800.51W89 Estonia/65: Telegram

The Secretary of State to the Chargé in Estonia (Carlson)

3. Your 2, May 28, 5 p.m. Please communicate to the Foreign Minister the following reply to his counter proposal:

The Joint Resolution of Congress approved December 23, 1931, authorizes agreements to be concluded for the payment over a period [Page 600] of 10 years beginning July 1, 1933, of the postponed amounts with interest at the rate of 4 per centum per annum in 10 equal annuities. This is the authority under which the Secretary of the Treasury is proceeding and there can be no deviation from the terms of the Joint Resolution. The Secretary of the Treasury has no authority to authorize postponement of payments to the United States except the authority conferred by this Joint Resolution.