550.S1 Monetary Commission/18: Telegram
The Chairman of the American Delegation (Hull) to the Acting Secretary of State
[Received July 12—11:20 a.m.]
124. For the President. We followed your instructions at meeting of Commission today and announced that Federal Reserve Board had reported to delegation that they considered that present action on resolution dealing with policy of central banks63 was not advisable and that present action on resolution would be premature. The delegation therefore suggested that present action be not taken on resolution. Rumanian delegate64 suggested amendment to the effect that resolution if adopted should not become effective until after gold resolution became effective it being a matter exclusively to be determined by Federal Reserve Board. The delegation could not approve or disapprove of suggested amendment. The matter was then referred back to the Bureau for further consideration. The Bureau will probably meet tomorrow. Hope you can advise delegation before meeting of Bureau of further? action you desire. Press sending out stories charging that United States is breaking up Conference by refusing to discuss purely academic question of future applicability. The French who have heretofore intimated a desire to terminate the Conference have informed Bullitt65 today that they have no intention to attempt it and will be prepared to take up the silver resolution Monday. Full statement by Pittman follows.66