It is necessary that as co-author of the memorandum—as its main author—you state your position with regard to this incriminating interpretation of the memorandum.
SCHACHT: Even at an earlier time I said here that every objection which I made and had to make to Hitler—and that applies not only to myself but to all ministers—could only be made with arguments arising out of the particular department administered.
Had I said to Hitler, “I shall not give you any more money because you intend to wage war,” I should not have the pleasure of conducting this animated conversation here with you. I could then have consulted a priest, and it would have been a very one-sided affair because I would have lain silently in my tomb, and the priest would have delivered a monologue.
DR. DIX: This memorandum is certainly very important, and therefore we have to pause here for a moment. In summarizing—and please check me—I believe I can express your views in this way: This memorandum at the end contained demands such as further means of raising funds by increase of taxation or else by making use of the stock market—both impossible. Taxation could not be increased any more. The stock market had just unsuccessfully attempted a loan.
If these actually impossible demands had been granted, the Reichsbank would have created guarantees that no further funds would be used for one or another form of rearmament. This success was not to be expected; rather you could expect your dismissal. Did my brief but comprehensive summary of this matter express your views correctly?
SCHACHT: That entire letter was composed in such a way that there were only two possible answers to it; either an alteration of financial policy—and that meant a stop to rearmament, which would have amounted to a complete change of Hitler’s policy—or else the dismissal of the Reichsbank President; and that happened. We expected it because at that time I no longer believed that Hitler would change his policy so completely.
DR. DIX: Therefore, the Prosecution are right in saying that your mission ended with your dismissal.
SCHACHT: Hitler certainly confirmed that himself and in the letter of dismissal to me said it expressly. We heard from the testimony of Herr Lammers in this Court that Hitler with his own hand wrote that addition into the letter, that my name would remain connected with the first stage of rearmament. The second stage of rearmament I rejected and Hitler understood that very clearly, because when he received that letter from the Reichsbank he said to those who were present: “This is mutiny.”
DR. DIX: How do you know that?
SCHACHT: The witness Vocke who will, I hope, appear in this Court will testify to that.