<--PREV Doc #849  |  Memorial Commission Home Page  |  First Term Table of Contents  |  Presidential Papers Home Page  |  Doc#  |  NEXT--> Doc #851 Document #850; April 27, 1954 To George Magoffin Humphrey Series: EM, AWF, Administration Series ; Category: Memorandum The Papers of Dwight David Eisenhower, Volume XV - The Presidency: The Middle Way Part V: Maintaining "a united defense"; April 1954 to August 1954 Chapter 10: Losing the war "they could not win"   In my message to the Congress on the subject of foreign economic policy, I stated that the United States will support the use of resources of the International Monetary Fund as a bulwark to strengthen the currencies of countries which undertake convertibility.1 I request that the United States Executive Director of the Fund be instructed to support this position.2 I also request that the National Advisory Council on International Monetary and Financial Problems develop the approach which the Executive Director will suggest to the Fund for use of its resources for this purpose.3 1 For the President's March 30 message see Public Papers of the Presidents: Eisenhower, 1954, pp. 352-64. For background on the covertibility of currencies see no. 292; State, Foreign Relations, 1952-1954, vol. I, General: Economic and Political Matters, pt. 1, pp. 340-48; and Kaufman, Trade and Aid, pp. 178-79. 2 Frank A. Southard, Jr. (Ph.D. University of California 1930) had been U.S. Executive Director since 1949. He was also Special Assistant to Secretary Humphrey. 3 The National Advisory Council on International Monetary and Financial Problems would meet in Washington on July 2 and draft a U.S. position paper on the problems of convertibility (ibid., pp. 363-69). The Council would emphasize the importance of coordination between the Organization for European Economic Cooperation and the International Monetary Fund during the transition to currency convertibility. Although not willing to spell out the details of programs to liberalize trade policy, the Council recommended that a European Fund be established under OEEC auspices to facilitate these programs. Bibliographic reference to this document: Eisenhower, Dwight D. Memorandum To George Magoffin Humphrey, 27 April 1954. In The Papers of Dwight David Eisenhower, ed. L. Galambos and D. van Ee, doc. 850. World Wide Web facsimile by The Dwight D. Eisenhower Memorial Commission of the print edition; Baltimore, MD: The Johns Hopkins University Press, 1996, http://www.eisenhowermemorial.org/presidential-papers/first-term/documents/850.cfm <--PREV Doc #849  |  Memorial Commission Home Page  |  First Term Table of Contents  |  Presidential Papers Home Page  |  Doc#  |  NEXT--> Doc #851

Dwight D. Eisenhower Memorial Commission 1629 K Street, NW Suite 801 Washington DC 20006 Phone: 202.296.0004    Fax: 202.296.6464