207/   ?* /&
1^
Ho. 371*
BRITISH WBASSY,
USHINOTOH D*C
March 29th 1939.
Jo-)
My Lord,
With reference to my despatch Ko.261
of the 3rd Karen, I have the honour to enclose
herewith for your information copies of an
exchange of letters between the Chairman of the
Basking and Currency Committee of the Senate and
the Secretary of the Treasury regarding the
monetary policy of the United States*   There it
nothing new or unexpected in Sr. Horgenthav1 s
letter hut it 9eta out the considerations
involved very fully and on orthodo^ lines and
reaches the satisfactory conclusion that there
is no acceptable alternative to the policy which
the United States Government have been pursuing*
Paragraph 4 of Section 8 on page 20 seems to
imply that no early action is likely to control
or restrict in any nay the inflow of foreign
capital into this country*
8* Further evidence both for and against
the continuance of the President's power to alter
the gold value of the dollar, has been given
before Committees, of the Senate and of the House
of Representatives*   Mr. Wallace and Dr.Feis in
particular supporting extension of the power- and
various economists and also Ite. Jefferson Coolldgg
The Right Honourable late/
The Viscount Halifax, K.O.. RCLsHOC:FRgiji:KCB:MS
etc., etc., etc*

3
lata Under Secretory of the treasury, opposing
It.   the question baa not yet Gome to the
fleer of Congress*
3. Copies of this despatch and of fcjie
enclosure are being seat direct to His Majesty1a
Treasury/and the Department of Overseas Trade*
m
X have the honour to be,
with the highest respect,
My Lpra,
Yousi? Lordship's nest obedient,
humble servant,
(309) H.C.UHDSaY.