Foreign Relations of the United States, Diplomatic Papers, 1934, The Far East, Volume III

893.515/376½

The Secretary of the Treasury (Morgenthau) to the Secretary of State

Washington, December 31, 1934.

My Dear Mr. Hull: In accordance with my conversation with you over the telephone I am sending you herewith a copy of the memorandum which I submitted to the President this morning.⁴⁵ I took this matter up directly with the President as it refers only to the price of silver.

I am also enclosing a copy of the message which will be handed to the Chinese Minister and which we will ask him to transmit at once to the Central Bank of China.

Sincerely yours,

H. Morgenthau, Jr.

[Enclosure]

[Washington,] December 31, 1934.

The Federal Reserve Bank of New York as fiscal agent of the United States requests the Chinese Legation in Washington to transmit the following cablegram to the Central Bank of China.

“As fiscal agent of the United States for the purchase of silver, we beg to advise you that the program with reference to such purchase outlined in our cable to you of December 18, 1934⁴⁶ will, pursuant to Clause C in our cable of December 18, be deemed terminated one week after your receipt of the present communication.

“We shall welcome an opportunity to discuss the whole matter with the representative mentioned in Clause D in our previous cable.

Federal Reserve Bank of China [sic]”

45. Not printed; however, the message mentioned below and printed herewith is President Roosevelt’s revision of this memorandum.
46. For draft of cable, see p. 457.