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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CONGRATULATORY LETTERS - D-E  Collection: Paul A. Volcker Papers Call Number: MC279  Box 7  Preferred Citation: Congratulatory Letters:"D-E", 1979; Paul A. Volcker Papers, Box 7; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c113 and https://fraser.sdouisfed.org/archival/5297  The digitization ofthis collection was made possible by the Federal Reserve Bank of St. Louis. From the collections of the Seeley G. Mudd Manuscript Library, Princeton, NJ These documents can only be used for educational and research purposes ("fair use") as per United States copyright law. By accessing this file, all users agree that their use falls within fair use as defined by the copyright law of the United States. 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Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-3385 (fax) mudd@princeton.cdu   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Ralf: I know there must be some purpose in this madness, even if "only" to make LSE honest: I'm not sure my more parochial wife will think that sufficient excuse -- but I do know that some luck would be handy indeed. Thanks so much for writing. Sincerely,  Paul A. Volcker Professor Ra/f Dahrendorf Director The London School of Economics and Political Science University of London Houghton Street London, WC2A 2AE ENGLAND.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The London School of Economics and Political Science (UNIVERSITY OF LONDON)  Houghton Street, London, WC2A 2AE From the Director Professor Ralf Dahrendorf  Telephone: 01-405-7686  27 Jutu 1979 7  PGA)I  kc—  do. ) , OLE‘...  il#.4  oft,...  A....a  irt..oro vc  ked,1  c,rx.  acktAkt.1  v at  th,) Le.t I  c....1  te vc.sa 40\11,1.(t•-ri  411--e ,  L Se; 0J2-.)%_..t...;  u  ,  1  (N  Th-t  No w  6%41— 14"tA  v1-1  101.14  (et lkcJi .  \tv..v6LJVLtJ ••.‘ lAat  u.re  L iust }4-u) i&y‘Nre() tk);111.4  CC 6.14% ex.('  ..i dl...e u‘...0  04  C 6014  %"..  Car 6.) 1A0.1 Lared  \DN  k  -0  44  43  tn. kLc"--t1 I  kra ti,J;)  , u ) tp-e (vettiJcLvwl  aNA  Pre v;  1 (51 Cul...)  itAj4.4 (Lki  pu-C-1  CON.rek 1,‘) Ci  LAN4  c,c3c-ri (N)  0)  I vreo  “.41,o1 E. Kio..14 4.J (c..a  01 tLa iekci ThAcAi ,fuNIL C C.4 I  1)  e tit.„4? • N.v ei e...-'  0.43 are  c tNLo  s  ,1,1  C1.1 C 0‘... 4- I I  Gyro c).1  we droilmd  c)o  ttv  ‘ ')e4  04 oi  avo  ‘.446 4tv..-1 4.C-0  Li4 — cc) (,ct,  rxiL..)d.)  00, The London School of Economics and Political Science is incorporated in England as a company limited by guarantee under the Companies Acts (Reg. No.70527) Registered Office as above   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Col. John D. Dale Commander General - MOFW 30 East 62nd Street New York, New York 10021 Dear John: I'm only now coming up for a little air (literally in a trans-atlantic plane) but I do appreciate your warm words on my appointment.  I'm sorry I can't make the 'Haig  feel honored  in absentia."  presentation--I  Meanwhile, we'll see what we can do  down here. All the best. Sincerely,  Paul N. Volcker  jmr  D  OL John . ncler General - MOF East 62nd Street York, N.Y. 10021  oiti, ,OPP : 6 4 14 t#4100,Pfr 04 r r 4.04)klt  NEW YORK COMMANDERY  MILITARY ORDER OF FOREIGN WARS OF THE UNITED STATES  OF ICE OF THE COMMANDER al i.e5 7-6 / /, 7  cOe., 024/   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  /)tz4  fai, -e4,77'* 7,  7  eotn.rsa-ea:  e  a4- -z2  ‘-dad73 frt,  E7  4I  2e  teg  r   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  • of GOvItii, • 4' • O.  CHAIRMAN OF THE BOARD OF GOVERNORS 1• • /-• • , c)•  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  August 24, 1979  Dear Mr. David-Weill: As I get out from under, I just want to thank you for your telegram of congratulations on my appointment.  I appreciate it. Sincerely,  Paul A. Volcker  Mr. Michel David-Weill Senior Partner Lazard Freres & Co. 1 Rockefeller Plaza New York, N.Y.  F7'1.) R 1_17:S  D DC  SPL043,  '.JAA141(095S)(1-007S0C203)PD 07/27/79 0953  TLX LAZ ARD NY?( 2:CC 1 ') NEW YORK CITY t)!1S THE HONORAT 4'.,AUL A. VOLCKTR F.LDERAL RESERVE SYST7'.1  201.1 1 ST  CHAIRMAN .AND CONSTITUTION AVENUE  WtiSAINGTON 0 C 20551  ALL My CON -3RATULATIONS ON YOUR  N3.1INATION TO THE  2HAI:i1ANSHI? OF THE FEDERAL RESERVE BOARD.  WI TA ALL BEST WISHES  MIOEL DAVID-WEILL SENIOR PARTNER LA ARD FRERES AND CO  W'2 LkIX  FED RES BD   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Archie: Many thanks for your note. Got an updating on your activities recently from John Medlin--you sound indefatigable: All we can do dawn here is try--and duck the brickbats that are sure to come. Best wishes. Sincerely,  Paul A. Volcker  Mr. Archie K. Davis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ARCHIE K. DAVIS •  1919  RUG 2  n: to 4  August 16, 1979  My dear Paul:  My congratulations to you and to our country upon your nomination as Chairman of the Federal Reserve Board. It could not have happened to a finer person. You are richly deserving, and I am sure you must derive considerable satisfaction from the knowledge that your appointment has been hailed with such enthusiasm from all quarters. From one who has admired you from afar over a long period of years, I want you to know of my pride and pleasure in your selection. You are undertaking a tough assignment, and I know you will handle it with great credit to yourself and the institution you head. Mary Louise joins me in warm good wishes to you and Barbara. Sincerely,  The Honorable Paul A. Volcker Chairman Board of Governors Federal Reserve System Washington, D. C. 20551   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear J.E.: Many thanks for your note--and more important your support of n strong right arm in Fred ("Freddie" just isn't right if he's going to save the dollar:). That invitation I'll try to put in the subconscious for the time--the conscious thought is too diverting.  But when the frustrations mount, I may just  yield to temptation. Sincerely,  Paul A. Volcker  Mr. James E. Davis Chairman, Board of Directors Winn-Dixie Stores, Inc. 5050 Edgewood Court P.O. Box B Jacksonville, Florida 32203 PAV:tb  WINN -DIXIE STORES, INC. GENERAL OFFICES -5050 EDGEWOOD COURT - P.O. BOX B - JACKSONVILLE, FLORIDA 32203 -(904) 783-5000  August 9, 1979 JAMES E. DAVIS Chairman, Board of Directors   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The Honorable Paul Volcker Chairman, Board of Governors Federal Reserve System Federal Reserve Building Washington, D. C. 20551 "72  Dear Mr. Volcker, ••  I wanted to tell you how pleased I was to get to visit with you a short time after the swearing in of Freddie Schultz as a new board member. As I told you, your acceptance of the Chairmanship has give us a new confidence in monetary policy (that was beginning to waver somewhat). I want to express my personal appreciation for the dedication that had to motivate you in accepting almost a 5070 salary cut to take on the Chairmanship there in Washington. Mr. Volcker, I have the best bass fishing lake in this area. It is not open to the public. If you ever get down this way to visit Freddie or for any other purpose, I would like to make it available to someone who has made the kind of sacrifice you have made in public service. Sincerely,  James E. Davis  Vkk  S  / Vi Nr\ yl ‘}1 NZ  OPERATORS  OF  FOOD  STORES  ACROSS  THE  SUNBELT   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Shelby: There's a theory down here that what makes Swiss bankers happy makes Congress sad--so we shall see.  Thanks for writing, however belated the reply! Sincwwely,  Paul A. Volcker  Mr. Shelby Cullom Davis Chairman Shelby Cullom Davis & Co. 70 Pine Street New York, New York 10005 PAV: tb  Y vki/76,71cm/gwieteKo: aLexchr ,yne,ce.ca,?.9idezehr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  szo.cden.e.ezzgawie  .11"-/-F, lor X4z g:7:04ele  Yea.e  70 A.9-te ,5f9eeet Xee-6?Y,94,  10005  July 26,  1979  I am delighted with your appointment - and I know the Swiss bankers are happy too! The years RI-lead will not be easy but they are crucial for our nation and for the free world - and you have the intelligence, and will, and staying power to put things right again. With warmest regards,  dPiv‘yv e k).i vi V'N " \ 45.  Since  yours,  Shelby Cal ChB.'  Davis  e.99;44&ze-  ULM ILE western union  • Telegram  NYC057(2152)(4-0736395206)PD 07/25/79 2152 ICS IPMMTZZ CSP 2022346111 NL TDMT WASHINGTON DC 26 07-25 0952P EST PMS HONORABLE PAUL VOLCKER, DLR FEDERAL RESERVE BANX NEW YORK NY CONGRATULATIONS TO THE PRESIDENT FOR RECOGNIZING SUCH A SUPERIOR PERSON AS YOU FOR THE JOB AND A VERY SPECIAL CONGRATULATIONS TO YOU ALL THE BEST WISHES TRUE DAVIS NNNN  n  foAil  Piao-  RECEIVED JUL 26 1979 ANSWERED ATTENDED  SF-1201 (R5-69)   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Amp I.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Dear True: It's taken me a while to get out from "under," but I do appreciate your message on my appointment. Both the problems and Washington seem more difficult as time passes, but a challenge is always a little stimulating. Best regards,  Paul A. Volcker  The Honorable True Davis  PAV:ccm   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  imagest 150 1979  Dear Ns: Nimy duds ter Ole dee Vete  WM  even if you still  100110titten feE VMS 61011 NM York (and that  eoeseet is purely usinissead i• based on prase speculation!). Dia et OW 1001 4.01" sides of this is thin it leas moss goodbye to Weed a Sew other things that ement a greet deal to INN In tact, I recurrently think I'm nuts. But I do thinks frame, Limited participation in the search committee, the reandation certainly will have a new President able to bring the thing together effectively, with the import of the strong Trustees like you. UK wishes. Sincerely,  Paul A. Volcker  Mr. IL IL Dorton Dayton Hudson Corporation 777 illioollet 11 zusompalis, Nftmairoca 55402  PAV:rahw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Dayton Hudson Corporation 777 Nicollet Mall Minneapolis, Minnesota 55402 Executive Offices  August 2, 1979 Mr. Paul A. Volcker Federal Reserve Bank of New Yor k 33 Liberty Street New York, New York 10005  Dear Paul: By now I am sure you need one mor con gratulatory letter about as e much as you need an increase in the money supply! I do, however, want you to know how terribly please d I am for the nation and for Dayton Hudson Corporation that you hav e been chosen to head the Federal Reserve. The nation gets you , and we're able to hang on to Bruce MacLaury as a corporate director. Seriously, if ever there was a man for the time and the job , it obviously is you. I wish you the very best in carrying out you r crucial assignment. I also am very hopeful that you will be able to continue as a trustee of the Rockefeller Foundation. We badly nee d you as a trustee. As you well know there are very few good one s. All the best. Yours,  K. N. Dayton  it0P1) A ).• , ... J.01ED IO  t o3/4,  IVITT  1,1 `1-6r   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Mr. Deak I appreciate the tote and good wishes. shall try -ay best. Sincerely,  Paul A. Volcker  Mr. Acholas L. Deak Chairman of the Board Deak-Terera 29 Broadway Hew York, New York 1000G  I   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Deak-Perera Nicholas L. Deak Chairman of the Board July 26, 1979  The Hon. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, NY 10045 Dear Mr. Volcker: Please accept my heartiest congratulations on your nomination to the chairmanship of the Federal Reserve. President Carter could not have picked a better qualified person. We here in New York and our friends abroad are looking forward to your firm leadership in strengthening the Dollar domestically and internationally. Best wishes for a difficult and crucial task ahead. Respectfully yours,  NLD:imb  29 Broadway • New York, N. Y. 10006 • Tel: (212) 480-0261  r---   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Dick: Somehow, first letters got to the bottom of the pile.  But I appreciate the note and good wishes.  fun is over and the work begins: Sincerely,  Paul A. Volcker  Mr. Richard A. Debs President Morgan Stanley International Incorporated 1251 Avenue of the Americas New York, New York 10020  The  MORGAN STANLEY INTERNATIONAL Incorporated  1251 Avenue of the Americas New York, N. Y. 10020  July 27, 1979  The Honorable Paul Volcker President Federal Reserve Bank of New York 33 Liberty Plaza New York, New York Dear Paul: This is a belated note of congratulations on your recent voting record at the FOMC--which I said I would send to you, belated or not, when we saw you at the Metropolitan Museum--and a very prompt note of congratulations on your move to the Chairmanship. In the latter case, the congratulations are due even more to the President, who showed very good judgment in this instance. I am sure that you must view the move with mixed feelings; but I always thought it was inevitable. As for the voting record, it is not unrelated to the great sense of reassurance that the market shows in your appointment. All of us in the financial community wish you well in being able to stick to it through the troubled times ahead. I might add that both your record and your appointment reflect most honorably on the Federal Reserve Bank of New York, for which we alumni are pleased and gratified.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Good luck to you and to Barbara. Sincerely,  Richard A. Debs President  '\14 Mrze—"r:1N/C7r) V L.. )1..W  IA U G  1979 .. V.  ANSWERED , ATTENDED TO.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear John: It was great to hear from you--notes from old friends are the one bonus in this deal.  I try not to kid myself about  the problems, but it seems worth trying.  I may even be tempted  to get (a little) monetarist! All the best, Sincerely,  Paul A. Volcker  Mr. John V. Deaver Manager Economics Department Ford Motor Company The American Road Dearborn, Michigan 48121   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The American Road Dearborn, Michigan 48121  Ford Motor Company  July 27, 1979  Mr. Paul Volcker, President Federal Reserve Bank of New York New York, N.Y. 10045 Dear Paul: I join the chorus: your appointment to Chairmanship of the Federal Reserve is not only the most important, in a positive sense, but the most judicious of any that President Carter has made. My congratulations should go to him. To you, my hearty best wishes, condolence for having to accept such a paltry salary, and warmest regards. Sincerely,  diI  V. Deaver ager conomics Department  •Id   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ••••  •• Of GOVt4. • • ▪ •t• •  •0 • -•4  CHAIRMAN OF THE BOARD OF GOVERNORS  •  11111f  •  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  • ••WALFtEs*".•'.  August 8, 1979  Dear Mr. Martinez DeHoz: Many thanks for your message. I hope we can remain in touch. Sincerely,  daz Paul A. Volcker  Mr. Jose Martinez DeHoz Minister of Economy of Argentina 1901 L Street, N.W. Suite 606 Washington, D.C. 20036  HAVE BEEN ADVISED BY HTHE BUREAU OF ENGRAVINr71 HAT THEY WILL NOT 3E AKE TO PRINT AND DELIVER TO THE DEPOFTT OPV 440,000 NOTES OF 'NE JULY PRINTING ORDER. THEREF,—_, ED RS BD DC WA3191(1150)(4-02882SS212)?D 07/31/79 11  SIDLO4S  PMMTZZ CSP 2024SS3022 TOMT WASHINGTON DC 27 07-31 1128A EST PS PAUL .VOLCKER CHAIRMAN THE FEDERAL RESERVE RPT DLY MGM, ommomitimiN0000..ftm..0 000 WASAINGTON DC BUENOS AIRES 30 . 0.2 JULIO DE 1979 ONGRATULATE,YOU MOST SINCERELY ON YOUR RECENT APPOINTME% AVE  V RY BEST WISHES FOR CONTINUED SUCCESS. CORDIALLY YOURS HOZ MINISTER OF ECONOMY ARGENTINA  JOSE nRT  1901 L ST NORTHWEST SUITE SOS •  1.1ASL-1INGTON DC 2003S   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Gov4 • CHAIRMAN OF THE BOARD OF GOVERNORS •0  i• : •  • -n  FEDERAL RESERVE SYSTEM  i•-• •  r  v). A. • (v.•  ..1.  •.,<,  WASHINGTON, D. C. 20551  • Rat_ ilE.5-  August 24, 1979  Dear Mr. Ambassador: However belatedly, let me thank you "officially" for your note of congratulations on my appointment as Chairman.  I appreciate  your kind words, but more to the point, I do hope to see something of you in Washington. Sincerely, /  f/L-  It 2 Paul A. Volcker  His Excellency Mr. Francois de Laboulaye Ambassador of France Washington, D. C.  ,, , NT ES POSLite °  MAILGRAM SERVICE LE ER miDuLtTowN, VA o 226,,  western union U.S.MAIL  1-0e6463C206 07/25/79 TLX AmBFRANCE wSH wSHA ul wASH, DC JULY 25  THE HONORABLE PAUL A. VOLCKER CHAIRMAN, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDRAL RESERVE BUILDING WASHINGTON, DoC 20551  I WISH TO EXPRESS mY MOST HEARTFELD CONGRATULATIONS FOR THE ImPURTANT RESPONSABILITIES WHICH ARE BESTOWED UPON YOU. wiTH BEST PERSONAL REGARDS I AM SINCERELY YOURS, FNANCoIS DE LABOULAYE, AMBASSADOR OF FRANCE.  1d06 EST mUmLUmP MGM  '  5241 (R1/78)  071   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TO REPLY BY MAILGRAM, SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS  m   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Andre: I appreciate so much the warm note. As they say , all I can do is try -- but in the process it is heartenigg to feel so much understanding from old comrad es in arms. I'm still trying to figure out if Opatya is possible -somehow I think it will he more relevant tha n Belgrade. The chances are slim to non-existent, but I do hope to see you. Until Belgrade.  Best wishes, Sincerely,  Paul A. Volcker  Mr. Andre de Lattre   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org 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 1, 1979  Dear Ralph: Thanks so much for your congratulations--even if the assessment is grievously overstated: Sincerely,  Paul A. Volcker  ..........  Mr. Ralph D. DeNunzio President Kidder, Peabody & Co., Inc. 460 Park Avenue New York, New York  •  .  .....................  ...............  ...........................................................  ................................................ ......................................................................... .................  .....  .......................................  ................................... .................................... ................................................................  ......................................  ...  ...... ...  ..................................... •  ....  ................. •........... ...... • • ............................................. 1 ........ . ........................ ...... . ........... ............................................:. ....................................................... ........... • ................................................................................................................................................................. • ..................................... ........................ ...•....   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ................................................... ........................................ ....................................... •••• ............. ........  ..........  ...............  . ................  ...................  ...........".  11  wA  via  Graphnet  TNKL TNKL D912 15-1 N402 24 07/26/79 11:17  THE HONORABLE PAUL A. VOLCKER PRESIDENT THE FEDERAL RESERVE BANK OF NEW YORK 33 LIBERTY STREET NEW YORK/ N.Y. 10045  .CONGRATULATIONS ON YOUR APPOINTMENT. YOU ARE ABSOLUTELY THE PERFECT MAN FOR THE JOB. RALPH D. DENUNZIO PRESIDENT NNNN KIDDER PEABODY 8: CO. INCORPORATED TNKL   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RECEIVED 3UL 26 1979 P. A. V. ....... ........ ANSWERED.......   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Mr. de Segundo: I still remember the trip and the "bank-note man.  You are nice to write, and many thanks for the  good wishes. Sincerely,  Paul A. Volcker  Mr. William de Segundo  South America PAV;jrg   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  William de Segundo,  mg nun 1'3 0"!?: 01 6th August, 1979  •Csk.  Hr. kioL.kr,  I don't suppose for one minute you will remember who I am we once travelled together following the Asian Development Bank Meeting in Manila years ago, and subsequently used to run into each other at similar gatherings in Washington and elsewhere - but whenever we did meet, you used to greet me with, "Ah, yes, you're the bank note man". As you may imagine, this letter is intended to do nothing more than offer my heartiest congratulations on your recent appointment as Chairman of the Federal Reserve Board, and to wish you well in what cannot by any stretch of the imagination be an easy task. Some three years ago now I moved to this part of the world, and whilst I still remain a consultant to the British subsidiary of the American Bank Note Company, I seem to be getting more and more involved in other spheres. Again, my congratulations, and my good wishes for every success in the fight against inflation.  Yours sincerely,  Mr. Paul A. Volcker.   https://fraser.stlouisfed.org LammmEMP Federal Reserve Bank of St. Louis  August 14, 1979  Dear Philip: Trilateraling is, you are right, a casualty of this change for me in one sense--but I am even more sensitive to its importance. Belgrade is next stop--and thanks so much for writing. Sincerely,  Paul A. Volcker  Sir Philip De Zulueta Chairman Antony Gibbs Holdings Ltd. 3 Frederick's Place, Old Jewry London, EC2R 8HD ENGLAND  Antony Gibbs HoldingsLtd. SIR PHILIP DE ZULUETA   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  3 FREDERICK'S PLACE, OLD JEWRY, LONDON, EC2R 8HD Telephone. 01-588 4111  CHAIRMAN  26th July 1979  The Honourable Paul Volcker, President, Federal Reserve Bank of New York, 33 Liberty Street, New York, N.Y. 10045, United States of America.  I expect that you will be overwhelmed by letters of congratulation, so I only write this on the strict understanding that I expect no However, I really could not resist telling you how pleased reply: I know that and enthusiastic I am about your new responsibilities. your appointment will be very well received in London generally, as well as by other Europeans. I fear that this appointment may perhaps mean that you have to cease to belong to the Trilateral Commission, although I hope that this is not necessarily the case, and that in any event, we shall continue to see you at some of the Meetings, particularly at the one scheduled for London next March. Meanwhile, I hope perhaps that I may catch a glimpse of you in October, at what promises to be a thoroughly uncomfortable meeting in Belgrade. With all good wishes and very warm congratulations.  u;dtR cEivED 8 '1979 P. A. V. ANSWERED ...... ................  ATTENDED TO Registered Number 455106 Fmgland  Registered Office 3, Frederick's Place. Old Jewry. London,EMMID   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -V  CHAIRMAN OF THE BOARD OF GOVERNORS •0  FEDERAL RESERVE SYSTEM • ‘,). •  • --I ..tt%  WASHINGTON, D. C. 20551  ‘ 4 ‘  • iYAL 11E5 •• • •....•  August 24, 1979  Dear Alex: It was nice of you to write as you did upon my appointment as Chairman.  I appreciate  your kind words, and can only try and hope for the best. Sincerely,  /au Paul A. Volcker  Mr. Alex Dibbs National Westminster Bank, Ltd. 41 Lothbury London EC 2P, England  FROM A. H. A. DIBBS  National Westminster Bank Limited 41 Lothbury, London  tvlb  EC2P 2BP  Deputy Chairman   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Telephone (01) 606 6060  26th July, 1979. Personal Mr. Paul Volcker, President Federal Reserve Bank of New York New York.  Whilst it came as no surprise, it gave me great pleasure to read this morning of your appointment to be Chairman of the Federal Reserve Board in Washington. Since opening negotiations on behalf of Natwest Bank with C.T.T. in February of last year, I hz.ve had the privilege of meeting you on a number of occasions and I have always appreciated, in particular, your ready availability and more importantly the counsel you have given to my colleagues and myself from time to time. With the satisfactory conclusion of our acquisition last April, I realised more than ever how important it was that we were able to see you so often. Your departure from New York will, naturally, be regretted by many bankers in that City, but your position at the head of affairs in Washington will be welcomed,not only across the United States, but everywhere else in the Western World. May I take this opportunity of wishing you every success in the future.  4)\   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear John: I appreciate the warm note. At this point, it looks as though Barbara will maintain N.Y. "headquarters' so our planning is a bit scrambled. Maybe it will work out in a few months. Best regards, Sincerely,  Paul A. Volcker  Mr. The 430 7:4ew  John Diebold Diebold Group, Inc. Park Avenue York, New York 10022  The Diebold Group,Inc.  430 PARK AVENUE, NEW YORK, N.Y. 10022  •  212 PLAZA 5-0400  Management Consultants  July 26,1979  Dear Paul: The single best thing I have heard about the Carter administration was your nomination! Our country is fortunate,indeed, to have you playing this key role I cannot tell you how pleased I was to at such a critical time. hear of it. The only thing I am sorry about is that you and Barbara will be away from New York. Congratulations, and with every best personal wish, Since we 0 John Diebold  The Honorable Paul A. Volcker President and Chief Executive Officer Federal Reserve Bank of New York 33 Liberty Street New York,New York 10045  JUL 3 1 1979 P. A. V. ANSWERED MENDED TCL„„„,„  • GRIFFENHAGEN-KROEGER, INC. The Diebold Group Inc. ALDERSON ASSOCIATES, INC. • JOHN DIEBOLD & ASSOCIATES U.S. HEADQUARTERS: DIEBOLD EUROPE S.A. • MANAGEMENT SCIENCE TRAINING INSTITUTE • MANAGEMENT SCIENCE PUBLISHING, INC. • NEW YORK • OTHER OFFICES: ATLANTA • DALLAS • WASHINGTON, D.C. • FRANKFURT • BRUSSELS • KUWAIT • LONDON • PARIS   https://fraser.stlouisfed.org 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 Bill: I appreciate the note--but even more I appreciate keeping in touch with ideas about the "new" remedies.  These are uneasy  s   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  times: All the best. Sincerely,  Paul A. Volcker  Mr. William Diebold   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  WILLIAM DIEBOLD  July 26, 1979  Dear Paul: Congratulations I  I felt sure during the last  few days that all fingers (at least, all wise fingers) pointed toward you, but hese days one never knows. Naturally I am pleased, and I look forward to a good long period in which you sit in this crucial spot. As you know, I don't believe the old remedies are sufficient -- though they may be necessary, and to a considerable degree clearly are -- and I am pleased that somebody with your combination of innovativeness and traditional expertise will be at the center of things. That you have been willing to make the kinds of sacrifice this shift entails is impressive. Best of luck,  RECEIVED AUG  3 1979  P. A. V. ANSWERED ALUNDED OLIMA   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Bill: Many thanks for the note, and we will keep the speaking date open for a time.  I will be back in touch. Sincerely,  Paul A. Volcker  Mr. William R. Dill Dean New York University 100 Trinity Place New York, New York 10006  NEW YORK UNIVERSITY  .........................................  A private university in the public service Graduate School of Business Administration 100 TRINITY PLACE, NEW YORK, N.Y. 10006 (212) 285-6200  ............ ....... William R. Dill, Dean  July 31, 1979  Dear Paul: Congratulations on what has been one of the few pieces of good news coming out of Washington in recent weeks. All of us who know you at GBA are very pleased.  A‘r  erely,  illiam R. Dill  Lye 1\0 Qpk--  Mr. Paul Volcker 33 Liberty Street New York, New York 10045  ovo  RECEIVED AG  2 1979  P. A. VANSVIERED ATTENDED TO,  ........  1,111.011t116  , . . .................................................................................................................................................................................................................. ............................................................ ........... ................. ........................................ ................................:.. ...............:................................... • ".. .................................. ......................... "..".1'..'. .. ................. .."..........'........".: ...................................................................................................................................................................................................................................................... :...................................... .......:-........ ....'.......... ..................................................................................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •   https://fraser.stlouisfed.org II 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 George: I appreciate the note--you know just a little about the problems down there: Sincerely,  aid Paul A. Volcker  Mr. George H. Dixon President First Bank System, Inc. Minneapolis, Minnesota 55480   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FIRST BANK SYSTEM, INC. MINNEAPOLIS, MINNESOTA 55480  GEORGE H. DIXON PRESIDENT  July 30, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York New York, New York 10045 Dear Paul: You become Chairman at a moment when your exceptional experience and skills mesh magnificently with the problems at hand. Congratulations, good luck and God Bless You! Sincerely yours,  RCVEO GHD:jal  AUG 3 1979 P. A. V. ANSWERED.... ............. WENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Ilk. P. V. Dixon Under Secretary Industrial Policy Group H. M. Treasury Parliament Street London SWIP 3AG England Dear Peter; It's taken a little while to cone up for air, but I do appreciate the note on my appointment and I'm particularly glad we got in a little free U.K. time in June (on a higher salary!) with Barbara.  It was great seeing you both.  All the best. Sincerely,  Paul A. Volcker  jmr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  H M Treasury  ficv  Parliament Street London SVV1P 3AG P V Dixon  Switchboard Direct Dialling  Under Secretary Industrial Policy Group  'iTjr1  01-233 3000 01-233  t)  11-  e;  ,4,) )  / ?  1()LA) t4-• "(  0%-aAi  \AI  LtA-4Ai-oi trA  °4' —7L1  c`l% -7Lc  81/44.-t  /11AAA  1A-1(/%4  PA-467,ic  c4r."A7Lce-tiAL4  qif7 -4 "  ct,t,,,t. -tetA4c.t  eg2tA-JtteA-, tAokr...1  ITAAt-S 14/2.4117  44101.'""of   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  41111=119  IAAAAI o44.‘'t  " C  tota.4 -  t•A^Ass4—"ii)  pit/  -C.t.  44( (  C•42tAPL  (Al4 k  ' a.r-e t^  flfrti"  et-vuj  y.?/• 4.  (AIK ( 0  amPleA  mita: Ma  avsl000 iv PENN 49M4  1nel  'Gina Alo7s3u70 isztatioaVii ISM MO Sipa so sasyq Apo up*  pus oLilunon.  Magas 67111 Jo tptuoals Tv= Ina 30;  zams maw OMW  03012  uT snow' WOORa *Armill 1041 ogl 04 a;yflanty  Ina acv snutql &leg 201.1.100C  6L61  211.0(1  91 lgamf   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ftes. aGarS Ek.DoeYet, August 13, 1979  Mr. Paul A. Volcker Chairman Federal Reserve System Washington, D. C. 20551 Dear Mr. Volcker: As a member of the Baltimore Branch of the Federal Reserve Bank of Richmond, it is a pleasure to welcome your leadership. I will look forward to meeting you, and want you to know that you have my best wishes for a fruitful term. Very truly yours,  Catherine B. Doehler  Cry  C.  crs   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  t•  September 7, 1979  Mr. Albert Dondelinger President du Comite de direction Banque Internationale A Luxembourg 2, Boulevard Royal Luxembourg Dear Mt. Dondelinger: I appreciate both your good wishes on my appointment and your word of caution on the Euro-market question. I don't doubt the usefulness of the markets, and I suspect some of the recent U.S. thinking has been over-interpreted so far as its impact on the useful functions of the market is concerned. In any event, I'd like to have the opportunity to exchange views when we next meet. Sincerely,  Paul A. Volcker  A-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  IS7BSE  BANQUE INTERNATIONALE A LUXEMBOURG  Albert Dondelinger President du Comite de diti-cfibnLuxembourg, August 24,  1979  societe anonyme fondee en 1856 Luxembourg 2, boulevard Royal  The R. Hon. Mr. Paul Volcker, Chairman of the Board, The Federal Reserve System, Washington, D.C.  Dear Mr. Volcker, One of the few good news I heard during my holidays was your nomination to the chairman's post of the FED. I understand that President Carter's decision in this sector has been unanimously welcomed by the international banking community. In spite of being of a quite independant character, I take a share in this unanimity because I am convinced that you will foster a policy of internal and external stability for the U.S. dollar. I offer you my best wishes for the success of your difficult mission in these critical days. May I take the opportunity to express my deep concern about the recent U.S. philosophy on euromarket-controls. It is my firm believe that this matter has to be grappled with a great sense of touch, taking into consideration the usefulness of the euromarkets in the recycling process of capital surpluses as well as the debatable character of the multiplicator theory as applied to the euromarkets46 operations. In my former capacity of Luxembourg's Banking Commissioner (with a flap-seat in the AIMF's Committee of Twenty), I am still interested in the technicalities of this important problem. I would be glad to emphasize on this at our next encounter. With my best regards, I remain, dear Mr. Volcker,  iCV,/  A0A-  Yours sincerely,   https://fraser.stlouisfed.org 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 Dix: Someday--but it's a little early, as you know, to say when. many thanks.  Meanwhile,  Our best to you both. Sincerely,  rtak ' Paul A. Volcker  Mr. Dixon Donnelley The Atlantic Council of the United States 1616 H Street, N.W. Washington, D.C. 20006 cc:  Mr. Joseph Coyne Board of Governors of the Federal Reserve System Washington, D.C. 20051  IP` CHAIRMAN  KENNETH RUSH VICE CHAIRMEN  HENRY H. FOWLER THEODORE C. ACHILLES HARLAN CLEVELAND EMILIO G. COLLADO WM. McCH. MARTIN DAVID PACKARD EUGENE V. ROSTOW ANDREW J. GOODPASTER  THE ATLANTIC COUNCIL OF THE UNITED STATES 1616 H STREET, N.W. • WASHINGTON, D.C. 20006  TELEPHONE (202) 347-9353 CABLE: ATCOUN  .rtEASURER  PERCIVAL F. BRUNDAGE SECRETARY  July 25, 1979  TOM KILLEFER  ACCEPT  DIRECTOR GENERAL  FRANCIS O. WILCOX  , .  aEGRT  DEPUTY DIRECTOR GENERAL  J.1  JOSEPH W. HARNED ASSISTANT DIRECTOR GENERAL  MARTHA C. FINLEY DIRECTORS DAVID M. ABSHIRE DAVID C. ACHESON DONALD G. AGGER ANNE ARMSTRONG WILLIS C. ARMSTRONG EDWARD W. BARRETT ANDREW H. BERDING JUSTIN BLACKWELDER GENE E. BRADLEY Ih'ILLIAM A. M. BURDEN NODDING CARTER III WILLIAM J. CASEY SOL C. CHAIKIN G. A. COSTANZO FREDERICK L. DEMING ROBERT L. DENNISON RUSSELL E DOUGHERTY WILLIAM D. EBERLE ROBERT ELLSWORTH BROOKS EMENY SHERWOOD L. FAWCETT WILLIAM H. G. FITZGERALD WILLIAM C. FOSTER GEORGE S. FRANKLIN, JR. LINCOLN GORDON JOHN E. GRAY LIVINGSTON HARTLEY CHRISTIAN A. HERTER, JR. JOHN D. NICKERSON MARTIN HILLENBRAND CLAIRE GIANNINI HOFFMAN JEROME HOLLAND J. ALLAN HOVEY, JR THOMAS L. HUGHES JOHN N. IRWIN II U. ALEXIS JOHNSON ISAAC C. KIDD, JR. HENRY A. KISSINGER PETER F. KROGH CAROL LAISE JOHN M. LEDDY LYMAN L. LEMNITZER WALTER J. LEVY WINSTON LORD JAY LOVESTONE DAVID W. MACEACHRON JAMES S. MCDONNELL GEORGE C. MCGHEE ROBERT M. MCKINNEY LAWRENCE C. MCQUADE HARALD B. MALMGREN EDWIN M. MARTIN GEORGE MEANY SAMUEL W. MEEK PAUL H. NITZE FREDERICK E. NOLTING, JR. ROBERT E. OSGOOD HENRY H. PORTER JACQUES J. REINSTEIN EMMETT J. RICE CHARLES W. ROBINSON ROBERT V. ROOSA H. CHAPMAN ROSE DONALD RUMSFELD NATHANIEL SAMUELS J. ROBERT SCHAETZEL ADOLPH W. SCHMIDT CORTLANDT V. R. SCHUYLER BRENT SCOWCROFT JOSEPH M. SEGEL JOSEPH J. SISCO HELMUT SONNENFELDT FRANK A. SOUTHARD, JR. STEPHEN STAMAS TIMOTHY W. STANLEY CARLETON M. STEWART RALPH I. STRAUS RBET R STRAUSZ-HUP E O NS ELLSWORTH TMPKI O PHILIP H. TREZISE WILLIAM C. TURNER MARINA V. N. WHITMAN WATSON WISE JOSEPH J. WOLF  RECEIVED  The Hon. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, N. Y. 10005  JUL 2 7 1979 ANSWERED. ATTENDED  Dear Paul:  .•••••icy  1.11.411.113  I see that Fate has, at last, caught up with you, and tapped you for Chairman of the Fed. It was inevitable. Even though I'm aware that it will cost you income, please accept my congratulations. I'm sure your many friends overseas are also applauding. As for me, I continue to spend some time at the Atlantic Council, where you have many friends. Now, for some future business: I'm involved in the National Press Club's Speakers Program, and I'd like to extend an open invitation to you to speak at one of our luncheons when you feel the time is ripe (and advantageous to you in your new role.) You've been to them before, but let me repeat the drill: Noon - Reception for the head table. 12:30 - Luncheon 1:00 - Speech (which is carried live over some 200 stations of the Public Broadcasting System.) 1:20/30 - Questions and answer period. (You'll recall questions are sent up in writing from the audience of some 400.) Adjournment.  dA,„  wutw  HONORARY DIRECTORS FRANK ALTSCHUL GEORGE BALL EUGENE R. BLACK C. DOUGLAS DILLON   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  JOHN FERGUSON III THOMAS K. FINLETTER RALPH C. M. FLYNT ALFRED M. GRUENTHER  ANDREW HEISKELL AMORY HOUGHTON HENRY M . JACKSON JACOB K. JAVITS  RUTH C. LAWSON HENRY CABOT LODGE JOHN J. MCCLOY WALDEN MOORE  LAURIS NORSTAD EDMUD ORGILL LITHGOW OSBORNE HERMAN PHLEGER  WILLIAM P. ROGERS DEAN RUSK CHARLES M. SPOFFORD   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Volcker Page Two July 25, 1979  This is a little early, but I wanted to get my foot in the door before all the bankers associations. Lucia joins me in affectionate best wishes to you and to your bride. Sincerely,  Dixon Donnelley  .• • of GO t/k. • •  ..• c-o ,  P.....„ ..,Cf..,V , . t Ll) •  •0 • -n • .." Cls  i'• • , C )• Zt  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  [ [ [ { [ {  AL RE-S -••• • •• • • •  August 24, 1979  Dear Dan: Thanks so much for your kind note of July 26, however belated my response. I appreciate your offer to be of assistance. You can bet on it--when the need arises, I'll call: But you and I both know that the lasting strength of the System lies to a very great extent out in the Banks, and the greatest contribution we both can make is nourishing those 'roots'. Sincerely,  ocuJ Paul A. Volcker  Mr. Daniel M. Doyle First Vice President Federal Reserve Bank of Chicago 230 South LaSalle Street Chicago, Illinois 60690   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Federal Reserve Bank of Chicago  OFFICE OF THE FIRST VICE PRESIDENT  July 26, 1979  Dear Paul: The news of your nomination to Chairman certainly is being welcomed in this bank. I can't remember a more enthusiastic and popular response in my 22 plus years with the System. I am personally delighted and look forward to helping you in any way I can. Sincerely,  el M. Doyle  Mr. Paul A. Volcker President Federal Reserve Bank 33 Liberty Street New York, New York 10045  RECEIVED JUL 27 1979 P. A. V. • ANSWERED ATTENDED TO I.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Mr. Doyle: Many thanks for your note.  1 shall try my  best. Sincerely,  Paul A. Volcker  Mr. L. F. Executive Fiduciary Two World New York,  Boker Doyle Vice President Trust Company of New York Trade Center New York 1004d   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FIDUCIARY TRUST COMPANY OF  NEW YORK  TWO WORLD TRADE CENTER, NEW YORK 10048 • (212) 466-4100  L. F. BOKER DOYLE EXECUTIVE VICE PRESIDENT  July 26, 1979  Mr. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York Dear Mr. Volcker: Congratulations.  All of us here are delighted --  for you, and for the country. With kindest regards, „  L. F. Boker Doyle   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  „•  •••••••-  GOVed?" •  CHAIRMAN OF THE BOARD OF GOVERNORS  . •0 • -n • -4  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  August 24, 1979  Dear Edythe and Frank: Thank you both so much for your good wishes and congratulations on my appointment. Barbara sends her best to you both-and she intends to stay in New York for awhile at least. Sincerely, :114Z Paul A. Volcker  Mr. and Mrs. H. Frank Drosselmeyer   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  11  S14t3„.  9-tank .I.011E-LinEyET  agezt(./ it/.4-Z/L:e.vet  , -7-6_ .,I, ) 6 / / 1 4-- Ci...-i/S-1 1•.--a----7..-1 . ,  -1  di  :-.6..4---  •7-7"1.--atc.t....-t0-tc--e -1*--•0-  v, ) ( et_ 4-6e .  ?_4_,i . "..._a --  ------/-La r ---•  /  -1-Lee, /L cz..- /2...z N.,...--t ...._, 0•-z..., ..,c--v-e...,  i•---L_  ,...A., --r...,  d 3 A.-e-1-.0e  i-/e  er/IJ  LL c  d-11”  E-14,  , A-7v—L0  : 10  Ctie  1j  fr-t  N4  ,)  -2)•%---c-vt-e—  AAP'  ct •  "i:G .t•-C1  --25:/y79  C •  k_ et.icke   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Steve: Many thanks for the note.  You know the  . problem—but I can try and hope for the best Best wishes,  Paul A. Volcker  Mr. Stephen M. DuBrul, Jr.  PM;jr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  STEPHEN M. DUBRUL, JR.  19!11,(:1  August 9, 1979  The Honorable Paul A. Voelcker Federal Reserve Board Washington, D.C. 20551  My warmest congratulations, best wishes and sighs of relief upon your tenured appointment as Chairman of the Federal Reserve Board. I am only echoing the multitude of admirers when I say that I am relieved and pleased. With all good wishes in your new under_ paid position. Best regards,  SMD:mh J   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Guy: Many thanks for your note and support. shall try my best. Sincerely,  Paul A. Volcker  tir. Guy N. Ducharme President Windsor Life Insurance Company of America 1180 Avenue of the Americas New York, New York 10036  PV/tn  I  - -, w  WINDSOR .,QTE INSURANCE  COMPANY  MMERICA  1180 AVENUE OF THE AMERICAS, NEW YORK, N. Y. 10036  GUY N. DUCHARME, C.L.U. CAN.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  PHONE: (212) 869-8050  July 26, 1979  PRESIDENT  Mr. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: What a great honor: I am very relieved that you are willing to serve as the Chairman of the Federal Reserve Board. You can imagine how difficult it is for small financial institutions like ourselves to survive in this very difficult inflationary climate. I am convinced of the sanity of the Senate that they will approve your nomination. I hope to renew our acquaintance in the near future. Sincerely,  Guy N. Ducharme President GND:FD  P.S. I am enclosing a copy of a Mailgram which I sent this morning to Senators Proxmire, Byrd, and Baker, expressing my endorsement of your nomination. G. N. D.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 26, 1979  MAILGRAMS TRANSMITTED TO EACH OF THE FOLLOWING:  Senator William Proxmire, Chairman Senate Banking Committee  Senator Robert Byrd Senate Majority Leader  Senator Howard Baker Senate Minority Leader  We endorse without reservation the nominee, Paul A. Volcker, as Chairman of the Federal Reserve Bank because of his past history of concern for the soundness in the dollar and the control of inflation, together with his espousal of a disciplined monetary policy to achieve a sense of stability, all of which are essential to the survival of small financial institutions like ourselves. Respectfully,  Guy N. Ducharme, President Windsor Life Insurance Company of America   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1979  Dear Ed; Thanks so much for the note.  I know I'll need  all the support I can get. Sincerely,  Paul A. Volcker  Mk. Edward U. Duffy Chairman of the Board flarine Midland Bank One Marine Midland Center Buffalo, New York 14240   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MARINE MIDLAND BANK ONE MARINE MIDLAND CENTER BUFFALO, NEW YORK 14240 EDWARD W. DUFFY Chairman of the Board  July 26, 1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York New York, New York 10045 Dear Paul: The President has nominated my number one choice for Chairman of our Federal Reserve Board. Certainly everyone recognizes the sacrifices that you are making to take on this most important position and we all wish you well. If there is ever anything that I or any of us here at Marine can do to be of assistance, you have only to call on us. Sincerely,  EWD:jmg   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 22, 1979  Mr. Tully F. Dunlap Chairman of the Board Florida National Bank of Miami P. 0. Box 010470 Miami, Florida 33101 Dear Mr. Dunlap: Many thanks for your note, but even more for labors for the Fed. I don't kid myself about where the lasting strength of the Federal Reserve lies--it is in the roots in the Banks and their directors. I hope we can nourish those roots--and I hope to see you soon, here or there. Sincerely,  Paul A. Volcker  jmr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Florida Nasionid Banks of Florida  FLORIDA NATIONAL BANK OF MIAMI TULLY F. DUNLAP Chairman of the Board  August 15, 1979  Honorable Paul A. Volcker, Chairman Board of Governors FEDERAL RESERVE SYSTEM Washington, D.C. 20551 My dear Mr. Chairman: We were pleased and proud to learn of your new responsibilities in Washington. Our country, our citizens and certainly our financial community are fortunate to have the benefit of your capable leadership during these challenging times. It is my privilege to serve on the Board of the Federal Reserve Bank of Atlanta, Miami Branch, and I hope you will let me know if I can be helpful. Kindest regards.  Cordially,  TFD:tm  P.O. BOX 010470 / 169 EAST FLAGLER STREET / MIAMI, FLORIDA 33101 / (305) 373-1171   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  M"-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Bill: Many thanks for your note, however belated the response.  I'll need that support and a little luck.  we'll try. Sincerely,  Paul A. Volcker  Mr. William B. Eagleson, Jr. Chairman of the Board and President Girard Bank Girard Plaza Philadelphia, Pennsylvania 19101  But  GIRARD BANK  WILLIAM B EAGLESON JR Chairman of the Board and President  Girard Plaza Philadelphia PA 19101 Tel (215) 585-2170  .................  July 30, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, NY 10045 Dear Paul: I share fully the pleasure which is being expressed in the financial community around the world about your nomination to become Chairman of the Board of Governors. The job is a critical one for the future of our country, and clearly there is no one as well qualified as you are to fill it. I know that you can count on the support of the entire banking community during the difficult times ahead. Congratulations again, and all good wishes.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Sincerely,  .  •  •  2 19,79 . A. V1-,NSWERED ATTENDED TO  .111.111.111•0  ........  ...............................  ••  •  ........  ....................................................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  LI  Mr. David P. Eastburn President Federal Reserve Bank of Philadelphia Philadelphia, Pennsylvania 19105 Dear Dave: It's taken me a while to get out fram under, and to respond to your message on my appointment. you realize haw much  appreciate it  look forward to that help.  But I'm sure  and how much  I'll need it -- but more  important the Fed needs it. See you soon. With best regards. Sincerely,  Paul A. Volcker  PAV:tb   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF PHILADELPHIA  OFFICE OF THE PRESIDENT  RECEIVED JUL 26 1979  1; ('17/  P. A. V. ANSWERED ALILNDED  11.11.W.  foutt, )4.4,4„A. ‘iiit)Iltele4 (wtJkA44  t44,t4.  y/t  tu,4v-7  41:t/ ANA, crY144-1 ; yst-,  1 /4-•-•4 di-7%11.0 . , 4-2  ier•L  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  MOMINim1111111111111 _ .,„4.44z e August 8, 1979  • 0, „ 4t;  Dear Bill:  ime-1.02;t4.4`4% -. •  •-• • .16.  I was delighted to hear from you. From now on, I suspect it is all downhill, but. I guess an old workhorse couldn't resist the chance •  61111Etabliall=11110111  to try.  7 et, •  4-'17 c:  r. •  Sincerely,  .44  Paul A. Volcker  -11  • 2. •  •  Mr. W.D. Eberle The Pilot House at Lewis Warf Boston, Massachusetts 02110  1.• ,•••  •  ••• ••••  -  •  •••  •-•  s.•••  • •  •  ..1111,10  rs„... ..". ""  • a-  1" 4WMOMMOMIIMftallighsh  • e ••   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •-•  •  •  „ •`"vr  A  :4••• •  •7844,* .  \-.0.ted. " •,-  t  W. D. EBERLE  31 July 1979  Mr. Paul A. Volcker President The Federal Reserve Bank of New York 33 Liberty Street New York, NY 10005 Dear Paul: Just a note of personal congratulations to you on your selection as the new Chairman of the Federal Reserve. Along with so many other of your friends we all think this is great and sincerely appreciate your sacrifice for the country. I also want to wish you well in your new job and to assure you that if there is anything I can do at anytime, please feel free to call upon me.  Best reg  R  ECEIV'Et)  W. D. Eberle  T\013  r- v-s).70 O )  WDE:vs ...  1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 27, 1979  Dear Walter: Many thanks for your understanding note -- the problems are indeed far beyond any one man, including this fallible one! I'm going to miss the Council, but I'm convinced you and a few other stalwarts can maintain the momentum. It's important. Best regards. Sincerely,  Paul A. Volcker  Mr. Walter A. Eberstadt  PAV:tb  49-  WALTER A.EBERSTADT  -)  ( LVA-"efte"  2  42,40a  k(LA, *?  fit< e-tnr-ok  biA,„ fiLel Ct A tA . 4;k1  aZi  tA)elk Vaq-  6a.4.4(  LD  6rtrat.4  r  a..1)o.A e%  ale.p.c.4-r.L1t01.-D  At'  CLur 44'%.44;  Okla:4a;tweNz3 4.1a I°I.t/4-44-#‘42 L-PaidkCl g t , t  Va-61- 13)1D 14A0 44%ft.k..3 6  cit(d tA0.-=t  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  U142-4-i  sii -fp tt-0 cLaet-tliz-sze •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  August 24, 1979  Dear John: No doubt I'll need the condolences, but I'll fall back on the Kappa Beta Phi experience. Best to you. Sincerely,  Paul A. Volcker  Mr. John E. Eckelberry Vice President Correspondence Services Paine Webber Jackson & Curtis, Inc. 140 Broadway New York, New York  PAINE WEBBER JACKSON &CURTIS INCORPORATED Established 1879  Members New York Stock Exchange, Inc. and other Principal Exchanges  140 Broadway, New York, New York 10005  (212) 437-7292  John E. Eckelberry Vice President, Correspondent Services   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 26, 1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, N. Y. 10045 Dear Paul: Now you understand the true value of your superb Kappa Beta Phi training! Seriously, best of luck and congratulations (or condolences). Sincerely yours,  John E. Eckelberry Former Grand Swipe JEE/Hun  RECEIVED JUL 27 1979 P. A. V. ANSWERED  ATTENDED TO,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear John: Many thanks for the note--but much more of leadership and support you and so many of your have given the Fed over the years. I know I will that strength, and only hope that I can do what I the System a little stronger still.  for the kind colleagues be leaning on can to leave  Someday--not too far off--I do expect to get up to Philadelphia, but you know the Washington door is always open as well. Sincerely,  Paul A. Volcker  Mr. John W. Eckman Chairman of the Board Federal Reserve Bank of Philadelphia Philadelphia, Pennsylvania 19105 PAV:sep  f7;.fl 1  FEDERAL RESERVE BANK OF P HI LA111101.E),PH IA, PW) J PHILADELPHIA, PENNSYLVANIA 19105  2. 12  OFFICE OF THE  CHAIRMAN OF THE BOARD   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 10, 1979  Chairman Paul A. Volcker Board of Governors Federal Reserve System Washington, DC 20551 Dear Paul: I'm just delighted with your as our new Chairman and want that of my associates on the delphia Bank in carrying out responsibilities.  appointment and confirmation to pledge my full support and board and staff of the Philayour terribly important new  In my work I have many opportunities to discuss the U.S. fiscal and monetary situation with foreign businessmen and bankers and, as I'm sure you realize, they welcome your appointment as a signal of hope for a strong and consistent U.S. policy to improve the strength of the dollar abroad, reduce inflation domestically, and return a degree of confidence to the future of the U.S. economy. I'm looking forward to working with you and I hope you will call on me if I can ever be of any assistance, either as Chairman of the Philadelphia Bank or as a member of the Executive Committee of the Conference of Chairmen.  Sincerely,  John W. Eckman   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 31, 1979  Dear Donna: Thanks so much for the nice note. You'll be glad (or sad) to know in this position, I've buried the tie -- too many unfriendly eyes! Giving up the Council was a bit more of a regret -- except that you and others will keep the momentum. Sincerely,  Paul A. Volcker  Ms. Donna R. Ecton Vice President Citibank, N.A. 640 Fifth Avenue New York, New York  PAV:slw  10019  1  CITIBAWO Donna R.Ecton  Citibank, N.A. 640 Fifth Avenue New York, N.Y. 10019  Vice President  1979 fIlifl 2° OFFIC;T  August 27, 1979  Mr. Paul A. Volcker Chairman of the Board of Governors Federal Reserve System Washington, D. C. 20551 Dear Paul: I was saddened to read your note to David Klein stating that you will have to resign from the American Council on Germany's Board, but I am so overwhelmingly happy that you are now Chairman of the Federal Reserve, it more than makes up for the ACG's loss. After reading all of the articles about you in the New York Times, the American Banker, and the recent story in Fortune, I know the economic future of the United States is in the best hands humanly possible! I had little idea when I teased you, at the Council on Foreign Relations meeting about your wearing a First National Bank of Chicago tie, that the next time I would be communicating with you would be to thank you for taking on this tough job. As you well know, thousands (if not millions) of us are deeply appreciative of your taking on this challenging and difficult role. I wish you nothing but success.  Thank you so very much.  With best regards,  OAA'  ) Donna R. Ecton Vice President DRE:dw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ejj  \itk)b)  or  47':300/   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Mr. Edersheim: Many thanks for your note on my appointment.  Now  the work begins--and all I can do is hope for the best: Sincerely,  Paul A. Volcker  Mr. Maurits E. Edersheim Drexel Burnham Lambert Incorporated 60 Broad Street New York, New York 10004   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  DrexelBurnham Lambert ATEE, iNUOP,PO,  60 BROAD STREET NEW YORK, N.Y. 10004 (212) 480-6000  MEMBER OF PRINCIPAL STOCK AND COMMODITY EXCHANGES  July 27, 1979  MAURITS E. EDERSHEIM DEPUTY CHAIRMAN  Mr. Paul A. Volcker Federal Reserve Bank of N.Y. 33 Liberty Street New York, New York 10045 Dear Paul: I am sure you do not remember me, but we met several times when Hal Dynan was with us, and later on at some other meetings. I want to congratulate you on your appointment to this most important position as Chairman of the Federal Reserve Board. I cannot tell you how pleased I am that it is you, and I cannot imagine anyone more qualified. Being in charge of our foreign activities, I can tell you that the appointment is highly applauded everywhere in the world, and certainly has been a reason for a stronger Dollar during the last few days. Sincerely yours,  Maurits E. Edersheim  MEE/jan   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Drexel Burnham Lambert INCORPORATED  60 BROAD STREET NEW YORK. N.Y. 10004 (212)480-6000  MEMBER OF PRINCIPAL STOCK AND COMMODITY EXCHANGES  July 27, 1979  MAURITS E. EDERSHEIM DEPUTY CHAIRMAN  Mr. Paul A. Volcker Federal Reserve Bank of N.Y. 33 Liberty Street New York, New York 10045 Dear Paul: I am sure you do not remember me, but we met several times when Hal Dynan was with us, and later on at some other meetings. I want to congratulate you on your appointment to this most important position as Chairman of the Federal Reserve Board. I cannot tell you how pleased I am that it is you, and I cannot imagine anyone more qualified. Being in charge of our foreign activities, I can tell you that the appointment is highly applauded everywhere in the world, and certainly has been a reason for a stronger Dollar during the last few days. 1. Sincerely yours,  l .U4)/411L\  c Maurits E. Edersheim  br'°i1.1t4  MEE/jan   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 22, 1979  Dear David: It was nice to hear from you, and to find you well settled in Washington.  I am the one who will need help--but  we can try. Sincerely,  Paul A. Volcker  Mr. David Eggenberger $300 McNeil Street Mienna, Virginia 22180 PAV.sep  "•\  N  National Archives Servicesand Administration Records Service Washington, DC 20408  /b/r77  Letit, Pad  Z&vdti dmfrl w6-Le ita,e6,1  [,/eu. Wcrmitedkri,  ii/u2,  ,e  'WW1  GZ4-  (A/Liu/6,4  /  ced,64  A/tit A-e  J  4 /11/(Ar  /  ri/Ge%  W t  G.4 iwits  .0.0t1 .01A,  ev- Pr15,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  David Eggenberger  cve  6etvi  b/t  FEDERAL RESERVE BANK OF NEW YORK NEW YORK,N.Y.I0045 AREA CODE 212 791-6173  PAUL A. VOLCKER PRESIDENT  August 6, 1979  .  Dear Joel: I appreciate the note.  I can  only try. Sincerely, e   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Paul A. Volcker  Mr. Joel S. Ehrenkranz Ehrenkranz, Ehrenkranz & Schultz 375 Park Avenue New York, New York 10022  EHRENKRANZ, EHRENKRANZ & SCHULTZ ATTORNEYS AT LAW 375 PARK AVENUE • NEW YORK, N. Y 10022 JOEL_ S. EHRENKRANZ  AREA CODE 212  SAN FORD B. EHRENKRANZ  PLAZA 1-595 9  MICHAEL E. SCHULTZ ROGER A. GoLDMAN  MARVIN  RINGER  July 30, 1979 Mr. Paul A. Volcker FEDERAL RESERVE BANK OF NEW YORK 33 Liberty Street New York, New York 10045 Dear Paul: Congratulations on your appointment as Chairman of the Federal Reserve. The country needs your strong and independent leadership in this most challenging and sensitive position. truly yours,  V  JOE  JSE:cp  RECEIVED AUG  3 1979  P. A. V. vs ANSWERED " ATTENDED TO   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  iS. EHRENKRANZ   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK NEW YORK. NY. 10045 AREA CODE 212 791-6173  PAUL A. VOLCKER RFRE5IDENT  August 6, 1979  Dear Dorothy: I appreciate the vote.  Somehow  Teaneck seems a long time ago, but getting your name in the paper brings a few "old timers" out of the woodwork. Sincerely,  // /(Lta: Paul A. Volcker  Mrs. Dorothy Eichenberger   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ztp3,cb%K)74 1,17, ito017  "T)):4  sozotfiy EiefiztztEtyEs  (cL4L 74 (1-e-CL  aL .  1' Lek. atc_tio,d_a #._< U  tl &0,6LioiL P'  JelLtie)  six ret  ' to ,e._e_..._ t_4zt ,6s_k_e_t,  e   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Jessica: Thanks so much for the note--even if I can, am sure, generate a large dissenting vote. Just keep that spirit of enthusiasm and I'll try to make sure inflation doesn't get me down. All the best,  Paul A. Volcker  Hs. Jessica P. Einhorn  PAV;jrg   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  t JESSICA P. EINHORN )W ;  4 Ck   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 1P, 1979  Dr. Fewzi El-Kaissi Chairman of the Board UBAF Arab American Bank 316 Park Avenue New York, New York 10022 Dear Dm; El-Kaissi: I want you to know I do appreciate your message on my appointment.  There is a lot of work to do, and  we will need the understanding and support of mar. Sincerely,  Paul A. Volcker  PAV:tb  J52.1 F-- EDRES  f; ABLE: DIVISION fokEIGN DEPAR MENT •D 4 ;-; j..Pg.'43ANK  ;  trol; K-  N  Western Union  0 asps  TIF:  t"t L  -1  r.  i  Jut. 31 IN  ,  52 IN '79  CIT ENTERED BY REVIEWED BY  HN  ;  CHECKED BY 1st DECODE Hi  : : EI  T T :• •  r 4.7:• 7 :.: Fi •  r-  tfi  ;  — "  •  !•:1  3.. ;!  ••••  ;.:  •  I  r-1 r. : he •/ •—• e: 1.:  ;  3  H• -Ct II  :  T  FTs ' :c  NI' CO N I:  ..  :-.  i  0 • 3 ea"  1.4 i':  fv : . I i!.1.: ;  ; rfl; re"  :•  f:  c't 2  "'•' '"  i • fr  .. . ...  414449C  3  ow F E I! R E IT  z.r-  etito \-4)1Pri I  mi  — :.:t . .i. 2.... . .i t)66-F iu1 T..I.,::::i i-. -1 .-.:  •  BRING youk flF  I  NIB  r_ : E ii i.i Z .. !,. , ... Iiii CO ri-iP, II RMAN OF  CD  r :  13  ° ii i.i. e  DECODr.  !ii  3-11  S  Ti  %rid  Li ri  •  L.  E:E  :  a•  C  73-1  SERIAL NOA 26 4 8  uLeKPR  : 1.4 2: :  OF DISPATCH  :  • ;  I: h. ID  DA  IBUOneU .1OW I  rk6  ?". •:. ! ..:• :::-  PM   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  NOTES THIS MESSAGE NOT NUMBERED OR TESTED  RECEI JUL 30 1979 AtiLAi7-ED  • •••••  OFFICE   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Mr. J. A. Jr. tit Chairman of the Board First City Bancorporation of Texas, Inc. MW!:' Houston, Texas 77001 Dear Jim: Many thanks for your warm note--however belated the response. You know I'll need the help and understanding after the hoopla is forgotten and the brickbats begin. Just help me keep in touch with the real world out there. Best regards,  Paul A. Volcker  jmr  1  rIRST CITY 0 3 1pki,IL AZNL-TION  J. A. ELKINS, JR. Chairman of the Board  July 26, 1979  The Honorable Paul Volcker Federal Reserve Bank of New York 33 Liberty Street New York, N.Y. 10015 Dear Paul: By now you surely know how enthusiastically received has been your appointment as Chairman of the Federal Reserve. It was sincerely one response which I could give to the newspapers as the Number One best man for the job in all the country. Your taking it is certainly a great service to the entire United States which should certainly be appreciated by all of us. Any support or help which we can provide will be considered a real pleasure and privilege. With best wishes and kindest regards, Yours sincerely, •  Elkins, Jr. an of the Board  JAEJr:le  ULL  ANSWERED........,„,....... , .....  AITENDED TO '  ,••••••,,,....  ......  ................  "" •,  FIRST CITY BANCORPORATION OF TEXAS,INC., 1001 MAIN STREET, P.O. BOX 2387, HOUSTON, TEXAS 77001, TELEPHONE (713) 658-6878   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 197/  Dear Wallace: As I get out from under, let me say how much I appreciate your letter on my appointment. I know very well that you have been a staunch "Fed" supporter -- and more than that, I have always been stimulated by our conversations. Constructive criticism is always welcome -so keep it up! And meanwhile, I'll happily accept more of that good luck. Best regards,  Paul A. Volcker  Mr. Wallace Ely Security New York State Corporation 9-A North Main Street Pittsford, New York 14534  PAV:slw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  9-A NORTH MAIN STREET 14534 PITTSFORD, NEW YORK  SECURITY NEW YORK STATE CORPORATION  J. WALLACE ELY Chairman  July 31, 1979  Mr. Paul A. Volcker Federal Reserve Bank of New York New York, N. Y. 10045 Dear Paul: I was indeed excited and pleased although not surprised at your appointment to Chairman of the Federal Reserve Board. I cannot think of a more important and responsibility laden office nor anyone more qualified than you. Despite my "assaults" on the Federal Reserve for its spotty perfolmance as commercial bank regulators, I have always been one of its staunch supporters when it comes to monetary policies. Good luck and my very best wishes. Sincerely, _ Wallace Ely   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Dear George; I appreciate the note.  I will send along the  necessary resignation shortly, with regret. Sincerely,  7aul A. Volcker  Mr. George M. Elsey Office of the President American Red Cross Washington, D. C. 20006  A   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Office of the President  .'rfq American Red Cross  National Headquarters Washington, D.C. 20006  July 26, 1979  Dear Paul: The Red Cross' loss is the nation's gain. Although we shall miss our association with you as a Trustee, your prospective presence in Washington is personally very reassuring to me and I am delighted at the President's wisdom displayed in your appointment.  Mr. Paul A. Volcker President Federal Reserve Bank of New York Federal Reserve Post Office StaticeirIVED New York, NY 10045  JUL 3 1 1979 P. A. V.. ANSWERED ........... ATTENDED ........  .............. Alt•li   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Tom: Many thanka for the warm note.  need a few sturdy  men to stand shoulder to shoulder--come home: Best regards, Sincerely,  Paul A. Volcker  The Honorable Thomas Ostrom Enders Ambassador of the USA 100 Wellington Street Ottawa, Ontario KlP 5T1 CANADA   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  EMBASSY OF THE UNITED STATES OTTAWA, CANADA  1  6.1401  gt,V*4  kAA.t4".....vir  c°0^"ate  t" ILrim .•04.% tcA.•_•vitAd  oJimit viA' r  %MstA., Ive&A  144 fel mA.,614  I  44.44- IAA (4,4  %,1•  14.=  erfr  Aet„it  4. lot 0. rt44.4) L-• 4(,436. lAing 4 4 4  1t  . 4 40 0 1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Mb. Endick: How nice to have an "official" letter from Teaneck--with so many memories triggered by the letterhead itself! A lot has happened to Teaneck--and to me--since the days of my father, and my education. But it is still so fresh in mind. I can almost see Dick Rodda handing out the bats and balls. I am proud of Teaneck--and many thanks for the good wishes. Sincerely,  Paul A. Volcker Ms. Roslyn Endick Township Clerk Township of Teaneck Teaneck, New Jersey PA ,Jrg  07666  1979 AUG 13 eFF  Fr  30  E  August 10, 1979  Mr. Paul Volcker Board of Governors Federal Reserve System Washington, DC 20551  Township of Teaneck PAUL A VOLCKER MUNICIPAL GREEN ,  Dear Mr. Volcker:  TEANECK, NEW JERSEY 07666 (201)837-1600  The Teaneck Township Council congratulates you on your appointment as Chairman of the Federal Reserve Board. We consider you to be one of Teaneck's own and are justifiably proud of your successes.  COUNCIL FRANCIS E. HALL  We remember your father and the many things he did to make our town a better place to live in and are sure you will do for the nation what he did for Teaneck.  MAYOR  BERNARD BROOKS ANDREW EDELMAN ELEANOR M. KIELISZEK BRADFORD MENKES LUCILLE STEINER PETER F. ZELENY  All our best wishes for your continued success.  Sincerely,  tetioeee,,  WERNER H. SCHMID TOWNSHIP MANAGER  TownshiW Clerk ROSLYN ENDICK TOWNSHIP CLERK  RE/rh  JACOB SCHNEIDER TOWNSHIP ATTORNEY  cc:  Council  GARY A. SAAGE , ASST. MANAGER - FISCAL OFFICER  JOSEPH J. KILMURRAY CHIEF OF POLICE  MILTON ROBBINS TOWNSHIP ENGINEER  LEO B. WIELKOCZ HEALTH OFFICER  CARL ANDERSON CREFOFFIREDEPT  RICHARD E. RODDA SUPT OF RECREATION  JOSEPH B. KRUPINSKI ASSESSOR  GARY MONTROY BUILDING INSPECTOR   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  t  *At 01.44/30fri't  August 7, 1979  Dear Doug: Amid all the publicity and letters, there are just a few that will mean something once the problems are on my doorstep. All I can say is that I hope I learned a littlA at the feet of the master: And I am also clad those masters are still available. Best regards,  The Honorable C. Douglas Dillon Islesboro, Maine 04848   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  rit   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RECEIVED  (3,6 so,44664-u  JUL 3 1lifesboro P. A. v. ANSWERED,. .. AP ED  Maine 04848  27  •  •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  tw-eki/Z/47-1  FEDERAL RESERVE BANK OF NEW YORK NEW YORK, N.Y. 0045 AREA CODE 212 791-6173  PAUL A. VOLCKER ESI  August 1, 1979  Dear Jane: Barbara and I particularly appreciated your telegram of congratulations and love.  I'm not sure your prayers exactly  coincided with mine (or more particularly hers).  But now that I'm  in it, I gratefully look forward to both spiritual and intellectual support!  As you know all too well, the country has a few problems  on its plate, and I will try my best. Best regards. Sincerely,  Paul A. Volcker  Ms. Jane Engelhard   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  western union  Telegram  DC4040)094604-012372S207(PD 07/25/79 0945 ICS IPMMTZZ CSP 20175S7224 TDMT BERNARDSVILLE NJ 13 07-25 0944A EST ?MS HONORABLE PAUL A VOLCKER RPT DLY MGM, DLR 151 EAST 79 ST NEW YORE NY 10021 MY PRAYERS HAVE BEEN ANSWERED BRAVO CONGRATULATIONS AND LOVE TO YOU AND BARBARA JANE ENGELHARD 75 CLAREMONT RD BERNARDSVILLE NJ 07924 NNNN  SF-1201 (R5-69)   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK NEW YORK, N.Y. 0045 AREA CODE 212 791-6173  PAUL A. VOLCKER PRESIDENT  August 6, 1979  Dear Bob:  . I appreciate the note.  I can only  try. Sincerely,  Paul A. Volcker  Mr. Robert H. Enslow Vice President and Manager Crocker National Bank 1 Montgomery Street San Francisco, California 94104   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CROCKER mtrionnennm MERCHANT BANKING GROUP /1 MONTGOMERY STREET (9), SAN FRANCISCO, CALIFORNIA 94104  ROBERT H. ENSLOW VICE PRESIDENT AND MANAGER   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 30, 1979  Mr. Paul A. Volcker President The Federal Reserve Bank 33 Liberty Street New York, New York 10045 Dear Paul, Congratulations on your nomination! You're an outstanding choice in the interests of the nation and the Federal Reserve System alike. We will be fortunate indeed to have a man of your caliber and ability serving as Chairman. With very best wishes.  Sincerely,  RECEIVED AUG  3 1979  P. A. V. ANSWERED ATTENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Dr. Wolfgang Erndl Chief Executive The Austrian Lunderbank A-1011 Vienna, Austria Dear Dr. Erndl: 1, too, would like to have another opportunity to exchange views--let's hope we can do it sometime soon. Thanks so much for your congratulations, wishes of success, and warm words on my appointment. appreciated. Sincerely,  Paul A. Volcker  PAV:tb  They're  ,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Dear Dr.  Erndl:  I, too, would like to have another opportunity to exchange views--let's hope we can do it sometime. Thanks so much for your congratulations Tand cu'Wf°00_4,44.4144 wishes of success and other warm words.7—TEW're / appreciated. Sincerely,  1331111101•3. 11314. IV 1)34110(1.:   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  \ (3 142, IR:ND  .5-,41  ci"/  /ce,zei(4Z)  Ci  / 2, at6-6:?4  4 1 / l e-tter:Ze l :W4,1 - X;zeflit/tZ)d.:  July 30, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York New  York  Dear Mr. Volcker: I was delighted to learn about your nomination as Chairman of the Federal Reserve Board and I would like to take this welcome opportunity to congratulate you. I recall with great pleasure the very interesting conversions we had at this year's IMC-meeting in London and I therefore fully agree with our friends in the national and international banking community that President Carter took the right step in selecting you to head the U.S. Central Bank. We all feel that although it will not be an easy task to direct your country through the times of pressure and uncertainty for the dollar, it gives us a lot more confidence to see a man of your depth of experience of domestic and international banking and monetary affairs in this position. Needless to say that I sincerely hope for another opportunity to exchange views with you and I shall always be glad to be of service to you. Looking forward to meeting you again and wishing you success.  RECEIVED Very truly yours,  AUG H.  ANLWERED ATTENDED TO  9 1979 A. V. J••  •  ••••  congratulations and good wishes.  I look  forward to the responsibilities of the position, and to the continued opportunity  Dr. Gyula Eros General Manager and Representative National Bank of Hu 250 Park Avenue New York, New York   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  , FRBOFNY NYK W  LTEX NYK  1 49 2  rt -„..- ....  Z.%  FRBOFNY NYK O 8012 4-003870S208 0834 TDMT NEWYORK NY 16 07-27 739A P AUL A VOLCKII.PRES., FEDERAL RESERVE BANK 4. 33 LIBERTY STREET ED CMV AND NEWYORK NY 10045 SINCERE AND HEARTFELT CONGRATULATIONS ON YOUR NOMINATION E VERY GOOD WISH FOR YOUR SUCCESS AS CHAIRMAN JUL 2 7 1979 DR GYULA EROS GENERAL MGR AND REPRESENTATIVE NATIONAL BANK OF HUNGARY 250 PARK AVE NEWYORK NY 10017 P. A. V.  ET 44.  74  LTEX NYK  ANSWERED  ATTENDED FRBOFNY NYK   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Mr. Escamez: Many thanks for your note.  The problems  are great, but we shall try our best. Sincerely,  Paul A. Volcker  Mr. Alfonso Escamez Chairman of the Board Banco Central Madrid, Spain  PAV:tb  t  17: 01 1979 RUG 1 3 Pg  (27  ee.71V/ted 12-CO'C / 1 c_1(  Madrid, July 31, 1979 Mr. Paul Volcker Chairman of the Board of Governors of the Federal Reserve System Washington D.C.  Dear Mr. Volcker: First of all, I wish to express to you my hearty congratulations on your nomination to the Chairmanship of the Board of Governors of the Federal Reserve. For your satisfaction, your nomination has met with a very positive response in the international political and financial spheres, as everybody realizes that your experience of many years will enable you to conduct in a most efficient way the monetary policy of the United States of America with its far-reaching implications for the rest of the world. I also wish to thank you most sincerely for the very cordial reception you extended to me when I visited you earlier this month at the Federal Reserve Bank of New York. It was a great pleasure to have the opportunity of meeting you and your colleagues and of giving you a summary of the policy of our Bank concerning our expansion in the United States. I wish you every success in your new assignment and I hope to be able to meet you again before long.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Sincerely yours,  41)4A  Alfonso Escamez, Chairman of the Board   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Tony: I appreciate the letter and good wishes. The threat of this place is insulation and isolation. I hope, just occasionally, to be in London--not least to observe the "Matcher experiment." We are all watching. Best wishes. Sincerely,  Paul A. Volcker  Mr. A. M. Everett Laurie, Milbank & Co. Portland House 72/73 Basinghall Street London ENOLAND  AM EVERETT P J BISHOP AD HYMAN P R STEVENS J P SCADE M EDINOFF A J TRUSTRAM EVE C N HALFHEAD R M B MACDONNELL W P DWERRYHOUSE C G H ALLEN W D WALLACE J R LANCASTER WELLS J B S SAMS J E WILMOT R HODGES A P SCOTT G F BURNAND T JAMES I K LING K E AYERS G D GALER J M SINGER ASSOCIATE MEMBERS N HALFHEAD G W J MORGAN A V BOOTH K J MUNDY TM BRODIE D J N NABARRO R W CUMMINGS B H O'DONOHOE J N GOLDSMID R S PALMER E R D HAMPTON KS PERRETT PM HICKEY J H SAWYER J E I LLSLEY P M G STOPFORD-ADAMS SO KIBEL  Laurie, Milbank &Co Portland House 72/73 Basinghall Street London EC2V 5DP and the Stock Exchange Telephone 01-606 6622 Telegrams Lauriemil London EC2 Telex London 887231 Other Office: Union House Union Street St Helier Jersey CI  Corporate Finance PHILIP H P STEPHENS General Office Managers PJ REYNOLDS D A SPRAGGS   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Money Department Managers C H PITMAN P J SPRAGGS  -71  Mr. Paul Volcker Chair man Federal Reserve Board 20th Street & Constitution Avenue N. W. Washington AME/GAD D. C 20551 14th August, 1979 U.S.A.  A rather belated letter to congratulate you on your recent appointment. I am sure you will at least be gratified to have noted the worldwide acclaim and the pleasure that it gave us all to know that you had accepted this remarkable appointment. From my own selfish point of view, I am sorry that you have left New York as it makes the chances of seeing you more remote. However, perhaps when you are in London there will be an opportunity of meeting you, as we did on one of your visits to the American Embassy. Anyhow, we all join in giving you our best wishes for success in a very formidable task.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ...'00? G°Vk' •  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 RAL Rf•S .• * • •• • • • •  August 24, 1979  Dear Herb: Many thanks for your letter on my appointment.  Obviously, I appreciate all the more those from  the elite group of money market professionals, who at the same time have a broad view of the problems. only see what we can do: Sincerely,  /aa Paul A. Volcker  Mr. Herbert Evers Executive Vice President Marine Midland Bank 140 Broadway New York, New York 10015  We can  1V111:11—A41\113 EIAANIK evy vol=tIC 140 BROADWAY • NEW YORK, N. Y. 10015  (212) 797 - 6396 HERBERT EVERS EXECUTIVE  VICE  PRESIDENT  July 25, 1979  Mr Paul A. Volcker President Federal Reserve Bank of New York New York, New York Dear Mr Volcker: Having just learned about your appointment as Chairman of the Federal Reserve Board, I congratulate you on this very important position which you are assuming! As a money manager of one of the principal banks, I am, like you, very concerned about the state of our financial affairs and the future of this country in an unsettled world. For that reason, it is especially gratifying to see you now at the helm of our Central Bank. Based not only on our sporadic personal contacts in past years, but from your outstanding public service record as well, I am certain that you represent the very best this country can bring to the fore. May your special knowledge, courage and dedication guide you in your task to correct the financial and economic ills which have befallen this country, so that the American people and all of the free world can look with confidence to the future again. Best wishes to you and your family!  Sincerely  RECEIVED JUL 2 7 1979  irber   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  P. A. V. ANSWERED ATTENDED TO   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 7, 1979  Mr. John Exter  Dear John: This is short, because I perceive I will see you in Belgrade first.  Let me only say I understand the conversation. Sincerely,  Paul A. Volcker   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  JOHN EXTER  1979 SEP -L  r August 31, 1979  Mr. Paul A. Volcker, Chairman, Board of Governors of the Federal Reserve System Washington, D.C. Dear Paul, I have been slow to congratulate you on your appointment as Chairman of the Federal Reserve Board, partly because I felt as much like commiseri.ting with you as congratulating you. When I first heard of your nomination I wondered why you had agreed to accept it. You know my thinking pretty well: that our monetary ills cannot be solved except by major operations and great pain. We talked some about this in discussing Rees-Mogg's book several years ago. I readily understand why you told me you didn't want the job. So I honor you all the more for taking it. There is no one else with your background of training and experience. For the good of the country, and your good, too, I wish you well. You have all my sympathies as you try to work with, and sometimes fight, the appalling ignorance and stupidity in official circles. I was dismayed only this week by Tony Solomon's speech in Austria indicating that the Treasury still thinks we can get out of this mess with subterfuge and gimmickry, the substitution account and the SDR, even surrendering control to the IMF. The Treasury seems to think governments and international monetary institutions can determine what kind of money people will use and hold. As I tell Milton Friedman over and over again even economists can't determine that; it is only people in the marketplace all over the world who do. I noted when you asked me where I bought my favorite money that even you are part of that marketplace. By the way, I am leaving with Marion tonight for Europe and shall wind up at the annual meetings in Belgrade. I hope to see you there, and will be happy to tell you then where I get it. Meanwhile, more power to you, and best of luck in your new 1 .nd awesome responsibility. Sincerely,  JE:hg
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