800.51W89 Estonia/77½

The Secretary of the Treasury (Mills) to the Acting Consul General of Estonia at New York (Kuusik), in Charge of Legation

My Dear Mr. Kuusik : Cable advices received from your Government through the Department of State indicate that, even though your Government unqualifiedly accepted the President’s proposal for the suspension of payments due during the fiscal year 1932 on intergovernmental debts, it is now injecting questions which have not heretofore been suggested and proposing other means of repayment which can not be accepted by the United States under the provisions of the Joint Resolution of Congress approved December 23, 1931. As you know, this resolution authorizes the Secretary of the Treasury, with the approval of the President, to enter into agreements with the Governments indebted to the United States providing for the postponement of the payments due from those Governments to [Page 605]the United States during the fiscal year 1932 and for their repayment over a period of ten years beginning July 1, 1933, with interest at the rate of 4% per annum. The Department can not deviate from these terms.

In view of the fact that your Government is not taking the necessary steps to enter into the agreement as authorized by the Joint Resolution of Congress approved December 23, 1931, there is no other course of action open to this Government than to request your Government to make payment on June 15, 1932, of the sum of $600,373.06, representing interest in the sum of $246,990.19 and principal in the sum of $108,012.87 due December 15, 1931, and the sum of $245,370 representing interest due June 15, 1932.

I shall be glad if you will be good enough to request your Government to make payment on June 15, 1932, of the sum due, either to the Treasury in Washington or to the Federal Reserve Bank of New York for account of the Treasury.

I am [etc.]

Ogden L. Mills