Then later, after the misfortune which I had always predicted actually did come to pass, after the financial crash in the year 1931, these self-same financiers and money men blamed me for the fact that the interest on their money was no longer being transferred to them. Therefore in those circles I did not gain any friends, but among serious bankers and large banking institutions which were interested in constant and regulated business with Germany, I believe I made no enemies, because all measures which I later had to take in order to protect the German currency and to maintain Germany’s foreign trade, all these measures I always discussed jointly with the representatives of foreign creditors. Approximately every six months we met, and I always gave them a detailed account of German conditions. They were permitted to look into the books of the Reichsbank. They could examine and interrogate the officials of the Reichsbank and they always confirmed that I told them everything in the most frank and open manner. So that I may say that I worked in a fair and friendly way also with these men.
DR. DIX: And how did your policy of peaceful agreement affect foreign trade, export, credit, and so forth?
SCHACHT: I believe that after the happenings that have now taken place it is today even clearer than before that Germany cannot and could not live without foreign trade, and that the maintenance of export trade must be the basis for the future existence of the German nation. Consequently, I did everything in order to maintain German foreign trade. I can cite a few specific examples to supplement the general principles. I tried, for example, to do business with China in order that we might export to China. I was ready to give China credit and did. I hailed the fact that the Soviet Union kept up an extensive flow of trade with us, and I always advocated expanding and stabilizing this foreign trade in the case of Russia as well as China. About the ability and readiness to pay and the promptness of payment of the opposite parties I never had any doubts.
THE PRESIDENT: He is going into unnecessary detail in support of the allegation that he tried to maintain export trade. We do not surely need details.
DR. DIX: As far as the Soviet Union is concerned, this exposition is of great significance and relevance. It shows Schacht contrary and in opposition to the policy carried out by Hitler. Hitler was hostile to the Soviet Union and this hostility is counterbalanced by open friendliness on the part of and in the person of the Minister of Economics. If I want to prove that Schacht was pioneer of a policy of understanding between nations, even in phases where Hitler carried on a peaceful battle, so to speak, with another country, such as the war of propaganda against the Soviet Union, then, in my opinion, this point is very important for Schacht’s fundamental attitude—on one side war and on the other understanding. This is of absolute relevance.
THE PRESIDENT: The defendant has made the allegation. It is for the Prosecution to dispute it in cross-examination and if they do, then the details might become material in re-examination.
DR. DIX: I believe the question has been answered, and now I shall turn to an entirely new phase of questioning.
Since it is typical of his desire for understanding and his direct basic opposition to the policy of Hitler, I would like to refer to Document Number Schacht-34, which is an affidavit, of Schniewind, the banker and Swedish Consul General at Munich. This is Exhibit 34, Page 114, of the English translation, and I would like to quote a short paragraph on Page 112 of the German text, which confirms Dr. Schacht’s remarks. Schniewind, who was a high official in the Ministry of Economics, says here:
“My department dealt with the Reich guarantees for deliveries to Russia, and thus I was in position to know that Schacht considered Hitler wrong in fighting Russia. Through much effort, he obtained Hitler’s permission to send extensive supplies, especially machines to Russia. Frequently I gained the impression that Herr Schacht favored these deliveries because, while instrumental in giving employment, they did not benefit rearmament. Herr Schacht on several public occasions pointed out with satisfaction that trade shipments to Russia were proceeding promptly and smoothly.”
There are just a few more minutes before the customary recess, Your Honor, and before we take our recess, I ask that I be permitted to reply shortly to Your Lordship’s remarks of a few minutes ago. The defendant must conduct what is, to a certain degree, a very difficult defense. The Prosecution very simply argued: “You helped to finance rearmament and this rearmament in the final analysis ended in war and not only a war but a war of aggression; therefore, you as a defendant are either a conspirator or an accomplice, and that is a war crime.”