493.11/878: Telegram
The Secretary of State to the Minister in China (Schurman)
7. Your 6, January 4, 4 p.m.
Department feels that it was the clear intent under the Protocol, and so acknowledged by the Chinese Government by exchange of notes of 1905 that the debt should be paid in gold. It would not seem that the fluctuating value of the paper currency of the Protocol powers could be availed of if those powers object. Assuming that the payments will be made in francs, the Governments concerned apparently have the right to insist upon gold francs which, it is understood, have the same gold content now as they had in 1905.