864.51/222
The Hungarian Minister (Széchényi) to the Secretary of State
Aide Mémoire
The program made by the League of Nations for the financial reconstruction of Hungary expresses the necessity that the priority of the international loan to be granted to Hungary must be assured over all of Hungary’s assets and against all existing encumbrances. The Hungarian Government has therefore been invited to take appropriate steps to assure this end as regards governments which hold relief bonds against the Hungarian Government.
In pursuance of previous conversations on this subject, I take the liberty therefore to express the request of my Government that the Government of the United States be good enough to suspend during the period of amortization of the reconstruction loan to be given to Hungary, viz, twenty years, the priority provisions of the relief bonds held by the American Government against Hungary.
My Government has instructed me in particular to assure the American Government that in making this request it does not mean in any way to ask the Government of the United States to yield the privileged position of relief bond holders with respect to priority over reparation payments.