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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