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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Collection: Paul A. Volcker Papers Call Number: MC279  Box 7  Preferred Citation: Congratulatory Letters:"C", 1979; Paul A. Volcker Papers, Box 7; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c112 and https://fraser.stlouisfed.org/archival/5297  The digitization ofthis collection was made possible by the Federal Reserve Bank of Sr. 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.edu   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  ...  CHAIRMAN OF THE BOARD OF GOVERNORS ...•••  ••  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  ...  September 18, 1979  ....  Dear LeRoy: As I come up for a little air, I do want to thank you for the friendly note on my appointment. Somehow my horizons don't yet extend to fishing in Chesapeake Bay much less Puerto Rico or St. Thomas.  Maybe some day:  All the best, Sincerely,  Paul A. Volcker  Mr. LeRoy Camero Hormigonera Caribe, Inc. GPO Box 71329 San Juan, Puerto Rico 00936  •.......  ........  • GPO BOX 71329 • SAN JUAN, P.R. 00936 • TELS.: 790-12b1 - 751-5070   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 31, 1979  Mr. Paul A. Volcker Federal Reserve Bank of New York New York, N.Y. 10045 Dear Mr. Volcker: On behalf of the "crew" of the Miss Holsum, I extend a sincere "Felicitaciones" on your appointment as chairman of the Federal Reserve Board. I know that your shedule will be busier than ever, but when and if you have the need to "get away" from the national as well as presidential pressures, just contact me and the "old Miss" will be waiting. As I told you and Jimmy on our fishless fishing day in December, the best months for blue marlin are July through September. The boat will be in St. Thomas, V.I. (one of the top three areas in the world for marlin—world record atlantic blue marlin of 1,280 lbs.) during the rest of the season and is at your beckoning. My best regards to Jimmy, Sincerely,  Tele:  Office  790-5025 CVIN-  Home LSC/mam /////// rct1;  eAtie leo ?,  CALIDAD  WIN •  EFICI  NCIA  •  SERVICIO  0/   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Don: I guess I share your "naivete" or I wouldn't be here.  Thanks so much for everything.  Between us, we ought  to keep those markets stable for awhile. Sincerely,  Paul A. Volcker  Mr. Donald 0. Cameron Senior Vice President The Chase Manhattan Bank, N.A. I Chase Manhattan Plaza New York, New York 10015  PAV:smk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Donald 0. Cameron Senior Vice President  The Chase Manhattan Bank, N.A. 1 Chase Manhattan Plaza New York, New York 10015  11111 CHASE  July 27, 1979  Dear Paul: As a professional in the foreign exchange market, I was pleased and had a sense of rightness about your appointment as Chairman of the Board of Governors. As a private citizen I respect and admire your decision to take on this task when it obviously entails personal sacrifices of a varied nature. I am still naive perhaps enough to think the Federal Reserve Board is something very special to the future well being and prosperity of this country and it is a very comforting feeling to me to know that the position of Chairman and you are joined. All good wishes in the challenges that lie ahead. Cordially,  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045   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 Bob: Thanks so much for the good wishes--I can only try. Sincerely,  Paul A. Volcker  Mr. Robert D. Campbell Chairman of the Board Newsweek 444 Madison Avenue New York, New York 10022   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Newsweek 444 MADISON AVENUE • NEW YORK. N. Y.10022  Robert D. Campbell Chairman of the Board  August 1, 1979  (212) 350-2240  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: Congratulations on your selection as head of the Federal Reserve Board. More importantly my compliments on your willingness to undertake such a demanding challenge with such a reduction in pay! I recall with great pleasure the delightful luncheon which you hosted last October at which the overriding topic of conversation was inflation. I join your many friends and admirers in every wish for your continuing success. Sincerely,  RCEIVED AUG 3 1979 P. A. V. ANSWERED ADINDED TO........   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 17, 1979  Dear Roberto: Many thanks for the message. to see you in Yugoslavia. Sincerely,  Paul A. Volcker  The Honorable Roberto Campos Brazilian Ambassador in London London, England PAV;jrg  Hope  \  qv  4t( ICA f ,A44461 it'. - I.eldf • tkeralin   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  '13-10A -100 SCCNO1 r c . 7  OCki SScE,Vb f\A7 6SCd14,g0 0.1.6SE,C' WtAE.Ibt ISICNI M dOIS  crl T  A  T  r'c-  G1ALIS1G  (  1L.I41cA  SNOIIYTIVKA00  TAY --  sOVN -t  Livorv  ScOIC III 'It\  NOCNC1  Si7e, 51 c'Z';/c,  05S  CC77  51 II 1 1.,2 SSII  6L/ 51 /SO Cc,(C..7  C5S7  L 6C1c S  )( g51 )SPd2VM  CE1  C.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Dear Jack: As I come out from under, and have same free time on an airplane, I do want to say how much I appreciate your note on my appointment.  I, too, look  forward to renewing contact--.I'll need all the help I can get: Sincerely,  Paul A. Volcker Dr. Jack W. Carlson Executive Vice President National Association of Realtors 925 15th Street, N. W. Washington, D. C. 20005 PAV;jrg  •  W U INFOMASTER 1-0118414206 OW25/79 ICS IPMNQNA NYK 227 1WX 7105815500 FRBOFNY NYK 1-010713A206 07/25/79 TLX NAREF CCO 01 CHICACO IL JULY 25 1979 PMS MR. PAUL vOKLER YORK FEDERAL RESERVE BANK 33 LIBERTY STREET 10049 N EW YORK• NY  NET,?  fo , Q.E ri;ANY  Jui. C.)  4.  24 Ali '19,  OF NEW YORr  1 41 CONGRATULATIONS ON THE PRESIDENT NOMINATION OF YOU AS CHAIRMAN O F THE FEDERAL RESERVE BOARD. THE PRESIDENT HAS SELECTED THE MOST K NOWLEDGEABLE PERSON TO CHAIR THE SETTING OF MONETARY POLICY. I WILL LOOK FORWARD TO WORKING WITH YOU IN YOUR NEW CAPACITY. I ENJOYED WORKING WITH YOU IN THE PAST WHEN YOU WERE A KEY OFFICIAL IN THE TREASURY DEPARTMENT AND I WAS ASSISTANT DIRECTOR OF THE OFFICE MANAGEMENT AND BUDGET. IAda, IiAA,] dAr SINCERELY, JACK CARLSON E XECUTIVE VICE PRESIDENT NAREB CCO 0253742 1 252 EST FRROFNY NYK   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   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 Hobart: It's all your fault for getting me started in this area, and I can more than match you memory for memory. now.  I can't take the time to reminisce right  But how can I adequately thank you not first for  the education, but for being the gentleman you are. All I can say is I appreciate the note and more the thought. My best to you both. Sincerely,  /Le Paul A. Volcker  Mr. Hobart C. Carr Schools of Business Adelphi University Garden City, New York  11530  Adelphi University Schools of Business GARDEN CITY, L.I., N.Y. 11530 / (516) 294-8700  SCHOOL OF BUSINESS ADMINISTRATION SCHOOL OF BANKING AND MONEY MANAGEMENT   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 26, 1979  Mr. Paul Volcker, President Federal Reserve Bank at New York 33 Liberty Street New York, New York 10045 Dear Paul, Congratulations!  Best Wishes!  Good Luck!  And congratulations to President Carter for having made such a wise choice. If he does as well with his other choices, the country is much the better for it. If not, he has still done very well for the nation. The occasion of your appointment evokes many memories. Memories of our work together when you were an undergraduate at Princeton (culminating in pieces in Money Market Essays), memories of later work, one of which dealt with commercial bank underwriting of corporate security issues (I still have a memo of yours on the subject), memories of our discussions when you were in the Treasury about some ideas I had about improving the secondary market for mortgages, memories of your coming to speak at NYU and last fall at Adelphi. Pleasant memories all. It is immensely satisfying to know that a friend of mine can have served the nation in so many ways and now again in a critical time, serve her again and that we shall all be the better for it. Again, best wishes and good luck. Yours,  HCC:fmc  (1/erb  RECEIVED JUL 27 1979 P. A. V. ANSWERED , ............,........... ATTENDED TCL....u, .....................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  August 3, 1979  Dear Frank: I appreciate your note.  All those nice reports  (really sighs of relief) will soon pass, but I'll try: Best wishes. Sincerely,  Paul A. Volcker  Mr. Frank T. Cary Old Orchard Road Armonk, New York 10504   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Frank T. Cary Old Orchard Road. Armonk, New York 10504  July 30, 1979  Dear Paul, Add my congratulations and best wishes to a host of others. We are all delighted at your selection to be Chairman of the Federal Reserve. It is certainly a well deserved appointment, and I know that you will be outstanding. Regards,  Mr. Paul A. Volker Chairman-elect Board of Governors Federal Reserve System 20th Street & Constitution Ave. N.W . Washington, DC 20551   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1079  Dear Bill: Somehow I had completely forgotten we'd left some problems unsettled: Or maybe I just thought they all began in Washington, and I'd better go to the source. I have no illusions (maybe only a few), but it's worth trying. Thanks so much for the warm words. Sincerely,  Paul A. Volcker  Mr. William S. Cashel, Jr. Vice Chairman of the Board AT&T 195 Broadway New York, New York 10007   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  AT&T William S. Cashel, Jr.  American Telephone and Telegraph Company 195 Broadway New York, N.Y. 10007 Phone (212) 393-5145  Vice Chairman of the Board  July 26, 1979  Dear Paul: Congratulations! Glad to have you at the helm in these trying times. You will do well for the country. There are so many perplexing issues that seem to defy our best thinking. I recall some we left unsolved at your luncheons. As you know we have some capability to help from time to time and, of course, would be delighted to do so if and when appropriate. New York will miss you. you in Washington.  See  Sincerely,  4zesz Mr. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, NY 10045  •'  cov•. •  ..* • ,27 •0 • -11 •  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM • WASHINGTON,0. C. 20551  • •  RAL RE-5 • •.. • •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 18, 1979  Mr. Lee M. Cassidy Executive Director President's Commission on Executive Exchange The White House Washington, D. C. Dear Mr. Cassidy: Thank you for your letter confirming Mr. Hodgdon has been selected for the President's Executive Exchange Program. I am sure he will be looking forward to a productive and challenging year. Sincerely yours,  Paul A. Volcker  ...... • • ... •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  71  PRESIDENT'S COMMISSION ON EXECUTIVE EXCHANGE THE WHITE HOUSE  September 5, 1979  Dear Mr. Volcker: The President's Commission on Executive Exchange is pleased to confirm that The Federal Reserve System's nominee, Mr. Raymond F. Hodgdon, has been selected for the President's Executive Exchange Program for the year 1979-1980 and that he has elected to accept an assignment with the First National Bank of Chicago. As you know, sponsors of Exchange Executives have agreed to cover a portion of the cost of the educational program which is concurrent with the exchange experience. Our invoice for $2,000 to cover this contribution will be forwarded to you on or about October 1, 1979. Thank you for your support. We value it highly and look forward to working with you and with Mr. Hodgdon to make this,4 truly memorable and worthwhile experience. Sin  rely  Lee M. Cassidy Executive Director cc:  Mr. John R. Weis (Liaison) Mr. Sam Griffiths (Liaison) Mr. Raymond F. Hodgdon  Mr. Paul Volcker Chairman Board of Governors of the Federal Reserve System 20th & Constitution Ave., NW 20551 Washington, DC  Post Office Box 14179  WASHINGTON, D.C. 20044  (202) 632-6834   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Don and Ray: I don't know yet what '%4-inning" is in this job, but I appreciate the vote: Sincerely,  Paul A. Volcker  Mr. Donald Castor and Mr. Ray Tyman The Ontario National Bank Clifton Springs, New York  PAV:smk  14456  TymAN FORD INC D _NEIL 849 CANANDAIGuA RD GENEVA NY 14456  co ES POSE.? ®  '  LIU ILI western union  tflailgram  111 0-  73  U.S.MAIL  m  4=0084355208 07/27/79 ICS /RmHTZZ CSP NYAB 3157896440 MGM TWAT GENEVA NY 40 07.27 0855A EST  PAUL A VOLCKER PRESIDENT 'FEDERAL RESERVE BANK OF NEw YORK FEDERAL RESERVE PO STATION NE w YORK NY 10045  CONGRATULATIONS YOU ARE PROOF THE GOOD GUYS STILL DONALD CAsToR AND RAY TymAN THE ONTAHIO NATIONAL BANK CLIFTON SPRINGS NY 14456  IN  08:56 EST MGMCOMP MGM   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  41•1•11=1  RECEIVED JUL 3 0 1979 P. A. V. ANSWERED ........ .. ATTENDED TO ............................„  TO REPLY BY MAILGRAM, SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Auaust 16, 1979  Dear Herb: I'll take the swap! Many thanks. Sincerely,  Paul A. Volcker  Mr. Herbert J. Coyne J. Aron & Company, Inc. 160 Water Street New York, New York 10038  PAV:ccm   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  J. ARON & COMPANY, INC. serving world markets in precious metals  August 7, 1979 Herbert J. Coyne  Dear Paul, I send to you my very best wishes and congratulations on your appointment as Chairman of the Federal Reserve System. I am sure it must be greatly heartening for you to see what confidence so great a number of good, bright people around the world have in you. I would just like you to know that all my good thoughts and hopes for your success and happiness in your new position are with you. As I talk to my counterparts in the gold market around the world, it's clear that we would all happily do a "swap" -- your great success for a lower and even much less active gold market. Best regards, •  Mr. Paul A. Volcker Chairman, Board of Governors Federal Reserve System Constitution and 20th, N. W. Washington, D. C. 20006 _  160 Water Street, New York, N.Y. 10038 / 212 747-5300   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Mr. James A. Catalano Vice President Marine Midland Bank 140 Broadway New York, New York 10015 Dear Jim: The commiserations are more apropos. our best to watch the shoals. Sincerely,  Paul A. Volcker  PAV:pg  But we shall try  Congratulations and/or comisserations. You certainly have your work cut out for you; we are equally certain that you are the one who can do the best job possible. Keep your periscope up and beware of the Georgia xenophobes.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  2 1979 P. A. V. AtISERED,....... ..... ATIENDED  .......... ................  -all   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 6, 1979  Dear Will: . I doubt that it is really fair (to the Fed), but I see no reason you shouldn't contribute to the debate in so lively a way. I appreciate the good wishes--we will all need some luck.  Paul A. Volcker  Mr. William C. Cates Pettingill Hill Road South Lyndeboro, New Hampshire  03082  July 28, 1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, N.Y. 10005 Dear Paul: I would like to express not only congratulations but my personal admiration for your sense of responsibility in accepting your new post at the present time. A year and a half ago you very kindly went over two chapters of my manuscript on government economic policy (the two international monetary chapters). I incorporated your suggestions to the best of my ability. In the meantime, I have found what looks like a good publisher, the ms is due October 1, and the book should be out by May 1980. Enclosed are two other short chapters. Chapter 5, on domestic monetary policy, is highly critical of the Fed (as who isn't!). Chapter 13 offers some suggestions, and in particular attempts to formulate - more clearly than I could when I was last in your office - the argument why a sharp reduction in money growth would lead to a boom rather than a bust. I realize it's an imposition on your time to ask you to look at these right now, but on the other hand, I don't want to be unfair to the Fed, and maybe some of my suggestions might be persuasive. Thanks in advance, and my very best wishes to you in Washington.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Sincerely,  a'°"'  or4"- 014 William C. Cates  .r  \•114} •1,4 ,k  to-7‘  RECEIVED JUL 3 1 1979 ANSWERED ATTENDED TO  ••••••1111  THE QUEST EOi A FREE LUNCh A Ifoter's Guide to Government Economic Policy (Plternative title:  :JTAGYLAT1ON - The Causes and (ures ) by  udlliam U. Cates  Contents  Chapter 1  The "Lismal science"  Economics is about collective human behavior. This makes it entertaining, but not particularly scientific. Economists usually do not like to admit the element of human psychology into their subject matter, which is why so many of their recommendations have been disastrous. Chapter 2  The Real World  Eevelopments in the real world are often beyond the influence of government policy. Several of these have suddenly and simultaneously turned against us. Chapter 3  The Numbers Game  The numbers and indices upon which economists base their predictions and recommendations are worth a lot less than most people realize. Chapter 4  The Ieiicit Lilemma  We are in the midst of a "successful" Aeynesian depression. Until we realize this, we are unlikely to get out of it. Chapter 5  Money Terror  When the Federal Reserve Board prints money at a high clip, it causes inflation. It also makes interest rates rise and the economy stagnate. Like monks in the Age of Copernicus, the Board members do not understand the world in which they live. Chapter 6  International Money Terror  The Federal Reserve Board of the United :states is primarily responsible for world inflation. It is uniquely responsible for the decline in the value of the dollar.  Chapter 7   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The Guns of August  The United 'jtates departure from the Gold Gtandard on August 15, 1971 was a disaster, but it was done with finesse.  - 2  Contents  Chapter 8  MIND  Looking Through the Loophole  Tax loopholes are the most effective means for government to encourage individuals ( and also the corporations they may manage ) to perform in the broader interests of society. At the same time, overly high tax rates may well produce overly low tax revenues. Chapter 9  Nuzzling for the Nipple  The political debate over personal income and capital gains taxes is shrouded in moral and intellectual dishonesty. Once this dishonesty is recognized and challenged, we should be able to legislate a tax system that oombines fairness with incentive, while also increasing tax revenue. Chapter 10  Unemployment  The Federal Government, administering laws enacted by Congress, is the nation's principal promoter of unemployment. ',,caning well, our legislators have been particularly cruel to the youthful and ghetto unemployed. Chapter 11  Price Controls  The problem of price controls is not whether and when to put them on, but when and how to take them off again. Chapter 12  Government Regulation  However fine the purposes, be they ecology, health, safety or morality, recent trends in government regulation have set up three taxes that produce no revenue. The first is overt: t billion extra cost of doing business, a cost an estimated ::100 which is paid by consumers. The other two are covert: stifling of innovation and loss of personal freedom. The costs of these latter two cannot be estimated, but Americans are beginning to see that there is a trade-off between the benefits and the liabilities of regulation. Chapter 13   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  A :;urvival Kit for Capitalism  Properly handled, the ending of inflation should produce a boom rather than a bust. .However, if recession occurs, there are several - as yet untried - recipies for ending it.  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: manuscript chapters  Pages Removed:  Author(s): WIlliam C. Cates  Title:  The Quest for a Free Lunch Chapter 5: Money and Inflation Chapter 13: A Survival Kit for Capitalism  Date:  1979  Journal:  Volume: URL:  Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear John: Now all precincts have been heard from--the pony express survives! I refuse to acknowledge the conversation--but I confess that, in the light of everything, that vaunted Fed insulation looks more and more attractive. But I also must tell you that on my salary Mountain Red looks rich. Barbara is staying in New York for the indefinite future, but I'm sure she joins me in sending our fondest. See you in Washington. Sincerely,  Paul A. Volcker  Mr. John Kavanaugh Carlock Vernon, Arizona 35940  PAV:tb   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1919 AUG \  tv! 11: 59  -_.ed/ at,  61.“ a„J Aut-  r  are   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 8, 1979  Mr. George Champion Chairman of the Board Economic Development Council of New York City, Inc. 260 Madison Avenue New York, New York 10016 Dear George: I should really learn to say "no". None of this makes much sense personally, but I guess in the last analysis I couldn't resist the challenge--if I could have it on my terms. You can't know how much I have appreciated your support over the years. No one can mistake the difficulties--all I can do is try. Best regards. Sincerely,  Paul A. Volcker  ECONOMIC DEVELOPMENT COUNCIL OF NEW YORK CITY,INC. * 260 MADISON AVENUE  (212) 949-0600  NEW YORK, N.Y. 10016  July 26, 1979  GEORGE CHAMPION Chairman of the Board  LLOYD M. COOKE THOMAS F. CREAMER OSCAR DUNN JOSEPH A. GRAZIER Vice Chairmen  PAUL BUSSE President  EDWARD H. TUCK Secretary  Mr. Paul A. Volcker, Federal Reserve Bank of New York 33 Liberty Street New York, New York 10005  ALFRED BRITTAIN III Treasurer  DIRECTORS WARREN M. ANDERSON DAVID L. BENETAR ALFRED BRITTAIN III R. MANNING BROWN,JR. WALTER H. BROWN GEORGE CHAMPION E. VIRGIL CONWAY ROBERT J. DUFFY OSCAR DUNN WILLIAM M. ELLINGHAUS JOHN T. FEY OWEN J. FLANAGAN NEAL GILLIATT WILLARD G. HAMPTON ROBERT S. HATFIELD ARTHUR HAUSPURG HARRY B. HELMSLEY JEROME H. HOLLAND HOWARD C. KAUFFMANN LAWRENCE LACH MAN JOHN E. LESLIE J. PAUL LYET JAMES P. McALLISTER, SR. JOHN F. McGILLICUDDY EDWARD H. MICHAELSEN EDWARD J. MORTOLA JOHN R. MULHEARN CARL H. PFORZHEIMER, JR. DONALD C. PLATTEN EDMUND T. PRATT, JR. JOHN PROCOPE JOHN B. RICKER, JR. GERALD K. RUGGER WILLIAM J. SCHIEFFELIN, III WILLIAM T. SEAWELL DONALD V. SEIBERT RICHARD R. SHINN DONALD B. SMILEY PRESTON ROBERT TISCH EDWARD H. TUCK RICHARD F. TUCKER GORDON T. WALLIS HENRY G. WALTEMADE JOHN C. WHITEHEAD WALTER B. WRISTON   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Dear Paul: What a great citizen you are to undertake this enormous responsibility at what I know is a difficult financial sacrifice. I well recall your second tour to Washington in which you said that you couldn't live with yourself if you turned down this opportunity to make this a little better world. In this new assignment, you will have a chance and will do much toward making this a better world for us all and we are deeply grateful. Best wishes,  RECEIVED JUL 3 1 1979 P. A. V. ANSViERED.......................... ......... --ATTENDED TO„.......„.......... ..................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Dear Captain Chao: As I come out from 'under," I just want you to know how much I appreciated your wrrm words on my appointment. I know we have economic problems, but there is also some evidence that public understanding is increasing. That's at least half the battle! Please do be in touch when there is something I should know. With best wishes, Sincerely,  Paul A. Volcker Captain James S. C. Chao President Foremost Maritime Corporation 32 Broadway New York, N. Y. 10004 PM;jra  5oremo3t  Maritime Corporation  32 BROADWAY NEW YORK, N.Y. 10004  TELEPHONE (212) 943-2335  JAMES S. C. CHAO PRESIDENT   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August3, 1979  Mr. Paul A. Volcker Chairman Federal Reserve Board c/o Federal Reserve Bank of New York 33 Liberty St. New York, N. Y. 10045  At/P-/y ve be clvt14,0 1-t.)jvvy  Dear Mr. Volcker: May I have the privilege to join one of many to extend my hearty congratulations to you on your recent appointment. Not only does this country but also the whole world economy need a very strong helmsman in our Federal Reserve Board. The entire world is grateful and encouraged by your accepting this new assignment. You deserve all the credit. Personally, I still vividly remember our chats during the Community Leader Meeting to which you invited myself and others on September 24, 1976. Since then, the economic situation changed so much but one thing that never changed is how much I enjoyed your articles and speeches frequently published in the magazines and newspapers. Many in both this country and others like myself share and support your unique views especially in monetary policy. I realize your tight schedule; however, hopefully, I will be able to have the chance to visit you in Washington, D.C. when you get everything settled. Best personal regards. Sincerely yours, , Capt. James S. C. Chao M.B.A.,D.C.S. JSC:cl   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 10, 1979  Deer Sara, Aany thanks for the note  it means so much more  from anyone who actually had once to work with es. Now, after the fanfare, the job begins. SeS something of you. Best wishes,  111Sul A. Volcker  Mr. Samuel B. Chase, Jr.  PAV:mhw  Let me   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  SAMUEL B. C HAS E, J R.  •  .  / 7/979 AN -9 r1411: 32 OFFICE  pal-e(4,  Pc4d, cerrol-"t)e _  e  64-irceit_ti<  44.(46/ (;;  Lt  (4) Phe  AO  -ID  i  2te(2(  S  7111  LC-4-'71 11-CLIft  -  •  W  Wrs111 '6et/ ot"'i tip)4/,,ro  Oltr, --)1/0  1/Le-JeJ  .• • • • •  •.ofGoVt4:•. CHAIRMAN OF THE BOARD OF GOVERNORS  • 42 •0 • -r)  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  RAL -• • •..• •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 18, 1979  .• •........... -•  Dear Pete: I appreciate the letter--the only bonus I have been able to find on this job is hearing from some old friends. Give my best to Clara, and I am glad retirement has some activity. ........ .•  Stay healthy!  ........  •  Sincerely,  Paul A. Volcker  Mr. Peter H. Christensen  .................................................................................................................... .......::: ....... .............................................................................................................................................. ..  1979 SEP 1 0 September 4, 1979 f'7F Mr. Paul A. Volcker Chairmen Federal Reserve Board Washington D. C. Dear ?aul: All of us in the Christensen family were thrilled to hear that you were appointed Chairman to one of the most distinguished financial institutions in the world. If at any time I am at a loss in trying to remember what our President Jimmy Carter has done right, I shall always be able to say" You must admit there is one thing he did right ! and that was to annoint Paul Volcker as Chairman of The Board of Federal Reserve. I .1ust returned from 7ackensack after taking Clara home having sent the week end with us. She of course wants to be remembered to you and your family. I ha':e been retired since a year ago last AuFust. I acquired a license to sell peal Estate and that keens me occupied and it may come in handy to earn a few extra dollars to fight inflation. It is our sincere wish that you will have success Li playing such an important part in the management of our Country's finance. Vie also wish you and your family good health and nrosperity.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Peter H.  stensen  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON. D. C. 20551  rargeraliMMT .  •  4k.  August 8, 1979  imilmwririftumftiMMOOMOt  •• -4•••  ' • t"i • fi  •••  -  •••C' •- •'hi . '  . 4 , •4• 4084MWA4:10...4 :1 F.174.74". ...'44 4•41• 11,1,..t •  "  4  Dear Howard: Thanks for your warm words: appreciate your writing. Sincerely,  • .1e.1.1r -  • ..;011fet•l•w •  Paul A. Volcker  ". ra,  • .--.%"0C+7- -..01,1r.• -  ••,..." •  Mr. Howard L. Clark  •  • '  ••  • •  •4.  " 4.•  ;••. •  ••••  •d•  •  ••  .• • • •  •  •  ,•••  •  .••••  mr— .• • •  •  '••• ••""••  :  • 14.4 .7 •••••••  ••••  .  ••••  .4r ie •  •  . . -.N  ••••  it;:k•  ••••   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  •  :*7 )..sr-  . • '-'•  •,.  IRV I   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  HOWARD L. CLARK  July 30, 1979  Dear Paul, I couldn't be happier for the country and proud of you. Thank goodness you were willing to do it. You're a patriot and I'm grateful along with everyone else. I hope to see you soon and meantime, send you every good wish for the future. Sincerely,  Mr. Paul A. Volcker President Federal Bank of New York 33 Liberty Street New York, New York 10045   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Mr. A. W. Clausen President Bank of America San Francisco, California  94137  Dear Tom: I appreciate your note and most of all the offer of support. The hazards on all sides are apparent to you as much or more than anyone. If you can't be here, I will at least need all the sound advice I can get, so don't fail to stop in or pick up the phone. For the time being, Barbara stays in New York, but she joins me in sending our best to Peggy and you. Best regards, Sincerely,  Paul A. Volcker   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BANK OF AM ERICA  A. W. CLAUSEN President  July 25, 1979  Dear Paul: Word of your nomination as Chairman of the Board of Governors is splendid news indeed. I'm personally delighted, and want you to know that my associates and I are ready to lend whatever support is appropriate to make your arduous responsibilities easier. You already have given generously in the service of the United States. The American people will owe you yet another debt of gratitude in the personal sacrifices you and your family are making for the public welfare. Sincerely,  The Honorable Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045  RECEIVED JUL 3 1 1979 P. A. V. ANSWERED ATTENDED Msg....N...  BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION • SAN FRANCISCO 94137   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 8, 1979  Mr. J. B. Clawson The Assistant Secretary General Customs Co-operation Council Cuscoopco, Brussels BELGIUM Dear Jim: I appreciate your note and good wishes.  Somehow, Treasury  men seem to wind up all over--I hope constructively! Sincerely,  Paul A. Volcker  CUSTOMS CO-OPERATION COUNCIL  CONSEIL DE COOPERATION DOUANIERE Telephone 648.80.90.  -  Telex 61597 CUSCO - B  -  Cable Address : Cuscoopco  -  Brussels  B - 1050 - Bruxelles  The Assistant Secretary General  rue Washington, 40  L/79.1994  27th July 1979.  Dear Paul, Congratulations on your appointment as Chairman of the Federal Reserve Board. I knew when we were working in Treasury with George Shultz that this time would come so it hasn't been unexpected. I wish you well in this most difficult of assignments. I have been in Brussels since January of 1977 working with the Customs Co-operation Council, an international organization of 87 Member governments dealing with Customs matters. While I am not a Customs man my days in the Office of Enforcement Operations and Tariff Affairs did give me enough exposure to Customs matters that I can hold my own in these various meetings. Again good luck and I am glad someone with your integrity and ability will be heading the Board. With best personal regards,  Sincerel,  Clawson. Mr. Paul Volcker, President, New York Federal Reserve Bank, Federal Reserve Bank, 33 Liberty Street, New York, N.Y. 10045.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  R  ECEIVED JUL 3 i 19(9  ANSVVERED ATTENDL io   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM •  WASHINGTON,D.C. 20551  c•>•  August 24, 1979  Dear Sheldon: As I'm coming out from under, I just want to thank you for your letter and offer of help. need it  It's dangerous--I may just  Expect to see something of you in  Washington. Best wishes, Sincerely,  P  la% Paul A. Volcker  Mr. Sheldon S. Cohen   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  SHELDON S. COHEN  July 26, 1979  Honorable Paul A. Volker Chairman - Designate Federal Reserve Board Constitution Avenue between 20th and 21st Streets, N.W. Washington, D.C. Dear Paul: Marvelous! There is no one I can think of who would be a better Chairman of the Federal Reserve Board than you. President Carter has made a perfect choice. I know you will continue to do a marvelous job as Chairman of the Federal Reserve Board as you always have in every post you have undertaken. If I can help you in any way, please feel free to call on me. Best wishes for your continued success. Sincerely,  Sheldon S. Cohen SSC:bmw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1979  Dear Steve: All I know is that I will need help of some kind. Thanks. Sincerely,  Paul A. Volcker  Mr. Stephen D. Cohen  Stephen D. Cohen  or,/ cc‹, o -Lk/  /fid  /ettrin-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4//9-  /61424 &7it r-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Mary: You were nice to write.  We'll see what happens--  but keep the Senator in line: Sincerely,  Paul A. Volcker  Ms. Mary T. Collins United States Senate Washington, D.C. 20510 PAV:sep  JACOB K. JAV1TS NEW YORK  Ilenifeb Zicziez-Zencrie WASHINGTON, D.C. 20510  July 30, 1979 .............................  Dear Mr. Volcker:  ....................  I was quite thrilled to receive the news of yo ur appointment as Fed Chairman. Many , many congratulations and best wish es! ..........  Sincerely,  WW1 Mary T.,  ollins  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 1004 5 ic/ 1  ,4}1  c0-  .........  ...................  .............  ......  ..... ...   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .....................  ................  ...........  ..............   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 10, 1979  Dear Paul: Good to hear from you.  I'll settle for the  editorial instead of the cartoon someone sent me from a Providence paper: All the best, Sincerely,  Paul A. Volcker  Mr. Paul G. Collins Paul G. Collins Four Cathedral Square Providence, Rhode Island  02903   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  PAUL G.COLLINS  noNrv':7;  Public Affairs and Financial Communications Consulting Services  1979 fltI r —9 eTTrT August 7, 1979  Paul Volcker, Chairman Board of Governors Federal Reserve System 21st & Constitution Aves, Washington, D.C. Dear Paul: It has been quite a while since the days when you were at Treasury and I was with the ABA - vintage Charlie Walker, Bill Heffelfinger and Carter Golembe. I could not let the opportunity pass, however, to offer congratulations on your appointment as Federal Reserve Board Chairman. That's a highly deserved honor and a responsibility which I know you'll carry out with exceptional ability. Thought you would be interested in an editorial from the Providence Journal which expresses the views of many people quite well. Best wishes, Sincere  Paul G. Collins PGC/asr Enclosure  Four Cathedral Square, Providence, R.I. 02903(401)274-0059  Affiliated with Duffy & Shanley, Inc.  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: editorial  Pages Removed:  Author(s):  Title:  Volcker: sound choice to strengthen the dollar  Date:  July 29, 1979  Journal:  The Providence Sunday Journal  Volume: URL:  Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Mr. Antonio Colombo Confederazione Generale dell Industria Italiana Viale dell Astronomia 30 - EUR - 00144 Rome, Italy Dear Antonio: I appreciate your note -- even if I feel oppressed by the thought of so many sharp minds like yours looking over my shoulder. I take solace in the fact so many of those minds are friendly. Thanks for your good wishes. Sincerely,  Paul A. Volcker  PAV:mhw  • j:i//(xietY/  eY l; Aa STUDI  CENTRO  VoPuize , 50 •J‘64,zeyi ,e,  €e  90  cr;   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  . . _., alcn  „,.,_ c:  170-ece/)  ?_.,At,._..e..4t,./3_. dv ,. . .1. 044_ 1jr —e cY 7 ..-t-Z----r—  /  0-e 3 14-  pitze.4 -.74-- ...6..L._71  iv(_-=-".•v--..e..-) 5/711  2e=2-7'L  &tri-%--  ,.;t--:be-,  9c44_  0 el;_• a-, i rc9A.‘. eP-ee y  ci2X) / , 6-1-cL-/ _  --El .'24/7  1, 2 --1-7  -/ 10---"----  (4  9 J  7t.71')1"cr ° . <2_..}•-•-a,t_  /--/At (2,--0.,e. )ck  c"-7-(7t2e-7)  I.4---CLZ'ca-  ) 1 /-aC)IAA  1A_ (2  12 7/4'° kr/14  i‘A-/4.1Cr--7 Vt/eel e;_ 712.4/  42)Z  -elfr2'1  C  3717 LeA  AAoe__ 61-7 --,,,,,,,t..4 -4---- s. c5:,e,.t, cr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .6/  111 'ctc)isi H b663 KER ChairTartmoifAke Board of Governors. The Federal Reserve System. Washington, D.C. 20551 Dr.  U.S.A.  LI   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Dear Dan: Many thanks for the note—we'll try our best. 5incerely,  Paul A. Volcker  Mr. Dan A. Colussy President Pan American World Airways, Inc. Pan Am Building New York, New York 10017   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  PkANIALVI  Dan A. Colussy President  July 30, 1979  Dear Paul: Congratulations on your appointment as Chairman of the Federal Reserve Board. It's truly a pleasure to see a professional like yourself appointed to this vitally important position. Your stature in the financial community worldwide will stand you in good stead and I am sure the U.S. business community will support you. My sincere good wishes go to you as you undertake one of the most challenging and exciting positions in the U. S. Federal Government. Sincerely,  Mr. Paul A. Volcker Chairman Designate Federal Reserve Board c/o Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045  RECEIVED JUL 3 1 1979  P. A. V. ANSW ERED.......................... ......................... ATTENDED TO, ......... . .  Pan American World Airways, Inc., Pan Am Building, New York, New York 10017  ...... •••   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, I.79  Dear Francois: We had no chance to talk in Basle, but I did want to say I appreciated your message on my appointment. And, even now, I look forward to further contact as we get deeper into all those common problems that seem to loom so large. With best wishes, Sincerely,  Paul A. Volcker  Mr. Francois Zavier Ortoli Comeur Banque Nationale de Belgique, S.A. Boulevard de Berlaimont 5 B-1000, Bouzelles Belgium  PAV:slw  4101111  FOR. 77A-6-5/75  FEDERAL RESERVE BANK OF NEW' FOREIGN DEPARTMENT  0  TRANSLATION DATED  FROM  JULY 26 1979  evfr k 5,09-  4 e"C, 4et tp-  FRANCOIS ZAVIER ORTOLI COMEUR BRUSSELS BELGIUM  P \Y) TO   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MR. PAUL VOLCKER PRESIDENT FEDERAL RESERVE WASHINGTON, D.C. 20551  (FRENCH) MY HEARTIEST CONGRATULATION ON YOUR APPOINTMENT. I WISH YOU MUCH SUCCESS IN THE PERFORMANCE OF YOUR NEW DUTIES. FRANCOIS XAVIER ORTOLI COMEUR   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Dear Mr. Comeu ha and la_  s for  •ur congra  hes for success.  a ions  I Pau  cker  134 DC  CZC YWB7799 RMM7523 3MZ0834 33JOS74 BE29221SJ2/059 URWN CO BEBR 040 RUXELLES TX 40/39 25 1950  AUL VOL KER PRESIDENT FEDERAL RESERVE OTA STREET CONSTITUTION AVE NW W4SHINTrONDC(20551)  VOUS A)RESSE MES PLUS VIVES FELICITATIONS A L OCCASION )E ITRE NOMINATION ET VOUS SOUHAITE PLEIN SUCC S DANS V.'S OUVELLES FONCTIONS RANCOIS XAVIER ORTOLI OOMEUR   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CEIVE0 1119 30L 30( .............ikNSWERED ........... ..................... AIIENDED "TO VISctORS OFfICE CAN   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 9, 1979  Dear Mr. Compton: I appreciate your note.  In the end, it is hard  to be more successful than public understanding permits-but it seems to be growing. Sincerely,  Paul A. Volcker  Mr. Harold S. Compton  )5";(77  / 41,  A_ 7 4,K -0E-7  •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  • 1  .  •0 ‘ 4 e • 4  6F  , ,  P,ir-P• -57  /74-A Rost_ D  5-  co  177  RECEIVED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Mr. George T. Conklin, Jr. Chairman of the Board The Guardian Life Insurance Company of America 201 Park Avenue South New York, New York 10003 Dear George: Many taanks for your note--my belated response dosen't convey my appreciation.  Don't let me get too isolated  down here: Sincerely,  Paul A. Volcker  jmr  THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA 201 PARK AVENUE SOUTH, NEW YORK 10003  GEORGE T. CONKLIN,JR. CHAIRMAN OF THE BOARD b CHIEF EXECUTIVE OFFICER  July 31, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, N.Y. 10005  .........................................  ... .... .................  .................................. ................................  Dear Paul: ............................  .. :....  Amid all the disheartening news that has beset us in recent years, the one encouraging development has been your nomination for the Chairmanship of the Federal Reserve Board. I am aware of the great personal sacrifice which must have been entailed in your decision to accept this nomination, and I just wanted to express my deepest appreciation for your willingness to take on this important responsibility for the good of our country. Sincer Ty- yours,  .....  Chairman o  •  ......  the Board  GTC:lr  177i 17.7  117 tX ;  ...... ) „,„..t  •  6  . A. V. fltiSVb'ERED, . ...  ATI Et‘l ..................................... ....... ................ ............ , ................ ..... ...... ................. ... ...................... ..... ........................... ........... .......................... .......................... .. ...................... ......... ............. ... ................. .......................... ................................................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .  ............. .... .. ...   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Jack. Many thanks for the note. All I can do is try -- but please don't hesitate to offe adv r ice and criticism. Sincerely,  Paul A. Volcker  Mr. John T. Comex Chairmen of the isord Allied Chemical Corporation P. 0, Box 3000R Morrlstooft, Mir Jersey 07960 PAV:mhw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ALLIED CHEMICAL CORPORATION P 0 BOX 3000R MORRISTOWN, N. J. 07960  JOHN T. CONNOR CHAIRMAN OF THE BOARD  July 26, 1979  The Honorable Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York  Dear Paul: I want to join in the chorus of praise for the President's nomination of you as Chairman of the Federal Reserve Bank. Through experience and competence you are clearly the best qualified person in the country for the position, and I'm confident that you will handle your responsibilities in a successful manner. Best personal regards. Sincerely yours,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 7, 1979  Dear Dick: flany thanks for the note -- and for the "Stanford report."  expect we'll need some of that luck and help. Sincerely,  Paul A. Volcker  Mr. Richard K. Cook Vice President' Lockheed Corporation 900 Seventeenth Street, N.W. Washington, D. C. 20006 PAV:ccm  A   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  LOCKHEED CORPORATION',  ,  i? 23  900 SEVENTEENTH STREET, NORTHWEST  WASHINGTON, D. C. 20000  • RICHARD K. COOK VICE PRESIDENT  August 31, 1979  Honorable Paul A. Volcker Chairman Federal Reserve Board Washington, D.C. 20551 Dear Paul: Having been at Stanford University all summer, I haven't had a chance to extend my sincere congratulations on your nomination and confirmation to the Fed chairmanship. You might be amused to know that when you were announced, our old friend and now full-time Stanford professor Ezra Solomon gave you a rousing send-off at his Stanford Executive Program class, and "student" Cook echoed his praise. In any event, the best of luck. If I can ever be of any assistance, please give me a call. Sincerely,  Richard K. Cook RKC:hbk  a  August 7, 1979  Dear Mickey: You are so nice to write and cheer me on.  I'll  need it. I'll go to Belgrade so T. can see you in person. Best regards. Sincerely,  Paul A. Volcker  Mb. Lillian H. Cooley Administrative Officer Research Department International Monetary Fund Washington, D.C. 20431  PAV:smk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  INTERNATIONAL MONETARY FUND WASHINGTON, D. C. 20431  July 25, 1979 CABLE ADDRESS  INTERFUND  Dear Mr.Volcker: Congratulations on your appointment as Chairman of the Federal Reserve Board. I know you will be an outstanding Chairman. Last week when I heard there would be a new Chairman I kept wishing it would be you. Now my wish has come true. I hope this means you will be attending the IMF Annual Meeting and Interim Committee Meeting in Belgrade. Best wishes, Sincerely yours,  Lillian H. Cooley Administrative Officer Research Department  Mr. Paul A. Volcker President, Federal Reserve Bank 33 Liberty Street New York, New York 10045  RECEIVED JUL 3 0 1979 P. A. V. ANSWERED ATTENDED TO   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12/ 1979  Dear Dick: As I get out from under / T want to say I do appreciate your note on my appointment. I suspect the problems are only starting. But I take comfort from the understanding support of so many friends -- most particularly those who keep the New York flag flying! Best wishes,  Paul A. Volcker  Mr. Richard W. Couper President & Chief Executive Officer The New York Public Library Fifth Avenue at 42nd Street New York / New York 10018  A APAV:ccm  •  The New York Public Library ASTOR. LENOX AND TILDEN FOUNDATIONS  Richard W. Couper President & Chief Executive Officer  Fifth Avenue at 42nd Street New York, New York 10018  July 31, 1979  ,  - k-  Aiot  Mr. Paul A. Volcker, Chairman Federal Reserve Board Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: Along with your many admirers, I have read with pleasure your selection by the President to head the Federal Reserve Board. How entirely appropriate: Heartiest congratulations! Sincerely,  RWC:mec Dictated 7/30/79   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  or   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Joe: Many thanks--and think of me once in a while when the brickbats begin. All the best. Sincerely,  Paul A.  Mr. Joseph R. Coyle  PAV:tb  Volcker   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Joseph R. Coyle  August 7, 1979  Dear Rusty: Many thanks for the warm note.  I won't take full  responsibility for your back, but let's hope you are back in full form soon. Meanwhile, I can only try my best. Best regards,  Mr. Morris D. Crawford, Jr. Chairman of the Board The Bowery Savings Bank 110 East 42nd Street 10017 New York, New York   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4  sank The Bowery Savin 110 East 42nd Streei New York, New York 10017 212 953 8002  THDOWERY   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Morris D Crawford Jr Chairman of the Board  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 July 26,  1979  Dear Paul: I have been lying in a hospital bed for a few days with an old lower back ailment. Nothing has given me a bigger boost on the road to recovery than reading the news of your elevation to Chairman of the Fed. Nothing could be better for the country--and my back is substantially improvedl All the best in the future. Warm personal regards, Sincerely,  It Morris D. Crawford, Jr. MDCjr/gd  RECEIVED JUL 3 1 1970 P. A. V........ ANSWERED ATIENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 10, 1979  Dear Mr. Crews: I appreciate your note and your interest. Sincerely,  Paul A. Volcker  Mr. B. H. Crews Director Fergusson Bros., Hall, Stewart & Co. Thirteenth Floor Southern Life Building St. Georges Street Cape Town SOUTH AFRICA   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  AIFIT & CO.  FERGUSON•BROS.,HAJLIA, STE INCORPORATED  THIRTEENTH FLOOR SOUTHERN LIFE BUILDING ST GEORGES STREET CAPE TOWN 8001  RESIDENT DIRECTOR W. I CARLYLE  TELEPHONES 229122/3, 224660  1st August  P.O.BOX 4059 CAPE TOWN 8000 TELEGRAPHIC ADDRESS: ESCALATE  1979  Paul Volcker Esq., Chairman Federal Reserve Board, 20th Street and Constitution Ave., N.W. Washington D.C. 20551 U.S.A.  Dear Mr. Volcker, It has been a great pleasure for me, over the past 5 - 6 years, to have had the opportunity to discuss international and U.S. monetary and economic matters with you, both at the Treasury, and at the Federal Reserve Bank of New York. Your career has once again been enchcn ced by your new appointment and I can sincerely say that such appointment is a reward for excellence. I wish you success once more and trust that I may at some time in the near future have discussions with you in your new environment. Yours truly,  B H CREWS DIRECTOR 46%000(A,r/6: • zfew t-ikktti,  MEMBER OF THE JOHANNESBURG STOCK EXCHANGE  B.Sc W.I. CARLYLE DIRECTORS - A.J F. FERGUSSON BAMFORD STEWART A.vV. HORN P.L.B. CLUCAS J.B. CRADOCK C.N.CROWHURST M.GOI.DBLATT • R.A. FERGUSON • FERGUSSON C.A.(S.A.) M.F. C MURRAY M. A.. B. Com. • E.K.C. HALL • P.  1  -  .11•,--   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 Sam: Thanks - belatedly - for the note. Maybe the textbooks will eventually have some added material on how not to do it - but meanwhile I need those friends when the more imminent brickbats begin. See you, Sincerely,  /tUe Paul A. Volcker  Mr. Sam Cross Executive Director International Monetary Fund Washington, D. C.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ,s-o;ATir ‘%Tivel INTERNATIONAL MONETARY FUND  *  WASHINGTON ZAFt1( EXECUTIVE DI RECTOR  -7 /ift? ,  Z  Ge77-e<  .5  1,7  RECEIVED JUL 3 1 1979 P. A. V. AN ATTENDED  v-4  '4.2)   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  "V  August 7, 1979  Dear Sam: Let's see whether money can survive the appointment. I'll need the friends. All the best. Sincerely,  Paul A. Volcker  Mr. Sam Y. Cross Executive Director International Monetary Fund 700 19th Street, N.W. Washington, D. C. 20431   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  INTERNATIONAL MONETARY FUND WASHINGTON  EXECUTIVE DIRECTOR  477  eei;i ,/  (7, _ ,espz y tes/)00/5 io; %J)c3 (0;t4,/a. 4:5  /A-H  4ite RECEIVED JUL 3 1 1979 P. A. V. ANSWERED AMNDED  ••■•   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Mr. Walter E. Cummin 211 Johnson Avenue Hackensack, New Jersey  07601  Dear Walter, The only real bonus in this job is hearing from old friends.  Your name rings many bells  4.4  and  so much your writing. Now the work begins. Sincerely,  Paul A. Volcker  PAVvmhw  appreciate   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  WALTER E. CUMMIN  1979W14 August 10, 1979 Mr. Paul A. Volcker, Chairman Federal Reserve Board Jashington, D. C., 20500 Dear Paul: Congratulations!!!! Never in my 80 years have I seen or heard of such a unanimous approval of any one, elected or appointed. Not one dissenting voice from the Media or people. As a Teaneck Councilman from 1946 on I worked very closely with your Dad and Jim Brett, and, while I knew your Mother and you and your sister, my association with your Dad was a good one. He, too, was a man of integrity. Sitting up there on Cloud 9, your Mother and Dad must be very proud of you. Again, congratulations to you.  Sincerely,  Gc 1  Voli1/41  . 14  141/.;`1j" \Allakpi/ • 341 " 4P‘ afil   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Raymond: I appreciate the note.  I can still remember,  too, when 30 years ago, I first passed the marble portals--only to get turned down for a job!  Somehow,  it had completely escaped my mind until your letter made me think.  I guess it's just as well--better to  start from the top, despite the problems. Sincerely,  Paul A. Volcker  Mr. Raymond Bonham Carter Department of Industry Kingsgate House 66/74 Victoria Street London, SW1E 6SJ, England  PAV:tb   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  DEPARTMENT OF INDUSTRY KINGSGATE HOUSE 66/74 VICTORIA STREET LONDON SW1E 6 SJ Telephone  Direct Line 01-212 5471 Switchboard 01-212 7676  Paul Volcker Esq President The Federal Reserve Bank of New York 33 Liberty Street New York 10045 USA  26 July 1979  I was delighted, as I am sure were all your friends in this country, to read of your appointment to the Chairmanship of the Fed. It is some 21 years since I first passed through those marble portals, having joined The Old Lady whilst working with Schroders in New York. I was duly presented to Arthur Marget, Win Riefler and Bill Martin. In the course of time I got to know many more of the team, particularly during my years in Washington in the early 60's. But that is all some time ago and it is nice to think that if banking brings me back to Washington in the not too dista nt future, as I hope it will, I will find you in Bill Martin's chair. Few, if any, of your predecessors can have taken up office when the problems facing us all looked as intractable. It is comforting to know that someone with your record and already intimately involved, is facing them. As David Scholey may have mentioned to you when you last met, I am doing a stint here which is likely to end at about the turn of the year.  W  kutivi °-4c1" / 271  (  RECEIVED  RAYMOND BONHAM CARTER NUG  1 3 1979  P. A. V. ANSWERED ATTENDED IC   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  a  'August 20, 1979  Mr. David Calleo Italia Dear David: God, what a summer -- Economic Reports are for burning not for ruminating. You're right about the challenge. The news clippings don't help much now, but we can hope for the best. Thanks for writing. Sincerely,  Paul A. Volcker  PAV:pg  Italia  -  Telefono  tv 01.  3 44.L.suAt- let-71  Q -vi "74 C", ril  fl  cxJ  MI  17::i .1  -1 4 .4 1  Aorfro-  ^ 1 (-1  -.4  -  c.) cit5..(LtA_t_ucatl c7s2A--tutiv_ t  tLILA_T-A.z\)L"4_t_  ?,6„ Lftt  WirL,-Q,u  ..e.tycLw (Lst_A.Ls  cLA__411 vA.A1  .AisH(A_k ‘ 51,J  tQzs --- oEs wsz_LO  W  ‘Ad%  N  r.A.k.LA.  Y-t-t 04 5- e__QtA ( -QintA  S  c77S1-/-rai"  )v&c,,yLt 1,0   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4-  Ut4g-t-  CL)Liz,  f).J  eQJJjv  t  cum, Nal-v\AA  e-toluACtek-k-A  "1-L r  reAA-Li 1,eLd-t-  GUJ-  3re.. k.A  tr,m J2_,t_; L2_91 4-0 tofet  A-7--("1-LsL-LkotA,  eo ctit.  k91  h  Lt  t,o4t1J---a  vRA-LA   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  s  •  c/LeAlLt-T   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  AuFust 7, 1979  Dear Henry: I appreciate the warn note, and even more, the feeling / can count on you and others in the System to do the job. Lots of problems, but then again we didn't want a dull life: See you soon. Sincerely,  Paul A. Volcker  Mr. Henry R. Czerwinski First Vice President Federal Reserve Bank of Kansas City Kansas City, Missouri 64198  PAV:smk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF  KANSAS CITY  KANSAS CITY, MISSOURI 64198  HENRY R.CZERWINSKI FIRST VICE PRESIDENT  July 27, 1979  Dear Paul: I'd like to join in on the growing number of expressions of delight, pleasure, and confidence in your nomination as Chairman of the Fed Board. I'm sure that the decision was not an easy one for you, but I'm glad that you accepted. These are times when we need a person like you at the helm. As our new Chief, please be assured that we'll do the best that we can at the Kansas City bank to help you and the System. Best wishes, Sincerely,  Mr. Paul A. Volcker President Federal Reserve Bank of New York Federal Reserve P.O. Station New York, New York 10045  RECEIVED JUL 3 0 1979 P. A. V. ANSWERED ATTENDED TO
Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102