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If©iiorabio Jolm
Soerotary of tiio ir#n#iary f
fromamry
Domr Mr* Seorottfyt

In rospo&av t o Mr* iartolt* m request, 1 a» transa&ttl&g
to y w ta* ettrre&t view* •# t o * £jE*eutiv* Coast t i e * #f th«

10 Jt^r mtlrtMMtt i s tmll of tk# sNurok 15 « ^ * l»»u« of
1»9 mitoai< flam Cb'j»^tt## s«w MB*l4te«W i t 4#sii**%l# as -mmll t
«t !«&«% i MlliflU of t]w Mar®li 1 o«rtlfl«*t« !«•»••
sldombly lower ais4 amoolftt highor tlum te*^. &«•»» oxpootod*
Soeauso of t h i s as*^ tho retlr«afi«fit of ©sly 1 b i l l i o n 4»ll*r#- of
February I @»rtift^«.t#tt i t i s MM o«tl«at«d thmt %^
1»
baX«Ke« at the m& of Foidrvary vrilX b« at 5»3 b i t l i o a
If o»«h p&ps»st* i s liarali worn limited to tfe# K«re% I f s e t o
of 1«9 b i l l i o n , tho Troamury bala»e# at ttem om# of
• t i l l bo elottt t o 5 bllUoa^i not oouatisf 8^> sIllioR 4ollar» of
fro* jsold doriirod from ilonotary $umd tru»«&eti#s#« With t o t a l
o«ah payMonta on Marefe B»turiti«* of 2*9 b i l l las» isoludiBg 1
llt>» dollar* of larofe 1 ©#rtlfi®mt«a# i t i« oatiaaiwl
Troatitry balanov at tbo «nd of isaroh w i l l bo mp^r^xii^loly 5*8
b i l l i o c , oxoludlBf S00 sail Ho. doil&r* af froo g#li« !Ms » i l l
bo fully a4o^«to to moot rocguiroaasta for tho last. «isart«r of
tho flaoal |NNHP«
Xf aetttal «xp#»4ii^r«ts for tho Msosd yoar «* a wbolo
f a l l ahort of tho r«irit#i bttdj^t oatia»t« #f Ii2«f b i l l i o n , aa
appoar* liiroly, amm furthor dabt r«tire»«nt wMf well bo f$*$lblo
in tfet




Honor**!* John t« S»jhter

• 9 *

February 7*

, tho
with tfeo P«d»ml ^ i t r n §*&&• will bo t*oll<*ix %j fc#a*y tttx r#c«iptt« Am®r4tVi%l¥$ I t will b« po»«ifel« to p*y f«ff th« ^«r#h 1
retir«8g*st out of th««« b*l*»e#t, thereby prof 141ag us offtst to
the pr«9*41ng 1*«* of r«i*rr« fwad« froa twn p«y»«ctt. Al#ot I t
will o# fo««lbl# to flmnBO* a tub»ttifttl«il pmrt or *iH»ut 1
of tfeo lC«r«h 15 r«tir»a«iit out @ tho f r « * # y
f
fh« C-osmittoo r«eosas<md» th*t %hm
at thiir l i M ®f %k« 600 i«llllo» dollar gold obtalntd fro»
t«tl^r. # th#
off **t lo««#» of r$«*?r*« * x « to t u pay*
1»




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