) Discussion by HMJr,
White. Gaston, Blough,
Murphy, and Barth
3
3) Barth revised draft
44
4) White draft
70
2 Speeches by HMJr
Democratic Campaign of 1944
5) Barth revised draft, No. 2
XXXXXXX
786, 16
a) Discussion by Treas.
group 10/25/44
1
6) Barth revised draft, No. 3
6
1*
Discussed at HMJr's home
Hannegan consulted on type of speech
to be made 10/25/44
112
a) Recommenda speech on Roosevelt
accomplishments for the businessman
Democratic Natl. Com. thanked for material
sent down in conn. with speech
10/25/44
134
Abandonment of spaechrin light of Hannegan
sirence told to Gaston by HMJr 11/1/44 790.30
183
7) Copy from which reading copy
was made
787: 21
8) Semi-final reading copy
34
9) Gaston approved copy from which
final copy was made
55
10) Reading copy 10/27/44
116
11) Business men for FDR,dnc., thankttmesr "h144
740:67,68
Speeches by HMJr
"Of Human Rights"
780
Draft 1
10/30/44
788. 167
. 2
10/31/44
789. 17
Abandonment of speech, in light of
Hannegan's silence, told to Gaston
by HMJr 11/1/44
790: 30
a) Hannegan-HMJr conv. later
33
Speeches by HMJr
See Financing, Govt.: War Savings Bonds
703
(6th War Loan Drive)
Speeches by HMJr
War Savings Bonds - 6th War Loan Drive
724
Chicago (Faitis invoice "livellim" "ho on BK746:107)
Navy's war record to date
794: 39
War Dept. data for drive 11/13/44
40,
136,138
Conf. on speech; presents HMJr, Gaston,
Gamble, Vanderpoel, and Mager
11/14/44
122
a) Vanderpoel drafts 1 and 2
148,155
Conf. on speech; present: HMJr, Gaston,
Gamble, and Duffield 11/16/44
7951 141
a) Drafts of speech
161,etc.
b) Draft from which reading copy
was made
191
1)War Dept. clearance
7961 104
Speeches by HMJr
796
War Savings Bonds - 6th War Loan Drive
Chicago, Navy Exhibit, Nov. 18, 1944
HMJr's speech 11/18/44
796: 181
a) Blue Network program
174
b) Admiral King's speech
190
c) HMJr's talk on Bob Hope program
193
1) HMJr's pencilled notes for
speech
208
2) Reading copy
214
Speeches by HMJr
797
War Savings Bonds - 6th War Loan Drive
FDR's opening broadcast - HMJr's remarks
of introduction 11/19/44
797. 1
New York speech at Wallof.
Drafts 11/19/44
Anterior he
8,24
Reading copy 11/20/44 Sifford,
27
Other speeches by Gehle,/Olds, XXXXXXX
11/20/44
42,etc.
Program
57
Speeches by HMJr
War Savings Bonds - 6th War Loan Drive
Closing Address
Draft 1
12/14/44
802, 305
Re-broadcast to fleet discussed
by HMJr and Duffield 12/15/44
803: 22
Draft 2 12/15/44
38
Draft from which reading copy was made
12/15/44
46
Reading copy
12/16/44
139
Speeches by HMJr
8178
"These Are Your Bonds": Reading copy of HMJr's part
1/10/45
808, 346
Speeches by HMJr
Informal talk at meeting of personnel officers
811
of Treas. 1/19/45
811: 67
Speeches by HMJr
Bretton Woods and What It Means to Labor:
812
4-minute radio speech
Draft 1
1/25/45
812: 215
M 2
1/26/45
292
Reading copy, CIO broadcast
1/27/45
813: 19,42
a.) Murray (Philip) and
La Roche (Chester)
congratulated by HMJr
1/29/45
229,234
Speeches by HMJr
813
Amn.-Soviet Friendship dinner at Waldorf-Astoria,
2/23/45: HMJr asked to be chief speaker
1/27/45
813: 48
Amn. Fed. of Labor broadcast, 2/11/45
Levy's draft 1/29/45
237
Div.of Rss. stat. Dalt given to Barth 2/1/45
Birth arafts 2/0/45 to 816: 165,165 815:11
Turner changes in Burth 2nd Draft 816:172
DWBLLI ammunt
816:324
me
Find Draft 2/7/45
$17:102
Realing cooy (hockeast for Farm) 2/11/45 818:195
Speeches by HMJr
Waldorf-Astoria, N.Y.C.
Red Army Day, Feb. 22/(See also Book 813)
Outline of speech sent to Barth by HMJr
2/7/45
817: 81
a) Discussed by HMJr, Gaston, Luxford,
and Feltus
2/21/45
821: 52
Finished copy 2/21/45
89
Material on Red Army achievements sent
by Embassy 2/19/45; Novicov (Charge d'Affaires)
thanked by HMJr
2/21/45
94
Seating list 2/22/45
181
Program
189
Reading copy
190
Speeches by HMJr
St. Louis, Mo., speech before Chamber of Commerce,
817
on Bretton Woods
Draft 1
2/7/45
817: 87
.
2 and 2-A 2/10/45
818: 1,8
. 3
2/12/45
218
. 4
2/13/45
619: 59
Final draft
75
Reading copy 2/14/45
136
Itinerary. 2/11-16
818: 193
Luncheon guests
819: 130
Dinner menu
131
Congratulations on speech
621: 110,
113
Questions asked after speech
: 118
Speeches by H/Jr
#We the People, Phila., Pa., Feb. 18, 1945
820
Draft 2/17/45
820, 173
Reading copy of HMJr's breadcast
2/18/45
273
Itinerary 2/18/45
272
Mac Harric (Produce of m the pgk) thanks
HmJr 2/21/45
821:85
Speeches by HMJr
on Bretten woods Againment
Before Economic Club, Detreit, Mich., Feb. 26, 1945
Draft 1
2/22/45
821: 217
Welcott's objections after premising
to spensor and introduce HMJr
discussed by Frank Isbey and HMJr
2/24/45
822: 85
a a) Possible to Hoolcotts list ofabjections :199
Honory
Azzil63
Draft 2
:164
"for mhich Reading Copy masmale
:184
Renling copy with Beby's in trod.7x45 trol. 823:3
am Wolcotts marks
..
:21
a) Wolcott's speech disand
$23:78
Lyar. by dr. groups 2/21/45
Speeches by HMJr
875
Bretton Woods: Opening statement before Congress
Leth draft, No. 1
3/3/45
825. 19
a) Discussion by Treas. group
1
Leth draft, No. 2
3/3/45
109
a) Discussion by Treas. group
106
Speeches by HMJr
St. Leuis, Me., Chamber of Commerce speech
875
Cemment from St. Leuis papers, stc.,
sent to Hannegan 3/6/45
825: 290
Speeches by HMJr
826
Bretton Woods: Opening statement before
Congress - reading copy 3/7/45 ......
2 A-U
Speeches by HMJr
7th War Lean Drive
827
Minneapelis Club (first of 2 luncheon meetings
to inform top management of plan for sale of
Bonds in industrial plants), March 12, 1945
Breakfast guests
827: 84
Acceptantes for luncheen
76
Cocktail party guests
83
HMJr's schedule in Minneapelie
81
Minneapelis Civic and Commerce Assn. and
Foreign Pelicy Assn.
Dreft 1 of speech
86
Reading copy
249m-w, 250
Litters of thanks 3/14/45
828:192
Speeches by HMJr
832
7th War Loan Drive: Reading copy of a recerding
by HMJr for a closed circuit broadcast to
War Bond workers in the field
3/24/45
832: 8
Speeches by HMJr
Fifth Regiment Armery, Baltimore, Md., April12, 1945
Draft of speech by Feltus
and covering letter to HMJr in Fla.
3/31/45
833: 195
Speeches, Treas.
691
Future Clearance: HMJr's memo 1/6/44
691: 248
Speed, William
22
Hm Jr discuss case will T.F. T. Q'Curnor,
Comptroller of humany 6/30/36 XXII 208-
211
Speed, Wm.
152
Sulzberger asks HMJr's assistance; Speed involved
as bank director of Louisville Natl. Bk.
11/24/38
152: 403
Spellman, F. J. - Archbishop
See War Refugee Bd.: Hungary
743
Spence, Brent (Congressman, Ky.)
Safekeeping of War Bonds: See Financing, Govt.
740
(War Savings Bonds)
Spence, Brent (Congressman, Ky.)
See Post-War Planning: Bretton Woods Conf.
802
Spence, Brent (Congressman, Ky.)
831
(Chairman, House Committee considering
Bretton Woods)
Post-War Planning: Eretton Woods 831: 85,281
Spence, Brent (Congressman, Ky.)
See Pest-War Plannings Bretton Woods Conf.
832
Spencer, Herbert (Dr.)
388
See War Conditions: Germany
Spencer, Wm. H. (Univ. of Chicago)
For resume of experience, see Book 187, p. 66
187
'Spinding Program
Hm5. SEES morried over vulnuability with mard to ne 17 ketusu;
FDR, who is my amirable 2/2/36 XXHI
-
HmJr give sympat of conversation to Burtilt, Fullowing,
Gestm, McR., thas, hopen h . "oper 2/3/36 KPII 19
4) much Realization assiminte of asich to h dismond
1. at # of many alloarted, ant withoum, at
1. chart. of RFC, FCA, Hold, AAA -PWA HmJr showny
of
3 Tand of with
"Spending Program
17
send meeting of Thersing group within Ir 2/4/26
chart showing will # of c.i.l imployees
22A-226
23,24
Detridigt a) a) Loan Cron. meets with FDR 2/4/36 IVII 27.37
Farm smings cal't Ahm. used as 4. of possible
38-19
Statement of stimes subiby Emergency agracise
hundred action theren
43
3 Spending Program
17
Bill - Airusm mut mill HmJr; Alarsms tabulation
of savings attached
2/1/16 XXI+96-97 XXII 96-97
HmJr again hismoses with FDR who is still of
same mind 16 SAIR) 2/6/36
XVII 98
FDR anjurs mike HmJr, Hm Jr, Dues, Williams ,Gill, Alam,
Tugrall, Bill
1.DW Billi notes
tell 100-110
2. Lyle Alnani notes
XXII 111-120
& spending Program
17
Group mut mith H m J. to disness memo to h
fap. for weik House on linding agring activities 2/8/86
copins of memoy with suppating memos
XV4 131
1 Farm cndit, RFC 1sto to
XVII 132-173
FDR ageats to Hm Jr connesation with Marvin Jmco;
Hm Jr pleased that FDR is shill determined to remain 2/10/36
XRII 181
' Spending Program
17
HmJr Jr ROMS FDR to annumed Budget is studying has
to remaining it.exes regut of 1/11/36 XVII 140
Savings (yosi.ble) listed 2/14/96
XV4235
Spending Program
123
McReynolds memo concerning HMJr's desire that
entire program be changed
5/8/38
121
123: 454
Spending Program
192
See Business Conditions
Spendings Tax
See Revenue Revision
653
Sperry Co.
See War Conditions: Bomb Sights
294
Sperry Bomb Sight
See War Conditions: Bomb Sight (Sperry)
309
Sperry Bomb Sight
323
See War Conditions: Bomb Sights
Sperry Bomb Sight
See War Conditions: Bomb Sight (Sperry)
342
Spiegel, Harold R.
Assigned to Havana, Cuba, by Div. of Monetary 517
Research 4/17/42
517: 297
Spingarm, Jeel
See Engraving and Printing, Bur. of: Negroes 519
Spitzel, Herman - Lt. Comdr., USNR
Investigation of - Anslinger memo
516
4/13/42
516: 46
a) Resignation to be permitted
4/15/42
385
Sports
635
Discussion at Cabinet meeting 5/21/43
635: 139
Sprague, U.M.W.
47
SEE Gold - shilization of futured
acquisitions
12/9/36
Sprague, O.M.W.
63
See Gold
Spriggs, Marjorie L.
See Financing, Govt.: Defense Savings Bonds
502
Sproul, Allan
532
See Financing, Govt.
Sproul, Allan
See Financing, Govt.
535
Sproul, Allan (Pres., FRB of NY)
611
Attitude toward FIR and HMJr discussed by
Eccles and HMJr
2/22/43
611: 73
a) Discussion by Treas. group
2/23/43
135
Sproul, Allan
See Financing, Govt.: War Savings Bonds
630
(Organization Plans)
Sproul, Allan
See Financing, Govt.: War Savings Bonds
631
(2nd War Loan Drive)
Sproul, Allan
634
See Financing, Govt.: Var Savings Bonds
(Organisation Plans)
Sproul, Allan
See Financing, Govt. War Savings Bonds
635
(Organisation Plans)
Sproul, Allen J.
638
See Financing, Govt.: War Savings Bonds
(Organization Plans)
Sproul, Allan
639
See Financing, Govt.: War Savings Bonds
(Organization Planed
Sproul, Allan
See Financing, Govt.: Fed. Res. Legislation
814
Sproul, Allan
See Financing, Govt.: War Savings Bonds
823
(7th War Loan Drive)
# Post-War Planning: Bretton Woods Conf.
Stabilization (Fund ist.by by Sution 10, GOLD Rissue Act 1/20/34)
Conf. at home of Earl Bailie; present: HMJr,
S. Parker Gilbert, Crane (Fed. Res.)Bk. of N.Y.L,
Loree (Gueranty Trust), Altschul, and Oliphent
1/19/34
1: 6
a) Final opinion is that pound can be
maintained only through an equalization
fund
b) HMJr feels that
Gilbert is giving most
sincere advice
Stabilization
3
Williams (Harvard) asked to prepare certain info.
on gold, stabilization with other countries,
relation between gold and prices, etc. 1/3/35 3:
FDR tells HMJr and Atty. Gen. he wants things
23
kept unsettled until Sup. Ct. hands down
Gold Decision; interview most unpleasant to HMr
1/14/35
98
a) HMJr asks Oliphant if he has talked to
FDR or Cummings; reply is "no"
nb) FDR most conciliatory next morning
Fraser (BIS) tells Crane (Fed. Res. Bk. of N.Y.)
Europe cannot understand why Stabilization Fund
does not goz into action and bring dollar within
gold price 1/15/35
100
* c) At Garnerat dinner, FDR lets HMJr - know
he has won in gold case
101
d) N.Y. Times article on disadvantages if
decision is adverse 1/15/35
143
e)
Gilbert's (S. Parker) advice if decision
is adverse 1/15/35
146
f) HMJr, Oliphant, Coolidge, Crane, and Lochhead
make plans if decision is adverse 1/21/35 189
g) Landis (SEC) agrees to close all exchanges
if decision is adverse 1/21/35
h) Special telephone connection in Cabinet Room
190
arranged by HMJr
1) HMJr shows FDR, at luncheon statement
reassuring hiplans to
issued
; FDR shows HMJr his
own statement and says Kennedy thinks it sq strong
"country will burn Sun Ctudy office 2/13/35 233
A Stabilization
3
#
Decision handed down; HMJr, Oliphant, Lochhead,
Mrs. Klotz, Miss Reynolds in Cabinet Room,
White House; McIntyre, Early, and Miss LeHadd
in and out; FDR comes in 2/15/35
3: 327
a) HMJr tells Lochhead to sell silver
222.
b) Copy of decision
329
c) Alternative agendae of immediate action 330
d) Proclamation (if decision were adverse) 331
e) Message to Congress ("
"
R
")
335
f) Bill to amend Judicial Code (" " . ")
339
3
Stabilisation
3
Crane 'phones HMJr on the Hill and tells him Gov. of
Bk. of France had 'phoned that they had asked
Lazard Freres to take $8 million worth; Lazard
Freres in Paris agreed to $4 million - Lazard
Freres in N.Y. refused to take their $4 million;
HMJr tells FDR and FDR unhesitatingly says
"take 1t"; HMJr calls Frank Altschul and expresses
his disgust with the private bankers; Lochhead
and Oliphant advise HMJr to "go go easy"
101
HMJr, after conferring with Coolidge and Lochhead,
decides to buy gold in London mkt. 1/15/35 104
Bullitt tells HMJrz "he wishes France would go
off gold; result - Litvinoff now getting strength
from France could then be swung to U.S."
1/24/35
205
Stabilisation
Gilbert (s. Parker) suggests that U.S. buy
$2,500,000 worth of British currency Hand
3
"they would be over on next boat" 1/23/35
3: 206
Switzerland is having natl. referendum on gold
standard which they may abandon - BO HMJr tells
FDR 1/23/35
206
'told stabilization
4
anough chmologically)
klb Haven if bus.nies continues memod for
moher 2 WAS - hing survively anidas raising price 3/1/5 IF 1
m J. tills Phillips of state Dupt he Runis it moned
ml stalilization in ny that Trime hp IVI
has we constrons to show him they F. andy story E
HMT T. tells FDR sturling is - - fames i 8/8,000,000
shoping goid and in paint; FDR agms
of gold in Landm; M MA if suggists offining form up in Caris -
3Mb-TH7 IV
Golk Stab
Confirsation Intersen Crause (Fd.Rea.,n.Y) - Carigusl \ 4
For fist time cariguel clarly implice dualuation of frim mg
3/4/35 BE 112,
13
have to aljust position vis-avs striling
Casignal also says usiqa is alriged ; liva continues to h
who prosure
Conrission him Game - From (B.D.S) 3/4/05
IV 12
M Jr 3hrms FDR frunch sugget of studing 3/0/25
III 10
Crame tills HM Jr of connection nise Cariguel 2/6/25 IV
14
studing is my max; ventimed Scandinarian constrics;
So. Attical Cooial Bank of Fack working otter of calit
3 Goth Stab
4
to Bitish Shillim pass); carigul bluiks it shaned h Franco-
Amrican mon; have assures was
SEBFAR phms have decision is "nothel authority to
part 3 suppet to objective which is to
h connel to French after they make up - mind mile
suggested mmr.
Harrison tells HMJr of of FDR; purturing
punes 1 Dollar should h liftl fork to - handon of Debt"
throstraus
$243
Murk Cochron transmits Bank of Frauis progosal consering dal
Recline Communication of studing this joint ethecotlem to Ravid 11125+ III
"60 Stab
4
Grane - vala dismss American decision, cariged
dis aggointment in Amw. - France can not make just offer 3/13/25 1528
Cozin We of tables than Handa - Bank offrance comming joint
II68+
Parama Camel Loan Bonds (2%) , Conlols of noo (2%) to h
atial + for gold walting } aduction in might of the
* and
gold dollar will h med 3/11/35
IV 92
Frances (B.S.S.) cubles Harrison situation in Belginm my IV III
HmJr tills Oliphant to have all plans rady to 116
*
HM Jr talk Glass that, Exclusive afRoger
expenses, total Expense is less Mean
10,000
40,000
bel II
Gold stab
Mim & John G.Laylin prounting rarious plans (allached) consided by
4
dress. Fcl.Res. Banks tolession shock to hs - horld : Forme -
other goid stanlad constries have to surgerd paints ingold 3/20/25 III 124
HmJr's reports, in Imaghand, toFDR mbsed "Farragnt" Mary'35 BI 149
Catterns cariguel & - Crass disness Bigian situation 3/28/25 $ 154
"
staling belance - Belquar situation 14/05
gradual liquidation of Trumy's
to 151
Altschol cariquel *HmSr 4 Lmue disness swiss produce Dutch on - Dutch - byther . Swar situating communiss 6/5/25 4/5/ 35 IV 158
Crame reglamine swills - Dutah vituation CHMIr
6/9/23 IV 15BD-6 159
"Gold tab
4
Hm Jr the have Cafter againment consuming smuggling alst Pime)
to All Bank Fame they can me L.S. acit upto 5millim
mentine any withough you Ww goid goint; JA mosts to
WORK in closs acced -* French has - - state Dyt. 4/9/23 # 166
Grane cariguel cable convention
HM To hills thall of his Blan to aid Frach alalar III
the 169
Hotherd FDR ments us to by gold diret t them @ 15
170
Has assed to act - Allotment Band Mm J. hills FDR he
says OK to 10 million 4/10/35 cables attached purer. our - III 178,187
bluins he CAM but are by gatting American dollar bloc to
ind. Nurth . South America & China 6/15/21
H
205
160th Stab -
4
Cariqual Bank of Fame) asks Grave do you Music schauge
stall: fation is any new Hm Jn R11s F.D.R. who
advise rating Other by English con conformer n put m mmy &
montary statement. of ofter London E Common Carl. FDR.
hopes to at various Eurgean constries to 1 , then
got England to join i HM Jr. no stab. possible until one of
in gestant constries is You on its back 4/15/25 IV 209+
state Dyt transmits to Coolidge for review progonl mine
on stabilization Prsp. by Alvin Hausen tor
96th stab
Signature - unsular about 4/5/05 IV 214
Wallace tills Hm J. Hansen af stath Dipt. has
4
ansulted Ezakial - Blace f stab. must is to
join France - nge, 15 15% Dubluation; H M Jr recents
this inter frome 4/16/25
Lez II
Hanson mmo sent to Coolidge Discussed LyAMI with
thall i thall solit know about it -will handle 4/17/25 112244
HMJr hbs FDR 1 Haum memo - FOR any 4/22/23 200
a "Stabilization
4
Se E also Goth
Alls Gluss total
islue than 1140. vos
$ 109
Junis (marin) progress to take 800 million away from
Fund 4 issue 1 anymeny against it to sot. 2 untral
WALKS t foreness i HmJ. givenes this will Bulkly
6) ANY justing in H MJn office will Time . IV 236
4111135 IV 234 C2
stabilization
4
Hansus memo sent to Coolidge sumedly &
Hm Ir mills Hull; ttull know about
it - mill - handle 4/11/35
IV 244
HMJr Jr tells FDR about Hausen mino - FDR
angry 4/22/55
IV 250
Gold amanged - chomplogizally)
5
Fanch nigotiations : communations When carigual (Bangue
deFraux - L.W. Knoke (Fd. Res. Bx. ny) 5/17/35
V 135
4) Carquel: will 4.5.hm france against dollar take
gold?
b) c) new knoxe imeasines hils C. Society on Cs part Generale notal is principal siller of frames.
2) HmJr him says Bamfies 4 France may sill dollars affird
h that have - 4/8 (i.s., #5,000,000 at 658 as - litter)
SEE also # 144 agen - firmary this
2 Golds stab -
5
French mg. and
Knoxe ngarts that members of Fr. Parliamentary Bulgt Comm.
from new gov't h - thing Green -martin - ministry Finance;
state Flandin as.gmation is forgone constusion , havalmitt
public will mark anamable to Gwb wish willing of
informable will happen to pare
5/24/05
R 134
HmJr till Fd.Ra. Bank in.y. all paner purchased no
into gold - shipped to Fil.Res. Bx day... 6/24/05 199 #
- hmlf h Burnef of France tment be immulahly constil
$60th stab
5
Fr-ncq- and
Carigual assund Knoke gold carmand by them r -
moved 4 absolutely for for ugart 5/23/25
Z 140
Casignal calls attendion to against wills Garranty Trustle.
insuring chipment 1 E marked gold
II141
Knoke . Carignel disness inny fifty close afmarket
in Paris ; gov.of of Bank of France appointed 5/24/20 V 142
Gar again confirms agriment
I 143
"Gold Staf -
Fr - my - ant'd
5
Carigal ngth discount rats rained to many - good ingostion"
6/20/35-145
$
a/wrs to $5,000, DES with of goid withs. %5 to
h sw to is by first available strawd ; asks about
what
I 145
Knoke of tills largual H m Jr has authorized
reserver offer
$25,000,00 of gold in Bars 5/27/05- @*35- to h myralad as purchase -
I 1481 146
5 $60 Stab-
For mg-
and
5
6/27/65 Carigusl thl. Knoxe: "bad time again; he glully
amph 2d $5,000 ,000 against gold is Paris As afford 5/25,
total of 127,000,000 today: Guar. Tr.Co. 22,000,000 , Bank
$5,000,000
I 147
5/28/35 Cariguel til.K : total dollar anot ish 32,500,000,
of nhich ,500,000 is against are V 149
6 Gold Stab-
5
Fr - ncg - and
5/29/05 Hm J. Cargual *. anothers had my; $17,500,000 offend by
like , been i the Cochran he is going to 4x for malling
insurance to goil shopid to 4.81 will be for Dollars
200,000 1000 ; C. confirms Knoxis indestanding made and
asi A
Losse (quaranty Trust(s) recigitulation $68,000,000 in
goid new in mansit
E151
H
60mg H Stab-
5
5/29/95 Firm Am. Entressy so his Carquel down Hasl.
with Knoke
casquel states
off of A 150,000 Flandin POD if Bwitish will advance $50,000,000.00
D
sumel him
of feel usings - Laval, Marques or Mandel - will
,
Gr. B. has not line have & 40,000,000 ...
mail of goid in Paris i b no h.s. gold to b kytin
Pasil- to n shipped as just 4b space m ships was available = 152
Gw. Harrism to see FDR; HmJr rough.t Explain Bank of of Fr.
righest Y , 200 jovo, in which is to be make 7 Cochine Homism
8 Gold stub-
5
Fash
approved + this plan think stabilizational should handle + ; olighment
theirs u.s. England should handle the
II I103
Cochras calls HMJr hyplamis - t must HMJr
asks Find C. to constor: amount of gold the stritule Equalization
has workd will Bank of Frause laty
willim cariguel t all - casignel state B.E.F. has a minimum of 30
of goid work Hm In SLARGET w
$130,00 us to non mihib to take the million Solba if L.f takes
Rollars . ages - state they and, manily interested in IISH
q Cold Stub-
5
Fanch
&kyhme Cochrau- H MA Jr 6/29/05
I 155
a) so mumbers of Fr. Finance Committee went w Fleading
have; 25-15 turned down Flanding , Granais -marting
i rumal Flandin will new strign.
t) Corbonar sup Tummer 1 has assumed Carigust- in want
if merchary it will h shippil to England not
of apid hubango, h.j. gold will not h interfored will,
want this
c) Carque) samp Bank of & mand is not helping blue juda this
time; Guaranty v. spaking in book, is haring the what there;
C. must - on $20,000,000 request Priday may 31 (Avistime) at what.
10 CA Stab-
5
Frush
d) HmJr ROKS Cach raw if Bank of Fame this and
wm the cov't falls ; Canquil says -yes, absolutily.
e) HmJr asks and of gold for Bank of England;
f) HmJr 150 samp again "Ls wills which joint-Baund adount of with England:
anquil says #30 william prouds. roughly speaking.
this million to 50 million tills Carigual himilf
in Cochmis office.
g) Carrgmel hags France nuls my Dollars
h) HMJr aithata BAME of France most ask Bank of of Enfand KIN
beton h.s. aim ansms
" Gold Stal-
5
Feach
i) Hm In says thehnical - lyst forigo yeh. questions shaned
h team up will Feb. Rea. BK., n.y.
j) Hm J. also says if Bank of England docent next to me
punds in this transaction, b.S.willad them bills V 172
Cochran a) again telephone to Hm Jr 5/30/35
Carguil appeach my Bankaf France done not their they should
I 174
1) This information transmitted to F.DR.
and and of saphul, who har almaly congratulfully
) goid casignel in His informal against many Dollars will to h purchase make assibable 7 to $50,000,000 in n.y. of
126th Stab
5
Frunch
1) swIr It instructs Manum totall afF. no gusticity will h
wish. giam this transaction here -W they may in Patis i) heavy
) Inc. 35 will also purchase in handen, t Guaranty Trust-goil
R 35 - a. upto $50,000,000 -us permithing G.T.6. Co. to
spear in Fanch morket to a speated that (G.56. her
b) "mJr themks my auguisition of gold in howlow my 4 TRAB.
legal 1.2.1 of 65 million dollars outstanding a and tim)
my h poftable within I of next for Rays.
3)
"Gill Stab-
5
Frunch -
Straws tills HMJr conditions are fairly critical inFrance;
advises calit limit of A25 william. HMJr tills FDR 61, 55 R176
HmJr talki to Cochmus at 4:30 : Flaudin had appeared
in chamber - faited. made was ingression. HMJP
fund asks r 50 OK - glan to gin condit of #150millim . AllIFOR-
of million to Guamuty Trust i FDR OK'S revolving plan
HMJP 410 Straws. 11 no alone to Musgages,
my Baun 1 Fame to in notified.
I 176
Inc
Stalilization Fant
Lith No Ross hils to Bingham (Amb. Presion & unital H.Janes) 5
made 1 to bill m must of TRANSITY kd activities ma bing
asks Line Wands Ross to BANK of Em. AT with Trumy Bingham
info.
to take hules addistment 6/30/15 plan for reigocal
L81 I
L.R. n ports Character of the Exchiques considers Unio
stange not possible at his time 6/6/35 #
189
'Goth Stabilization
6
Fanch nig
(seealse BAI)
Cochrom klyman 3/3/35
II 3
andmy mgat of speculator to my back frances
Surs siheatim calmer , Enticated by defeat of
by 140,000votes; 100,000 most that haldem
cigital.
&
G.Britami doubt: notching Frash - American situations closely:
if stabilization men worked out whether this wed
concerned he maintainil by her continutal comstrics -particularly Grammery;
about afficted a b fnRA of on mold prices.
"Goth stab
-
6
Frunch
h1. (contd)
Lebrun, quotal thrrist, caillons, Timps it - 'Intranoigrant'
Griqual informes gatitule of himself . Gov Tannary
at h.s. assistance 6/3/35
VIII
Resured :
II 12)
Communical bours famil to gold shigming tok.). 4/15/15 40/35
panting 4.5. assisia. From grabased 4 1millian ingold in
Paris . London to maintain Rollar stabilit filmilia
sold in Paris markets 70 millim shipped to u.s.
36th stab
Fr
6
Rome (Lould)
atimal in ment thery this " million was
dispond of inhander d streetly mas A35 6th ounce;P200,000 pofit
account to stabil: fation Fund
stabilization Full auguid 1 staling squalling #25 millim in
bre du to hold thing sollar rath stealy. al me time third
lon of $500,000 q4m - something should p-fit VII3
Inw. offer, to Bx of France to by upto 2116,000.00
gold (resue offer) 6/9/55
# 15
x fall Stub
6
Fn
Fil.hes. BK (ny) aguals Braffr. toshing no mm than
ALi,000,000 of fh.s. gold this makis 6/8/35
# 16
264-262
French govt fallsn; Hm In talks to Cochran 6/4/25 # 17,
) Cartlany talsed too much -pargle lost confidence in him 18,19.
Laval - Hurriot may h Primium
.
T Both mut to kup france steal,
Bouisen hand - asm sumi- baterial pines to
predad yes 1
Pritman & mcnary told that Tris. sid to - fraue 6/4/35
5 Get Stab
Fanch
6
Afty gov't falls Bank Bank of of Fame LOFS Fd.Ra. ha. BudDy to
now who be funhase of gold in Paris; only , 33000000
of the 150 1003,000 originally anth. need . H M
knimal for unused balance
6/4/45
II 21
carquel, throl Community Trust, will ship $35,000,000 on
Brown - later will ship bal. of 1ST $55,000,000 mike Am.
member 6/6/35
#I33
Pittman SIS U.S. moring to had gold-silver
' Golk Stab-
6
* Can Ther mains cable and to HmJr by Allm Sproal
of Fl. Res. Br.ny:
at imagration of good of sural intinatal Central
Thomas scitions - - Nox of tryloud have inital comporation -f all
speculation in from T gold 6/7/30-
of * market in notricting failities I
II 39
Gold stabilization
7
Frash nigotiations
sticks for ny Timis giring Tarmary's (Bann of Fance)
statement prining L.S.
6/17/25
VII XII3,4 3,4
Risund of nigotintions & 5/22/20-- 6/19/25/19
H.mark Cochran for H.M.J.
III 73-95
Favier Stab
10
Harrism (Fil.Res., n.y) tills Hm Jr on we of sailing
nor - hest said no rul - to France to go off
gold bid politically trefeels they are band to up off
Dring winter W 9/4/35
x 29
Gall Stab
Allm spoul
10
cariguill Bank of France) phones to : 9/20/35
X 44.
a) sak of = 8241/2 million
45
c) 6) Portish hal soid 370 willim value #
onfine Therefore Back of Fame about wrn on gold, W sure of power
&) handmis attentine called- - no progred
') ADKS hs to notch - market may become worl
Anamel in many officior heldby Fl.Ros. Banks 19/10/205 I 13b
'Stalili fation
11
SEE China - Confirence by HM Jr when
Brueley (Fin. Embassy) XI 33+
11
Cold Stabilization
God inflaw MATTIA FDR - Hm Jr ; min In mants to ind
up #100 millim smooly in imlaw to check a possible
future rush of gold and of ks.; tells the FDR he
That
XV141
to high to buy whenever goid am
sure in hondow 4/12/35
XI 141
Inas., rid.Res. uparts this mill of alio Cochrau cables
it of Smden, for 4, mused increase Rollar holding of
mild buy - sell diact - thead againsting Him stating AT P70
6012 Stab
11
Mcmo payured - plus after confirence mill Coldage,
Olighant & Loch had "114/05
II in
Codilg other noxs H In ml.ker he must affrom sale of gold
a)HmJ, than to mustrib an goil standard "liebs II 184
is onfon to patience decision 4 Funch situation
b, Cooliday says Harrson offosis whole flan
cloured p
'stalilization ananged chmologically)
Memo giving immidiate policy if France, influct,
of
liners gold standard (Go. Harrilan jusents mumb to
HMJr Jr 4/14/36)
XXI 128.132
Knoke (Fl. Res. Bx, ny) gias mine af avitish
official agerations in dollar asshange, 430-33
Hm H Jr hills Hall RLL True.may have to let England
XXI 134-145
talk to us - question of stalilization it France
Stabil: zation
aprs off gold; therefor AmJr Jr month to hour 21
what happened & Landon Econ Conference as it
affected stalilization
4/15/36
XXI 172
Taxatim
2.
Sin Revinue Bill, 1936
Stabilization
Bank for true of England . subsuly fills order, stailing 22
gold time, sells h.S. #750, mith of
a) HmJr Hm It FDR: order to buy @ 4 34 ¹¹
to kup merket for creaking 4/28/36 XXII 138
(klaw esport point in England) in .. & safity-
b) HmJr proses FDR to parmission to
talk to Bruley , Dad not tall FDR
2 Stalization
22
H-- - British Rally hlim he double wased
there at 1933 Economic Caref. 4/29/ XII 155-156
c) Hull agras to talk & Brwley 36 is asked them to
Explain 6/29/36
(For Buwley's answers KC Bank XXIV 19-185-1868
XXII 146-148
d₁ my Times articks 4/29 & 4/30/36 XXII 7/18/26) 149-150
'Stabilization (ananysd char
23
Hm3, talks mile Cochran 5/1/36 MIII 4-4E,
a) frave is mak
28
b) for itsh stabilization Ful deals Dectly mine
the Frunch banks
c) Gritish diveluing will Do all possible to keep Frush form
d) Cuch mu will see Schacht mm m and
a
stalizatization 1tm I. talks to Cochran 5/4/96 XXI4 43A-E -E
23
a) and not su Schacfit (stillin Burlin)
Hm Jr talks to Cochran
5/5/36
.. 68A-E
a)
-
Knoke's tilighane commution mide Been of France - family
situation mmc; British Control is interesing
quist in France 5/5/36
XKI469
HmJpr Brwley dinc will Tay IA 5/5/36
70
a) B. at not having merial reply pm
England tw H msr
, Stabil
23
b) Hm It again indication alventage of againg
channel to exchange in fromational
c) Tslls FDR of talk
Knokia any. W.R. Bolton of Bx of England asking
meter us Transury would funhase goid Q 3500
shigment to ny
5/5/60
p
XXII 72
6) Lochhiali commetion - will Hm In couning
:
72B-C
&
Stab
23
knoke tills B. How hs Tras. will not pay price In
gold alroad which, mills oh.08.ng changes alled,
bring wit of Biling in ny abour #3 500 our nunce
5/6/36 XXIII 115-115A
Calinit (Fruch) members mill main until June 1-50
Cochras hills Hm Jr. has quicting affect 5/6/16
FDR . HmJr ander 5/7/36
XXIII 116-116D
a) "England look H mhich may to here in care 136
France you .H 9.18
stab -
23
Bankers includion Trust Co., London, table consuing
gold shgments
of Bank of England 5/5/36 by swy of Tr. for
KITII 13618
Knoke -Bo 1tm (Bxaf Englaw) anv. 5/9/36 " 181
a) Paris them conditions not as bad as Day hfor almost pussic
b) Intent maximing in position .\ Dutch , Swiss
Stabl: fation (an. chm.)
24
SEE also Gold
Schacht visit n pirtal by Cahrau 5/11/36 8XIVI-1E
6) 55. Effects to talk som to Pritish about trale notritions
against girmany
1) S. effect Finure - . Hear gold Wock countries
to devalue soon i trugus France will avoid placing noticles
"
c) S. will use many mans to Definite Three develue
time nutil Discussions have had me with other countries
"stab
24
F.DR siss Fruch Ambassador who is kanning for
Fame i girs Infinit hint Fruch
should nubargo gold 00 and British will har
to the 7 us
5/11/36
XXIII 2
FDR told by HmJr Hangs are much quicks" 5/11/36
Corignal (Bx of France) talks to knoke 5/12/96
XWIK 3
<)1ml operations studing; theirs due to Swiss XXIV
113
35tab
24
Brwleip auswer to HmJr's question on 3/29/xL
Bx XIII pp. 146-148) coming sulder filling of order
gold stailing sometime 5/19/36 t hs to sell $750,000 whe -f
XXIII 185-185B
a) B. nexts nothing musual about transaction
b) HMJr says last time hi will try to make
-
gestun of comparation
Stabilization
25
San also God Boxitain
Blum is was.dering develuation, contrary to guro
ngoth (litter to S. Stores 1viu-pm. of chase
not BK 1 Pais) 5/21/36 III 106
Knoke 4 B. Hm and 6/28/36 XXV 155
a) Quist
b) B. tills K. desir S to stable rate
Roller . station
'Sklilization (an. chrm
I
)
26
gr. for. disirs full . frank Communication between
2 Trans in (Bluiley brings in letter &
6/1/36 XXVI2-2G
a) Photostal copy sted to Hull mile when
HMJ wishin to Dism matter
3
****
1) Phillips Alb ames to assist in Dratting ngly;
has has taken 6/2/36 XM 15-15A
HMJr mat important diplomatic ship
"Stab
2
26
c) Litter to Hull suclosing "wy of Brwley
communition) 6/2/36
XXW 16-16A
HMJ. against to Hull m unnisation mike Knoke 6/1/36
a) and European of situation had - and flyer XXVI
48-4TH
b) English & 1sst untrol of 30ml
Sharyhisi have Informations freestmed of cagital them
has sould Fd. Ras. to assistance
3 Stab
26
Cochras anders mind HmJr Jr 6/0/36 XXXI 49-49E
a) Labor unlitimes in France mm
Bruley given ngly for Por. Amt. 6/3/36 2000751-515
a) B. was if England can buy dollars in 4.5.-
unread in b goil i HmJr will study matty
b) Taylor, alvance 4 Heas anfor coossing interned SIT-51V
Stabilization Fund
26
AmJr tills F DR therpits ticker nports
Thmes (Okk.) nsobutim stroking 2 yo. INVOICE
cariguel new last asks years Knokl, mo Vicently, ihs Tras. mud
^ : Frauce to sell gold against dollars,
smughly 1/4/36
and gold to br sarw arked for us acit - shipped
XXX+ 115-1158
(SU Knonc-Cariquil connection E p.15a)
5 Stab
26
Frunds cabinct to G confirmed 6/4/36 - so Cachren
tills Hm5r 6/4/56
XXII 116-1/6F
Bruley- HmJ, consultation 6/4/36 " 117-117C
a) HMJP suggests consultion will Fruch in
to M 20-30% Revaluation
office to hint next England .hs muld Hm5r's h willing
b) of successful H nJ. I. might till with 45 Tras. much
Emmark 9014 too them
b Stab
Auriol (new Minister ofFinance, France) nesins 26
Cochran
6/5/36
XXVI 141-14 -1410
seccingt pp.149+ PP.
Bolton (Bank of Erglaced) h1), Knoke Blum cannot
tackle frave until strike situation is in
hard 6/5/06
XXII 145
147-147A
histing at HmJp's have of ngnorutatine afn.y.
thinking firms to disness interestmal curremy situation 45\+
1 Stab
Hm In phone Cochmen to ask Anrial if it mud 26
help if Frunch used devalue further,
knowing hs , E " "
6/6/36
148
mJr a) tills Bruwley gift ofC's cables (144)6)6/66150
suggests B. talk to British Theory
meeting of my harsing firms' nynsentations
unsluded (ssc 147also) 6/6/36
151-151F
' stab
26
1+n Sr takes 3 sch of papes to white
Hause f signature to take cure of wwitedities
in unn. with sale of gold 6/7/36 XXII 152
Briwley - Hm Jr consultation in furtharance
of 6/4 136 progosals (py.117-117c) 153-1533
6) HmJr inistia rwise is Fresh up to divaluation Frunch mayimum 15%
a) chancellow of Exchaguar sess Difficulties; Prinks
9 Stab
Trip . Bach man of Swin Hal'l Bank connection 26
with Cochran reported 6/8/08 154-154 K
a) HwJ, regorts to FDR that Swiss
Dutch is are sympelestic . led Browley
coming in c/8/36 155
b) Phillips invites to HmJr; have to
disness cables 6/8/06 156
10 Stab
26
H.M.Jr. consention with Cochram ; suggests
connoration will Anrial coming offer of
my Times
conferation nine Bank of France 6/8/56 157-1575 J
wall st Increal clipping "lage gold stock hold withish
need 6/8/36
158
wall St Journal " "the frame + the dollard 123A
"Stab
26
Bewley at HmJr's have at 9Pm 6/8/36 160-160D
a) HmJ. kads Cochran cables
t) B. says no advantage to England to hear
to Holled - switzilard devalue - tis commy
a staling i br. mas. pafts no action for
few Days
c) HmJr ageats connosation h Phillips who things
mainlja desial delay may be brcause of Liaq his
weeting on the 165 172-1736
" Stab
26
HmJr (N) farm) instructs Taylor . toch head to
ml Cables 483 +488 t Cochran (88-174-174)
173-17263
a) wills agat Caillary has male statuated one
stab. similar to Anriols i kd strike situation
is WILL : butcher shops , Retainents, win Hohl
Crillm are closd
c) suggests ansultation nine Phillips
13 stab -
26
HMJ, (a) farm) phones again 6/11/36 175-1756
a) distructs Taylor to SEE Hull but not Burley
Knoke -Bottm consultion 6/11/36
a) K. tills B of imments that Paritish Fund 176-176A is now
trying to manage studing the Dollar
Knoke minor 6/12/06
by Bolton decise mecphatically
177
4) my bank has tran France inactivity of Franch govt
If stab -
26
inface of continued flyer of capital is due to
internal Revaluation rifts due to Differences of opining about
Cancellation of facilition for funhare of #25 million in
HmJr gold to to h underal for Bank of France again by
tration shaned ask us for annual if desird 6/12/36
Cochran - due to new set p ; new advision-
178
15 stab
26
Cochrau. Hm5r can mation 6/15/36 219
*) Strikes quicter
b) Bail.ment Frush minister sow \ Finance will right policy hfm
c) C. asks for permission to are Ansiol , minkh.,5.
Tresury's conversations will Poritish
d) C.also asks prom. in to talk to Duhh . Swiss
) Reluctantly Hm Jr agres
"Stab
26
Themes (Semater, Okh) introd. Eytension for
2 Years; Hm Jr tills Hoster it must
pass 6/15/36 6/15 136
bez Corr TAXX
'Stabili gation
27
Phme an resation - cable ,Cochrau - - HMJ, 6/16/0
a) Anviol told Coctran any 3-may XTII amoughment 11-126 36
"
had ling study" is bingly impossible
involving French devaluation & E and , is
b) Antiol amount that Mannick ,Fruch Financial
Attachi at tondon, is bring shed to hs miner
massage to FDR 4 H no Jr
2 stal
b)
27
1. Mmick calls - brings litter 1-1
Anvial ; H Jr says "time is ripe for
Frunch deviluation; M. murid about
situation in Grmany & Polard 6/20/36
XXXII 149-145K
2. Cochran cables that Banmarter has phanch
saying mmak trip is seat in Pall 144A
3 stab
b
27
3. Phillips sends HmJr mmo in FDR-Manick
talk at whit House 6/24/36 XXVH 176-176A, D,
4. Manick +A sput callm HmJr; bring 179-179F proposed
malt of monetary againment: 4.5.,G for. France;
will talk to British next 6/24/36 XXVII 178-175Q
(ours)
5. Cochran cubles Amiel pleased wills Marius neight
193-195-A
6. Mmick's famill visit to HmJr; mill
pleased hish meytim ¡ Hm Jr Jr noges
unfilestial nature of negotiations h maintained
when m. Raches Pasis 6/20/16 XXVII 301-2015
Stabilization Fund
27
offined of
Extmain for 2 yrs. after 1/20/07 as asked for by
Smith Throes dis and by HmJr, m.R.,Rpger,
that hugher , Lockheal a Yind 6/16/06/15
(For actual bill 616 08-28-29)
24-27
Stab
Bolton
27
5 Knoxe (Bank afEngland) anna ation 6/13/36 XXXH 116
a)K. belief d mail for starling came
to Continunts 4 Bolton agnes yesterdays
operations sum to has him and
b) B. thereis program to social nfor m in France
mm new important than muntary nfro - pirt
Stab
1
27
b Bewley slo HMJr 6/18/36 XXXII 117- in G
") A Harton's cable (313) nal to Bruley regusting con madion
mile who is disturbed ky "a -
shauld durlog on h.s.
prindice against Bitch policy . "mitheds"
Dwalue, Br. Than. will plan catablished
pound shauld G hold
policy in not Indeter miny at what point
is tab
11
27
Knoke -BoHn Hm (Bx of Englad) unanatia '/19/06
XXJH 144
a) BrofE. setting aside 140,000 any of gold
put of people who mail to get out of gold
valued & "6'/2 milliams, "gure Rehaading on
, into dollars
6) Frunch ministry 4 Finance has started his spead
has state "no devaluation"
of Stab
27
6)
1. Cochran talls HmJr Anrial spech timel
after close of market i HmJ. thinks
this sinister
146
*XVII
stab -
27
9 14mJr calls - Hull to Express distribute Y
A ther tru cable 6/19/36 XXVH 195-145B
a) Hull Munis England to amplaced 2 yrs.
ago
b) Hull will congrate with Tras. m may debt;
about HmJr Express surgive that Hull should
and as debts a Tnas. matter!
gres = 1
27
Bruwley -HmJr cmr. on cable nid to hondow
clarifying Athestmis conversation mile
6/24/36 XXVU 177-1710
Knokc-Boltm - cmr. : " Kihange marxits in
Emmar and 6/25/36 XXII 197-197A
Stabilization
28
Bruleys last cmf. is Hm Jr hfr railing 7/22/16
a) Hm J. outlines conditions you which he will
28:110-110B 28: 110-
gin up gold to handow
b) state performer for againment Intern England,
France us. , the us raila rear just Englanda &
stabilization
30
Resume 5/16/36 - 9/22/36
XXX 1-1F
Munick letter to - whom translation by Fiis skit HmJr 4/16/36 AXX 1-1p
a) in Chambriskinis unsignal litter (tab segmed - transmithed
officially when France aquast same) he states writered
6) copy will h swh.s. as som as France
that railes than a tripatite declaration is his orfine
c) France - not him memt now opportune
act a so an to signed lother t Gr. for.
2
30
Cable for Cochmun
8/19/36 XXX 81-81E
a) Cariguel not optimistic about general outloak;
frame theirs mostefrach your writual devaluation of
r) cariguel notsun Norman man (Bx of England will Ruin
previously Labryric (Bx ofFrauce); Names muld not need Tammy
6) cauquel nlima Bw. Equalization Fund Wm has withdrawn about
1/2 of 12 billim frams ingaid - markal qoid sauch
your A NI to N
3 Stab -
30
Cochran and to go t. London -gt pursonal citimate
of inditions there
8/20/16 XXX 101
Cochran asked to check carfully Pais , London
inf. mlutin to British gold shigmuh 8/21/16
Knoke -Cariquil unnuation 9/21/36 XXX 109-109A
XXX 108
a) K. suggests Dollar puchases probably connectil willingdo
feb 1, Smitch internate
&
S tab
30
nsale to British intends of Hour of shart in Bor.
utility corp. + will seasonal agreements of h bacco
industry offset to start of #15- million by
sule to Araw. internti of than in "Phit. Inguiar
provioly had by Patenota intensts in Fame
Buttwmites activities ngat on background of Meniciss hondow
5/21/36
XXX 110-110 - G
5-
Stab -
30
nages Bank (Contal Bank of Normay) aquest it
TFl * Res Bx, N.Y., to purchase . hold under
Emmails #5millim in gold 8/24/36 XXX XXX167-
a) Lockheal, Taylor, ulighment, Haus - mein
1676
discuss nice H m so
C
(ber)
>
Fuild cable for Thorges Bank asking that
must G hild in abryance 8/26/36 If 304
6) HmJr consults Vince
XXX 167E-H
I
6 stab -
30
Hull transmits Cochran message shawing he
"has run into pointlins display of continual
Am. Embassy in hand " 8/28/36 XXX 356 A-m
31
Stabilization are resumed 4/16/26- 9/24/36 Beer XXX 1-1F)
Cochmu Rsuma Syst-D6.36
HRJr asks Lochhead why he had not been
informed of cable that France wants to
send over $100 million in gold 9/4/36
XXXI
74
HMJr, Viner, Lochhead, Haas, White, and
Oliphant discuss French shipment
9/4/36 mm fracting
XXXI
75 A
HMJry Cochran phone conversation and
101-101 J
in Book 43)
cable 9/4/36
XXXI
75 B-H
a) HMJr, for Cochran's guidance, adds that
if Bank ofFrance of and Swedish
Central Bank wish Fed. Res. Bk.
to earmark gold, requests will be
received sympathetically
75 I
2
Stabilisation
Cochran cable concerning personal letter
31
from Gov. Rooth of Central Bk. of
Sweden - 9/4/36
XXXI 75 J-L
Lochhead memo of meeting: HMJr, Feis,
Viner, and Lochhead 9/4/36
198w191
TI
101-1011
Text of draft doc. ument to be handed
Cochran Tuesday; copy to Monick to
be delivered in London Wednesday;
both copies, therefore, being
delivered simultaneously L cable
from Cochran 9/5/36
103
a)r.oR So informat bylitter 9/5/36
104
3
Stabilization
FDR DO informed by letter 9/5/36 XXXI 1063
HMJr informs Cochran Monday Sept. 7,
1936, is Labor Day and on Tuesday
Treasury is offering a $900 million
bond issue
104 c
HMJr, Lochhead, and Mallet confer;
Malleta advised of Auriol's inquiry
about delivery of draft document 9/5/36
105
Cochran cables that he has received
French text; is making translation;
Monick leaves tonight for London with
text for British 9/8/36
137
-)FDH so informed
138
Mallet informs HMJr that message delivered
to him personally has heen communicated
to Chancellor of the Exchequer: British
4 Stabilization
31
Treas. has not yet received French note
9/8/36
XXXI
139
Stabilization
Tripartite Agreement
32
(See resume' 8/16/36 to 9/22/36 in Book XXX,
pages 1 - 1-F)
(See also Cochran resume' September-December, 1936,
Book XLIII)
Cochran cables draft of French draft document
9/9/36
XXXII
48-53
Preparations for Treas. reply to French
draft document
a) HMJr asks Hull for assistance in
drafting answer; Feis comes over
54
b) HMJr recommends that each nation
put up $100 million
55
c) If Eng. asks whether U.S. will give up
gold - ans. is "yes"
55
2 Stabilization
Tripartite Agreement (Continued)
32
Preparations
d) HMJr, Taylor, Haas, Lochhead,
and White meet at HMJr's home
to discuss British- French situation
8:15 P.M., 9/9/36
XXXII
74,75
1) HMJr expresses doubt that
anything will come of French
devaluation; thinks Exchequer
will not receive plan favorably
e) HMJr cables Cochran U.S. is giving
interested consideration to Auriol's
document
78-80
f) Draft of Treas. reply to French note
OK'ed by Hull
58
1) Loctitical office mine of meeting in thells
65-68
3 Stabilization
Tripartite Agreement (Continued)
Preparations
g) Plane ordered from Waesche to
take draft of reply
to FDR
57-58
1) Text of draft
59-61
2) Draft delivered to FDR
at 10:30 P.M., 9/9/36
64
a) FDR phones HMJr
congratulatmions on
%)xRaindraft
3) Feis asked to send coded
Message to Cochran
84
4 Stabilization
Triparatite Agreement (Continued)
Lochhead reports to HMJr telephone call
from Cariguel to Fed. Res. Bk. of N.Y.
asking if Treas. would earmark $10 million
in gold 9/10/36
XXXII
112
a) HMJr refuses permission
Consideration of Treas. reply in France
a) HMJr's phone conversation with Cochran 85-91
b) Cochran's cable asking clarification of
one paragraph in Treas. ans. to French
draft 9/10/36
99
1) HMJr's answer
100-103
c) Treas. reply being discussed by Auriol
with Blum
100
4.
Stabilization
Tripartite Agreement
d) Baumgartner tells Cochran Minister of
Finance is studying Treas.'s message
carefully; will await news from
Monick as to British reaction before
talking to Cochran again 9/11/36 XXXII 152-154
E
&)
Cochran cables British reply received
by Monick; Auriol hopes to have reply
for transmission to Treas. Wednesday
9/14/36
163
A
*)
Mallet transmits Sir Warren Fisher's
message to HMJr that French note has
been received and considered by the
Chancellor; includes paraphrase of
9/14/36
164-172
English reply to French as given to Monich 16*-
4
6
Stabilization
32
Tripartite Agreement
Mallet calls at HMJr's home; HMJr asks
permission to transmit to Cochran
substance of British reply 9/14/36 XXXII
173-186
a) Mallet agrees
b) Feis, Oliphant, and Taylor also
present
o) Cable prepared for Cochran
Cochras- HmJr talk
9/15/36 32:219-224
b) Cochraw agree to Burmartner hfn mmiess sturned
a) cable giving substance of British ngly meand
c) ALK now lidgement senst to of Exchanges
to Pain will British rigly
stalilization
32
1
Trigantit Agniment
Frunch strike ; therefor Cabint nill not hair
aggreturity to R.Sum nots nutil Thus.
9/16/36
Cashman cables of Frunch cabint meting; Fresh Wash 243
halm by mmilk
of Firmance has not yet studied messings longed 1
9/14/16 XXX- :244
stabilization
32
4
Tripertite Againment
Mallet call - HmJr I, who tills him of strike in
Lille i therefore Franch subject has Done nothing
as yet ; Mallet mouth to go to Harvard
Calchration - HmJr Sr will not advise him 9/16/06
**** :2 245
Cochraw ghones he will see Ausiol at 1 oklock to
nure of of "jornt dicbration , Lith-Ross
mill ILL Andio) & 6:30 9/17/36
r Stalili fation
32
a Tripartite
Funch souft of progosal text of joint Reclaration
cabled by Cochmu
9/17/16 XXXH 278-285
a)Flis, Taylor, Haus Oligheet , * Aulli #
at mJrs have; HmJr Disagg-inted;
Hm3r to gold standard liftin 9/17/36 289 -30t
1. Bullitt says Reynoud knows all about negotia-
Bullitt compution T8. 327-328)
2. times Draft , from of aply track papered will be but cut not act acted
Stabil: bating
616 also Risume
33
Tri
I
FDR & Hm Jr an for 9/18/36 *XXIII
БА
a)FDRtills HmJr to inform Frunch' their Draft is
imposs ible
X Cochran- Wilson H mJr unverstion 9/18/36 1:00Am 8B-80
4) Poin B m mhich h.s. can not again
b) Revaluation Cochmes askd to by to ascertain % of
stab
33
Trip
c) Cochran told to 4.5. grifen simuttaneous
Declarations rabled have joint statement
meeting this, in HmJr's w office pared Feis, Taykr,M.ghoud,
which Vinw - Lochheal 9/18/36 BP-15
a) Virar advises that Ecclos br interast by of
positialy punding nigotiations i HMJ, diagness
3 Stab
33
1
6) HmJr then nors group to mrk OW
draft
Cochrau -HmJr conversation 9/18/36 11:25Am
a) Cirports m Baungartner visit XXXII 8T-8FF
1. B. shirics most h.s. points can be met
2. Minstor of Finance agrees min B. + may k
but notional to make asid no ate to ultimate sture to
4 Stab -
Tripet.h -
33
3.B. thinks they will follow Belgian system
4. h Parliaments authority to revalue hummy will
askd (4½- 4 15 ) ; Franch-English ration:
100-110 trans to the pound
5.B. not object if Jr wishos to talk
to Mallet in Nash.
Hull - HMJr conneriation rigarting connections mile
Inchran 9/18/36
*** 8GG
5 Stab -
33
Trip
muching at HMJr; have 9/18/36 & 8:30 Pm:
provided FEI, Taylor, Have, white ,Vina XXXII
18A-R
a) Draft of ngly prouth HmJr pleased;
natire suggests sentince h included moring other 1
6)Hm3r's noth to mrs 15/olg: than - against cannot 1 a
(maft do presented n LADR pp.18c)
not to try to disrugt arrangements
6 stab -
33
Trip -
Cochraw cable 9/19/36
XXXII 28
a) Bankgertner has phone that with -Ross also
objects to inclusion of number to currtual
stury to gold standerd
b) Anvid starned to L-R. insistance ugan -
Crasmm declaration male simultaneously
1 Stab -
33
I Trig- Trip
a)Britch WALK and policy PATH
Meeting in HmJrs office brfor he takes Draft to
white House; parent: Vinw, Haas, thit -
Lochnical 91.9/36
XXXIII 76Am
")%d treatmation decreased
FDR changes pliand mide soft: maxico 102 slight
XXX1288-H
HmJr nprts FAR's Rachims to Artup
28D-J
1 stab
33
\
Triputiti-
1
Hull suggests 2 changes ;FDR approved
\ 1. Disappores the the
28K
indiving diretimes - that of statement
\
Cable a) to Cochraum. a 9/19/36
X
apy 1<ft at British Embresy
281-0
Cochraw nght cable 9/20 136
a) HmJr's message ml to
29A-B
6) Copy of cable girm to FDR
b) mmilk haurs too E ngland timey
9
33
R Stabilization
Tripartite Agreement
XXXILI
HMJr talks to Cochran from farm 9/21/36
36 A
a) French like 1st and 4th paragraphs
of American reply
b) HMJr tells Cochran to have direct
long-distance phone installed in
his home
HMJr talks to Cochran from farm 9/22/36.
52A-C
a) Chamberlain did not get back to England
until today; Monick expects to see him
late this afternoon
b) I Reynaud has talked considerably
about devaluation; result is Stock
Exchange has gone up
10 Stabilization
Tripartite Agreement
33
c) Gov. Norman's assistant has been
trying to find out from French
whether U.S. 1.8 going to give up gold;
HMJr tells Cochran he has already
told Bewley we would
d) Chamberlain's assistant (probably
Sir Warren Fisher) probably likes
our note better than the French one
Cable from Cochran confirming above
conversation 9/22/36
MAIT 52 D-O
HMJr arranges to have Coast Guard
stand by for transmission of important
messages - 9/23/36
59-90
11 Stabilization
Tripartite Agreement
33
HMJr talks to Taylor and Oliphant concerning
actual drafting of possible statement of by
Secy. of Treasury concerning future plans
XXXIII
for purchase and sale of gold 9/23/36
91-99
a) Confidential draft of possible
statement
100-101
Premimex Blum confers again with
Fin. Min. Auriol and his assistant,
Baumgartner 9/23/36
102
Charts showing sterling-dollar-frano
rates under varying conditions 9/23/36 103-111
Vandenberg (Arthur H.) see also
a) HMJr's own draft of letter to
FDR transmitting proposed answer to
Vandenberg 9/23/36
116
12 Stabilization
Tripartite Agreement
33
Vandenberg -----
a)
1. Since French are still considering
devaluation, HMJr wants to
release letter as soon as possible
2. FDR gives his approval
FDR, at Hyde Park, gives HMJr proposed
statement for press, announcing monetary
agreement 9/24/36
XXXIII
146-148
a) HMJr does not use this draft
J
Knoke and Williams sent down by Harrison
of Fed. Res. Bk. of N.Y. to assist on
French devaluation situation 9/24/36 152
a) Harrison tells HMJr at farm he
does not want to release K. and W.
until be knows why they wanted)
13 Stabilization
Tripartite Agreement
33
Knoke and Williams
XXXIII
8) HMJT swears Harrison to secrecy...
58
(b) HMJr, Knoke, Williams, Taylor,
Lochhead, Oliphant, Viner, Hans,
>
Cochran transmite compromise draft
White, Feis, confer 9/24/36
153-162,
220-226
of declaration drawn up by French
after receiving British draft 9/24/36
163-167
Devaluation of French franc from 25%
to 34.35% by degree decree: authority
for will be sought in proposed monetary
law, 80 Baumgartner tells Cochran
9/24/36
168
14 Stabilization
Tripartite
33
Plan for/Cooperation of French and British
Equalization Funds proposed explained to
Cochran by Rueff (Feench Ministry of Finance)
9/24/36
XXXIII 170-171
HMJry-Cochran phone conversation 9/24/36
3:45 P.M.
172-190
9:10 P.M.
191-200
Chalkley and Mallet of British Embassy
confer with HMJr; also present: Feis,
Lochhead, Taylor 9/24/36 5 P.M.
-
227-244
a) Messages transmitted to FDR
245
Conference in HMJr's office; present:
Feis, Viner, White, Oliphant, Taylor,
Lochhead, Williams, Knoke, Haas 9/24/36
6 P.M. 246-255
15 Stabilization
33
Tripartite Agreement
Conference in HMJr's office
XXXIII 246-256
a) Proposed drafts of message to
Cochran concerning possible rates
chamulber
discussed
FourtH message from Shanceller Exchoquer
transmitted to FDR by HMJr
275
Group in HMJr's office again confers
9/24/36 9 P.M.
276-297
a) Substance of conversation between
Mallet and HMJr reported by Feis
b) Cochran informed of conversation
c) HMJr calls FDR
16 Stabilization
33
Tripartite Agreement
Dow-Jones, United Press report on N.Y.
markets 9/24/36
XXXIII 305-320
Stabilization
Tripartite Agreement
Conference in HMJr's office; present: Heas,
Viner, Taylor, Feis, Knoke, Williams, White,
Oliphant, Lochhead, Fats - 9/25/36: 9:30 A.M.
XXXIV 1-10
(achran)
of
Cochran has told HMJr that the British
have told Monick about HMJr's conversation
Name
with British and Monick told French
before Cochran could
(
Vandenberg story carried in French Economist -
made excellent impression
British statement (proposed) as presented
by Mallet, read
Stabilization
Tripartite Agreement (Continued)
34
d)
Certain changes shown to Hull by Feis
1) HMJr hopes he is doing right thing in
"sitting tight"; all think "yes"
James Harvey Rogers trying to see HMJr;
HMJr refuses: explains to Hull
Summary of British note given by Cochran
a) Conversation with Cochran
XXXIV 11-33
Auriol declaration to HMJr
34
Chamberlain's personal and confidential
message given to FDR (Chancellor has
no legal right to fix the pound within
the gold points)
35,141-1
a) FDR dictates reply
44-45
Stabilization
Tripartite Agreement (Continued)
34
Burgess tells Harrison Cariguel still
uncertain how to handle franc market
in New York
XXXIV 36
Mallet discusses timing of the announcement 38
HMJr explains to Feis United States is
asking British and French to change their
text to make it identical with United States;
Feis will explain to Mallet
47-48
Hull thinks situation excellent - "however,
we will have to move mighty fast"
.....
49
HMJr thinks time is distinctly up to the
French
51
Stabilization
Tripartite Agreement (Continued)
21
HMJr comments on "no signatures - just
good faith"
XXXIV 53
Latest redraft given to Cochran.
54-57
HMJr-Cochran conversation at 4:18 P.M.. 58-71
Corrected British message, approved by
Hull, sent to FDR
72-77
Official announcement inParis that there
will be a statement today (Sept. 25)..78-80,156
HMJr tells Appert French text will be
received over phone and asks him to
come to Treasury so French and English
texts maybe compared
81-83
a) Appert arrives with text
104,144-151
Stabilization
31
Tripartite Agreement (Continued)
HMJr-Harrison conversation at 4:50 P.M.
XXXIV 85-92
HMJr asks Landis and Ransom (Acting
Chairman of Federal Reserve) to come
right over
93
HMJr-Eccles conversation at 5:10 P.M... 96-103
HMJr-FDR conv ersation at 6:00 P.M......104
a) "By authority of the President, the
Secretary of the Treasury ----"
b) British have overlooked most important
thing: right to get gold from United States
Feis-Mallet conversation: "Mallet will be,
down very soon"
105,118
Stabilization
34
Tripartite Agreement (Continued)
Cochran phones at 6:35 P.M........
XXXIV 106-117
a) London has accepted and Chamberlain
will release statement at 12:30
London time
b) HMJr tells Cochran Mallet will be down
with Chancellor's message in 20 minutes,
and asks French Minister to wait
c) Cochran transmits message to Auriol
through Roueff
d) Mallet arrives
114,152
e) HMJr congratulates Auriol
f) Cochran assures HMJr British will release
same text as HMJr sent Cochran..... 119
10)
34
Product of France nw wants to go to bl &
Hm J. asks themis FDR it b a missays advice incole in in this and 120
#
mJr phna FOR of Chancellus message of
124
Congratulations
122
at 7:30Pm
126-132
affizial amouncement
133- 133-134
>
Front amnouwceuen
371-373
II) Handa phmes angratulations
34
135- AO
Birtish Editor al comment
>
159-160, 160,
Helland From palmy amounts ammunt nochange in hw mustary
315-379,
Prso ammunt
162-202
Cochraw transmits Anrids message howiels to 210-232
again phones at 4:13Pm
235-248
12)
34
Paro an anformace 7/26/36 10: 40Am
286-301
") cabled to Cochran
30233
American Embassy Londow
304-305
Daw Invoice I Pers
Bxlgian devaluation chrology
306
312-368
a) Toxio
312
Butin 314, 389
1) Copen hagen 313
Rame 315
13)
34
Viama 317
7
318-320
Belyiness 323,362
Holland 324-325
Londow 316-330
Person 331-342
stock market goss.p 345+ +
anforme in HmJrs i alphart Upper, Vinw,
tochnul ,Gaston - Has 9/26/36
380-381
12)
34
) Documents to be used in and decision
is ruched to sell gold to Gr. Por Frauce
Switzenland Coshraucables Swine will maintain presed gold parity 9/26/3637
Poland will not dwalne zloty ahilsb 401
will tollow Fanth Ex. will 25- 404
Stabilization
35
/Knoke phones market is quiet in N.Y. and in
London 9/28/36
XXXV
29-36
HMJr talks over situation with Harrison
47-51'd
SM-61
9/28/36
37-46
Sulzberger congratulates HMJr 9/28/36
52-57
SLL resurns
Rene Leon's article entitled: "Significance
of the Anglo-French-American Agreement"
117
Press conference 9/28/36
118-128
Dow-Jones, United Press comment
129-160
HMJr. confers with FDR 9/28/36 5 P.M.
162
Stabilization
35
Bank for International Settlements
Head of Bk. asks Cochran for info.
and advice 9/28/35
XXXV
107
Cable to N.Y.Fed. Res. Bk. 9/28/36
161
Stabilization
35
England
XXXV 11-79
Editorial comment continues favorable 9/28/36
71-73
Mallet transmits info. regarding instructions
sent by British Foreign Office to 11
diplomatic missions apparently in countries
whose currencies have been closely related
to sterling, regarding adjustmentment to
value of franc 9/28/36
108-112
Stabilization
35
France
Auriol's devaluation bill voted by
Chamber Finance Committee 20-12,
75
7 abstaining 9/28/36
XXXV
65-67,
by Hms- agents come. to Hamison 2011-212
a) Cochau- Hm5r communation at 10:20Am 195-194
85-88 ,
90-99,
Resume of debate on Govt. '8 8 monetary measures
9/28/36
25-26
35
Stabilization
Germany
Resume of address by State Secy. Reinhardt
of Finance Ministry 9/28/36
XXXV 82-83
Stab-
35
Holland
Su 715 the lands
Stabilization
Italy
35
Suvich denies that he will discuss the debt
settlement when in U.S. in near future 9/27/36
XXXV
4
Phillips cable 9/28/36: page
a) Italian stock examinge exchanges closed
84
until October 1
b) Authorization has been given banks to
deal in dollars and pound sterling;
no dealings in French, Belgian, Dutch,
or Swiss monies
c) No reliable information as to lira's future
Stabilization
35
Latvia
Resume of Government action 9/28/36
XXXV
89
Stabilization
Lithuania
35
"Government firmly determined to maintain
parity lits; no difficulty in purchase
or sale of dollar drafts 9/28/36 XXXV 100
1 Stabilization
See also Gold
35
&Notherlander Export of gold without permit
from Bk. of Netherlands forbidden beginning
9/27/36; decision inevitable an view of
announcement of Swiss Government
XXXV
2-3
a) Swiss decrees e numerated
9
Govt.'s decision to embargo gold explained
9/28/36
103-104
Stabilization
35
Russia : SEE L.S.S.R E
Stabilization
35
Turkey
"French devaluation will not at present
lead to similar action by Turkey" 9/28/36 XXXV 80
Stabilization
35
Russix L.s.S.R.
Situation discussed in cable from Cochran
9/27/98 9/27/36
XXXV
5-8
a) Intervention of Amn. funds in buying
the pounds which the Russian State
Bk. has offered, discussed with the
French
HMJr discusses with FDR 9/28/36
10
a) Aldrich and Harrison worried; FDR
suggests that story be slipped to
someone like Paul Mallon or Ray Tucker,
that Aldrich is close to Landon
in trying to justify what the Russians
are doing
1. HMJr decides against this
Stabilization
35
Buesta U.S.S.R.
HMJr talks to Aldrich by phone 9/28/36 XXXV 12-18
Communique of State Bk. of U.S.S.R.
transmitted to State Dept. 9/28/36
62-64
Further comment 9/28/36
to
Henderson recounts Soviet officials' resction
to Morgenthau remarks 9/28/36
113-114
Aldrich-MM5r phone conversation 9/20/36
170-184
Stalilization
33
resume
Fileral Reseur Board: : HmJr., accompanied by
Lock heal 9 has muts with Boad to
yplair ueqotiations
9/26/36 36:17-22
a) HmJ. J. tills tiarrism (Fil Resultic, n.y)
of this
36:70-72, 116-121
That of marks for Paramount + For Modistan 9/24/34
2 Stali gation
33
Knoke is "all in" in Hm Jr talls Harrison
he should have rist, that he has Done
"a profectly grand job 9/20/36 36:151-152
Drw Jonis Y hitel Pm comment m at ghalse
36:74-102, 172-187
Stabil: fation
36
Australia
Reaction nortal to Daw Janes 36:61,165
35
Stalizization
Brayil
Probable Banco do Brasil will alopt
Dollar ..
9/20/06 06 : 153
Stab -
35
England
chancelling message of congratulations unveyed h Hu5r Sr by mathet
Knowl agants cythos to which the British
9/29/26 36:3
had to interance today to was almost nil 9/19/16
36:9-16 36 9-16
Stalilization
36
Germany
Embassy (Bwlin) instructed to
watch closely meeting of Richs bank
on m 9/30/36 & follow Entire situation
in *latim to acent adjustment of
value of franc 9/29/36 36:60,168-171
Stalil: tigu
36
Hollawk
International mmetary situation confusing;
government has no intention of fixing
new gold contrat for the florin" 9/30/06
36.159
stabilization
36
WSSR
Further raction 9/30/36 36:163-164
Stabilization
33
Yugo slavia
Retiant as to future course" 9/29/36
36: 39
37
Stabilization
Letters of gratitude to Feis, Cochran,
Hull
10/1/36
Comment mign meeting 301-304
37: 57-59
a) Feis answer 10/2/36
167
Leagueof Nations World Economic Survey
complimentary and optimistic regarding
U.S. developments 10/1/36
63
Hearst newspaper comment and Treas. answer
10/1/36 A U.P.
31,100
Dow-Jones comment 10/1/36
100-118 thex
HMJr, Lochhead, and Knoke discuss
ways of getting rid of one million
pounds sterling 10/5/36
208,212,
*U.S. Chamber of Commerce comment
2165219
172-177
Stabilization
Austria
31
Announcement that schilling will not
be devalued 10/2/36
37: 155
4
A
Stabilization
37
Czechoslevakia
Devaluation to extent of 30% probable
10/2/36
2 /re 37: 158
Bill to be drafted providing production
of gold content, probably not to exceed
16% of present parity 10/3/36
171
Chamber of sht
172-197
37
Stabilization Great Britsin Embil ml
HMJr, Feis, Knoke, Lochhead, Taylorx
confer with Mallet and Chalkley
10/5/36
37: 264 -273
a)
them
Copy of proposed draft of
reciprocal agreement with
French Govt. shown them
Dow-Jones comment
289
37
Stabilization
1 France
Bullitt reports Senate passage of monetary
bill 10/1/36 & U.P
37: 98-99
a) Dow-Jones comment
106-114
Son nut cand
Stabilization
France
37
Translation of French monetary law,as
voted 10/1/36
122- 129,
131,
Dow -Jmin / *am + comment u.p 10/2/36
133-136
144-152,
D-J
10/3/36
190-192
Conference in HMJr's office; present:
Viner, Lochhead, Taylor, Oliphant,
White, Hass; Mr. Knoke and Dr. Williams,
Fed. Res. Bk. of N.Y.; Mr. Feis, State
Dept.; discuss fact that French have asked
338-247
U.S. whether they will be at liberty from
now on to conyert dollar balances in this mkt.
into gold - 10/5/36
197-201-212 -222
Stabilization
37
3 France
5
HMJr-Cochran conversation 2:45 P.M.
10/5/36
37: 255-263
a) RMJr states he is willing that
Cochren tell French that U.S.
is working on an agreement
as to givings up gold
b) Thinks England should be given
same opportunity if she wants it
6) copy of.pprogosid soft
264265
Daw Junes/ comment 4 m Franch situation
287,285
Stabilization
37
Germany
Reaction to Schacht's interview with press
10/1/36
37: 96-97
Stabilization
37
Hungary
No devaluation 10/2/36
37: 157
Stabilization
1 Italy
31
Cabinet to meet in connection with
monetary situation - 10/1/26
37: 116-117
Bk. of Italy representative in Paris
discusses Italian possibilities
with Cochran 10/2/36
138-141
Devaluation by approximately 40%
announced 10/5/36
210-221
211 E
a) HMJr tells FDR
202
b) HMJr discusses with Cochran north-ing.2237
Cable from Phillips announcing devalustion 203,
210
Stabilization
2 Italy
31
United Press and Dow-Jones comment
37: 280-286
United Press and Dow-Jones comment
291-300
Summary of communique on internatl.
monetary situation 10/5/36
309-314
Stabilization
Monaco
37
Because of devaluation of French franc,
Monaco will have its own currency
10/3/36
37: 195
37
Stabilization
Holland
37
Situation indicates complete confidence
in Govt. although florin now stands
190 to one dollar 10/5/36
37: 308
I
Stabilization
37
Poland
Announcement that gold standard will be
adhered to 10/2/36
37:
153
Stabilization
37
Switzerland
Natl. Bk. of Switzerland publishes
first statement of condition since
decision to devalue; increase in
gold reserves of $21 million Swiss
francs - 10/3/36
37: 196
Feis tells HMJr Switzerland has ordered
reductions on duties on all Amn. foods
and some other agricultural products
10/5/36
214
Stabilization
37
Yugeslavia
No new measures to be adopted in connection
with dinar 10/1/36
37: 60
35
Stabilization
deeting to prepare supplementary declaration
to that of Sept. 25; present: Feis, Taylor,
Lochhead, Oliphant, Gaston, Haas, and White
10/8/36
38: 213-239
a) Discussed with Bewley
244-249
1. Conversation with Cochran
250-257
b) Copies sent to Fed. Res. Bank,
N.Y.
260-264
c) Copy sent to Cochran
278-280
Cochran reports after having read Chamberlain's
message and HMJr's proposed statement to
Auriol and Baungartner - 10/9/36
289-302,
a) HMJr discusses Cochran phone
326-336
conversation with Feis
337-340
38
Stabilization
38:
Conference with Mallet and Bewley 10/9/36
350-356
a) Proposed terms of statement discussed
Cochran and HMJr discuss dituation 10/10/36
367-
373
HMJr announces "U.S., Great Britain, and
France tomorrow will go on new gold
standard, the new agreement will permit
exchange of gold for conversion of paper
currencies of individual countries and
will operate on a day-to-day basis"
10/10/36
385
38
Stabilization
Albania
Will not devalue 10/6/36
-60
38
Stabilization
Czechoslevakia
Crown will be devalued by 10 to 16% of
its present value 10/6/36
38: 61,87,
122-124,
a) Bill passed, effective Oct. 10
259
317
Stab Englash ilization
38
Great Britsin
Reaction to French decision to readjust
exchange value of the franc 10/7/36 38: 77-
Mallet and Bewley bring note from Chancellor
78
of the Exchequer concerning cooperation
between exchange controls 10/8/36
172-11
a)
186
alway swit to Cochrann
240-243
38
Stabilization
France
Cochran cable, to HMJr just before visit
to Auriol to find out whether France
may care to make statement 10/6/36
38: 1-4
Baumgartner tells Cochran he thinks
French might agree to declaration on
a reciprocal 24-hr. basis 10/6/36
6-16
Auriol tells Cochran Van Zeeland (Belgium)
is coming to see him soon about plans
for cooperation 10/6/36
31
Devaluation profit totals 17 hillion france
($793,900,000) 10/7/36
74,130
Resume of French situation 10/7/16 (Dow-Jones)
76
Stabilization
38
2 France
Cochran tells HMJr satisfactory answer
from Chamberlain; answer being prepared
10/8/36
38:
202-212
Stabilization
Germany
38
Text of Schacht statement to Central Com.
of the Reichsbank with respect to
attitude of Germen Govt. on devaluation
of currencies of France, Switzerland,
and the Netherlands
38:
88-106
becake Book 40 259269)
"Reich astonished by new isolation;
feels Italy betrayed her by joining
A
general monetary stabilization measures;
New York Times 10/9/36
353
Stabilization
38
Netherlands
Resume of situation uring wk. ending Oct. 5
38: 45
Stabilization
38
Runnisk Roumania
Policy of a balanced budget at present
rate of exchange will be maintained
10/6/36
38: 50,53
Stabilization
38
Yugoslavia
Rumored that dinar will be gradually
allowed to sink to competitive Ievels
with other devalued currencies
10/7/36
38: 85
39
Stabilization
Declaration supplementary to that of
Sept. 25 discussed further 10/12/36 39: 1-8
Oliphant, Lochhead, Upham, and Gaston
confer in HMJr's office 10/12/36
12-22
a) Gaston reports remor that joint
statement by France, Great Britain,
and U.S. will be made at 4 o'clock
b) Copies of letters to Fed. Res. Bk.,
N.Y., attached
1. Transmitting new regulations
2. Constituting a license under
the new regulations
c) Copy of letter to Supt. of U.S. Assay
Office, authorizing delivery of gold bars
to Fed. Res. Bk., N.Y.
2 Stabilization
HMJr's press conference 10/12/36 39: 28-42 39
(For release 10/13/36)
Leading economists of various Govt.
depts. and agencies invited to HMJr's
home to discuss
10/12/36
45-116
BIS meeting described to HMJr by Cochran
fin Cochram 152-193
140-144
Oliphant memorandum explaining that
U.S. seeks not stabilization but merely
stability in foreign exchange rates
175
10/13/36
United Press, Dow-Jones comment 10/13/36 196-210
Cable from Bk. of Eng. to Fed. Res. Bk.
of N.Y. opening new dollar acct. G
and gold deposit acct. No. 3 to be used
3 Stabilization
39
exclusively for clearing of any exch.
control operations 10/14/36
224
Stabilization
39
Germany
Douglas Millerb(Acting Commercial Attache, Berlin)
report on "Germany and Franc Devaluation"
sent to HMJr 10/13/36
39: 127-132
Resume of editorial comment following
franc devaluation
257-267
Stabilization
39
Lithuania
No devaluation even though Germany should
devalue the mark 10/13/36
39: 194
Stabilisation
Poland
39
Gov. of Bk. of Poland going to France, Italy,
and Switzerland to study effects of devaluation
10/14/36
39:
339
Stabilization
Switzerland
39
HMJr, Taylor, Lochhead, Oliphant, and White,
together with Livesey of State Dept., discuss
cable from Swiss Natl. Bk. 10/14/36 39:246-247
a) Suggested reply discussed
248-251
40
Stabilization
act Times
Speech by HMJr- Kennedy urges 10/15/36 40: 16-23
HMJr discusses with Stanley High 10/16/36 133-140,
142-145
166-169
"
again with Kennedy 19/16/36 40:180-185 40:18
Discussed at staff conf. 10/16/36
188-194
HMJr discusses with staff, which includes
Bell
205-226
Michelson returns his revision of speech
10/20/36
297-302
Stabilization
40
Belgium
HMJr suggests to St te Dept. that Cochran
handle arrangements 10/15/36
(s 1
40: 26-27
HMJr discusses with Cochran 10/15/36
29-42
Upham, at HMJr's request,discusses
with Eccles and Ransom of Fed. Res. Bd.
10/15/36
47-52
HMJr discusses with Mallet and Bewley
10/15/36
53-57
HMJr discusses with Cochran 10/15/36
58-74
HMJr discusses with Harrison 10/15/36 75-86
Cable from Belgian Natl. Bk. discussed
by HMJr, Taylor, Gaston, Oliphant, Upham,
Lochhead, and White 10/15/36
89-109
Stabilization
2 Belgium
40:
HMJr discusses with Harrison 10/16/36
146-153,
162-11*
165
Further conference at HMJr's home, 9 A.M.,
10/17/36, with Mallet and Bewley
237-242
Cochran reports on visit to Brussels
10/18/36
270-273
Stabilization
Bulgaria
40
Advised that general question of reciprocal
dealings in gold be taken up by their Treas.
with U.S. Treas. through Bulgarian Legation
at Washington 10/16/36
40: 112-113
Stabilization
40
Germany
Further report on "Schacht on German Monetary
Policy"
40: 259-269
(See also Book 38, pages 88-106)
Stabilisation
40
Mexico
Lockett cables concerning persistent report
that rate of exch. between peso and dollar
is to be changed 10/17/36
40: 256-258
40
Stabilization
Holland Tetherlands
Press comment on discount rate cut to
22%
40: 274-275
Stabilization
40
Sweden
Advised that general question of reciprocal
dealings in gold by akraightsmed.by
taken up by their Treas. with U.S. Treas.
10/16/36 through Swedish Legation at Washington
40: 110-111
Stabilization
Switzerland
40
HMJr suggests to State Dept. that Cochran
handle arrangements 10/15/36
40: 6-7
1
HMJr discusses with Cochran 10/15/36
29-42
Upham, at HMJr's request, discusses
with Eccles and Ransom of Fed. Res. Bd.
10/15/36
47-52
HMJr 10/15/36 discusses with Mallet and Bewley
53-57
HMJr discusses with Cochran 10/15/36
58-74
HMJr discussea with Harrison 10/15/36
75-86
Stabilisation
40
2 Switzerland
40:
HMJr discusses with Harrison 10/16/36 146-153,
162-165
Further conference at HMJr's home, 9 A.M.,
10/17/36, with Mallet and Bewley
237-242
41
Stabilization
HMJr tella White, Lochhead, Haas, and Teylor
when announcement is made on Monday at
4 o'clock that we add Belgium and Switzerland
to our list; there will he simultaneous
announcement that all proclamations having
to do with the handling of gold prior to
10/13/36 are cancelled and from that day on,
the U.S. is on a managed currency basis
10/20/36
41: 3
HMJr discusses with Cochran idea of limiting
countries who do not have stabilizations funds
to taking $10 million worth of gold out of
the country in any one day to protect them
from being "used" hp smoth any other country
inasmuch as U.S. is on 24-hr. basis 10/20/36 4
5-16
8-16
2
Stabilization
41
Gold supply suffers first reduction since
"gentlemen's" agreement on currency
stabilization with France and England
($9 million) 10/20/36
41:
6
Report as to whether Amn. importers,
garin - + million Roated my later
so
as result of recent devaluations in
Europe, had transferred their buying
to those countries with devalued
currencies, made by Knoke 10/21/36
48-49
Stabilization
41
Belgium
HAJr shows cables from Cochran
describing his visits to Belgium
10/21/36 and Switzerland to Bewley and Mallet
41: 57-59
a) Both countries willing
Conference - present: Taylor, Oliphant,
Lochhead, Haas, Goldenweiser, Williams
(Fed. Res. Bk., N.Y.), Upham, and White
10/22/36
63-68
a) Oliphant raises point of ownership
of Belgian Bank
b) Williams inquires whether there is
anything agreement with France
to prevent Bk. of France from selling
gold to private bks.: ans. is "no"
Stabilization
2 Belgium
41
Conference
c) Haas suggests as substitute for
Stabilization Fund acceptance of
operations
some form of Treas. guarantee of
d) Oliphant raises point whether
statement of Jan.31, 1934, is
really being superseded or whether
we are adhering to the old-fashioned
gold standard through a new channel
e) Oliphant suggests that Belgian
agreement might serve as precedent
for similar agreements with Germany
and Italy
Stabilization
41
3 Belgium
Second conference at 5:15; Bell and Feis
join group
83-87
Further conference, with Holdr present
10/26/36
181-197
HiAJr talks to Cochran; says U.S. is
satisfied with Switzerland but not
with Belgium - 10/26/36
201-210
HMJr discusses conversion of balances
into gold, with Bewley and Mallet
10/26/36
211-216
Stabilization
4 Belgium
41
Fels reports to Mir that Blam told Bullith
"Frensh Presier very smok distumbed because
Belgism action came as complete surprise®
10/27/36
41a 235-242
a) SUP points out that cable is are
10 days old and conditions are a
little better
Stabilization
41
France
Franc's weakness explained by Bolton
(Bk. of Eng.) by general situation
in Europe - 10/22/36
41:
76-77
Stabilization
41
Switzerland
MM Cochran reports on visit to Swiss Natl. Bk.
10/20/30
41: 27-34
a) Proposed declaration
29
HMJr shows cables from Cochran
describing his visits to Belgium
and Switzerland to Bewley and Mallet;
10/21/36
57-59
a) Both countries willing
Conference - present: Taylor, Oliphant,
Lochhead, Haas, Goldenweiser, Williams
(Fed. Res. Bk., N.Y.), Upham, and White
10/22/36
63-68
a) Oliphant raises point of ownership
of Belgian Bank
Stabilization
2 Switzerland
41
Conference ----
b) Williams inquires whether there is
anything 1 agreement with France
to prevent Bk. of France from selling
gold to private bks.; ans. is "no"
c) Haas suggests as substitute for
Stabilization Fund acceptance of
operations some form of Treas. guarantee of
d) Oliphantraises point whether
statement of Jan.11, 1934, is really
being superseded or whether we are
adhering to the old-fashioned gold
standard through a new channel
Stabilization
41
3 Switzerland
Second conference at 5:15; Bell and Feis
Join group
83-87
Further conference, with HMJr present
10/26/36
181-197
HMJr talks to Cochran; says U.S. is
satisfied with Switzerland but not
with Belgium 10/26/36
201-210
HMJr discusses conversion of balances
into gold with - Bewley and Mallet
10/26/36
211-216
41
Stabilization
4 Switzerland
Feis reports to HMJr that Blum told Bullitt
"French Premier very much disturbed because
Belgian action came as complete surprise"
10/27/36
41: 235-241
a) HMJr points out that cable is now
10 days old and conditions are a
little better
Stabilization
Belgium
42
Cochran phones from Embassy in Brussels
10/28/36
42: 1-9
a) Reads proposed guarantee: "Belgian
Govt. guarantees to Govt. of U.S.
obligations assumed by Natl. Bk. of
Belgium, which is furthermore, as you
know, the fiscal agent of the state"
b) HMJr reports to Feis 10/28/36
10-15
Further discussion with Feis of Cochran's
visit to Brussels 10/27/36
41-62
Cochran-HMJr phone conversation 10/29/36 63-75
a) HMJr inquires whether Belgium objects
to any publicity or merely to day-to-day
operations
Stabilization
2 Belgium
42
Cochran-HMJr phone conversation (Continued)
b) Cochran reports objection is to necessity
for a note to supplement original
declaration
Feis writes expostion of what he conceives
HMJr's leading ideas to be on the necessity
for an inter-governmental understanding and
the limit to be placed on publicity
10/29/36 a & Transmy conformer "loolas
42: 83-85
115 - 150
Memoranda by those working on Belgian
situation, pra representing personal opinion
of each on how Belgian case should be handled
10/29/36
86-102
Burley , Mallet again anter 10/30/86 159-162
Stabilization
Holland no theilands
Cochran reports on phone call from Trip,
President of Netherlands Bank, with
respect to entering reciprocal gold
arrangment with U.S. 10/30/36 42: 165-167
Stabilization
42
Switzerland
See also Book 41, pages 27-34
Cochran reports further on conversation
42:
with Bachmann, Pres. of Swiss Natl. Bk.
174-176
a) Text alightlyxrexined of draft
declaration slightly revised
Stabilisation
42
Tripartite Agreement
HMJr reports on first month's operation - -
10/29/36
42: 105
1,
Stabilization
U.S.S.R.
42
Currency which was pegged to French franc
revalued to correspond with Paris recent
devaluation 10/28/36
42: 20
Stabilisation
HMJr asks Lochhead to watch mkt. particularly
carefully - 11/2/36
441 1-3
Memo to be prepared by Haas and White from
economic not legal standpoint, covering
(1) monetary arrangements with Belgium,
Switzerland, and Netherlands; and (2)
the point as to who holds title to the
monetary gold in each of these 3 countries,
together with a brief picture indicating the
monetary pattern, particularly with, name the handling
of gold, etc. - 11/2/36
6-8
a) Haas memo and drafts of Treas. announcement
to supersede those of 1/31/34 and 10/13/36 -
11/4/36
60-74
1) Discussion at HMJr's home - 11/4/36,
8:30 P.M.
77-99
2 Stabilization
FDR orders study by Fed. Res. Bd. and Treas.
44
into heavy buying of Amn. securities by
foreign sources - 11/13/36
44% 48-50
Import business in light of new currency policies
reviewed by Knoke - 11/9/36
207-208
Sterling resume'
199-206,
209-215,226-230
Bank for International Settlements:
Visit reported by Cochren - 11/10/36
216-225
Belgium:
Offers collaboration on Tripartite Agreement;
has no S.F. as do Holland and Switzerland:
a) Conf. at which Oliphant discusses
legal considerations - 11/5/36
120-142
b) HMJr asks Feis to participate in
discussion 11/5/36
143-144
3 Stabilisation
Belgium:
c) Ecoles, Ransom, Taylor, and Upham
discuss situation at lunch 11/10/36 441 145-146
1) Taylor explains to E. and R. that
S.F. has run out of liquid cash
and 80 has had to sell some
gold to Treas.
45
Stabilization
Belgium
d) HMJr explains Belgian situation to FDR:
U.S. "doing business" with Eng. on
10/13/36 declaration; "doing business"
With Belgium on agreement made 1/31/34
which has never been cancelled
154-156
1) Quotes new formule to correct this
e) Mallet, Feis, Taylor, Lochhead, HMJr
confer 11/5/36
repots that
157-160
f)
Draft of proposed statement by Treas.
intended to cover release of gold for
export to France and England, as well
as countries now under discussion, i.e.,
Holland, Switzerland, and Belgium, cabled
to Cochran 11/5/36
161-164
Stabilization
f) Draft--
1) Cochran cables that copy of statement
has been given to Baungartner, who
promised to discuss matter with Finance
They maryray mat jamy(s
Minister Auriol 11/6/36
44: 188
2) Cochran discusses with Baumgartner 189-193
Belgium: Cochran transmits letter from Minister
of Finance de Man, guaranteeing with regard to
U.S. Govt. obligations assumed in this declaration
by Natl. Bk. of Belgium, fiscal agent of the state
11/9/36
194-196
6 Stabilisation
England:
44
Eden "hints delicately" that under provision
of tripartite exchange pact proposing
abolition of quotas, England might consider
loan to Germany - 11/5/36
44: 45-46
Amn. Embassy reports on British economic
position: (1) production hooming in
knli) heavy industries; (2) noticeable
pick-up in textiles and consumer goods
industries; (3) therefore general rise
in world prices and British trade balance
position assume new importance -11/10/36
236-240
3
Stabilization
00 ************
4
Nethoschran:
to go to Holland, so HMJr informs
Taylor - 11/2/36
4,6,7
a) Cochran's cable explaining his
understanding of mission
9-15
b) Cochran cable concerning Netherlands
trip 11/4/36
27-36
1) Royal decree 9/26/36 prohibited
export of gold coin and bullion
2) Law of 9/30/36 set up exchange
stabilization fund; by same law,
Netherlands Bank's obligation
to redeem its notes was suspended
3) As a result of (1) gold standard is
not operative in Netherlands now
Stabilization
Netherlands: )Cochran dable
4) Exchange equalization fund is managed
by Netherlands Bank under supervision
of Minister of Finance
5) Exchange equalization fund offers
reciprocal facilities to U.S. under
certain conditions (enumerated)
6) This declaration by Netherlands Govt.
and Netherlands Bk. is based on declaration
of Secy. of U.S. Treas. 10/12/36
c) HMJr-Cochran phone conversation concerning
Netherlends trip - 11/4/36
44: 37-44
South America: HMJr tells Feis he is opposed
to all mometary conferences - 11/5/36
152
Stabilization
45
Sterling resume' 11/12/36
45: 1-4
Strakosch speech on restoring world economy
reported by Bingham in London 11/12/36
5-6
i) Discounts rumor of British loan to
Germany
2) States that Russia has discovered large.
new alluvial gold field north of Lena
that can be worked all year round
British Treas., in connection with promised
public statement of Chancellor of the Exchequer,
on reciprocal purchase arrangement, is concerned
about use of words "fiscal agent" which have quite
a different meaning in France 11/13/36
11-12
Cochran reports on manner of securing all
oral agreement of French Ministry of Finance
to proposed Treas. statement 11/13/36
13-18
2 Stabilization
45
"Dutch Govt. will shortly adhere to tripartite
exchange agreement"- so states London Times
11/13/36
1922x
45: 19-20
Credit to France TEX rumored 11/16/36
23-26
a) Treas. officials deny knowledge of
proposed credit
Conference in HdJr's office concerning
principals with whom U.S. is doing business,
etc.; present: Opper, Bernstein, Lochhead,
Viner, Goldenweiser, Haas, Upham, white
11/16/36 If growth dis(su ER) 11/18/56
30-63
New draft of Treas. statement (with this
1
significant phrase, "or any fiscal agencies
acting for or whose acts in this connection
are guaranteed by the Treasuries") aubmitted
3 Stab ilization
4
New draft
159-170
to Cochran for Auriol; prompt consideration
urged 11/16/36
45: 64-73
Prevs comment in London and Paris papers 81-2x
Amiel smrats from Toulouse to Paris ht sure of apral 88 14/1/26
francial back Amrid back in Andis Avis; in ( namplets
Cochran told by HMJr of promotion to
Class 1 11/16/36
89-2* 94
against
New proposed statement discussed with
Bewley by HMJr 11/16/36
95-96
Announcement supplementing that of 10/13/36
112
as given to the press on 10/17/36
99
sale of gold for wight
a) HmJr till, mallet of Fronch acceptance of new proposal
2) HmJr tills Cochran new proposal in accyptable
to with if it is to the Belgiams "10/36 189-190
")SEE mallet litter 11/15/36
191
4 Stabilization
phones
45
Belgium: Cochran cables from Brussels complete
approval of new declaration by Finance Min.
de Man etc. 11/19/36
a cable contiryning commition 357-262
45: 212-227
6) HMJr so informs Mallet 11/19/36
228
Netherlands: Amn. Legation cables Prem.
Sakig Colijn fears franc will have to
be devalued again to approx. 50% of
old value, thus vitally disturbing
internatl. currency situation; that
British may act in consequence and
Holdehd be forced to devalue also 11/: i/ 255
Netherlands: Cochran phones from Amn.
36
Legation; Colijn, Min. of Finance, and
Tripp have signed technical declaration
11/20/36
289-293
5 Stabilization
Netherlands: Cochran phones
45
a) Switzerland: Cochran will try to get
same declaration from Swiss; is leaving
immediately for Zurich
Stabilization
Auriol writes appreciation in longhand to HMJr
46: 12-16
Market reaction discussed by HMJr with Burgess
11/23/36
74-83,128-
136,150-153
Sterling movements reported by Lochhead
Manison
11/23/36
86-87
"Bob" Warren's article concerning possibilities
of isolating and sterilizing gold discussed
by HMJr with Bell, Viner, Williams (Harvard),
Taylor, Haas, Lochhead - 11/23/36
137-140
a) See article from The Annalist 11/13/36 141
Dow-Jones and United Press comment - 11/23/36 142-149
Cochran resume' of reaction in Europe 11/24/36 154-164,
180-184,235-243
256-259
2 Stabilization
Press release by U.S. Treas. of extension
of Tripartite Agreement to Belgium,
Netherlands, and Switzerland 11/23/36 46:193-198
Conference on future policy; present: HMJr,
Bell, Upham, Opper, Haas, Taylor, Williams
(Harvard), Viner, White, Seltzer, Lochhead
11/24/36
199-214
1) General Fund could sell securities to
mkt. in order to reduce bank reserves on
MX
occasion of gold inflow (and vice versa)
2) Stabilization Fund could obtain Govt.
obligations from Treas. in exchange for gold;
sell to mkt. to reduce bank reserves, etc.
3) Fed. Res. Bks. could obtain Govt. oblig.
from Treas. in exch. for gold certificates
3 Stabilization
3)
and sell securities to the mkt. in order
to decrease bk. reserves on occasion of
gold inflow (and vice versa)
4) As initial operation, Fed. Res. Bks. could
increase reserve requirements to the limit
now permitted by law, or could sell Govts.
HMJr thanks State Dept. and Cochran for
cooperation 11/25/36
46: 244-246
Moody's Bond Survey 11/23/36 discusses
problem of handling gold exports and imports
and their relation to Stabilization Fund 338
Stabilization
46
Argentina:
HMJr cables FDR need for $45 million by end of
month to be used by Argentine Govt. to redeem
the total of a loan in this mkt.; they will sell
sterling in London and purchase dollars in N.Y.;
use of U.S. end England Stabilization Funds will
prevent any disturbance to exchange mkt. -
11/27/36
46: 260
Bewley discusses with HMJr, Taylor, and Lochhead
question of publicity at press conference -
11/30/36
280-282
(See also Book 52, p. 145)
Stabilization
England:
Embassy, London, reports British Treas.
contemplates no similar arrangements with
Scandinavian countries "which naturally
pivot on London"; feels that, since issuance
of decree compelling owners of internatl.
securities to deposit them with foreign exchange
bks., in Germany, at least, there can be no
devaluation until the securities have been
taken over from their present owners - 11/20/36
46: 6-7
Reaume of attitude toward extension of
Tripartite Agreement - 10/20/36 - 11/18/36
46: 52-53
Stabilization
France:
45
Actual communique with regard to adherence
of Holland, Switzerland, and Belgium to
3-power monetary agreement, together with
intentions of French Govt. - 11/28/36 46: 297-304
HMJr and Cochran talk over possibilities of
reps. of Treasuries of various foreign countries
coming to U.S. to talk informally - 11/22/36
56-57
a) Cochran says Baumgartner does not have
confidence of Blum
b) British consider Sweden their protege'
but HMJr is going to ignore this
Stabilisation
Italy:
HMJr asks Lochhead whether 10/13 statement
was sent to Italy - - 11/20/36
a) Lochhead reports "yea"
46: 4
Enlargement of Tripartite Agreement discussed
by HMJr and Amb. Suvich -
11/20/36
40-42
Stabilization
Netherlands and Switzerland:
Copies of telegraphic instructions to be sent
to diplomatic reps. at Washington, London,
Paris, cabled to HMJr by Cochran
46: 10,11,
50-51
Cochran phones HMJr "everything is sewed up"
and HMJr so informs Taylor - 11/21/36
43-47
a) HMJr asks Taylor to call Moore (State
Dept.) that messages will be coming in
tomorrow (1/22) from Holland and Switzerland;
asks Legation to stand by
b) HMJr will now draft cable from for FDR
(see page 47)
c) Asks Taylor to notify British Embassy
Documents dated 11/21 from Swise Govt. and
Dutch Govt. discussed in HMJr's office:
Stabilisation
2 Metherlands and Switzerland
46
present: Viner, Lochhead, Taylor, Gaston,
Haas, Opper, Upham, White - 11/23/36
46: 62-73
Switzerland's actual approval of
tripartite monetary agreement
185-186
Stabilization
See also Gold, Sterilization of P Future Acquisitions
Monetary arrangements entered into between France,
Gt. Britain, and U.S. in Oct., 1936, reviewed in
Oliphant memo 12/1/36
47: 65-66
Resume of Paris market by Cochran 12/1/36 47: 40-42
12/2/36
67-71
Knoke discusses Cochran cable, giving extracts
from the London Financial News, with HMJr
12/3/36
115-126
Stabilization
48
See find also Gold
Cochran reports on BIS meeting and reaction
to conditions in France, Netherlands,
Sweden, Switzerland, etc.; "hot money"
also discussed 12/15/36
48: 190-204
Stabilization
43
Translation of official communique issued
at close of recent meeting of the governors
of natl. bks. of the Balkan entente, concerning
" monetary accord which binds France, Great
Britain, and U.S." 12/22/36
49: 222-224
Statement issued by Gt. Britain on the
occasion of the adherence of the govts.
of Belgium, Netherlands, and Switzerland
to the principles stated in Tripertite
343
Ages declaration of 9/25/36 -
342-8**
New Year cables to Netherlands, Switzerland,
France, England, Belgium
361-372
'Stabilization
5:
See Pank for Internation Settlements
See speech "Stabilizing the Exchanges" by James D.
Manay Mooney, vice-pres. in charge of 'Apport' sit.
Gen. Motors Corp. at Interns tl. dinner of
Auto. Mfrs. As.n., N.Y.C.
328-336
HMJr instructs Cochran to sail for U.S. 1/13/37 379
England: Statement by Govt. m the oursin of the
of the Gouts of Bilgims, - switzerbad
to the frinciples stated is the Trip tin Dumantion 9/25/06
76-15
1.743 ^
Switzerland
Sproul and Knoke (Fed. Res. Bk., N.Y.) discuss
51
with HMJr question of a letter dispatched
by Fed. Res. Bk. to Swiss Natl. Bk. covering
gold transactions in this mkt. before letter
had received approval of Trees. Dept. 1/11/37
a) Oliphant memo concerning 1/13/37
51: 201-203
357-358
Stabilization
52
Bolton confers with Knoke concerning recent
gold shipments received in U.S. by parcel post
and reported loss of one gold bar; states
this was actually gold purchased in London
(like most of the recent mysterious
is
from
Switzerland), shipped to Switzerland and
shipped from there by mail to N.Y. 1/19/37
52: 18->
Auriol, Min. of Finance, speaks on monetary
stabilization at luncheon at Amn. Club
1/21/37
90
Resume of exchange mkt. 1/21/37 (Bullitt)
95-99
a) Phone conversation 1/22/37
104-107
1) Bullitt suggests that all Treas.
calls go through French wireless
-129-129
in future; quicker
2) our
2) Bullitt suggests transaction mech HmJr Durines
P
FDR (8.138) as lawing check on
funds haping for funds when chuk clas"; HmJr
FDR Disaggrour
2 Stabilization
52
Paris Bourse to close on Saturdays because of
40-hr. law - 1/22/37
52: 141-142
France:
Situation disturbing to Bk. of England,
so HMJr tells Bewley; asks Bewley to
ascertain reason - 1/22/37
145
Bullitt reports conversation with
Auriol who thinks there will be no
immediate crisis as to franc; Auriol
expected to make strong statement to
press dealing with London rumors
that devaluation of franc is to be
expected 1/22/37
200
Cochran phones to Cariguel from residence
on French situation 1/24/37 (Sunday)
of HMJr and asks to be brought up-to-date 204
2A Stabilisation
France
Railroads: Rueff, at request of Auriol,
tells Bullitt of favorable progress in
negotiations for loan in London of
42 to 5 billion francs to French railroads
1/25/37
52: 266
Emphatic denials in press of further
devaluation of franc - 1/25/37
282
3 Stabilization
Earmarked gold: conference on question of transfer
between accts. of foreign Central Bks. having
gold earmarked with Fed. Res. Bk. of N.Y.;
present: HMJr, Taylor, Ollphint, Opper, Williams,
Knoke, Cochran, walter Stewart, White, Heas, Bell,
Lochhead, Uphon, Sprague, Harrison, Fels, Goldenweise
1/25/37
52: 208
Official communiques issued by Govts. of
Belgium, Netherlands, and Switzerland, on
the occasion of their adhesion to monetary
accord, again transmitted to Treas. by State Dept.
271
Stabilization
Farmerked gold: second conference on question
of transfer between accounts of foreign
dentral Bks. having gold earmarked with
Fed. Res. Bk. of New York; present: Oliphant,
Opper, Williams, Taylor, Knoke, Cochran,
Sprague, Hoas, white, Lochhead, Upham, Bell,
Harrison, Livesey, and Goldenweiser
1/26/37
53: 1
Exchange (over) market movements resume (Paris)
63
1/26/37
1/27/37
119
1/28/37
230-239
1/29/37
308
Proposal approved by FDR 1/27/37
93
4) Taylor told to call in 5 Tripartite
countries to whom agreement will be
presented and who will be asked for
their answers
2) Reps. of Netherlands, Switzerland,
Gt. Britain, France and Belgium,
together with Livesey (State Dept.),
meet with Taylor and Lochhead
1/27/37
96
Stabilization
France
53
Cable of disappointment at Rueff's
suggestion, sent to Bullitt; "none of
suggestions recently made fall within the
spirit of Tripartite Agreement or the
proper field of the S.F.'s operations"
1/26/37
53:43
a) Hull's reaction
46
b) Copy, sent to FDR
Mentschler asks HiJr's advice concerning
participation through London branch in
a $50 million sterling loun either to
Bk. of France secured by gold or to the
wovt. guaranteed by the Bk. of France
50
1/26/37
c) Bullitt reports T eff's reaction: neither
disappointment nor surprise 1/27/36 53: 106
2 Stabilization
France
Rentschler ----
a) HMJr tells Rentschler, "I think you'd
better not ask me"
b) HMJr informs Harrison of the "off
53:56
the record" inquiry of the Natl.
City Bk.
59
Contemplated French financing on the
London market reported by Butterworth
1/27/37
104
Feis (State Dept.) tells HMJr State Dirt his
received Chase Natl. DK. inquiry
regarding participation by London either/28/
in loan negotiated in London mkt.
240
by French Govt. or French railway COS.
3 Stabilization
France
53
Bewley cells on HMJr with & message from
the Chancellor; France is passing through
difficult transitional period but signs
fundamental improvement; French Govt.
endeavoring to raise B. loan in London,
preferably for the railroads and not the Govt.;
Chamberlain has privately informed Bk. of Eng.
that he will be glad if this can be arrangedz
privately and not by Bk. of Eng.
1/28/37
53: 241
a) HMJr ********* informs FDR
of Chamberlain's message thinks
it the first time that he has
recommended private loan 1/28/37
248
4 Stabilization
53
France
b) HMJr also informs Hull
HMJr tells 9:30 group that E French railroads
got their loan 1/29/37
53: 276
Hull informs Amn. Embassy that 2 N.Y. banking
institutions have been contacted with regard
to participation in sterling loan to French
railways - 1/29/37
317
Stabilization
movem its resume'
Exchange market EHSNMA
2/5/37
54 54: 105
2/10/37
344
Stabilization
54
BIS
Delegation visits Bk. of England to secure their
assent for sale of gold to BIS "for the account
of others"; i.e., for the Central Bks. of issue
of the KRES small Central European countries
members of BIS; Bk. of England is said to have
refused 2/9/37
54: 244
HMJr does not favor Amn. membership; Eccles
therefore will drop entire matter 2/9/37
261
Stabilization
France
54
Summary of information furnished by Minister of
Finance to the Parliamentary Finance Committees
2/4/37
54: 89
a) Protests false rumors circulation
b) Recalls "disguised" borrowing of the
preceding govt. from Bk. of France;
such practices have now ceased
c) States that no limits have been exceeded
and no margins of limitations have been
exhauseed
d) Certain questions with regard to Tripartite
Agreement discussed
e) States that if it is established that &
syndicate of French bankers had taken part
of the French credit in London, it was Come)
Istabilization
54
France
Amn. Embassy in London reports on French condition
to
2/4/37
54:98
French railways loan: Chamberlain's message
to HMJr concerning 2/8/37
233
Chamberlain informs HMJr through Bewley
that conditions in France have in no way
improved as a result of recent credit
afforded French railways 2/11/37
360
Stabilisation
3
Exchange market movements resume 2/12/37
55: 18
Stabilization
France:
(Paris)
Amn. Embassy, sends information that Blum
and Auriol are dissatisfied with Labeyrie
as Gov. of Bk. of France 2/12/37
55: 20,
Blum broadcast: 2/16/37
17
153
a) Urgest Govt. employees to withhold
demands for higher salaries as a result
of the ever-increasing cost of living
b) Announces Govt.'s decision to present
new laws to Parliament relating to the
punishment of speculatoram on prices of
products of prime necessity
*Situation growing steadily worse," HMJr tells
FDR at luncheon 2/17/37
330
Stabilisation
55
2 France:
"Situation ---
a) HMJr blames tremendously increased
expense: for armaments
1) FDR seems in frame of mind to consider
calling disarmament conference
e) FDR convinced he cannot use Hull
or Norman Davis on this program
Minister of Finance's explanation of present
financial situation 2/18/37
355
HMJr-FDR conversation 2/18/37
441
a) Rueff (Under Secy. of Treas.) desperately
trying to get Cochran to ask U.S. if
City of Paris or the Credit Fomaier
Stab.
55
3 France:
could borrow in U.S. market; ESS C.
suggested taking it up through bankers
who are going to handle loan; HMJr
suggests to FDR that the spirit of (6)
the Johnson Act would say "no"; FDR
thinks French Govt. should seise all
gold and silver in Paris and all gold
held abroad by their citizens to
be turned in to Treas. (c) HMJr remarks
France has gone half-way and is now talking
of backtracking; Belgium handled it much
better; (d) Bonnet to arrive today as
French Amb. to succedd de Labouaye; HMJr
suggests, beeing his until middle of week
Stabilisation
55
France:
Article 6 of Monetary Law of 10/1/36 abrogated:
"provisions ***** not applicable into internatl.
payments which, prior to the promulgation of
this law, were validly stipulated in gold francs.
Payments effected between France, Algeria, Tunis,
Morocco, the Colonies, Protectorates, and states
and territories under French mandate, are not
internatl. payments." 2/19/37
55: 478
Swiss banks have refused request for loan of
one billion france to one of the French public
bodies - 80 Bullitt reports 2/19/37
483
Stabilisation
Netherlands:
55
DeJong (Da Nederlandsche Bank) talks to Knoke
someerning transfer of $100,000 in gold from
earmarked gold acct; guidex guilder weak
2/15/37
55: 131
Stabilisation
56
France:
Cochran reports substance of British
correspondence expressing "anxiety and
unhappiness over continued loss of gold
by France" 2/20/37
56: 5
a) HMJr, from the Farm, discusses with
FDR; both agree to do nothing about
this 2/21/37
13
Cochran requested by HMJr to cable his
suggestions on what the French might do
to help themselves internally 2/25/37
198,207
HMJr tells FDR he should do something to
get French to devalue 2/25/37
HMJr asks Knoke to be in the (HMJ) office
206
tomorrow morning; HMJr will again
talk to Cochran
206
2 Stab.
France
Knoke-Bk. of France phone conversations 2/25/37
56: 208
Bullitt-Delbos (Min. of Foreign Affairs)
conversation - 2/25/37
211
a)Bullitt: Fears that despite new moderation
in Hitler's policies, this is lull before
the storm; Hitler may be speculating on
possible collapse of French financial
situation and over-flow of Blum Govt.;
this would produce enormous series of strikes.
b) Delbos: A possibility, but financial situation
will not get 80 far offhand as to lead to
overthrow of Govt.; admits unpopularity of
Labeyrie (Gov., Bk. of France) and Auriol
Min. of Finance: +
Stab.
3 France
e) Delbos proposing formation of Natl. Economic
50
Council to supervise and coordinate work of
Ministers of Finance, Natl. Economy, Commerce,
and Ag.; also some suprvision over Bk. of France;
Rist to head Council.
Bullitt-Blum (Prime Min.) conversation -
2/25/37
56: 212
a) Bullitt suggests time is ripe for France
and Germany to remove barriers to
internatl. trade and armament restrictions
b) Blue does not agree; thinks Hitler is
speculating on fall of Blum Govt,, with
general strike following; states emphatically
that financial situation will not bring about
overflow of his Govt.: (Blum)
Stab.
4 France
should go into opposition, he would make
the utmost efforts to prevent serious strike
instead of trying to bring such strikes about
c) Blum: Most grateful for U.S. support; asks
about possibility of some type of loan in U.S;
Bullitt replies Johnson Act would exclude any
type of loan; Blum inquires about debt
settlements and Bullitt says, in that casey
a French loan would present quite a different
aspect; impossible Blum does not consider debt settlement
Stab.
5 France
Meeting "on French situation"; present: HMJr,
50
Taylor, Lochhead, White, Knoke
2/26/37, 9:15 A.M.
56: 281
a) HMJr thinks "French situation is
just about as bad as it can be"
Futher meeting;-2/26/37, 11 A.M.
present
a) HMJr tells group that FDRis as
306
pessimistic as he is; FDR suggests
that word be sent to Chamberlain
very secretly asking if there is
anything Chamberlain and HMJr can
do together; therefore Sir Ronald
Lindsay has been asked to join group
b) Conversation *14.04 with Cochren:- HMJr asks Cochran
to is for his after debate
*1) For actual conversation with FDR, see p. 341
Stabilization
6 France
56
progress in France has been completed
1) Cochran's telegrams
320,403,408,
434
o) Sir Ronald Lindsay arrives
317
d) HMJr tells Feis not to inform Atherton
in London but to leave entire matter
in Lindsay's hands
318
Bk 62 P. 176)
(For chan. of Exchequentingly on
Stabilization
57
France:
Amb. Bonnet, Jules Henry, Livesey (State Dept.)
call on HMJr 3/1/37
57: 49
a) France wishes to remain wholly in
accord with the monetary understanding
and faithful to the trade agreement of
Hull
Amn. Embassy, Paris, reports that Blum has told
a reliable newspaper correspondent to publish
& statement to the effect that French Govt.
had decided against exch. control 3/2/37
194
Mallet brings message from Chamberlain to
HMJr 3/2/37
196
a) "His Majesty's Govt. has urged French
Govt. to take speedily most vigorous
action to restore confidence; in their
Stabilization
57
2 France
reply, French Minister stated they were
firmly refusing to impose exch. control
and that measures under considerations
include free movement of gold, a pause in
increase of expenditure, use of a more
elastic technique by French equalization
fund to defeat speculation, limitation of
rise in prices, and reduction of customs
teriffsand abolition or limitation of quote
restrictions
1) Actual message
57: 207
a) HMJr shows to FDR 3/3/37
233x
kixTran 9923 Hill 3/3/27
and says that he' (HMJr) thinks
obvious thing for over) French to do
Eytra
is to devalue other 8% 3/3/37
233
b) HMJr has been thinking for some time
but has not wanted to propose to FDR
as yet that best solution of French
problem would be to ask Soveet Russia
to join Tripartite Agreement; large
holdings of Russian gold might make
just the sufficient difference to tide
French over present crisis
e) HMJr transmits copy of message to
Hull 3/3/37
231
Stabi lization
3 France
3/2/37 57: 212
Cochran reports on visits of Prof. Rist
a) France must choose has from liberal
policies of U.S., Gt. Britain, etc.,
or closed economies of Italy, Germany, Stc.
b) When Rist, as Chmn. of Committee of Trade
Policy, called on Blum, he found Premier
sympathetic with arguments assexfaxer
in favor of more centralized trade policies
c) Rist regress that Blum Govt. financial
policy does not inspire the confidence
of the people
d) Rist admits disapproval of both Gov. of
Bk. of France and Min. of Finance
e) If any loan is issued for France, it should
be issued on the market in Paris
Stabilization
4 France
f) Strongly advises that Bonnet send
communication to Blum setting forth
impressions he has gained in U.S.
HMJr discusses Chamberlain message with
Feis, Haas, Lochhead 3/3/37
57: 281
a) Chamberlain thinks France cannot
last more than one wk.; Cochran
says 2 wke.; HMJr anxious to
figure out what U.S. can do;
HMJr's idea of inviting Russian
participation to Tripartite Agreeement
discussed; Feis wonders whether Japan
could not servein in place of Russia;
Italy also suggested
Stabilization
5 France
57
Petit Parisien XXXXXX article stating that
Wash. correspondent has cabled that Morgenthau
gave Bonnet" unequivocal assurance" of support,
discussed with (1) FDR, (2) Hull, (3) Jules Henry,
Counsellor of French Embassy 3/4/37
57: 312
IRENES (4) at press conference
317
a) Denoyer's article in Petit Parisien
331
Feis 'phones that Amb. Bonnet "is wholly
amased at article in Petit Parisien"
3/4/37
334,
338
HMJr ball reports incident to Cochran
3/4/37
341,
HMJr explains to Mallet 3/4/37 352
347
Stabilisation
6 France
57
Amn. Embassy, Paris, quotes Reuter cablegram
in London Times, stating that Bonnet has
informed reporters he intends to open war
debt 3/4/37 discussions with Cort. of U.S.
57: 363
Ann. Embassy, London, reports on new
measures under consideration by French
Govt. 3/4/37
364
Franshximent
Stabilization
BIS
58
March meeting reported by Cochran 3/8/37 58: 357
Stabilization
58
France:
After Cabinet meeting, Blum announces restoration
of freedom of gold movement, effective Monday, March
8
3/5/37
58: 1
a) Committee of experts to direct Equalization
Fund set up: Labeyrie, Rueff, and Baudoin, Rist
b) Beginning Monday, Bk. of France will buy
and sell gold without identity requirements $
hope that this will restore confidence,
prevent further export of "frightened" capital,
end convince investors to lend the Treas.
needed money
c) Bk. of France will buy gold at current rate,
thereby abandoning the previous policy of
buying at pre-devaluation rate
Cochran's cable
E
*
(Bingham's caliz
3/5/37 113)
:
therable
to
Stabilization
2 France
58.
HMJr discusses with FDR - 3/5/37
58: 3
a) Explains law whereby gold could have been
seised; instead, law is to be rescinded
and the holders of gold to be given full
benefit of devaluation
b) HMJr considers it a schese which will not
work
c) FDR approves of HMJr sending for Bonnet
HMJr's consersation with Knoke
a) Both disappointed with last move 3/5/37 of
3-A
French
b) HMJr says Bonnet has been with has one hr.
and has gone hack to call up French; he (Bonnet)
does not seem to understand move
Stabilisation
58
3 France
c) As HMJr and Knoke understand it, French
private individual gets profits under
gold holdings
d) HMJr feels French should either devalue
further or announce they have no intention
of 80 doing
e) HMJr asks Knoke to call Bk. of France and
1 Bk. of England (actual conversations pp.36,37)
XXX
3/5/39
Bonnet calls on HMJr; present: Jules Henry,
Taylor, Lochhead, Feis 3/5/37
58: 10
a) Conference as reported in Petit Parisien
3/5/37
23
Stabilization
4 France
HMJr-Cochran conversation 3/5/37
58: 26
a) Entire Cabinet meeting discussed
b) Blum to appeal over the radio March 6
and on Sunday, March 7, the Pres. of France,
the Pres. of Chamber (Caillaux) and the Pres.
of Senate
Oliphant memo: No foreseeable development an
French situation where U.S. would have to
prepare legal documents to safeguard Govt.'s
interests 3/5/37
35
HMJr-FDR conversation at noon 3/5/37
48
a) Blum has made statement and said nothing
about devaluation;
French always
rely on U.S. to support the franc and the lb.
and so far today we have heard nothing:
Stabilisation
58
5 France
we think French Stab. Fund is exhausted;
FDR agrees; HMJr tells Mrs. Klotz he thinks
"Hitler will strike either Sat. or Sunday*
1) HMJr repeats to Harrison that U.S.
will "sit tight" 3/5/37
58:49
Mallet calls on HMJr; present: Feis, Taylor,
Lochhead,
12:30 P.M. - 3/5/37
53
a) Chancellor's communication states
"as regards gold movements position
inlay of France today and of U.S.
in 1933, they seem to differ greatly;
contal
French difficulty is largely that she
has lost great quantity of golde capital"
(actual message on P. 60)
Stabilisation
6 France
58
b) HMJr reports on lastQminute action:
since Blum's statement at 10 A.M.
French time, franc has dropped from
4.643 - 4.59, and for first time,
U.S. has no orders from French Govt.
to buy francs at any price; French
"did E 13 million today and British
did E15 million"
#
c) HMJr has begged Chancellor for past wk.
to make statement but he has not done so;
U.S. will carry on for the rest of the
day and will not let down sterling dollar
rate
Stabilization
7 France
d) Bonnet is returning at 4:30 and HMJr asks
Mallet to return after that
Rates finally received (price that works out at
4.41 - about 6%) and HMJr 80 informs Cochran
1:33 P.M.
3/5/37
58: 63
Bonnet calls on HMJr; also present: Jules Henry,
Feis, Taylor, Lochhead 4:30 P.M., 3/5/37
a) Bonnet reports official communication states
67
no change in monetary situation; merely a
new order: Bk. of France can now purchase gold
at daily price and until now could not do so;
this is the only change; no definite stabilization
of franc; Bonnet gives resume' leading upt to
present step. which
Stabilization 8 Francerfort
on part of Govt. to encourage holders
of gold to bring it to the Dreas.; HMJr adds
is it not better to put French currency
in line with rest of world voluntarily rather
than be forced to do 807
Upon departure of Bonnet, a Henry, Mallet calls again
on HMJr; present: Taylor, Feis, Lochhead 3/5/37 74
HMJr talks to Knoke at 5:15 P.M. 3/5/37
76
a) HMJr: "I hear you can't buy any sterling;
wontt let you have it"
b) Knoke: "True, but we bought 50,000 at
13/16ths and at the moment we are fishing
for a hundred at 3/4m; we'll not lose money
at 7/8ths"
b) HMJr: "Push it to the limit - 7/8ths"
Stabilization
58
9 France
HMJr: "French Amb. asked to 'phone Auriol tonight
and report 9:30 tomorrow morning*
After Mallet's departure, Taylor hands HMJr his
"guess" on what will happen 3/5/37
58: 82
Cochran cables after conference with Rueff
8 P.M. 3/5/37
114,
(For previous Cochran cables, same day,
148.
see peges 85,111,119
231, 233
a) Rueff inquires whether U.S. will object
if French Govt. named some bank of firm
in N.Y., such as J. P. Morgan, to act as
agent in U.S. for purpose of paying coupons
of proposed loan in cases where payment is
requested in dollars; stresses fact there
would be no subscription in U.S.
Stabilization
10France
58
Press comment on French Cabinet meeting
3/5/37
58: 123,
Bonnet and Henry call on HMJr at 9:40 A.M.
'17
3/6/37
150
a) After departure of Amb., Geo. Harrison
and Oliphant join group (Livesey,
Taylor, Lochhead also present) 3/6/37
157
1) HMJr tells group Amb. added nothing
new
2) Oliphant reports opinion of Dept. of
Justice on "some bank of firm in N.Y.,
such as J. P. Morgan, to act aa agent
in U.S. for purpose of paying coupons'
on French loan that, while such designation
might not be violation of Johnson Act,
Stabilization
58.
11 France
nevertheless the sale of bonds to Americans would
be a violation and no officer of the Govt. can
undertake to approve any messure/calculated to
encourage such sales
58: 158
3) In midst of conference, ticker reports
agreement under which Amn. bks. may invest
in forthcoming French defense loan without
infringing the Johnson Act
(not officially confirmed)
a) HMJr: "Nice thing about French is
they never wait for your answer"
Mallet confers with HMJr at 10/15 A.M.
3/6/37
162
* Actual dictated opinion
161
Later, Atty. Gen. adds he deemed it largely a
question of policy
200
(Actual statement in Cummings' handwriting p.263)
Stabilization
12 France
a) Cable, probably from Sir Warren Fisher,
58
states constant attention will be given to
pound dollar fluctuations today
b) HMJr tells Mallet of French proposal
that bank or firm in New York act for them
in cashing coupons
HMJr informs Hull of conferences 3/6/37 58: 174,235
Bk. of Eng. tells Knoke "things not too bad
at the moment" 3/6/37
259
HMJr discusses Cummings' opinion (see page 263)
with FDR 3/6/37
267
Stab.
13 France
Gaston reports newspaper reporters wants conf.
"even though you won't sell them anything"
3/6/37
58: 270
HMJr dictates Cummings' opinion to Cochran
at 3:30 P.M. 3/6/37
271
HMJr reports Cummings' opinion to French Embassy 277
Marlet
=82
Paris newspaper comment indicates French loan
may be postponed 3/6/37
Butterworth (Amn. Embassy, Loddon) tells HMJr
284
British Treas. has been informed by French
that Bonnet has obtained HMJr's consemt to allow
French loan to be ******* to the Amn. mkt.
3/6/37
285
a) HMJr tells Butterworth Lochhead will read
to him opinion from Justice Dept. which will
show "U.S. has turned him down"
Stab.
14 France
Newspaper comment on status of French loan
London, Washington, Paris, N.Y. 3/6/37 58:289
French loan postponed for 2 or 3 days -
Wilson reports confirmation at the
Presidency of the Council (Cochran at
Basle) 3/7/37
299
Mallet delivers to HMJr Chancellor's message,
"We have already refused a corresponding
request for paying arrangements in London"
3/8/37
331
a) HMJr informs FDR, who has no comment
b) Cochran reports receipt of French answer
by French 3/8/37
375
1) Cochran has been requested by Rist
14-a ask HMJr to reconsider refusal; HMJr says "No"
08
2) HMJr reports conversation n to Hull 3/8/37 376
Stabilization
58
15 France
"Storm Bising in Congress337
on Paris loan" N.Y. Herald Tribune - 3/8/37 58: 320
a) HMJr tells FDR he has asked Robinson's
office to call in Committee of Foreign Affairs
and let him (HMJr) tell them what he has done
to save us from attack on the Hill; FDR says
to omit Borah and Johnson - he wants to lay a
trap for Borah
225338
Press conf. 3/8/37
Press comment - Paris, Washington 3/8/37..
339
........
377
Stab.
58
16 France
Bonnet confers with HMJr at 2:30 P.M.
3/8/37
58: 401
a) Asks reconsideration of Amn. decision
b) HMJrx says it is not fair to place
responsibility for success of loan
on decision of Amn. Govt.
c) HMJry Feis reaction
417
Mallet confers with HMJr at 4:45 P.M.
3/8/37
418
a) Chancellor's message on British
reaction to Rrench position in spite
of objections of both British and U.S.
Govts.,given
Stabilization
17 France
58
Am. Embassy, Paris, cables concerning
Blum's broadcast on March 6 and Chautemps
speech at Chartres 6 3/8/37
58: 43tx
Cochran cable on Rist call with regard
437
to exchange option clause and Leith-Ross
visit 3/8/37
441
Stabilization
France:
HMJr conversation
3/9/37
59: 1
a) Rist had called on Cochran, making
strong plea for change
b) Bonnet calls, telling HMJr U.S. is
not interpreting Johnson Act correctly
and then threatening to put in exchange
control, etc., ending by saying that
Auriol wanted HMJr to know that if French
loan failed he (HMJr) would be personally
responsible
e) British also turned down French and
French than retorsed whether it was liked
or not they were going to do It and do
4+ in London
Stab.
2 France:
d) HMJr goes to Hill and works it out so that
Robinson gives out release
e) HMRr feels this brings Gt. Britain and U.S.
closer together
f) French also approached BIS, asking them to
do the paying, and BIS refused
g) Cochran reports he has never seen Norman
so thoroughly angrex angry at the French
HMJr-Cochran conversation 11 A.M., 3/9/37 59: 19
a) Paris newspapers state that Bonnet will
hroadcast in English tonight at 7:45
Stabilization
3 France
HMJr-Harrison conversation 3/9/37
59: 29
a) Morgan and Co. (Paris) ask Morgan and Co. (N.Y.)
same question concerning acting as paying
agent; N.Y. company, without knowing of Treas.
* Action, gave identical answer
Bonnet radio address: Hull reports on discussion
with Henry (Counselor, French Embassy) 3/9/37 32
a) Henry states that newspaper articles
are entirely erroneous - have to do merely
with original invitation to speak, delivered
by NBC to Bonnet* as to all new Ambassadors
b) Henry adds assurance that when Bonnet speaks
any reference to question of repatriation of
French investments from U.S. will be clearly
in line with desires of Treaa.
* Leffingwell's corroborating letter 3/10/37 141
Stab.
4 France:
c) Henry creates imppession of displeasure that
question should be raised
Translation of text of law authorizing 146 issuance
Paris market resume' 12/0/32 3/9/37
59: 36,45
of loan just laid before Chamber of
Deputies by Govt., transmitted by Cochran
3/9/37
43
a) Press comment concerning Blum's
supporting speech, resulting in **** uproar
in galleries in which Madame Blum participated
3/9/37
47
Press comment on French loan (Paris and Wash.)
60,165
273
€) Embassy cables concerning debate and final
passage by vote of 470 to 46,
#
with 94 abstemptions
1) HMJr-Cochran conversation
155,157,
168,256,
9:20 A.M. 3/11/37, giving terms of
259
loan
172
a) HMJr talks to Knoke: 42% 60-yr.
bond at 98
177
b) HMJr talks to Harrisonx
180
c) Embassy cables passage of bill by Senate;
vote 258-1 (Sen. Thibault - Repub. Union t
****** with 46 abstentions 3/11/37
264
59
Stabilization
5 France:
Amn. Embassy, London, reports terms of French loan
have aroused curiesity though no real money interes
British authorities reported as still anxious
about the position in France 3/11/37
59: 254
a) 00-3/12/37, Sir Frederick Phillips
tells British Treas. French situation
3/12/37 has immeasurably improved during past wk. is
398
Stabilisation
6g France:
Text of decree establishing conditions for first
issue of national defense loan 3/12/37
a) Rinn LeBrun, etc., broadcasting
59: 363
in favor of loan 3/12/37
401
b) Newspaper comment reports heavy demand
for first installment of loan
3/12/37
403
Stabilization
60
France:
Subscriptions closed to first issue of natl.
defense loan 2x21 3/13/37
60: 28
Him
xiss
d) Cochran cables
b) Press comment
19, 138
Bk. of Eng. conversation with Knoke 3/16/37 113 132
a) Major change in French situation
causes Bk. of Eng. to take time by
forelock; conceivable there will be
substantial repatriation of French money;
therefore a buying and selling price
with a tentative spread 61,201d of 2 pence up
and down from pice fixed daily in London
at 11 A.M. has been established
* Subscriptions of leading bks. reported by
Cochran 3/19/37
60: 250
Stabilization
2 France
60
b) Reports also on large amts. of gold which
came from Russia, were trans-shipped in Eng.,
and are on way to U.S.; believes there must
be at least £200 million in State Bk. of
U.S.S.R.; new production ran somewhere in region
of E60 million to E70 million per year
Stablization
Ear-markal gold : Taylor Rsume if stays taken
61:354
+
for time of an france on 1/27/57 mide requestations
of G. Bor., Fame switzerland . Bilgimm
Modal
a) ngliss for each country indicating agniment to
Transfs progral
b) new goid license for Fl. Res. BK.ny.
*
For acknowledgment by Royal Netherland Lemgation
(Wash.) of authorization from Netherlanda
Govt., see Bk. 65, p. 210.
X
stabilization
England: Possibility of smoging price of gold sis-
and with Builey at Sea dland. Ga. 2/26/07
a) HmJr ans not Music anything in
61:165A
Trigutik numbitates consultation
wills fustans in again to logging grice
1) amly
b) Hmur also Herries, infuture, gold shaned
"Stab
Eng
61
h purchased only to respondated agent of
Grots, as, for y., themiss warred Russiance
sales is to suma mmcy to my may mathrials
X
Stabilisation
France:
Le
61
For Denoyer story in/Petit Parisien, stating
that Margani HMJr gave Bonnet "unequivocal
assurance," see Book 57, P. 212
Gaston-Wilson (UP Assos, correspondence
concerning article 3/16/36 - 3/30/37
61: 280
s
Stabilization
Market movements resume' (Cochran) 3/25/37 61: 139
Stabilization
62
France:
Market movements 4/2/37
62:200
Stabilization
64
See BIS
Amn. Embassy, London, reports that in House
of Commons Chancellor of Exchequer was asked
today to allay public anxiety by giving
assurance that British Govt. does not intend
taking action to check rise in commodities
by raising price of sterling in terms of gold
in view of inflationary effect 4/13/37 64: 311
65
Stabilisation
See Gold
. U.S.S.R.
Amn. Embassy, London, reports on meeting at
British recent recrudescence
Treas.,and the Walsy
of uncertainties in French situation 4/16/37
65: 115
a) O.M.". Sprague's speech again commented on
and
Cochran transmite resume of interviews with
Cariguel and Rist as Introductional to general
review of financial developments at during present
wk. 4/17/37
65:
141
Resume of European situation by Raffalovich
162
in Paris transmitted to n. C. Taylor 4/17/37
b) 1 and he concernation Lrith-Ross had taken position that
than is not years of goil in mill toory that when
Frow,ch. begin to about their fair progration 6* the groblem
will - into the back and
c) Philips apparently Doc not share this point ofview;
samp if 4.5. mishis to whange virus nike Br. Govt
they -W malume Exchange
1. H mJr m phane Buttermith to assestain
schaugh of visus can take place in wash. 145 4/14/07
66
Stabilisation Bee also Govt. Bond Mkt.
Amn. Embassy, London (Butterworth), reports further
exchange of info.: Phillips reports complete
understanding of U.S. point of view; thinks it
desirable to keep matter in the back of one's mind
for it is not pressing at this time; alasxasks 66: 33
a) Amiralso asks Cochren to make inquiries
117
French situation also discussed in above conversation;
Phillips thinks a crishs point may be approaching 33
a) "ochran's resume of situation in France
4/23/37 + 4/24/37
Frank Altschul writes HMJr at length concerning
35,43
"hot money" 4/26/37
83
Knoke reports to HMJr on conversation with de Jong
of De Nederlandsche Bank concerning change in
instructions with regard to sale of guilders
4/27/37
110
1) Cochran reports Minister of Finance
bitterly complained before Chamber of
Finance Com. yesterday against circulation
of stories of imminent peril in finance
situation and suggests that campaign
is the work of political enemies 4/29/37
1
331
2 Stabilization
66
4 principals causes of present uneasiness
on exch., security, and commodity markets in
Europe reported by Cochran 4/28/37
66: 200
1) Amn. gold scare
2) French situation
3) Remarks by FDR on commodity prices
4) Taxation by Gr. Britain and borrowing
Ste P. for rearmament
Butterworth reports that Clay (Econ. Adviser to
Bk. of Eng.) has emphasized that decline in
London Stock Exch. prices has reached panic
proportions 4/29/37
324
2Aᵗ N Stabilisation
HMJr-Arthur Krook conversation 4/29/37
284 65
a) Ferdinand Coons' article: "stocks fall in
London" discussed
1) HMJr suggests article: due to FDR's
constant warnings, investigation shows
U.S. bks. have not made commodity loans,
brokerage houses are in good shape, etc.
Stabilisation
See also BIS: annual meeting, May 1937, for
81
resume' of conditions
67% 1,53
Chamberlain asked in House of Commons whether
he was aware that since December, 1936, U.S. Tress.
had bought and sterilized at considerable expense
over $500 million of gold and whether, with a view
to stabilizing world currencies and prices and
reviving internatl. trade, the British Govt. was
prepared to cooperate with U.S. in purchase of
such fresh supplies of gold as were available for
monetary purposes 5/4/37
69
a) Answer to first part of question 1a "yes"
b) No change in policy of general cooperation
with U.S. and other parties to the Tripartite
Agreement is contemplated
2 Stab.
Lamont, Thos. - in Eng. after visit to France
expresses opinion that "the situation will
have to get worse before it gets better"
5/5/37
67: 76
Stabi
lisation
Bullitt reports on visit with Paris Morgan partner
and Winfield Riefler
$
5/12/37
68: 30
Gold: Gordon Rentschler discusses with HMJr
"further Continental gold liquidation"
5/13/37
a) AMJr discusses with Knoke
139
146
Stabilisation See also Van Zeeland, Paul
Resume by Cochran of situ tion in France
5/20/37
69: 69 167
Resume by Butterworth of situation in
England 5/20/37
172
185
Stabilization
Stock market resume by Cochran and Butterworth
70
5/25/37 + 5/27/37
Knoke-Cariguel conversation 5/26/37
70$9,442 64
a) Amt. of Russian balances in Paris mkt.
discuased; K. asks whether their presence
has created a problem; Cariguel replies,
"Not yet - they may some day"
HMJr discusses with Cochran resent transactions
of Swiss Natl. Bk. 5/28/37
211
Cochran reports daily losses of foreign exchange
by Bk. of France every day for the past 10
business days at the rate of approx. 50 million
france per day; French Stabilization Fund
now has on hand slightly over 3 billion france
in foreign exchange and gold; to meet end-of-month
requirements, Treas. will probably exhaust its
2 Stabilization
70
balance with Bk. of France and will be obliged
to draw upon its credit 5/28/37
70: 218,
#
221
Cochran visit to Switzerland authorized by
State Dept. 5/28/37
228
Knoke and HMJr discuss gold scare which has
again broken out over week-end 5/29/37
253
Stabilization
$
Cochran reports on visit to Switzerland 6/1/37 71:
# over
14
HMJr statement "nothing imminent on gold in
spite of rumors developing over week-end"
carried by Dow-Jones 6/1/37
38
With regard to possible addition of Japan to
Tripartite Agreement, Hull tells Amn. Embassy,
London, "he believe it only sensible to
withhold comment until Britain or U.S. has
ub
actually been approached by Japan" 6/1/37
66
Cochran authorized to continue with investigation
and report in Belgium and Netherlands 6/2/37 190
Netherlands Bank discusses with Fed. Res. Bk. of
N.Y. the release of the $27 million under earmark
in U.S., getting dollars, buying bonds, and
immediately taking gold off London gold mkt. in
the same amt.: two reasonse (1)
* a) HMJr talks to Cochran about report;
does not think Bachmann is tealing the
whole truth 6/2/37
**
173
a) Cochran reports on fines comment of
financial press (in Paris) 6/2/37
184
*** a) Butterworth discusses situation with
Waley, of British Treas., who also has
an appt. with Arakawa a little later
6/3/37
206,
209
A Stabilization
7_
to help support. mkt; (2) to make profit
6/3/37
71: 191,197
3 stabl, Gold gating
See Stabilization
71
Eccles, Ransom, Taylor, Upham, and HMJr discuss
at luncheon:
6/1/37
71: 48,
a) Bk. of Eng. advises that present
63,65
dishoarding of gold is just about
exhausting the gold hoarding
b) HMJr speaks of proposal from Trip
(af Holland) concerning some sort of
control over gold production
c) Eccles and Ransom tell of similarity
to proposal from Belgium addressed to
Fed. Res. Bd. "in Washington rather than
Fed. Res. Bk. in N.Y.
4 Stabilization
7.1
Chancellor of Exchequer questioned as to whether
he would propose control of gold output or
alternatively discuss its demonetization as
remedy against dangers following accumulations
annually of 250 million pounds of fresh raw
gold which two signatories to Tripartite
Agreement are now compelled to buy and put out
of use to prevent unsettlement of trade;
answer is "no" 6/1/37
71: 53
Butterworth (Amn. Embassy, London) reports
"process of dehoarding continues its snowballing
course aided by rumors galore" 6/4/37 223
5 Stabilisation
Butterworth cables (1) message of gat good-will
from new Chancellor of Exchequer (Sir John Simon)
stating his ardent wish that same close cooperation
between 2 Treasuries as existed under his
predencessor be maintained; (2) 2 questions
which have been asked in House of Commons and
which must be answered on Monday; Sir John Simon
"will be glad to know that you agree to the
proposed answers thereto" 6/4/37
71: 278
xx)
Meeting to discuss answer to Sir John Simon;
present: HMJr, Taylor, Gaston, Lochhead, White,
Feis 6/4/37
243
a) Answer with regard to cooperation between
2 Treasuries in response to May 31 message
from Neville Chamberlain sent to Sir Ronald,
6 Stabilization
7-
Lindsay for transmission 6/5/37
á 71: 273
b) Answer to Sir John Simon sent to
Butterworth for transmission 6/5/37
274
1) Sincere wish that relationship be as
366
cordial and successful as it was with
predegcessor
2) No suggestions to make with respect to
proposed answers to 2 questions to be
put to him in Parliament on Monday
a) Answer discussed with Butterworth
by 'phone 6/5/37
284
Stabilization
to be delivered verbally by Mallet
Conf. concerning message for Sir John Simon; present:
HMJr, Taylor, Lochhead, White, Mallet 6/7/37 72: 35
a) When Triparatite Agreement was set up, purpose
was to handle foreign exhange and not to handle
gold; large amt. of gold expected to come out
of hoarding but the world problem which it has
now become was not anticipated; just as U.S.
was ready to discuss question of stabilization
when world was ready, so now it is prepared
to discuss question of gold
b) U.S., however, does not consider that solution
lies in dropping price of gold
(For aply or Book 14 p. 11, 6/20/37)
2 Stabilization
Sir John Simon's speech in House of Commons
stating ng that he will follow policy laid
down by predecessor and answering certain
questions 6/8/37
72: 228
Message as transmitted to Chancellor of Exchequer
(through Sir Ronald Lindsay) in answer to
recent message addressed to Secretary of Treas.
(5/31/37)
376
3
x
Stabilization
Belgium:
*
Netherlands: SEE
Cochren 3-A reports on visit 6/8/37
72: 170
Cochran reports on visit 6/7/37
42
Switzerland:
HMJr informs Butterworth he is displeased
with manner in which Swiss have been
conducting their exchange operations
in U.S. / and asks him to 80
310
inform the British 6/12/37
Cochran cable concerning message he is
to deliver to Bachmann 6/12/37
315
a) Cochran talks to HMJr from Basel
6/14/37
317
1) Knoke-and HMJr discuss Cochran
conversation 6/14/37
326
*
Stabilization
71
-Cochran comments on growing flight from the franc
6/9/37
72: 243
* Su Coch Coch Rsward 707 -July'st France 3-A
a) Knoke and Bolton discuss reaction in 301,313,391 277281
London 6/10/37
269
BUDILT
6/11/37
285
b) Knoke-de Jong (De Nederlandsche Bank)
discuss 6/11/37
280
c) Knoke-Cariguel discuss 6/11/37
284
HMJr and FDR discuss French situation 6/1/37 331
a) Discount rate has been raised from 4 to
6%
(For conversation with Bullitt,
see page 357)
3-A (2) Stabilisation
France:
Amn. Embassy, Paris, reports probability that
French equalization fund will be drained of
its last franc almost immediately and that
Blum government will probably fall
6/12/37
72: 368
4 Stabilization
72
Switzerland:
Hull tells Butterworth of Bachmann conversation
with Cochran 6/14/37
72: 395
a) Swiee decided some days ago on
program of not increasing holdings of
gold of Swise Natl. Bank; they will
sell in the London market any further
gold acquired by the Bk. from hoardings;
they will dispose of remainder of gold
in their Stabilization Fund (approx.
$25 million) in U.S.
1) U.S. has made no comment on this
plan pending receipt of confirmation
of this information
Stabilization
Endorsemend: See also BIS
73
Su Cochron resume -July
Bool 76
France: See page 1-A
Cochran reports continued heavy pressure
on franc 6/15/37
67
Meeting with regard to French crisis; present:
HMJr, Taylor, Bell, Oliphant, Lochhead, Opper,
Upham, Viner, Riefler 8:45 A.M. 6/16/37 117
a) Conversations with Cochran
HMJr tells Hull of Montagu Norman's desire that
Cochran visit England without Amn. Embassy
In Paris knowing of it 6/16/37
139
a) Hull advises clearing with FDR
b) FDR advises that British Amb. be told
and Sir John Simon asked his wishes;
1-A
Stabilization
France
7/31/37
73
Emergency 5111 authorizing Govt. up to
to take measures necessary for ESHE reconstruction
on public finances laid before Chamber
6/15/37
73: 19
a) Amn. Embassy (Paris) reports on conversation
with Blum concerning these dezr powers
6/14/37
30
b) (over)
Meeting with regard to French crishe; present:
HMJr, Taylor, Bell, Oliphant, Lochhead, Opper, Upham,
Viner, Riefler 8:45 A.M. 6/16/37
117
a) Conversations with Cochran
b) Bullitt reports on dramatic special session of
Chamber 6/16/37 of Deputies and passage of bill 346-247
c) For text of emergency bill, see page 175
154 INX
d) Crisis arises during consideration of bill
in Senate 6/18/37
304,
e) Blum Govt. falls 6/21/37
308 321,
-
329
Stabilization
2 France:
73
HMJr BO informs Hull 6/16/37
73: 146
*
(Passitle actumity Franch Gut mg.154) 10
Amn. Embassy, Londo') asks for info. concerning
report under Washing/date line that France
may be forced to withdraw from Tripartite
Agreement presumably due to institution of a
control
system 6/16/37
157
a) Hull told U.S. has had no intimation of
such intention
165
Second meeting on French crisis; Socior
present: HMJr, Taylor, Opper, Viner,
Riefler, White, Lochhead, Haas, and Oliphant
9 A.M., 6/18/37
224
a) Conversation with Cochran
237
b)
" Butterworth
250
of
"
" Knoke
279
269,
* c) Conf. with British Amb.
and Trentham; Feis and Taylor present 6/16/37 158
d) Montagum Norman's answer
73: 133
6/17/37
168
e) Hull's instructions to Cochran through
Amn. Embassy, Paris, to proceed to London
6/18/37
300
f) Cochran's report from London 6/21/37
343
1) Fall of Blum Govt. discussed
Stabilization
73
3 France:
d) Conversation with Hull
73: 271
Amb. Bonnet calls to say goodbye leaving
for France 6/23/90 6/22/37
369
Cochran reports on exchange market movements
6/22/37
372
Formation of Cabinet unfavorably impresses
foreign exchange market 6/22/37
386
Stabilization
73
Switzerland:
Butterworth reports on Swiss transactions in
London 6/15/37
73: 64
Sir John Simon informs HMJr hels in complete
sympathy with stand on Switzerland
6/18/37
? 301
Text of letter signed by Bachmann and Schnyder
of *wise Natl. Bk. and by Meyer, Chief of Swiss
Dept. of Finance and Customs, transmitted by
Cochran to HMJr 6/19/37
317
Stabilization
74
Conf. with Trentham (British Embessy); present:
Lochhead and Taylor 6/23/37
74: 11
a) Reply from Chanc. of Exchequer to message
delivered 2 verbally by Mallet (see Book 72,
P. 35 - 6/7/37) to the effect that just
85 U.S. was ready to discuss question of
stabilization when world was ready 60 now
it is prepared to discuss question of gold
6/23/99 1) Sir John Simon fastex considers
any marked divergence in price of gold
in U.S. end England inadvisable since it would
lead to . change of exchange rates and give
leverage on which deflationary forces could act
2) Sir John Simon prepared to take public
action of one character calculated to
restore confidence: submitting bo Parliament
222x Stabilization
74
proposal for increasing resources of exchange
equalization acct. by a further sum of L200
million; announcement to be made on Friday
b) In connection with more personal contacts between
2 Treasuries, when Phillips is in Canada in Sept.
Dir John Simon will arrange for him to visit Wash.
if acceptable to U.S. Treas.
Taylor consults HMJr about reply to Simon message
6/24/37
74: 37
a) HMJr tells group to work out answer indicating
pleasure at receipt of news AbTreas. will
be delighted to receive Phillips in Sept.
c) Answer as transmitted by Taylor to Trentham
6/24/37
50
3
Stabilization
London press comment on Chancellor's proposal
74
is favorable 6/26/37
74: 75
Statement in House of Commonshy by Sir John Simon,
in connection with move to increase exchange
stabilization fund, that brief public statement
will be made at end of each June and December
regarding amt. of gold and foreign exchange
holdings of fund as of the previous March and
Sept.; British fund now possesses approx.
26,674,000 OZ. of gold which, together with that
in Bk. of Eng. of 73,842,000 OZ., makes total of
100,516,000 OZ. worth over £700 million
6/28/37
109
Stabilization
France: or name 6/12/31- July's Book 16
74
Knoke-Bolton conversation 6/23/37
74: 1
a) French exchange fund entirely gone
b) British have taken as much as E 8 million
to E9 million in a single day
c) In addition to fleeing from franc into
sterling, English feel French are now beginning
to seal their 09 france dollars holdings against
sterling
d) Present French flight of capital, Bolton thinks
is one definitely into currencies and not
into commodities, stocks, etc.
Cochran reports that Rist and Baudoin resigned
from Experts' Com. which advised French Stab.
Fund because their advise was not followed
by Govt. 6/23/37
21
Stabilization
2 France
74
Tripartite Agreement abandonment by France
rumored in London 6/24/37
74: 25
Exchange market movements (Paris) resume'
6/24/37
53
6/25/37
66,71
72
6/26/37
73
6/28/37
112
Cochran reports on visit to Ministry of Finance
at midnight; Rueff reports on bold program
proposed by Bonnet; if not accepted, Bonnet
Bourse to be closed Tues., June 29, when ***
will return to Washington ;
Stabilization
3 France
Govt. asks for certain powers of control
74
over exchange situation 6/29/37
74: 120
a) HMJr calla meeting in his rooms at
Carlton Hotel following Kung dinner
given by Chinese Ambassador; present:
HMJr, Eccles, Taylor, Viner, Riefler
White, Lochhead, and Feis
of N.Y. 125
1) HMJr has asked Fed. Res. Bk./to
take appropriate steps to carry
out French request that N.Y. bks.
do not engage in transactions in
French france while Paris Bourse
is closed, as was done last Sept.
2) Possibility of withdrawal by France
from Tripartite Agreement also discussed
a) 6/29/37 Feis memo in furtherance of meeting
123
Stabilization
4 France
74
Cariguel informs Knoke Bk. of France has
stated willingness to convert into gold
on basis of yesterday's rate any francs
which U.S. might buys: "in other words,
you see, Tripartite Agreement remains in
full force"; Cariguel also states that
British will make statement Codsy that
in their opinion what France now plans
is within scope of Tripartite Agreement;
it is hoped HMJr will make simi, statement
6/29/37
lar 74: 126
Butterworth reports Monick is pleasantly
surprised at boldness of Bonnet's proposal
but 6/29/37 apparently expects a further crisis
128
Stabilization
5 France
74
Butterworth-Taylor conversation 6/29/37 74: 130
a) Butterworth has just returned from
British Treas.; HMJr's instinct -
wnot to believe French on stack of Bibles"
is correct: British Treas. has not told
sb)eSinsdehnsSinenswiklsmahesstatemens
Monick or anyone else that they think
French are still acting within Tripartite
Agreement; Sir John Simon asks that this
be transmitted to HMJr
b) Treas. reports to Butterworth that Bk. of
Eng. has suspended quotations, that is,
London is not dealing in francs but has
arranged for Bk. of France to supply france
at 110.55 per pound; Bkl of Eng. will not,
on its own acct, buy any francs at all