It is my hope that this Conference will formulate for presentation to the
participating governments definite proposals for an International
Monetary Fund and possibly a Bank for Reconstruction and Development. In
the invitation which I extended to these governments to participate in
the Conference, I stated that the agreement by the Conference upon
definite proposals will not be binding either morally or legally on the
governments represented but will be referred to the respective
governments for adoption or rejection. You will, of course, be governed
accordingly in your discussions and negotiations.
In formulating a definite proposal for an International Monetary Fund,
both you and the other delegates will be expected to adhere to the joint
statement of principles of an International Monetary Fund announced
April 21, 1944. You, as head of the delegation, are authorized, however,
after consultation with the other delegates to agree to modifications
which, in your opinion, are essential to the effectuation of an
agreement and provided that such modifications do not fundamentally
alter the principles set forth in the joint statement.
You will apply the same principles in your discussions and negotiations
with respect to the proposed Bank for Reconstruction and
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Development except that you will be
governed by the principles agreed upon by the American Technical
Committee.
As the head of the American Delegation of the Conference, you will be the
principal spokesman for this country and you will be expected to
coordinate the activities and views of the other American delegates. You
will, of course, work in close consultation with the Secretary of
State.
The responsibility which you and the other delegates of the American
Delegation will undertake is the responsibility for demonstrating to the
world that international post-war cooperation is possible. I am
confident that you will do your best to accomplish the purposes of the
Conference.
[On June 10, 1944, the American technical experts, in consultation
with those of the United Kingdom, the Union of Soviet Socialist
Republics, and China, invited the technical experts of a number of
other countries to meet with them at Atlantic City on June 24 for
the purpose of preparing a draft agenda to be submitted to the
Conference for its consideration. The countries invited were
Australia, Belgium, Brazil, Canada, Chile, Cuba, Czechoslovakia,
India, Mexico, the Netherlands, the Philippines, and the French
Committee of National Liberation.
The proceedings of the Bretton Woods Conference and the documents
issued at the Conference are printed in Department of State
publication No. 2866: Proceedings and Documents of
the United Nations Monetary and Financial Conference, Bretton
Woods, New Hampshire, July 1–22, 1944 (Washington,
Government Printing Office, 1948), 2 volumes.
The Final Act of the Conference contains as Annex A and Annex B the
texts of the Articles of Agreement of the International Monetary
Fund and the Articles of Agreement of the International Bank for
Reconstruction and Development, which were to remain open for
signature until December 31, 1945; see ibid.,
volume I, pages 927, 942, and 984.]
