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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis s Congratulatory Letter F-H - Collection: Paul A. Volcker Papers Call Number: MC279 Box 8 Preferred Citation: Congratulatory Letters:"F-H", 1983; Paul A. Volcker Papers, Box 8; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c127 and https://fraser.sdouisfed.org/archival/5297 The digitizadon ofthis collection was made possible by the Federal Reserve Bank of St. Louis. From the collections of the Seeley G. Mudd Manuscript Library, Princeton, NJ These documents can only be used for educational and research purposes ("fair use") as per United States copyright law. By accessing this file, all users agree that their use falls within fair use as defined by the copyright law of the United States. 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Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-3385 (fax) mudd@princeton.edu https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 The Honorable Abdoulaye Fadiga Governor of the Banque Centrale des Etats Republique du Senegal Avenue du Barachois (B.P. 3108) Dakar West Afriaa Dear Mr. Fadiga: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:smm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis On the occasion of your renomination to the chairmanship of the Federal Reserve, it is an honor to extend warmest congratulations in the name of the staff of the Banque Centrale des Etats de 14frique de l'Ouest and of myself. I particularly rejoice in the homage thus paid to your remarkable conduct of monetary policy in the U.S. and to your renowned contribution in the fight against inflation. I sincerely wish that your second term will likewise be crowned with equally brilliant successes, especially as regards the recovery of world economic activity. I extend the wish that cooperation between our two institutions will be strengthened. Best regards. Abdoulaye Fadiga Governor of the Banque Centrale des Etats de L'Afrique de L'Ouest du, Se/4 tij / Rep IA hi; fren el 6 dt det.ree_ch vis 3/og) ruies4 Alcr e BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1983 JUN 27 NI 9: I I RECEIVED OFFICE L TEE CRAIRRU FEuRAI RPs*'ERHP RANV 141; RFIRANvIIPD in 'ITAL.; , €12.191c,iNE pcu: PAP. IE 34j;,8I PREiItEfl A i fACCASION DE 'U RE RITOINDHCI InN A In PRFsIDFNIF DP LA RPRFRIIP FCFMTF R H NOM DU PERSONNEL PC N 4nuFIT FTRTR-NT; UP. 3... 1333 FFBEMHL 2. TiF LA RRNPHF NOM PROPRE pcippTc opTTrluTcppmcvf . "TP C Cir"" 8 l'HOMmAGE ANSI 1,cp0.4.1 mroirToTpr nr.r. HVAL n f *.f iL REMARQUABLE ACTION DANS LA CONDUITE DF LA POLITTer c-ri mTpr VOTRE CONTRIBUTInN Qooper.Tpc TIRpo to IHTTp t.tt,;,‘ ET mc ns TIC Ctior•r- .L https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L Tit T RHSST RRILLANTS., NOTAMMFNT ?TIP LA UnNnMI011F MONDIALE. !PTO 1630 Aa,A,& Iraatm3&w5c er,„),e yr e205/5 AT ) 7z;,40 4.61,i•/a4....i 7 r-,0:,, e_,,t.x Zonlyz ONA 41 /4 VA, Ite W.e)04,frv el "Y 4/4 - 7 /4,.pivil -Rjt.. . ; I/ 4/d e15 et, i/ A •< L e.....af 71- /g2 :i .s..-e 4,1‘) ,1 , 7 IN. * Le. 04.4 7 e go -,c014 ,--,_ C__e,iLa 7 4'( efir 1- A it-Ne k /--6• 4..yy / f4-9-- e- /0t/ 71) A4wy , .(1.111 r - Arf 4r4.1( 4ig AY•fru r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' -7 /14) ‘---</ IV., 1, efue , e-0 1 1 41...9 (1 p 1-47 rvitA7i b‘i 1 -7'el/ v-/, ( July 5, 1933 Mr. E. J. Faulkner Chairman of the Board Woodmen Accident and Life Company 1526 K Street Lincoln, Nebraska 68501 Dear Mr. Faulkner: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:nlf https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • THE PROTECTING HAND WOODMEN ACCIDENT AND LIFE COMPANY. ESTABLISHED E. J. FAULKNER 1890 • A MUTUAL COMPANY • LINCOLN, NEBRASKA 68501 20 June 1983 CHAIRMAN OF THE BOARD https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis c=) c-ck -n rn rn -n ---1 C, . . :,. . - 0.1 rn =v.= c::, r....) og-,--1 G... rn =1 n:=1,.. ,-.--t'n C . r? Cd6 . D C =i Honorable Paul Volcker, Chairman Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N. W. Washington, D. C. 20551 rn c=, CA) CO rn -rt. Dear Mr. Chairman: Your many friends here in Lincoln and Nebraska were delighted with the announcement last Saturday that the President has asked you to serve another term as Chairman of the Federal Reserve Board and that you have agreed to do so. We have every confidence that under your wise direction, the Federal Reserve will continue to pursue policies that, while further reducing inflation, will insure an increasingly productive and prosperous national economy. With best personal wishes, E. J CZ> _,......- aulkner EJF:bp 1526 K STREET • P.O. BOX 82288 • LINCOLN, NEBRASKA 68501 • TELEPHONE (402) 476-6500 • TLX 48-6457 :.-..%., https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 Mr. Janos Fekete First Deputy President National Bank of Hungary Budapest, Hungary Dear Janos: Thanks so much for taking the time to write about my reappointment. I appreciate the comments all the more from what we call an "old pro." Sincerely, PAV:ccm A JANOS FEKETE NATIONAL BANK OF HUNGARY First Deputy President Budapest https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 22nd June, 1983 It has been a great pleasure to learn that you had accepted to remain in your most important position for the next four years as well. Please, feel sure that we appreciate the success you have already achieved in the years gone by and look forward to its continuation. For the coming years I wish you good health, many further results to the benefit of the whole financial community and personal happiness. Sincerely, tt Mr. P.A. VOLCKER Chairman Federal Reserve System Board of Governors Twentieth Street and Constitution Avenue N.W. Washington, D.C. 20551 NVijy 311 JO 33I140 °MDR 8C :1 kid 6Z mit C831 143111,3 3A3Sj 11/ Id JO SIIONBAII0 JO QM imam https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Alvin M. Ferst Alvin Ferst Associates, Inc. 2045 Peachtree Road, NE Suite 530 Atlanta, Georgia 30309 Dear Mr. Ferst: Thank you for your kind words of encouragement and support. Charlotte has been subjected to enough of my speeches to judge whether my skills as an orator are responsible for my reappointment. I do look forward to some Southern hospitality if the opportunity arises. Sincerely, NMS:dmg-b cc: Miss Wolfe (2) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ALVIN FERST ASSOCIATES, INC. 1983 JUN 24 Pi1 12: 21 RECEIVED June 21, 1983 OFFICE OF THE CHAIRMAN Mr. Paul A. Volcker Chairman Board of Governors Federal Reserve System Washington, D.C. 20551 Dear Mr. Volcker: All of us in the business community are very pleased at President Reagan's recent announcement regarding your reappointment. I feel you've done an outstanding job steering our monetary system in very difficult economic times. Charlotte and I enjoyed your speech at NYU recently and want to congratulate you on your new degree. We were present at the ceremonies as one of our daughters who was a liberal arts undergraduate decided to get her MBA at NYU after four years of working in the business environment without any real business training. Charlotte has enjoyed very much serving on your Art Advisory Committee and particularly having the opportunity to get to know you. I was sorry I was not able to join her at the party for Arthur Burns, but I had a previous commitment that I could not change. I do hope your travels bring you to Atlanta and that we will have the opportunity to offer some southern hospitality. Charlotte joins in again saying congratulations to you. Very truly yours, Alvin M. Ferst AMF/cyw 2045 Peachtree Road, NE / Suite 530 / Atlanta, Georgia 30309 / Telephone (404) 355-1100 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 IN4r. Richard J. Flamson, III Chairman of the Board and Chief Executive Officer Security Pacific %ational Bank Los Angeles, California Dear Oick: Thanks so much for taking the time to write about my reappointoent. I appreciate your encouragement and good wishes. Sincerely, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis .41 SECURITY PACIFIC NATIONAL BANK LOS ANGELES r-m Vi RICHARD J. FLAMSON. III CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER 37, cs.) .rM 7rt-v.) (J) •, 3 4:i rn "cE) ••• c;„ 70 ' " 7' 7 June 20, 1983 Dear Paul: Congratulations on your reappointment. Your "independence, integrity, and abil" as cited by the President, are factors which will assure a long and steady continuation of the recovery, and which will ensure your place in history. Again, congratulations and best personal regards. Sincerely, The Honorable Paul A. Volcker Chairman The Federal Reserve Board of Governors Washington, DC 20551 • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Jack Flanagan Dear Jack: Thank you for your congratulatory letter. The confidence and encouragement of the "Fed family" is especially gratifying. Sincerely, NS:jes cc: Ms. Wolfe (2) itAh 4/2/t t( aF3, /913 AaA /761Ad 7t..„4„,, ITILL 0?1-41/& ticbvPe a/11- a i leAte JILailif oku 14, , k;A Jaynl ,ei fr, et /4J6 9Wpi4) I t 40: / ,f) ite,uieitezuzei 64,,,,z_L • trea ge?A-Litill 14 -€ liratdfr- 4-a/ at- at A.tev- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6L J At t614 /aicidein, g -% deidd • ,/atAi AtretAL . 2: C'41 +Cr C3= LAJ C.3 Lo_J C.3 LJ CZ) LAJ Ce) CCS CF3 Lt.. cx1AL-AT)-% https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Joe B. Flavin The Singer Company 8 Stamford Forum P. 0. Box 10151 Stamford, CT 06904-2151 Dear Joe: I appreciate the note--wonder sometimes why I am here--and worry about approaching senility before I can do all those other things! Someday. Regards, • •BOARD OF GOVERNORS OF THE FEDERAL RESE.RVE OYSTER b SINGER 29 RECEIVED OFFICE CF TEE' CHAIRMAN J. B. FLAVIN CHAIRMAN CHIEF EXECUTIVE OFFICER June 22, 1983 The Honorable Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Constitution Avenue, Washington, D. C. 20551 Dear Paul: As a member of the American business community, I am delighted with your reappointment as the head of the "Fed". As I said in my earlier note, we need you. Personally, as a member of The Singer Company, I would love to have had the opportunity to ask you to join our Board, as you know. Let's put that suggestion on the back burner for four years. Both of us will be old and decrepit, but who knows, we might help each other. If there is anything that I can do to be of any help in terms of input or whatever, you know I would be delighted to do so. My very best wishes. Sincerely, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE SINGER COMPANY 8 STAMFORD FORUM, P 0 BOX 10151, STAMFORD, CT 06904-2151 203 356-4200 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5 1983 Mr. William F. Ford President Federal Reserve Bank of Atlanta Atlanta, Georgia 30303 Dear Bill: Thanks for taking the time to write me about my reappointment. Your encouragement and supnort are deeply appreciated. Sincerely, NMS:dmg-b https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S FEDERAL RESERVE BANK OF ATLANTA "40-ex-e- • • • 4dey-, , Ate o-4-1 Wc& //.644-e-g-feke-ra5. //e) 3/0-&( Ce-g47 1 1244-( " 4A/X-4L eirce-”icie 114 a_44e(4.((fiCel,47,) „,P bti -Cie't Y-- -e O-t-raii ct,i-tcep4v 66-ave.ri. 4 5-tt-o-e2S-LeS VC"-- 5,v-c-ctii, ce-r7 cy-c€4._ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ,e-ct 44-Gcte Z'et4--ta--t-t- BOARD OF GOVERNORS OF THE FEDERAL ESERVE SYSTEM 1383 JUN 27 PH I: 1 8 RECEIVED OFFICE 6F THE CHA1R1,10 • • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 17, 1983 Mr. Maurice P. Forman Dear Maury: Many thanks for the note -- even with its exaggeration. Sincerely, PAV:ccm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAURICE R. FORMAN June 30, 1983 Mr. Paul A. Volcker Chairman Board of Governors Federal Reserve System Washington D.C. 20551 Dear Paul: I personally am so grateful that you have decided to continue as Chairman of the Federal Reserve Board. I want you to know that I think you are brave and the most unselfish individual that I know. Please accept my congratulations and all good wishes to you and your family. Sincerely, MRF:efg https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 Mr. Peter Fousek Executive Vice President Federal Reserve Bank of New York New York, New York 10045 Dear Peter: I appreciate the note -- but it is I who will need all of you! Best regards, PAV:dmg-b et1 v-0;4611/ (i,23 P.- e/P4) 2 ,4xt'-e__A: A ; /--t, c_et:e4.t 3 ,, 4L----* c 11oj t_e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -1-af C_SL-4-e , co_s https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS CF TEE HEM RESERVE MEM 1513 ili14 24 fl 2: 20 RECEIVED crncE OF TIE CHAIRMAN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 25, 1983 Mr. Rocco F. X. Vranco Philippines 3118 Dear Mr. Franco: I apologize for not writing sooner, but I did want to thank you for your warm letter on my reappointment. Your comments are too generous. I hope things are proceeding well with your medical studies in the Philippines. We have all been following the news there recently. Sincerely yours, PAV:dg-b AEROGRAMME 9215, Via Air Mail Par. ilimpapawid 144 ILIPINAS f /1 Trs-zw874.)1 .. nivz)R Z(' ;. • • •.. Fishing Village https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis "MIMI TO OPEN SLIT HERE Sender's name and address : Z=7 6r-- https://fraser.stlouisfed.org \ Federal Reserve Bank of St. Louis ,/ SECOND FOLD HERE BOARD OF GOVERNORS OF IRE SYSIEI4 RESERVE HERA 193 JUL 19 Ali 8: 28 RECEIVED OFFICE OF TUE CliAIRIAAN _WI, 18 i983 PRESt0144\11"'S OF VTr) 7/03 f /6 c 2e,17A P!ifif • • Aiicede,(;,(u 64•7:/Z—e,rq Z6L- 4 t,/lY) 4110 amt - VJ?t2J ,/zYL , - ,Y2cfrYt-- czAIL 61,: /t/ AyLat.LeAr7e/„,.,&,4e,re https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (a>-71Z1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Rowland C. Frazee Chairman and Chief Executive Officer The Royal Bank of Canada Box 6001 Montreal, P.Q. H3c 3A9 Dear Rowland: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:nlf -vew -. ‘111r- — THE ROYAL BANK OF CANADA HEAD OFFICE - BOX 6001 MONTREAL, P. Q. H3C 3A9 ROWLAND C. FRAZEE CHAIRMAN AND CHIEF EXECUTIVE OFFICER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 21, 1983 C=) c=3 -n rri c:n —4C • _ r-rs F-71 1=2 rra CN —4 70 7 cr, 4=1 cy, rri Mr. Paul A. Volcker Chairman Federal Reserve Board Washington, D.0. 20551 Dear Paul: Let me join thousands of others who have been reassured by your re-appointment as Chairman of the U.S. Federal Reserve Board. My col leagues and I admire what you have already accomplished and we know the Fed continues to be in good hands under your pragmatic and skillful guidance. Best regards, Yours sincerely cp r 7c3 --* t"-r1 c/a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 Mr. William C. Freund Dear Bill: Thanks so much for taking the time to write about my reappointment. 1 appreciate your encouragement and good wishes. Sincerely, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis or BOARD OF. GOVERHIP Of DIE SYSTEIWILLIAM C. FR.EUND FEDERM. RESERVE 1933 JUN 24 Ati 9: RECEIVE° tIFFICE CF TtlE June 20, 1983 Mr. Paul A. Volcker Chairman Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 Dear Paul: I join with your many friends in the financial markets in expressing my great delight in your reappointment. The country owes you an enormous debt of gratitude for the personal sacrifice you are making. I extend to you my warmest congratulations and all good wishes. Sincerely, WCF:at https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 2, 1983 Mr. S. David Frost Staff Director Office of Staff Director for Management Federal Reserve Board Washington, D. C. 20551 Dear Dave: I appreciate your note %MI and it's good to know you're here. Sincerely, PAV:ccm Zo&,i7 cf>3.1 • aa4A•ta,,i fek&-gl Ado &e_ ed-.7,z,Lez3e ,e,ifeje rrz- . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Masao Fujioka, President Asian Development Bank P. 0. Box 789 Manila Philippines 2800 Dear Mr. Fujioka: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:nlf https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 71r...... 8. A • :P.,1 ---1.1.1.1.01111.1111.111.11MMINI.""'" 1 u. 1.-0 .197468 • • BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1933 JUN 20 PM 5: 06 RECEIVED CCT1r) LiL r rr ne OFFICE OF TIIE CHAIRHAti UT WttL: i1WW 1 . 6 ! : at1a in 71114C 4 qR:-.1 vUAL '1. MEP !!1% 4.1%. I r-r•n:r-mn: ILWLFOlL rq.iTMC.T.WTirhat..sa T 9m 1F r-? v PLFRRFD TO - pm (lc vritip PLEASE re,r-coT FR FT HFFTFAL RFSUO , "T.," WI:1M Ylin 7-2,r-ros L. 1 1 a % l in m r- tir•C•Ce%r• TUUK 5`tFifilTri Wit WARMESTT QTU QTTWC TrnM srieAt, r 6t XI- UMNIrn. LI UV 1.110.) !!!!..QW..! REHruilliittLy4! AS CHRIPmRN !poccTilcuT 3\LaJ I. I? I- I 4,11.44 4tdi p 0 /34 7S 2.I• TC.1Wr:.MW onn 1!=%ri 0-1:3nf https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Om !ccno Pat: t r". •T• ;L 14 P.; 00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 25, 1983 Dear Alan: It has taken me a long time to answer letters these days, but with Congress out of town I do want to thank you for your note on my reappointment. There are lots of pros and cons to the job, but the best part of it must be the chance to work with so many able and sympathetic people around the country. I should be thanking you for your extracurricular activities with us. It is a great comfort. Best regards, Mr. Alan C. Furth T- resident """"m""'" Southern Pacific Company Southern Pacific Building One Market Plaza San Francisco, California PAV:slw 94105 Y ORIklel& gariA Reidefing, ALAN C. FURTH PRESIDENT cAOtkigkr, Xcancaco, .epnia.94/05 June 20, 1983 Honorable Paul A. Volcker Chairman, Board of Governors Federal Reserve System 20th Street and Constitution Avenue, NW Washington, DC 20051 Dear Paul: On a professional basis let me convey to you the extreme reward that all of us involved in Federal Reserve Bank matters sense upon the occasion of your reappointment as Chairman. From a purely personal standpoint let me add we find it a great source of joy and excitement. It is an understatement to say that you have our complete support as you continue on the difficult mission before you. At least you have the satisfaction of having already accomplished so much up to the present time. You should also know that I think it will be a continuing pleasure to have the opportunity to work with you even from the remote headquarters of the 12th District. Sincerely, ACF:rdo https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis k6,u itv';'1i111/14,1 3r7;.1 d3 03A1.333 017 :6 UV 1rdL1Ik4fl 1131,9.3 3iIii3S34 .40 1'10031 SaR3A00 JO Ding https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 The Honorable Sam M. Gibbons House of Representatives Washington, D. C. 20515 Dear Sam: Thank you for your very kind words about my reappointment. Your encouragement and support would be satisfaction enough -the cigars are a delightful bonus. Sincerely, NMS:dmg-b cc: Miss Wolfe (2) HOUSE OF REPRESENTATIVES WASHINGTON, D. C. 20515 SAM M.GIBBONS June 27, 1983 Dear Paul, In spite of your obvious high qualifications, you were reappointed -- and I wanted to join those offering congratulations and send you a few cigars! These are said to be some of Tampa's finest. I know you can't afford to buy your own (and neither can I, but I don't use them), and I could think of no one I would rather see enjoy them. I want you to know that we're very proud and happy that you'll still be serving as Chairman of the Federal Reserve Board, Paul. Best wishes, Chairman Paul A. Volcker Board of Governors Federal Reserve System :. . . ., Twentieth Street and Constitution Avenue, N.W. ..:,.. 20551 Washington, D. C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cg ,...... C•93 G..) --1 —, 3.;: --.. aft.. = GO https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. William L. Gifford GPU Nuclear Three Mile Island Nuclear Generating Station P. O. Box 480 Middletown, PA 17057 Dear GifThanks for taking the time to write me about my reappointment. Africa does indeed seem like a long time ago. We'll have to store up some new "old memories" soon. Sincerely, NMS:dmg-b 1 Ih n Nuclear https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GPU Nuclear Three Mile Island Nuclear Generating Station P. 0. Box 480 Middletown, PA 17057 (717) 948-8350 William L. Gifford Vice President and Director-Communications • WILLIAM L. GIFFORD NO. 10 TOWNHOUSE BRIARCREST HERSHEY, PENNSYLVANIA 17033 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 20, 1983 Mr. Paul A. Volcker, Chairman The Board of Governors of the Federal Reserve System Federal Reserve Building Constitution Avenue, Between 20th and 21st, N.W. Washington, D. C. 20551 Dear Paul: Marion joins me in sending our congratulations and good wishes on your re-appointment as Chairman. We had hoped the President would ask you to continue to serve for the good of the System, our country and ourselves! We know the kind of sacrifice that is required on your part and commend you for all you have done and will be doing. If there is ever any way we can be of service to you, please call on us. It seems like a long time ago that we went to Africa together! Congratulations! Sinc rely, William L. Gifford ca -n 4.11 UD CO -n rrl tt=i rri rr▪ l ?: f C3:1 t=a >r= 1 1P ,..1 -. -4 :a..... • NJ 1--:-I--n -r1 .4... ...... N.) --4 C t2 ) = rrI C".")= ' " .< 2c=r11 23.. = 4-4 rn :1 23= rvi = ....r 170 cf? ........ CD C.e) --4 MI ".7r. ..... 70 C. , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 • Mr. Frank R. Gilchrist President Gilchrist Timber Company Gilchrist, Oregon 97737 Dear Frank: Thanks for taking the time to write about my reappointment. I look forward to seeing you again before too long. Sincerely, NMS:dmg-b https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4110 GILCHRIST TIMBER. COMPANY GILCHRIST, OREGON 97737 June 15, 1983 Mr. Paul A. Volcker Chairman of the Board Federal Reserve System 20th & Constitution Avenue, N.W. Washington, D. C. 20551 Dear Paul: Thanks very much for the luncheon when I was in Washington last month. I certainly enjoyed it, and it was good to see you again. I am glad you accepted the reappointment as Chairman of the Federal Reserve Board. If you ever get out in this part of the country, please look me up. Yours very truly, ank R. Gilchrist President FRG:rc https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 25, 1983 Dear Mr. Glowka: You leave me open-mouthed with all your activities, but I appreciate your taking the time to write sometime ago about my reappointment. Unfortunately, I spend more time on the shuttle than fishing, but I will look out for you. Sincerely, Mr. Arthur Glowka 60 Round HiTT'ffriVe Stamford, Connecticut PAV:slw 06903 (203) 322-3577 ARTHUR GLOWKA 60 ROUND HILL DRIVE STAMFORD, CONNECTICUT 06903 DIRECTOR HUDSON RIVER CAPTAIN - EASTERN AIRLINES FISHERMAN'S ASSOCIATION WRITER. PHOTOGRAPHER, INVENTOR PRES. L.I. SOUND PRESIDENT - STAMFORD SPORTFISH SPECIALTIESTASKFORCE https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections. ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: photograph and caption Pages Removed: 31 Author(s): Title: [Photograph and caption, Walter Mondale putting on fishing gear] Date: June 19, 1983 Journal: The New York Times Magazine Volume: URL: Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections. ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: newspaper article Pages Removed: Author(s): Robert D. Hershey Jr. Title: Sacrifice a Way of Life For Reserve Chairman Date: June 19, 1983 Journal: The New York Times Volume: URL: Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org a mgm.to R .../frthur giOwka .... 7c 60 Round Hill Drive Stamfor!, Connecticut < t.• 06903 41;: 44, 322-3577 N 0 •••••• e 0000/1.e.-C"..e •-•ecie4 ,Xeal<4 r-Ge f a 4:-<",/,..efe /; -1 7 1c/ e4eZ, ' 4,r 1 : es _ % Wittcle; CILSA C, ,t-eV c-4./,r"Jr* ir-yrcicecesi 9° 4,_t4.,4,46474-c91., ?-eyeeeer- A O-40%e 17 e./eT o.k,f7 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -ee. , •ee-t7 /gr- A4.7/go-. /447-7, ,41f, rf Zwo 4(44 l eer dedt41 *Of wi•E 1.1.4 L4.1 s.a..3 Lti CooD G.) cety,pe oftel, We via Li 110 •• .• G •4) OF THE FEDERAL RESERVE SYSTEM •O • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS gb• WASHINGTON, D. C. 20551 A.. PAUL A. VOLCKER .•.• • • • • •• CHAIRMAN July 18, 1983 Mr. John P. Gnaedinger STS Consultants Ltd. 111 Pfingsten Road Northbrook, Illinois 60062 Dear Mr. Gnaedinger: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. aaaA- Lel crxi6ategx / ttAii;ad/ • ro..‘kos ok% It\f17.. ti VO. 1);. f ti?it 01 STS Consultants Ltd. 111 Pfingsten Road Northbrook, Illinois 60062 312-273-5440 July 8, 1983 Mr. Paul Volcker Federal Reserve System Washington, DC 20551 Dear Mr. Volcker: Congratulations on your reappointment. I hope that people that whether for and in fact you start immediately informing the American wage increases without productivity increases, blue collar workers or executives, is inflationary is the primary cause of inflation. Sincerely, (7 ----" / John P. Gnaedinger https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JPG:em https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 20; 1963 Dear Allan: Perhaps 1 would have teen better off had I also been in remote France. But life here has its compensations at times -- you get to know some of the nicest people. I do appreciate your note, and ny best to you both. Sincerely, His Excellency Allan E. Cotlieb Ambassador of Canada Embassy of Canada 2825 Rock Creek Drive, N.W. Washington, D. C. 20008 ,p.icsposT9- *VLF E GRAMLEY Western " Unionbiallgrani°11 • 400210645169 06/18/83 ICS IPMMTZZ CSC) WSHB S03768q694 MGM TDMT CHARLESTON SC 21 0601S IMP EST • • 10* • • PAUL VOLCKER FEDERAL RESERVE BOARD WASHINGTON DC 2055/ • 40 40 40 CONGRATULATIONS, LOOKING FORWARD TO WORKING 4 YEARS, LYLE 12:56 EST 40 WITH you. DURING- TOM NW en csa YI ""Ta 03 c-) r-ri MGMCOMP C._. ; ..1= ) r. -1 = • N.) =rri rrt CD • -ri rn = ›- i— Go ....,.. CO Ni al • =3 cr_t <=1 ' rn -ri r..-) . fr.-% r.ri ....I ,.. ..=.) . D rri C = --v- • CPI -*-.:. it,..) —4 rri .._ ---.L.. 701 = t=> = Ce'D • • • • • 0_ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • • • • TO REPLY BY MAILGRAM MESSAGE, SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS •Wit ' 4,1 TO RFPLY BY MAILGRAM MESSAGE, PHONE WESTERN UNION ANYTIME, DAY OR NIGHT: FOR YOUR LOCAL NUMBER, SEE THE WHITE PAGES OF YOUR LOCAL TELEPHONE DIRECTORY : OR DIAL (TOLL-FREE) 800-257-2241 (EXCEPT IN NEW JERSEY 800-632-2271) OR DIAL WESTERN UNION'S COMPUTER DIRECTLY: FROM TELEX I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6161 FROM TELEX II (TWX:q 910-420-1212 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 4, 1983 Mr. John F. Gray President Emeritus Lamar University P.O. Box 10067 Beaumont, Texas 77710 Dear Mr. Gray: I appreciate your letter, and I must also say I have heard a good deal hbout your contribution to the Gulf Coast area, and more widely, from Elvis. I am looking forward to being with you in November. Sincerely, PAV:ccm 4111•77) ar„ LAMAR UNIVERSITY P. 0. BOX 10067 BEAUMONT,TEXAS 77710 199 RECEIVED CliAIRVI DFFICE 0F ThE July 19, 1983 PRESIDENT EMERITUS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD DF GOVER RS CIF BE SISTA RESERVE FEDERAL JUL 2 1 114 12: 20 The Honorable Paul A. Volcker Chairman of the Board of Governors Federal Reserve System Washington, D. C. 20551 Dear Chairman Volcker: Our mutual good friend Mr. Elvis Mason has shared with me the delightful news that you have graciously accepted our invitation to deliver the dedicatory address at the John E. Gray Institute of Lamar University in Beaumont on November 11. Your presence on this occasion will add dignity and credibility to the Institute and will help us immensely in achieving our major objectives, i.e., to improve labor-management relations, prevent work stoppages, and increase productivity in the great Gulf Coast crescent which we serve. During my active years in banking, I had the privilege of serving on the Board of Directors of the Houston Branch of the Federal Reserve Bank of Dallas and later as Federal Advisory Councilman representing the 11th District. These experiences have helped me to understand more clearly the truly great contributions you as Chairman of the Board of Governors have made to our nation's welfare. Along with millions of other citizens, I was reassured and deeply grateful for your acceptance of President Reagan's appointment for another term. We look forward with keen anticipation to having you in Beaumont and Southeast Texas on November 11, and we shall do everything in our power to make your visit most pleasant and enjoyable. Meanwhile, I join with Elvis and all other members of our Board of Trustees and Advisory Council in thanking you sincerely for taking time out of your busy life to honor us by dedicating the Institute. Cordially, ftk John E. Gray JEG:ep https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April 27, 1983 . President .2Eaalai Mr. Roy First Federal Savingsand Loan Association of Jacksonville Adams and Julia Jacksonville, Florida 32202-4318 Dear Roy I hasten (even if late!) to congratulate you on your new assignment, even though it means we lose a director! If we can't have you directly, I at least can look forward to seeing you after vou've settled in Washington. Obviously, we put a high value on our relationship with the U.S. League, and I'd like to have breakfast or lunch with you after ,you've moved. Sincerely, TEAllison/NMS/PAV:slw II LI Ili • GFIR,ST GFEDERAL savings and loart association ofJacksonville ADAMS and JULIA, JACKSONVILLE, FLORIDA 32202-4318 AREA CODE 904 / 354-8443 -.4iiii April 7, 1983 Roy G. Gieeri, Piesident https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mr. Paul A. Volcker, Chairman Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Mr. Volcker: Thanks so very much for your invitation to attend the meeting of new directors to be held in Washington, D. C. on April 25-26, 1983. I was really looking forward to attending. However, as you probably do not know, I am moving to Washington, D. C. to become Executive Vice President of the U. S. League of Savings Institutions the latter part of this month and because I will be living outside of the Jacksonville area I will have to give up my membership on the Board of the Jacksonville Branch of the Federal Reserve. Let me say that I was most honored to have been a member of the Board of the Jacksonville Branch. They have an outstanding operation and I was pleased to be a part of it. You can be proud of the performance of Charles East and his staff. I look forward to seeing you in Washington, D. C. RGG:McW July 5, 1983 Mr. Maurice R. Greenberg President American International Group, Inc. 70 Pine Street New York, New York 10270 Dear Hand: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:nlf https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • AMERICAN INTERNATIONAL GROUP, INC. 70 PINE STREET NEW YORK, N. Y. 10270 OFFICE OF MAURICE R.GREENBERG PRESIDENT https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 22, 1983 Mr Paul A Volcker, Chairman Federal Reserve Board Washington, D. C. 20551 Dear Paul: I am delighted, and our Advisory Board is delighted, with your appointment. More important the country is far better off with the President's decision than it otherwise would have been. Sincerely, 04- it_of 71-4.44A„ MRG:R NVISVIIO 1 JO 331.4J0 O3A133311 8C :6 V LZ Nrir £861 HMIS 3A11301 1H303.4 31.11, JO nOM3A09 JO MOS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 Mr. James M. Griffin, Jr. Corporate Economist AEtna Life Insurance Company 151 Farmington Avenue Hartford, Connecticut 06156 Dear Jim: Thanks so much for taking the time to write about my reappointment. I read the piece -- now I'll have to live up to the implication! Sincerely, PAV:ccm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis James M. Griffin, Jr. 151 Farmington Avenue Hartford, Connecticut 06156 Corporate Economist June 20, 1983 -n cn t-n 7=t -*-4 The Honorable Paul Volcker Chairman Board of Governors of the Federal Reserve System 20 Street and Constitution Avenue, NW Washington, DC 20551 C.C4 rrt C.A., rrl = I:A N. ) ci..) c-- rrl = :a. ...- rri -4 C-3 --- r-r1 ....... 7::,'• .r.- Dear Paul: In late April I sent you an AEtna opinion piece titled "Volcker Ventured, U.S. Gained." The transmittal letter expressed my regret that it seemed necessary to speak of your chairmanship in the past tense. I was wrong. I've been wrong before, but seldom has it felt so good. Congratulations on your reappointment and God bless you in your work. Sincerely, JMG:dt /Etna Life Insurance Company / The /Etna Casualty and Surety Company C=. r'Irt-r1 rrl ..., -- P C..43 r.... ...- -4 c.. , ) --i rrl -v. -... rn vo c:, ci, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Ms. Mary A. Grigsby Chairman of the Board Chief Executive Officer Houston First American Savings One Shell Plaza P. 0. Box 1370 Houston, Texas 77001 Dear Ms. Grigsby: Thanks so much for taking the time to write me about my reappointment. Your encouragement and support are deeply appreciated. Sincerely, CCM:dmg-b cc: Miss Wolfe (2) 440 Houston First American Savings https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I. S. Mary A. Grigsby Chairman of the Board Chief Executive Officer June 22, 1983 Chairman Paul A. Volcker Federal Reserve Board of Governors 20th and Constitution Avenue, N.W. Washington, D.C. 20551 Dear Chairman Volcker: I am so pleased with the news of your reappointment as Chairman of the Federal Reserve Board. You have done an admirable job in the past and I know you will continue giving our monetary system credibility both in our country and internationally. I am enjoying our association in connection with the Thrift Advisory Counsil immensely. Sincerely, MAG:h ---ri --ry C"'a re! C....... CO CA0 t...... C., rli r-ri 0C . NO =1(=)= 4--ri ....... " -VI rri —11 -,.., .....-* 7'...-:0 tra. --...... ....••• :i.›.. •• ceD ...Aft P.O. Box 1370 Houston, Texas 77001 (713) 221-4800 ...1 ..0 ==I, ..< rel ...< rrl MI =0 C", rri One Shell Plaza CO c3 )>. r"- rrl :::r: "Vi MI C=r rvi =3 0 MEL. June 30, 1983 Mr. Roger Cuffey President Federal Reserve Bank of Kansas City Kansas City, Missouri 64198 Dear Roger: Thanks for the note on my reappointment. a lot to do together! Sincerely, PAV:ccm 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We have Olt •6 SO FEDERAL RESERVE BANK OF KANSAS CITY June 20, 1983 ROGER GUFFEY PRESIDENT https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mr. Paul A. Volcker Chairman of the Board of Governors Federal Reserve System 20551 Washington, D.C. 47. cf) Dear Paul: I was delighted on Saturday to receive the news of your reappointment and was surprised but equally delighted with your acceptance. I look forward to continue working with you in the period ahead. Congratulations! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 18, 1983 Mr. Jean Guyot Many thanks for your warm words. So far as your dollar analysis is concerned, I'm sure you have noticed that our current account deficit is beckinning to mount, one reflection, I an afraid, of the continuing imbalance in our fiscal affairs. Sincerely, PAV:ccm • • O BOARD OF GOVERNORS OF THE FEDERAL RESERVE SISTEV SEAN GUYOT https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 29th, 1983. 1983 JUL -G MI 9: 33 Mr. Paul A. Volcker RECEIVED Chairman of the OFFICE OF THE CHAIRM A!'; Federal Reserve Board 20th Street and Constitution Ave, N.W. Washington D.C., 20551 May I refer to the pleasant evening which we spent in your company last April in Paris with our friends, Marc Vienot and Jacques Mayoux, to tell you how delighted I was to learn of your reappointment as Chairman of the Federal Reserve Board. At a time in which I assume that the messages coming from France could reflect various attitudes, I want to tell you how warmly I welcome this decision. Would I dare to say that I never had any real doubt about the final choice of the President, and that it has been in the recent months and weeks my favourite bet with my American friends, including Arthur Burns, Frank Zarb and Felix Rohatyn. I offer you my warmest congratulations. y P.S.- May I, on this occasion, take the liberty of coming back to what I mentioned during our conversation at Maxim's last April concerning the persistent strength of the dollar. I have been suspecting for some time that one significant cause of this strength may be found in the international process of creation of new dollars. This process which has developed in the seventies, has now dried up as long as the deficit of the current account of the United States is relatively small and that the global surplus of the oil producers has practically disappeared. This is why I believed since several months that the undertone of the dollar is fundamentally strong and up to now I see no reason to change this perspective.ef° 1).r. 0,, A 10\ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Pierre Haas Paribas International 3, Rue D'Antin Paris, France Dear Pierre: Thanks so much for taking the time to write about my reappointment. Your words suggest heavy responsibilities, and we will try to do our best. Sincerely, PAV:ccm a • PARIBAS INTERNATIONAL PARS. June 22nd, 1983 HEAD OFFICE PARIS 3,RUE D'ANTIN Mr Paul VOLCKER TEL 260.35 00 TELEX 210041 Chairman of the Board of Governors of the Federal Reserve System Washington D.C. 20551 CHAIRMAN AND CHIEF EXECUTIVE OFFICER Dear Mr Volcker : Although this will be one of many letters and cables of congratulations you will have received, I want to tell you my deep personal pleasure when I heard of President Reagan's decision to nominate you for a second four year term at the head of the Federal Reserve System. It gives a sense of the authority and respect you have gained in the world that we all felt relieved and more secured when we heard, last saturday morning, of the President's decision. At a time where confidence is a fundamental factor to keep on an even keel the financial affairs of the world, that you will remain in charge of the United States monetary policy will give heart to those Institutions, like ours, which must increase their contribution to certain sovereign risks to try to save what they already have at stake. The fact that, in these troubled times, the world tanking and financial community is looking toward you as an anchor of strength in a difficult environment adds measurably to your already heavy responsibilities but we all know that you will be equal to this difficult mission. With all my best wishes and warmest congratulations. Yours sincerely, lA-ti 4 d=4 A21/ 1 110 i zlj 03/1133A 331.4A :6 j. L Z tinr c86I 14.11S1S 3/Cd.321(1 3111 A EgONCIROO JO um https://fraser.stlouisfed.org 1 Federal Reserve Bank of St. Louis Pierre Haas July 5, 1983 Mr. Jean-Yves Haberer President Compagnie Financiere de Paribas 5, rue D'Antin Paris, France Dear Mr. Haberer: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:smm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C COMPAGNIE FINANCIERE https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DE PARIBAS 5, RUE D'ANTIN Paris, June 22nd, 1983 LE PRESIDENT Mr Paul Volcker Chairman of the Board of Governors of the Federal Reserve System Washington D.C. 20551 Dear Mr Volcker : It gives the measure of your merits and of the high esteem in which you are held in the world financial and banking community that we all feel safer now that President Reagan has renewed your mandate for a second four year term. In the fragile state of the world financial structure, all your experience, your wisdom and your authority will be needed to face the problems which will be created by the next phase of the international debt rescheduling operations. Indeed, without the confidence they have in your judgement, it is doubtful that even the biggest banks would agree to a further round of new credits. Even then it will take a very substantial contribution from the international agencies and Governments to control the situation. In this difficult context, you have my best wishes and all my congratulations for this recognition of the role you have played and you will continue to play in the U.S. and world financial affairs. With kind regards, Yours sincerely, Jean-Yves Haberer NViitYlVii3 3111 0341333UJO 3,714V 01 :11 NV le or EEO fri21SAS 311U3S3U 311.1.10 7013113d 4003440 JO 0008 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 The Honorable Yeung Xi Hah Governor Bank of Korea C.P.O. Box 26 Seoul 100 Korea Dear Governor: Thank you so much for your message on my reappointment. I look forward to our continued association. Sincerely, PAV:ccm ' -; -1i.4-4, i "*.: '..' :. C.. .1. 4- :1-1,1•1 J. L. ...1 •... • A % • BOARD OF GOVE.RNORS OF THE FEDERAL RESERVF. SYSTEM 16 • 1583 JUN 22 Ik14 9: 1 0 RECEIVED OFFICE Cr THE CliAIRMAC ccTio , , 1 ! VA744 .1 VntlrOMV r..1.3n !AI c : s t.t'AtLo. :a Lill 1 %stud .,4%.4tyttluts%:, nc OC HT i'leCci 'BOARD OF OOUFRNORS ccTicwii I ri‘ TT %..i :• r'LlaTmH^L: 1.,fl!!,iNJ,MN irr UCi74:TV innv cnQuarin Tn ; 1 yt.l.uJta 8 nc ienpca& t 13054 OTO 06/22 TOT ! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis t r .nMr .1730TMOTTrite r-,tmTtir-n T u^T T "al r• Ur•TCM ktrilsr, pcgoortivTmrkIT r-e,tirt5c Tn % nc Qt r.nuccimnor. i- 111 .• 11! MCCICr 0 OCCCQIIC In m4 , 07 ,,H, TI$1" ' 1 T ^te't OMTI oF DCCT CTMC voucc QcicaTnpicuTo https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Alexander Flasterstein Dear Mr. Flasterstein: Thank you so much for sending along the copy of your letter to the Wall Street Journal. Your encouragement and support are deeply appreciated -- even if I did once have a modicum of athletic ability (at least I thought so). Sincerely, PAV:ccm 1 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Alexander Flasterstein Editor Wall Street Journal 22 Cortlandt Street NY,NY 10007. 1983 MI 24 AM 9: 27 RECEIVED OFFICE CF THE CHAIRMAN 212-884-.9881• June 20, 1983. Dear Sir: It iiiiipameful that be or being reappointed, Chairman Paul Volcker In the wind" for two months. Obviousln was " to twist the Republicans wanted Volcker to agree to make the economy look good before 1984 elections, to get Republicans elected regardless of the subsequent possibly disastrous effects on the economy. Volcker refused. Volcker has integrity and dedication* His integrity includes determination to do what he decides is economically correct. His dedication is shown by his acceptance of reappointment. He could well have declined to continue. For his gargantuan expertise, monumental responses, and unique integrity, he is paid a paltry $69,800 per year, before taxes. This 6 foot 7 inches man, could easily have became a monaire, if he had a modicum of athletic ability,as a first baseman, instead of comparative poverty in his brain-wracking work. is shown by the fact that if he retired now, Also, his dedication net him about he would have a subst t al pension, which could well ! as much as he now take home after taxes. And he could make a very great deal of money, by gainful private employment, oOthaving a Kissinger type of operation, or do what Congressmen do --go on a lecture circuit and make money by talking; or as ex-politicians do, write books* or teach. To repeat, it is shameful he was made "to twist slowly in the wind4 Mr. Volcker is a national treasure and the United States and the world are extremely lucqto have him at the helittof the Federal Reserve Systmn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Very truly yours, Alexander Flasterstein. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 24, 1983 Mr. W. B. Greene Jr. Chairman o teioard Chief Executive Officer Carter County Bank Post Office Box 629 Elizabethton, Tennessee 37643 Dear Mr. Greene: I appreciate your note and your support. I would like to have Senator Sasser's as well, but I do think that we, at least, can "communicate" with mutual respect. Sincerely, PAV:dmg-b el BOARD OF 49 @rter un I an 4 MEMBER FDIC GOVERNORS CF THE FEDERAL RESERVE MITA 1.983 AUG 12 AMU: 37 itECEIVED OFFICE OF TI,E CHAIRMAN W. B. GREENE, JR. August 9, 1983 CHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mr. Paul Volcker, Chairman The Federal Reserve Federal Reserve Building Washington, DC 20510 Dear Chairman Volcker: I was extremely disappointed when I realized that one of our Senators from Tennessee, Jim Sasser, had voted against your re-nomination to the Chairmanship of the Fed. Enclosed is a copy of his letter to me which is also unacceptable. I thought you might like a copy of it to enjoy when you're in a light-headed state of mind; it's obvious Senator Sasser is a little lopsided in his thinking. He seems to forget the last ten years and especially when many of the indicators were not as attractive as they are today. Congratulations, I'm glad you're back. Sincerely yours, W. B. Greene, Jr. Chairman of the Board Chief Executive Officer WBGJr/dba Enclosure . 41441t tek4t4, 4,144' rt 1. POST OFFICE BOX 629 • f (44' -dot 0,1 ELIZABETHTON, TENNESSEE 37643 COMM ITTEES: JIM SASSER TENNESSEE APPROPRIATIONS BANK ING , HOUSING AND URBAN AFFAIRS 9JCnifeb Zfatez Zenafe WASHINGTON, D.C. 20510 BUDGET GOVERNMENTAL AFFAI RS SELECT COM M ITTEE ON SMALL BUSINESS August 3, 1983 Mr. W. B. Greene, Jr. Dear W. B.: Thank you for your comments regarding the reappointment of Paul Volcker as Chairman of the Board of Governors of the Federal Reserve System. I appreciate knowing of your interest. As a general rule, when nominees are first presented for the advice and consent of the Senate, my preference is to support the President's choice except in cases of evident incompetence. Paul Volcker is not incompetent in any way. However, this is not the first time his nomination has been before the Senate. He has a record to defend. As I said to Mr. Volcker in recent Banking Committee hearings, I have the utmost respect for him as an individual of great intellect and integrity. I advised him, in my statement, that my reason for opposing his reappointment was that I do not believe that the high interest rate policies he has advocated are in the long-range best interest of a healthy economy. The human and economic costs of the recession, the effects of which are still painfully present in major sectors of the economy, are counterproductive to the achievement of a full and stable economic recovery, in my view. This was a very carefully considered decision on my part, and I am confident that Chairman Volcker fully understands the reasons for my disagreement with him on matters of policy. I want to thank you again for giving me the opportunity to discuss the issues with you. I hope you will let me know if ever I may be of service to you in soT:e , -way. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ncerely, Jim Sasser United States Senator https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 12, 1983 Dear Alan: I am usually cautious too, hut sometimes feel that willingness to stay here is prima facie evidence of incometence -- all the more because I would have been delighted to be writing you! Let's get together soon -- your city or mine. Best regards, Mr. Alan Greenspan Townsend & Greenspan 1 New York Plaza New York, New York PAV:slw -thedo ALAN GREENSPAN Davy ifre44vAiiip5- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Vz34 P,014- eia‘ te.t op\ refismi, Jac, 664/1‘). gium/itlitAAAr'- VivtieAft4/1 (P-• zusu;-•\ satot--jov • BOARD OF GOVERNORS CF THE FEDERAL RESERVE YSTEM 1383 AUG 1 PM 9: 33 RECEIVED OFFICE OF THE CHADIAN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0069 .0 .0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 25, 1983 Helen Sulley Hale Dear Helen: I put your letter aside in the nostalgia file when it arrived, and apologize for not responding sooner. All those familiar names and faces! I have to report that Louise died some years ago, and I begin to feel old when I think of Ruth being retired. Thanks so much for taking the time to write and remind me of the Longfellow Avenue roots. I went to Teaneck a couple of months ago for a dinner. It was the first time in many years. I drove down the old street -- it didn't look so different externally, but it can't be the same. Sincerely yours, PAV:dmg-b • • • BOARD OF GOVERNORS OF THE FEDERAL CESERVE SYSTEN 1983 JUL -5 /I14 9: 06 OFFICE https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Volcker, Chairman edera eserve System 20th and Constitution Ave. N.W. Washington, D.C. 20551 My dear Paul: I take the liberty of addressing you this way because my last recollection of you was of a very tall, towheaded boy of about 7 years walking past the "Burger's house" on Longfellow Ave. in Teaneck, N.J. Of those that grew up on Longfellow Ave. that have kept in touch, they all ask me if I have ever written to you. Mrs. Burger told me Warren met you at a Reception in N.J. and you remembered him. My brother, Phil Sulley and his wife, Alice Blomberg, live in Bradenton, Florida. Leonard Mendez lives in Stuart, Florida and Marion Fisher who lived nearly opposite your corner house is in Glen Cove, N.Y. I can safely say this is a remembrance from all of the above. I remember your father well as my father, John Sulley, was running for Mayor of Teaneck and we, children, had to pass out cards for him. The government of Teaneck was changed that year to City Manager and that is when your Father came into Teaneck. Marion and I often talk of those years as 10 year olds of how patient your sister, Louise, was. She put us through a 3-act play. We had the leads and had to memorize all of this and the play was put on in your big garage. I had new leather school shoes on and had to pretend to tip over a canoe and Bobby Raetz put the hose on me. The shoes were ruined, but the memories of that time have always stayed with us. We made all of $4.01 and donated it to the Depression Fund at the Town Hall. We all used to gather on your front steps and Louise would have us act out courtroom scenes and appoint each of us as witnesses or lawyer. No one could have had more interesting experiences than we did on Longfellow Ave. without TV and using our own imaginations. Please remember us all to Louise and Ruth, who would peek out at us once in awhile to see what we were doing. I read a very good article about you in the Dayton Daily News and of your dedicated life to our government and this country. I felt it was time to write this and let you know you are not alone. There are many of us that remember you and your family and our prayers and thoughts go out for your support continually. I live in Dayton, Ohio currently and have my family of three daughters and grandchildren nearby. I work at a Teamsters Union and have for 9 years. Of course, you know of our Ohio Jackie Presser recently becoming General President of the International Brotherhood of Teamsters. We are all looking forward to changes for the better in all directions. Again, our best wishes for your continued inspiration, dedication and principled thinking. Sincerely yours, Helen Sulley Hale https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Ms. Cynthia Holcomb Hall United States District Court Central District of California 312 N. Spring Street Los Angeles, Cali#56rnia 90012 Dear Cynthia: Many thanks for writing and catching me up. I'm a little envious of Harris at Lake Placid, on the banks of the Ausable. But my weekends are like yours. I trust there are satisfactions along with the pressures--that's what we all live on. Sincerely, • UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA 312 N. SPRING STREET LOS ANGELES, CALIFORNIA 90012 CHAMBERS OF CYNTHIA HOLCOMB HALL JUDGE June 21, 1983 Chairman Paul A. Volcker Federal Reserve Board Washington, D. C. Dear Paul: Along with the entire nation, I am delighted with your reappointment as Chairman of the Federal Reserve Board. I'm glad you can continue to afford to live on what it pays, and that your family will continue to tolerate your commuting. As you may recall, I did a little commuting myself when John was practicing in Los Angeles and I was on the Tax Court in Washington. I believe you were born for the job of Chairman, trained for it, and placed on the job when we needed you the most. You did a fabulous job with inflation, something the politicians could never do. I wish you an easier and pleasanter four years ahead. Our economy is in your hands. I am enjoying the U. S. District Court in Los Angeles. As you may recall, I wanted the job so I could stay home with John's and my son, Harris, who is now 11 years old. I underestimated the time pressures involved in the job, particularly that I would have to work most weekends. As a result, I have sent Harris to the North Country School in Lake Placid, New York, which he likes very much. The school can devote 24 hours a day to him and is full of young men teachers who take the children hikina and mountain climbina in the fall and spring and skiing in the winter. Again, my congratulations to you. Sincerely, MIVI-I3 3141 .L1O 03,11333Y .331413 1 lid 1e Nnr C861 fril3ISAS 3A83S111 .3;11 JO 7V403.1 SYONMOO JO 0008 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / ynthia Holcomb Hall https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 25, 1983 Dear Charles: I apologize for not keeping up with my correspondence a little better, but I did want to thank you for your note on my reappointment. Somehow those that came in first got put on the bottom of the pile, but they were all the more appreciated for the timing! Sincerely yours, Mr. Charles England PAV:slw . 20th June, 1983. Mr. Paul A. Volcker, Federal Reserve System, Twentieth Street and Constitution Avenue, Northwest, Washington, D.C. 20551. I must say I was very much relieved when the news came through that you had accepted a further period of office, and I know a great number of other people in and outside the United States feel the same way. Many congratul ions and every best wish for the next our years. Kindest r 1"---oo -.:.' 1.41 F,,... o , .:; ....... 04 c'D w >.IL! ..„ C=,"•• 47 ' -05 *'".""d Ce, Ly. 1-1-1 •• --•-.7.4 •ge 1--CsJ ..-. CM , = .41:t C:$ CIM "C: e4 I-1-1 CM uJ U- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis .....) er, 00 Cr) ..„,:::: ...c. ....; Yours ever, co= U-I C--, 2.--1*. ttA 1..s..1 71 : c,..., v-41J tx,-- 1.1-1 C-M --tA,_ L id 6-0 By air mail Par avion https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ; 17: 9121A - Mr. Paul A. Volcker, Federal Reserve System, Twentieth Street and Constitution Avenue, Northwest, Washington, D.C. 20551, U.S.A. 7 https://fraser.stlouisfed.org L Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 mr, Richard D. Hannan Chairman of the Board and President Mercury Instruments, Inc. Cincinnati, Ohio 45227 Pear Dick: Thanks so much for taking the tine to write about my reappointment. I aporeciate your encouragement and good wishes. Sincerely, Olk. • • c_XI:d.44-elArn,enye), mzv CHAIRMAN OF THE BOARD https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 22, 1983 AND PRESIDENT 7. ..4..... cc c,r3 t---) (...0 Dear Chairman Paul, Congratulations should go to the President of the United States for his important decision last Saturday to call you and ask your agreement that you continue for four more years as Chairman of the Board of Governors. I was delighted to hear the news even though it must mean significant personal sacrifices by you and the other members of your family. U.S. citizens and those of many countries around the world are fortunate we have a selfless statesman in such an important position. Sincerely, Chairman Paul A. Volcker Chairman, Board of Governors BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Washington, D. C. 20051 vna4 eitt.o/A5-227 ....0. Vi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 Pr. W. M. Hannon Chairman of the Board and Chief Executive Officer The Murray Ohio Manufacturino Company P. O. Box 268 Brentwood, Tennessee 37027 Dear Bill: Thanks so much for taking the time to write about my reappointment. I appreciate your encouraqement and good wishes. Sincerely, • THE MURRAY OHIO MANUFACTURING COMPANY P. 0. BOX 268 BRENTWOOD, TENNESSEE 37027 (615) 373-6500 W. M. HAN NON CHAIRMAN OF THE BOARD June 21, 1983 CHIEF EXECUTIVE OFFICER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Honorable Paul A. Volcker Chairman of Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Paul: Having had the opportunity to meet with and listen to you here at Vanderbilt in 1981, it has been with great pleasure that we have watched your strong position in the economic recovery of our country. For this reason, we are most excited to hear the news of your reappointment. Your ability and views continue to bring security and confidence to us all. We wish you continued success in your second term and want you to know that you have our strong support. Sincerely, W. M. Hannon WMH:srt Z5 C=0 --r1 -Irs nn C2 02 --ri ril N.) -,r t-".- c-5 rri P"' 7:;:70fr ...c —,.• ,4— ( .9 .:::' C, r4-1 —el rrl .....-rn .44... 01 01 20 ce) .-...4 rvi '..:.t... Col https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 4, 1983 Reverend Robert J. Harrington 269 Oliver Street Newark, New Jersey 07105 Dear Reverend Harrington: I appreciate so much that you took the time to write about my reappointment. We can only try to live up to some of those nice things you say -- recognizing there are so many "out there" working to help others more directly, and more quietly. Sincerely, PAV:ccm • BOARD OF GOVERNORS OF TEE FEDERAL RESERVE S1,IITEI1 1983 JUL 2 1 P14 12: 2 1 AO) ,UfZili RECEIVED OFFICE OF TIIE CHAIRIIr 02ft4174e4 AdxeSg€S Attieti•teeLJ zzueif-ad 04404),,,e444i,4444, ,:gt:e-towiteeffigeti.aAecz,aie.e4e4tz, ' 14-i4/44•4z, • fipiri..e.0• -e•ie.e v•44 -7 , t ett .4e rup4a.) Z1.a(eget r- -7-ii-‘zi4cedi— df -....t/ kalel4/4464 4")) 6 a4O'C i t ,ae : 4 d. ei,suee etAt'A4e2rdeoil Ar,::Let Ah(4.4 €44rd/eteacoogvelf "?..4-44,44;4•44-1,d;oti,ree.29.4074.4.‘44.7 4k. ›v;i6e01 Pcv /)‘1 PP") ' cs)J O 4P13t\\%:t , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FAMILY LIFE MINISTRIES 269 oliver street / newark, new jersey 07105 archdiocese of newark reverend ROBERT J. HARRINGTON director https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 Mr. N. Berne Hart President and Chairman of the Board United Bakks of Colorado, Inc. United Bank Center 1700 Broadway Denver, Colorado 80217 Dear Berne: Thank you for taking the time to write about my reappointment. The rapport and constructive relations developed with FAC members over the years are a source of great satisfaction to me. Sincerely, NMS:dmg-b b. United Bank Center 1700 Broadway Denver, Colorado 8021 Telephone: (303) 861-4700 NA United Banks Wp of Colorado,Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N. Berne Hart President and Chairman of the Board BOARD OF GOVERNORS OF THE FEDERAL RESERVE SISTEM 1383 JUN 21+ AM 8: 58 RECEIVED OFFICE. tF *FE CHAIRMAII June 20, 1983 Dear Paul, Congratulations! I was delighted to read that the President has selected you to again serve as Chairman of the Federal Reserve Board of Governors. This is further testimony to the fine leadership you have brought to the Federal Reserve System and to our nation during these difficult times. We are very pleased that we will continue to have the benefit of your wise counsel. Sincerely, N. Berne Hart The Honorable Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D. C. 20551 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 25, 1983 Dear Orson: I am late in responding, but I do want to thank you for your note on my reappointment. We will try our best. Sincerely, Mr. Orson H. Hart PAV:slw I Diason (if. (..)/cat June 27, 1983 Dear Paul: MY congratulations on your reappointment as Chairman of the Fed. We all owe you a debt of gratitude for what I view as a rescue in the nick of time from a very dangerous situation indeed. It is reassuring to know that we will be in such good hands for next four years. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis My best, fiV11111V143 31-11 AO 331JJ0 (13A133R1 6S :II WV oc Nnr CHI 14131SAS 3A113S311 .1V11303.4 3111 AO HOM3A03 JO RIVO9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 Mr. Alfrdd Hayes Dear Al: Many thanks for the warm note -- it, of course, means all the more from an old colleague and mentor. We'll keep at it. Best regards, PAV:ccm • 1104R0 OF DF GOVERNORS THE FEDERAL RESERVE SYSTEM ;se JUN 29 N1 9: 0 1 OFFICE OFRECEIVED THE CHAIRMAN 73-71-1-ver-v-yrly https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3r-"4720 ' Zft ``e51 4t*W '141°te .14V 7 L6 ?1 9 4 " *" Ot rI/ Cel -9` .477'd 27-72749 A%,( yre . , 7 e‘ 444 1J ;1 1-i y + '1 7-14- ^^-1 27 / r-lad 1-/y-7711° tep LT .• • S3AVH G3LIA-1V https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 4, 1983 Dr. Paul Hecht Dear Dr. Hecht: Many thanks for your warm note all the more because my "business" is removed from your own life's work. All we can do is keep at it a while longer. Sincerely, PAV:ccm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • BOARD OF GOVERHORS OF THE FEERAI. RESERVE SYSTE'i 1983 AUG -3 Al) ID: 49 RECEIVED OFFICE OF TEE CHAIRIV1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1933 Mr. Adam C. Heck Dear Artie: Thanks for your letter about my reappointment. I really appreciate all the nice things you said about me. Sincerely, NMS:dmg-b I •C 16 ' 11 OARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1983 JUN 22 PM 12: 50 RECEIVED OFFICE OF THE CHAIRMAN' https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. A. Gilbert Heebner Executive Vice President and Economist The Philadelphia National Bank Broad and Chestnut Streets Philadelphia, Pennsylvania 19101 Aof if Dear Mr. _14eebrrer: ir Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sinceeely, PAV:smm THE PHILADELPHIA NATIONAL BANK A.GILBERT HEEBNER .150154.4 and Ch est,jt44 StrtAkti6 PA 9/6 EXECUTIVE VICE PRESIDENT AND ECONOMIST June 24, 1983 Dear Mr. Chairman: Just a note of congratulations and appreciation. Congratulations on your re-appointment as Chairman of the Federal Reserve and on the well-founded confidence that the President has shown in you. I would also like to express appreciation of the job that has been done under your leadership in putting the economy on a noninflationary path and in averting an international financial catastrophe. I am one of the many who is looking ahead with greater confidence since you will be remaining in the chair. All the best as you continue to deal with the tough problems confronting the country. Regards, Mr. Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D.C. 20551 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis gIV1-10 111JB MAO 03A13338 e,0 :6 finSAS NV 6Z Nat' EGGI 1n113.4 11.1 SNOV13/00 JO DIVOO https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Nicholas Henderson Hambros Bank Ltd. 41 Bishopsgate London EC2P 2AA ENGLAND Dear Nico: I appreciate the message. Regards, 1m 3: 0 • . a BOARD OF GOVERNORS OF THE FEDERAL RESERVE SISTETI , 2 1983 JUN 22 M4 9: 07 9 3 C RECEIVED OFFICE CF THE CHAIRMAN S. i 0 r. c I' t ter" HAMBRO 0 8V1851 '1 4 4 -7 =7 A "7 r• 1".1 r• 1:0 A 22-r22 V Tn 81 :BIWA 3.3 3 el 33 2:-tcal 3.. it tie .3.1 7 UC.KgrjriC 33! C.71 :"": I 1 .....)!.. T LaTi 3'0 73"1.111 souvre,tt M""" 1.-"r: hi0 ll Ci 1 I 1 . • 1 I. '1 4 4 Ti .1. I !:";. REF Tirt R227-21 0683-1753 r 3 •T` t ; t 1. 4 .t P531\114.3.13... 1.31 LTD 43 r• .ktTn .. 33%1 LONDON fi t.! 4"/ I'S 11(IX I-cry,4 u-in cc c)r) ttni Necci Vi.:1,...t.../..1..!... X t I r% r.... T ts r 5.9.u7 iiraI l Pit! i. ri .v i T0 . i.0 TL t Ii8iN3NX"li rl•2 ,...-, 3 1. 084 CI l T C • ?.1 K 1 ":.• il1 T .Iri ki9N C 1 I!: r1I M E. Cf IN T 1 I c kiCliliR9 ? 1..! E R.Y ' ,2.i10 'Ft!!T ftt I p. ".. 1... TErI T t. T 0 i! WLLi1445 To A 1.1 111 it crri e-. "ALUH!...1"...t 0 8.."fl0 6 NILHULn HFN TicPSnN 3 3 LItM HH 31441i41 2. I14 H F 1‘1 1Ri I T 7 r CI G rcan.. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • MY ••• •••• IMIL ii I 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Walt S. Henrion Vice Chairman of the Board Woodmen Accident and Life Company 1526 K Street P. 0. Box 82238 Lincoln, Nebraska 68501 Dear Walt: Thanks so much for taking the time to write me about my reappointment. Your encouragement and support are deeply appreciated. Sincerely, CCM:dmg-b cc: Miss Wolfe (2) • THE PROTECTING HAND BOARD OF GOVERNORS OF THE SYS;!-'"' RESERVE FEDERAL 1933 JUN 27 AM 9: 2 WOODMEN ACCIDENT AND LIFE COMPANY. 1890 • A MUTUAL invRECEIVED :b*MC.LTAs .i1/ NESTABLIHD rpRASKA 68501 June 22, 1983 W. S. HENR ION VICE CHAIRMAN OF THE BOARD Honorable Paul Volcker, Chairman Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, D.C. 20551 Dear Paul: Your friends at Woodmen Accident and Life Company are very pleased that President Reagan has reappointed you to serve a second term as Chairman of the Federal Reserve Board of Governors. As I see it, you are not to be congratulated on your appointment. It is President Reagan and all the people of our country who are to be congratulated on being so fortunate to be the beneficiaries of your dedicated and sacrificial service for another term. I am very conscious of the personal sacrifices which you have made and will continue to make in serving our nation in what may well be the most important position in our country, especially during these troublous and challenging times. Nevertheless, I believe that nothing could be more rewarding than exercising your outstanding abilities in providing long range benefits for so many millions of people. We have been among the many who have been writing to President Reagan urging your reappointment. We would like to believe that Nebraskans, especially those staunch Republicans who have provided Reagan with significant support, have made some difference. I wonder if my voice would count for much, coming from an independent Democrat, like yourself. However, my wife and I voted for Reagan and supported him financially. I wish you the best of everything during these next several years, especially the continuing wisdom and courage to orchestrate monetary policies which will put the unemployed back to work and return our economy to a highly productive basis. I must add that I am very conscious of the fact that you and the Federal Reserve cannot do it alone and must have the cooperation of the Administration and the Congress in shaping sound fiscal policy. Again, my best wishes! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sincerely yours, 1526 K STREET • P.O. BOX 82288 • LINCOLN, NEBRASKA 68501 • TELEPHONE (402) 476-6500 • TLX 48-6457 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Paul H. Henson Chairman Federal Reserve Bank of Kansas City c/o United Telecommunications, Inc. Telecom, Box 11315 Kansas City, Missouri 64112 Dear Paul: Thank you so much for taking the time to write me about my reappointment. The encouragement and encouragement of the "Fed family" are especially gratifying. Sincerely, NMS:dmg-b orSSAGE AREC9 *** FED RES BD WSH • .. uu I,IPF0MWmAGWsTER 1-007682C171 06/20/83 "Pm ICS F WSH W11 0622 -292 0 35 1203P EDT 1:TW017X 517108 FED RES BD WSH 06 /2 • ICS IPMBNGZ CSP 0/83 91 36 76 33 02 TDB N WE ST WO OD KS 58 06-20 1004A EST PM S PA UL A VOL CKE R CH AI RM AN = FE DE RA L BO51ARD RPT DLY MGM. WUX WI WA SH IN GT ON DC 205 la HEARTIEST CONGRATULATIONS AND SI E BE ST WI SH ONCAYOU R EREAPPOINTMENT BY PRESIDENT REAGAN.NCER YOUR SELFLESS ESDEDI TION TO THE TOMIWOR LD ENO FI NA NC IA L DOMAMERKSTETS AND PROMISES ECONOMIC RECOVERY WITH NA L IN FL AT IO N IC AL LY . IF THE RE IS AN YT HI 41,TO LET IT BE KNOWN.NG WE CAN DO TO ASSIST YOUR EFFORTS YOU HAVE ONLY N. PAUL CH AIRMAN KANSAS CITY FEDERAL BOX 11 31 5 KANSAS CITY MO 64112 04-012363S171 RESERVE PROPER CONDUCT OF NATIONAL MONETARY POLICY BRINGS HOPE FOR STABILITY H HENSON 110 41 1011 EST 7:!110 EST °FED RES BD WSH AGE DONE *** https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RESERVE BANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1963 Mr. James D. Herrington President Independent Bankers Association of America 1625 Massachusetts Avenue, N. W. Suite 202 Washington, D. C. 20036 Dear Mr. Herrington: Thank you for your kind words. The friendships and support I have developed with members of the banking community are a source of great personal satisfaction. I look forward to continuing to work with you and your membership in the years ahead. Sincerely, NMS:dmg-b cc: Miss Wolfe (2) IIIPAUL President JAMES D. HERRINGTON, Board Chairman Coldwater National Bank Coldwater, Kansas 67029 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis First Vice President H. BRINGGOLD, President First National Bank Cannon Falls, Minnesota 55009 . Ng ent Second Vice A.J. (JACK) KI esident Valley Bank of Kalispell Kalispell, Montana 59901 dependent Treasurer JAMES R. TAYLOR, President/CEO McKeesport National Bank McKeesport, Pennsylvania 15132 WASHINGTON OFFICE BANKERS ASSOCIATION OF AMERICA 1625 MASSACHUSETTS AVENUE N.W. - SUITE 202, WASHINGTON, D.C. 20036 202/332-8980 June 23, 1983 rri Honorable Paul A. Volcker, Chairman Board of Governors of the Federal Reserve System 20th & Constitution Ave., NW #B-2046 Washington, DC 20551 •••• • • • 03 Dear Chairman Volcker: On behalf of the 7000 member banks of the Independent Bankers Association of America, I want to express our congratulations and best wishes to you upon your re-appointment as Chairman of the Federal Reserve Board. We are confident that your continued leadership will help to restore faith, respect and stability to the economic system and policies of our great nation. We are also grateful to you for your ready willingness to hear out the concerns of the country's smaller banks and to assure that their viewpoint is given fair consideration as the issues of banking deregulation and other matters are debated at the national level. Godspeed, Mr. Chairman! The IBAA wishes you and your fellow Governors all the best as you continue the tireless struggle against inflation and the social and economic problems that accompany it. Sincerely, James D. Herrington President JDH/nls #PA / ftvvr‘ay https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 The Reverend Ted Hesburgh University of Notre Dame Office of the President Notre Dame, Indiana 46556 Dear Father Ted: Many thanks for the note, and no one is more conscious that I'll need the prayer. Sincerely, PAV:smn Mrtirirsitg of Notre pante „Notre pante, Rittbiarta 46556 11. Table cAbbress ",313u1nr" ffire of the Presibent https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 22, 1983 —n c:Ja C-4.4 =V co C=3 c=) NJ rn c , = rn c= a<0 rri rvi •=1•1101. eva CD Fi7.3 NO 07") Dear Paul: Best congratulations on your reappointment as Chairman. All of us who have watched you and cheered from afar, even during the difficult days, are delighted that the efficacy of your past actions have been thoroughly approved and now projected into the future. Keep up the good work and be sure of a daily prayer from here for all success. Sincerely yours, /04)oc21 Honorable Paul A. Volcker Federal Reserve Board Washington, D. C. rn tdo https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 3, 1983 Reverend Theodore Hesburgh President University of Notre Dame Notre Dame, Indiana 46556 Dear Father Ted: Someday I will get to Notre Dame again -- and while you are there! That probably gives me a long time, but, even in your case, not forever. Thanks for writing. Sincerely, PAV:ccm • • nitursitg of Notre Pam Notre Pante, Phtbiartzt 46556 Table cAbbress "Pular" Mffictofflielgresi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 21, 1983 Dear Paul: I understand your overcharged situation because I am constantly in the same situation myself. We were all delighted at your reappointment and hope we can entice you to Notre Dame one of these years, if and when things ever let up a bit. My best to your wife, too. Sincerely yours, Ci ll Honorable Paul A. Volcker Federal Reserve System Washington, D. C. (0- 0,,,),„ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 Mr. Gerald D. Hines Dear Jerry: Thank you for your communication on my reappointment. The confidence of the "Fed family" is the most gratifying of allA Sincerely, NMS:dmg-b https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Jerome H. Holland Dear Brud: Thank you so much for taking the time to write me about my reappointment. I'm aware of those "little details" -- and we can only try our best. Sincerely, PAV:ccm • • GrisIOLD no H/NEs Agg 2too POST OAK TICOFR HOUSTON TX 77056 20AM / 1 4pkIES POST4 , 9 Western UnionMallgram ff XI U S MAIL m • 400568405171 06/20/83 ICS IPMBNGZ CSP WSHB 7136218000 MGM TDBN HOUSTON TX 62 06°020 045SP EST • C:73 rrl CO ›.• PAUL VOLCKER, CHAIRMAN FEDERAL RESERVE BANK 20TH AND CONSTITUT/ONAL AVE. NORTHWEST WASH/NGTON DC 20551 j--rn c, =tzz, 4111 55. rrz iS 3 ;•Z • --c c , ) --4 •tva. rn C=3 •' -1 • 4 . DFAR PAULP ALL OF YOUR FRIENDS IN THE 11TH D/STRICT ARE ELATED OVER_TWE ANNOUNCEMENT THAT THE PRESIDENT MADE SATURDAY REGARDING YOUR RFAPPOINTMENT. I THINK YOU HAD TOTAL SUPPORT OF THE TEXAS POLI7ICAL ESTABOSHMENT. WE W/SH YOU THE VERY BEST FOR YOUR NEXT 4 YFARS. GERALD De HINES 16158 EST MGMCOMP https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 40 fb lv TO RW.PLY-BY MAILGRAM -MESSAGE, PHONE WESTERN UNION ANYTIME, DAY OR NIGHT: FdR YOUR LOCAL NUMBER, SEE THE WHITE PAGES OF YOUR LOCAL TELEPHONE DIRECTORY OR DIAL (TOLL-FREE) 800-257-2241 (EXCEPT IN NEW JERSEY 800-632-2271) OR DIAL WESTERN UNION'S COMPUTER DIRECTLY: FROM TELEX I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6161 FROM TELEX II (TWX®) 910-420-1212 S. • • GDVEMADRO BOARD DF DF UTE sr3TDI cztort2.E. FEDZIkAL ?BEM 19833u 22 Atil9 diaiLand co RECEIVED CAliktAft. DFFICE C41 1E June 20, 1981 Mr. Paul A. Volcker Chairman of the Board of Governors Federal Reserve System Washington, DC 20551 Dear Mr. Chairman: I join your many friends in expressing congratulations on your reappointment by President Ronald Reagan as Chairman of the Federal Reserve Board. The record you have compiled during your first term has been commendable. Your efforts to bring inflation under control have been highly successful. We are all confident that such "nagging" matters as unemployment, lower interest rates, etc. will be brought under control within the next few years. With best wishes. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sincerely, Jerom H. Holland https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. John E. Horne Dear John: Glad to hear you are on the mend, and I particularly appreciate your taking this time to write. Sincerely, • • GOV BOARD OF ERNORS OF THE FEDERAL RESERVE SY JOHN E. HORNE 1383 JUN 2 1 PN 12: 00 RECEIVED OFFICE OF THE CHAIRMAN : c4o-4A4t. -At iaJ 47 8-i:a tt, ) ) _L24;,,LL .9 -f4ud-r 61) ct., 4,7 A P;tf- waAd 0L-LA_ 1 n.,2A;iLL-vi e-LA, ind2/142, -t1f kid -4; )14-v7 pLaijL 4,42>j &,,,cf2 Ai4a4afaitL/ a, , ci-v-“A.‹,c,, c4,4.1 71x)/14., 6.11At;&& tu;ka arr--t)4 .1 ,41 41A-Yv- 414.,ce,t4AAA, (1,14, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' Tij 7 1/112A1 10,A)C4.4A-44.1 rk. 14314Z °I tt4V:it) • riq V ° 4:k`\ • S https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 12, 1983 Mr. Takashi Hosomi Japan Dear Takashi: You shouldn't have taken the time to write, but I appreciate the proverb. Too often, I, feel I am up a tree: Many thanks for the warm words. Best regards, PAV:dmg-b BDARD A G3VERKORS CF SYSTEM RESERVE FEDERAL 44 1383 AUG -4 *i a EECEIVE.0 CVIAIRMAII MICE OF Ili Dear Paul, I was very pleased to learn of your reappointment as the Chairman of the Federal Reserve Board. It just goes to prove how indispensable you really are! In English, you usually say that it's difficult to climb up the ladder, but easy enough to fall down. I don't know if you know it, but there is an old Chinese saying that it's easy enough to climb up the tree, but difficult to get down. This seems to be fairly apt in this case. Anyway, I just want to let you know of my best wishes, and even though I am well aware of what a hard slog it must be, I hope you look after yourself and battle on for the rest of us. All my best, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11116T akashi JAPAN omi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12. 1983 Dear Arno I'll reply only to say I must be nuts for a variety of reasons, including all those other stimulating things there are out there" that one might be doing. Thanks for writing. Sincerely Mr. Amory Houghton 111 • • BOARD OF GOVERNORS OF THE 1233 JUN 30 P1 9: 1 3 f. w 0 1 RECEIVED OFFICE CI' THE CHAIRMAN 04/%4 1314.7 —me ttee .4r 64 tmlui-i ilittri thitm t•soul (ramtiiiii th4. us ceweri dui- um er ;I yeti& " 41 tI S https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 17Wei cdtreAA %TN,. oar utiversarry Asio https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ••==•11b •• •••••••11•MM . _-3 ........ .,..)....--e•k :`,11 *-,...,t , ;:iod (--- ,,,, rit n110 tiLIA34 -- tic:;,.-;-,... ,,________ i 0 c,t ---.-- ,r.,, A .--. Ct I jUN28.33 W HIC w; . i -! to-41-if N.'-.• - m,- z ,,, 33i3 L The Honorable Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Federal Reserve Building Constitution Avenue, N. W. Washington, D. C. 20551 ... • n „ vr,.--. .: C ,..vc • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2L4,112.0,0d;-• a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1933 Mr. Robert W. Hover Dear Mr. Hover: Thanks so much for taking the time to write me about my reappointment. Your encouragement and support are deeply appreciated. Sincerely, CCM:dmg-b cc: Miss Wolfe (2) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 2, 1983 Sir Geoffrey Secretary of for Foreign London, EW1A Howe State add Commonwealth Afgairs 2AH, England Dear Geoffrey: If I didn't say specifically when I say you, I do appreciate the note on my appointment. See you soon here. Regards, PAV:ccm S • BOARD OF GOVERNORS OF THE FEDERAL RESERVE MIEN I5a3 JUN 27 tA 9: 18 June 22, 1983 RECEIVED OFFICE CF THE CHAIRMAN Dr. Paul A. Volcker, Chairman Federal Reserve Board Washington, DC 20551 Dear Dr. Volcker; As a political mnservative who works for wages, and one who does not usually write fan letters, it is a pleasure to congratulate you on your reappointment as Chairman of the Federal Reserve Board. After listening to the political statements of our congressmen and reading the tired pronouncements of most of the bureaucrats, it is refreshing to have someone appear who maintains the courage of his convictions and who has publicized the undesirable consequences of unlimited spending by congress. I believe you have been the single, most influential person responsible for the decline of inflation. For those working for wages, it seems to me this is the most cruel manifestation of currency manipulation, and to have it under control at this time indicates that aside from other uncertainties in the economy, your uncompromising stand against this monster has been responsible for its correction. It galls me to read or hear of your abuse from congress when that body has been so responsible in the past for trying to spend this country into third world poverty while the wage earners and savers have experienced a decline in the value of their past and present labors. You should be entitled to reappointment for bringing inflation under control. For your continuing good judgement in guiding the economy you deserve the appreciation of each working citizen of this country. Sincerely, .7/ Robert W. Hover https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BRITISH EMBASSY, WASHINGTON, D.C. TEL: (202) 462-1340 FROM THE AMBASSADOR 27 June 1983 The Honorable Paul A Volcker Chairman Board of Governors of the Federal Reserve System Marriner S Eccles Building Constitution Avenue NW WASHINGTON DC 20551 M11 , 0•10 C'M --1" , . CS:" C=> CA) ril = rel C7:1 Cf, 3 C- .7-7J c= I-11 —11 —11 rn 00 = MI ce) rrt 1-11 _rj rn ›•• = —...... 1% . •.? --... -... .--. C/3 —.01.! cr.) —4 .. -7 —. . CZ .:, r171 C/2 C.0 I enclose a letter which Sir Geoffrey Howe, Secretary of State for Foreign and Commonwealth Affairs, has asked me to transmit to you. May I add my own congratulations on your re-appointment.,) 4, ryGt. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTE 4 I983 JUN 28 PM 2: I 9 RECEIVED OFFICE OF THE CHAIRMAN • Foreign and Commonwealth Office London SW1A 2AH 22 June 1983 From the SecretaryofState et.J, I was delighted to see from the announcement in the press over the weekend that you have been reappointed to a second term as Chairman of the Federal Reserve Board. This really is excellent news - for Foreign Ministers as well as for Finance Ministers, for people outside the States as well as within. I suspect that, now that I have changed my hat, we may not meet quite so often; I am really sad about that, since I have greatly enjoyed and valued the chance of working together. More strength to your courageous elbow! ••• (GEOFFREY HOWE) S IA(nTh Mr Paul Volcker \\ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3111 JO 03A1333a 331140 OE :Z kid 8? hinr C861 h131SAS 3A11.1334 3111 JO In.303.4 SYONY3A118 JO CATO https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 The Honorable Steny H. Hoyer House of Representatives Washington, D.C. 20515 Dear Steny: Thanks so much for taking the time to write me about my reappointment. Your encouragement and support are deeply appreciated, and I look forward to working with you on some very tough problems. Sincerely, BOARD OF GOVERNORS CF ThE FEDERAL RESERVE SYSTEM IE183 JUN 24 P11 12: I 9 STENY HAMILTON HOYER 5TH DISTRICT, MARYLAND https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RECEIVED AIRMA JunWTs OF The Honorable Paul Volcker Chairman Board of Governors of the Federal Reserve System Constitution Avenue & 21st Streets Washington, D.C. 20551 Dear Paul: Just a note to congratulate you on your re-appointment by the President to the Chairmanship of the Federal Reserve. It is certainly a hot seat and you have handled yourself well in the opinion of many. I was interested in the recent Washington Post editorial which expressed the thought that your accomplishments to date would be tough to top. That is true and I'm sure that entered into your decision making process when it became clear the President would ask you to serve an additional term. Looking forward to working with you and wishing you the very best in the coming months and years, I am Sincerely yours, STENY H. Member SHH:km OYER Congress https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 The Honorable Carroll Hubbard House of Representatives Washington, D.C. 20515 Dear Carroll: I biame it all on Mayfield. But I also appreciate your words and confidence. Simcerely, NS:cic • HOUSE OF REPRESENTATIVES WASHINGTON, D. C. 20515 CARROLL HUBBARD FIRST DISTRICT KENTUCKY June 23, 1983 Dear Paul: Congratulations upon your being reappointed to be Chairman of the Federal Reserve Board of Governors! Indeed, I offer my sincere congratulations to your being selected by President Reagan. I am certain that your confirmation hearings by the United States Senate will be effortless on your part. Your continuing contributions to our nation's economy will be appreciated by all Americans. Again, congratulations. Please know that I look forward to working with you during the coming months of the 98th Congress. With best wishes for you, I am Sincerely yours, Carroll Hubbard Member of Congress CH/mmf Pcr: Hon. Paul A. Volcker Chairman of the Federal Reserve Board of Governors 20th Street and Constitution Avenue, NW Washington, DC 20551 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS OF THF. FEDERAL RESERVE (S7310.1 En Ail 27 ni 10: 11 3 RECEIVED OFFICE CF THE CHAIRIIAr 4b-• https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. William B. Hummer Wayne Hummer & Co. 175 West Jackson Boulevard Chicago, Illinois 60604 Dear Bill: Thanks for your kind words about my reappointment. Rest assured, making the financial system "what it ought to be" remains the core mission upon which everything a central bank does must rest. Sincerely, Dial long distance toll-free 800-621-4477 800-972-5566 (Illinois) Local calls 431-1700 Wayne Hummer & Co_. 175 West Jackson Boulevard • Chicago, Illinois 60604 June 27, 1983 Partners George E. Barnes Harry A. Baum William B. Hummer Philip Wayne Hummer Harry Flagg Baum F. Girard Schoettler John D. Carroll Robert H. Chase William A. Rogers Robert F. Kahlteldt Philip M. Burno Joseph A. Piekarczyk G. Ted Becker Steven R. Becker Ralph J. Lemley Max E. Binz II Wayne Hummer Family Trust Mr. Paul Volcker Chairman Board of Governors Federal Reserve System Washington, D. C. 20260 .C•• (2:0 C0.2 C.0) rri "ro Dear Paul: Having the opportunity- to congratulate you personally highlighted my week, although it is the country that should be congratulated. What I want to relay is that many with whom I have spoken are grateful you were willing to accept the post again. While the conduct of monetary policy in breaking inflation, and promoting economic recovery, deserves an A+, one also hopes that the important leadership role of the Board will help to make Woodrow Wilson's words a reality in these times of rapid structural change: "We will take the financial system as it is, not as we would like it to be, and step by step we shall make it what it ought to be." Again, congratulations! Sincerely, Serving investors since 1931 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis William B. Hummer wbh/mg P.S. In the interest of productivity, no acknowledgment expected. Members New York, American and Midwest Stock Exchanges https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Laurence B. Huston, Jr. Assistant Vice President Employee Benefits Division 151 Farmington Avenue Hartford, Connecticut 06156 Dear Larry: Thanks for the kind comments. It seems a shame to have to go through all this just to hear from old friends and classmates. Sincerely, NMS:dmg-b cc: Miss Wolfe (2) IlltRSONAL & CONFIDENTIAL i a r L https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Employee Benefits Divis:on 151 Farmington Avenue Hartford, Connecticut 06156 • Laurence B. Huston, Jr. Assistant Vice President June 22, 1983 Mr. Paul A. Volcker, Chairman Board of Governors of the Federal Reserve System Federal Reserve Building Constitution Avenue, NW Washington, D.C. 20551 Dear Paul: I share with all of our fellow Princeton '49ers the pleasure associated with President Reagan's announcement that he intends to renominate you as Chairman. You have made us all very proud. Although I understand that the periodic economic outlook statement prepared by our Corporate Economist, Jim Griffin, has wide circulation in Washington, it has occurred to me that his laudatory comments on your performance may not have come to your attention. While he is far from alone in his praise of your performance, I thought that you might be interested in his appraisal as contained in the April issue which I have enclosed. You have my very best wishes for the future. Although I have not attended a reunion since our 25th, I fully intend to return next year and will hope to have the opportunity to see you at that time. Kindest personal regards. Sincerely, cn -71 cr-4 CC) CA) "T1 rrl rn rri C-1 ›. CO CZ:) :ncr it-v-1 cdt ---4 C--) NJ .......4 *IC: C-)r-rl :LI* - 7 ----..--"' --s. ... 'Etna Life Insurance Company IETNA LIFE & CASUALTY companies the of One c? Ul Zr. r-ri -11.1 --r, C!,;) ) rri .--1 C-:7. ..4 ..... (=> ril rr, C'l ---",' It: -...4 1 - .. ...ma C.e.) Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections. ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article Pages Removed: Author(s): James Griffin Title: Volcker Ventured, U. S. Gained Date: April 1983 Journal: Æconomics Volume: URL: Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 18, 1983 Mr. & Mrs. Thomas H. Huston Department of Banking 530 Liberty Building Des Moines, Iowa 50309 Dear Mr. & Mrs. Huston: Many thanks for thinking of me and my cigars I appreciate your thoughtfulness. Sincerely, CCM:dmg-b , WIMPIPP" NO% 0 •••• 1 DRAFT Mr. and Mrs. Tom Huston Depart of Banking Des Moines, I wa Dear maixxxklmigMXXxIxm%numixxxxxmxdxmm Many thanks for thinking of me and my cigars I appreciate your thoughtfulness. Sincerely, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis r • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis rri cin https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tis F ROM l 4. -De 53o L1,141 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Le L 10 Lo 1-4N v\ictsinin • c ofN -5"0369 --Te4 (1,4as .ve I-jt tijrt je. a655- I I N.W teirc) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 The Honorable Henry J. Hyde House of REpresentatives Washington, D. C. 20515 Dear Henry: Many thanks for your note and comments. It's all a little humbling, and drives me to another cigar. Regards, PAV:ccm • BOARD OF GOVERNORS OF THE FEDERAL EESERVE SYSTEM HOUSE OF REPRESENTATIVES 1983 JUN 214 MI 0: 26 WASHINGTON, D. C. 20515 HENRY J. HYDE 6TH DISTRICT, ILLINOIS RECEIVED CFF10E CF THE CHAIRMI June 22, 1983 Dear i.Vuuf Sincerest congratulations! As you can see from the enclosed, I have been lobbying publicly (and privately) for your re-appointment. Once again, the President has made a wise dccision. Warmest personal regards, HJH:ffw Enclosure Honorable Paul A. Volcker, Chairman Board of Governors Federal Reserve System Washington, D.C. 20551 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • oil 4034 A • CONGRESSIONAL RECORD Mr. CORCORAN. Mr. Speaker, as you can well remember, 4 years ago Pope John Paul II traveled to his native Poland as a champion of the Catholic Church and as a champion of Polish people everywhere. Today, somewhat in response to that, but particularly in response to the movement which seas generated as a result of the Pope's visit to Poland known as Solidarity and the symbolic leadership which Lech Walesa has provided freedom -loving people all over theworld, and particularly Polish people. I am introducing a House concurrasat resolution which would give to Leah Walesa honorary U.S. citizenship. Since Pope John Paul II is returning to Poland today I think now is the time to consider my resolution. Mrs Speaker, I realize that this is a high honor and in fact in our history we have only done it twice before, first to Winston Churchill, the dynamic Prime Minister of Great Britain during World War IT, arid second to Raoul Wallenberg, the great Swedish humanitarian who helped the Jewish people during their difficulties in World War IL But I think it is clear that Lech Walesa represents something that strikes a respondent chord in the people of America and freedom -loving people all over the world. He is a champion of freedom. He is an ideal in the democratic process, and I would hope, Mr. Speaker, that the chairman of the House judiciary Committee, the gentleman from New Jersey (Mr. Ronraro) would work with me so that either today or when we convene the House of Representatives next week that we could show the support of the United States for the oppressed people in Poland by making Lech Walesa the third honorary U.S. citizen in our history. EDUCATIONAL REFORM IS THE ANSWER TO QUALITY EDUCATION (Mr. WEBER asked and was given permission to address the House for 1 minute and to revise and extend his remarks and to include extraneous matter.) Mr. WEBER. Mr. Speaker, President Reagan has initiated an historic debate on education but many of his Democratic rivals seem intent on turning that into a narrow debate over Federal spending for education. I raise for my colleagues' attention today the recommendations of the Task Force on Education for Economic Growth chaired by Gov. James Hunt, a Democrat of North Carolina. Consider the task force's recommendations which include the following: developing and putting into effect as promptly as possible State plans— State plans—for improving education. Creating broader and more effective partnerships with the business community. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • HOUSE Drastically overhauling and improving methods for recruiting, training. and compensating teachers by moving toward merit pay. Increasing both the duration and the intensity of the academic learning time in our schools. Improving the management of instruction in the schools, and insuring that existing resources are used more effectively, and providing quality assurance in education by establishing systems for measuring the effectiveness of teachers and administrators. Nowhere in the Hunt commission report, Mr. Speaker, is there a call for increased Federal aid to eduaation. Those who focus solely on that issue are ignoring the major issues that confront us today in the debate over education. TASK FORCE ON FT, rUCATION FOR ECONOMIC GROWTH—HUNT REPORT ‘PUBLIc ScHOOLS) 1. Develop—and put into effect as promptly as possible—state plans for improving education in the public schools from kindergarle-n through grade twelve. Each plan should acknowledge the central role of education in the state's future economic growth and in preparing people for jobs. It should specify how technology shall be used to improve education. Each plan should set specific goals for educational improvement, timetables for achieving those goals—and methods for measuring the results. 2. Create broader and more effective partnerships unth business which are essential to improve education. Corporate and business leaders should help define the skills needed in the workplace and thus the standards that should be met by the schools. (team teaching using teachers and industry specialists and business recognition of outstanding teachers and principals) 3. Express a new and higher regard for teachers and the teaching profession. Drastically overhaul and improve methods for recruiting, training, and compensating teachers. 4. Make the academic experience more intense and more productive. Increase both the duration and the intensity of academic learning time in schools. Strengthen the curriculum. Establish firm, explicit and demanding requirements concerning discipline, attendance, homework, grades and other essentials of effective schooling. 5. Improve the management of instruction in the schools, and ensure that existing resources are used more effectively and efficiently. Pay for principals should be related to effectiveness. Higher standards for recruiting, training, and evaluating principals. 6. Provide ouality assurance in education. Establish systems for measuring effectiveness of teachers and administrators be established and outstanding performance rewarded. Examine lifetime tenure. Periodic testing to monitor student progress. Institutions of higher learning should upgrade entrance requirements. 7. Better serve those students who are at present unserved and underserved. Identify academically gifted early and provide a challenging curriculum. Energetic program to reduce absenteeism should be launched. 8. Marshall the resources which are essential if we are to improve the public schools. Better use of existing resources must be the first priority in improving the public schools. Rewards of success are improved productivity, sustained economic growth, job and June 16, 198,1 career opportunities for our people, the economic wherewithal to provide sufficiently adequate social programs, and a secure defense. PROPOSAL FOR $700 CAP ON TAX CUT IS ECONOMICALLY UNSOUND (Mr. MACK asked and was given permission to address the House of I minute and to revise and extend his rem arks.) Mr. MACK. Mr. Speaker, the House leadership, by proposing a $700 cap, on the third year of the tax cut, is considering an option that is not economically sound nor is it fair. Individuals in the top tax bracket have already received their tax cut, yet revenues collected by the Government from those individuals have increased. A taxpayer earning $50,000 of gross income in 1983 would have experienced a cumulative tax increase of around $7,500, solely due to bracket creep of the previous decade. The third stage of the tax cut will offset less than 10 percent of that hidden tax hike, and if the tax cut is capped, the full burden will remain. The Treasury Department estimates that half of the taxpayers affected by a p700 cap would have incomes below $50,000 and the marginal tax rate for those earning $35,200 in taxable Income would jump from 28 to 37 percent. The whole tax cap idea is destructive to capital formation. The Treasury Department estimates that 14 million small businesses would be hit by this tax cap. Small business investment would be sharply reduced since about three-fourths of all businesses pay taxes according to the personal income tax schedule. The result, then, of the effort to have the so-called rich pay their share of the burden would hurt everyone by discouraging incentive investment, and saving. PRESIDENT SHOULD REAPPOINT PAUL VOLCKER (Mr. HYDE asked and was given permission to address the House for 1 minute and to revise and extend his remarks.) Mr. HYDE. Mr. Speaker, it is ironic that the Communist Manifesto proclaims "Workers of the world, unite; you have nothing to lose but your chains.- The workers of Poland united and that is what they got from their Communist masters, chains. On another matter, though my opinion has not been asked, I do hope the President will reappoint Paul Volcker as Chairman of the Federal Reserve Board. In one of the most heat-sensitive jobs in the world, he has performed brilliantly. He has helped wring inflation out of our economy, no small task. He has the confidence of Wall Street and the rest of the financial community, and that he was not appointed by June 16, 198d CONGRESSIONAL RECORD — HOUSE this President is an asset. It adds to class. It is a surtax on middle income his independence and hence his credi- Americans, especially on working marbility. ried couples, on people who want to Last, anybody who likes a cigar as work and save. It also hits 21/2 million much as Paul Volcker cannot be all small business and 350,000 family bad. farms. 0 I remember in 1982, Mr. Speaker, we had something called the Tax Equity SUPREME COURT DECISION IN and Fiscal Responsibility Act, a $220ROE AGAINST WADE billion tax increase over 5 years. It was (Mr. LUNGREN asked and was given also a fancy name for a huge tax inpermission to address the House for 1 crease. minute and to revise and extend his Half of all the taxpayers hit by the remarks.) Democratic tax increase earn less than Mr. LUNGREN. Mr. Speaker, yester- $50,000 a year. It would partly equal day the Supreme Court, proved again the marriage penalty relief for workthat education does not equal wisdom ing couples—your average policeman when they not only reaffirmed their and registered nurse. 1973 decision of Roe against Wade, but Single people earning as little as they decided to expand it. $30,000 a year would have their taxes I think it is ironic that the dissent raised by the Democrats . Do not was written by the only woman to forget that tax rates were cut as of serve on the U.S. Supreme Court, January 1, 1983, and only the withSandra Day O'Connor, who pointed holding tables change in July. In out the selective judgment and use of effect this is going to be a retroactive evidence by the majority on the Su- surtax on those men and women who preme Court. On the one hand, they are working, those people who want to buttress their expansion of Roe save, and those people who want to aeainst Wade, and further take away invest. any ability of the States to make deciDo not be taken in by that fairness sions, by taking into account medical stuff. The only fair tax measure is the science and certain new procedures equal-percentage tax-rat e reduction that have been developed for the per- for all taxpayers enacted in 1981. This formance of abortions, hut, on the is a surtax targeted on middle income otoer hand, they refused to realize people and I think the vast majority that medical science has brought us to of the American people are or hope to a point where the viability of the fetus be middle income earners in this counis coming closer and closer to concep- try. • tion. it is a redistribution of income and it The problem is that. we have nothing has nothing to do with fairness. TIP to do now except seek a constitutional O'Nzerna's surtax on the middle class is amendment, not because we want to as unfair as you can get. do so but because it is the only avenue left for those who believe in the tradition of this society that we recogniae REPRESENTATIVE BONKER INTRODUCES THE HIGH TECHine,re and more the protection of those NOLOGY MORRILL ACT who cannot protect themselves. It took many years to upset the (Mr. BUNKER asked and was given Dred Scott decision. It is going to take permission to address the House for 1 many more years for us to upset Roe minute and to revise and extend his against Wade. remarks.) Mr. BONKER. Mr. Speaker, today I am introducing a bill that I believe can WATCH OUT MIDDLE CLASS: TILE TAX RATE EQUITY ACT serve as the centerpiece of the educaOF 1983 IS SIMPLY A TAX IN- tional and economic renewal of the United States. CREASE The need to improve our Nation's (Mr. KEMP asked and was given per- educational system is clear. The recent mission to address the House for 1 report by the National Commissio n on minute and to revise and extend his Excellence in Education warned of a remarks.) "rising tide of mediocrity." Mr. KEMP. Mr. Speaker, I just want We are denying today's children of to warn the American people of what their right to a quality education and is coming next week as I just received deoriving American industry of the the legislative schedule. qualified work force it needs to comNext Thursday at 10 o'clock, when pete in the international econoaly. the House meets, we are going to take My bill, the High Technology Morup something called the Tax Rate rill Act, would create a new partnerEquity Act. What could that be, I won- ship between the Federal Governdered. It turns out to he the rather Or- ment, the States, and American busiwellian name for TIP O'NErne's plan to ness to upgrade our educational tax the middle class by capping their system, particularly in the areas of equal share of the tax cut. People with math and science. high incomes got their tax cut last The mechanics of the bill are simple. year. People with lower incomes will Like the original Morrill Act of 1862, get theirs on schedule. But this so- which established the land-grant colcalled Equity Act in reality is a tax in- leges, the High Technology Morrill crease, pure and simple, on the middle Act would make use of America's https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H 4035 abundant natural resources to develop our human resources. The bill would provide Federal grants to local school districts on a competitive basis. These grants would fund 50 percent of the programs, with the remainder to come from the States and the private sector. Mr. Speaker, this bill is critical to both our children's future, and our Nation's economic future, and I would urge its speedy consideration. THE $700 CAP IS FAIR (Mr. SHANNON asked and was given permission to address the House for 1 minute and to revise and extend his remarks.) Mr. SHANNON. Mr. Speaker, it wa.s the 1981 tax bill which was sent to us by the Reagan administration, which has bankrupted the country, created a $200 billion budget deficit, and created the greatest Inequities ever foisted upon the American taxpayer. We in the House of Representatives have the constititional responsibility to begin restoring our tax base and that does mean a tax increase. But we are going to do it differently than the Reagan administi ation would do it. They have sent us proposals to put energy taxes on every single taxpayer in An-,erica, to put surtaxes on every single taxpayer in America, to increase the tax burden car middle income people. We are going to say no. we are not going to allow that to happen anymore. 13 1100 Our tax csp will be a tax cop that will rest primarily on people who earn over $50,000 a year. Lighty-eight percent of the tax increase rests on people over $50,(.)00 a :year. We all acknowledge that we nced to raise taxes. The Reagan administration has sent us the energy tax, and the surtax. The Democratic party says. "No, let us put the tax burden back where it belongs on higher income people, let us protect middle income taxpayers." TAX CAP WILL AFFECT MAINLY THOSE EARNING OVER $50,000 A YEAR (Mr. SCHUMER, asked and was given permission to address the House for 1 minute and to revise and extend his remarks.) Mr. SCHUMER. Mr. Speaker, just a moment ago I heard my good friend from upstate New York trying to warn what he called the middle income people of America about the tax bill that we are about to take on the floor next Thurday. Well, I would say that that means that my friend from New York is trying to be the Paul Revere of the rich, because the people he is warning are those whose income is above $50,000 a year.
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