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.47

1931

PU

COMMITTEE ON FINANCE

REED SMOOT, Utah, Chairman
JAMES E. WATSON, Indiana.

PAT HARRISON, Mississippi.
DAVID A. REED, Pennsylvania.

WILLIAM H. KING, Utah.
SAMUEL M. SHORTRIDGE, California.

WALTER F. GEORGE, Georgia.
JAMES COUZENS, Michigan.

DAVID I. WALSH, Massachusetts.
HENRY W. KEYES, New Hampshire.

ALBEN W. BARKLEY, Kentucky.
HIRAM BINGHAM, Connecticut.

TOM CONNALLY, Texas.
ROBERT M. LA FOLLETTE, Jr., Wisconsin. THOMAS P. GORE, Oklahoma.
JOHN THOMAS, Idaho.

EDWARD P. COSTIGAN, Colorado
WESLEY L. JONES, Washington.

CORDELL HULL, Tennessee.
JESSE H. METCALF, Rhode Island.

ISAAC M. STEWART, Clerk

II

LIBRARY CO.GRESS

RECEIVED
MAR 2 1 1932
DIVISION OF (MCUMENTS

SALE OF FOREIGN BONDS OR SECURITIES IN THE

UNITED STATES

FRIDAY, JANUARY 8, 1932

UNITED STATES SENATE,
COMMITTEE ON FINANCE,

Washington, D. C. The committee met at 10 o'clock a. m., pursuant to adjournment on yesterday, in the committee hearing room in the Senate Office Building, Senator Reed Smoot presiding.

Present: Senators Smoot (chairman), Shortridge, Reed, Couzens, Thomas of Idaho, Jones, Harrison, King, George, Connally, and Gore.

Present also: Senator Johnson.
The CHAIRMAN. The committee will come to order.

Senator JOHNSON. Mr. Chairman, before you proceed with the testimony may I say that in the early days of this investigation something was said by me about a moratorium for Ireland. It was a passing remark in a little colloquy that was more or less of no significance, but I have a letter from the Envoy Extraordinary and Minister Plenipotentiary of the Irish Free State, in which he says

The Irish Free State has never asked for a moratorium.' And he asks that the particular remark be corrected. Therefore, Mr. Chairman, I ask that his letter be placed in the record in order that no inaccuracy, even involuntarily or unwittingly spoken, may occur.

The CHARMAN. It will be printed in the record at this point. Senator JOHNSON. I thank you.

LEGATION OF THE IRISH FREE

Washington, D. C., January 6, 1932, Hon. HIRAM W. JOHNSON,

United States Senate, Washington, D. C. MY DEAR SENATOR JOHNSON: On reading through the report of the hearings before the Committee on Finance of the United States Senate for December 18, 1931, I was much surprised to learn that in reply to a query by Senator Barkley you stated that Ireland “asked England for a moratorium and was declined.” I do not know on what authority you made this statement but I can assure you that no foundation for it exists. My Government has not asked England or any other country for a moratorium for the very good reason that our budgetary conditions are sound. The Irish Free State has no war debt obligation Her capital liabilities are comparatively small and, as Mr. Charles E. Mitchell pointed out to you, “she has enjoyed one of the finest positions of credit” in this country.

I shall esteem it a favor if you will be good enough to bring this rectification to the notice of the Committee on Finance as I am sure you will be only too anxious to do justice to a country that has so much in common with the United States of America. I am, my dear Senator Johnson, Very truly yours,

M. MACWHITE, Envoy Extraordinary and Minister Plenipotentiary.

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