DEPARTMENT OF STATE
                                                     WASHINGTON
 
 
                                        March 5, 1941.
 
My dear Mr. President:
 
     The attached memorandum is copy #1 of the translation
 
of the second part of the memorandum about Germany, the
 
first part of which you received last week. This is
 
just as confidential, and if you should see fit to hand
 
it to other persons, I trust that you will impress upon
 
them that our obligation in connection with its
 
acquisition requires absolute secrecy in connection with
 
it, including no reference to it whatsoever in public
 
and no allusion to or quotation from its text.
 
     This section is the statistical review of the
 
finances of the German Government. It shows that the
 
grand deficit of 1940 is 102.5 Reichsmarks. Pages 2 and
 
3 of the memorandum attached contain the comment of the
 
author upon the financial consequences of their fiscal
 
policy, which is a succinct, critical comment upon the
 
                              facts
 
The President,
     The White House.