The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
February 18, 1946. Honorable Fred M. Vinson, Secretary of the Treasury, Washington 25, D. C. Dear Fred: As you know, I as. opposed to increasing the landing authority of the HSxport-Iaport Bank by 1.5 billion dollars. Although you and I vere outvoted on this issue at the Council meeting on Wednesday, I think the President ought to be informed of the difference of opinion which developed there. Specifically, I think he ought to know that it was the aieabers of the Council froa the lending and export promoting agencies who supported the figure of 1.5 billion dollar* and that the members from the agencies sore concerned with the raising of the funds favored reducing the figure to 1.25 billion dollars. I still believe that the suggested lending program prepared by the staff coHS&ttee could easily be reduced by 250 leillion dollars by deducting this sum from the allocation to "other countries and other purposes'* amounting to 400 Billion dollars. I am told that the staff eons&ittee thought it unlikely that store than 50 million dollars would be required for "other countries0 so that 350 million dollars under this last heading is intended to cover expansion in the Sxport-Import Bank1* program of financing American exporters, American business enterprises in the international field, etc. I m dead against any such expansion in this program under present conditions. American exporters and American business enterprises do not need subsidized Government credit to enable them to eonspete in foreign markets. In present conditions any funds which are required to finance such tr<=a sactions can and should be found in the private capital market. Sincerely yours, (Signed) Marrlner M« S. E c c l e s , Chairman.