File No. 893.51/1845
Minister Reinsch to
the Secretary of State
No. 1741
American Legation,
Peking,
November 20, 1917.
Sir: I have the honor to enclose herewith a
copy of a note (No. 662) which the Legation addressed to the Foreign
Office on October 20, 1917, informing it of the contents of the
Department’s telegram of October 13, 2 p.m., in regard to the
participation of American interests in any loan which might be concluded
for currency reform. A copy in translation, of the Chinese Government’s
reply of the 5th instant, stating that it would welcome the reentry of
the American Group into the Consortium, is likewise enclosed.
I have [etc.]
[Page 156]
[Inclosure 1]
Minister Reinsch
to the Minister for Foreign Affairs
No. 662
American Legation,
Peking,
October, 20, 1917.
Excellency: I have the honor to state that
in various recent conversations his excellency the Minister of
Finance has discussed with me the project of a loan from foreign
sources for the purpose of currency reform, and has requested me to
advise my Government of the negotiations now being carried on to
that end, in order to ascertain its views as to the participation of
American interests in any such loan as might be arranged. Upon
referring this matter to my Government, I have now received its
instructions to communicate to your excellency its views, in the
following sense:
Quite apart from any individual contractual interest accruing to “The
American Group” under the Currency Loan Agreement of April 15, 1911,
the Government of the United States considers that the whole history
of the currency loan project—notably the appeal made to it by the
Chinese Government in January, 1904, the conference with Dr. Jenks
in 1903 and 1904, and the request for a loan for the purpose of
monetary reform which in 1910 the Chinese Government addressed not
to any individuals but directly to the American
Government—constitutes in behalf of the Government of the United
States such an interest in the project as entitles it to be
considered in reference to any action which the Chinese Government
may contemplate with view to carrying that project into effect. This
interest has never been abandoned by the Government of the United
States.
Through the extension of the currency loan option from October 14,
1917, to April 14, 1918, an opportunity is now afforded for the
American Government to give consideration to the whole matter
involved, and I shall in due course acquaint your excellency’s
Government with the decision arrived at.
[Inclosure 2]
The Minister for Foreign
Affairs to Minister Reinsch
No. 665
November 5,
1917.
Sir: I have the honor to acknowledge the
receipt of your note (No. 662 of October 20, 1917), stating that the
American Group was originally a party to the currency loan, that the
appeal made to the American Government by the Chinese Government
constitutes in behalf of the Government of the United States such an
interest in the project as entitles it to be considered in reference
to any action which the Chinese Government may contemplate with a
view to carrying that project into effect, and that you would in due
course acquaint this Government of the decision arrived at by your
Government.
Upon receipt of your note this Ministry wrote to the Ministry of
Finance and has now received its reply as follows:
“Our Government would welcome the reentrance of the American
Group into the Consortium. After the American Group sends a
representative to Peking, he can, in company with the
representatives of the British, French, Russian and Japanese
Banking Groups, negotiate directly with this Ministry.”
I have [etc.]
For the Minister,
Kao Erh-ch’ien
