The French Minister of Commerce and Industry (Bonnet) to the Secretary of State


Mr. Secretary of State: I am happy to direct Mr. de Laboulaye,8 on the occasion of his return to Washington to tell you personally how highly I appreciated the terms of your recent message to the Economic Commission of the League of Nations.

I can assure you that the principles stated by you met with the full approval of all the governments represented at Geneva, and the spontaneous support by the United States of the recommendations initiated by France constitutes a great encouragement for us. It can no longer be doubted today that the principal states of the world agree in thinking that a lasting prosperity as well as an assurance of peace can be sought only in an increase of the volume of international exchanges, which necessitates both a more liberal economic policy and a return to a universal monetary standard.

I admit, however, that the political situation of Europe is not of a nature to facilitate such an endeavor, especially with respect to a general stabilization of currencies. I consider, however, that the liberal principles to whose support we have rallied may from now on find their application in the adjustment of our commercial relations. I recall with pleasure that we have already worked together at the London conference for the success of such a policy and I wish to assure you that, in my present position of Minister of Commerce, I am still just as desirous of closely collaborating with you. I sincerely wish for the conclusion of the Franco-American Commercial Treaty,9 which is in [Page 528] course of negotiation, as I am convinced that such an agreement involving reciprocal granting of concessions of an economic nature will serve the interests of both our countries while at the same time it will contribute to the triumph of the cause, of general interest, which we are following with a view to stimulating international exchanges.

I beg you to accept [etc.]

Georges Bonnet
  1. André de Laboulaye, French Ambassador to the United States.
  2. See vol. ii, pp. 211 ff.