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Federal Reserve Bank of St. Louis
Congratulatory Letters
P-S
%
Collection: Paul A. Volcker Papers
Call Number: MC279
Box 8
Preferred Citation: Congratulatory Letters:"P-S", 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/c130 and
https://fraser.sdouisfed.org/archival/5297
The digitization ofthis collection was made possible by the Federal Reserve Bank of
St. Louis.
From the collections of the Seeley G. Mudd Manuscript Library, Princeton, NJ
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
August 24, 1983
Dr. Wiegand Lawalum
Minister (Economics)
Embassy of the
Federal Republic of Germany
4645 Reservoir Road, N. W.
Washington, D.C. 20007
Dear Dr. Pabsch:
Many thanks for Your note on my
reappointment. We will all need the
"luck" to stay on that tightrope you
describe -- all I can do is help with
a little perseverance!
With best wishes,
PAV:ccm
•
THE CHARGE D'AFFAIRES
A.I.
OF THE
FEDERAL REPUBLIC OF GERMANY
WASHINGTON, D. C.
August 3, 1983
14,. blre
Upon a rather precipitated return this morning
from a short leave in Germany I hear that the
Senate has endorsed your nomination by President Reagan for another term as Chairman of
the Federal Reserve Board.
I hasten to convey to you my sincere congratulations which had already been due at the news
of your appointment but were withheld out of
respect for U.S. constitutional procedures.
May the fortunate mix of skill, luck, and trust
which was the hallmark of your first term remain with you throughout your second term as
well and enable you to walk the tightrope between the impossible and the undesirable with
undiminished success.
I am particularly happy that the absence of the
Ambassador and of my colleague, Minister Wallau,
gives me the chance to express my best wishes
also on behalf of this Embassy.
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Dr. Wiegand 4Pabsch
Minister (Economics)
The Honorable
Paul A. Volcker
Chairman of the Federal Reserve Board
Washington, D.C.
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
July 12, 1983
Ms. Norma Pace
Senior Vice President
American Paper Institute, Inc.
260 Madison Avenue
New York, 'Iew York 10016
Dear stoma:
Thanks so much for taking the time to write
about my reappointment.
I appreciate your encouragement
and good wishes.
Sincerely,
/L
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Federal Reserve Bank of St. Louis
•
•
American Paper Institute, inc.
260 Madison Avenue, New York, N.Y. 100161(212) 340-0620
Senior Vice President
cable address: AMPAPINST New York
June 20, 1983
Mr. Paul A. Volcker
Chairman
Board of Governors of the
Federal Reserve System
Constitution Avenue, N.W.
Washington, D.C. 20551
Dear Paul:
My letter joins the millions that will wish you the best of luck
in these difficult times.
Congratulations!
We are solidly behind you.
Sincerely,
M'Pace
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Federal Reserve Bank of St. Louis
July 5, 1983
Ms. Sophia Pao
Dear Ms. Pao,
Thank you for your congratulatory
letter, and best wishes to you as you commence
your college career.
Sincerely,
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
August 4, 1983
Mr. Gregory T. Parkos
Whittaker Corporation
King Philip Road
East Providence, R.I.
Dear Mr. Parkos:
I a, appreciate the note, and anddelighted
that Joan has found a way to combine health
and financial happiness.
Sincerely,
PSV:ccm
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COVERHORS
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Whittaker Corporation
King Philip Road
East Providence, Rhode Island 02914
401 - 434 -1770 Telex 92 -7652
Gregory T. Parkos
Vice President — Group Executive
July 19, 1983
Mr. Paul A. Volcker
Chairman
Board of Governors of the
Federal Reserve System
Washington, D. C. 20551
My dear Chairman Volcker:
Congratulations on your reappointment!
We enjoyed your visit to the Providence area in May very
much and were especially pleased that you could join us at the
reception for Joe Alibrandi.
Both you and Joe had meaningful messages to the Graduates
of Bryant College and to those of us in the audience.
You will be happy to know that based on your advice, my
wife, Joan has given up jogging in an effort to improve her creditworthiness.
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Federal Reserve Bank of St. Louis
Thank you for the pleasure and the fun of your company.
Sincerely,
LI
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Federal Reserve Bank of St. Louis
July 18, 1983
Mrs. John C. Parsons
Dear Mrs. Parsons:
Many thanks for the note from Cape May.
The grayjjust shows it was a long time ago
when the place had the best City Manager.
I hear the place is "dressed up" in recent
years -- someday I'll get back.
Sincerely,
PAV:ccm
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Federal Reserve Bank of St. Louis
June 30, 1983
Mr. Floriano Pecanha dos Santos
Comercio Importacao E Exportacao
3 Irmaos LTDA.
Rua Da Quitanda, 52
Rio de Janeiro, Brazil
Dear Floriano:
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
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
1983 JUN 27 AN 11: 26
RECEIVED
OFFICE OF THE CHAIRMAN
ft GRUPO
3IRMAOS
Diretoria
Rio de Janeiro, June 20, 1983.
Mr. Paul Volcker
Chairman Federal Reserve System
20th Street and Constitution Avenue
N.W. Washington, D.C. 20551
Dear Paul,
I was very happy to read in our newspapers that
your President Mr. Ronald Reagan, indeed wisely, re-elected
you to preside the F.R.S. for four more years.
No doubt it will be AGAIN a troublesome administration, but I am quite sure that very soon you will
succeed
in having the inflation come to ZERO!
I look forward to the pleasure of seeing you again
soon, either here or at yours, meanwhile, with best wishes
and kind regards,
Si
rely yours,
Floria o 'ecanha dos Santos
COMERCIO IMPORTAcik0 E EXPoRTACAO 3IRMi-skOS LTDA.
RUA DA QUITANDA,52 16° TEL.: 232 8126 TELEX(021)22221-ASCL RJ
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Federal Reserve Bank of St. Louis
June 30, 1983
The Honorable Lu Peijian
President
People's Bank of China
Hsi Chiao Min Hiiang
Beijing
People's Republic of China
Dear Mr. President:
Thank you so much for your expression of friendship
and support on my reappointment.
look forward to the continued association of our
institutions.
Sincerely,
PAV:ccm
INTERNATIONAL MONETARY FUND
WASHINGTON
EXECUTIVE DIRECTOR
June 24, 1983
Dear Mr. Volcker:
I have been asked by Mr. Lu Peijian, President
of the People's Bank of China, to send you the
following message:
"We are very pleased to hear the news that you
have been reappointed for a second term as the Chairman
of the Board of the Federal Reserve System. This is an
honor you rightly deserve and there could be no better
choice than you to bring added prestige and achievements to your Institution. On behalf of my colleagues
and myself I wish to extend to you our sincere congratulations on your reappointment and our best wishes for
your success.
Yours sincerely,
Lu Peijian
President
People's Bank of China"
May I take this opportunity to extend to you
my personal congratulations.
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Federal Reserve Bank of St. Louis
Sincerely yours,
Zhang Zicun
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOARD OF
CF GOVERNORS
THE
FEOERAL REEERVE
SYSTErg
1E83 JUN
24 Pit 4:
27
CFFICE rIFRECEIVED
1!::E
CHAIRMAN
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Federal Reserve Bank of St. Louis
August 25
1983
Dear Mr. Perkins:
I have been late in dealing with correspondence these days, but I did want you
to know I appreciated your letter on my
reappointment. Even though it exaggerates
any contribution I can make, it is reassuring
to know of the support "out there" in the
real world.
Sincerely yours,
Mr. George W. Perkins, II, CFP
157 Main Dunsti=rnd
Nashua, New Hampshire 03060
PAV:slw
•
Ceorge W. Perkins II, CFP
•
President of: FMSINC • FINANCIAL MARKETING SYSTEMS • 157 MAIN DUNSTABLE ROAD • NASHUA, NH 03060 • (603) 889-0840
Registered Principal of: FINANCIAL CONSULTANTS, INC.• 61 MAIN STREET • STONEHAM, MA 02180•(617) 438-5321
Managing Partner of: ADCO EAST • 157 MAIN DUNSTABLE ROAD • NASHUA, NH 03060•(603) 889-0840
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Federal Reserve Bank of St. Louis
June 29, 1983
Dr. Paul A. Volcker
Chairman, Federal Reserve Board
Washington, D.C.
Dear Dr. Volcker:
Over the weekend associates of mine gathered, and a major topic of conversation
was the intense pleasure we all have with your reappointment.
It seems only right to compliment you on your toughness and astute appraisal
of the long-term needs of the American people.
This country seems to have made enormous progress in reducing the inflationary
trend, and we all agree that the process has been most painful to many Americans, but we also agree that we would rather have pain now and a country
that is financially sound in the future.
We all hope you will continue your tight money policies and that the success
of your past term will be multiplied substantially in the term now at hand.
Certainly, our position in fighting inflation is fragile, and we feel that
one of the strong moves the Presideftt could have made was made in your reappointment.
Our best wishes for the years ahead.
GEORGE W. PERKINS, II, CFP
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Jdne 30, 1983
Mr. °aye Pilcher
P. 0. Box 41553
Indianapolis, Indiana 46241
Dear Mr. Pilcher:
Thanks so much for taking the time to write about
my reappointment.
I appreciate your encouragement and good
wishes.
Sincerely,
PAV:evjj
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Federal Reserve Bank of St. Louis
NATIONAL
CAR RENTAL
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MEMO from the desk of...
7
automobile leasing
DAVE PILCHER
(
a/eir., Cl 472/4
P. 0. BOX 51553
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Federal Reserve Bank of St. Louis
INDIANAPOLIS, IN 46251
PHONE:(317) 243-7501
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Federal Reserve Bank of St. Louis
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DAVE PILCIIER
P 0 BOX 41553
IN
DIANAPOLIS,
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Federal Reserve Bank of St. Louis
August 3, 1983
Mr. J. J. Pinola
Chairman of the Board
First Interstate Bancorp
Box 54068
Los Angeles, CA 90054
Dear Joe:
I'm not trying to set records -Bill Martin outdoes us all in reappointments!
But I do appreciate your words, and
much more your willingness to contribute to
the FAC and to our deliberations generally.
Thanks for writing.
Sincerely,
PAV:ccm
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Federal Reserve Bank of St. Louis
First
Interstate
•
First Interstate Bancorp
Box 54068
Los Angeles, CA 90054
213 614-3004
J. J. Pinola
Chairman of the Board
Bancorp
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July 28, 1983
Mr. Paul A. Volcker, Chairman
Board of Governors
The Federal Reserve System
21st and Constitution Avenue, N.W.
Washington, D.C. 20551
Dear Paul:
I am not a student of history and so do not know if in
fact you have a predecessor relative to your nomination by
both parties.
Whether that is or is not the case, the fact is that it is
clearly an accomplishment of the greatest magnitude, and
I offer my congratulations to you. You are an outstanding
individual and statesman, and I am privileged to have the
opportunity to be a part of the Council and to enjoy our
periodic meetings.
My best wishes for your continuing service.
Sincerely,
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Federal Reserve Bank of St. Louis
July 5, 1983
Mr. Donald C. Platten
Chairman of the Board
Chemical Bank
20 Pine Street
New York, New York 10172
Dear Don'
Don't go to sleep.
I need
your help to keen the vigil.
Sincerely,
NMS:dmg-b
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FROM: DONALD C. PLATTEN
C/O CHEMICAL BANK. HONG KONG BRANCH
%ATE: JUNE 21. 1983
PAUL.
HOROUGHLY DELIGHTED AT THE NEWS OF YOUR REAP
POINTMENT:
WILL SLEEP BETTER.
EGARDS.
DON
OL 21. 1983
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 12, 1933
Mr. Georges Plescoff
Compagnie Financiere
de Suez
1 Rue d Astorg
75009 Paris
France
Dear Mr. Plescoff:
Thanks io much for taking the time
to write about my reappointment. I app
reciate
your encouragement and good wishes.
Sincerely,
PAV:dmg-b
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
The Honorable Karl Otto Poehl
President
Deutsche Bundesbank
Ding6000 Frankfurt 1, Postfach 2633
Germany
Dear Karl Otto:
Many thanks for your message, and I will be glad
to see you in the Chair at Basle.
I hope the world of
central banking needs a few familiar faces -- while the
problems are neW and different.
Best regards,
PAV:ccm
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
July 5, 1983
Mr. Murray E. Polakoff
Provost
University of Maryland
College Park, MD 20742
Dear Murray:
Do I have to keep doing this in
order to hear from an old friend? Thanks
for the warm wishes.
Sincerttly,
NMS:dmg-b
•
•
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UNIVERSITY OF MARYLAND
Division of Behavioral and Social Sciences
COLLEGE PARK, MARYLAND 20742
Tydings Bldg.
Suite 2141
Office of the Provost
(301) 454-5272
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Federal Reserve Bank of St. Louis
June 20, 1983
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Dr. Paul Volcker, Chairman
Board of Governors of the
Federal Reserve System
Washington, D.C. 20551
Dear Paul:
Congratulations on your re-appointment and•best wishes.
Cordially,
Murray E.
Provost
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
The Honorable Charles H. Price II
American Ambassador
Embassy of the United States of
America
Brussels, Belgium
Dear Charlie:
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)
EMBASSY OF THE UNITED STATES OF AMERICA
BRUSSELS,BELGIUM
CHARLES H. PRICE
June 20, 1983
AMBASSADOR
Mr. Paul A. Volcker
Chairman
Board of Governors of the
Federal Reserve System
Constitution Avenue and
21st Street, N.W.
Washington, D.C. 20551
Dear Paul:
The news over the weekend of your reappointment as
Chairman of the Fed made me feel very good. Strong
for you in international financial circles
has made clear how important your staying on the lob
is to the buildup of economic confidence.
I
I join the world in wishing you success.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sincerely,
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 51 1983
Mr. Herbert V. Prochnow
One First National Plaza
Suite 2538
Chicago, Illinois 60670
Dear Herb:
Thank you for taking the time to write me about
my reappointment. I greatly appreciate your expression
of confidence.
Sincerely,
PAV:smm
732-8886
HERBERT V. PROCHNOW
ONE FIRST NATIONAL PLAZA -SUITE 2538
CHICAGO,ILLINOIS 60670
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Dear Mr. Chairman:
Congratulations.
excellent decision.
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
Mr. Harry Pryde
1983 President
National Association of
Home Builders
15th and M Streets, N. W.
Washington, D. C. 20005
Dear Mr. Pryde:
Thank you for your warm wishes on
the occasion of my reappointment. I look
forward to working with you in the years
ahead.
Sincerely,
NMS:dmg-b
cc:
Miss Wolfe (2)
BOARD OF
GOVERNORS
OF TIE
FEDERAL
National Association of Home Builders 1983 ju..RESERVE SYSTEM
15th and M Streets, N.W., Washington, D.C. 20005
Telex 89-2600
(202) 822-0400
Harry Pryde
ti 2 PM 12: 49
RECEIVED
OFFICE OF
THE CHAIRMAN
1983 President
June 20, 1983
The Honorable Paul A. Volcker
Chairman
Federal Reserve Board
Washington, D.C. 20551
Dear Mr. Volcker:
On behalf ot the 110,000 members ot the National Association ot Home Builders, I want to congratulate you on your nomination to a sd
econ term as chairman ot the Federal Reserve Board.
• I.
trom time to time, disagreed
Although our association
with the policies pursued by the Federal Reserve Board, builders
generally recognize and admire the wisdom, integrity and independence you bring to the job as chairman ot this nation's central bank.
We trust that the candid and open relationship this association has enjoyed with you during your tirst term as chairman
of the Federal Reserve Board will continue throughout your
second term.
Again, congratulations on your nomination and we look forward to working with you in the months and years ahead.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sincerely,
- 7
4
Harry Pryde
Housing
Shelter for the People/Jobs for the Economy
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 25, 1983
Ambassador Maxwell M. Rabb
American Embassy
APO New York 09794
Dear Max:
I have been a laggard in answering
letters recently, but I did want to thank
you for your nice note on my reappointment.
It should be one of the fringe
benefits of this job to get to Rome
occasionally, but it doesn't seem to happen
very often. We will dream about it anyway,
and meanwhile my best to you and Ruth.
Sincerely,
PAV:dmg-b
EMBASSY OF THE
UNITED STATES OF AMERICA
Rome, Italy
June 20, 1983
Dear Paul:
It was with the greatest pleasure that I learned
of your re-appointment to the chairmanship of the
Federal Reserve Board. I have been awaiting this
confirmation eagerly, for I know how important has been
your contribution to the ever-improving economic situation. This is a wise decision on the part of the
President, and one that will be applauded throughout
the world.
We were delighted to see you here and in Washington,
and hope that you plan another visit to Rome in the very
near future.
With warmest good wishes,
Sincerely,
Maxwell M. Rabb
Ambassador
Honorable Paul A. Volcker
Chairman
Federal Reserve Board
Constitution Avenue and 21st Street
Washington, D.C. 20551
THE UNITED STATES OF AMERICA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OFFICIAL BUSINESS
Ambassador Maxwell M. Rabb
American Embassy
APO New York 09794
JO 331.4.40
(111133311
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DEPARTMENT OF TRADE & INDUSTRY
1 VICTORIA STREET
LONDON small OET
TELEPHONE DIRECT LINE 01 215 3785
SWITCHBOARD 01 215 7877
From the Permanent Secretary
Sir Anthony Rawlinson KCB
(Joint)
The Hon. Paul A Volcker
Chairman
Federal Reserve Board
Washington DC
United States of America
20 June 1983
You will nave a vast fan mail, but I cannot but add to it to send
to you both warmest greetings and congratulations on your
reappointment.
It may not be without problems for you personally,
but for all your friends, and for the world monetary system, it
isTlendid news indeed.
Mary and I continue to hope that Barbara will be with you when
you come to London for the Prime Minister's dinner next week.
Do
let us know if we can do anything to repay the hospitality of
your apartment in New York.
All good
wishes to you
both.
ANTHONY RAWLINSON
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
THE SECRETARY OF THE TREASURY
WASHINGTON, D. C. 20220
June 20, 1983
Dear Paul:
I wanted to follow up our Saturday
conversation with an "official" congratulations on your reappointment to a second
term as Chairman of the Federal Reserve
System.
I trust that your confirmation will
be speedy, without complication and that
we can continue solving the problems before
us.
With best wishes.
Sincerely,
14n1
Donald T. Regan
The Honorable
Paul A. Volcker, Chairman
Board of Governors of the
Federal Reserve System
20th and Constitution Avenue, N.W.
Washington, D.C.
20551
1
July 5, 1983
Sir Dennis Rickett
Dear Dennis:
I catch up to my mail late, but I was glad to
see you and Pauline in London to "celebrate" directly
even if that's hardly the right word.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
That was a splendid, relaxing interlude.
Best regards,
IN•r•
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 12, 91983
Mrs. Alice M. Rivlin
% Tile Congressional Budget Office
United States Congress
Washington, D. C. 20515
Dear Alice:
I appreciate your note, but even more to the
point, I don't remember that I ever properly
said
in writing what so many of us feel about the
job
you did pioneering the CBO Directorship. It coul
dn't
have been a more difficult period substantivel
y and
"Otherwise," and to see it institutionalize
d (I won't
quite say "safely") in so short a period is
something
to be really proud of.
You're entitled to "elder statesperson" status
for a while.
Best regards and thanks,
CONGRESSIONAL BUDGET OFFICE
U.S. CONGRESS
WASHINGTON, D.C. 20515
Alice M. Rivlin
Director
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 12, 1983
Mr. Theodore H. Roberts, President
Federal ;:eserve Sank of St. Louis
St. Louis, ?Assouri 63166
Dear Ted:
Thanks so .Auch for takin9 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
July 12, 1953
Mr. Ttecr!ore H. Roberts, President
Federal Reserve Bank of St. Louis
St. Louis, Yissouri 6316A
Dear Ted:
Thanks so nuch Co
about my reappointment.
takino the tine to writf,
I appreciate your ercouragement
and good wishes.
Sincerely,
BOARD OF COVER,
OF THE
FEDERAL RESERVE S
1983 JUN 22
AN
RECEIVED
OFFICE OF THE CHAIR?
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
Mr. E. B. Robinson, Jr.
President
Deposit Guaranty National
Bank
Post Office Box 1200
Jackson, Mississippi 39205
Dear Mr. Robinson:
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)
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June 22, 1983
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4
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Dear Mr. Volcker:
Congratulations on your reappointment as Chairman.
You have done a great job and I am pleased that you
are willing to continue to make the personal sacrifices
you are making to help our country's future.
Sincerely,
The Honorable Paul Volcker
Chairman
Federal Reserve Board
Washington, D. C. 20551
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Federal Reserve Bank of St. Louis
July 12, 1983
Yr. James D. Robinson, III
Chairman
American Express Company
American Express Plaza
New York, New York 10004
Dear Jim:
Many thanks for the note -- and,
of course, you have helped, not least b
by sympathetic understanding.
Now, about that discount rate . . •
Best regards,
pAV:ccm
NM
AMERICAN IDCPRESS
AMERICAN EXPRESS COMPANY. AMERICAN EXPRESS PLAZA, NEW YORK,N Y 10004
JAMES D ROBINSON, III
June 21, 1983
CHAIRMAN
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Honorable Paul A. Volcker
Chairman
Federal Reserve System
20th Street and Constitution Avenue, N.W.
Washington, D.C. 20551
Dear Paul:
Congratulations on your reappointment.
You're certainly the right man for a
tough job. I wish you the best in the coming
years, and stand ready to help in any way I can.
Best regards and I look forward to
seeing you tomorrow.
Sincerely,
ames D. Robinson, III
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Federal Reserve Bank of St. Louis
July 5, 1983
Mr. Rolf Rodenstock
P. 0. 510548
5000 Koln 51
Federal Republic of Germany
Dear Mr. Rodenstock:
Many thanks for your message on my
appointment. We have many problems that will
require a continuing dialogue and more.
Sincerely,
et). 5-/os-zie
s000 '<fain s/
Fedet-c„
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
RepiA bhc,
Memo
Board of Governors
of the Federal Reserve System
Date
Time
To
From
Tel. No./Ext.
- Please call
As per conversation
- Returned your call
For your information/approval
_____ Will call again
-See (phone) me re attached
Note and return
For comments and suggestions
Preparation of reply
Message
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FR 468(4/79)
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Federal Reserve Bank of St. Louis
0
July 5, 1983
Ms. Mary Roebling
Dear Ms. Roebling:
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
MARY ROEBLING
Alk
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MP PAUL C VOLCKER, CHAIRMAN
BOARD OF GOVERNORS
40
FEDERAL RESERVE
2020 F ST
WASHINGTON DC 20001
•
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AM SO PLEASED THAT YOU HAVE AcCERTEO THE REAPPOINTMENT
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PRESIDENT. CONGRATULATIONS.
MARY ROEBLING
777 WEST STATE ST
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14050 EST
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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
rr
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TO REPLY BY MAT! r,RAm MESSAGE, PHONE WESTERN UNIO'N' AN'
f.
FOR YOUR LOCAL NUMBER, Sct THE WHITE PA6F
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
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
Mr. Lawrence H. Rogers, II
Dear Lawencee:
Thanks so much for taking the time
to write about my reappointment. Your
encouragement and support are deeply
apprecibeed.
Sincerely,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
LAWR_ENCE H. ROGERS,Er
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
1383 SR\I 22 AN 9: 05
RECEIVED
OFFICE CF THE CHAIRPAN
21 June 1983
Honorable Paul W. Volcker
Chairman
Board of Governors
The Federal Reserve System
Washington, D. C.
20551
Dear Paul:
The familiarity of the Fed Alumni Association is
a hard habit to break. Congratulations and best
wishes to you upon your reappointment by President
Reagan as Chairman.
My six years association with the Federal Reserve
came to an end with your first year; but I was sufficiently impressed with what you were able to put
in place in that short time that I felt from the first
that we were on the right track. Your accomplishments
have certainly vindicated that confidence and I am
absolutely delighted at the President's decision.
A copy of my letter to him on the subject is enclosed.
The nation and the system deserve congratulations on
your willingness to take on this awesome task for four
more years.
Warm regards.
--- Sin
LHR/h
Enclosure
rely yours
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
LAWRENCE 11. ROGERS, H
21 June 1983
President Ronald Reagan
The White House
1600 Pennsylvania Avenue
Washington, D. C. 20000
Dear Mr. President:
As former Chairman of the Cincinnati Branch of the
Federal Reserve Bank of Cleveland and a long-time
supporter of your economic policies, I want to send
you a personal message of congratulation upon the
reappointment of Paul U. Volcker as Chairman of the
Board of Governors of the Federal Reserve System.
Having received dozens of appeals for funds from the
various Republican groups headed by Senators Laxalt,
Lugar, Baker, Secretary Watt, and many others, I felt
it important to send you this message and enclosure
personally. If the proper place for this contribution
is Americans for the Reagan Agenda, fine; but I want you
to have the choice of where you believe it will do the
most good. Meantime I will continue my token support
of all those other groups dedicated to the continuation
of your program for the recovery of America.
Having been recently retired from my basic career, I
am happily available for such consultation or other
assistance as I may be to you and your administration.
Bless you for being the right President at the right
time and for having the courage to "stay the course".
Warmest regards and best wishes for your continued good
health.
Sinc rely,
enclosure
cc: Honorable James G. Watt
I
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 12, 1983
Mr. Nat S. Rogers
Post Office !lox 2557
Houston, Texas 77001
Dear Nat:
Thanks so much for taking the time to write
about my reappointment.
I appreciate your encouragenent
and good wishes.
Sincerely,
WAIOn •
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June 21, 1983
Dear Paul:
Let me express sincere appreciation to you for your
willingness to accept a new term as Chairman of the
Federal Reserve Board. I am well aware that your
acceptance involves a significant personal sacrifice,
and I believe you will go down in history as the
financial statesman of our generation. I pledge to
you my continuing support and want to express my
esteem and admirations of your exceptional talents.
Best personal regards.
Sincerely,
II
The Honorable Paul A. Volcker
Chairman
Federal Reserve Board
Washington, D. C.
20551
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 5, 1983
Lord Roll of Ipsden
Chairman
S.G. Warburg & Co. Ltd.
30 Gresham Street
London EC2P 2ER
England
Dear Eikc:
I appreciate your message and encouragement.
Regards,
PAV:ccm
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 15, 1983
Mr. Edward M. Roob
Senior Vice President
First National Bank of
Chicago
One First National Plaza
Chicago, Illinois 60670
Dear Ed:
Thanks for the note
Weft e..
and our best
to you both.
Sincerely,
PAV:dmg-b
J
a FIRST CHICAGO
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The First National Bank of Chicago
June 20, 1983
Edward M. Roob
Senior Vice President
The Honorable Paul A. Volcker
Chairman
Board of Governors
Federal Reserve System
20th and Constitution Avenue, N.W.
Washington, D. C.
20551
•C`•
Dear Paul:
No question but that the President made the
right decision.
As a citizen I want to thank you for agreeing
to serve another term. I know the personal
sacrifice you make to serve our country.
Barbara and
Barbara.
I send best wishes to you and your
Regards.
Sincerely,
EMR/K
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-a
July 5, 1983
Mr. & Mrs. Robert V. Roosa
Dear Ruth and Bob:
You know haw much I appreciate the
short message. I really wonder "why" sometimes
and I blame it only partly on Roosa training.
So, if you're implicated, you have to help!
Best regadds,
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https://fraser.stlouisfed.org
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Federal Reserve Bank of St. Louis
4Nx--
August 25, 1983
Dear Larry:
I am a tardy correspondent these days,
but I did want to thank you for your warm
note on my reappointment. I do follow you
in the news columns occasionally. Stop in
some day when you get the chance. I heard
Mary is now better -- I hope this is an
accurate report. My best to you both.
Sincerely,
Mr. Lawrence K. 21199.
PAV:slw
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 3, 1983
Mr. Charles A. Rowan
Dear Mr. Rowan:
Many thanks for your kind words and
support.
We'll keep at it for a while
longer.
Sincerely,
PAV:ccm
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CHARLES A. ROWAN
- 2u4i 29, 1983
Mit. Pau" 4. V adze/L., Chai/zman
Bowed o4 cove/tnoilii o4 eze
..7erleitat 7?e_4e./zve Sjiiem
YaAAina,ion, D.C. 2055/
DeaiL PI/L.
acken...
Sn mid-/980, .9 uuLo& ,you and wtedyOU
"liana in iheiLe; you tvene one o4 he few /lane men .c..n VaAlzi*on.
ou did ao, and accompliahed much.
Now, .9 am iv/Laing .to con9iLaimlaie you on
you/L iteappoiatmen,t and con4iAmaiion C)/Z. anoVzeiL ie/tm.
Aink
9)Leat; keep up zfhe .00d Ivo/1k. 44.. you can /lee
Peom he a.tiacAed co/uLeApondence, .9'm /lila in you)L co/uze./L.
4,d.9 4.4aite yowL conceitn Aie Ite de4ec.0 and
Wec.i on
ez.onomy.
clad you decided o accept
io6 again.
Since./Le4
do#490ece,
.z
pkiA
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rvi
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1-1-7
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
- Icii 1/, /983
PirethietzL Ronald Reagan
Jim. Nile liou.o.e.
VoAliing 0rif D.C.
Dealt IedeJii Rea.gan SAo/eily, yoi. will be. appointing. the Chabzmw.
Boctied
of the .7erleiza..l
-9 an wia.i.inga u/tge youft. Reappointment. of
Le. f'o/t bJJJLJJt undeit
Paull/oile/L. Pe ill i_he pe/o_on. moAt /124por4i6
ican public viezed
con-beal the itampant inflation zi/hir..h the Arizen
ago You. can do no tett
am
ye
tat
we/
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im
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p
4
t
tan
oit
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kVW pe/Ltoirming,
/t
the
ano
,th
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w4
Aim
:t
rua
enf
to
n
tAa
dia.chaitged AD aeli.
Vhatheit he. will ACJWe tt anotheit
tall.
.9 wouldn.'t6larze him if he. didn't, bui. .9 hope he.
Sincenely youizA.,
Clicutle.4. A. Roma
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S
THE WHITE HOUSE
WASH I NGTON
June 23, 1983
Dear Mr. Rowan:
On behalf of the President, thank you for your recent
communication regarding the reappointment of Paul Volcker
as Chairman of the Federal Reserve Board.
As you know by now, the President announced on Saturday,
June 18, 1983 his intention to reappoint Mr. Volcker for
a second four-year term as Chairman.
We appreciate your taking the time to write and provide
us with your comments on this important position.
Sincerely,
-*)
7
N(
Christopher Hicks
Associate Director
Presidential Personnel
Mr. Charles A. Rowan
July 5, 1983
Mr. Henry J. Russell
Vice President
Rockford Acromatic Products
Company
611 Beacon Street
P.O. Box 2066
Rockford, Illinois 61130-0066
Dear Hank:
Drew a blank on the fishing, and probably
should have on the other:
We'll see, but meanwhile
thanks for writing.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sincerely,
Ii
•
ockford
a cromatic
•
cts comilatity
produLI
PHONE 815 • 877-7473 • 611 BEACON STREET • P.O. BOX 2066 • ROCKFORD, ILLIfklOIS 61130-0066, U.S.A.
June 21, 1983
Paul A. Volcker, Chairman
Board of Governors
Federal Reserve System
20th Street and "C", N.W.
20551
Washington, D. C.
rel
(202) 452-3201
Dear Paul:
I'm glad we had the opportunity to have dinner last
Tuesday evening - and even "glader" when I heard the terrific
news, on the radio, of your re-appointment!
It means a great deal to our country, even if they've
never heard of the Fed, to have a person of your unquestioned
integrity at the helm.
Sure hope you get some good fishing in now! In Nova Scotia,
even the fish knew you had other things on your mind!
With best wishes Sincerely,
ROCKFORD ACROMATIC PRODUCTS COMPANY
ge44
HENRY J. RUSSELL
• VICE PRESIDENT
HJR/ddf
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NEL
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 12, 1983
Mr. John Sagan
Vice PresidentTreasurer
Ford Motor Company
The American Road
Dearborn, Michigan
48121
Dear John:
Thanks for your communication on
my reappointment. The confidence and
encouragement of the "Fed family" are
especially gratifying.
Sincerely,
NMS:dmg-b
•
LII.11
Telegram
western union
WFA064(1539)(1-015577C171)PD 06/20/83 1539
ICS IPriGW F WSH
•
1983 jii.41 20 FM 5: 00
04551 06-20 0429P EDT
105 IPniRIF
•
4-01O36171 06/20/83
ICS IFLId IL B LK
•
44000
THE HONOR ABLE PALL H. VOLCKER
•
/HAND DELIVER/
CHA IRMA N BOARD OF GOVERNORS OF THE
FED ER AL RESERVE SYSTEM
•
20TH A D CONST IT UT ION AVENUE, N. W.
WASHINGTON, D. C. 20551
•
THE ANNOUNCEMENT OF YOUR REAPPOINTMENT FOR ANOTHER TERM AS CHAIRMAN
OF THE KEDER AL RESERVE IS BEST NEWS THE WORLD ECONOMY HAS RECEIVED IN
•
4 LONG TIME.
ALL OF US AT FORD MOTOR APPRECIATE YOUR WILL I NG NESS TO
SERVE ANOTHER TERM AS CHAIRMAN AND I SEND MY WARMEST PERSONAL BEST
•W.U. 1201-SF (R5-69)
•
•
Telegram
LIU 1111
western union
•
•
•
•
•
WISHES TO YOU AS YOU START YOUR SECOND TERM AS CHAIRMAN.
SINCERELY, JOHN SAGAN VI
PRESIDENT-TREASURER FMCC DBN
5'`•
1450 EST
•
•
NNNN
•
•
4)/
914-t
•
•
•
•
•
•
•
•W.U. 1201-SF (R5-69)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
Mr. Walter S. Salant
Senior Fellow Emeritus
The Brookings Institution
1775 Massachusetts Avenue, N. W.
Washington, D. C. 20036
Dear Walter:
Thank you for your much appreciated
good wishes on my reappointment.
The point you referred me to in
your paper is indeed a sobering one. Have
you any thoughts on how we can short-circuit
the process?
Sincerely,
NMS:dmg-b
cc:
Miss Wolfe (2)
III
The 'Brookings Institution III
1775
MASSACHUSETTS AVENUE N.W./ WASHINGTON D.C. 20036 / CABLES: BROOKINST / TELEPHONE: (202) 797-6000
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Economic Studies Program
June 28, 1983
The Honorable Paul Volcker, Chairman
Board of Governors, Federal Reserve System
Washington, D.C. 20551
Dear Paul:
Now that the tension is over I want to congratulate you on
your re-appointment, which I, along with many others, have been
hoping for. I have admired your skill and courage in the Fed job
and have been sorry that you were put through this prolonged
suspense.
One of the major policy issues you have to face and about
which there seem to be varying opinions is how much acceleration
of inflation, if any, will be associated with given rates of
recovery, in view of present unutilized capacity. One
consideration that I think relevant to this question but that I
have not heard mentioned by others is advanced in the last three
pages of the enclosed discussion paper, which I gave at a
symposium on Marx, Schumpeter, and Keynes at the University of
Colorado in April. I hope you find it of interest and perhaps
even of use.
All good wishes to you and Barbara, in which Edna joins me.
Sincerely,
Lk)01,1t_
Walter S. Salant
Senior Fellow Emeritus
Enclosure
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 5, 1983
Mr. Nathaniel Samuels
Dear Nat:
I've had enough trouble just trying
to control all
to deal with the aggregates
on the East Side is too much to ask.
Thanks for your warm wishes.
Sincerely,
•
A
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
NATHANIEL SAMUELS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(212) 750-1752
1383 JUN 27 AN
11: 06
RECEIVED
OFFICE OF TIT
CHAIRP,
June 24, 1983
P.A.J.,
I join the multitude that
welcomes and applauds your reappointment.
With warmest best wishes,
Hon. Paul A. Volcker
Chairman
The Federal Reserve Board of
Governors
The Federal Reserve System
20th & Constitution Ave., N. W.
Washington, D. C. 20551
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Federal Reserve Bank of St. Louis
June 30, 1983
Mr. Duane Saunders
Dear Duane:
I don't know if "grandma" will come
down "permanently" -- but we'll see you
over the Fourth.
Thanks for the note.
Regards,
'Row
•
"Or
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS
OF THE
FEVERAL RESERVE SYSTEM
IM JUL
I AN 8: 50
RECEIVED
OFFICE OF TEEMAIRHAN
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Federal Reserve Bank of St. Louis
August 25, 1983
Dear Mrs. Scheuer:
I appreciate your thoughtful letter on
the occasion of my reap?ointment, but I am
afraid I am not going to provide a clear and
convincing answer to all the questions you
raise. I try to make some of those points,
but the audience is not always convinced.
In any event, we will do our best.
Sincerely,
Mrs. Irene C. Scheuer
PAV:slw
.4
•
•
IRENE C. SCHEUER
July 2,1983
Nr. Paul Volcker
F.
151
Pict
,
Neuu York tooDI
))eckr Ctialrman Vole ker:
woulot like to conyatulate. you upon your reappoiniment o.s Cliairman,anol
espeeia/ly upon kavinl so soccesscvity An4 urt,ane(y naviAo.feol uery 14otrni1 4.)allars.
Haven4He.Rtormy waters eeen primarily tile result 0C economic. •flIreories coLose.
orilinectors may wisin
Gut oto no+ know Low fir.e Federal Reserve works? Would it not
.1-i4t1irecore 1)e a kindness 4.0 41Re.rn, and generally usec u l
ode,or ;n iSSUeS 0V its
ei+tier as a 1,0&,k,
el./A:v-1(4;o n 4
li pto a Lan k works ,
f-lee Federa/ Reserve were
Bun" a (Aired-, positkJe,
wootel, loy iniplica-tion or direci-ty, reS-ute tIneories
tictimina, .or Instance,
Med +inere is sucln a.
nclA
4Ine
mondy
supp(1: an increase in fine arnouni-
mone4 ir circA.44.ion resulfs primarily irom borrot.oinci and vice ksemc"-."°1 not S.ro rn a. s.inale
ts
suppler" or mone y pri nter, (Le., since o. depositor anotc (7orrou>er/s payee.(s) 404, own or
ilctq e a erope41
+keit- money, 601.-rowi9
p!lcce c..ap pos4or% mon.p yi
That there is also such a. t-hin as 41,ve money
Ø. i n 4-1,,e tont-exl
4 6*.ntar)1, -stock- I's 0.
money s4ock t-an be controlled Las an ;Helot(
10). To corlsider deposiis as "sfock" is
st-ock). This con.u.sion did
ill
Tint assertion FlAerecore_ #tsiat Hite
r,
coni.use a6ank's deposs u.14 us cap;i-cti
de.1;&e.ra.taliv in 44e. Bank o
Amsterala.rn 01es-cussed at
l•ancAtin 64./ Aolarn Srn;f11. Bui banks tic +(a.{ t-ti pe lickve. never- e_lci.s4.0i
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ftis Un;tpoi
1791, and cor 9 ood reasonz, pco-tiCt(14 aitlen 4:qf
Conciress
- Stafes, we.re._ rejected
Alttanoler Hotrykon 'in his 'Second Reporf on tine Put.lic Cred4i
Mat open ma.rket operations tont-rot 4-tne_ rnone.9 sopplci, or 'interes1 ratrs, or Laincutever
else 3-14e exisciencies
ack5LS•loi0
4-1Apor4
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rev
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and pro Ws• ck Lank or bankini sto-terni
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Tkct+ +Lc
rate .1 ;- 41Aai 640-rged
•cederal•oue_t-nment.
ne V%,\Je_rnmenk-'s
canno4 be vant:i
rode,
determined on -1-14e oPPn markef in
inanciat, AS wail as politiced,ereciiiwortitsmess and Fine_2-8-core_
controlled — C1,-S 140cfnilfc,r> said, 'of);(qon ;s 4-14e
TI-ve F.edoral Reserve_ cos) aWecf loo+ nof coni-rot +IAe ok.lcoo.cis Ini(lIner prime rate;
That -1-14e.
RfS'PrAle. Cart GailSe intation or dPeression: whitea
(eocti n(1,
c a r, neifker
ni.Sn
excess LorrowincA i-kat- is at sti mpi-om•incialion
nor CtiMpel Lorrocoln% clurnct. b depreossi or), i•e•
out-side 6a4-1
6ank ecxr)
+tAt
ca_uses oc 1-10-se pke
rnen
ne systems) tontr-ol; ei-c.
I am a. pol;tica..( seiente'st (A.13,1).) and once
wOrkeol for-
CI4osi) Naninailan
not 'clank in5).
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BPs-E (4Zsttes
your Second 4.-rrn
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 12, 1983
Mr. William Jay Schieffelin, III
hear Rill:
Thanks so much for taking the time to write
about my reappointment.
I appreciate your encouravement
and 9ood wishes.
Sincerely,
•
•
014 1"••
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
tko
n'ttAk
William Jay
UU II
June 20, 1983
The Honorable Paul A. Volcker
Chairman
Board of Governors of the
Federal Reserve System
Washington, D. C. 20551
Dear Paul:
Heartiest congratulations on your reappointment as Chairman of the Fed. Thank God the President has wisdom and
has reappointed you and thank you for continuing the
sacrifices which you have made and will be making in
order to serve in such a distinguished fashion, not
only the interests of the United States, but of the
whole free world.
Best wishes for continued success and strength to carry
on your heavy burdens. Warmest regards,
WJSIII:JA
W. J.
fe
2/
lin III
(
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 12, 1983
Mr. Frank W. Schiff
Vice President and Chief Economist
Committee for Economic Development
1700 K Street, Northwest
Washington, D. C. 20006
Dear Frank:
Thanks so much for taking the time
to write about my reappointment.
You
know I appreciate your encouragement and
good wishes, and my best to both of you.
Sincerely,
PAV:ccm
*
COMMITTEE FOR ECONOMIC DEVELOPMENT, 1
•10
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FRANK W. SCHIFF
Vice President
and Chief Economist
Street, NW., Washington, D.C. 20006 • 202 296-5860
June 20, 1983
3
47-
Honorable Paul A. Volcker
Chairman
Board of Governors of the
Federal Reserve System
Washington, D. C.
Dear Paul:
My warmest congratulations on your reappointment as
Chairman of the Federal Reserve Board -- and on your publicspiritedness and bravery in being willing to accept it! The
appointment is certainly an extraordinary tribute to your
abilities.
Erika joins me in wishing you all the very best for
every continued success.
Cordially,
Frank W. Schiff
o3
CA)
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AM.
July 12, 1983
Mr. Robert W. Schleck
Dear Bob:
It's particularly nice to hear a voice
out of the past of Patton Hall.
Thanks so
mach for taking the time to write, and I
appreciate your encouragement.
Sincerely,
PAV:ccm
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
•
•
•
Robert W. Sc ecK
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Federal Reserve Bank of St. Louis
OVERNORS
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SERVE
FEDERAL RE
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1983 JUN 2
RECEIVE0HAIRMAN
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•
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
The Honorable Guenther Schleiminger
General Manager
Bank for International Settlements
Centralbahnplatz 2
P.O. Box 262
4002 Basle, Switzerland
Dear Guenther:
Thank you so much for your message on my reappointment.
The words of colleagues toiling in the same vineyard mean
much more.
I look forward to our continued association -- including
next week.
Sincerely,
PAV:ccm
•
li)
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
1983 JUN 22 AM 9: 08
RECEIVED
OFFICE OF TIE ClIAIRMA'4
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MR. PAUL R. -UM
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cEDERAL RFSFRUF 3 13
WASHINnTON
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
August 3, 1983
Mr. Herbert S. Schlosser
Executive Vice President
RCA
30 Rockefeller Plaza
New York, New York 10020
Dear Herb:
Many thanks for the note.
I'll need
the luck and more, but we'll try to hold
up our end.
Best regards,
PAV:ccm
RCA
•
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mt. Paul A. Vbldker
Chairman
Federal Reserve System
20th Street & Constitution Avenue, N.W.
Washington, D.C.
20551
Dear Paul:
Congratulations on being reappointed Chairman of the Federal
Reserve.
You have done a superb job. It was important that you be reappointed -- not only for our country but for those countries
who place their confidence in us.
Good luck as you continue in this vety difficult and demanding position.
Best wishes.
Cordially,
HSS:citut
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 5, 1983
;Ir. Paul A. Schosberg
President
Savings Association League
of New York State
700 White Plains Road
Scarsdale, New York 10583
Dear Paul:
Thanks for your warm wishes.
I look forward
to continuing to work with you and your members in the
years ahead.
Sincerely,
PAV:nlf
Savings Association Lea
of New York State
700 White Plains Road
Scarsdale, New York 10583
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Paul A. Schosberg
President
1383 JUN 22 A14 9: 0L.
RECEIVED
June tEfICEMEM CHAIRPIA'
"PERSONAL"
The Honorable Paul A. Volcker
Chairman
Federal Reserve Board of Governors
20th Street and Constitution Avenue, N.W.
Washington, DC 20551
Dear Paul:
At last, the suspense is over!
Your many friends and admirers here in New York truly
are delighted with the President's "news flash" last
Saturday. The decision -making process certainly had
a Perils of Pauline aura, but if it's true that only
results count, I guess we have ample cause for satisfaction.
Only you know why you want to continue to make such
tremendous personal and professional sacrifices to
remain at the Fed's helm. The rest of us must be
content with gratitude at your willingness to serve
another term as chairman, and try to give you the support you need and deserve.
Warmest regards,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sincerely,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
Mr. Francis H. Schott
Senior Vice President
and Chief Economist
The Equitable Life Assurance
Society of the United States
1285 Avenue of the Americas
New York, New York 10019
Dear Frank:
Thanks so much for taking the time
to write about my reappointment. The
words of an old colleague mean much more,
even if some suitable discount is applied.
Best regards,
PAV:ccm
4
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
1285 Avenue of the Americas, New York, N.Y. 10019
FRANCIS H.SCHOTT
Senior vice President and Chief Economist
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 22, 1983
The Hon. Paul Volcker
Chairman, Board of Governors
Federal Reserve Board
20th & Constitution Avenue
Washington, D.C. 20051
Dear Paul,
Congratulations and best wishes on your renomination as
Chairman. As far as I know, everyone of your old friends has
been rooting for you these past months, and nobody more so
than I did.
You have restored the strength of the dollar and the
integrity of the Federal Reserve. It is especially praiseworthy that you are willing to put your accomplishments at
risk again in view of large federal deficit and international
debt problems.
After the NBC interviewer, Michael Maus, saw you on
Saturday, he unleashed his colleagues on some of your
friends, including me, for "market reaction." My ringing
endorsement unfortunately went out the editor's window...but
here it is, anyway.
Sincerely,
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 25, 1983
Mr. Frederick H. Schultz
Dear Fred:
I know I've talked to you since, but I should
have answered sooner your nice letter on my reappointment.
I put it aside in order to make sure I read the attachment
to Malcolm Forbes with the care that it deserved. You
will be glad to know that I have done so -- and found it
insightful as expected.
I am also reminded that one of the nice things
about this job (maybe the only one) is that you don't
get invited on boat trips that cost you $100,000.
I will keep thinking about that condominium
sometime when the temperature descends below 90 degrees
in Washington.
As you saw, the IMF thing struggled through,
but it has a number of other hurdles. Mr. Patman is on
a campaign for me to reveal all my lobbying efforts. You
are one of a select four outside of government, but they
will never know:
All the best to you and Nancy.
Sincerely,
PAV:dmg-b
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FREDERICK H. SCHULTZ
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Chairman
The Federal Reserve System
20th and Constitution Avenues, N.W.
Washington, DC 20551
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Dear Paul:
You are a very lucky man - not, however, because
of your reappointment. Time magazine contacted
me to report that due to the timing of the
announcement, they would not be running the cover
story which they had planned. You, therefore,
will not be able to read all the ugly things I
said about you.
When I got back from the Far East I wrote the
enclosed letter to Malcolm Forbes. Since he saw
fit to publish a few sentences in his magazine,
I thought you may be interested in seeing the
full letter.
Remember what I told you about our beach condominium. When things settle down, you might want
to get Barbara and your children and come down
for a few days. It has three bedrooms, so you
could bring your whole family. Let me know if
there is a time which suits you, so that I can
make sure that it will be available.
Sincerely,
Frederick H. Schultz
FHS:gs
Enclosure
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FREDERICK H. SCHULTZ
June 2, 1983
Mr. Malcolm S. Forbes, Chairman
Forbes Magazine
60 Fifth Avenue
New York, New York 10011
Dear Malcolm:
After a six week trip to the Far East, I am busy going thru back
issues of Forbes Mazagine. Peter Drucker's article on Schumpeter
and Keynes in the May 23rd issue is the best article on economics
that I have read. It was very thought provoking and it occurred
to me that you might find a few of those thoughts worthwhile.
First, I am in total agreement with Schumpeter's thesis that there
are no permanent answers because the central problem of economics
is structural change. Someone once asked me what I learned as a
member of the Federal Reserve Board. My reply was that I had
learned a great deal but the most important lesson was that we
have a very complex economy and no one really understands how it
works. In my judgment, Paul Volcker comes closer than anyone
else, yet he would be the first to declare considerable ignorance.
I believe that all the economic theories have something to tell us.
Monetarism, Keynesianism, Supply Side Theory, Rational Expectations
and Neoclassicism are all ways to approach economic problems which
give us valuable insights, but none gives us the kind of answers
which are valid over a long period of time. One way to look at
economics is to regard it as the study of how people carry out
certain activities in their daily life. This will change constantly as conditions and psychology change; therefore, we are
always shooting at a moving target.
Second, I have just returned from Japan. It was striking to note
the differences from my last trip 25 years ago. The Japanese are
friendlier because they are much more self confident. After
discussions with businessmen and politicians, together with the
opportunity to observe their educational system, I came to the
obvious conclusion that the Japanese are in a strong position to
move ahead. They are disciplined, manage well and have a pool of
educated, committed workers. The only area where the U.S. seems
to have a distinct advantage is in entrepreneurial activities.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mr. Malcolm S. Forbes
2
June 2, 1983
It is interesting to note that new incorporations last year were
more than 20 times the number of corporate filings for bankruptcy.
We still have a lot of risk takers who are willing to step out on
their own. The Japanese recognize their weakness in this area and
are trying to find a way to inject more independent thinking into
their school system.
Thirdly, the article has some important implications for Government
policy. In monetary policy, it becomes clear that a mechanical
approach is unworkable. If conditions are constantly changing,
then neither pure monetarism or any kind of price rule will work
for very long. This is not to say that money does not count
because it obviously does, but effective monetary policy must be
carried out in a judgmental way depending upon conditions as they
exist at the time. I remember having lunch with Arthur Burns
shortly after I was appointed to the Board. In the course of the
conversation, I asked him what he considered to be the most
important characteristic of an effective member of the Board.
I expected his reply to center around technical knowledge. Instead
he said; "Common sense and good judgment." My experience convinces
me that he was right.
In the area of fiscal and other government policy I have a formula
for the future: E2 R2 - education and entrepreneurship, research
and retraining. It would appear that the dominant characteristic
of our age is the increasing rapidity of change. In such a period,
Schumpeter's ideas become more important and it is vital that we
gear our policies to dynamism rather than equilibrium. We must
educate people to adapt to a rapidly changing environment and
encourage them to embark on new projects. As part of this approach,
we need research to develop new ideas and retraining to give us a
labor pool which can adjust. Obviously, how to carry out this
formula would be a matter of considerable political debate.
Finally, I am in strong disagreement with Schumpeter's conclusion
of the inevitable decline of capitalism. It strikes me that the
acceptance of his ideas will mean that we can continue to
effectively adjust to changing conditions. To continue to make
capitalism viable, the policy maker is faced with finding the
right balance between equity and efficiency. One of the difficulties of capitalism is that it is a little like tennis; you
don't have to be much better than the next fellow in order to
beat him consistently. Without some effort to make the rich carry
a heavier load than the poor, capitalism cannot receive the
necessary political support. On the other hand, a movement too
far in this direction removes incentives and causes the system to
become inefficient.
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mr. Malcolm S. Forbes
3
June 2, 1983
I think we have come to a greater understanding of these issues
over the last 50 years. We learned the dangers of both deflation
and inflation. We have accepted the fact that we need to give
some help to those who occupy the bottom rungs of society, but we
have also seen welfare and entitlements seriously debilitate the
efficiency of our economic system. The right balance will be a
subject of continuing debate. But the fact that we are having
that debate and have shown in the past that we can shift in
either direction, leads me to conclude that capitalism will be
a survivor.
My experience in Mainland China last month gives me considerably
more confidence in this thesis. The Chinese have made great strides
since the death of Mao; primarily by reinstating profits as an
important aspect of their economic system. Farmers can keep a part
of what they produce and sell it on the free market. Factory
managers can keep part of their profits so that cost and pricing
becomes important to them and they are faced with the problem of
using the profits for capital expenditures or bonuses for the
workers. At this point communism is moving toward capitalism
rather than the other way around.
Perhaps the Drucker article will not be as meaningful to others as
it was to me, but after four trips to Europe in the past year
combined with visits to North Africa and the Far East, I cannot
help but feel that a recognition of the constant of change is
vital to a better future. The Far East is on the move, Europe
continues to stagnate and Africa has problems which appear
insoluble. These conditions would seem to correlate very well
with the ability of each area to accept and adjust to change.
I am not ready to relegate Keynes to a minor position. He remains
one of the great economic thinkers of all time. But Schumpeter's
ideas seem to give better insight into today's problems and possible
solutions. I hope your article is being widely distr_buted and
carefully read.
By the way, the very pleasant trip on your boat last fall with the
Princeton contingent cost me $100,000 and I suspect considerably
more in the future. As much as I enjoyed the evening, please don't
ask me any more.
Sincerely,
Frederick H. Schultz
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 18, 1983
Mr. Jackson L. Schultz
Senior Vice President
Wells Faro Bank
420 Montgomery Street
San Francisco, CA 94163
Dear Jack:
Many thanks for your note -- even
with its exaggerations.
I do appreciate both the confidence
and good will.
Sincerely,
PAV:ccm
•
WELLS FARGO BANK
NATIONAL ASSOCIATION
JACKSON L. SCHULTZ
Senior Vice President
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 28, 1983
Paul Volcker
Chairman
Federal Reserve System
Federal Reserve Building
Room 13-2046
Washington, D.C. 20551
Dear Paul:
It is a pleasure to join your legion of admirers and
friends in congratulating the President for his good judgment
in asking you to continue to lead the Fed. I don't know that
tulations really are in order for you. It really should
be an expression of deep appreciation for accepting this task.
We know of the lack of financial reward, the unremitting pressures,
conS.
the media attention -- all the things that would repel a lesser
man. The fact that you are willing to continue on is a superb
tribute to the selfless public servant that you are.
We owe you a great debt of gratitude.
Warmest personal regards.
Sincerely,
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CA 94163
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 3, 1983
Mrs. Herta Lande Seidman
Philipp Brothers, Inc.
1221 Avenue of the Americas
New Work, New York 10020
Dear Herta:
Thanks for the note.
It would be
nice to be in New York more frequently,
but such is life.
We'll survive.
Regards,
PAV:ccm
TELEPHONE
CABLES
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PHIBRO NEWYORK
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July 28, 1983
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Mr. Paul Volker
Chairman
Federal Reserve System
20th & Constitution Avenue, N.W.
Washington, D.C. 20551
Dear Paul:
Congratulations on your re-confirmation and extended stay at the Fed.
personally am delighted with your reappointment.
With warmest regards and best wishes for continued success, I remain,
Sincerely,
Herta Lande Seidman
HLS/kpd
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
June 30, 1983
The Honorable John S.R. Shad
Chairman
Securities and Exchagge Commission
Washington, D. C.
Dear John:
Just to say thanks for the quick
message.
Sincerely,
PAV:ccm
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BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
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WiMS THE HONORABLE PAUL
A. VOLCKER. CHAIRMAN
CIEDERAL RESERVE BOARD
CPASHINGTON. D.C. 20551
EAR PAUL:
ARM CONGRATULATIONS.
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https://fraser.stlouisfed.org
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
s
June 30, 1983
Mr. Lester G. Shapiro
Dear Les:
It's in the Cormiers where one learns
to deal with the affairs of the real world -not what they used to be, but ever hopeful!
You've got to keep at it.
Thanks for writing.
Sincerely,
PAV:ccm
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
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BOA.R0 DF GVERNORS
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 13, 1983
Mr. Howard L. Shaw
President
Liberty Savings Bank
Mayfield, Kentucky 42066
Dear Mr. Shaw:
Many thanks for your note, which brought
back most pleasant memories of Mayfield.
Sincerely,
PAV:ccm
Howard L. Shaw, President
Liberty Savings Bank
Mayfield, Kentucky 42066
July 6, 1983
Mr. Paul A. Volcker, Chairman
Board of Governors of the
Federal Reserve System
21st and Constitution Avenue N.W.
Washington, D. C. 20551
Dear Mr. Volcker:
Some uneasy moments were spent by myself and
many others prior to the announcement of your reappointment as Chairman of the Federal Reserve. It's a little
late to say I want to be the first to congratulate you,
but congratulations are in order, and I hope you continue to perform with the degree of excellence that you
have exhibited in the past. If you ever come to Mayfield
again, I will serve you country ham!
Sinc rely,
1
Howard L.
President
HLS:ly
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
July 26, 1983
Dear Mr. Shelbourne:
Thank you so much for taking the time
to write about my reappointment.
The confidence
and good wishes of members of the international
community and others is most encouraging.
Sincerely,
Mr. Philip Shelbourne
Chairman
Britoil
LOndon, England
B •tol •
4I1
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Britoil plc, Stornoway House, Cleveland Row, St. James's, London SW1A 1DH
Telephone 01-409 2525
Telex 919474
Answerback: Brtoil G
Chairman's Office
28th June 1983.
Dear Mr. Volcker,
I hope you will permit me to offer you my respectful
congratulations on your re-appointment as Chairman of the Board of
Governors of the Federal Reserve System. This has, I do not need to
say, produced a feeling of immense confidence all over the world and
more particularly in this country.
You may find it odd to receive a•letter from this
particular address, but I used to visit you yearly in my old position
as Chairman of Samuel Montagu and I also had the pleasure of meeting
your during the Chatham•H ou se visit to Washington in October 1981.
Your effect on the American economy and consequently
on the economy of the world has been greatly beneficial and I wish you
IIll
I'Tfl
success with your second term of office.
Yours sincerely,
Philip Shelbourne
Mr. Paul A. Volcker,
Chairman,
Federal Reserve System,
Board of Governors,
Twentieth Street and Constitution Avenue, Northwest,
Washington, D.C. 20551,
U.S.A.
Registered No. 77750 Scotland: Registered Office: 150 St. Vincent Street, Glasgow G2 5LJ
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
VMS.
June 30, 1983
The Honorable George P. Shultz
Secretary of State
Department of State
Washington, D. C.
Dear George:
You know how much I appreciate your
words on my appointment.
Things are much more dicey, internationally, than any of us would like,
but we'll keep at it.
Warm regards,
PAV:ccm
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
THE SECRETARY OF STATE
WASHINGTON
June 20, 1983
Dear Paul:
Congratulations -- to all of us but
also to you. I am delighted to have it
settled that you will continue to guide
our monetary policy and to play a leading
role in the multitude of dicey international
issues now before us.
You have my respect, admiration and
wholehearted support and my warm personal
regards.
Sincerely yours,
George P. Shultz
The Honorable Paul A. Volcker
Chairman, Federal Reserve Board
20th Street & Constitution Avenue, N.W.
Washington, D. C. 20551
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
August 25, 1983
Mr. Alfred D. Sieminski
Dear Mr. Sieminski:
I should have responded earlier to
your note, but I nonetheless appreciate the
comments.
More important, I will try to
nudge Klaus Friederich "in the right
direction" about his step-son.
Sincerely,
PAV:dmg-b
ALFRED D. SIEMINSKI
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Federal Reserve Bank of St. Louis
July 5, 1983
The Honorable Jesus Silva-Herzog
Secretary of Finance and Public Credit
Mexico City, Mexico
Dear Chucho:
Thanks so much for your message of friendship and
confidence on my reappointment.
Your words mean so much
more to me since we have toiled together in the same
vineyard.
I look forward to our continued association.
Sincerely,
PAV:ccm
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Federal Reserve Bank of St. Louis
July 18, 1983
Mr. Maceo A. Sloan, CLU
North Carolina Mutual
Life Insurance Company
Mutual Plaza
Durham, North Carolina 27701
Dear Mr. Sloan:
Thank you for your warm letter
concerning my reappointment. The confidence
and encouragement of the "Fed family" -including our alumni -- is especially
rewarding.
Sincerely,
NMS:dmg-b
NORTH CAROLINA MUTUAL
LIPS INSURANCE COMPANNt
Ifr2D
MUTUAL PLAZA
DURHAM. NORTH CAROLINA 27701
(919) 682-9201
Office of the Executive Vice President
and Chief Operating Officer
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 20, 1983
Mr Paul A Volcker
The Chairman of the Board of
Governors of the Federal
Reserve System
Washington, DC 20551
My dear Mr Chairman:
May I hasten to express my sincere congratulations upon
your reappointment as chairman. This appointment augments well for all America.
I have missed my service with the Federal Reserve System
since my term expired December 1981. Serving with you
and your associates was one of the highlights of my career. I was not only informed but inspired.
Under your leadership the growth of America will continue
to be strong and sound.
If at any time I can be of service please do not hesitate
to call upon me.
S
cerely,
MAS:eha
/
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 18, 1983
Mr. Andreas Whittam Smith
Financial Editor
The Daily Telegraph
112 Queen Victoria Street
London EC4P 4BS, England
Dear Mr. Whittam Smith:
I congratulate 9ou on the article and
I appreciate your note.
Sincerely,
PAV:ccm
Zhe tut
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CITY OFFICE
112 QUEEN VICTORIA STREET LONDON EC4P 4BS TELEPHONE: 01-353 4242
24 June 1983
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Mr. Paul A. Volcker
Chairman
Federal Reserve Board
20th and C Street N.W.
Washington DC 20551
USA
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Dear Mr. Volcker
I write to thank you very warmly for giving
me almost an hour of your time on 1 June
to discuss Gordon Richardsonts role in the
management of the international debt crisis.
I have waited until now to express my
gratitude because I wanted to send you a
copy of the article, which finally appeared
this morning; I enclose a cutting.
May I also add my congratulations to the
many that you will have received on your
re-appointment as Chairman.
Yours sincerely
%or
Andreas Whittam Smith
Financial Editor
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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THE DAILY TELEGRAPH LIMITED REGISTRATION No. 451593 ENGLAND
REGISTERED OFFICE 135 FLEET STREET LONDON EC4P 4BL
Removal Notice
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Document type: newspaper article
Pages
Removed: 21
Author(s): Andreas Whittam Smith
Title:
Lord Richardson - Anchor Man In World Debt Crisis
Date:
June 24, 1983
Journal:
The Daily Telegraph
Volume:
URL:
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 4, 1983
Mr. Edward Byron Smith
Honorary Chairman of the Board
Northern Trust Corporation
Fifty South LaSalle Street
Chicago, Illinois 60675
Dear Mr. Smith:
I appreciate your note all the more
because of your long banking experience
and your close family history with the
Fed. Please do stop in when you have
the chance.
Sincerely,
PAV:ccm
NORTHERNTRUST CORPORATION
ierry SOUTH•LASALLE
SPTIZEIET
CHICAGO. ILLINOIS 05007F.1
...rs
TELEPHONE ( 312) 630-6000
July 25, 1983
EDWARD BYRON SMITH
HONORARY CHAIRMAN OF THE BOARD
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Chairman, Board of Governors
Federal Reserve System
21st and Constitution Avenue, N. W.
Washington, D. C. 20551
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Dear Mr. Volcker:
I have been away or I would have written before
to congratulate you on your reappointment as Chairman
of the Federal Reserve Board. It certainly is a great
thing for the United States, particularly internationally,
as well as a great relief!
I and my family have been close to the Federal
Reserve System for many years. My father was appointed
alternate member of the Federal Advisory Council in 1933
and member in 1934, serving through 1935. I had two tours
of duty as a member of the Council - 1964 to 1965 and 1975
to 1978. In addition, I was on our local Federal Reserve
Board here in Chicago from 1970 through 1975, so I have
same feeling of things and the importance of your reappointment.
Heartiest congratulations again, and I hope the
next time I am in Washington I may have the pleasure of
stopping by to say hello.
Sincerely,
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July 5, 1983
Mrs. Phillip H. Smith
Dear Mrs. Smith:
Thanks so much for taking the time to write
about
my reappointment.
I appreciate your encouragement and good
wishes.
Sincerely,
PAV:nlf
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS
OF DIE
FEDERAL RESERVE SYSTEM
1983 JUN 30 R4 II: 59
RECEIVED
OFFICE OF THE CHAIRMV
MRS. PHILLIP H. SMITH
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Federal Reserve Bank of St. Louis
1
July 19, 1983
Lord Christopher Soames
Rothschild & Sons Ltd.
3 York Street
Manchester M2 2AW
England
Dear Christopher:
appreciate the message and
good wishes. We'll need that -- and a
little faith:
Regards,
PAV:dmg-b
1, GRAPHNEr
•
Electronic Mail Service Center
•
111111111111111111111111FAKGRAM® •
99 WEST SI-rEFITELD AVENUE, ENGLEWOOD, NEW JERSEY 07631
(201) 569-7707
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MR. PAUL VOLCKER
CHAIRMAN US FEDERAL RESERVE BOARD
20TH AND CONSTITUTION AV.
WASHINGTON DC 20551
•
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YOUR COUNTLESS FRIENDS AND ADMIRERS WILL BE
DELIGHTED THAT WISDOM HAS PREVAILED AND NONE
MORE THAN CHRISTOPHER SOAMES.
ROTHSCHILD
•
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Federal Reserve Bank of St. Louis
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 25, 1983
Dear Boris:
Eventually I do answer my correspondence,
and I do appreciate your note on my reappointment. If you can manage Africa and the Middle
East these days, the least I can do is try to
keep the Board of Governors under control.
Regards,
Mr. Boris Sokoloff, Jr.
Chairman
Union Carbide Africa and
Middle East, Inc.
Old Ridgebury Road
Danbury, Connecticut 06817
PAV:slw
UNION CARBIDE AFRICA AND MIDDLE EAST, INC. OLD RIDGEBURY ROAD, DANBURY, CT, U.S.A. 06817
A SUBSIDIARY OF UNION CARBIDE CORPORATION
CABLE ADDRESS UNICARBIDE NEW v ORK
BORIS SOKOLOFF, JR.
CHAIRMAN
June 27, 1983
Mr. Paul A. Volcker
151 East 79th Street
New York, NY 10021
Dear Paul:
I was delighted to learn that President Reagan has announced
that he would reappoint you to another four-year term as
Chairman of the Federal Reserve Board.
Congratulations! You have done a great job, and your tight
money policies have certainly helped bring down inflation.
It is just great to have you stay on.
Best wishes.
Sincerely,
'Vf's 4.416
Sokoloff, Jr.
BS,JR./gpd
01••••••
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 25
1983
Dear Barryl
I do want to thank you for your warm letter on my
reappointment all the way from Tokyo, and I am all the
more content if you remember, rightly or wrongly, that
I managed to give you any suitable advice about the
Canadian dollar. One thing we have "proved" is that
intere-A rate5 that were unheard of can actually
materialize, even if I would hate to go through it
again.
I don't get to Japan very often, but it would be nice
to meet again either here or there.
All the best
His Excellency Barr, Connell Steers
4pitml*dor
Emba3sy of Canada
Tokyo, Japan
40.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(ITarrabiatt 1,c_Entba9er
Antbmitlaltr m Trattaba
TOKYO, July 5, 1983
Dear Paul,
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What better way for me to tell you how pleased IP0
was to read in the Tokyo press of your reappointment as Chairman of the Federal Reserve than to drop you a line. It gave
me a comfortable feeling of faith in the system to realize
that the authorities, after appropriate consideration, had
opted for the best. As one would expect the Japanese journalists have to a man been laudatory in their comments on the
President's choice. Dorothy must have been happy with the
recognition ana the worldwide acclaim.
Not long after I became Consul General in New
York I met you on the first of many enjoyable and useful
occasions. In particular I remember the advice you gave
regarding the Canadian dollar. After some weeks of watching
it suffer from whiplashing by speculators on what was always
a relatively thin market I asked what you thought might bring
some calm. Two or three days later you telephoned me to
suggest one answer might be for the Canadian authorities to
take hold of the whip and to use it against the speculators by
raising and lowering interest rates. In those days I remember
you suggested a raise to the unneard of levels of 18% followed
by sharp reductions which would clean the clocks of a good
many.
Should you find Japan on your travels we would
love to see the two of you.
You
sincere
Ba
Connell Steers
Am1 assador
Mr. Paul Volker,
Chairman, Board of Governors of
Federal Reserve System,
Federal Reserve Building,
Washington, D.C. 20551,
U.S.A.
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Federal Reserve Bank of St. Louis
June 30, 1983
Mr. Lee M. Stenehjem
President
First International Bank
P. O. Box 607
Watford City, North Dakota
58854
Dear Mr. Stenehjem:
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)
411
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58854
June 22, 1983
Mr. Paul Volcker, Chairman
Federal Reserve Board
Washington, D.C. 20551
Dear Mr. Volcker:
I am indeed very happy to learn of your reappointment as
Chairman of the Federal Reserve Board for an additional four
years. You have done a tremendous job in this position these
past four years and I am really happy to know that you'll be
continuing.
You might recall that I served as President of the Independent Bankers Association of America when you were serving
as Under Secretary to the Treasury and we had a good many contacts
during this period.
You've had a most remarkable career over the years and I
want to wish you many more years of great success in a most
difficult job.
Yours very truly,
President
LMS/vh
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
INTERNATIONAL BANK
STENEHJEM INSURANCE AGENCY
...
P. 0. BOX 607
WATFORD CITY
I NORTH DAKOTA
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 18, 1983
The Honorable John C. Stennis
United States Senate
Washington, D. C. 20510
Dear Senator Stennis:
Just a note to thank you for your
warm words of support.
They mean so
much more from one with your experience
and wisdom.
With best regards,
PAV:ccm
JOHN C. STENNIS
MISSISSIPPI
).CnifeZ)..Pfafgo aenafe
WASHINGTON, D. C.
June 27, 1983
My dear Mr. Chairman:
Following word of your nomination by the President to a second term as Chairman of the Federal Reserve
Board, my office distributed a news release saying I
"applauded" the President's action. This is literally
true, and I want to say to you personally how relieved
and gratified I am that you will be continuing in
this vital role.
You have answered my questions freely and have
listened to my concerns over the past few years. I
appreciate this and hope we can continue in the same
manner.
A copy of my letter to the President, along
with a news release, is enclosed.
With fond good wishes and congratulations, I
am
Most cordially yours,
ohn C. Stenni
C=I
The Honorable Paul A. Volcker
Chairman, Board of Governors
of the Federal Reserve System
Constitution Avenue and 21st Street
Washington, D. C. 20551
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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June 13, 1983
The President
The White House
Washington, D.C.
20500
Dear Mr. President:
For several weeks I have intended to write to urge you to reappoint
Paul Volcker as Chairman of the Federal Reserve Board.
Frankly, I believe Mr. Volcker's leadership on the Federal Reserve
Board offers the best potential to produce continuing recovery with low
inflation. He has demonstrated his ability to develop and implement policy
with a steady hand.
No one has more experience in dealing with international financial
problems and the Third World debt crisis. This experience could prove to
be very valuable as we face these problems over the next few years.
Above all else, Mr. Volcker has proven himself to be highly competent
in this extremely important position of leadership. We know how he will
perform, and we know that it will be in a manner worthy of the great trust
which goes with this office.
With deep appreciation and every good wish, I am
Sincerely,
John C. Stennis
United States Senator
JCS/brc
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Stenni News
FOR IMMEDIATE RELEASE
MONDAY, JUNE 20 1 1983
WASHINGTON, D.C. -- Senator John Stennis Monday applauded the
President's nomination of Paul Volcker for re-appointment as chairman
of the Federal Reserve Board.
Stennis said he had urged the President to reappoint Volcker on
the basis of his proven record of leadership over the last four
years.
"Frankly, I believe Mr. Volcker's leadership on the Federal
Reserve Board offers the best potential to produce continuing
recovery with low inflation
Stennis said.
"He has demonstrated
his ability to develop and implement policy with a steady hand."
The Mississippi Senator also noted the value of Volcker's
experience in dealing with international financial problems and
the Third World debt crisis.
"Mr. Volcker has proven himself to be highly competent in this
extremely important position of leadership
Stennis said.
"We know
how he will perform, and we know that it will be in a manner worthy
of the great trust which goes with this office."
Stennis said he will urge the Senate to act quickly in
confirming Volcker for a second four-year term as chairman of
the Federal •Reserve Board.
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Federal Reserve Bank of St. Louis
Paid for by The Stennis Committee, Paul LaCoste, Treasurer
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 15 1 1983
Dear Dob:
Thank you for writing me about my reappointment. I am sure the opportunity for
taking you ul) on your offer of help will
-)resent itself -- at least for your counsel.
Sincerely,
Mr. Robert H. Stewart, III
Chairman of the Executive Committee
InterFirst Corporation
Post Office Box 8320J
Dallas, Texas 75283
PAV:slw
•
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VinterFirst
InterFirst Corporation
Post Office Box 83200
Dallas, Texas 75283
(214) 744-7103
Robert H. Stewart, III
Chairman of the
Executive Committee
June 20, 1983
Dear Mr. Chairman:
My sincerest congratulations on your
reappointment. It is the best thing
that has happened to this country in
a long time and I couldn't be more
pleased.
Take care of yourself and let us know
whenever we can be of help in any way.
Best wishes always.
Sincerely,
Robert H. Stewart, III
The Honorable Paul Volcker
Chairman
Board of Governors
Federal Reserve System
Washington, D. C. 20551
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 18, 1983
Mr. E. C. Stone
Dear Mr. Stone:
Thanks so much for taking the time
to write about my reappointment. I appreciate
your encouragement and good wishes.
Sincerely,
PAV:dmg-b
E. C. Stone
July 7, 1983
4
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Paul A. Volcker, Chairman
Board of Governors
Federal Reserve System
20th Street & eonstitution Avenue
20551
Washington, D. C.
Dear Chairman Volcker:
1-0
This is/congratulate you on the "renomination" as
Chaiman of the "only* Institution in the Land that
has been able to bring down raging inflation of the
late 1701s, and bring ZEE a more safe and sane
"economic and fiscal policy".
The writer, unafilliated and 78 (yrs), but schooled
in economics still believes that you have been the
gyroscope of the "ship of State", since July 1979.
Capricious Politicians, screamed at you periodically
ever since. Well we remember asinine rantings, especially
September 1981 because "interest rates were too high";
primarily because they were all trying their utmost to
reignite "inflation" and satisfy "the people back home".
(after they had returned from Labor Day Vacation).
You folks on the Board have not allowed their "greedy"
provocations to deter you from your dedication to maintain sanity in monetary health of the Nation.
Today, now, our newspaper retorts. that President
Reagan "WARNS FED NOT TO BOOSTONDING RATE". (rocky
News July 7, 1983). This, while many noted economists
have just lately become wary of the newly "fired up"
indicators pointto another possible round of inflation".
You and your Board have "stayed the courier, and we
earnestly believe that you will not now be swayed by
"greedy Political" notions, which Alfred Kahn described
as "self-seeking" avariciousness.
Your records will show that we support your efforts
100%.
PS:
We chart "interest
rates & inflation.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 12, 1983
Mr. Thomas I. Storrs
P.O. Box 120
Char1otte9 North Caroline 28255
Dear Tom:
I appreciate the note -- and it gives me the
chance to thank you for your sympathetic support.
All the best,
PAV:ccm
TOM STORRS
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Federal Reserve Bank of St. Louis
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
Ms. Lisa Streitfeld
% Virginia Streitfeld
Dear Lisa:
If we knew where you are, I'd write
you directly. I appreciate the message -and I'll try to keep the U.S. going if you
hold up Mexico. You promised me reports!
Love,
. INFOMASTER 1-001 143M
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NGRATULATIONS GLAD TO
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 5, 1983
Mr. Robert Strickland
Chairman of the Board
Trust Company of Georgia
P. O. Box 4418
Atlanta, Georgia 30302
Dear Bob:
Thank you for your kind words on my
reappointment. The friendship and rapport
developed over the years with FAC members is
an especially gratifying aspect of the job.
Sincerely,
NS:jes
cc: Ms. Wolfe (2)
•
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Trust Company of Georgia
Robert Strickland
Chairman of the Board
June 23, 1983
Mr. Paul A. Volcker, Chairman
Board of Governors
Federal Reserve System
Washington, D. C. 20551
Dear Paul:
First of all, I want to congratulate President Reagan on
your reappointment. This is the very best thing that could
happen for our country and our industry.
I also
the payment
behing this
present-day
ship.
want to thank you for your statement regarding
of interest on bank reserves and your reasoning
suggestion. This is highly appropriate under
circumstances, and I for one applaud your leader-
I hope you will consider that there are
h Federal Advisory Council who have had
of te
serving during your chairmanship, and I know
stands ready to be of service and assistance
many past members
the pleasure of
each of them
to you, as I do.
Sincerely,
RS:dms
111 :10 MID
03/03311
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ii31SAS 303S311 Ttre13033
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P. 0. Box 4418/Atlanta, Georgia 30302/(404) 588-7541
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 24, 1983
Mr. Cary E. Sullivan, M.D.
Dear Dr. Sullivan:
I appreciate the copy of your
letter to your senator. Sometimes we
need all the help we can get!
Sincerely,
PAV:dmg-b
https://fraser.stlouisfed.org
MIL
Federal Reserve Bank of St. Louis
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Aug. 1c, 1933
IME
Senator natt Hattingly
Senate Office Building
Washington, D. C.
Dear Senator 7:attingly:
Mr. Paul Volcker is doing his best to salvage the
Anerican econon7 from the ravages of years of congressional profligacy. Everyone understands this
and the consequent high interest rates.
The irony is unbelievable. The cries of indignation and the le7islative threats emanating fram the
Congress would be ludicrous if the matter were not so
serious.
The informee' electorate is not stupid. I for one
would be cTstifieJ to see a fraction of the integrity
o2 the Federal Reserve Board reside 5.n the Congress
of the United States.
I urge you to use your office to bring about fiscal
responsibility now. The hour is late.
Cary E. Minivan N.D.
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CARY E. SULLIVAN, M.D.
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
Mr. Michael Sumichrast
Sr. Staff Vice President
& Chief Economist
National Association of
Home Builders
15th and M Streets, N. W.
Washington, D. C. 20005
Dear Mike:
Thanks for your good wishes.
look forward to seeing you again soon.
Sincerely,
NMS:dmg-b
cc:
Miss Woofe (2)
I
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1-00655qt:173 06/22/83 TLx NAH8 wSH wSHA
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PAUL VOLCKER
CHAIRMAN BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEm
20TH & CONSTITUTION AVENUE N.W. 20551
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CONGRATULATIONS ON YOUR RE -APPOINTMENT TO THE CHAIRMANSHIP OF THE
•
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•
•
40
•
GOOD LUCK
MICHAEL SUmICHRAST
SR. STAFF VICE PRESIDENT
& CHIEF ECONOMIST
NATIONAL ASSOCIATION OF HOME BUILDERS
ACCT. # 560.06
•
•
•
10:01 EST
mGMOOMF.
•
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
•
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TO REPLY BY MAILGRAM MESSAGE, SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS
•
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30, 1983
Mr. Keith A. Swanson, C.L.U.
Dear Keith:
Thanks so much for taking the time to write
about my reappointment.
I appreciate your encouragement
and good wishes.
Sincerely,
PAV:evjj
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
HOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
1983 JUN 27 AM 8: 09
RECEIVED
OFFICE OF THE CHAIRMAN
•
KEITH A.SWANSON,
301 N. Bisbee Ave
Willcox, AZ 85643
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Physical Fitness,
2.
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Paul A. Volcker, Chairman
Federal Reserve Board
Constitution Avenue
Between 20th
21st Street
Washington, D.C.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 30 1 1983
Mr. Philip W. K. Sweet, Jr.
Chairman of the Board
The Northern Trust Company
Fifty South La Salle Street
Chicago, Illinois 60675
Dear Phil:
Thanks for taking the time to write
me about my reappointment. As I recall it,
my performance in our trans-Atlantic bridge
tourney doesn't inspire me to give up fishing
for bridge, and I'm not sure that what you
describe as "a very difficult environment"
will give me much opportunity to improve.
Sincerely,
NMS:dmg-b
cc:
Miss Wolfe (2)
•
THE NORTHERN TRUST COMPANY
FIFTY SOUTH LA SALLE STREET
CHICAGO, ILLINOIS 60675
PHILIP W. K. SWEET, JR.
June 23, 1983
CHAIRMAN OF THE BOARD
Dear Paul:
As your bridge-playing opponent on the flight
between Brussels and New York, I want you to know
how delighted I was at your reappointment. I have
strongly supported your leadership as Chairman of
the Federal Reserve and I know that all of us in the
banking world, domestically and internationally, are
extremely pleased.
I happened to be in London a few weeks ago
and was at a small dinner party which included Robin
and Rose Leigh-Pemberton. We chatted about the
President's impending decision at that point, and
needless to say he very strongly supported your
appointment. I'm sure that you two will work very
well together in the years to come.
Best of luck in what is a very difficult
environment.
Sincerely,
The Hon. 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
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 3, 1983
Ms. Othelia B. Swegan
Dear Ms. Swegan:
Thanks so much for taking the time
to write about my reappointment. I appreciate
your encouragement and good wishes.
Sincerely,
PAV:dmq-b
dollerouirusarhoAisi
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
74.11)41-106,
BOARD OF GOVERNOR'S
CF THE
FEDERAL RESERVE SYSTEM
1983 AUG -2 AM 9: Dl
RECEIVED
OFFICE OF THE CHAIRMAN
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
EATON
TEXTRON INC
@FedFRASER