After $40 Billion Worth

For almost an hour President Truman listened hard to the arguments for extension of Lend-Lease. There were reasons for an immediate decision: 1) China had made a formal request for extension, and its Premier Dr. T. V. Soong was waiting on the doorstep (see FOREIGN NEWS); 2) Charles de Gaulle, reaching the door step this week, would doubtless bring up the question; 3) Britain, normally the best U.S. customer, could not buy heavily in the U.S. market without help in putting its own economy in order; 4) Russia, potentially a good customer, had already asked for $6 billion of postwar credits.

Harry Truman heard the sum-up of his advisers -- Secretary Jimmy Byrnes, Treasury Secretary Fred Vinson, Foreign Economic Administrator Leo Crowley, War Mobilizer John Snyder, Fleet Admiral William Leahy. Then the President spoke his mind: he was dead set against the U.S. adding to its reputation as a Santa Claus; he wanted Lend-Lease cut to a minimum now, liquidated as quickly as possible.

His advisers, who had come to the White House certain that extension was necessary, listened hard. In the end they agreed with Harry Truman that other ways would have to be found to help the nation's war allies. One point was definitely settled: no more weapons.

Thus began the end of the unprecedented device by which Franklin Roosevelt, nine months before U.S. entry into the war, began to furnish munitions, food, tools and services to nations who became U.S. allies. By this week the horn of U.S. industry and plenty had poured out about $40 billion worth of Lend-Lease. It was help which in the end-result of victory could not be truly measured by what Franklin Roosevelt had once called "the silly foolish old dollar sign."

Basically, U.S. policy had not been changed. The wisdom of continuing help to war allies was clear: if there were to be a peaceful and orderly world in which the U.S. could do business, U.S. grants-in-aid would first have to help build it. It was to U.S. self-interest.

What device would replace Lend-Lease? There was still no firm policy, but Leo Crowley's FEA experts had long considered plans for long-term loans and mutual-assistance credits. In some cases loans might be made without interest. Whatever the name or method of bookkeeping, it was another hot potato for the Truman administration to handle--and Congress was certain to raise more Santa Claus objections.

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