861.51/2657a
The Assistant Secretary of State (Moore) to President Roosevelt, Temporarily at Hyde Park, New York60
Dear Mr. President: Enclosed are copies of telegrams61 to Messrs. Long and Bullitt. In my letter to Bullitt it was stated that he is authorized to leave Moscow about the middle of October and arrive in Washington the latter part of December; that his suggestions as to the stops he shall make in the Orient will be approved, and instructions issued accordingly, and that his salary will be taken care of. I also wrote Mr. Long explaining that there will be no difficulty in splitting up his one month consultation period, so as to avoid its being continuous, should that be his desire.
There is also enclosed an article that appeared in the New York Herald Tribune this morning.61 It was written after the correspondent had an interview with Mr. Troyanovsky which he reported to us. One interesting point is that Troyanovsky did not limit the debt payment to a hundred million dollars, but talked about one hundred and fifty million dollars. Another interesting point is that Troyanovsky, after beating about the bush, admitted that he seeks a loan, his reference being made to the proposal that we shall give him an open credit of a hundred million dollars to be repaid in twenty years, in addition to ordinary credit transactions through the Export-Import Bank.
Troyanovsky is so anxious for a settlement as to make me rather hopeful that in further conference with him we might be able to agree (a) on the payment of a hundred million dollars in twenty or twenty-five years with interest, say, at the rate of not less than two percent, or the payment of a hundred and fifty million dollars in that time without interest; (b) on credits extended by the Bank and subject to its approval totalling at any one date not more than two hundred million dollars, and with a repayment plan stipulating five years as the ordinary limit and a longer time on unusual transactions as, for instance, the purchase of all the equipment of a factory.
I have not talked with Troyanovsky since he was here last week and would not trouble you now except to ascertain whether you wish to have the matter brought to a conclusion, if that can be done, as quickly as possible, or would prefer to delay, unless Troyanovsky should take the initiative, until after the election, and I will thank you to write or wire me as to this. On the one hand there are, of course, many producers of American goods who are eager to find [Page 139] markets, while on the other hand there are politicians who, in case of an agreement prior to the election, would try to impress a belief that we should exact payment of a larger sum on account of debts and that we should not pledge the credit of the Government at the risk of incurring loss, and that thus the general interest is being sacrificed. I hesitate to raise the question, since you may think I should assume that we should go forward as if there were no election approaching.
Very sincerely,