Office of the Historian

861.24/8–244

Memorandum by the Chief of the Division of Financial and Monetary Affairs (Collado) to the Assistant Secretary of State (Acheson)

[Washington,] August 18, 1944.

Reference is made to telegram 1965 of August 17, 10 p.m., to Moscow regarding negotiations with Stepanov regarding the 3(c) agreement. I note that there has apparently been extensive consultation [Page 1119] with the Treasury Department regarding the terms of interest and amortization which might be appropriate and that certain concessions may have been or will probably be made both in connection with rate of interest and the period of grace.

In view of the fact that all of the original documents on this matter were undertaken by a subcommittee of which I was chairman, I am rather surprised that FMA14 has not participated at all on this matter. In addition, I have certain doubts regarding the extension of some of the concessions which Treasury is being urged to make in order to please the Russians.15

  1. Division of Financial and Monetary Affairs.↩
  2. Notation by Mr. Acheson: “I have been conducting these negotiations myself. DA.”↩