851.5151/1062a: Telegram

The Acting Secretary of State to the Ambassador in France (Bullitt)

393. For Cochran from the Secretary of the Treasury. The text of the statement I propose to issue follows:

[Here follows the text of the statement issued on October 13, 1936, Annual Report of the Secretary of the Treasury, 1937, page 260. Except for minor verbal alterations in the first sentence, the text is identical with that transmitted in telegram No. 367, September 23, midnight, to the Chargé in France, page 557.]

As I told you over the telephone this will be signed by myself and the President and if satisfactory I plan to give it out at my regular press conference next Monday afternoon for release in the Tuesday morning papers and effective beginning Tuesday.

At the same time that I give it out I shall make a short and informal explanation of its purpose and meaning, without going into details as to the arrangements. I trust that the French and British Governments will also on Monday afternoon make similar statements.

I have given a copy of this same text to the British Embassy in Washington for transmission to the Chancellor of the Exchequer.

I shall, of course, be glad to consider any comment which Mr. Auriol or the Chancellor may have to make, but the text must naturally conform to our legal requirements.

As I stated to you over the telephone also, I leave it to the Federal Reserve Bank of New York to work out the details of operation with the Bank of France and the Bank of England. If they wish, these institutions may be free to begin discussion of the matter with the Federal Reserve Bank of New York tomorrow, Friday. [Morgenthau.]