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February 21, 1936

Discussions on currency question in the Philippines with Hoskins, Lagdameo and Weldon Jones. Lagdameo says that their monetary policy must follow the economic, and the latter must follow their political leaders. Thinks as I do that the Philippines should already be making plans to expand their foreign markets, and that eventually they must have their own currency instead of being tied at 2 to 1 to the rubber dollar. Weldon Jones is afraid of the effect on business if we buy silver here, but is interested in the subject and appears eager to study the point I put. He agrees with me that so far as silver is concerned, the United States has no policy. He says Roosevelt adopted plans for going off gold and buying silver to appease elements determined on a far more dangerous course of inflation.