550.S1 Monetary Stabilization/24: Telegram
President Roosevelt to the Acting Secretary of State
[Received 2:50 p.m.]
1. Believe general situation not greatly altered and still my personal thought that a range with upper and lower limits is unnecessary. London and Paris would combine to put dollar at lower end of range. Why not probably try suggestion of our willingness during Conference to keep pound from going above 4.25. You can make it perfectly clear that the 4 dollar medium point is in my judgment too low especially at this time of year with tendency of trade balance favorable to us during next few months depressing pound still further.
Talk with Baruch and Moley about advisability of suggesting to Cox a final medium point of 4.15 with maximum point of 4.25 and minimum 4.05. I hesitate to go even that far but it is worth considering.
We should also ascertain whether life of Conference means August 12 or perhaps December 12. There is a vast difference.
Am in Nantucket tonight.