The Under Secretary of State (Olds) to the Under Secretary of the Treasury (Mills)

My Dear Mr. Mills: Adverting to the Department’s letter to you of February 17, 1928, and my conversation with you by telephone today in regard to the proposed purchase of Soviet gold at the United States Mints and Assay Offices, I beg to state that while, as indicated in the Department’s letter of February 17, the Department can give no assurances that the title to Soviet gold will not be subject to attack, internationally or otherwise, it is felt that the likelihood that the question of the title to the gold will be raised is a remote one.

The Department does not consider that the purchase of Soviet gold could be regarded as a recognition of the Soviet régime as the Government of Russia.

I am [etc.]

Robert E. Olds