TLS as president, one page, 6.5 x 7.25, White House letterhead, June 24, 1922. Harding writes Wall Street financier S. R. Bertron. In full: “Thank you very much for your letter of June 20th. Whenever the Foreign Debt Commission is ready to consider a changed policy I will be glad to suggest to some of the members, with whom I am in most intimate touch, that it will be illuminating to hear from you relating to your suggested plan for American helpfulness.” Double-matted with a Pach Bros. photo and framed to an overall size of 18.5 x 13.5. In fine condition, with intersecting folds and a few small spots of foxing.
Harding’s reference is to the five-member World War Foreign Debt Commission, which was created in February 1922 and authorized to refund or convert the financial obligations of some foreign governments to the US in the wake of World War I. He maintained during his administration that the commission needed more flexibility if it would be able to positively influence European affairs. Ironically, such war-debt policies and various tariffs greatly diminished the foreign market for American goods and, many economists now agree, contributed not only to the creation of the Great Depression but also its unprecedented length. Interesting reference to a factor that, in hindsight, contributed to America’s economic woes during the 1930s. Pre-certified John Reznikoff/PSA/DNA and RRAuction COA.
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