550.S1/1088: Telegram
The Chairman of the American Delegation (Hull) to the Acting Secretary of State
[Received July 3—5:25 p.m.]
95. For the President. Your very able and courageous statement given wide publicity. Its entire subject matter highly praised by those with whom I have talked except there is a serious difference of opinion as to meaning of reference to the dollar and also the language as to ultimate gold standard. Some construe the language as to the dollar to refer to a commodity price level by the United States such as was suggested by Keynes14 in 1930; others that it means an ultimate managed gold standard. I hear many express the hope that when you clarify this language it will definitely convey the latter meaning. The only general criticism against which I and all Americans and others are strongly defending you, charges harshness and untimeliness to your language. The five gold countries profess to be very angry and MacDonald for the moment seems much depressed. The previous desultory talk from day to day about some sort of adjournment pretty widespread today. Many consider this phase of the situation actually grave. The American delegation is busy taking every possible step in resistance of any movements to adjourn.
That portion of resolution number 4 relating to gold standard has been amended by the subcommitttee of the Conference and apparently liberalized. I will send this amended copy and if desired other like background material.
- John Maynard Keynes, British economist.↩