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THE WHITE HOUSE WASHINGTON 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. F.D.R. Honorable Marriner Eccles, Chairman, Federal Reserve Board.
@FedFRASER