Letter from Mr. Curninghem leung containing a messeae dcipatehed. from. Washington, dated September 22, but receipt of which delayed. ti October 1 being can De. KUNE With reference to your tetter of Aurust 19, 1998 and my reply of Rogust "23, with remed o_ the message which you requested me. Trancmit by cable, T have received. telegram from, the Department of State, September 22, 12 noon, the Since the United States Govern-|* ment desires an increased portion vf! silver for its monetary resources, the National Government of China desir also to ascertain in principle whether the American Government is willing to exchange old for silver, The proposal clarifies a hitherto unexplained passage in the reply of Mr, Cordell Hull, Secretary of State, published two "days ago which Feads:
"Free markets in which gold or silver can be acquired by purchasers! are now open to all nations and therefore direct inter-governmental transactions have not. been. undertaken. The availability of such mar-Kets in the future is open to friendly discussion especially because of our common desire to work towards common standards.
We shall be glad at any time to explore these large possibilities. with] tance of which reads az follow The United States Government welcomes the opportunity to sate I polley with respect to silver to, the Government of China, Tt considers the request to: be within. the con templation of Paragraph Six of the Memorandum of Agreement signed A London on duly 22, 1983, by feaaies "of China" and the United Sister, among others "he policy of the United States in the pureoase of sliver will be guided By, the following considerations:
othe Silver Purchase Act of 1934 declares it to, be the policy of the ited Statew that "the proportion of fiver to gold in the monetary stock of the United 'States sould be In. creased with the ultimate objective of faving and maintaining one-fourth of the monetary value of such stock In' "Givers" "The. Secretary of directed purchase iver to that end at such terms "an Himes and upon such conditions as he may deem reason: ble and most advantageous to the It effected, the proposed exchange public interest. By such an increase the monetary use of silver, the of American gold for Chinese silver Government of the United States be-would serve to. carry forwa Aliieves that it is furthering the pu policy broadly hinted at in Administration quarters periodically during the past year of working towards a more even distribution of the world's gold among various nations.
Throughout thi from China, higher prices of sil American poses of the resolution unanimous Sdopted on Thursday, July 20, 1933, at the meeting of Sub-Commissioa Two. (permanent measure) of the Monetary and Financial Commission of the Monetary and Economic Conference.
Text read from the printed page and cleaned; old type leaves the occasional error.