Telegram to L.M. Kaganovich, V.M. Molotov, June 9, 1932 [On US Loan]

Source: Tom 17

For Kaganovich and Molotov.

Andreichin's memorandum about his conversation with Lancaster deserves attention. This memorandum, like Mezhlauk's second conversation, indicates that in America the question of recognizing the USSR and granting us credit or a loan is ripening or has already ripened. Let Mezhlauk, Pyatakov, and Kalmanovich make approximately the following statement to Lancaster: first, we agree as an exception to break from our justified tradition and enter into loan negotiations without waiting for the official recognition of the USSR; second, let them give us a loan of one to two hundred million rubles for eight years at seven percent; third, let them add to these interest payments five percent per annum to settle the bank's claims, so that we would have to pay no more than twelve percent annually over eight years, which should exhaust all the bank's claims; fourth, under these conditions we are prepared to place part of our orders in America right now, provided the prices and credit terms are acceptable, taking into account the bank's interest in having orders placed with certain firms.

What do you think -- can we agree to such terms? I think we can.

Stalin.

Source: Stalin i Kaganovich. Perepiska. 1931-1936 gg. [Stalin and Kaganovich. Correspondence. 1931-1936], pp. 151-152.

RGASPI, f. 558, op. 11, d. 77, ll. 47-48.