Roosevelt Papers: Telegram

The Secretary of State to the President 1


For the President From Secretary Hull

Treasury, War and State Departments are wholly in accord with revision upward for the franc for military and political reasons, the advisability of revising the exchange rates now in use for North and West Africa having been under consideration in Washington. It is felt, however, that you should be advised that the suggested adjustment to fifty francs to the dollar probably carries action somewhat too far, and, providing it would meet military and political circumstances, the rate of fifty-five or even sixty would be preferable, for this would lessen the possibility that economic and financial conditions would necessitate a future revision. It is not possible for us to judge whether it is too late to give additional consideration to the question of the rate.

If the French National Committee will adjust rate in territories under their direction to the rate which may be established now for French North Africa and French West Africa, we believe a most useful purpose will be served.2

  1. As prepared in the Department of State for transmission to the President, this message was dated January 22 (851R.5151/10).
  2. The Roosevelt Papers contain a telegram of January 21, 1943, from Eden for Macmillan, which reported that the British Treasury officials welcomed the news of the proposed revision in the dollar-pound-franc exchange rate. The British Treasury attached the greatest importance to the rate being made universal throughout the French Empire and assumed that the necessary arrangements would be made both with Giraud and de Gaulle.