President Roosevelt to the British Prime Minister (Churchill)23
559. For the Former Naval Person. I share your view that this currency issue is being exploited to stampede us into according full recognition to the Comité. Personally I do not think the currency situation referred to in your cable is as critical as it might first appear, [Page 708] nor do I feel that it is essential from the point of view of the acceptability of the supplemental currency that De Gaulle make any statement of support with respect to such currency. I propose that De Gaulle should be informed as follows:
- 1.
- We intend to continue to use the supplementary franc currency in exactly the same manner as we have planned and as we have agreed with the British Treasury and as has been fully understood by Messrs. Monnet and Mendes-France of the French Comité.
- 2.
- If for any reason the supplementary currency is not acceptable to the French public, General Eisenhower has full authority to use yellow seal dollars and British Military Authority notes. Accordingly, if De Gaulle incites the French people into refusing to accept supplementary francs then the Comité will have to bear the full responsibility for any bad effects resulting from the use of yellow seal notes and BMA notes in France. One of the certain consequences will be the depreciation of the French franc in terms of dollars and sterling in a black market which will accentuate and reveal the weaknesses of the French monetary system. This is one of the important reasons why we accepted the request of the French Comité that we not use yellow seal dollars and BMA notes as a spearhead currency. There would be other adverse effects which would be apparent to De Gaulle and his advisers.
I would certainly not importune De Gaulle to make any supporting statement whatever regarding the currency. Provided it is clear that he acts entirely on his own responsibility and without our concurrence he can sign any statement on currency in whatever capacity he likes …
As far as the appearance of the notes is concerned, I have seen them before but I have looked at them again and think them adequate. I am informed by the Bureau of Engraving and Printing counterfeiting experts that they will be extremely difficult to counterfeit by virtue of the intricate color combination. I am also informed that the British Treasury officials approved the note and that the French representatives here not only approved the note but were satisfied with the designs and the color.
It seems clear that prima donnas do not change their spots.
- Copy of telegram obtained from the Franklin D. Roosevelt Library, Hyde Park, N.Y.↩