File No. 861.51/233
The Secretary of State to the Ambassador in Russia (Francis)
1800. Your 1864, October 14, 7 p.m. Treasury replies:
Total amount made available by Congress for loans to foreign governments engaged in war against Germany, $7,000,000,000. Secretary of Treasury, with approval of President, is authorized to purchase obligations of foreign governments engaged in war against Germany. Under the authority given by acts of April 24 and September 24, whose terms are almost identical in respect to the subject matter, the following credits have already been established: Great Britain, $1,345,000,000; France, $790,000,000; Italy, $255,000,000; Russia,$325,000,000; Belgium, $58,400,000; Serbia, $3,000,000. Cash has been drawn or contracts made substantially covering all these credits.1 Loans by private syndicates before we entered the war are substantially as follows: Great Britain, $1,052,911,566.34; France, $664,121,777.77; Russia, $96,200,000; Italy, $25,000,000; this list may not cover relatively small amounts taken by manufacturers and perhaps not yet reported by the Governments in question. While awaiting advice from you on Russian application for additional [Page 26] credit of about $200,000,000, have agreed upon an increase of $50,000,000. These figures do not cover amount that may be required for cars and locomotives promised by Stevens and undertaken by our Government for future delivery.