General Foreign Economic Policy


1. Memorandum for the Record

Source: Eisenhower Library, Post-Presidential Papers, 1961-1969, John F. Kennedy 1960-1961 (2). No classification marking. Drafted by Wilton B. Persons, Assistant to President Eisenhower. The meeting was held in the Cabinet Room of the White House. A shorter memorandum of this meeting is in a memorandum from Clark M. Clifford to President Kennedy, January 24. (Department of State, Rusk Files: Lot 72 D 192, White House Correspondence, 1/61-11/63)


3. Report From Secretary of the Treasury Dillon to President Kennedy

Source: Kennedy Library, President's Office Files, Treasury, 1/61-9/61. Confidential. The unsigned report was transmitted under cover of a March 20 letter from Dillon to the President, in which he added: “I believe we should plan on making a comprehensive public report sometime in May after our first quarter payments statistics have become available.”


4. Memorandum From Secretary of State Rusk to President Kennedy

Source: Kennedy Library, National Security Files, Kaysen Series, Ball Committee. No classification marking. In a July 28 memorandum to Secretary Rusk, Ball indicated that he had drafted this memorandum, which he attached for the Secretary's signature. (Department of State, E Files: Lot 65 D 68, Interdepartmental Committee of Under Secretaries on Foreign Economic Policy-Origin)


6. Summary Minutes of Meeting of the Interdepartmental Committee of Under Secretaries on Foreign Economic Policy

Source: Department of State, E Files: Lot 65 D 68, Interdepartmental Committee of Under Secretaries on Foreign Economic Policy, Balance of Payments. Official Use Only.


7. Letter From Secretary of the Treasury Dillon to Secretary of State Rusk

Source: Department of State, Central Files, 811.10/2-2062. Official Use Only.


8. Memorandum From Secretary of the Treasury Dillon to President Kennedy

Source: Kennedy Library, President's Office Files, Treasury, 3/12/62. Confidential.


9. Memorandum From Secretary of State Rusk and Secretary of the Treasury Dillon to President Kennedy

Source: Department of State, Central Files, 811.10/4-962. For Official Use Only. The date, “9 Apr 62,” was added by hand. A longer memorandum from Frank M. Coffin to Secretaries Rusk and Dillon, April 6, which was transmitted under cover of an April 6 memorandum from Coffin to Secretary Rusk, is ibid. In this covering memorandum, Coffin suggested that the Secretary sign the memorandum printed here and forward it to Secretary Dillon (who had already approved it in draft) so that it could be sent to the President by the close of business April 6.


11. Memorandum From President Kennedy to Secretary of the Treasury Dillon

Source: Kennedy Library, Dillon Papers, Memos to President, 5/62-6/62. No classification marking.


12. Memorandum From the Administrator of the Agency for International Development (Hamilton) to President Kennedy

Source: Kennedy Library, National Security Files, Subjects Series, Balance of Payments and Gold, 6/62-3/63. No classification marking.


14. National Security Action Memorandum No. 171

Source: Kennedy Library, National Security Files, Meetings and Memoranda Series, NSAM 171. Confidential. Copies were sent to Ball and Fowler Hamilton. According to a memorandum from Charles E. Johnson to the executive secretaries of the Departments of State, Defense, and the Treasury, and the Bureau of the Budget and AID, July 18, 1962, attached to the source text, this NSAM was originally distributed as an unnumbered memorandum to the Cabinet Committee on the Balance of Payments, but it was then decided to include it unchanged in the NSAM series (except for the addition of a subject heading) and given additional distribution. A copy of the original memorandum, July 16, is attached to the source text.


15. Memorandum From the Deputy Under Secretary of State for Political Affairs (Johnson) to the Under Secretary of State (Ball)

Source: Department of State, E Files: Lot 64 D 452, Balance of Payments-Procurement. Secret. Drafted by George S. Newman (G/PM) and transmitted through S/S. The date, “7/18/62,” was added by hand.


16. Circular Telegram From the Department of State to All Diplomatic Missions

Source: Kennedy Library, National Security Files, Subjects Series, Balance of Payments and Gold, 6/62-9/63. Confidential; Priority. Drafted by George S. Newman on July 19; cleared in E, EUR, FE, ARA, NEA, AF, U, S/S, the Department of Defense, and the White House; and approved by Newman. Repeated to Paris for Stoessel and McGuire and to CINCLANT, CINCARIB, and CINCPAC for the Political Advisers.


17. Report by the Cabinet Committee on Balance of Payments to President Kennedy

Source: Kennedy Library, National Security Files, Kaysen Series, Balance of Payments, Cabinet Committee, 7/62-2/63. Confidential. The source text bears no drafting information. Transmitted under cover of a July 27 memorandum from Dillon to President Kennedy.


18. Memorandum From Secretary of the Treasury Dillon to President Kennedy

Source: Kennedy Library, Herter Papers, Balance of Payments. Official Use Only (With Confidential Section). Transmitted under cover of a memorandum from Dillon to the President, October 9, which indicated that this report was his fifth to the President on meas-ures taken to reduce the balance-of-payments deficit. Henceforth, Dillon added, the reports would be prepared on the same time schedule as those done by the Bureau of the Budget on international expenditures of federal agencies, and both would be submitted to the President as one integrated quarterly report. Also attached to the source text is a memorandum from Dillon to the members of the Cabinet Committee, October 10, indicating that a copy of the report was attached for their information.


19. Memorandum From the President's Deputy Special Assistant for National Security Affairs (Kaysen) to the President's Special Assistant for National Security Affairs (Bundy)

Source: Kennedy Library, National Security Files, Meetings and Memoranda Series,NSC Meetings, 1963, No. 508. No classification marking.


20. Memorandum for the Record

Source: Kennedy Library, National Security Files, Subjects Series, Balance of Payments and Gold. Top Secret. Drafted by McGeorge Bundy.


21. National Security Action Memorandum No. 225

Source: Kennedy Library, National Security Files, Meetings and Memoranda Series, NSAM 225. Confidential. Copies were sent to Bundy, Charles E. Johnson, and Kaysen.


22. Memorandum From President Kennedy to the Cabinet Committee on Balance of Payments

Source: Kennedy Library, National Security Files, Subjects Series, Balance of Payments and Gold. Confidential. A Top Secret, Eyes Only memorandum from Kaysen to members of the Cabinet Committee, March 2, indicating that the committee members were to receive the memorandum printed here as well as a copy of Acheson's report to the President on the balance of payments is ibid. Concerning the report, Kaysen noted: “The President requests that you continue to have no discussion of this report with your staff or in any way make its existence known to any other person.”


24. Memorandum for the Record

Source: Kennedy Library, National Security Files, Kaysen Series, Balance of Payments, Cabinet Committee. Secret. No drafting information appears on the source text. Attached to an April 17 memorandum from Kaysen to President Kennedy are four papers the President requested for discussion with the Cabinet Committee at the April 18 meeting: Council of Economic Advisers' proposal for an IMF drawing of up to $2 billion from the Fund, Ball's discussion of possible negotiations with the major European countries to raise up to $4 billion from 5-year loans from them, a Department of State examination of the possibility of restricting the sale of foreign currencies in the U.S. market, and a Treasury examination of possible taxes on foreign travel. (Ibid., President's Office Files, Treasury) John C. Bullitt submitted copies of these four papers under cover of an April 17 memorandum to members of the Cabinet Committee on Balance of Payments: Secretary Rusk, Ball, McNamara, David Bell, Christian Herter, Walter Heller, and Kaysen. (Ibid., Herter Papers, Balance of Payments)


25. Memorandum From President Kennedy to the Cabinet Committee on Balance of Payments

Source: Kennedy Library, President's Office Files, Treasury, 4/63-6/63. Secret.


26. Memorandum From Secretary of Defense McNamara to President Kennedy

Source: Kennedy Library, National Security Files, Subjects Series, Balance of Payments and Gold. Secret.


27. Letter From Secretary of State Rusk to Secretary of Defense McNamara

Source: Kennedy Library, National Security Files, Subjects Series, Balance of Payments and Gold, 6/62-9/63. Secret. A copy was sent to McGeorge Bundy.


28. Memorandum From Secretary of Defense McNamara to President Kennedy

Source: Kennedy Library, President's Office Files, Treasury, 7/63. Secret. Copies were sent to Rusk and Dillon.


30. Letter From John Kenneth Galbraith to President Kennedy

Source: Kennedy Library, National Security Files, Subjects Series, Balance of Payments and Gold. Personal; Secret. Galbraith, who had been succeeded by Chester Bowles as Ambassador to India in July 1963, was serving as a consultant to the White House.