811.512351 Double/191: Telegram

The Ambassador in France (Straus) to the Secretary of State

379. When I called on Germain-Martin the Minister of Finance yesterday afternoon to urge upon him the desirability of using his best efforts for the speedy ratification of the double taxation treaty he informed me that he would interest himself in it and would do his utmost to bring about its ratification.

He then told me that he had received disquieting messages on the silver program, possible further devaluation of the dollar and the [Page 171] possible effects of the purchase of silver on the British pound. It was his belief that should further devaluation occur Great Britain would be compelled likewise to devalue and there would be repercussions in the continental gold countries. He said that he feared America might flood the market with silver from Mexican mines.

I told him that to the best of my knowledge there was no present intention of further depreciating the dollar.