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.”