The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
/5T/7 September, 1955 A Internal Memorandum Owen D« Young Papers Letter of October 6, 1927 addressed to Benjamin Strong regarding the Daves Plan and the V*l f ^ of it, "When the Dawes Plan was established, Germany •was a vacuum so far as liquid capital was concerned. All had been swept away including a large part of all her consumable goods; even food and clothing, the last to disappear, were exh^yted to a large degree • After the Plan was adopted and the basis for credit established, it was natural that credit movements should pass to this low pressure area. They had done so* They will be used, however, in the reverse order of their exhaustion, that is, the most important things will be done first•" This letter is highly important in any con rvj^nmt Linn, I^HHTPT* in any attempt to understand the basis on which the Dawes Plan was established* original must exist in Mr. Strong's files in New York. MA:IB The
@FedFRASER