550.S1 Monetary Stabilization/28: Telegram
The Acting Secretary of State to the Chairman of the American Delegation (Hull)
48. Following received from President.
“USS Ellis, June 20, noon. For Hull. After careful reading of the views expressed in your 40 (June 18, 7 p.m.) and 41 (June 18, 7 p.m.) and after full discussion here I think it best in every way for us to stand on the principles and suggestions outlined in my cable of June 17th (42, June 17, 6 p.m.). You are in position to insist on consideration of the larger and more permanent program, working towards a means of exchange among all nations. Remember that far too much importance is attached to exchange stability by banker-influenced cabinets. In our case it means only a very small (perhaps 3) percent of our total trade as measured by production. Roosevelt.”