File No. 860c.48/12

President Wilson to the Secretary of State

My Dear Mr. Secretary: It is a most distressing decision to be forced to, but I fear I must concur in your judgment that these amounts must be limited, and I have no doubt that you are in a much better position than I to say to what figures they should be restricted. I think, however, that it would not be wise or just to make the restriction retroactive.

Faithfully yours,

W[oodrow] W[ilson]