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THE WHITE HOUSE WASHINGTON 3/4/40 MEMORANDUM FOR GOVERNOR ECCLSS Herewith your copy of the memorandum you and Mr, Currle submitted to the President today, TOI COPY THE WHITE HOUSE WASHINGTON March 4, 1940 MEMORANDUM FOR Re: THE PRESIDENT Refunding Debt, The issue boils down to this: If the #738 million of notes are refunded we will have, in effect, ruled out the possibility of using a portion of the Stabilization Fund for debt retirement during this session* If, on the other hand, the $553 million of bonds are refunded, the possibility of retiring debt is left open for decision in, say, April or May* We favor the latter course as business or Congressional developments may make it very desirable to use a COPY THE WHITE HOUSE WASHINGTON -2portion of the Fund to retire debt this spring, LAUCHLIN CURRIE MARRINER ECCLES
