800.515/7–2444: Telegram
The Acting Secretary of State to the Ambassador in the Soviet Union (Harriman)
1926. Reurtel 2741, July 24. We have been having informal discussions here with the British regarding the Austrian schilling currency in connection with production plans. We understand the British have informed the Soviets of their agreement to supply one billion five hundred million schillings to the Soviet Government. They may also have instructed the British Ambassador to inform the Soviets that the currency is to be used not only for military expenditures but for introduction as the ordinary currency of the country as well. The latter use, with which we are in agreement, will naturally require a large volume of notes.
[Page 839]The discussions have led us into the question of the rate of exchange, whether the schilling is to be introduced at par with the mark and other related matters. We are at present trying to iron out some differences of opinion on these subjects between us and the British. As soon as we have harmonized our views, we will ask you to take the matter up with the Soviets and the British will undoubtedly instruct their Ambassador to do likewise. We will also discuss the matter with the Soviet financial experts here.
We see no necessity for your saying anything to the Soviets at the moment. However, if it appears desirable you may indicate our agreement on the points dealt with in the first paragraph of this message.