893.5151/363: Telegram
The Chinese Bankers Association to the Chinese Minister ( Sze )6
Kindly forward the following message to His Excellency President Roosevelt.
Chinese Bankers Association appeal to Your Excellency from recognition of the fact that devaluation of United States currency with consequent effect on price level has averted monetary crisis in your country. Converse applies to here that any drastic enhancement of silver value unless accompanied by generous extension of credit to China will result in flight of silver from these shores and bring about credit stringency and collapse of internal commodity level. This great country already suffering from a recent series of calamity is in danger of sinking further into economic depression. We desirous of further commercial tie with your great people appeal to you to insure silver [Page 425] price stability and not drastic enhancement of silver price. Purchasing power of this country is dependent upon maintenance of exports and is endangered by rumors silver measure and we trust Your Excellency will avert policy likely to bring calamity upon the millions of our people.
- Copy transmitted to the Department by the Chinese Minister under covering letter of February 20, 1934.↩