Memorandum of Conversation by the Assistant Secretary of State (Clayton)


French Lend Lease

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Russian Lend Lease—3 C credits

Secretary Morgenthau2 said that if we still felt that we should stand on an interest rate of 2⅜% on these credits, he would not further oppose it.

Russian Long-Term Postwar Credit

Secretary Morgenthau said that he disagreed with the view of the President and the Secretary of State on this subject and felt that we should consider immediately a long-term credit of $10 billion to the Russians at a low rate of interest and not condition it on anything else, and stated that he felt sure this is what we would do in the end.

W[illiam] L. C[layton]
  1. Secretary of the Treasury Morgenthau was accompanied by Harry Dexter White and Josiah E. DuBois, Jr., Assistants.