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{
    "localId": "205715901",
    "label": "Memorandum from Secretary of the Treasury Henry Morgenthau to President Harry S. Truman, with Attachments",
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{
    "id": "205715901",
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    "contentType": "document",
    "title": "Memorandum from Secretary of the Treasury Henry Morgenthau to President Harry S. Truman, with Attachments",
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    "productionDates": [
        {
            "day": 16,
            "logicalDate": "1945-05-16",
            "month": 5,
            "year": 1945
        }
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    "url": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/602191/750235/750235-06-02.jpg",
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    "ocrText": "ADDRESS OFFICIAL COMMUNICATIONS TO\nTHE SECRETARY OF STATE\nWASHINGTON, D. c.\nDEPARTMENT OF STATE\nWASHINGTON\nMay 16, 1945\nMy dear Mr. Secretary:\nThe Department has given careful attention to the\nrequest of the Chinese Foreign Minister, Dr. T. V. Soong,\nfor the delivery during the remainder of 1945 of about\n$190,000,000 of gold from the unused balance of the\n$500,000,000 credit approved by the Congress in January 1942.\nIt is the Department's view, which it understands\nis shared by the Treasury, that the sale of gold by China\nhas not proved and is not likely to prove a very effective\nanti-inflationary device. Moreover, it believes that the\nestablishment of a $500,000,000 fund for combating inflation\nand stabilizing the Chinese currency which you proposed\nlast week to Dr. Soong would, if adopted by the Chinese\nGovernment, be of considerable short and long run benefit\nto China.\nThe Chinese Government believes, however, that the\nimmediate political and psychological as well real\neconomic effects of a continued and accelerated gold\nsale policy will have a vital importance in the critical\nsituation confronting it, and strongly requests the\ndelivery of the gold in question in accordance with the\nterms of the understanding between the two governments\nof July 1943. Since there appears to be no doubt that\nthe Chinese Government attaches a greater importance\nto the immediate delivery of the gold than to the longer\nrun benefits which might result from the establishment\nof the fund which you have proposed and since the continued\nstability\nThe Honorable\nFOP VICTORY\nHenry Morgenthau, Jr.,\nSecretary of the Treasury.\nBUY\nUNITED\nSTATES\nSAVINGS\nBONDS\nAND\nSTAMPS"
}