550.S1 Monetary Stabilization/49: Telegram
The Acting Secretary of State to the Chairman of the American Delegation (Hull)
71. Your 62, June 23, 7 p.m.75 Department has received following letter dated June 24 from Donald R. Richberg, General Counsel, National Recovery Administration:
“In answer to your inquiry received today, I wish to advise that all trades and industries are comprehended within the terms of Title I of the National Industrial Recovery Act, the provisions of which, therefore, apply to the silver mining industry.
The provisions of Section 3 (e) of Title I authorize the President to limit imports and to license importers and to permit the entry of specified articles on terms and conditions and limitations as to quantities, which authority could be exercised over importations of silver when necessary to effectuate the policy of the Act and to maintain the effectiveness of codes or agreements made under the Act. You understand, of course, that the exercise of authority conferred upon the President to approve codes or agreements is discretionary and the exercise of authority under Section 3 (e) in order to maintain the effectiveness of codes or agreements is also discretionary”.
- Not printed.↩