Full text of Paul A. Volcker Papers : Congratulatory Letters : 1979, W-X-Y-Z, Box 7, Item c122

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'ONGRATULATORY LETTERS - W-X-Y-Z

Collection: Paul A. Volcker Papers
Call Number: MC279

Box 7

Preferred Citation: Congratulatory Letters:"W-X-Y-Z", 1979; Paul A. Volcker Papers, Box 7;
Public Policy Papers, Department of Rare Books and Special Collections, Princeton University
Library
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September 18, 1979

Dear Frazar:
I should have written long ago to thank you for your
warm note on my appointment--and a long plane trip gives me a
chance to get caught up.
It may be a "Can't Win" proposition, but no one ever
told me not to try. You've been a great comfort and strength
to so many over the years, don't stop now.
Warm regards.
Sincerely,

Paul A. Volcker
•

Mr. Frazar B. Wilde
Chairman Emeritus
Connecticut General Insurance Co.
Hartford, Connecticut 06152
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Hartford, Connecticut 06152

—

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Frazar B. Wilde
Chairman Emeritus

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Federal Reserve Bank of St. Louis

July 27, 1979

Mr. Paul A. Volcker, President
Federal Reserve Bank of New York
Federal Reserve P. 0. Station
New York, NY 10045
Dear Paul:
It's hard to find words to congratulate you enough and at the same time
press my deep appreciation for your contribution to the country in
accepting the responsibility of heading up the Federal Reserve.
You have set an example which I wish others would follow in taking a
post involving a financial sacrifice and accepting a job which in one
sense is almost in the classification "One Can't Win." I am sure there
are others in the country who appreciate as I do what a great thing it is
for the nation and for the President that you are willing to accept this
job.
Kind personal regards and congratulations.
Sincerely,

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Federal Reserve Bank of St. Louis

September 18, 1979

Dear Bill:
I've been meaning to write to thank you for both
the letter and the "special" in the "Daily Record."
I discount heavily what my friends say in public-even if its nice to read--but I hope you will tell me
privately what I really need to know.
Meanwhile, keep the Fed honest up in Buffalo--and
all the best to you and Jackie.
Sincerely,

Paul A. Volcker

Mr. William B. Webber
Vice Chairman
Lincoln First Bank, N.A.
One Lincoln First Square
Rochester, New York 14643
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Lincoln First Bank,N.A.
William B. Webber
Vice Chairman

July 31, 1979

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Mr. Paul A. Volcker
President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
Dear Paul:
While it is not The New York Times, I thought you might be
interested in yesterday's copy of The Daily Record, which
is the Rochester area business and legal daily newspaper.
I think the article is reasonably accurate - or will prove
to be so - with the exception that I may have your mother
located in the wrong community.
Paul, Jackie and I wish you the best of luck in your crucial
new role. Since the article says it all, I won't repeat it
in this letter. We are proud of you, and I am proud to be a
part of your team.
Best wishes.
Sincerely,

William B. Webber
WBW:JM
Enclosure

One Lincoln First Square, Rochester, New York 14643, Telephone: 716-262-4121

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Federal Reserve Bank of St. Louis

September 24, 1979

Dear Clif:
l and
Sooner or later I do answer my mai
the note when I
I didn't explicitly thank you for
saw you at the R.F. meeting.
conI hope you eventually got a strong
look for the results
sensus after all the work. I'll
with great interest.
Best regards,

Mr. Clifton R. Wharton, Jr.
Chancellor
State University of New York
State University Plaza
Albany, New York 12246

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Federal Reserve Bank of St. Louis

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State University of New York
State University Plaza
Albany, New York 12246

Office of the Chancellor

August 1, 1 979

Mr. Paul A. Volcker
151 East 79th Street
New York, New York 10021
Dear Paul:
After teasing you on Saturday at Jane's about those telephone calls, I was naturally not surprised at your choice
by the President. He could not have chosen a better person, and I am both pleased and proud.
I do hope that you may be able to continue membership on
the Rockefeller Foundation Board. (Bob McNamara stayed
on the Ford Foundation Board.) We need you!
Once again, congratulations and,
Warmest regards,

Clifton R. Wharton, Jr.
Chancellor

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Federal Reserve Bank of St. Louis

September 18, 1979

Dear Pat:
I appreciate the letter on my appointment -- and
I'm beginning to change my ideas on the gene pool -I need all the talent I can find to help -- male
or
female -- and the next generation can take care of
itself.
See -- Washington breeds irresponsibility already.
Thanks for writing.
Sincerely,

Mrs. Harry Woolf
% Institute for Advanced Study
Olden Lane
Princeton, New Jersey 08540

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September 18, 1979

Dear Jim:
I eventually do answer my correspondence, and I want
you to know how much I appreciated your note on my appointment.
The "honeymoon phase is over, even if the brickbats haven't
been too heavy so far. I have you will keep in touch when
there is something I should know.
Regards.
Sincerely,

Paul A. Volcker

Mr. James D. ildifiesohn
General Partar
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Salomon Brothers
1 New York Plaza
New York, New York 10004

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Federal Reserve Bank of St. Louis

September 18, 1979

Dear Sid:
I'm catching up on correspondence
much too late, but I did greatly appreciate
your note on my appointment.
But I come down -- and you're off
to Texas again. It isn't fair: Our best to
you both--but remember I'm only responsible
for the good economic news.
Regards,

Dr. Sidney Weintraub

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September 18, 1979

Ar. Thomas J. Wageman
Executive Vice President
LaSalle National Bank
i.Asalle Bank Building
135 South LaSalle Street
Chicago, Illinois 60690
Dear Mr. Wageman:
Thank you for your recent invitation to address The Bankers
Club of Chicago in the Wing or Fall of 1980.
At the present time, I am still sorting out my schedule and
am unable to make a commitment that far in advance. Perhaps we could
be in touch after the first of the year with a view toward working
something out at that time.
Sincerely,

cc:

Mrs. Mallardi
#1784

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Federal Reserve Bank of St. Louis

LaSalle National I

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LA SALLE BANK BUILDING • 135 SOUTH LA SALLE STREET
CHICAGO, ILLINOIS 60690

THOMAS J. WAG EMAN

312 / 443-2762

EXECUTIVE VICE PRESIDENT

August 22, 1979

Mr. Paul A. Volcker
Chairman
Federal Reserve Board of Governors
Federal Reserve System
20th and Constitutional, N.W.
Washington, D.C. 20551

off

Dear Mr. Volcker:
I am writing to you today in my capacity as President of The Bankers
Club of Chica_so in the hope that you might find it possible to come
to -Chicago in the spring or fall of 1980 and address our membership.
The Club is 97 years old and has a membership of over 400 bankers
which includes the senior management of the major Chicago downtown
banks as well as the senior management of city, suburban and exurban
banks. As you might expect in a unit banking state, many of our
members, in addition to being senior managers, are also owner/operators. It's a distinguished and important segment of the banking
industry not only here in Illinois but, I believe, across the country.
It's been our practice over the years to hold a dinner meeting each
year in the spring and fall at which a distinguished person has the
opportunity to share his/her feelings about an area of interest with
our membership. Our attendance at these meetings is seldom less
than 250 members and usually not more than 400. The meetings are
held in the ballroom of one of our large downtown hotels. Ideally,
we would like you to come (and we'll schedule the meeting according
to your availability) in the months of April/May or September/October.
(At our fall meeting we always schedule around the American Bankers
Association Convention dates.) For the convenience of our speaker
and our members, we hold our meetings on either a Tuesday, Wednesday, or a Thursday evening. A typical time schedule would be
speaker's reception at 6:00 P.M. followed by dinner at 6:45 P.M.
with our speaker's presentation beginning at about 7:30 P.M. and
concluding at about 8:00 P.M. For your information, I have enclosed
a program from our last meeting which will give you some feel for the
timing and arrangements.
Accept
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Federal Reserve Bank of St. Louis

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August 22, 1979

PAG E

Two

Mr. Paul A. Volcker
Federal Reserve System
Washington, D.C.

We will, of course, handle any expenses which you incur in connection
with this visit. We will be happy to have a car meet you at the airport and should you require it, we'll be happy to provide overnight
accommodations and a car to return you to the airport.
It would give us great pleasure if you will accept our invitation and
give us one or more dates which might be convenient for you. Your
position is obviously critical to our business, and you, personally, in
that position are a most important executive whose decisions have
immediate affect on the way we do business. I hope I may hear from
you in the near future and hope, too, that it will be possible for you
to be with us.
Sincerely,
— ----"*"
I 6-tou-c--Thomas J. Wagemabj
Executive Vice President
TJW:cm
Enclosure

...

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

September 18, 1979

Dear Mr. Willie:
Many thanks for your note on my appointment.
I know how much of the strength of the Federal Reserve
lies in the Banks and with the bank and board directors,
and I am grateful for your support of the System.
hope we can meet before long.
With best wishes,
Sincerely,

Paul A. Volcker

•

Mr. Louis J. Willie
Executive Vice President
Booker T. Washington Insurance Company
P.O. Box 697
Birmingham, Alabama 35201

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Federal Reserve Bank of St. Louis

BOOKER T. WASHINGTON INSURANCE COMPANY
P.O. BOX 697

BIRMINGHAM, ALABAMA 35201

August 22, 1979

...•1•11%

Mr. Paul A. Volcker
Chairman of the Board of Governors
Federal Reserve System
Washington, D.C. 20551
Dear Mr. Volcker:
Congratulationson your appointment as Chairman
of the Federal Reserve System. I know that you
will perform in an excellent manner in this new
responsibility. As a member of the Birmingham,
Alabama Branch Board of Directors, I look forward to working with you and making whatever
contribution I can to make the work of the
Federal Reserve System effective.

Louis J. Willie, CLU
Executive Vice President
LJW/c

BOOKER T. WASHINGTON-CITIZENS FEDERAL BUILDING-1728 3RD AVENUE. N.
AREA CODE (205) 328-5454

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Federal Reserve Bank of St. Louis

September 18, 1979

Dear John:
However belatedly I appreciate your
message on my appointment.

Keep in touch.

Sincerely,

Paul A. Volcker

Mr. John D. Wilson
Chase Manhattan Bank of Tokyo
Tokyo, Japan

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2nd DECODE

FEDERAL RESEARVE BANK OF NEW YORK

HAVE JUST HEARD IN TOKYO OF YOUR
DESIGNATION AS CHAIRMAN OF
FEDERAL RESEARVE BOARD. AM DELIGH
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ACCEPT THIS RESPONSIBILITY, ALTHOU
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I KNOW IT INVOLVES A HEAVY
PERSONAL SACRIFICE. CONGRATULATIONS
TO BOTH YOU AND BARBARA.
JOHN D. WILSON CHASE MANHATTAN BAN
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis

September 18, 1979

Dear Jim:
Thanks for your congratulations and warm
words on my appointment.
I remember when we first met, and I confess
I didn't realize you were now so close to retirement.
After a few years of this, I may be ready as well.
But meanwhile, I will try my best!
Sincerely,

Paul A. Volcker

Mr. James G. Wilson
Senior Vice President and
Manager Investment Department
Equibank N.A.
Oliver Plaza
Pittsburgh, Pennsylvania 15222

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Federal Reserve Bank of St. Louis

Equibank N.A.
Oliver Plaza
Pittsburgh, Pa. 15222
James G. Wilson
Senior Vice President &
Manager Investment Department

August 2, 1979

Mr. Paul A. Volcker
Chairman-designate
Board of Governors
Federal Reserve System
Washington, D. C.
Dear Paul:
May I add my "Congratulations and Best wishes" to those of your
many friends and admirers who are elated to hear the news you
will be giving financial leadership to our country and the Free
World at this crucial juncture in our history.
On the occasion of our first meeting in Washington in the early
60's I was deeply impressed with your ready willingness to
exchange views on the Money Markets and I will long remember
the many courtesies which you extended to me on those occasions.
In another
pensioners
discipline
retirement

year and a half I
and the knowledge
reassures me that
and not resort to

will join the ranks of the
you are in charge of monetary
I should be able to enjoy my
the tin cup routine.

Any time you visit Pittsburgh, you can be assured I will stand
by with a ready supply of your favorite stogies.
Sincerely,

R,ECE1VED
James G. Wilson
C 1Q7Q

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P. A. V.
ANSWERED
ATTENDED TO

An Equimark Company

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear Alan:
I appreciate your note, even as I negotiate my
first loan.
Best wishes.
Sincerely,

Paul A. Volcker

Mr. Alan B. Wade
Public Affairs Officer
United States League of
Savings Associations
1709 New York Avenue, N.W.
Washington, D. C. 20006

UNITED STATES LEAGUE of SAVINGS ASSOCIATIONS

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Federal Reserve Bank of St. Louis

WASHINGTON OFFICE

1709 NEW YORK AVENUE, N.W. / WASHINGTON, D.C. 20006 / TEL.(202) 637-8930
Home (301) 268-5894

ALAN B. WADE
Public Affairs Officer

July 31, 1979

Honorable Paul A. Volcker
Chairman - Designate
Federal Reserve Board
20th and Constitution Avenue
Washington, D.C. 20551

N.W.

Dear Paul:
The cream always rises to the top.

Congratulations.

I trust you saw the enclosed colloquy involving your
possible new salary. Reuss and Stanton!
Don't ever let 'um forget it!
Best wishes,

Alan B. Wade
Public Affairs
ABW/js
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Federal Reserve Bank of St. Louis

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CONGRESSIONAL RECORD—HOUSE

I think it would be appropriate to make satisfaction than $57,500 a year, I would quirements. and
today in •
a couple remarks as this time about the stand ready, and I know the gentleman with the
new NOW across
Federal Reserve System itself. Setting from Ohio would agree and work on it, third party
transaction a
aside the general membership for a mo- to-see that the basic la-w was amended. competition
from lionme::
ment I might say something about the
It is true, for example, that many of the beginning, I think, lea
present leadership of the Federal Reserve the regional 12 Federal Reserve hank ther erosion
of membersh
System. When I say this I speak of but presidents receive more than the chair- this
membership cost turd,
one thing. .1 know the Members of the man of the Board of Governors does.
dressed here today.
House would join me in hoping the Presi- The excellent Paul Volcker of New York,
Now, further than that
dent when he picks a successor to Mr. I think, for instance, receives almost
dress ourselves to the spy
Miller, will look for a man with experi- twice as much.
tion at hand. Is this the ss
ence in the international field. Certainly
Mr.STANTON_ Double, yes. - •
problem?
Welt, I am not sa
through no fault of President Carter, but
Mr.. REUSS. And earns it. So I think
fact,
I
am
inclined to thir'.
by attrition and untimely deaths of that we should not be ribbon clerks about
bly
it
is
not
the best solut
members of the Board we find ourselves this thing. and I commend th-e gentleat
we
could
have come
in the unique position in this country man for his suggestion.
On
the
other
hand, I do
that a board established by Congress for
Mr.STANTON. Mr. Chairman,I ti
- any legislation where the C
the purpose of freeing it from political the gentleman.
pressure finds itself in a position where
Mr. Chairman, turning from the lead- Banking perhaps or any a:
the oldest member of the Board has ership of the Fad to the membership is- tee worked any harder in t:
served but 5 years. That is a startling sta- sue itself and, of course, that is a subject to some conclusion. The
tistic, Mr.. Chairman. It is probably the to which H.R. 7 addresses itself. Some- others will mention probs
first time since 1935 that this has oc- thing should be said about the voluntary had over 63 excellent witia
curred. One member will have this fall participation in the Federal Reserve issue. We held hearings ot t
accumulated 5 years' longevity. One has System since Its inception in 1935_ In fact, over almost a year's t_
2 and a half years.One has 2 months. Mr. fact, I do not think on this House floor particular subject. Everyone
Schultz from Florida has yet to be con- we have done enough to speak about the portunity to be heard on t:
firmed. With Mr. Miller there for but 19 general commercial banking field and the The recognition of private p
months it would be my .hope that the financial industries of our country. It terests on behalf of one seg:
President would look for someone with seems we have had a great recent ex- society against the other we
great experience in the Fed system and ample of that in my own neighboring city account.
with experience in international matters. of Cleveland. We are always clamping
I think first we started tit
A while ago a name was mentioned: down and putting more restraints and basic premise: We wanted.
that is the president of the Federal Re- more regulations upon these banks. Fed membership.
serve Bank of New York. Ma. Paul When you travel internationally and you
Second, we wanted to rest
Volcker. You could go on and on naming see what is around the world, then you the Federal Reserve System
outstanding people.
come home to see the basic independence of money control that would
Mr. Chairman, when we are talking and the diversification of our commercial Fed the opportunity to c
about the Fed it does remind me of this: system_ You then realize that abroad money supply. This the Fed r
In looking for- a new chairman I would they look upon the U.S. commercial was about two-thirds of the:
hope the President would not have to be banking field and financial segments of ply or 6623.. There was -basic
turned down by someone because the sal- a society in general with great awe and from them to the House Con
ary of the Chairman of the Federal Re- with great respect. When you stop to ronghly two-thirds of the ns
serve System is spiked at $57,500. We think of the commercial banks, 14.696 was necessary to accompli±
want the best talent we can buy in this according to the Congressional Quarterly pose.
country. If it is necessary for the Presi- that we have today, State banks, nonThe question then .arose.
dent to select someone who could not af- member bank, members of the Federal freedom of choice is not t
ford to accept that salary, I, for one, Reserve, of which approximately 5.500 what is the answer? That is a
would suggest that the position of Chair- to 5.600 are members of the Federal Requestion and if the chairman
man of the Federal Reserve Board is a serve: when you stop to think of the some
the answer, We would be dos.
position more prestigious than that of 457 mutual savings banks in our counday offering it. What we lx.
the Secretary of the Treasury.
try., the proud participants in the 432 brought out of the committee
0 1050
savings and loans of our country, over House floor today an alter:
22,000
individual credit unions of our everyone. I sincerely believe.
There are more international responcountry
with some $53 billion in assets, and which in turn we can
sibilities. control of the monetary supply
and so forth; but I would hope that if this is, indeed impressive. They have Perhaps the other body cosi
something has to be done in that regard. provided this country with the capital bit better, but maybe we
to make America the envy of the world, long way -toward solving tJ-.
that we take a look -at that subject.
so
that we should recognize the present Federal Reserve members:.
Mr. REUSS. Mr. Chairman, will the
voluntary
system of Fed membership
gentleman yield?
Perhaps. if we -were to los
Mr. STANTON.'I would be happy to when examining the whole issue.
ter solution along the way.
Next, referring to the Fed system with be those who espouse
yield to the gentleman from Wisconsin.
Its
.5.665 rnembers, there has been a great coverage of reserve requirt
Mr.REUSS. Mr.Chairman. first of all.
I want to express my absolutely unre- erosion from the Federal Reserve for one would have no objection. c
strained admiration for the leadership specific reason. It has become economi- universal coverage bv the
of the gentleman from Ohio (Mr. STAN- cally 'unfeasible to Tontinue to belong.. serve. The Fed could have as
TON . We have not always agreed on The price of membership is no longer depository institutions thra•
H.R. 7. I think, as the events of the compatible with the services that are re- country. It should be done
morning unfold, that it will be disclosed ceived. This is universally recognized as minimum amount. though.
that a marriage. indeed, may have taken the problem which brings us to the House tons_ It should be done in
place; but putting that to one side, the floor today..
would allow an overwhelmr
Now. this was not always true. There of our banks to cover their
suggestion that the gentleman makes
that whatever needs to be done to in- was a time. I think.. in our country when quirements with vault cash.
sure that the most qualified man or a national bank, especially after the deI disagree with the Fed C
woman in this country succeeds Bill Mil- pression days. had a strong particular the present time. If an anaT
ler at the Fed, that suggestion I whole- Connotation of strength that was aaso- found to solve the money sa
heartedly agree with. If it should turn elated with It.. Later came the State problem. different types of
out that person is one whose family de- bank. Later came the conglomeration of on control of reserves
mands,let us say, need a greater material different supply, different reserve re- sidered in my opinion. I!:

July 20, 1979

CONGRESSIONAL RECORD-HOUSE

fected by section 3(a) of H.R. 7 apply
only to the reserve area and in no way
increase existing Federal Reserve authority in the Regulation Q area.
(2) UNIFORM RESERVE RATES

H.R. 7 sets a uniform reserve rate of
11 percent on transactions deposits over
$35 million, replacing the current 7 to 22
percent range, and a uniform 3 percent
on short-term commercial deposits, with
an exemption for the first $10 million.
All other time and savings deposits are
freed of existing reserve requirements.
(3) ACCESS TO DISCOUNT WINDOW

All depository institutions with transactions accounts—not just Federal Reserve member banks—will be given access to the Fed's discount, or loan, window to tide them through periods of reserve shortages. This will enhance the
safety and soundness of our banking
system and enable the Fed to take necessary tough monetary policy actions
without fear of hurting depository institutions with unexpected reserve shortages.
As Federal Reserve Board Chairman
G. William Miller testified at our hear-ings on January 24, 1979, this could be a
significant improvement over the present
system.
Mr. Miller said:
The discount window, as the 'lender of
last resort,' provides the payments system
with a basic liquidity backup by assuring
member banks the funds to meet their obligations. But, if the proportion of institutions having access to this facility continues
to decline, individual institutions could be
forced to make abrupt adjustments in their
lending or portfolio policies, because they
could not turn to the window to cushion
temporarily the impacts of restrictive monetary policies. Risks that liquidity squeezes
would result in bank failures could also increase. Thus the Federal Reserve may find
that its ability to limit growth in money and
credit in order to curb inflation was being
unduly impeded because the safety val.ve
provided by the discount window was gradu-ally losing its effective coverage.

Also, all financial institutions will gain
access to Fed services such as check
clearing once the Fed begins charging
for such services.
(4) REGULAR INFORMATION
All financial institutions will be required to give the Fed regular,reports on
their assets and liabilities, providing the
Fed with much more of the information
on the state of the Nation's money supply needed as a basis for deciding how
much the money supply should be
tightened or relaxed.
HOW MONETARY POLICY WOULD
BENEFIT

H.R. 7 will improve the Federal Reserve's ability to conduct monetary
policy.
First, it will assure a permanent,stable
base 'of reserves, giving the Federal Reserve control over the two-thirds of
transactions deposits-66 percent—it believes is needed for effective monetary
control. It will assure that all large banks
playing an important role in the monetary system remain subject to reserves.
Second, H.R. 7 clarifies the Federal
Reserve's authority to place reserve requirements on Eurodollars—those funds

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Federal Reserve Bank of St. Louis

that go abroad partly to escape reserve
requirements.
Third, the uniform reserve rates which
it provides replace the present hodgepodge of different rates for different-size
banks that are members of the Fed. More
uniform rates will enable the Fed to
predict more accurately the effect on the
Nation's money supply of changes in
bank reserves which the Federal Reserve
makes through open market operations
and discount window loans.
Fourth, it will greatly improve the
Fed's information on the state of the
money supply by requiring all depository
Institutions to report their assets and
liabilities on a regular basis. The paperwork involved will be negligible, the rewards in terms of needed information
great.

would have access to the loan window
and Federal Reserve services such as
check clearing without being members.
Conversely, some argue that banks will
be induced to join the Fed because some
States might have higher reserve requirements than the Fed's. This argument ignores the probability that States will adjust their reserve requirements to coordinate with those of the Fed, just as they
have done in the past each time the Fed
has changed its reserve requirements.
The bill specifically gives the State legislatures time to act if they wish, by delaying the effective date of the legislation to July 1 of the first year after enactment.
COST ESTIMATES

Finally, H.R. 7 resolves the problem of
required reserves at minimal cost. The
EXEMPTING SMALL BANKS
cost, in terms of revenues lost to the Fed
There is no need, for monetary pur- and hence
to the Treasury, is estimated
poses, to make every small bank in the at only $9
million for fiscal 1980, increascountry come up with reserves, since the ing to $155
million annually when the
large banks covered by H.R. 7 account plan is fully in
effect. This is well within
for the two-thirds of the Nation's de- the $200 million
cost limit which Treasposits the Federal Reserve says is needed ury says is the
maximum it can accept.
for good monetary control.
Also note that this estimate does not
There is good reason to treat small take into account
the
banks more leniently on reserve require- would occur anywa revenue losses that
y,
ments. Large banks are able to reduce attrition of Federal through continued
Reserve membership,
their effective reserve requirements by if no bill is enacte
d.
cash management techniques, reducing
Our Nation is besieged with doublereserveable deposits by switching into digit inflation. This
inflation is a longovernight repurchase agreements, or term problem that must
be attacked with
creating loans from their offshore every weapon available.
The Federal Rebranches which are deducted from re- serve must be given the
tools to carry
serveable liabilities. Small banks cannot out its part of the effort. Its
approval by
readily avail themselves of such tech- the House will be a sign
that we are inniques.
tent upon focusing our monetary guns
In fact, H.R. 7 provides a new element on the anti-inflation target.
of equity between large and small banks.
The House now has within its grasp a
Chairman Miller pointed out to the com- sound and fair solution to
a worsening
mittee that the burden of Federal Re- problem. We must not let the
opportunity
serve membership today is not distri- slip away. H.R. 7 is strongly
endorsed by
buted equally across all sizes of banks. the Federal Reserve, the
administrati
The relative burden is greatest for small and major segments of the bankin on,
g inbanks—exceeding 20 percent of profits dustry. It deserves prompt enactm
ent.
for banks with less than $10 million in
p 1040
deposits. This bill will enable a small
(Mr. STANTON asked and was given
bank to remain or become a member of
pe
ion to revise and extend his
the Fed without an undue and disparate
rt,ks
.)
cost burden.
Ir. STANTON. Mr. Chairman, several
As with other industries, it has long
oughts
come to my mind. I wish at this
been national policy to offer small compartic
ular
moment one could put them
panies benefits that enable them to reinto
the
prospe
ctive of what we should
main viable in competition with large
refer
to
first.
companies. The existing system of reI think first and foremost would be to
serve requirements, in fact, favors small
banks with lower reserve rates than large complement the chairman of our combanks, though in a haphazard manner. mittee for most of the remarks he has
just made, but far further from that, his
EFFECT ON THE DUAL BANKING SYSTEM
The argument is made in some quar- being a leader in the recognition of the
ters that a mandatory reserve system will problem that brings us to the House floor
jeopardize the dual banking system—the today, which is the erosion of the Fedfree choice of banks to hold a State or eral Reserve System. The chairman has
Federal charter. In the view of those who been consistent in working with this
support H.R. 7, including the Independ- problem, not just starting last year at
ent Bankers Association of America, fear the suggestion of the Chairman of the
for the dual banking system is not war- present Federal Reserve System but it
ranted. Many factors other than reserve has been true over the years. It was only
requirements are pertinent to a bank's last year that there was any particular
choice of a national or State charter. In- movement on the part of the Fed itself
deed, the dual banking system should be to solve their membership problem. Then,
strengthened because much of the pre- once again, as the chairman has so well
sent financial incentive for banks to join put it, the problem has increased rapidly
or leave the Federal Reserve is-removed. in recent years. As the chairman pointed
out, some 90 banks left the Federal ReSome argue that banks would be in- serve last year and
we come here with
duced to leave the Fed because they that problem. It is
not, however, a crisis.

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Federal Reserve Bank of St. Louis

August 21, 1979

Dear Ron and Harry:
Thanks for the message.

Your offer is dangerously open-

ended -- we may just test you!
Sincerely,

Paul A. Volcker

Mr. Ron Wittreich
Mr. Harry Keefe
Keefe, Bruyette & Woods
One Liberty Place
New York, New York

11.11.11110
„western union
G%9

YSA229(1032)(4-015879S226)PD 03/1 4/79 1031
ICS IPMMTZZ CSP
2123494321 TDMT NEW YORK NY 32 08-14 1031A EST
PMS PAUL A BOLCKER FEDERAL RESERVE BOARD, DLR
33 LIBERTY ST
NEW YORK NY 10005
HARRY KEEFE AND I CONGRATULATE YOU ON WELL DESERVED
APPOINTMENT AS
CHAIRMAN OF THE FEDERAL RESERVE BOARD. IF YOU NEED TO KNOW ANYTHING
ABOUT THE 14,400 U.S. COMMERCIAL BANKS JUST CALL US
RON WITTREICH
NNNN

RECEIVED
AUG 141979
P. A. V.
...... ....
........................
ANSWERED
...............................
ATTENDED TO,„

SF-1201 (R5-69)

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear Alan:
Thanks for the note --- and congratulations to
you on the great job on the Trade Bill.
Something constructive can be done:
Best wishes.
Sincerely,

Paul A. Volcker

Mr. Alan Wm. Wolff

PV/tn

ALAN WM. WOLFF

.2‘

•

kta6J1- .

iLer tracf-

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Federal Reserve Bank of St. Louis

,7-r-o-S
‘4>,.--54-0L

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

August 21, 1979

Dear Jacques:
I appreciate the note.

I don't underestimate the problems

ahead, but I do look forward to trying to see what we can do
together to pick up some of the old threads.
you here or there.
Sincerely,

Paul A. Volcker

Mr. Jacques H. Wahl
Le Secretaire General
Presidence de la Republique
Palais Je L'Elysee
75800 Paris, France

PAV:cm

I expect to see

PRESIDENCE
DE LA

REPUBLIQ LIE

30,
Le Secretaire General

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

Or.

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lets1,,t-c_ 6%,-s,„t .

Thanks for your note of July 25.
I appreciate your kind words and your offer
to be of assistance. You already know I
will be taking you up on the offer:

Mr. William H. Wallace
Staff Director
Board of Governors of the
Federal Reserve System
Washington, D.C. 20551

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Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS
OF THE

.o
.71

%w.

FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 205S1

01- •
•RAI.
• 4, Res
• •

July 25, 1979

Mr. Paul A. Volcker, President
Federal Reserve Bank of New York
New York, New York
10045
Dear Paul:
I was delighted to hear the news this morning of your
appointment to our Chairmanship. Having seen you in action
from a distance, I am very confident that this is an appo
intment which will certainly be in the best interests of the
Federal Reserve System and the Country.
I look forward to working with you when you arrive,
and will take this opportunity to offer my services in any
way
to make your transition to Washington a smoother one. Plea
se
do not hesitate to call on me.
Sincerely yours,

William H. Wallace
Staff Director

RECEIVED
JUL 26 1979
P. A. V.
ANSWERED
ATTENDED TO_

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

FEDERAL RESERVE BANK
OF NEW YORK
NEW YORK,N.Y.I
0045
AREA CODE 212 79
1-6173
PAUL A. VOLCKER
PRESIDENT

August 6, 1979

Dear Dr. Walter:
I appreciate your no
te and
thoughts.

Thank you for writin
g.
Sincerely,

/Zwera,‘,L_
Paul A. Volcker

Professor Dr. Otto
L. Walter
870 United Nations
Plaza
New York, New Yo
rk 10017

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Federal Reserve Bank of St. Louis

PROFESSOR DR. OTTO L. WALTER

870 UNITED NATIONS PLAZA, NEW YORK, N.Y. 10017
OFFICE: 280 PARK AVENUE, NEW YORK, N.Y. 10017

July 31, 1979

The Hon. Paul A. Volcker
President
Federal Reserve Bank of New York
33 Liberty Street
New York, N.Y. 10045

Dear Mr. Volcker:
I recall meeting you and your charming wife on the
occasion of an affair of the American Council on
Germany, at which the Countess Doenhoff expressed
her--in the meantime obsolete--views.
I want to be among those who voice their happiness
and hope on the occasion of your appointment, although
it will be an uphill fight to put on brakes in the
middle of an election campaign.
My best wishes are with you.
Sincerely yours,

P.S.

OLW/ea

I have occasionally recommended to congressmen, newspapers and economists to remove the
deductibility of nonbusiness interest from
the tax laws (possibly with the exception of
personal homes). The present system where the
taxpayers finance consumer debts is one of our
sources of inflation. While there are more important reasons for our inflation, this is one
which could be removed without offending the
ideologies of the four main contributors of
inflation (government, labor, range and industry).

EI V

Iry
AUG

31979

P. A. V.
ANSWERED
ATTENDED TOLW

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear

loigh:
Many thanks for the note.

Now, if we eon only

atraihten out the oil situation!
Sincerely,

Paul A. Volcker

Mt. Rewleigh Werner, Jr.

PAV:mhw

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Federal Reserve Bank of St. Louis

RAWLEIGH WARNER, JR.

July 25, 1979

Dear Paul:
My heartiest congratulations on the Presidential
appointment. It's made for the best reading
in the last twenty days and I wish you all the
best in your new role.
With kindest regards.
Sincerel

4LX-L431210 4...

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

PS: Don't bother to acknowledge this.

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

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Federal Reserve Bank of St. Louis

AMR

August 7, 1979

Wig agoI
many tbilhil Ali Ohm mots. I'll try my bast.
Sincerely,

Maul A., Volcker

Ir. Rupert. Warren

PAV:mhw

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

RUPERT WARREN

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

August 6, 1979

Dear Dennis:
I appreciate the note, and you can expect me to take
the offer.

In fact, volunteer:
Sincerely,

Paul A. Volcker

Mr. Dennis Weatherstone

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

July 27, 1979
DENNIS VVEATHERSTONE

Mr. Paul A. Volcker
President
Federal Reserve Bank
of New York
33 Liberty Street
New York, New York
Dear Paul,
in
In the midst of vacation
od news of your
Darien, I heard the go
t as Chairman of
forthcoming appointmen
ard. There aren't
Bo
e
rv
se
Re
l
ra
de
Fe
e
th
would wish to write
many vacations when I
ea but this has to
ar
et
re
St
ll
Wa
e
th
to
be one.
a still
Congratulations and as
t I know you will
an
ip
ic
rt
pa
et
rk
ma
active
is new job. Please
th
in
s
es
cc
su
r
pe
be a su
u ever want to chat
yo
if
ll
ca
to
ee
feel fr
here when you
up
on
g
in
go
is
at
about wh
ring our relative
de
si
on
(c
e
er
th
are down
s perhaps I should
positions and height
d me down here!)
an
e
er
th
up
u
yo
have said
gards,
Best personal re
Yours sincerely,

ED
JUL 3 1 1979
absence)
(signed in his

P. A. V.
ANSWERED ,
AHMED TO.

1•01•V•

aaa

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

PAUL A. VOLCKER
PREsiDENT

August 6, 1979

.
Dear Frank:
I appreciate the note and
my best to you both.
f

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

Sincerely,

aai
Paul A. Volcker

Mr. Frank A. Weber
Vice Chairman of the Board
National Community Bank
24 Park Avenue
Rutherford, New Jersey 07070

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Federal Reserve Bank of St. Louis

MATI0ITAL.. CONIMTjl\TITI?

3E3 A.NI"

ESTABLISHED RUTHERFORD, NEW JERSEY 1895

FRANK A.WEBER
VICE CHAIRMAN OF THE BOARD

August 1, 1979

Mr. Paul A. Volcker
Federal Reserve Bank
New York, New York 10000
Dear Paul:
My congratulations to you for accepting the Presidency
of the Federal Reserve Bank at a great personal sacrifice.
We need more dedicated men like you in these troubled
times that have the expertise to keep our government and especially our monetary policy on an even keel.
Frances joins me in sending you our very best wishes.
Sincerely,
V
Frank A. Weber
Vice Chairman of the Board
FA.W:bg

RECEIVED
AUG

3 1919

P. A. V.
ANSWERED
AllENDED

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Federal Reserve Bank of St. Louis

August 3, 1979

Dear Don:
Discount all those raves (as I am sure you have) they are sighs of relief.
But thanks for writing, and our best to you both.
Sincerely,

Paul A. Volcker

Mr. Donald A. Webster
Vice President
AF Incorporated
Government Relations
1701 K Street, N.W.
Washington, D. C. 20006

AitkRPA

GOVERNMENT RELATIONS
1701 K Street, NW., Washington, D.C. 20006 • 202/331-1930
AMF INCORPORATED

DONALD A.WEBSTER
Vice President

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Federal Reserve Bank of St. Louis

July 31, 1979

Mr. Paul A. Volcker
Chairman-Designate
Federal Reserve Building
Washington, D. C. 20551
Dear Paul:
I've hesitated adding to your mountain of
mail, but in the end could not resist.
Having had the chance to work with you in
what today seems Like the distant past, I just
wanted to say how delighted I am with your
appointment. Evidently, that opinion is widely
shared, since I've never read such unanimous
(and well-deserved) raves in my 25 years in
Washington.
Helen and I send our best to you and Barbara
and wish you both a happy and fulfilling return to
Washington. gaitF
5 04.4
1\

Sincerely yours,

't J
,:vta-,Vik
(1"4

)

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear Murray:
I'm just delighted to know you and Phyllis will
be in Washington. For the time being, at least, Barbara
will be in New York, but let's get together soon.
All the best,
Sincerely,

Paul A. Volcker

Mr. Murray L. Weidenbaum
Director
Washington University
Box 1208
St. Louis, Missouri 63130

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Federal Reserve Bank of St. Louis

CENTER FOR THE STUDY
OF AMERICAN BUSINESS

July 26, 1979

Mr. Paul A. Volcker
President
Federal Reserve Bank of New York
New York, New York 10005
Dear Paul,
The man really redeemed himself! Congratulations
to the White House...best wishes to the Volckers.
Sincere:,

Wei denbaum

rk
P.S. Phyllis and I will be moving to Washington
around Labor Day, where I'll be spending my
sabbatical at American Enterprise Institute.

RECEIVED
JUL 3 i 979
WASHINGTON UNIVERSITY
BOX 1208
ST. LOUIS, MISSOURI 63130
314 889-5630

ANSWERED

ATTENDED TO,..

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

..........

•WASHI NGTON
UNIVERSITY
TN ST LOUIS

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Federal Reserve Bank of St. Louis

August 9, 1979

Dear Art:
Many thanks for the note and its just possible
that someday I'll need your assistance.

I've warned

him!
Sincerely,

Paul A. Volcker

Mr. Arthur M. Weimer
Consulting Economist
United States League of Savings
Associations
1709 New York Avenue, N.W.
Washington, D. C. 20006

UNITED STATES LEAGUE of SAVINGS ASSOCIATIONS

WASHINGTON OFFICE

1709 NEW YORK AVENUE, N.W. / WASHINGTON, D.C. 20006 / TEL.(202) 637-8960

ARTHUR M. WEIMER
Consulting Economist

August 3, 1979
Mr. Paul A. Volcker
Chairman, Board of Governors of the
Federal Reserve System
20th Street and Constitution Avenue, N. W.
Washington, D. C. 20551
Dear Paul:
Congratulations on your appointment and speedy confirmation.
You will remember me in connection with Indiana University,
but in recent years I have been in Washington part of the
time serving as Consulting Economist for the U.S. League
of Savings Associations. I think you met with one of the
League's committees before you left the Treasury for New York,
and I attended that session.
Best wishes for a highly successful Administration which I
am sure you will have. If Chuck Partee causes any problems,
I'll be glad to try to put him in line.
Very sincerely,

Arthur M. Weimer
Consulting Economist
AMW:mw

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Federal Reserve Bank of St. Louis

THE AMERICAN HOME: THE SAFEGUARD OF AMERICAN LIBERTIES

"
..
4
•o
•-11
-4
-*.'S
<IN

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

CHAIRMAN OF THE BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM

1:
1- •
.>v).

WASHINGTON, D. C. 20551

,
c) •

August 24, 1979

Dear John:
How nice of you to write on my appointment.
I appreciate your good wishes and more your offer to help.
Someday, I may just need it.
Best to you.
Sincerely,

Paul A. Volcker

Mr. John L. Weinberg
Senior Partner
Goldman, Sachs & Co.
55 Broad Street
New York, New York 10004

Ac111•1•11=11111W

Goldman, Sachs & Co. I 55 Broad Street I New York, New York 10004
Tel: 212-676-8555
John L. Weinberg
Senior Partner

fiolOman
sacns

July 25, 1979

Mr. Paul A. Volcker
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
Dear Paul:
I just want to say how pleased I am to see the announcement of
your nomination to be Chairman of the Fed. I know it is a real sacrifice
for you. I don't have to tell you the importance of having somebody of
your professional ability, qualifications and stature take on that job.
With all the politics floating around in the government financial area
these days, it is a real delight to see a seasoned, capable professional
be given such a major responsibility.
Here's wishing you much success in your new responsibility. If there
is any way in which I can be helpful to you, please don't hesitate to call.
With kind regards,
Sincer 1y,

RECEIVED
John
JLW:pm

New

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Federal Reserve Bank of St. Louis

Weinberg

JUL 27 1979
P. A. V.

ANSWERED
ATTENDED TO.

York I Boston I Chicago I Dallas I Detroit I Houston I Los Angeles I Memphis I Philadelphia I St. Louis I San Francisco

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Federal Reserve Bank of St. Louis

August 23, 1979

Dear Mr. Weinig:
I appreciate your note, and agree with the general
thrust of your comments.

Thanks for writing.
Sincerely,

Paul A. Volcker

Mr. Robert F. Weinig

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Federal Reserve Bank of St. Louis

August 23, 1979

Mr. Ernest H. Weinwurm
Emeritus Professor of Accounting
907 Sixteenth Street
Santa Monica, California 90403
Dear Professor Weinwurm:
I greatly appreciate your note on my appointment.
The bonus of this job is hearing from some old family friends.
Mother is alive and well at 87, I'll transmit your
message.
Thanks for writing.
Sincerely,

Paul A. Volcker

jmr

ROBERT F. WEINIG

July 26,1979

Mr. Paul A. Volcker, President
Federal Reserve Bank of New York
New York, N.Y.
Dear Mr. Volcker:
Your appointment as head of the Federal Reserve System
is most heartening. We applaud your emphasis on a "Disciplined" monetary policy.
As I see it, a bett€sr way must be found to control money
and credit in proper direct relation to the fluctuating
real Gross National Product.
But to cure inflation will require an integrated TOTAL
Anti-Inflation Program, with fiscal and cost/price discipline as well as monetary.
Cost/Pr&ce inflation
innovative pragmatic
I have some thoughts
to share with you if

is out of control. There must be an
approach which has not yet surfaced.
along this line which I should like
you are interested.

Best wishes for continuing success in your new responsibility.

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Federal Reserve Bank of St. Louis

Sincerely,
Robert F. Weinig

RECEIVED
2 1979
P. A. V.
.........
ANSV,,ERED
................................
ATTENDED

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

ERNEST H. WEINWURM

July 26,1979

Mr. Paul Volcker, President
FedeakiReserve Bank of New York
New York New York 10045
Dear Mr. Volcker:
I would like to add my very small voice to the innu
meral
ones which you certainly will receive at the
occasion
of your appointment as chairman of the Federal
Reserve
System.
I think there will be almost unanimity that
no better man could have been selected for
this position which is certainly the most important
one worldwide in the financial field ( as was the chai
rmanship
of the Bank of England once in the days of
Montague
Norman) .
I can only express my hope and expectation that
your
tenure will be as successful as it can be,
considering
all the pitfalls which you will have to anti
cipate.
If only your father, my good friend, could have
lived
to witness this elevation of his son. I don'
t know
if your
ther is still alive; if it is the case,
will you transmit to her my best regards.
sincerely,—

emeritus professor of accounting

r *

6,•••1,

1•Vr,.•

.C I lk
j
ED

• i •

0 1979

ATTENDED TO.............

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Federal Reserve Bank of St. Louis

August 22, 1979

Dear Arnie:
On my salary, the cigar quality declines(but
they tell me reconstituted paper has no carcinogens).
I and Barbara expect to see you, and thanks for the
note.
Sincerely,

Paul A. Volcker

Mr. Arnold H. Weiss
Arent, Fox, Kintner, Plotkin & Kahn
Federal Bar Building
1815 H Street, N.W.
Washington, D.C. 20006

PAV:mrk

Arent,Fox,Kintner,Plotkin & Kahn
Federal Bar Building
1815 H Street, N.W.
Washington, D.C.20006

Cable: ARFOX
Telephone:(202)857-6000
Telecopier:(202)857-6342

Writer's Direct Dial Number
(202)857-6434

Telex: WU892672 • ITT440266

Arnold H. Weiss

CD
-11

47)

August 17, 1979

The Honorable Paul A. Volcker
Chairman of the Board of Governors
Federal Reserve System
Washington, D. C.
Dear Paul:
Let me add my congratulations to those of all your many
friends on your elevation to Chairman of the Board of Governors
of the Federal Reserve System. I trust that in your new position
the quality of your cigars will improve. At any rate, I am
delighted that you are back here in Washington and look forward
to seeing you at an early opportunity.

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

Very best regards to your family,
t

Sincerely yours,

Arno d H. Weiss

140,

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Federal Reserve Bank of St. Louis

August 7, 1979

')ear Jesse:
Many thanks for your note ana support.

I will

need the latter -- and dou l t hesitate with a wora of
advice.
Sincerely,

Paul A. Volcker

Mr. Jesse Werner
Chairman and Chief Executive Officer
GAF Corporation
140 West 51 Street
New York, New York 10020

PV/tn

G A F CORPORATION
140 WEsT 51 STREET
NEW YORK, NEW YORK 10020

JESSE WERNER
CHAIRMAN AND CHIEF EXECUTIVE OFFICER

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
New York, New York 10045
Dear Paul:
It was a great pleasure to hear about your
nomination as Chairman of the Federal Reserve Board.
Not only was it well deserved, but you have the
confidence of the business and banking communities,
both here and abroad. I hope you stay close to both
and if there is anything I can do personally, please
do not hesitate. Congratulations and best wishes.
With kindest personal regards.
Sincerely,

/et

'NIPm.

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

August 16, 1979

Dear John:
I appreciate your letter.
hospitality are fresh.
get back to Riyadh.

My memories of your warm

And it seems to me obvious that I should

I hope you will help keep re informed, and let

me know of any problems where my personal intervention may be useful.
Sincerely,

Paul A. Volcker

The Honorable John C. West
Ambassador
Embassy of the United States
of America
Jidda, Saudi Arabia
PAV:sep

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

Qt,i) Ar 3

EMBASSY OF THE
UNITED STATES OF AMERICA
Jidda, Saudi Arabia

1979111r) 1 3

fçI?: 02

rF 77;

July 30, 1979

The Honorable Paul Volcker
Chairman
Board of Governors of the
Federal Reserve System
Constitution Avenue & 20th Street, N.W.
Washington, D. C. 20551
Dear Paul:
It was with great pleasure that I received news
of your appointment as Chairman of the Federal Reserve Board. I wish you all the best in the difficult
tasks you will face in the coming months.
I recall so pleasantly your visit to Riyadh last
January. I hope you will find the opportunity to
visit us again soon. I am confident that ranking
Saudi officials would welcome the opportunity to discuss further those international monetary matters of
mutual concern to our two countries.
Again, let me offer my congratulations on your
appointment.
Warm regards.
Sincerely,
L/\e
John C. West
Ambassador

•-t

THE UNITED STATES OF AMERICA

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Federal Reserve Bank of St. Louis

DEPARTMENT OF' STATE
STA-501
POSTAGE AND FEES PAID

OFFICIAL BUSINESS

John C. West
Ambassador
American Embassy
APO New York 09696
The Honorable Paul Volcker
Chairman
Board of Governors of the
Federal Reserve System
Constitution Avenue & 20th Street, N.W.
Washington, D. C. 20551

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Federal Reserve Bank of St. Louis

Xr.a4UP
ZECURITY

....".".......werriarampoommmomm•

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

August 16, 1979

Dear Fred:
I appreciate the message -- the more so from
one who has been through the mill.
Didn't I hear you've retired?
nonetheless active.

But I expect

Sincerely,

Paul A. Volcker

Sir Frederick Wheeler, P.C., C.B.E.
Australia

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Federal Reserve Bank of St. Louis

SIR FREDERICK WHEELER. i

C.B.E.

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Federal Reserve Bank of St. Louis

CFF1CF.

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

August 15, 1979

Dear Jim:
May I just say in writing what you already know -how much I have valued your support and counsel in these
last few years. I look forward to more!
It was a nice party for us last week, and particularly
nice to see Dorothy. Many, many thanks.
Sincerely,

Paul A. Volcker

Mr. James Whelden
President
Ballston Spa National Bank
P.O. Box 70
Ballston Spa, New York 12020

PV/tn

MAIN OFFICE
P. 0. BOX 7C

BALLSTON SPA, NEW YORK 12020
TEL 605.6781

Member federal Deposit Insurance Corporation

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Federal Reserve Bank of St. Louis

August 3, 1979

Paul Volcker, President
Federal Reserve Bank of New York
Federal Reserve P.O. Station
New York, New York 10045
Dear Paul:

Congratulations upon your confirmation as Chairman of the
Board of Governors of the Federal Reserve System.
The appointment is a high personal tribute to you, and an
outstanding public recognition of your abilities and
achievements.
I am confident that your judgment, insight, and understanding
of domestic and international monetary affairs, which has
earned the respect of officials throughout the world, will
continue to be supported as you are confronted with the many
critical decisions of your new office.
It has been a distinct privilege for me to have had the
benefit of your association during the past year; and on
behalf of Dorothy and myself, we extend our best wishes for
every success.

Sincerely,

James Whelden,
President

JW:km1

P. A. V.
ANSWERED
ATTENDED TO

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44)

••• • •

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

August 15, 1979

Dear John:
Many thanks for your note
the offer of help.

and even more for

You know the dangers of insulation

and isolation down here.
My best to you both.
Sincerely,

Paul A. Volcker

Mr. John C. Whitehead
Senior Partner
Goldman, Sachs & Company
55 Broad Street
New York, New York 10004

PAV:mrk

Goldman, Sachs & Co 55 broad Street 1 NewYork, NewYork 10004
Tel 212-676-8277
John C. Whitehead

Senior Partner
Oldman
Nuns

August 1, 1979

Mr. Paul A. Volcker, President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10038
Dear Paul:
The news is just terrific and I congratulate you! One could
argue that right now the job of heading the Fed is the most
important job in the world. Certainly if anyone anywhere
has a chance to bring inflation under control, you are the
one with the best combination of toughness and universal
respect.
Please know that you have 100% support from me and from all
of us at Goldman Sachs. If we can ever help, you have only
to ask.
Jaan joins me in sending you our warmest regards and best
wishes.
kincerely,

/
/JCW:Imt

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

()A

RECEIVED
• i"

ATTENDED 10

York

Bos!cn

Cnicaco Dallas. I Detroit I Houston : Los Angeles i Memphis Miam! Pniladelphia I St. Louis I San Francisco

CHAIRMAN OF THE BOARD OF GOVERNORS
2•

FEDERAL RESERVE SYSTEM

71-

WASHINGTON. D. C. 20551
•
•

AL 11-S - ••
••..•••

August 8, 1979

Dear Marina:

It;.

lc
."4.

4.P.M.-11gVilt.l.

I really appreciate the letter--and I
confess envying you a bit arriving in New York.
Barbara intends to stay for a while at
least--probably quite awhile. So I have to see
coop prices continue up (that's the only price I
want up--in fact, I'd even settle for stability
all around!)

dw•

•

r
V. ••

•

-. •

•
'
'
4

Keep in touch.
Best regards.
Sincerely,

Paul A. Volcker
••••'.

ns. Marina v.N. Whitman
Distinguished Public Service
Professor
Faculty of Arts and Sciences
University of Pittsburgh
Pittsburgh, Pennsylvania 15260

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Federal Reserve Bank of St. Louis

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

University of Pittsburgh
FACULTY OF ARTS AND SCIENCES
Distinguished Public Service Professor

25 July 1979

The Honorable Paul Volcker
President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York
10045
Dear Paul:
The news just came over the radio, catching me in transit to New York
and General Motors. That you have my warmest congratulations and good
wishes goes without saying, but I also wanted you to know how good it
makes me feel that an old friend, whose intelligence and judgment I
know and trust so well, is going to be in such a crucial spot at this
crucial juncture. That sounds a bit pompous, but it is said with
great sincerity.
I'm sorry we won't be neighbors in New York after all, but I know there
will be ample opportunities for our paths to cross. My address after
August 1 will be:
General Motors Corporation
767 Fifth Avenue
New York, New York
10022
[telephone: 212-486-3551]
With best regards,
As ever,

Marina v. N. Whitman
P.S. If you decide to sell that spectacular apartment, give us a chance
to stand in line.

PITTSBURGH, PA. 15260 (412) 624-5710

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

August 20, 1979

Dear Fred:
Many thanks for the note and for the potential
help.

I'll need it.
F,incerelv,

Paul A. Volcker

Mr. Frederick B. Whittemore
Morgan Stanley & Co.
1251 Avenue of the Americas
New York, New York 10020

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Federal Reserve Bank of St. Louis

MORGAN STANLEY & CO.
In

1251 Avenue of the Americas
New York, N.Y. 10020

August 3, 1979

Dear Paul:
May I add my congratulations to
the flood of others you undoubtedly
have received.

Your initial approaches

to the problems at hand have given many
of us the first common sense hope in
many months.

Anything your friends can

do to be of help will be instantly available.
Best of luck.
Sincerely,

B. Whittemore
Fred3S1
Mr. Paul A. Volcker
Chairman Designate
Board of Governors
Federal Reserve System
Washington, D. C. 20551

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

August 23, 1979

Dear Jan:
Many thanks for the note, however belated the
response.

All we can do is try and hope for the best.
Sincerely,

Paul A. Volcker

Mr. J. J. Wieckowski
Executive Vice President
Girard Bank
Girard Plaza
Philadelphia, Pennsylvania

19101

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

GENESCO

M S Wigginton
Chairman
Genesco Retirement Trust

July 26, 1979

Mr. Paul A. Volcker, President
New York Federal Reserve Bank
33 Liberty Street
New York, New York 10045
Dear Paul:
You've probably forgotten this incident, but several years ago when
you were in Nashville conducting a seminar for our mutual friend
Dewey Daane (the same Dewey Daane who, according to The Wall
Street Journal, bumped you on a European flight) I had the great
pleasure of hosting a small luncheon in your honor where a group of
so-called financiers attended to sit at your feet and were well repaid
for that experience. That is fresh in my mind because I recalled it
the other day when some of us were talking about your forthcoming
appointment to the chairmanship of the Fed and I said without equivocation, "Paul Volcker is the man, he'll be appointed and he'll accept
it." And when one friend mentioned the financial sacrifice necessary,
I replied, "He'll still accept it, because he'll consider it his duty."
At that luncheon some of us discussed, with tongue in cheek, what we
call the "High Level Economic Conference," to which most of us
belong and you made a few appropriate, and I might say guarded,
comments on our deliberations. The Conference still meets semiannually and the next meeting is in Nashville on Thursday November 1st
and we would consider it a great honor and privilege if we could have
the Chairman of the Federal Reserve System with us at that time.
Don't shrug this one off - it is a real opportunity to get with the grassroots.
In referring to Who`s Who today to be sure I had the right address, and
I find Who's Who mostly valuable for determining the addresses and

Genesco Inc
Nashville TN 37202 USA

-2-

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Federal Reserve Bank of St. Louis

ages of friends and contemporaries, I was struck by the fact that you
are a summa cum laude graduate of Princeton. This gives me
occasion to brag a little - my only grandson was a summa cum laude
graduate of Princeton in June of this year.
You are receiving and will continue to receive an untold number of
congratulatory messages. Be comforted in the fact that I don't expect
an answer to this, but put in the back of your mind that the High Level
Economic Conference does meet in Nashville on Thursday November 1st
and youbd be most welcome.
Very sincerely,

M. S. Wigginton

cc: J. Dewey Daane

Girard Plaza
Philadelphia PA 19101
Tel (215) 585-2279

WIECKOWSKI
Executive Vice President

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

Just a note to express my gratification and
satisfaction with the superb choice the President has made in nominating you to be Chairman
of the Fed.

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

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

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear Matt:
I remember the Nashville trip well -- and "guarded"
comments are probably a central banking habit with re. I
won't promise a Nashville trip right now, but you were nice to
write so fully.
My best to you and that grandson.
Sincerely,

Paul A. Volcker

Mr. M. S. Wigginton
Chairman
Cenesco Retirement Trust
Cenesco Inc.
Nashvilbe, Tennesse 37202

PAV:smk

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

August

1979

Dear ihrancla:
I an much appreciate your letter, even if your
tiwetable is a little aillbitioua. led policy Will of course
be ouparb -- it's just my doubt* *bout all those other
sis cautious!
fellows in and outside government that
Seriously, the fanfare is over and thP week
begins. All we can do is try.
Sincerely,

Paul A. Volcker

kfr. Francis O. Wilcox
Director General
The Atlantic Council of the
United States
1616 U Street, N.W.
Washington, D. C. 20006
PAV:mhw

AMR

CHAIRMAN

KENNETH RUSH
VICE CHAIRMEN

HENRY H. FOWLER
THEODORE C ACHILLES
HARLAN CLEVELAND
EMILIO G. COLLADO
WM. McCH MARTIN
DAVID PACKARD
EUGENE '1. ROSTOW
ANDREW J. GOODPASTER

THE ATLANTIC COUNCIL
OF THE UNITED STATES

TELEPHONE (202) 347-9353

1616 H STREET, N.W. • WASHINGTON, D.C. 20006

CABLE:

ATCOUN

TREAURER

PERCIVAL F. BRUNDAGE
SECRETARY

August 1, 1979

TOM KILLEFER
DIRECTOR GENERAL

FRANCIS 0. WILCOX
DEPUTY DIRECTOR GENERAL

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
WILLIAM A. M. BURDEN
HODDING 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. HICKERSON
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. MCOUADE
HARALD B. MALMGREN
EDWIN M. MARTIN
GRORGE MEANY
SAMUEL W. MEEK
PAUL H. NITZE
FREDERICK E. NOLTING, JR.

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

Dear Paul:
I was delighted to hear about your appointment as
Chairman of the Federal Reserve Board. Please accept my
hearty congratulations. In the light of present world
conditions, that is an exceptionally important appointment but I know you will do an outstanding job. In fact
I am counting on you to get the dollar straightened out
and inflation under control within the next year. I
hope that is not asking too much!
In any event I did want you to know how pleased I
was at your appointment. My confidence in the dollar
and in the economy has gone up substantially even though
you haven't yet taken over.
With warm good wishes for every success in your new
post, I am
Cordially yours,

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

Frnancis 0. Wilcox

dArv•<
)P14
(
'14 RECEIVED

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
ROBERT STRAUSZ-HUPE
ELLSWORTH TOMPKINS
PHILIP H. TREZISE
WILLIAM C. TURNER
MARINA V. N. WHITMAN
WATSON WISE
JOSEPH J. WOLF

7 1979

r%b

P. A. V.
ANSWERED
ATTENDED

HONORARY DIRECTORS
FRANK ALTSCHUL
GEORGE BALL
EUGENE R. BLACK
C. DOUGLAS DILLON

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Federal Reserve Bank of St. Louis

JOHN FERGUSON II:
THOMAS K. FINLETT-ER
RALPH C M. FLYN"
ALFRED M. GRUEN —LiER

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

...

FEDERAL RESERVE BANK OF NEW YORK

• .

NEW YORK,N.Y. 10045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PREs!DENT

August 1, 1979

Dear Tom:
•

Many thanks for your congratulations
and kind words.

I appreciate your thoughtfulness.

Best regards.
Sincerely,
1

Paul A. Volcker

Mr. Tom Wilcox
Crocker National Bank
San Francisco, California

•

...
............................. •
......................................

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

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

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

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

9E9 X060 51-1 7,955 1 07/26/79 19:30
YORK

AkAC D\l/
ATTN MR PAUL A VOLCKER
CONCRAULATIONS TO ALL OF US ON YOUR WILLINGNESS TO SERVE AS
CHAIRMAN OF THE FEDERAL RESERVE BOARD. THE DECISION COULD NOT
REGARDS
TOM vt,ILCOX
HAVE BEEN MORE ENLIGHHTENED.

RECEIVED

500-460
ONE MONTGOMERY ST. 060
CROCKER NATIONAL BANK
SAN FRANCISCO CALIFORNIA
4:31 JST
FRBOFNY NYK
FRBOFNY NYK
021-0012-0850

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Federal Reserve Bank of St. Louis

JUL 2, 7 197g
ANSWERED

ATTENDED TO,um,.

V'S*11 NI CBINIeld

FED RESERVE BK OF NEW
33 LIBERTY ST
NEW YORK NYC
072640080098

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

PAUL A. VOLCKER
PRESIOENT

August 1, 1979

Dear Frank:
Thank you so much, Frank, for your kind words
and wishes of luck.

Somehow, we seem to be on opposite ends

of this merry-go-round, but I appreciate the prayers as I

Our best to you both--my Barbara will be in New York
fS r the

me being.
Sincerely,

/&1
Paul A. Volcker

Mr. Frank Wille
Cadwalader, Wickersham & Taft
One Wall Street
New York, New York 10005

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Federal Reserve Bank of St. Louis

e/eateideriepz=
ene/

tAet
,A‘ei-*04,,A(*10005
,,rete4iten6,7I2/785-Joao

July 25, 1979

Dear Paul:
Great news! Even the State of Georgia
knows you're needed back in Washington.
Good luck to you and Barbara, with a few
prayers from my Barbara and me.
Sincerely,

Frank Wille

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

EIVED

JUL 25 1979
P. A. V.,
ANSWERED

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Federal Reserve Bank of St. Louis

August 8, 1979

Mr. Mark R. Willes
President
Federal Reserve Bank of Minneapolis
Minneapolis, Minnesota 55480
Dear Mark:
I apprecWate the note and Il•l be seeing you too soon to
say more.
All the best.
Sincerely,

Paul A. Volcker

Federal Reserve Bank of Ne ,neapolis

July 26, 1979
Office of the President

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

Mr. Paul A. Volcker
President
Federal Reserve Bank of New York
New York, New York 10045
Dear Paul:
Yesterday was a good day for the nation and the Fed.
Like so many others, I was delighted to learn of your appointment as
our new Chairman. You will do a great job and we will all be better
because of it.
I appreciate very much your thoughtfulness in placing a
call to me so soon after your appointment. It said something about
your sensitivity to Reserve Banks that has already had a very positive
impact on morale among the officers in our Bank. You may have done
more good than you realized.

appointment.
and fun.

Please accept my heartiest congratulations on your
I hope you find your new assignment challenging, successful

Sincerely,

Mark H. Willes
President

MHW/nm

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

250 Marquette Avenue Minneapolis, Minnesota 55480

4.*

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

•

August 16, 1979

Deat Pete:
After recess, we will find time to get together!
Many thanks for the note.
Sincerely,

Paul A. Volcker

The Honorable Harrison A. Williams, Jr.
United States Senate
Washington, D. C. 20510

PAV:ccm

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

Xiarrisva Viittante,31-r.
Wetv 31trote

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An.W4 .Stectez -%‘
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WASH INGTON, D.C.

August 3, 1979
Dear Paul:
Since I'll be away from Washington Monday,
I just wanted to offer my warmest congratulations on your swearing-in as Chairman.
You'll do the state of New Jersey proud
and I know your term in a most difficult
successful.
job will stun
With warmest regards and, again, my
congratulations,
Sincerely,

es- k
The Honorable Paul A. Volcker
Chairman, Federal Reserve System
c/o The White House
Washington, D.C.

f\P

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

PAUL A. VOLCKER
PREstDENT

August 1, 1979

Dear George (and Friends):
I was delighted to hear from
you, even if you may be skeptical of this
merry-go-round.

You have not seen the last

of me; I need your wisdom and advice.
Sincerely,

aaL
Paul A. Volcker

•

Mr. George H. Willis

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

G H WILLIS

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4.013973s207 07/26/79 ICS IPHmTzz csP NyA8
202296q410 MGM TDH -1 WASHINGTON DC 25 07-26 10n0A EST

PAUL VoLCKER
FEDERAL RESERVE BANK OF NY 33 LIBERTY ST
NEW YORK NY 10005

CONGRATULATIONS ON YOUR THIRD ROUND IN WASHINGTON
GEORGE WILLIS AND FRIENDS
10:01 FsT
mGmComP MGM

ECEIVED
JUL 2 7 1979 -

ANSWERED
........... ...
............

AligNigD

..
,

...... .....••
•••••

..... ..

5241 (R1/78)

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Federal Reserve Bank of St. Louis

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

U.S.MAIL

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

PAUL A. VOLCKER
PRESIDENT

August 6, 1979

Dear John:
I appreciate the note--I am
a careful man:
Sincerely,
,

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

ad
Paul A. Volcker

Mr. John R. Wilson
President
Portfolio Securities Transactions
Corporation
1520 Ohio Savings Plaza
Cleveland, Ohio 44114

PORTFOLIO
SECURITIES

1520 OHIO SAVINGS PLAZA • CLEVELAND, OHIO

TRANSACTIONS

PHONE 216/241-1865

CORPORATION

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

July 31, 1979

Paul A. Volcker, Jr. President
Federal Reserve Bank
33 Liberty Street
New York, New York 10005
Dear Paul:
Congratulations upon your nomination to be head
of our Federal Reserve System.
I hope that you will be very, very careful in
tightening credit.

I am pleased to enclose my own

charts of credit and the stock market.
With best wishes.
Sincerely,

John R. Wilson,
President

44114

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

August 17, 1979

Mr. Donald M. Waesche

Dear Don (if I can be familiar after all those
years of Mr. and Judge),
The real bonus in this appointment is hearing
from some old family friends and colleagues in arms.
Few of the deluge of letters mean more to me than yours -because somehow those memories of Dad as township manager -and the support he had from you, Jim Brett, and others -are still fresh. I can only try to justify a little of his
faith.
My best to you, and thanks so much for writing.
Sincerely,

Paul A. Volcker

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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 Willis:
Your telegram was a classic--I
don't know about the first part; Barbara
recognizes the second part, and I welcome
the last part.
Thanks.
Sincerely,
/9

Paul A. Volcker

Mr. Willis J. Winn
President
Federal Reserve Bank
of Cleveland
Cleveland, Ohio 44101

COL 224.1 (9/78)

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7544
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PAUL:
COGiRATA,ATI)17) TO THE SYSTEM AND THE COUNTRY -- DEEPEST
P.17SONAL

PATi-Y.

LET US KNOA HON NE CAN 3E 4ELPFJL.

JLLI3 JAJN

RECEIVED
AL 2 5 1979
P. A. V.
ANSWERED

07251432 D30J",) 0239*034A5

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

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear Michael:
Uow you hats a real argument!

Map tall*" people I'll try Ay best on water
tvonts, but you add I Wm sibs ultimate test ot character.

You got a aspen mai year.
neat Idaho**
Sincerely,

Paul A. Volcker

Michael J. Wolk, 114D.
125 East 721K1 Street
Uew York, Mist York 10021
PAV:mhw

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

ISADORE ROSENFELD, M.D., F. A.C.P., A.C.C.
MICHAEL J. WOLK, M.D., F. A.C.P., F. A.C.C.
125 EAST 72ND STREET
NEwYoRK,N.Y. 10021
(212) 628-6100
HOSPITAL EXT. 8104

July 26th, 1979

Mr. Paul Vokker
Federal Reserve Bank
of N. Y.
36 Liberty Street
New York, N. Y.
Dear Paul:
For the sake of the dollar, please
keep the cigars under five a day.
Congratulations and best regards.

Sincerely,

MJW:ar

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Michael J. Wolk, M. D.

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

August 16, 1979

Dear Ms. Womach:
I appreciate the note and good wishes.
And I hope your bank, above all, gives
"Susie" a send off.
With best wishes,

Paul A. Volcker

Ms. Emily H. Womach
Chair of the Board
and President
The Women's National Bank
1627 K Street, N. W.
Washington, D. C. 20006

PAV:slw
#1644

16,7 K Street, N.W.

Washington, D.C. 20006

202-466-4090
0#

August 6, 1979

The Honorable Paul A. Volcker
Chairman of the Federal Reserve
Board
Constitution Avenue & 20th Streets, N.W.
Washington, D.C.
Dear Mr. Volcker:
CONGRATULATIONS!
Of course I mean upon your recent appointment as the
new Chairman of The Federal Reserve Board.
This is indeed fine recognition of your many abilities,
and I know that your many skills can help our nation meet the
challenges, both domestic and international that lie ahead.
Here's wishing you much continued success and happiness
in your new posi

11/
Emily H. Womach
Chair of the Board
and President

EHW:hk1

P.S. We thought you might like to have this commemorative
Susan B. Anthony coin.

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

August 3, 1979

Dear Ms. Wood:
I have read your note with interest.
for writing.
Sincerely,

Paul A. Volcker

Ms. June E. Wood

Thank You

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

JUNE E. WOOD

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Federal Reserve Bank of St. Louis

August 10, 1979

Dear Martin:
Many thanks for the note--we can only try our
best.
Sincerely,

Paul A. Volcker

Mr. K. Martin Worthy
Hamel, Park, McCabe &
Saunders
1776 F Street, N.W.
Washington, D. C. 20006

EDWARD A. M cCABE
K. MARTIN WORTHY
FULLER HOLLOWAY
ARTHUR PETER, JR.
HENRY ROEMER McPHEE
RAYMOND D. Mc MURRAY
GLENN L. ARCHER,JR.
WILLIAM R. PENDERGAST
WM. H. BRADFORD,JR,
JOHN W. PETTIT
RICHARD M. ROBERTS
JEROME P. WEISS
JOHN P. BANKSON,JR.
ARTHUR LEE QUINN
JOHN G. DEGOOYER
BERNARD T. RENZY
MARK SULLIVAN la
ANTHONY J. THOMPSON
JOHN H. SPELLMAN
MICHAEL C. DURNEY
JOE DIXON EDGE
J.GARY Mc DAVID
LARRY H. MITCHELL
CHARLES E. S LITER
EDWARD B. CROSLAND,JR.
LAURENCE J. WHALEN
L. STEPHEN QUATANNENS
WAYNE H. MATELSKI
STEPHEN L. HUMPHREY
PETER S. REICH ERTZ
MICHAEL J. HIRREL
JOANNE W. TRIMBLE
KATHERINE I. HALL
ALEX A. BEEHLER
KENNETH L. PEOPLES

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

LAW OFFICES

CHARLES D. HAMEL (1881-1970)
BENJ. H. SAUNDERS (1894-1973)

HAMEL, PARK, McCABE St SAUNDERS

GERALD D. MORGAN (1908-1976)
LEE I. PARK (1895-1978)

1776 F STREET, N. W.

WASHINGTON, D. C. 20006
TELEPHONE (202) 785-1234

CABLE ADDRESS: HAMEL
TELEX: 440374 TALY-UI

August 8, 1979

The Honorable Paul Volcker
Chairman
Federal Reserve Board
20th and Constitution Avenue, N.W.
Washington, D.C. 20551
Dear Paul:
I would like to add my congratulations on your
appointment as Chairman of the Federal Reserve.
I am very pleased to see you return to Washington -and particularly at this time in this position. The
President and the Country are very fortunate to have you
there.
Nell joins me in best wishes to both you and
Barbara.
Sincerely yours,

)7
^
KMW/mg

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

August 16, 1979

Mr. Paul I. Wren
65 Talbot Avenue
Tufts University
Nedford, Aassachusetts 02155
Dear Paul:
The only bonus in this thing is hearing from some
old friends. You are nice to write.
And now the work begins.
Sincerely,

Paul A. Volcker

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

1979Puri 5

:•

PAUL I. WREN
65 TALBOT AVENUE
TUFTS UNIVERSITY
MEDFORD, MASSACHUSETTS 02155

F
August 10, 1979

Mr. Paul Volcker
Chairman
Federal Reserve Board
Washington, D. C.
Dear Paul:
One of the most pleasant and important bits of
news I have read this summer was your appointment as
Chairman of the Federal Reserve Board. Your stature
in the monetary world -- domestic and more importantly, the international -- is extremely valuable at
this time.
Although I have retired from active banking, I
still read the reports of the Open Market Committee
as well as other items on Treasury financing. I have
been impressed with your strong positions on fighting
inflation.
It has been some years since I used to sit in
your office as a member of the ABA Government Borrowing Committee, but I still recall the pleasure of
arguing with you on occasion.
I hope that the Administration recognizes the
financial sacrifice you are making. The country is
the better for it.
Sincerely,

.444.
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Paul I. Wren

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

September 18, 1979

Dear Ezra:
Your note of congratulations went with some
others I particularly wanted to answer.

It takes a

trans-Atlantic plane for me to catch up, but I did
appreciate your words.
All we can do is try -- and let me know when
there's something I should know.
Sincerely,

Paul A. Volcker

Mr. Ezra K. Zilkha

PAV:mrk

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, New York 10045
Dear Paul:
What a fortunate appointment for the United States
and the world in general. It's wonderful to have
a professional at the helm.
I wish you enormous success both for yourself and
for the sake of us all.
Yours /S .

erely,

Ezra K. ZirTha

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

0131.1011

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.

ecW(14,4,11
I expect that you will be overwhelmed by letters of congratulation,
so I only write this on the strict understanding that I expect no
reply!
However, I really could not resist telling you how pleased
and enthusiastic I am about your new responsibilities.
I know that
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.

ou44 /)=%••Ice"
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RECEIVED
Ub

8 1979

P. A. V.
ANSWERED
ATTENDED TO
Registered Number 455106 England

...........

Registered Office: 3, Frederick's Place, Old Jewry, London,EC2R 8HD

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

September 17, 1979

Dear Philip:
Sooner or later I do answer my mail,
and I did appreciate your letter.

But I

expect we will see each other in Belgrade,
so until then -Sincerely,

Sir Philip de allueta
Chairman
Antony Gibbs Holdings Ltd.
3 Frederick's Place
Old Jewry
London, EC2R 8HD, England

PAV:ccm

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WASHINGTON, D. C. 20551

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

August 9, 1979

Dear Susan:
Thanks so much for your note of
congratulations.

I appreciate your writing.
Sincerely,

aare
Paul A. Volcker

Ms. Susan C. Young
Federal Reserve Bank
of New York
New York, N. Y. 10045
r.

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

-htAe, 17(&/e.e.

RECEIVED
AUG 7 1979
P. A. V.
ANSWERED
ATTENDED.

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

August 7, 1979

Dear Donna:
Just keen telling everyone the dollar
is safe!

Thanks for writing, and knock 'em

dead at S &S.
Regards.
Sincerely,

Paul A. Volcker

Ms. Lonna Zilkha

PAV:ak

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

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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. VoLcK ER
PREs1DENT

August 6, 1979

Dear Mr. Zwack:
I appreciate your note and
comment.
Sincerely,

.eLe afri-Vd
Paul A. Volcker

Mr. R.T. Zwack, M.E., P.E.

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

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Document type: newspaper article

Pages
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Author(s): United Press International

Title:

Carter's Choice to Head Fed Hailed

Date:

July 26, 1979

Journal:

San Jose News

Volume:
URL:

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

August 23, 1979

Dear Bill:
What the hell, I make my money on buying and
selling houses'
Thanks for writing.
Sincerely,

Paul A. Volcker

Mr. Bill Zentz
Huntington Bancshares Incorporated
17 South High Street
Columbus, Ohio 43215

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

Huntington Bancshares Incorporated
17 South High Street
Columbus Ohio 43215

A IP

Huntington

July 25, 1979

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

Dear Paul:
Thank God you can afford to take a pay cut.
you badly in your new job.
Congratulations!
Sincerely,

/YW
Bill Zentz
BZ/vm

wfl

We need

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

August 20, 1979

Dear Gene:
Many thanks for your letter, and its attachments.
As you can imagine, I have some of the same impatience
with "traditional" analyses. We'll have to see how well we can
articulate a different approach -- otherwise the game may be lost.
Sincerely,

Paul A. Volcker

Mr. Eugene C. Zorn, Jr.
Senior Vice President and
Economist
Republic National Bank of
Dallas
Dallas, Texas 75222

PAV:smk

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

REPUBLIC NATIONAL BANK
OF DALLAS

DALLAS TEXAS 75222

August 3, 1979

EUGENEC.ZORN,JR.
SENIOR VICE PRESIDENT
AND
ECONOMIST

Dear Paul:
It is appropriate that your memorabilia should include this
press reaction to your nomination by a correspondent from the
world's financial capital. The picture is no less distinguished, although more informal, than the one which appeared
in the New York Times. I attach more than passing significance to the cigar, as contrasted with abstinence or a pipe.
After the reports on your confirmation hearings, you win the
cigar. It is enclosed. I was especially pleased with your
comments regarding the destructive effects of inflation on
business activity. They reflect a phenomenon I have described
as "inflacession". My disenchantment with the current dialogue regarding the recession among economists, politicians,
businessmen and the press generally has also encouraged me to
interpret the current and prospective economic picture in the
context of two other terms: "repression" and "petrocession".
The first reflects the desired and essential thrust of monetary and fiscal policies, and the second is obvious. These
thoughts are a sequel to the accompanying article I wrote for
Braniff Magazine around the turn of the year. We economists
have to depart from too narrow interpretation of current
developments on the basis of business cycle history. More
attention needs to be devoted to the influence of unprecedented, fundamental changes. The concept of economic growth
ought to be reexamined, among other things.
I join your many friends in wishing you well in your vital
task in these critical times, and am confident that you will
make a further contribution that will be a landmark in the
history of central banking.

1-;

44,L.

Sincerely yours,

Nk0A111.
*" Pit
'
Mr. Paul A. Volcker
Washington, D. C.

gene C. Zorn, Jr.

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

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Document type: article

Pages
Removed:

Author(s): Eugene C. Zorn, Jr.

Title:

Financially Speaking: Is Recession for 1979 and Obsession?

Date:
Journal:

Flying Colors (Braniff International Travel Magazine)

Volume:

Vol. 8, No. 1

URL:

Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Full text of Paul A. Volcker Papers : Congratulatory Letters : 1979, W-X-Y-Z, Box 7, Item c122

FRASER