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https://fraser.stlouisfed.org 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 These documents can only be used for educational and research purposes ("fair use") as per United States copyright law. By accessing this file, all users agree that their use falls within fair use as defined by the copyright law of the United States. 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Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-3385 (fax) mudd@princeton.edu   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.  1-0--;°-• Am-14  A-ro /to-ti  )  Dr. Wiegand 4Pabsch Minister (Economics)  The Honorable Paul A. Volcker Chairman of the Federal Reserve Board Washington, D.C.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  kwit'':vtApfra   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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  c:3 -NI  :, .(71 co  rn C = f• ---) , ---g-$ re  co  ,:p  37  cD n -_-- c-- -  N)  rrl  —C)  ..< • rn  rrt:2 =C:::)  -m rn cn  rri  plc; t=  30 ----I  -  Sert,ing the pulp paper and papettxxrd industry  .P---I  s.  C/)   https://fraser.stlouisfed.org 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,  411.  77:1 w.19 nka110-77 (441),-YKY41- c2ht  crvq/ ''"V3(47   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BOARD OF GOVERNORS TITE FEDERAL RESERVE SYSTEM  1983 JUN 3 0 AM 9: I I OFFICE RECEIVED GP THE CHAIRMAN  qdt ryyKi)  - °A iis09 070.rn-N1Is -4967(?rig r  - -r\croy- r4 v-rdi vd(Lo ralxci)•Arvir,?s9  nvirr-T(I*POf1voiu-01- waif varprvio • *a/.vruir --nuer Mr) TyCyf  2-vyv iveopp-y7(i-om-Af -1"?  (AIW)Pic (1A62/6)??11  mddif cv()  "r)('?7° 4'?"1 ncv 01/70# 17a-rica • 775k (A/ow  erw  vour ,r,27)i'r c•14.-70 (1/190  chr-  (270-, -yrvirnali  (767/ 0 7 zvGbuc  17N • pztow - 11)"05'd-Y 127wPrai.  vi-?0A LA2  riro4e0-PA 2 f'e06/  7 n112C  •  •  111   https://fraser.stlouisfed.org 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  • —,,___ •  Whittake. ic Chemicals Group  COVERHORS B01,1i0 OF OF TIVE SISTA FEBERAL RESEME Fri 12: 30 21 NI033 ilE.CEIVO tilNIRtilis., OFFICE. OF PE  • 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Thank you for the pleasure and the fun of your company. Sincerely,  LI  AA Iiv\   https://fraser.stlouisfed.org 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  )6/  i  ;v7 PoLt,J  ed&41A;17,  i - leA_u7.-0a  44 "r  ‘  1,  /777k31_ Jf  fo-L_  A4),,  ,71,,  I  0-tf,„ oLe—ot-  GAN-D art.k  cto  (0_,0 kr-J? tf`fp'  cizt4L  .4k,C 17EtYL -  111-L  A7k,. -eLkoui:vrt--4-1L-tjo  -7tf  ocAAJ.Ltir  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  eAz( 5K_AAA_el  )  b  -7k_ACt Pv-e kLJ  NPL  #1  L4te  7=R  it7k,)f-J /t,tf ,  vA6N\vc.-62 /t-e_ ,,,,„  r  4e-2;  f  tri—cr-T-4  61kt-e(  (P,Ist-  AAl-;61\  4  ATt  4A,,tleA,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -A,A4A-  rAi-z.  ,  1A,„„  `7)1ALii)1LE4  pA,vriv.!   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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  NV1GVH3 111 JO 331JJO fl3A133N S I :1  J  s- inr EN!  1131SAS 3A1J3S311 1V11303J 3111 JO KION113A00 JO WOG  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  NATIONAL CAR RENTAL Cm)  MEMO from the desk of...  7  automobile leasing  DAVE PILCHER  (  a/eir., Cl 472/4  P. 0. BOX 51553  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  INDIANAPOLIS, IN 46251  PHONE:(317) 243-7501   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  DAVE PILCIIER P 0 BOX 41553 IN DIANAPOLIS, 46241  &MI:11'015 Di A --S:i1.4,413 (11M328 OZ:flW L Z iiilf Et361 3AlliS311 1V113033 3111 .45 SI1014113A00 JO GINN   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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 "c;1) 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,  k  rn   https://fraser.stlouisfed.org 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  • nFSSAGE  •  AREC25 ***  -ED RES BD WSH  N  CA JUN 21 0815 248330B RCAW UR CZC YWB8160 HKR386 VDB879 VDC HX24377/007 JRWN CO HXHK 041 imMONGKONG 041/039 21 1916 'R. PAUL VOLCKER. CHAIRMAN .S. FEDERAL RESERVE BOARD • ASHINGTON/DC g 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  NNN https://fraser.stlouisfed.org  guEAR  R int  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  CONS!! ARISPARIS.  n  :r"  "  2Q .1HIN :195(3  l'AIIENIION DE MR. PAM "OiCKFR  CHAIRHAN FEDERA! RF!;FRI1P BOARD HASHINGION Ds. P1FAq ACCER1 HY HUMES! PONGRAIHIAIIONS FOR YOUR UNFWAI THF HERD AF IHE FED. on FOR 1HF H3. GOOD FOR EHROPF AND FOR WHIR FRIFNDS. SINCFRELY YOURS.  GEORGES plccq*.nrc ?Tt  IgehtIR  1m  ,  e.slet : ITL  alwas'•auto.wo  r 0,-a/,y  COFISH PARI 11123 21'720 itTp  TOT   https://fraser.stlouisfed.org 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  •  •  I 41T475-2  mip  22:06,83 kip  4 1: :"7 "te-n  rnnm riet, .flt  IcpT t  TICUTOr4"liNrCr•DNIe  pcf-cppc  TA crncpw  Do!st ttOil,  mr:  CHRTRMAN  CnriMs tiro.n.2  ie.RP!  rQqmtercupT  rs,,111.)!,1  r*Vi" .TCM Otntt-H:  00r .1.4TkeTriM  un! Necp THF BOARD Pc GOVERNORS  CITTA  PRESIDENT nEUTS17HE BUNDESBANK TiCRP  OPOI! e  E YOU MORT HEFtnIFL 0N YOUR SECONn TFRM Ci PHAIRMAN OF THE nOARD OF GOVERNORS ON MY OWN PFHALF RS WELL RS IN THE NAME OF THF BOARn OF THE BUNDESBANK. I WEL1COMF THIS DECISION FiF THE US-PRESIDENT MOST WARMLY AS IT IS RIWAYR 7r.T  1;4 CI r1.111  M  t  1.1L.  ttt*.t.s m14 nin .ppTT:un awn rT  T l3  HL:au MOST IMPORTRNT TO GIVE OUR INTERNRTIONRL FINRVIAL  MARKFTR THE NFL:iirtirY STARI! r 0  •fRRI ir  OCr•r•r•iiCti P11:1 0t'itt OpC"i t  kiriTrkrniPlie  4n -1. - rn  41.1.'1 72   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  rimpwrriN 7“ TpTr. PARITTAN, tit I 111 ) -  1"r'V MM.  1  fccUrtir..iso  Tp  lot  RERPECT nF CONTINUITY AND   https://fraser.stlouisfed.org 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  • •  H  UNIVERSITY OF MARYLAND Division of Behavioral and Social Sciences COLLEGE PARK, MARYLAND 20742  Tydings Bldg. Suite 2141  Office of the Provost (301) 454-5272   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  June 20, 1983 -m -m C") rri  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  MEP/cde  o akoff  co ca.,  cv 01  17' t=i   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,  'iVE1.11V143 :la 301Eil 03A133.A Z :6  LZ  C83I  1:131SAS 3A3S3111\111303.4 3141 20 SON113A03 .40 MIVOti   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  --n -.I  cecca  r▪ n  CA.)  e21  ...  June 20, 1983 mn —4(.71  rrt --. e< e', ......0 CD >0 ---• l''' :r.a.  The Honorable Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D.C. 20551  -4—  NJ r\„) ▪ ZC  Very sincerely yours,  HVP/hew   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ......  L71  With best wishes, I am  = it=5  .< rri rri ry 1 = cej  C7)  It seems to me the period ahead will require your great wisdom and experience.  ..)  r -" , rril .4-4 C , .  C07, --4  The Administration made an  /INft,e,  •.:-  CP  Dear Mr. Chairman: Congratulations. excellent decision.  C71  ›..  rri  Co   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 Cs :8 1111  s- mr 061  N3ISAS MUSD 1n31134 Till JO SHMI3A09 JO O8V09  •  • 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  3141 331110 C3A1333J SC :1 lid  Z Nrir £861  ik13128 3A1IJS3d in3031 3141..40 SHNII3A00- 40. MN   https://fraser.stlouisfed.org 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•  Jki  •  {( 1 416 1 LL/L__V  ok Le  otAA, ketActu-ck 3c,c, 160,,t0(.144. , f eArl aiL 0914A._  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Ca„ct tt)  .Jc_v Le-t-c/tAc/lYtv  ktac-zet/i_  t/d  )f Lc) 60(AA-- }uek4 t() 7()-4/. c4AA;ASu, I/C,Cv  ci,/  cra 4 a v61-14,,5 116lict'f- 14_ tics  /t4.Dv,(  ut•u-ii2k  6LAALi k A7 Aktiot„  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  cm,  30  cti.t./ 1A-t6(-C--tdet-t L 11,  Ct9(41  60(/),Lt:fi   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ( r1/(,  (OuittAAN   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  • BOARD OF G OVERNORS O F FEDERAL RES THE ERVE SYSTEH 1993 JUN 2 7 Al 11: 20 OFFICE CRFETCEEIVED E CHAIRP,MI   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  agiairiammi   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  (;1, +1,$)„ U/v\kAcQ, (As LioLs) 0 f--01AtS.LQ,A e  D  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  puARO  OF GO FEDER OF THEVERNORS AL RE SERVE SYSTE 1983 JU M N  20 A M 11: 5 4 OFFICE RECEIVE D OF T HE CHA  IRMAN   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?  1  gvi -4,6/1A-, A), LW-Lop  , T  t  C   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  • PiLt;d-tij'  /PI)-Atli; 3/   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)  9: 0,4dg ylladad0A,  A June 22, 1983  .44.4a6id   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4 9 00  7L.A€297',  -fiedde.;(de*a  .19,05  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  ;viwia3:11 JO 331110 03A1332U SO :11 WVfl tifir E86I 1131SIS 11801 T111303.i 31-11 20 SUN\d3A09JO MN   https://fraser.stlouisfed.org 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  :nas  •••rt  -n  •:.,C: ri  as  co  t=s  (.... = =  >. r— 33 c=1 c:::1  No)  (-11.1 " 11  ..<  .-r1  ').a  :,--: -3 C= 7.4;  Xx. 7.iit  CD c.o  rn  az   https://fraser.stlouisfed.org 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)  0  •  C)  i 0.7 CCP: kt,  •••• .0  •  am  es  •0  •  t  stitr  PT  •  ••••• ol••  .14nr. / nc s.„&  1 2 1 11 .  :1  R8A21;2147 BDI D  4P  rA 7U  ccricpal pce,cptic 410  i T kir•Tlki 1.a...tt. itati  Yli  41  M  C  U:  1131.1 1—  CHAIRMAN OF THE FEDERAL RESERVE BOARD WASHINGTONXUSA  •  • TI,,PQC;  t 1. a  tr.  •  p  p "  fTivpiutitoTr knit a_tnu yrolp REAPPnINTMFNT RS CHAIRMAN 0 "„, rfroT IlTnurn r:f1 ccricppi np-cpilc tflQQT IT g411: (t..1 1.1 r^m , as; vutg test. urnhhi 1 UNiiNUINU — rum Imc , DURING THF MAV i  a• a-  MCVT m—At  WF WFRE DELIGHTED TO HAVE YOU ONCE MnRF WITH US AT THE LST U.7.AHN AMERICAN INDUSTRIALISTS MEETING ORGANIZED BY uayl. t( 7. kr. twtt,s!,Ci mru "Pv WE nmr IEW cpccTnu nt..; u!..! mPrH 6TH Tki otcy4 kYMT Itu FORWR RD t it TUC r.nuTTuticiTuip itUR T1 ECONnMIC INTERFSTS. •  nr  VMS SINCFRF;Y ROLF RVFNSTneK 0 CHRIPMI;N OF THE  1 .1i. hhR  titml  Tce OF GERMAN Turou-Tp 1. "  CCTin HT ILLIF.  RRR76017 roT  Ti t  21c/22 TmT  https://fraser.stlouisfed.org 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  estern Union  •  al gram°11  4-042494S171 06/20/83 /CS /PmmTZZ CSR wSHB 609396233a MGM TDmT TRENTON NJ 39 064,20 0P47P EST  • 410 p.  MP PAUL C VOLCKER, CHAIRMAN  BOARD OF GOVERNORS  40  FEDERAL RESERVE 2020 F ST  WASHINGTON DC 20001  • • 4101 4111  •  AM SO PLEASED THAT YOU HAVE AcCERTEO THE REAPPOINTMENT  Y THE  PRESIDENT. CONGRATULATIONS. MARY ROEBLING 777 WEST STATE ST TRENTON NJ 08618 14050 EST MGMCOMP  • • • • • • 40 •   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  •  y•)  ;  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 • Tg„  v\,(6•1  • NAT S. ROGERS  ta. 214 t?‘  ta.  tk\  MOAN\,  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  Ig  SSAGE  ARE C1 ,+:**  D RES RD WSH  WU INFOMASTER 1-002834A175 06/24/83 S IPMWGWC USN 250 (00342) 06-24 0711A EDT X 7108229235 FED RES BD WSH ALF210254G174 06/24/83 IFS IPMIIHX IISS il ! N HS'S F M WUU 23 2135 17hs RESERVE BORAD WASHINGTON DC WA916 VDB610 VDD HX73653/059 NX CO HXHK 056 NGKONG 056/055 24 1028 UL VOLCKER AIRMAN DERA RESERVE BORAD • TH AND CONSTITUTION AVE SHINGTON/D.C. KE EVERYONE CONCERNED FOR THE WISE MANAGEMENT OF OUR AFFAIRS AND AN OLD PERSONAL FRIEND I AM IMMENSELY RELIEVED TO KNOW THAT U WILL CONTINUE TO PRESIDE OVER THE MONETARY POLICY OF THE III ITED STATES. FREDA JOINS ME IN SENDING WARMEST GREETINGS TO YOU 4101TH. ERIC ROLL U 41N 06 EST  II  115 EST D RES BD WSH $00NE 444   https://fraser.stlouisfed.org 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,  •  LIU ILII  Telegram  111411111111111111  •  TIB iiA(1414)(1.0f5c595C iegrr) 06/11/,1 1413 ICS I PMMV I  MVN  er-18 f,16P COT My,*  •  ICS iPm tt—(11455% 149 f!1Vc4i  •  ICS IPMMT77 CSP 9149 7744( TOMT HARRISON NY (15 tie.1, II/Sr EST •  PmS BARRARA *NI PAUL VOLCKFR RPT 41d1 EAST  •  • •  •  nog msm, nLR  79  •  NEw YORK NY CONGRATULATIONS ANO COMMISERATIONS% WE CERTAINLY AIMIRE SuPPORT YOU  EVERY POSSIBLE WAY  HOP! TO  Pg'  RUTH ANO ROB ROOSA  • SF•1201 (NY)(A-6/82)  https://fraser.stlouisfed.org _ Federal Reserve Bank of St. Louis  4  ^  •  -Vk!" 4, •  ! .1) 1‘1011lb.  •   https://fraser.stlouisfed.org 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  •  S GOVERNOR BOARD OF E H T F O SYSTEM RESERVE FEDERA L : 38 24 AM 9 1983 JUN RECEIVECDHAIRMAN THE OFFICE CF   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  C.1  rvi -  c=•  Z-"J • rri C".)  1-1-7  OMEN&  r1-1   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/ 44: im /wh p 4 t tan oit imp t. mo& e. fulngL dat2e4 he. hail kVW pe/Ltoirming, /t the ano ,th . 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  if2V1111-13 1:i0 33IJJO 33A13`al  LO :6 NV G Z Nfir CS61 113ISAS 3iV833rd 1V11303d 3141 :JO SONEA00 JO OVOil   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  .40.4474..4.  R.44_  2  .41(,4A;. . 1L  Aue„ 4 ea=  4-44 1 4.4174,1.t  44...444ki,t  6104,1.44.d-4- ,•'  ti  •  .  02,4  teX4t.   https://fraser.stlouisfed.org 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 lfr,  oe/  Joi  •  /6 a  /1/'  " (-4  el  •11/I  r -5 i,"11  -  -----4.--e ..‘40--t---  4, /2. , ,//,----;Tee 0  — - 2 /27 5i  e"I%/(f  j4 ,,. 7 , 7 ‘ z/1  (  ell 41  ,",e ' 11-' 41 C•  7if4r4, al /a"•   https://fraser.stlouisfed.org 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  colnereas +1,,e4 hour more to  rev  do,in cod  44e_  and pro Ws• ck Lank or bankini sto-terni •RPServe- 'confrois- 4,1-er--1046 rates: Tke 6a.sic or fine towesf inh,r-est  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  `fours  41, ci  ).Yrt,ik e  C.  IA e tk•e.r.  Clre   • 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)  -m rn t=s rrs  cn   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  /eJ2-.Lia  G  S.—  /&-L9b ._P.,‘/9  • Vo-te_AJ--  D  ‘7L10  s   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  OVERNORS G F O D R A O B OF THE SYSTEM SERVE FEDERAL RE 3 4 AM 9: 4  1983 JUN 2  RECEIVE0HAIRMAN lIE C OFFICE OF f  • •  •   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  QtU  ne.7  T mTcDuCIT T ANAI  HERE BANK FOR  Mk:r: 2.2 LI I I  1.4 :"'T L.  CM'OTn ^CTTI ! !  T RC! C ! .2LL  r  C.0.1 11  Tr! !CLL.,  Ct  MR. PAUL R. -UM • - -•••-•• CHAIRMAN t.St BOARD OF GOVERNORS ra: cEDERAL RFSFRUF 3 13 WASHINnTON  T C  Q=.111! t TT !  MCir-  T T"  GREAT PIEASHRF MENT AS CHAIRMAN OF THE FEDERAL !It  • I  WE r•cp"c  c P.P r L- ANEi  vr *„..i": P  rin pn T t1T1 -n r . _  RoARn, wmr:H will Nn  riritt(1" 1  T .8 t u • Tu ljj r.:nunnr .y2 1. a.i! c t — . 1 ..ifumco... ^ m,.. , 08, r. mu , HP THF 1_1 L 1-1I-:1 , „1„ n , m ihu „Aix WMtefrit-i r.fP4r1*".:11111 FiT .1 11!' Ci LL.  mFAN mANRuNT  TO  ^t.t2 . 1.t."1. 9•Iti 2.41 !V.!  cliQi4q ? r  L. T • •• .•  !NW'.  m,",  ICt f ::C4T 1IQ 1,1 TC DEAN TH s% ::crNitcu UUrs npn :VtXT SUCCESS 10Iu GOOD LUCK IN THE DIFFICULT TASKS RHERn. 1 WE RPF" P"mr: FORWARD MMVt fUU AGAIN HERE IN BASLE 54  2 21  2ruTt-rcr.nu!.: irtit- T,Hnw%  •s• • — —s • "4 21222  rrnn r  If 1 ;.-! :1 —.4 :.1  ?1  f  PIA  ttr 4e •  1:•  3 1  DT hi  rfct!iNU,  T OF% C 3.! _ i : I.% Itt• •L.j 2 .%t Irk= T!'C e-Tui CIMT WICP it  ;1  121./ . .21  R.T.S. RNn MYSFLF NinM r'r THIs OuRsION ANn RRE CO-OPERATION PFTWEcli THE iLV ..- 11  ?I - 2.2  TOT   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •-%  t Ul  0   https://fraser.stlouisfed.org 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  •  :7,,,, !,:t,..i c- c...,0 — s:? -....„7„,, GL. .: L.,../ Li.,: ..1_,../ ›. c,:, ....: az c...... .... t.w ,. ri.) C.L........1,,yj (.7.= c.:.; 41z: C=3 --I C:14: .,,,c' " , 1: c,..: ta:3 CZ:1  30 RollivIler Plaza  New York, NY 10020 I Tel (212) fb6565  co -.7  --,_-— ....:,: ..-x6`1 E: ...... .., ..,c ,,,..: cm :1:: LA., 4..) .... i C-0 4  ,>a•,. 1 — ...._., L.L.):az' C.... 1.--t-I_J --- L-f-k--- C;;) 1-4-1  er) C4.)  July 29, 1983  chl Herbert S Sosser Executive Vice President   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,  tiVild1V143 31-11. 20 02A!333j LJJO  ao  1Z Nnr £661  3IdiLSA A11.3211 2111 EYON 113 JO A00dOOW09   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  caz ca.) C—  r8-1  =, c=o  :ra-lb  June 23, 1983 Na  rn -71 —n C") C=.  •.;`,  The Honorable Paul A. Volcker Chairman The Federal Reserve System 20th and Constitution Avenues, N.W. Washington, DC 20551  C79 C)  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,  ..1••••••  O ) . 41‘2▪ :  1  CZ)  ,V  1.4.8 I-▪ ane.  _ QL)  LA— LA-  hi  ADMINISTRATIVE OFF10ES•420 MONTGOMERY STREET• SAN FRANCISCO• CALIFORNIA MAILING ADDRESS •  POST OFFICE BOX 44000 • SAN FRANCISCO •  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  • •••  1212) 575 - 5900 PHIBRO NEWYORK  TWX  710-581-5943  WUD  1-2241  TELEX  233031 S. 420808  ,Jr ICAS 1221 AVENUE OF THE AMERIL  July 28, 1983  NEW YORK, N. Y. 10020  CD ...n  c4.5 CO  c••• rrs cn ....r1 VZ  Mw G G,  ••••••  c-D rti = -"I7".•  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  . 7 . 1 r,  rn 7.3. r—  c=• )›. cs  7.,,,,,:,.., co) .  , . •••••• C  ‹ 7, Fal :rf. ..-rj  CP  •  rri  ......... c/D cfr,  ...... —  4-• 1 . az.  C.e.  MMINIIM,  1  11111114.111   https://fraser.stlouisfed.org 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  p.  BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 14  mESSAGE  AREC18 ***  1E03 JUN 20 114 5: 05  FED RES BD WSH  Iii  1-011942C171 06/20/23 U INFOMASTER . CS IPMWGWF WSH 11103311 06-20 0231P EDT WX 7108229235 FED RES BD WSH -0111481171 06/20/83 • LX S E C WSH LILY PD 0 01 DLY WASH.. DC 6/20/83 WiMS THE HONORABLE PAUL A. VOLCKER. CHAIRMAN CIEDERAL RESERVE BOARD CPASHINGTON. D.C. 20551 EAR PAUL: ARM CONGRATULATIONS. INCERELY. • OHN S. R. SHAD ECURITIES AND EXCHANGE COMMIS SION 11322 EST  1ØED  348 EST   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RES  CI  RECEIVED OFFICE OF THE CHAIRMAN   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  •  • LESTER G. SHAPIRO  BOA.R0 DF GVERNORS Di' THE F.,`f- STEt4 RESERVE FEDERAL  1333 JUR 2  (  /  RECEIVED F17. OF THE CHAIRMAN  Woks01  )11  i  ill 9: 39   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  •  aw  3111 10 33W3 03A1333'd Ii1 :8 VI 8-  inr C861  1131SAS 3A1133311 M13331 3H1 KID1113A00 JO MOO  •   https://fraser.stlouisfed.org 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  a  BOARD OF GOVERNORS OF TIIE FEDF.11A1. REFERVE SYS194  En JUN 2 I AM 9: 53 RECEIVED OFFICE OF THE CHAIRMAN  •   https://fraser.stlouisfed.org 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  9430 LAKESIDE DRIVE  a/4.. 4 07. 7ezz4-e n•-/e/ 44atieleia44 IZ Feete,tae  A LF-po,_  VIENNA VA 22180  CAotk 3 c . D olEA,ii .  /eWACeISM446  VIENNA IS21C1  aeti,:e>14. NathAaail..  A  a Cel/121114-4- /Lea.N2er.;01, Ate  Aite-ad..4*-  .a4.0.th rod?-ek .es i ,ee, i t P• . . .4 1-)404 (4CeGe  i /At /7'449)444 -A1.40 , 1 lgecg r-naa.ct. nit-ri-e. Zoe,d..1 zof : kece-u-d-. ow.eg X tehzvowZviikaZ4  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  6 ,.,attA-Lit4e4.24 7needrt.47'21/to-iiiz.n 4veice.6e.  4Ze)su4f-4 et,t/fa/nte4.?kaciao? ,i1 Vv*41 1/ 44'44eice-0-1 1 efreiz'$  ‘A.p  mfa#:tc/44145 exce a.eeesii 19i ego irtat 4/2'04, f. 7e12424r"  7/44/724eter eituv  -_  -64 4t.eit 4 /c./11/S.  ,Ceeteld 2744 ehailize eap  /1./c 40.s .4/to:r "eterpee.  erv, ?arca,el-No/at Auica& e  444luAtiez.,>144/4i., -240 Auee .twoccei, ' >ts444414.. 1 / ,14.s/EtwA45A--   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  34€   https://fraser.stlouisfed.org 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  r• LI  •  C  • BOARD OF GOVERNORS OF THE FEDERAL REHRVE SYSTEM  r-- •r. t. t to• 7 i  T CI :I Ci 112 2 I i  i9.3 1;41'r".=tir_21 ?...1 i!firt  IS83 JUN 20 PM 5: 06  j s..  rcricool T ki  T  et.—.•tr-• t 1.1  17 :  INFORMFD Two' AS CHAIRMAN  r  t 24: t Ist  1+.1  C r•!-- TIJC CONTINUE  RECEIVED OFFICE OF THE CHAIRMAN  i T  UR  ! r 01 7. lit L.•  C•1111kIT9 ?Cr.;  T it/  r OURS  • 1.1 /"... . ra  — 4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  II  I  C s 1 I • sCI I Is p •  ••  •  sr  ? 1t  C  t y tj  t.t  se•  •—s I t.1  -; • • •T,  pct -I- Tr- Trn  r" CCTICQCEI r COIIC ri ? 1:”...% =%1N1 ,11 r Cc:TOT t.I T ?+C .. T c:CI T , :tr• C.tAt.i. T OP Fer T ri N C T 2 t  1!.1  ticor• co  1   https://fraser.stlouisfed.org 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  /  ./   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  •  ph  CITY OFFICE 112 QUEEN VICTORIA STREET LONDON EC4P 4BS TELEPHONE: 01-353 4242  24 June 1983 c:n -1-1  Mr. Paul A. Volcker Chairman Federal Reserve Board 20th and C Street N.W. Washington DC 20551 USA  (J..)  -II rel f'T11  rri -= -rri —IC') --7- rri i;-.71 —  (=:)  ›r-  I  771 cn0  rvi -7-1 -11  Ui --.. rri -‹  cia  :73 -1...  C .A..)  ›,' --0. --  cn  --AC Co) --I 'el -!...  i  7... . c=1 Co)  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  /OA  '7  THE DAILY TELEGRAPH LIMITED REGISTRATION No. 451593 ENGLAND REGISTERED OFFICE 135 FLEET STREET LONDON EC4P 4BL  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ 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   https://fraser.stlouisfed.org 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  -11  CO  =  CO CZ,  c-,  C....  1.•  Vz'  r--. c`M,..., ' -71 rn =rra  Mr. Paul A. Volcker Chairman, Board of Governors Federal Reserve System 21st and Constitution Avenue, N. W. Washington, D. C. 20551  CO .11V...  c•) - rvl  7  ...-..  Cn P ..- 0 C:3 -17  7,..%7  ....... ......  .......  . •  ....4  c.n  .,, .......  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, 1(/ (tAl.  t At.) ‘ 44  rn  ....c7) z) GO 7.:  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  m   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  1  -t-  a  / r  2fY•   https://fraser.stlouisfed.org 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  •  • TNEF  40  C034 132-1 D703 15 06/20/83 08:16  JC IP 6flA 06/20 07:25 1045 12-1 C034 132 06/20/83 08:13 / RGE012 VIA ITT CTB451 MRH5181 PAE0839 TLX8517 8031WA5H , k UINX CO GDMR 035 IP MANCHESTER 35/32 20 1218  410 410  • •  MR. PAUL VOLCKER CHAIRMAN US FEDERAL RESERVE BOARD 20TH AND CONSTITUTION AV. WASHINGTON DC 20551  • 10  YOUR COUNTLESS FRIENDS AND ADMIRERS WILL BE DELIGHTED THAT WISDOM HAS PREVAILED AND NONE MORE THAN CHRISTOPHER SOAMES. ROTHSCHILD  • 41/  COL  V  20TH WASHINGTONDC(20551  CZ,  • • •  •  •  •  •  •  • NNNN TNEF  •  •  •  •  •  •  •  • •  •   https://fraser.stlouisfed.org 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,  cri -.;  C-2 .......4  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.  rn .4a...  ...,..C:=1 .....y C'''   https://fraser.stlouisfed.org 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  • FlimsyliwrimarArritomuldBeam  -S14 641-•  111(1•111CR /CO(PiAl OCPO  I NSW RAN CS CORPORATION  Waseponamerry,Miurs L. M. STENEHJEM. PRIME/ENT  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  A141V1-13 31-11 JO 331JJO 63A13314 SZ :11 WV L  Nnr C831  3A113S11 1111303.4 3t11 JO SON3A00 JO 011VOG  58854   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  C=2/  Cool --f  rn  u  p.  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.   https://fraser.stlouisfed.org 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  •  • 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  ...r.1 ',in  CO C.00  rn  t=1  co  x. t-7-: C.e3  c-3 c:7  rn cp  cA) vi 5:3 —4  •-  Formerly First International Bancshares, Inc.  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  01.1041.  CeD   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  •  /Pm /4e d4e  710a4  V,%*6 4e  ó141 3°' l‘ell   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Alk4/1avexd tril%  ,J,Al2iee ,' MI45 -%idede, •  S ERNOR OF GOV E BOARD W F O YSTEM ERVE S AL RES  FEDER  N 20  1i83 JU  OFFICE  55 AM II:  ED RECEIV CHAIRMA\I OF THE   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   imm 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 S IPMWGWD WSH 770 06-24 0339A EDT *ill X 7108229235 FED RES BD U IC-1851276174 06/23/83 iltS IPMIIHA IISS IISS F M TCX 23 1846 S RESERVE BANK WASHINGTON DA164 NX CO MEME 015 X PUB REFORMA MEXCITY 15/ AUL A VOLCKER 4WDERAL RESERVE BANK SHINGTON DC USA NGRATULATIONS GLAD TO NDS. BEST WISHES LOVE LISA •IN 351 EST  II  4r 15  i  lF42 EST FED  RES BD WSH  E DONE lit   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)  •  Q 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 LS 01 tiV L Z NW £861 ii31SAS 303S311 Ttre13033 31.11 SIIONIOA00 A OCIVOI 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  11‘ 4  Vtlikik!Al  tosko3 Tht VOTE n  Si4  v'3.3 ttti.NUi 0100  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.  v—  /14 e  )‘  t'  )vr  CARY E. SULLIVAN, M.D.  ( 4*,  ,f • k   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  •  •  •  • •  1-00655qt:173 06/22/83 TLx NAH8 wSH wSHA 01 wASHINGTON D.C. 6/22/83  1) •  PAUL VOLCKER CHAIRMAN BOARD OF GOVERNORS FEDERAL RESERVE SYSTEm 20TH & CONSTITUTION AVENUE N.W. 20551  CD  Cl3 C./3  (=> Ce3  410  m•••••1  •  411  •  •  •  CONGRATULATIONS ON YOUR RE -APPOINTMENT TO THE CHAIRMANSHIP OF THE  •  FEDERAL RESERVE BOARD.  • • 40  • GOOD LUCK MICHAEL SUmICHRAST SR. STAFF VICE PRESIDENT & CHIEF ECONOMIST NATIONAL ASSOCIATION OF HOME BUILDERS ACCT. # 560.06  • • •  10:01 EST mGMOOMF.  • •  •  •  •  •   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  •  • •••••••• • •• • •• • •• • • •  •  •  •••• •••• •••• • • •• •• •• • •   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  •  M770A,,  6   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  C -a 2.  GE.  ----t.---__  .•   https://fraser.stlouisfed.org 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  (.“,,•  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  331.4J0 03A133311  Z :6 P1 1.z Nnr CO51 N3ISAS 3k13S3i 1V1131131 3141 JO SON113A0.3 JO 011V06   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  *A•834,"'t•blVik Vit4  , ;(, 4  --Z-1777 Z6rt.  r  e" 714e-  fx&-U-2  ,zr e  ,  e  /gi-p-oc (i/7-ete;c ‘J-(.e.  - 1ate./ .(2  ey-ele--%v   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  6  Y44petta, /1-6t, 61,64,‘ erniria4(  44/  P°4e4A,  141C/  ett:4P)V  r 1r3/  , tie&  17  7 2  ey  / 44/  AL/  aA7A‘/tAe6 r 4t`rL ,  illtA1 7  C>11  #15(t 1" /  r (V2'  te2.4.4-t-te-  ,aJr.rxe- yzez4.-2,   https://fraser.stlouisfed.org 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
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