General and Financial and Monetary Policy
181. Telegram From the Embassy in Germany to the Department of State
Source: Department of State, Central Files, FN 12 US. Confidential; Priority. Repeated to Berlin for Ambassador McGhee.
182. Current Economic Developments
Source: Washington National Records Center, RG 59, E/CBA/REP Files: FRC 72 A 6248, Current Economic Developments. Unclassified. The source text comprises pages 9–14 of the issue.
183. Memorandum From the Director, Office of Industrial Nations, Department of the Treasury (Widman) to the Acting Assistant Secretary of the Treasury for International Affairs (Petty)
Source: Johnson Library, Fowler Papers, International Balance of Payments—Classified Material: 1968 B/P Travel Expenditures Restraints [1 of 2], Box 46. Limited Official Use; No Other Distribution. An attached note from Douglass Hunt, Special Assistant to the Secretary of the Treasury, to Barr, April 8, mentions that Fowler wanted Barr to take up Widman’s memorandum with Howard J. Samuels, Under Secretary of Commerce.
184. Memorandum From the Assistant Secretary of Commerce for Domestic and International Business (McQuade) to the President’s Special Assistant (Goldstein)
Source: Johnson Library, Office Files of Ernest Goldstein, Export Program-2, Box 7. No classification marking.
186. Letter From the Special Representative for Trade Negotiations (Roth) to Secretary of the Treasury Fowler
Source: Department of State, Central Files, FT 7 GATT. Limited Official Use. The source text is Tab B to a memorandum from Solomon to Katzenbach, March 25. Regarding this memorandum and Tab A, see footnote 1, Document 192.
187. Memorandum From the President’s Special Assistant (Rostow) to President Johnson
Source: Johnson Library, National Security File, Subject File, 1968 Balance of Payments Programs, Memos and Miscellaneous [1 of 2], Box 4. Secret. A handwritten notation next to the dateline on the source text reads: “Rec’d 4:46 p.”
188. Memorandum From the President’s Special Assistant (Rostow) to President Johnson
Source: Johnson Library, National Security File, Subject File, Balance of Payments, Vol. V [2 of 2], Box 3. Secret; Sensitive. A typed note at the top of the source text reads: “7:00 p.m. meeting with Bill Martin.” No record of this meeting has been found.
189. Memorandum From the President’s Special Assistant (Rostow) to President Johnson
Source: Johnson Library, White House Central Files, Confidential File, FI 9, Monetary Systems. Secret; Sensitive.
190. Memorandum From the President’s Special Assistant (Rostow) to President Johnson
Source: Johnson Library, National Security File, Subject File, Balance of Payments, Vol, V. [2 of 2], Box 3. Secret; Sensitive. A handwritten notation next to the dateline on the source text reads: “Rec’d 5:50 p.”
192. Letter From the Under Secretary of State (Katzenbach) to Secretary of the Treasury Fowler
Source: Johnson Library, Fowler Papers, International Balance of Payments: 1968 B of P—Tourism, Box 7. No classification marking. Another copy of the letter indicates that it was drafted by Donald Herr (U.). A March 25 covering memorandum from Solomon to Katzenbach, attached to that copy, explained that the administration’s tourism proposal raised several GATT problems that needed to be discussed with Fowler. Although Department of State and STR officials had met with Treasury people on these GATT problems, Fowler had rejected their proposals “(he has agreed to a small reduction in the level of the flat rate, which is not particularly helpful for our GATT problems).” Solomon worried that if Congress approved these measures as they then stood, “they would cause us GATT trade problems—far in excess of their significance in anticipated balance of payments gains—and could adversely affect European cooperation in other areas much more important to us.” (Department of State, Central Files, FT 7 GATT)
194. Memorandum From the President’s Special Assistant (Rostow) to President Johnson
Source: Johnson Library, National Security File, Fried Files, Chron, March 1–April 30, 1968. Confidential. Drafted by Fried.
195. Telegram From the Department of State to the Embassy in Japan
Source: Department of State, Central Files, FN 12 US. Limited Official Use; Priority. Drafted by Paul K. Stahnke (EA/J) on April 4; cleared by Fried, Barnett (E), Malmgren (STR), Ruth Gold (E), Thomas O. Enders (M), Richard L. Sneider (EA/J), and John R. Petty (Treasury) all in draft; and approved by Francis J. Meehan (S/S).
196. Memorandum for the USTS File
Source: Washington National Records Center, RG 40, Department of Commerce Files:FRC 74 A 20, U.S. Travel Service, 1967–1968. No classification marking. Drafted by Jan T. Dykman, Executive Assistant to the Secretary of Commerce, on April 17.
197. Current Economic Developments
Source: Washington National Records Center, RG 59, E/CBA/REP Files: FRC 72 A 6248, Current Economic Developments. Limited Official Use (Except Portion Marked Confidential). The source text comprises pages 1–7 of the issue.
198. Telegram From the President’s Special Assistant (Rostow) to President Johnson, in Texas
Source: Johnson Library, National Security File, Subject File, Balance of Payments, Vol. V [2 of 2], Box 3. Secret; Sensitive. The telegram was received at the LBJ Ranch Communications Center on June 1 at 12:50 p.m. (CDT). A handwritten notation on the source text reads: “6–2–68 Jones told Brom Smith.”
199. Memorandum From Secretary of the Treasury Fowler to President Johnson
Source: Johnson Library, National Security File, Subject File, Balance of Payments, Vol. V [1 of 2], Box 3. Secret. The source text is Tab A to a June 7 memorandum from Rostow to President Johnson. Rostow’s memorandum indicates that a meeting between the President and his senior advisers on all these matters was scheduled for 6:30 p.m. the same evening. No record of this meeting has been found. The memorandum also summarizes Fowler’s memorandum, endorses his recommendation for a meeting on the franc-sterling monetary crisis, and proposes that at the meeting the U.S. position on the offset talks with Germany should be reviewed. Another June 7 memorandum from Rostow to the President, which provides background information on the German offset talks, is ibid.
200. Memorandum for the Record
Source: Johnson Library, National Security File, Subject File, Balance of Payments, Vol. V [1 of 2], Box 3. Secret. Drafted by Fried on July 2.
201. Current Economic Developments
Source: Washington National Records Center, RG 59, E/CBA/REP Files: FRC 72 A 6248, Current Economic Developments. Confidential. The source text comprises page 1 of the issue.
202. Current Economic Developments
Source: Washington National Records Center, RG 59, E/CBA/REP Files: FRC 72 A 6248, Current Economic Developments. Unclassified. The source text comprises page 18 of the issue.
203. Memorandum From Secretary of the Treasury Fowler to President Johnson
Source: Johnson Library, National Security File, Subject File, Balance of Payments, Vol. V [1 of 2], Box 3. Confidential. Transmitted under cover of a September 10 memorandum from Rostow to the President, which summarized the memorandum and concluded: “The agreement is now in force. The market reaction was good.”
204. Memorandum From Secretary of the Treasury Fowler to President Johnson
Source: Johnson Library, White House Central Files, Confidential File, FO 4–1, Balance of Payments (1968–1969). Confidential.
205. Memorandum From the President’s Special Assistant (Rostow) to President Johnson
Source: Johnson Library, National Security File, Subject File, Balance of Payments, Vol. V [1 of 2], Box 3. Secret.
206. Telegram From the Embassy in Belgium to the White House
Source: Johnson Library, National Security File, Subject File, Balance of Payments, Vol. V [1 of 2], Box 3. Secret; Sensitive; Eyes Only. Via [text not declassified] Channels. Attached to the source text is a memorandum from Walt Rostow to the President, November 15, 6:30 p.m., indicating that he wanted the President to have Fried’s report in case he was interested in looking into it over the weekend.
207. Telegram From the White House to the Embassy in Italy
Source: Johnson Library, National Security File, Subject File, Monetary Crisis, November 1968, Cables and Memos, Vol. 1 [2 of 2], Box 22. Secret; Eyes Only; Via [text not declassified] Channels. A typed text of this telegram is attached to a memorandum from Walt Rostow to the President, November 17, 6 p.m.; ibid. Rostow’s memorandum indicates that following a conference call with Fowler, Martin, Barr, Eugene Rostow, and Tony Solomon, it was agreed to send this message to Fowler.
208. Telegram From the White House to the Embassy in Germany
Source: Johnson Library, National Security File, Subject File, Monetary Crisis, November 1968, Cables and Memos, Vol. 1 [2 of 2], Box 22. Secret; Eyes Only; Via [text not declassified] Channel.
209. Message From the Embassy in Germany to the White House
Source: Johnson Library, National Security File, Subject File, Monetary Crisis, November 1968, Cables and Memos, Vol. 1 [2 of 2], Box 22. No classification marking. Handwritten on the source text is “Telecon #1,” although it appears to be a one-way telephonic message (without other transmission information). The source text bears no date or time of transmission, but the date and time of receipt in the White House Situation Room were November 18, 5:58 p.m. A summary of the rest of this conversation was transmitted in “Telecon 2” from Bonn to the White House, November 18. (Ibid.) A summary of a follow-on meeting between these U.S. and German representatives on November 19 was transmitted in “Bonn Telecon 13” to the White House, November 19. (Ibid.)
210. Telegram From President Johnson to Prime Minister Wilson
Source: Johnson Library, National Security File, Subject File, Monetary Crisis, November 1968, Cables and Memos, Vol. 1 [2 of 2], Box 22. Secret. A copy of the telegram, identified as “Telecon 8,” was sent from Walt Rostow to Fowler on November 19. (Ibid.) According to a memorandum from Rostow to President Johnson, November 18, 7:10 p.m., this message to Wilson “incorporates the approach that Joe, Bill Martin, Joe Barr, Gene Rostow, etc., agree is the right approach.” A handwritten notation on Rostow’s memorandum reads: “Approved, 9:25 p.m.” (Ibid.)