Messersmith, G.S., Berlin. Despatch No. 1198 to Secretary of State [Cordell Hull], Washington.
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University of Delaware Library, Museums and Press
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Dr. [Hjalmar] Schacht appointed President of Reichsbank, succeeding Dr. [Hans] Luther; government wishes to start public works program to relieve unemployment, and at the same time to reduce taxes; issue of more paper money, already insufficiently covered by gold, only way to pay for program; Luther opposed measures as inflationary; Schacht doubtless opposed measures, but wanted a place of prominence and might be more flexible; Schacht hopes to reduce cost of government through reorganization, and to secure reduction of interest on German debts; U.S. creditors may be affected; Luther, no National Socialist, appointed Ambassador to U.S., probably with interest reduction in mind.