800.51 Johnson Act/55
Memorandum by the Secretary of State
The Rumanian Minister12 called and inquired when the Department of Justice might conclude its work of construing the so-called Johnson Bill. I replied that the matter was being given every attention by all departments of the Government concerned and the Department of Justice was expected within a very short time to conclude its labors.
The Minister then brought up the subject of debts and commerce between nations. He suggested a moratorium of five years on debt payments,13 for the purpose of affording an opportunity to rebuild international commerce. He expressed the view that the nations at the end of that time would be in a much better position to discuss reasonable payments of debts due our Government than they were at present, and added that we would get nothing, or practically nothing, at this time in any circumstances. I replied that all phases of the debt question were being suggested by individual citizens or others who dropped in here at the Department from time to time. I, of course, made no commitments nor intimated any particular impression in my mind in the way of reaction to his statement.