896.24/9–1146: Telegram
The Ambassador in the Philippines (McNutt) to the Secretary of State
[Received September 11—8:05 a.m.]
345. For Glasser,80 Treasury, from Lancione.
Part I. Agreement concerning transfer surplus property and liability for redemption emergency and guerrilla currency will be signed this afternoon 5 p.m. September 11 by representative FLC and President Roxas.81
Part II. With reference to emergency and guerrilla currency agreement provides:
“That the United States shall forthwith pay to the Philippines the sum of 25 million dollars on account and in part payment of the financial obligation and responsibilities of the United States arising from
- (1)
- The issuance in the Philippines of emergency currency, guerrilla currency, military scrip or other writing intended to circulate as money, the issuance of which was duly authorized, and
- (2)
- Any unpaid advances, loans, credits and overdrafts by the Philippine National Bank, the Commonwealth of the Philippines or any corporation, political subdivision or agent thereof, during the war with Japan but not after the second day of September 1945; and that the Philippines, as partial consideration for the property transferred hereunder and not identified in Article 5a, hereof as granted under the Philippine Rehabilitation Act of 1946, hereby releases and acquits the US of the unpaid balance of the financial obligations and responsibilities aforesaid and shall forever indemnify and hold the US harmless [Page 912] from all claims and demands of every nature arising therefrom by any person or persons whomsoever.”
Remaining provisions cited ourtel 23482 unchanged.
Complete text follows airmail.83
Part III. I did not participate in any of the discussions or negotiations concerning above agreement.
This is A No. 235.