033.1100 Rogers, James H./42: Telegram

The Consul General at Shanghai ( Cunningham ) to the Secretary of State

239. For Morgenthau from Rogers. The President’s silver message20 has been extremely well received in Shanghai. After spending much of today discussing it with prominent figures among [Page 438] the Chinese and American bankers, I am assured that the only important disappointed group is the speculator. The 50-cent limit is regarded as especially constructive because it seems to them to provide reasonable assurance against damagingly high silver price. At the same time against wide fluctuations in Chinese exchange. [Rogers.]

Cunningham
  1. For text of the President’s message to Congress on May 22, 1934, see Congressional Record, vol. 78, pt. 9, p. 9209; or Department of State, Press Releases, May 26, 1934, p. 303.