File No. 763.72112/7810
The Secretary of the Treasury ( McAdoo) to the Secretary of State
Sir: I beg leave to acknowledge receipt of your communication, under date of March 19, transmitting a despatch from Ambassador Page at London, No. 8404, dated March 1, 1918, enclosing three-alternative schemes for the extension of the financial blockade suggested in Mr. Crosby’s telegram to the Treasury under date of. February 20.1
As you are aware, the financial blockade has not commended itself to this Department as a step to be taken at the present time, but Ambassador Page’s communication will be held here until the time seems opportune for considering his suggestions in connection with] the financial blockade.
In the meantime, I suggest that Ambassador Page’s attention be directed to the Executive order of January 26, dealing with the regulation of exchange, and to the forms setting forth in detail the information which this Department is now obtaining in regard to financial transactions in the markets of the United States. Copies of these forms were sent to Mr. Crosby. The Ambassador will, I think, agree that the information thus obtained will be of great value in checking enemy transactions and in regulating the financial markets of this, country.
By direction of the Secretary,
Very truly yours,
Assistant Secretary of the Treasury