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March 4, 1940.

Dear Marriner:
I have had to decide on refunding
$738 million of notes — "because honestly I
am fearful of the international situation and,
confidentially, the news from Welles1 visit
in Berlin does not make me any happier.
Therefore, I think it best to get a little
more than half of the refunding out of the
way rather than less than half. We can always
use a portion of the stabilization fund for
debt retirement, later on.


Honorable Marriner Eccles,
Chairman, Federal Reserve Board.