File No. 861.51/131

The Secretary of State to the Ambassador in Russia (Francis)


1295. Secretary of Treasury requests that you confer immediately with Minister of Finance and ascertain if financial aid or credit is desired by the Russian Government, and if so, probable amount and over what period of time it should be available, and as to what is the most effective way in which such aid or credit can be extended. You may discuss tentatively the idea that the United States Government might extend such credit by purchasing for the United States Treasury obligations of the Russian Government bearing the same rate of interest that the Government of the United States would have to pay for the money with which to purchase the obligations of the Russian Government. Ascertain, also, whether or not any credit extended by the United States in the circumstances would be used for the purchase of supplies in the United States, and what amount of credit would likely be required over a period of six months. The fullest expression of views of the Russian Government on the whole question of financial aid or credit by the United States Government is desired. Secretary of Treasury requests reply as soon as possible.