The Secretary of State to President Roosevelt

My Dear Mr. President: Referring to my letter of February 7, 1935,46 which brought to your attention the two notes of February 5 from the Chinese Minister in Washington in regard to a plan suggested by the Chinese Minister of Finance for a possible reforming of China’s currency and, in connection therewith, extension by the United States to China of a loan and a credit, I submit for your consideration a draft of a possible reply47 to the Chinese Minister’s notes under reference together with a copy of a memorandum under date February 1946 in which are stated briefly the factors and the reasoning upon which is based my view that a reply to the Chinese Government in substance along the line indicated would be advisable. I am also attaching a copy of a memorandum of date February 1246 which gives an account of previous association of the American Government with projects for Chinese currency reform, showing that this Government has repeatedly manifested a positive interest in such projects.

Inasmuch as nearly two weeks have elapsed since the receipt of the notes from the Chinese Minister, I feel that it would be helpful were we able to give the Minister soon either a reply to the notes under reference or some indication of the probable nature of a reply-to-be.

Faithfully yours,

Cordell Hull
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