Full text of Paul A. Volcker Papers : Congratulatory Letters : 1979, C, Box 7, Item c112

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Collection: Paul A. Volcker Papers
Call Number: MC279

Box 7

Preferred Citation: Congratulatory Letters:"C", 1979; Paul A. Volcker Papers, Box 7; Public Policy
Papers, Department of Rare Books and Special Collections, Princeton University Library
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...

CHAIRMAN OF THE BOARD OF GOVERNORS
...•••

••

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551

...

September 18, 1979

....

Dear LeRoy:
As I come up for a little air, I do want
to thank you for the friendly note on my appointment.
Somehow my horizons don't yet extend to
fishing in Chesapeake Bay much less Puerto Rico or
St. Thomas.

Maybe some day:

All the best,
Sincerely,

Paul A. Volcker

Mr. LeRoy Camero
Hormigonera Caribe, Inc.
GPO Box 71329
San Juan, Puerto Rico 00936

•.......

........

• GPO BOX 71329
• SAN JUAN, P.R. 00936
• TELS.: 790-12b1 - 751-5070

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Federal Reserve Bank of St. Louis

July 31, 1979

Mr. Paul A. Volcker
Federal Reserve Bank
of New York
New York, N.Y.
10045
Dear Mr. Volcker:
On behalf of the "crew" of the Miss Holsum, I extend
a sincere "Felicitaciones" on your appointment as chairman
of the Federal Reserve Board.
I know that your shedule will be busier than ever,
but when and if you have the need to "get away" from the
national as well as presidential pressures, just contact
me and the "old Miss" will be waiting.
As I told you and Jimmy on our fishless fishing day
in December, the best months for blue marlin are July
through September. The boat will be in St. Thomas, V.I.
(one of the top three areas in the world for marlin—world
record atlantic blue marlin of 1,280 lbs.) during the
rest of the season and is at your beckoning.
My best regards to Jimmy,
Sincerely,

Tele:

Office

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CVIN-

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear Don:
I guess I share your "naivete" or I wouldn't be
here.

Thanks so much for everything.

Between us, we ought

to keep those markets stable for awhile.
Sincerely,

Paul A. Volcker

Mr. Donald 0. Cameron
Senior Vice President
The Chase Manhattan Bank, N.A.
I Chase Manhattan Plaza
New York, New York 10015

PAV:smk

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Federal Reserve Bank of St. Louis

Donald 0. Cameron
Senior Vice President

The Chase Manhattan Bank, N.A.
1 Chase Manhattan Plaza
New York, New York 10015

11111
CHASE

July 27, 1979

Dear Paul:
As a professional in the foreign exchange market, I was
pleased and had a sense of rightness about your appointment as Chairman of the Board of Governors. As a private
citizen I respect and admire your decision to take on
this task when it obviously entails personal sacrifices
of a varied nature.
I am still naive perhaps enough to think the Federal
Reserve Board is something very special to the future
well being and prosperity of this country and it is a
very comforting feeling to me to know that the position
of Chairman and you are joined.
All good wishes in the challenges that lie ahead.
Cordially,

Mr. Paul A. Volcker
President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045

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Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK,N.Y.I0045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PRESIDENT

August 6, 1979

Dear Bob:
Thanks so much for the good
wishes--I can only try.
Sincerely,

Paul A. Volcker

Mr. Robert D. Campbell
Chairman of the Board
Newsweek
444 Madison Avenue
New York, New York 10022

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Federal Reserve Bank of St. Louis

Newsweek
444 MADISON AVENUE • NEW YORK. N. Y.10022

Robert D. Campbell
Chairman of the Board

August 1, 1979

(212) 350-2240

Mr. Paul A. Volcker
President
Federal Reserve Bank
of New York
33 Liberty Street
New York, New York 10045
Dear Paul:
Congratulations on your selection as
head of the Federal Reserve Board. More importantly my compliments on your willingness
to undertake such a demanding challenge with
such a reduction in pay!
I recall with great pleasure the
delightful luncheon which you hosted last
October at which the overriding topic of
conversation was inflation.
I join your many friends and admirers
in every wish for your continuing success.
Sincerely,

RCEIVED
AUG 3 1979
P. A. V.
ANSWERED
ADINDED TO........

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August 17, 1979

Dear Roberto:
Many thanks for the message.
to see you in Yugoslavia.
Sincerely,

Paul A. Volcker

The Honorable Roberto Campos
Brazilian Ambassador in London
London, England
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Federal Reserve Bank of St. Louis

September 12, 1979

Dear Jack:
As I come out from under, and have same
free time on an airplane, I do want to say how much I
appreciate your note on my appointment.

I, too, look

forward to renewing contact--.I'll need all the help
I can get:
Sincerely,

Paul A. Volcker
Dr. Jack W. Carlson
Executive Vice President
National Association of Realtors
925 15th Street, N. W.
Washington, D. C. 20005
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ICS IPMNQNA NYK
227
1WX 7105815500 FRBOFNY NYK
1-010713A206 07/25/79
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MR. PAUL vOKLER
YORK FEDERAL RESERVE BANK
33 LIBERTY STREET
10049
N EW YORK• NY

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24 Ali '19,

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CONGRATULATIONS ON THE PRESIDENT NOMINATION OF YOU AS CHAIRMAN
O F THE FEDERAL RESERVE BOARD.
THE PRESIDENT HAS SELECTED THE MOST
K NOWLEDGEABLE PERSON TO CHAIR THE SETTING OF MONETARY POLICY.
I WILL LOOK FORWARD TO WORKING WITH YOU IN YOUR NEW CAPACITY.
I ENJOYED WORKING WITH YOU IN THE PAST WHEN YOU WERE A KEY OFFICIAL
IN THE TREASURY DEPARTMENT AND I WAS ASSISTANT DIRECTOR OF THE
OFFICE MANAGEMENT AND BUDGET.
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JACK CARLSON
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CHAIRMAN OF THE BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551

August 24, 1979

Dear Hobart:
It's all your fault for getting me started
in this area, and I can more than match you memory
for memory.
now.

I can't take the time to reminisce right

But how can I adequately thank you not first for

the education, but for being the gentleman you are.
All I can say is I appreciate the note and more the
thought.
My best to you both.
Sincerely,

/Le
Paul A. Volcker

Mr. Hobart C. Carr
Schools of Business
Adelphi University
Garden City, New York

11530

Adelphi University
Schools of Business
GARDEN CITY, L.I., N.Y. 11530 / (516) 294-8700

SCHOOL OF BUSINESS ADMINISTRATION
SCHOOL OF BANKING AND MONEY MANAGEMENT

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July 26, 1979

Mr. Paul Volcker, President
Federal Reserve Bank at New York
33 Liberty Street
New York, New York 10045
Dear Paul,
Congratulations!

Best Wishes!

Good Luck!

And congratulations to President Carter for
having made such a wise choice. If he does as
well with his other choices, the country is much
the better for it. If not, he has still done
very well for the nation.
The occasion of your appointment evokes many
memories. Memories of our work together when you
were an undergraduate at Princeton (culminating
in pieces in Money Market Essays), memories of later
work, one of which dealt with commercial bank
underwriting of corporate security issues (I still
have a memo of yours on the subject), memories of
our discussions when you were in the Treasury about
some ideas I had about improving the secondary
market for mortgages, memories of your coming to
speak at NYU and last fall at Adelphi. Pleasant
memories all.
It is immensely satisfying to know that a friend
of mine can have served the nation in so many ways
and now again in a critical time, serve her again
and that we shall all be the better for it.
Again, best wishes and good luck.
Yours,

HCC:fmc

(1/erb

RECEIVED
JUL 27 1979
P. A. V.
ANSWERED
, ............,...........
ATTENDED TCL....u,
.....................

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•

August 3, 1979

Dear Frank:
I appreciate your note.

All those nice reports

(really sighs of relief) will soon pass, but I'll try:
Best wishes.
Sincerely,

Paul A. Volcker

Mr. Frank T. Cary
Old Orchard Road
Armonk, New York 10504

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Frank T. Cary
Old Orchard Road. Armonk, New York 10504

July 30, 1979

Dear Paul,
Add my congratulations and best wishes to a host of
others.
We are all delighted at your selection to be Chairman
of the Federal Reserve. It is certainly a well deserved
appointment, and I know that you will be outstanding.
Regards,

Mr. Paul A. Volker
Chairman-elect
Board of Governors
Federal Reserve System
20th Street & Constitution Ave. N.W .
Washington, DC 20551

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Federal Reserve Bank of St. Louis

August 3, 1079

Dear Bill:
Somehow I had completely forgotten we'd left some
problems unsettled: Or maybe I just thought they all began
in Washington, and I'd better go to the source.
I have no illusions (maybe only a few), but it's
worth trying. Thanks so much for the warm words.
Sincerely,

Paul A. Volcker

Mr. William S. Cashel, Jr.
Vice Chairman of the Board
AT&T
195 Broadway
New York, New York 10007

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AT&T
William S. Cashel, Jr.

American Telephone and
Telegraph Company
195 Broadway
New York, N.Y. 10007
Phone (212) 393-5145

Vice Chairman of the Board

July 26, 1979

Dear Paul:
Congratulations! Glad to have
you at the helm in these trying times.
You will do well for the country.
There are so many perplexing
issues that seem to defy our best thinking.
I recall some we left unsolved at your
luncheons.
As you know we have some
capability to help from time to time and,
of course, would be delighted to do so if
and when appropriate.
New York will miss you.
you in Washington.

See

Sincerely,

4zesz
Mr. Paul A. Volcker, President
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045

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FEDERAL RESERVE SYSTEM
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Federal Reserve Bank of St. Louis

September 18, 1979

Mr. Lee M. Cassidy
Executive Director
President's Commission
on Executive Exchange
The White House
Washington, D. C.
Dear Mr. Cassidy:
Thank you for your letter confirming
Mr. Hodgdon has been selected for the President's
Executive Exchange Program.
I am sure he will be looking forward to
a productive and challenging year.
Sincerely yours,

Paul A. Volcker

...... • •
... •

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Federal Reserve Bank of St. Louis

PRESIDENT'S COMMISSION ON EXECUTIVE EXCHANGE
THE WHITE HOUSE

September 5, 1979

Dear Mr. Volcker:
The President's Commission on Executive Exchange is pleased
to confirm that The Federal Reserve System's nominee, Mr.
Raymond F. Hodgdon, has been selected for the President's
Executive Exchange Program for the year 1979-1980 and that he
has elected to accept an assignment with the First National
Bank of Chicago.
As you know, sponsors of Exchange Executives have agreed to
cover a portion of the cost of the educational program which
is concurrent with the exchange experience. Our invoice for
$2,000 to cover this contribution will be forwarded to you
on or about October 1, 1979.
Thank you for your support. We value it highly and look
forward to working with you and with Mr. Hodgdon to make
this,4 truly memorable and worthwhile experience.
Sin

rely

Lee M. Cassidy
Executive Director
cc:

Mr. John R. Weis (Liaison)
Mr. Sam Griffiths (Liaison)
Mr. Raymond F. Hodgdon

Mr. Paul Volcker
Chairman
Board of Governors of the Federal
Reserve System
20th & Constitution Ave., NW
20551
Washington, DC

Post Office Box 14179

WASHINGTON, D.C. 20044

(202) 632-6834

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August 7, 1979

Dear Don and Ray:
I don't know yet what '%4-inning" is in this job,
but I appreciate the vote:
Sincerely,

Paul A. Volcker

Mr. Donald Castor and
Mr. Ray Tyman
The Ontario National Bank
Clifton Springs, New York

PAV:smk

14456

TymAN FORD INC D _NEIL
849 CANANDAIGuA RD
GENEVA NY 14456

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4=0084355208 07/27/79 ICS /RmHTZZ CSP NYAB
3157896440 MGM TWAT GENEVA NY 40 07.27 0855A EST

PAUL A VOLCKER PRESIDENT 'FEDERAL RESERVE BANK OF NEw YORK
FEDERAL RESERVE PO STATION
NE w YORK NY 10045

CONGRATULATIONS YOU ARE PROOF THE GOOD GUYS STILL
DONALD CAsToR AND RAY TymAN
THE ONTAHIO NATIONAL BANK
CLIFTON SPRINGS NY 14456

08:56 EST
MGMCOMP MGM

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Federal Reserve Bank of St. Louis

41•1•11=1

RECEIVED
JUL 3 0 1979
P. A. V.
ANSWERED
........ ..
ATTENDED TO
............................„

TO REPLY BY MAILGRAM, SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS

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Federal Reserve Bank of St. Louis

Auaust 16, 1979

Dear Herb:
I'll take the swap!
Many thanks.
Sincerely,

Paul A. Volcker

Mr. Herbert J. Coyne
J. Aron & Company, Inc.
160 Water Street
New York, New York 10038

PAV:ccm

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Federal Reserve Bank of St. Louis

J. ARON & COMPANY, INC.
serving world markets in precious metals

August 7, 1979
Herbert J. Coyne

Dear Paul,
I send to you my very best wishes and congratulations on
your appointment as Chairman of the Federal Reserve System.
I am sure it must be greatly heartening for you to see what
confidence so great a number of good, bright people around
the world have in you.
I would just like you to know that all my good thoughts and
hopes for your success and happiness in your new position
are with you. As I talk to my counterparts in the gold
market around the world, it's clear that we would all
happily do a "swap" -- your great success for a lower and
even much less active gold market.
Best regards,
•

Mr. Paul A. Volcker
Chairman, Board of Governors
Federal Reserve System
Constitution and 20th, N. W.
Washington, D. C. 20006
_

160 Water Street, New York, N.Y. 10038 / 212 747-5300

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Federal Reserve Bank of St. Louis

August 23, 1979

Mr. James A. Catalano
Vice President
Marine Midland Bank
140 Broadway
New York, New York
10015
Dear Jim:
The commiserations are more apropos.
our best to watch the shoals.
Sincerely,

Paul A. Volcker

PAV:pg

But we shall try

Congratulations and/or comisserations.
You certainly have your work
cut out for
you; we are equally certain that
you are
the one who can do the best job
possible.
Keep your periscope up and beware
of the
Georgia xenophobes.

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2 1979
P. A. V.
AtISERED,....... .....
ATIENDED

..........
................

-all

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Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK,N_Y.10045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PRESIDENT

August 6, 1979

Dear Will:
.
I doubt that it is really fair
(to the Fed), but I see no reason you shouldn't
contribute to the debate in so lively a way.
I appreciate the good wishes--we
will all need some luck.

Paul A. Volcker

Mr. William C. Cates
Pettingill Hill Road
South Lyndeboro, New Hampshire

03082

July 28, 1979

Mr. Paul A. Volcker, President
Federal Reserve Bank of New York
33 Liberty Street
New York, N.Y. 10005
Dear Paul:
I would like to express not only congratulations but my personal
admiration for your sense of responsibility in accepting your
new post at the present time.
A year and a half ago you very kindly went over two chapters
of my manuscript on government economic policy (the two international monetary chapters). I incorporated your suggestions
to the best of my ability. In the meantime, I have found what
looks like a good publisher, the ms is due October 1, and the
book should be out by May 1980.
Enclosed are two other short chapters. Chapter 5, on domestic
monetary policy, is highly critical of the Fed (as who isn't!).
Chapter 13 offers some suggestions, and in particular attempts
to formulate - more clearly than I could when I was last in
your office - the argument why a sharp reduction in money growth
would lead to a boom rather than a bust.
I realize it's an imposition on your time to ask you to look
at these right now, but on the other hand, I don't want to be
unfair to the Fed, and maybe some of my suggestions might be
persuasive.
Thanks in advance, and my very best wishes to you in Washington.

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Sincerely,

a'°"'

or4"- 014
William C. Cates

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RECEIVED
JUL 3 1 1979
ANSWERED
ATTENDED TO

••••••1111

THE QUEST EOi A FREE LUNCh
A Ifoter's Guide to Government Economic Policy
(Plternative title:

:JTAGYLAT1ON - The Causes and (ures )
by

udlliam U. Cates

Contents

Chapter 1

The "Lismal science"

Economics is about collective human behavior. This makes it
entertaining, but not particularly scientific. Economists
usually do not like to admit the element of human psychology
into their subject matter, which is why so many of their
recommendations have been disastrous.
Chapter 2

The Real World

Eevelopments in the real world are often beyond the influence
of government policy. Several of these have suddenly and simultaneously turned against us.
Chapter 3

The Numbers Game

The numbers and indices upon which economists base their predictions and recommendations are worth a lot less than most
people realize.
Chapter 4

The Ieiicit Lilemma

We are in the midst of a "successful" Aeynesian depression.
Until we realize this, we are unlikely to get out of it.
Chapter 5

Money Terror

When the Federal Reserve Board prints money at a high clip, it
causes inflation. It also makes interest rates rise and the
economy stagnate. Like monks in the Age of Copernicus, the
Board members do not understand the world in which they live.
Chapter 6

International Money Terror

The Federal Reserve Board of the United :states is primarily
responsible for world inflation. It is uniquely responsible
for the decline in the value of the dollar.

Chapter 7

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The Guns of August

The United 'jtates departure from the Gold Gtandard on August 15,
1971 was a disaster, but it was done with finesse.

- 2

Contents

Chapter 8

MIND

Looking Through the Loophole

Tax loopholes are the most effective means for government to
encourage individuals ( and also the corporations they may
manage ) to perform in the broader interests of society. At
the same time, overly high tax rates may well produce overly
low tax revenues.
Chapter 9

Nuzzling for the Nipple

The political debate over personal income and capital gains
taxes is shrouded in moral and intellectual dishonesty. Once
this dishonesty is recognized and challenged, we should be
able to legislate a tax system that oombines fairness with
incentive, while also increasing tax revenue.
Chapter 10

Unemployment

The Federal Government, administering laws enacted by Congress,
is the nation's principal promoter of unemployment. ',,caning
well, our legislators have been particularly cruel to the
youthful and ghetto unemployed.
Chapter 11

Price Controls

The problem of price controls is not whether and when to put
them on, but when and how to take them off again.
Chapter 12

Government Regulation

However fine the purposes, be they ecology, health, safety
or morality, recent trends in government regulation have set
up three taxes that produce no revenue. The first is overt:
t
billion extra cost of doing business, a cost
an estimated ::100
which is paid by consumers. The other two are covert: stifling
of innovation and loss of personal freedom. The costs of these
latter two cannot be estimated, but Americans are beginning to
see that there is a trade-off between the benefits and the
liabilities of regulation.
Chapter 13

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A :;urvival Kit for Capitalism

Properly handled, the ending of inflation should produce a
boom rather than a bust. .However, if recession occurs, there
are several - as yet untried - recipies for ending it.

Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.

ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ
Document type: manuscript chapters

Pages
Removed:

Author(s): WIlliam C. Cates

Title:

The Quest for a Free Lunch
Chapter 5: Money and Inflation
Chapter 13: A Survival Kit for Capitalism

Date:

1979

Journal:

Volume:
URL:

Federal Reserve Bank of St. Louis

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August 16, 1979

Dear John:
Now all precincts have been heard from--the
pony express survives!
I refuse to acknowledge the conversation--but
I confess that, in the light of everything, that vaunted
Fed insulation looks more and more attractive. But I
also must tell you that on my salary Mountain Red looks
rich.
Barbara is staying in New York for the indefinite future, but I'm sure she joins me in sending our
fondest.
See you in Washington.
Sincerely,

Paul A. Volcker

Mr. John Kavanaugh Carlock
Vernon, Arizona 35940

PAV:tb

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1919 AUG \

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August 8, 1979

Mr. George Champion
Chairman of the Board
Economic Development Council
of New York City, Inc.
260 Madison Avenue
New York, New York 10016
Dear George:
I should really learn to say "no". None of this makes
much sense personally, but I guess in the last analysis I couldn't
resist the challenge--if I could have it on my terms.
You can't know how much I have appreciated your support
over the years. No one can mistake the difficulties--all I can
do is try.
Best regards.
Sincerely,

Paul A. Volcker

ECONOMIC DEVELOPMENT COUNCIL OF NEW YORK CITY,INC.
*
260 MADISON AVENUE

(212) 949-0600

NEW YORK, N.Y. 10016

July 26, 1979

GEORGE CHAMPION
Chairman of the Board

LLOYD M. COOKE
THOMAS F. CREAMER
OSCAR DUNN
JOSEPH A. GRAZIER
Vice Chairmen

PAUL BUSSE
President

EDWARD H. TUCK
Secretary

Mr. Paul A. Volcker,
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10005

ALFRED BRITTAIN III
Treasurer

DIRECTORS
WARREN M. ANDERSON
DAVID L. BENETAR
ALFRED BRITTAIN III
R. MANNING BROWN,JR.
WALTER H. BROWN
GEORGE CHAMPION
E. VIRGIL CONWAY
ROBERT J. DUFFY
OSCAR DUNN
WILLIAM M. ELLINGHAUS
JOHN T. FEY
OWEN J. FLANAGAN
NEAL GILLIATT
WILLARD G. HAMPTON
ROBERT S. HATFIELD
ARTHUR HAUSPURG
HARRY B. HELMSLEY
JEROME H. HOLLAND
HOWARD C. KAUFFMANN
LAWRENCE LACH MAN
JOHN E. LESLIE
J. PAUL LYET
JAMES P. McALLISTER, SR.
JOHN F. McGILLICUDDY
EDWARD H. MICHAELSEN
EDWARD J. MORTOLA
JOHN R. MULHEARN
CARL H. PFORZHEIMER, JR.
DONALD C. PLATTEN
EDMUND T. PRATT, JR.
JOHN PROCOPE
JOHN B. RICKER, JR.
GERALD K. RUGGER
WILLIAM J. SCHIEFFELIN, III
WILLIAM T. SEAWELL
DONALD V. SEIBERT
RICHARD R. SHINN
DONALD B. SMILEY
PRESTON ROBERT TISCH
EDWARD H. TUCK
RICHARD F. TUCKER
GORDON T. WALLIS
HENRY G. WALTEMADE
JOHN C. WHITEHEAD
WALTER B. WRISTON

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Dear Paul:
What a great citizen you are to undertake this
enormous responsibility at what I know is a
difficult financial sacrifice. I well recall
your second tour to Washington in which you said
that you couldn't live with yourself if you turned
down this opportunity to make this a little better
world. In this new assignment, you will have a
chance and will do much toward making this a better
world for us all and we are deeply grateful.
Best wishes,

RECEIVED
JUL 3 1 1979
P. A. V.
ANSViERED.......................... .........
--ATTENDED TO„.......„..........
..................

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

September 12, 1979

Dear Captain Chao:
As I come out from 'under," I just want you
to know how much I appreciated your wrrm words on my appointment.
I know we have economic problems, but there is
also some evidence that public understanding is increasing.
That's at least half the battle! Please do be in touch when
there is something I should know.
With best wishes,
Sincerely,

Paul A. Volcker
Captain James S. C. Chao
President
Foremost Maritime Corporation
32 Broadway
New York, N. Y. 10004
PM;jra

5oremo3t

Maritime Corporation

32 BROADWAY
NEW YORK, N.Y. 10004

TELEPHONE
(212) 943-2335

JAMES S. C. CHAO
PRESIDENT

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August3, 1979

Mr. Paul A. Volcker
Chairman
Federal Reserve Board
c/o Federal Reserve Bank
of New York
33 Liberty St.
New York, N. Y. 10045

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Dear Mr. Volcker:
May I have the privilege to join one of many to
extend my hearty congratulations to you on your recent
appointment.
Not only does this country but also the whole
world economy need a very strong helmsman in our Federal
Reserve Board. The entire world is grateful and encouraged
by your accepting this new assignment. You deserve all the
credit.
Personally, I still vividly remember our chats
during the Community Leader Meeting to which you invited
myself and others on September 24, 1976. Since then, the
economic situation changed so much but one thing that never
changed is how much I enjoyed your articles and speeches
frequently published in the magazines and newspapers. Many
in both this country and others like myself share and
support your unique views especially in monetary policy.
I realize your tight schedule; however, hopefully,
I will be able to have the chance to visit you in
Washington, D.C. when you get everything settled.
Best personal regards.
Sincerely yours,
,
Capt. James S. C. Chao
M.B.A.,D.C.S.
JSC:cl

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 10, 1979

Deer Sara,
Aany thanks for the note

it means so much more

from anyone who actually had once to work with es.
Now, after the fanfare, the job begins.
SeS something of you.
Best wishes,

111Sul A. Volcker

Mr. Samuel B. Chase, Jr.

PAV:mhw

Let me

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

SAMUEL B. C HAS E, J R.

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

September 18, 1979

.• •........... -•

Dear Pete:
I appreciate the letter--the only bonus
I have been able to find on this job is hearing
from some old friends.
Give my best to Clara, and I am glad
retirement has some activity.
........ .•

Stay healthy!

........

•

Sincerely,

Paul A. Volcker

Mr. Peter H. Christensen

.................................................................................................................... .......::: .......
..............................................................................................................................................
..

1979 SEP 1 0
September 4, 1979
f'7F
Mr. Paul A. Volcker Chairmen
Federal Reserve Board
Washington D. C.
Dear ?aul:
All of us in the Christensen family were thrilled to
hear that you were appointed Chairman to one of the most distinguished
financial institutions in the world.
If at any time I am at a loss in trying to remember
what our President Jimmy Carter has done right, I shall always be able
to say" You must admit there is one thing he did right ! and that
was to annoint Paul Volcker as Chairman of The Board of Federal Reserve.
I .1ust returned from 7ackensack after taking Clara home
having sent the week end with us. She of course wants to be
remembered to you and your family. I ha':e been retired since a year
ago last AuFust. I acquired a license to sell peal Estate and that
keens me occupied and it may come in handy to earn a few extra dollars
to fight inflation.
It is our sincere wish that you will have success Li
playing such an important part in the management of our Country's
finance. Vie also wish you and your family good health and nrosperity.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Peter H.

stensen

CHAIRMAN OF THE BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
WASHINGTON. D. C. 20551

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August 8, 1979

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Thanks for your warm words:
appreciate your writing.
Sincerely,

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Federal Reserve Bank of St. Louis

HOWARD L. CLARK

July 30, 1979

Dear Paul,
I couldn't be happier for the country and
proud of you. Thank goodness you were willing
to do it. You're a patriot and I'm grateful
along with everyone else.
I hope to see you soon and meantime, send
you every good wish for the future.
Sincerely,

Mr. Paul A. Volcker
President
Federal Bank of New York
33 Liberty Street
New York, New York 10045

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 7, 1979

Mr. A. W. Clausen
President
Bank of America
San Francisco, California

94137

Dear Tom:
I appreciate your note and most of all the offer of support.
The hazards on all sides are apparent to you as much or
more than anyone. If you can't be here, I will at least need all the
sound advice I can get, so don't fail to stop in or pick up the phone.
For the time being, Barbara stays in New York, but she
joins me in sending our best to Peggy and you.
Best regards,
Sincerely,

Paul A. Volcker

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

BANK OF AM ERICA

A. W. CLAUSEN
President

July 25, 1979

Dear Paul:
Word of your nomination as Chairman of the
Board of Governors is splendid news indeed. I'm personally
delighted, and want you to know that my associates and
I are ready to lend whatever support is appropriate to make
your arduous responsibilities easier.
You already have given generously in the service
of the United States. The American people will owe you
yet another debt of gratitude in the personal sacrifices
you and your family are making for the public welfare.
Sincerely,

The Honorable Paul Volcker
President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045

RECEIVED
JUL 3 1 1979
P. A. V.
ANSWERED
ATTENDED Msg....N...

BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION • SAN FRANCISCO 94137

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 8, 1979

Mr. J. B. Clawson
The Assistant Secretary General
Customs Co-operation Council
Cuscoopco, Brussels
BELGIUM
Dear Jim:
I appreciate your note and good wishes.

Somehow, Treasury

men seem to wind up all over--I hope constructively!
Sincerely,

Paul A. Volcker

CUSTOMS CO-OPERATION COUNCIL

CONSEIL DE COOPERATION DOUANIERE
Telephone 648.80.90.

Telex 61597 CUSCO - B

Cable Address : Cuscoopco

Brussels

B - 1050 - Bruxelles

The Assistant Secretary General

rue Washington, 40

L/79.1994

27th July 1979.

Dear Paul,
Congratulations on your appointment as Chairman of
the Federal Reserve Board. I knew when we were working
in Treasury with George Shultz that this time would come
so it hasn't been unexpected. I wish you well in this
most difficult of assignments. I have been in Brussels
since January of 1977 working with the Customs Co-operation
Council, an international organization of 87 Member
governments dealing with Customs matters. While I am
not a Customs man my days in the Office of Enforcement
Operations and Tariff Affairs did give me enough exposure
to Customs matters that I can hold my own in these various
meetings.
Again good luck and I am glad someone with your
integrity and ability will be heading the Board.
With best personal regards,

Sincerel,

Clawson.
Mr. Paul Volcker,
President,
New York Federal
Reserve Bank,
Federal Reserve Bank,
33 Liberty Street,
New York,
N.Y. 10045.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ECEIVED
JUL 3 i 19(9

ANSVVERED
ATTENDL io

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

CHAIRMAN OF THE BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
•

WASHINGTON,D.C. 20551

c•>•

August 24, 1979

Dear Sheldon:
As I'm coming out from under, I
just want to thank you for your letter and
offer of help.
need it

It's dangerous--I may just

Expect to see something of you in

Washington.
Best wishes,
Sincerely,

la%
Paul A. Volcker

Mr. Sheldon S. Cohen

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

SHELDON S. COHEN

July 26, 1979

Honorable Paul A. Volker
Chairman - Designate
Federal Reserve Board
Constitution Avenue between
20th and 21st Streets, N.W.
Washington, D.C.
Dear Paul:
Marvelous! There is no one I can think of
who would be a better Chairman of the Federal
Reserve Board than you. President Carter has
made a perfect choice.
I know you will continue to do a marvelous
job as Chairman of the Federal Reserve Board
as you always have in every post you have undertaken.
If I can help you in any way, please feel
free to call on me.
Best wishes for your continued success.
Sincerely,

Sheldon S. Cohen
SSC:bmw

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 3, 1979

Dear Steve:
All I know is that I will need help of some kind.
Thanks.
Sincerely,

Paul A. Volcker

Mr. Stephen D. Cohen

Stephen D. Cohen

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 23, 1979

Dear Mary:
You were nice to write.

We'll see what happens--

but keep the Senator in line:
Sincerely,

Paul A. Volcker

Ms. Mary T. Collins
United States Senate
Washington, D.C. 20510
PAV:sep

JACOB K. JAV1TS
NEW YORK

Ilenifeb Zicziez-Zencrie
WASHINGTON, D.C. 20510

July 30, 1979
.............................

Dear Mr. Volcker:

....................

I was quite thrilled to
receive the news of yo
ur appointment
as Fed Chairman. Many
, many congratulations and best wish
es!
..........

Sincerely,

WW1
Mary T.,

ollins

Mr. Paul A. Volcker
President
Federal Reserve Bank
of New York
33 Liberty Street
New York, New York 1004
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.....................

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...........

..............

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 10, 1979

Dear Paul:
Good to hear from you.

I'll settle for the

editorial instead of the cartoon someone sent me from a
Providence paper:
All the best,
Sincerely,

Paul A. Volcker

Mr. Paul G. Collins
Paul G. Collins
Four Cathedral Square
Providence, Rhode Island

02903

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

PAUL G.COLLINS

noNrv':7;

Public Affairs and Financial Communications Consulting Services

1979 fltI r —9
eTTrT
August 7, 1979

Paul Volcker, Chairman
Board of Governors
Federal Reserve System
21st & Constitution Aves,
Washington, D.C.
Dear Paul:
It has been quite a while since the days when
you were at Treasury and I was with the ABA - vintage
Charlie Walker, Bill Heffelfinger and Carter Golembe.
I could not let the opportunity pass, however,
to offer congratulations on your appointment as Federal
Reserve Board Chairman. That's a highly deserved honor
and a responsibility which I know you'll carry out
with exceptional ability.
Thought you would be interested in an editorial
from the Providence Journal which expresses the views
of many people quite well.
Best wishes,
Sincere

Paul G. Collins
PGC/asr
Enclosure

Four Cathedral Square, Providence, R.I. 02903(401)274-0059

Affiliated with Duffy & Shanley, Inc.

Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.

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Document type: editorial

Pages
Removed:

Author(s):

Title:

Volcker: sound choice to strengthen the dollar

Date:

July 29, 1979

Journal:

The Providence Sunday Journal

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 16, 1979

Mr. Antonio Colombo
Confederazione Generale dell
Industria Italiana
Viale dell Astronomia
30 - EUR - 00144
Rome, Italy
Dear Antonio:
I appreciate your note -- even if I feel oppressed by
the thought of so many sharp minds like yours looking over my
shoulder.
I take solace in the fact so many of those minds are
friendly.
Thanks for your good wishes.
Sincerely,

Paul A. Volcker

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 6, 1979

Dear Dan:
Many thanks for the note—we'll try our best.
5incerely,

Paul A. Volcker

Mr. Dan A. Colussy
President
Pan American World Airways, Inc.
Pan Am Building
New York, New York 10017

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

PkANIALVI

Dan A. Colussy
President

July 30, 1979

Dear Paul:
Congratulations on your appointment as Chairman of the
Federal Reserve Board.
It's truly a pleasure to see a professional like yourself
appointed to this vitally important position. Your stature
in the financial community worldwide will stand you in good
stead and I am sure the U.S. business community will support
you.
My sincere good wishes go to you as you undertake one of
the most challenging and exciting positions in the U. S.
Federal Government.
Sincerely,

Mr. Paul A. Volcker
Chairman Designate
Federal Reserve Board
c/o Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045

RECEIVED
JUL 3 1 1979

P. A. V.
ANSW ERED..........................
.........................
ATTENDED TO,
.........
.
.

Pan American World Airways, Inc., Pan Am Building, New York, New York 10017

...... •••

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

September 12, I.79

Dear Francois:
We had no chance to talk in Basle, but I
did want to say I appreciated your message on
my appointment. And, even now, I look forward
to further contact as we get deeper into all
those common problems that seem to loom so
large.
With best wishes,
Sincerely,

Paul A. Volcker

Mr. Francois Zavier Ortoli Comeur
Banque Nationale de Belgique, S.A.
Boulevard de Berlaimont 5
B-1000, Bouzelles
Belgium

PAV:slw

4101111

FOR. 77A-6-5/75

FEDERAL RESERVE BANK OF NEW'
FOREIGN DEPARTMENT

TRANSLATION
DATED

FROM

JULY 26 1979

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FRANCOIS ZAVIER ORTOLI COMEUR
BRUSSELS BELGIUM

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TO

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MR. PAUL VOLCKER
PRESIDENT FEDERAL RESERVE
WASHINGTON, D.C. 20551

(FRENCH)
MY HEARTIEST CONGRATULATION ON YOUR APPOINTMENT.
I WISH YOU MUCH SUCCESS IN THE PERFORMANCE OF YOUR NEW DUTIES.
FRANCOIS XAVIER ORTOLI COMEUR

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Dear Mr. Comeu
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a ions

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Pau

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ITRE NOMINATION ET VOUS SOUHAITE PLEIN SUCC S DANS V.'S
OUVELLES FONCTIONS
RANCOIS XAVIER ORTOLI OOMEUR

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 9, 1979

Dear Mr. Compton:
I appreciate your note.

In the end, it is hard

to be more successful than public understanding permits-but it seems to be growing.
Sincerely,

Paul A. Volcker

Mr. Harold S. Compton

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

August 23, 1979

Mr. George T. Conklin, Jr.
Chairman of the Board
The Guardian Life Insurance Company
of America
201 Park Avenue South
New York, New York 10003
Dear George:
Many taanks for your note--my belated response
dosen't convey my appreciation.

Don't let me get too isolated

down here:
Sincerely,

Paul A. Volcker

jmr

THE GUARDIAN LIFE INSURANCE COMPANY
OF AMERICA
201 PARK AVENUE SOUTH, NEW
YORK 10003

GEORGE T. CONKLIN,JR.
CHAIRMAN OF THE BOARD b CHIEF EXECUTIVE OFFICER

July 31, 1979

Mr. Paul A. Volcker
President
Federal Reserve Bank of New York
33 Liberty Street
New York, N.Y. 10005

.........................................

...
....
.................

..................................
................................

Dear Paul:
............................

.. :....

Amid all the disheartening news that has beset us in
recent years, the one encouraging development has been
your nomination for the Chairmanship of the Federal
Reserve Board.
I am aware of the great personal sacrifice which must
have been entailed in your decision to accept this
nomination, and I just wanted to express my deepest
appreciation for your willingness to take on this
important responsibility for the good of our country.
Sincer Ty- yours,

.....

Chairman o

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the Board

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Federal Reserve Bank of St. Louis

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..
...

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear Jack.
Many thanks for the note. All I can do is
try
-- but please don't hesitate to offe adv
r
ice and criticism.
Sincerely,

Paul A. Volcker

Mr. John T. Comex
Chairmen of the isord
Allied Chemical Corporation
P. 0, Box 3000R
Morrlstooft, Mir Jersey 07960
PAV:mhw

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Federal Reserve Bank of St. Louis

ALLIED CHEMICAL CORPORATION
P 0 BOX 3000R
MORRISTOWN, N. J. 07960

JOHN T. CONNOR
CHAIRMAN OF THE BOARD

July 26, 1979

The Honorable Paul Volcker
President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York

Dear Paul:
I want to join in the chorus of praise for the
President's nomination of you as Chairman of the Federal
Reserve Bank.
Through experience and competence you are clearly
the best qualified person in the country for the position, and I'm confident that you will handle your
responsibilities in a successful manner.
Best personal regards.
Sincerely yours,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

September 7, 1979

Dear Dick:
flany thanks for the note -- and for the "Stanford
report."

expect we'll need some of that luck and help.
Sincerely,

Paul A. Volcker

Mr. Richard K. Cook
Vice President'
Lockheed Corporation
900 Seventeenth Street, N.W.
Washington, D. C.
20006
PAV:ccm

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Federal Reserve Bank of St. Louis

LOCKHEED CORPORATION',

i? 23

900 SEVENTEENTH STREET, NORTHWEST

WASHINGTON, D. C. 20000

•
RICHARD K. COOK
VICE PRESIDENT

August 31, 1979

Honorable Paul A. Volcker
Chairman
Federal Reserve Board
Washington, D.C. 20551
Dear Paul:
Having been at Stanford University all summer, I haven't
had a chance to extend my sincere congratulations on your
nomination and confirmation to the Fed chairmanship. You
might be amused to know that when you were announced,
our old friend and now full-time Stanford professor Ezra
Solomon gave you a rousing send-off at his Stanford Executive
Program class, and "student" Cook echoed his praise.
In any event, the best of luck. If I can ever be of any
assistance, please give me a call.
Sincerely,

Richard K. Cook
RKC:hbk

August 7, 1979

Dear Mickey:
You are so nice to write and cheer me on.

I'll

need it.
I'll go to Belgrade so T. can see you in person.
Best regards.
Sincerely,

Paul A. Volcker

Mb. Lillian H. Cooley
Administrative Officer
Research Department
International Monetary Fund
Washington, D.C. 20431

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Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND
WASHINGTON, D. C. 20431

July 25, 1979
CABLE ADDRESS

INTERFUND

Dear Mr.Volcker:
Congratulations on your appointment as Chairman of
the Federal Reserve Board. I know you will be an outstanding Chairman.
Last week when I heard there would be a new Chairman
I kept wishing it would be you. Now my wish has come true.
I hope this means you will be attending the IMF Annual Meeting and Interim Committee Meeting in Belgrade.
Best wishes,
Sincerely yours,

Lillian H. Cooley
Administrative Officer
Research Department

Mr. Paul A. Volcker
President, Federal Reserve Bank
33 Liberty Street
New York, New York 10045

RECEIVED
JUL 3 0 1979
P. A. V.
ANSWERED
ATTENDED TO

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Federal Reserve Bank of St. Louis

September 12/ 1979

Dear Dick:
As I get out from under / T want to say I do
appreciate your note on my appointment.
I suspect the problems are only starting.
But I take comfort from the understanding support
of so many friends -- most particularly those who
keep the New York flag flying!
Best wishes,

Paul A. Volcker

Mr. Richard W. Couper
President & Chief Executive Officer
The New York Public Library
Fifth Avenue at 42nd Street
New York / New York 10018

A
APAV:ccm

•

The New York
Public Library
ASTOR. LENOX AND TILDEN FOUNDATIONS

Richard W. Couper
President & Chief Executive Officer

Fifth Avenue at 42nd Street
New York, New York 10018

July 31, 1979

- k-

Aiot

Mr. Paul A. Volcker, Chairman
Federal Reserve Board
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
Dear Paul:
Along with your many admirers, I have read with pleasure your selection by
the President to head the Federal Reserve Board. How entirely appropriate:
Heartiest congratulations!
Sincerely,

RWC:mec
Dictated 7/30/79

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Federal Reserve Bank of St. Louis

August 16, 1979

Dear Joe:
Many thanks--and think of me once in a
while when the brickbats begin.
All the best.
Sincerely,

Paul A.

Mr. Joseph R. Coyle

PAV:tb

Volcker

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Federal Reserve Bank of St. Louis

Mr. Joseph R. Coyle

August 7, 1979

Dear Rusty:
Many thanks for the warm note.

I won't take full

responsibility for your back, but let's hope you are back
in full form soon. Meanwhile, I can only try my best.
Best regards,

Mr. Morris D. Crawford, Jr.
Chairman of the Board
The Bowery Savings Bank
110 East 42nd Street
10017
New York, New York

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Federal Reserve Bank of St. Louis

sank
The Bowery Savin
110 East 42nd Streei
New York, New York 10017
212 953 8002

THDOWERY

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Federal Reserve Bank of St. Louis

Morris D Crawford Jr
Chairman of the Board

Mr. Paul A. Volcker
President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
July 26,

1979

Dear Paul:
I have been lying in a hospital
bed for a few days with an old
lower back ailment. Nothing has
given me a bigger boost on the
road to recovery than reading the
news of your elevation to Chairman
of the Fed. Nothing could be better
for the country--and my back is substantially improvedl
All the best in the future.
Warm personal regards,
Sincerely,

It
Morris D. Crawford, Jr.
MDCjr/gd

RECEIVED
JUL 3 1 1970
P. A. V........
ANSWERED
ATIENDED

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Federal Reserve Bank of St. Louis

August 10, 1979

Dear Mr. Crews:
I appreciate your note and your interest.
Sincerely,

Paul A. Volcker

Mr. B. H. Crews
Director
Fergusson Bros., Hall,
Stewart & Co.
Thirteenth Floor
Southern Life Building
St. Georges Street
Cape Town
SOUTH AFRICA

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Federal Reserve Bank of St. Louis

AIFIT & CO.

FERGUSON•BROS.,HAJLIA, STE
INCORPORATED

THIRTEENTH FLOOR
SOUTHERN LIFE BUILDING
ST GEORGES STREET
CAPE TOWN
8001

RESIDENT DIRECTOR
W. I CARLYLE

TELEPHONES
229122/3, 224660

1st August

P.O.BOX 4059
CAPE TOWN
8000
TELEGRAPHIC
ADDRESS:
ESCALATE

1979

Paul Volcker Esq.,
Chairman Federal Reserve Board,
20th Street and Constitution Ave., N.W.
Washington D.C.
20551 U.S.A.

Dear Mr. Volcker,
It has been a great pleasure for me, over the past 5 - 6 years,
to have had the opportunity to discuss international and U.S.
monetary and economic matters with you, both at the Treasury,
and at the Federal Reserve Bank of New York. Your career has
once again been enchcn ced by your new appointment and I can
sincerely say that such appointment is a reward for excellence.
I wish you success once more and trust that I may at some time
in the near future have discussions with you in your new
environment.
Yours truly,

B H CREWS
DIRECTOR
46%000(A,r/6:
•
zfew t-ikktti,

MEMBER OF THE JOHANNESBURG STOCK EXCHANGE

B.Sc W.I. CARLYLE
DIRECTORS - A.J F. FERGUSSON BAMFORD STEWART A.vV. HORN P.L.B. CLUCAS J.B. CRADOCK C.N.CROWHURST
M.GOI.DBLATT
•
R.A.
FERGUSON
•
FERGUSSON
C.A.(S.A.) M.F.
C MURRAY M. A.. B. Com. • E.K.C. HALL • P.

.11•,--

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Federal Reserve Bank of St. Louis

CHAIRMAN OF THE BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551

August 24, 1979

Dear Sam:
Thanks - belatedly - for the note.
Maybe the textbooks will eventually have some
added material on how not to do it - but meanwhile I need those friends when the more
imminent brickbats begin.
See you,
Sincerely,

/tUe
Paul A. Volcker

Mr. Sam Cross
Executive Director
International Monetary Fund
Washington, D. C.

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Federal Reserve Bank of St. Louis

,s-o;ATir
‘%Tivel
INTERNATIONAL MONETARY FUND

WASHINGTON
ZAFt1(
EXECUTIVE DI RECTOR

-7
/ift?
,

Ge77-e<

1,7

RECEIVED
JUL 3 1 1979
P. A. V.
AN
ATTENDED

v-4

'4.2)

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear Sam:
Let's see whether money can survive the appointment.
I'll need the friends.
All the best.
Sincerely,

Paul A. Volcker

Mr. Sam Y. Cross
Executive Director
International Monetary Fund
700 19th Street, N.W.
Washington, D. C. 20431

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Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND
WASHINGTON

EXECUTIVE DIRECTOR

477

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RECEIVED
JUL 3 1 1979
P. A. V.
ANSWERED
AMNDED

••■•

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Federal Reserve Bank of St. Louis

August 16, 1979

Mr. Walter E. Cummin
211 Johnson Avenue
Hackensack, New Jersey

07601

Dear Walter,
The only real bonus in this job is hearing from
old friends.

Your name rings many bells

4.4

and

so much your writing.
Now the work begins.
Sincerely,

Paul A. Volcker

PAVvmhw

appreciate

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Federal Reserve Bank of St. Louis

WALTER E. CUMMIN

1979W14
August 10, 1979
Mr. Paul A. Volcker, Chairman
Federal Reserve Board
Jashington, D. C., 20500
Dear Paul:
Congratulations!!!! Never in my 80
years have I seen or heard of such a
unanimous approval of any one, elected
or appointed. Not one dissenting voice
from the Media or people.
As a Teaneck Councilman from 1946 on
I worked very closely with your Dad and
Jim Brett, and, while I knew your Mother
and you and your sister, my association
with your Dad was a good one. He, too,
was a man of integrity.
Sitting up there on Cloud 9, your Mother
and Dad must be very proud of you.
Again, congratulations to you.

Sincerely,

Gc
1

Voli1/41

.
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 16, 1979

Dear Raymond:
I appreciate the note.

I can still remember,

too, when 30 years ago, I first passed the marble
portals--only to get turned down for a job!

Somehow,

it had completely escaped my mind until your letter
made me think.

I guess it's just as well--better to

start from the top, despite the problems.
Sincerely,

Paul A. Volcker

Mr. Raymond Bonham Carter
Department of Industry
Kingsgate House
66/74 Victoria Street
London, SW1E 6SJ, England

PAV:tb

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Federal Reserve Bank of St. Louis

DEPARTMENT OF INDUSTRY
KINGSGATE HOUSE
66/74 VICTORIA STREET
LONDON SW1E 6 SJ
Telephone

Direct Line 01-212 5471
Switchboard 01-212 7676

Paul Volcker Esq
President
The Federal Reserve Bank of New York
33 Liberty Street
New York 10045
USA

26 July 1979

I was delighted, as I am sure were all your friends in
this
country, to read of your appointment to the Chairmanship
of
the Fed.
It is some 21 years since I first passed through those
marble
portals, having joined The Old Lady whilst working with
Schroders in New York.
I was duly presented to Arthur Marget,
Win Riefler and Bill Martin.
In the course of time I got to
know many more of the team, particularly during my years
in
Washington in the early 60's.
But that is all some time ago and it is nice to think that
if
banking brings me back to Washington in the not too dista
nt
future, as I hope it will, I will find you in Bill Martin's
chair.
Few, if any, of your predecessors can have taken up
office when the problems facing us all looked as intractable.
It is comforting to know that someone with your record and
already intimately involved, is facing them.
As David Scholey may have mentioned to you when you last met,
I am doing a stint here which is likely to end at about the
turn of the year.

kutivi °-4c1"
/ 271

(

RECEIVED

RAYMOND BONHAM CARTER
NUG

1 3 1979

P. A. V.
ANSWERED
ATTENDED IC

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Federal Reserve Bank of St. Louis

'August 20, 1979

Mr. David Calleo
Italia
Dear David:
God, what a summer -- Economic Reports are for
burning not for ruminating.
You're right about the challenge. The news
clippings don't help much now, but we can hope for the
best.
Thanks for writing.
Sincerely,

Paul A. Volcker

PAV:pg

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

AuFust 7, 1979

Dear Henry:
I appreciate the warn note, and even more, the
feeling / can count on you and others in the System to do
the job.
Lots of problems, but then again we didn't want
a dull life:
See you soon.
Sincerely,

Paul A. Volcker

Mr. Henry R. Czerwinski
First Vice President
Federal Reserve Bank of
Kansas City
Kansas City, Missouri 64198

PAV:smk

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Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK
OF

KANSAS CITY

KANSAS CITY, MISSOURI 64198

HENRY R.CZERWINSKI
FIRST VICE PRESIDENT

July 27, 1979

Dear Paul:
I'd like to join in on the growing number of
expressions of delight, pleasure, and confidence
in your nomination as Chairman of the Fed Board.
I'm sure that the decision was not an easy one
for you, but I'm glad that you accepted. These
are times when we need a person like you at the
helm.
As our new Chief, please be assured that we'll
do the best that we can at the Kansas City bank to
help you and the System.
Best wishes,
Sincerely,

Mr. Paul A. Volcker
President
Federal Reserve Bank
of New York
Federal Reserve P.O. Station
New York, New York
10045

RECEIVED
JUL 3 0 1979
P. A. V.
ANSWERED
ATTENDED TO

Full text of Paul A. Volcker Papers : Congratulatory Letters : 1979, C, Box 7, Item c112

FRASER