550.S1 Monetary Stabilization/68: Telegram
The Acting Secretary of State to President Roosevelt
Washington, June 30,
1933—2 p.m.
32. Acheson in New York has just given me certain changes which have been suggested by the Delegation in a telephone call to him by Moley in the draft statement which I conveyed to you this morning in my telegram No. 30.
“Strike out paragraphs 3 and 4 of the proposed joint declaration and substitute following:
- 3.
- The governments whose currencies are not on the gold standard, without in any way prejudicing their own future ratios to gold, take note of the above declaration and recognize its importance. They reaffirm, as indicated in paragraph 1 above, that the ultimate objective of their monetary policies is to restore, under proper conditions, their international monetary standard based on gold.
- 4.
- Each of the governments whose currencies are not on the gold standard undertakes to adopt the measures which they deem most appropriate to limit exchange speculation, and each of the other signatory governments undertake to cooperate to the same end.
- 5.
- Each of the undersigned governments agrees to ask its central bank to cooperate with the central bank of the other signatory governments in remedying speculation in the exchanges and, when the time comes, in reestablishing a general international gold standard.”
Woodin, Baruch and Acheson are conferring on this matter in New York and will communicate with you by wireless or by telephone as soon as they have reached any conclusions.
Phillips