841.51/266
The Secretary of State to the Secretary of the Treasury (McAdoo)
My Dear Mr. Secretary: Mr. Hamlin sent me a copy of the letter of Mr. James B. Forgan which you enclosed to me in your letter of the 23d. I sent the letter to the President on the 25th, a copy of my letter to him is enclosed,14 and I also enclose his reply of today.15
I have read your comments upon the matter of loans to belligerent countries and must say that I concur in your opinion—in fact, from the outset, I have held that opinion of such transactions viewed from the legal standpoint rather than from the standpoint of expediency.
While the President did not authorize me to send a copy of his communication to you I feel that he would wish you to know his position.
Faithfully yours,