Foreign Relations of the United States, Diplomatic Papers, 1933, General, Volume I

550.S1 Monetary Stabilization/63: Telegram

The Chairman of the American Delegation (Hull) to the Acting Secretary of State ⁹⁹

London, July 1, 1933—8 a.m.
[Received July 1—4:10 a.m.]

84. For the President from Moley: The complete final text of the declaration is as follows:

Joint Declaration by the Countries on the Gold Standard and by Those Which Are Not on the Gold Standard

1. The undersigned governments agree—

(a) that it is in the interests of all concerned that stability in the international monetary field be attained as quickly as practicable;

(b) that gold should be re-established as the international measure of exchange value, it being recognized that the parity and the time at which each of the countries now off gold could undertake to stabilize must be decided by the respective governments concerned.

2. The governments whose currencies are on the gold standard reassert that it is their determination to maintain the free working of that standard at the existing gold parities within the framework of their respective monetary laws. They are convinced of the importance from the point of view of the restoration of world economy and finance of the maintenance by their respective countries of the gold standard on the basis of the present gold parities.

3. The signatory governments whose currencies are not on the gold standard without in any way prejudicing their own future ratios to gold take note of the above declaration and recognize its importance. They reaffirm as indicated in paragraph 1 above that the ultimate objective of their monetary policy is to restore under proper conditions an international monetary standard based on gold.

4. Each of the governments whose currencies are not on the gold standard undertakes to adopt the measures which it may deem most appropriate to limit exchange speculation and each of the other signatory governments undertakes to cooperate to the same end.

5. Each of the undersigned governments agrees to ask its central bank to cooperate with the central banks of the other signatory governments in limiting speculation in the exchanges and when the time comes in reestablishing a general international gold standard. [Moley.]

Hull

99. Transmitted to President Roosevelt, aboard U. S. S. Indianapolis, as telegram No. 34, July 1, 4 a.m. Copy also sent to Under Secretary of the Treasury Acheson.