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86

Harry S. Truman

Currency:USD Category:Collectibles / Autographs Start Price:NA Estimated At:1,500.00 - 2,000.00 USD
Harry S. Truman

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Auction Date:2012 Nov 14 @ 18:00 (UTC-05:00 : EST/CDT)
Location:5 Rt 101A Suite 5, Amherst, New Hampshire, 03031, United States
ALS - Autograph Letter Signed
ANS - Autograph Note Signed
AQS - Autograph Quotation Signed
AMQS - Autograph Musical Quotation Signed
DS - Document Signed
FDC - First Day Cover
Inscribed - “Personalized”
ISP - Inscribed Signed Photograph
LS - Letter Signed
SP - Signed Photograph
TLS - Typed Letter Signed
Typed memo, signed as president, “H. S. T.,” one page, 7 x 8.75, White House letterhead, September 28, 1949. Memo to Secretary of the Treasury [John W. Snyder] reads, “I am attaching copy of letter from Congressman Philip J. Philbin, together with copy of my reply. If there are any further suggestions you think should be made to the gentleman I shall be glad to make them.” In fine condition, with a couple pencil notations and some mild toning.

Several additional papers are staples to the memo, including a copy of the two-page memo sent to Truman from Philbin, which begins “I am constrained in view of devaluation of sterling bloc currencies most respectfully to present the following views for your consideration and possible action. The devaluation of the pound, affecting as it does not only the value of British currency but the value of currency in all sterling bloc countries, is an epochal economic event which in its first impact has severely shaken the economic stability of most of the nations involved.” Also included is an unsigned copy of Truman’s response to Philbin which reads, in part: “I am glad to have your suggestions. Studies have been going on over the past three months with regard to the sterling bloc situation and the conversations and studies will continue indefinitely until some proper solution is found for the situation.” Another unsigned memo from George Marshall, dated May 20, 1948, which reads at the conclusion, “Roosevelt had a very clear conception of it when he said the Chiefs of Staff would show us how to win the war and what would be needed to keep the peace but that the governments themselves would have to find a way of providing a method whereby the people could make their living in peace.”

With increased speculative pressure on the pound sterling, the U.K. government finally sought approval for a 31% devaluation in September of 1949 to help realign it with the dollar. A highly contentious decision, the approval did cause an instant rise in the cost of living and essential imports, but it also set the basis for an increase in Britain's competitiveness. Immediately following the U.K., a total of nineteen countries in the sterling bloc and Western Europe made major devaluations, shifting the entire international economy. Acknowledging the complexity of the situation but offering no solid solution to an issue far beyond his reach, Truman replies with the best answer possible: “the conversations and studies will continue indefinitely until some proper solution is found for the situation.” Forwarding the correspondence to Secretary of the Treasury John W. Snyder, a man much better versed in the topic at hand, he remains open to suggestions for further response. An interesting look at one of the many complex issues that fell in the lap of America's 33rd president, appropriately delegated to his ready and able secretary.
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