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The Secretary of State to President Wilson

My Dear Mr. President: As the letter of Mr. James B. Forgan, which is enclosed to me by Mr. Hamlin, deals directly with the general policy of the Government I feel that before answering it I should be advised as to your wishes. I therefore enclose Mr. Hamlin’s letter11 and a copy of Mr. Forgan’s.12

I think we must recognize the fact that conditions have materially changed since last autumn when we endeavored to discourage the flotation of any general loan by a belligerent in this country. The question of exchange and the large debts which result from purchases by belligerent governments require some method of funding these debts in this country.

Faithfully yours,

Robert Lansing
  1. Supra.
  2. Ante, p. 142.