-4-                             
 
                                                            
 
 
In the stress of war and its conslusion and its immediate aftermath I am   
not confident that the various and mighty questions in the field of   
national and world economy can be made clear on the soundest lines, or   
translated into immediate practice, so flucuating are the movements of   
trade, influenced by varing productive factors affecting the cost, etc.   
ect. Your expressed thoughts are far more crystallized than my own.  An   
economic commission to study such projects could be set up promptly, and   
in time it could give way to or be absorbed by that arm of the   
internatinal organizations which would deal permanently with those   
                         problems.                          
 
                                                            
 
 
Regarding World Bank and Stabilization Funds- the Bretton Woods Conference   
did its best, I assume, to find a sound and workable plan in both fields.    
Anything resulting requires the approval, at least with us, of our   
Congress.  Much time may be taken in debate, the outcome of which depends   
on a number of factors, political and economic.  One can hardly predict   
the outcome.  Public opinion is divided- our banking community are opposed   
                          to both.                          
 
                                                            
 
 
These, then, are my frank observations on the several questions which   
present the greatest oppprtunituy for clear and wise thinking and action   
hich can come to us in generations.  Will we measure up to i
 
                                                            
 
 
Mrs. Taylor has joined me here where we have a house at 22 Via   
                        Gregoriana.                         
 
                                                            
 
 
Your Prime Minister is here for a few days.  The news of our troops being   
in Paris came to us at luncheon.  What a historic moment- Rome, Paris,   
lin- it sounds like a time table of an express train or air 
 
                                                            
 
 
When Germany has brought her remaining troops back within her own borders,   
   she may make a final effort, but it cannot last long.    
 
                                                            
 
 
        Our kind regards to your wife and yourself.         
 
                         Sincerely,