Conversation: 772-008
Prev:  772-007 Next: 772-009Start Date: 7-Sep-1972 10:41 AM
End Date: 7-Sep-1972 12:22 PM
Participants:
Nixon, Richard M. (President); Shultz, George P.; Bull, Stephen B.; Ehrlichman, John D.; [Unknown person(s)]; Connally, John B.; Roosevelt, James; Roosevelt, John; Recording Device: Oval Office
NARA Description:
On September 7, 1972, President Richard M. Nixon, George P. Shultz, Stephen B. Bull, John D. Ehrlichman, unknown person(s), John B. Connally, James Roosevelt, and John Roosevelt met in the Oval Office of the White House from 10:41 am to 12:22 pm. The Oval Office taping system captured this recording, which is known as Conversation 772-008 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 772-8 Date: September 7, 1972 Time: 10:41 am - 12:22 pm. Location: Oval Office The President met with George P. Shultz and Stephen B. Bull. Bull left at an unknown time before 11:48am. Greetings Secret Service protection for Edward M. Kennedy -Shultz's role -Alexander P. Butterfield's role -Details concerning coverage -Campaign activities -Type of coverage -Rationale -Federal Bureau of Investigation [FBI] -Security for Israelis during visits to US -Legal implications of coverage -Eugene T. Rossides -The President’s instructions -Threatening letters to Kennedy -Public figure -The President’s order -Termination of detail -Butterfield’s role John D. Ehrlichman entered at an unknown time after 10:41 am. -Details of coverage -Shultz -Legal details of coverage -Other public figures and Secret Service protection 11 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -John E. Schmitz and Thomas J. Anderson -Coverage by Secret Service -Advisory committee ruling -George C. Wallace -George H. Gallup and Louis P. Harris polls -Vote percentage -H.R. (”Bob”) Haldeman's recommendation -Dr. Benjamin (McLane) Spock -Secret Service reactions -Type of crowds -Shultz's upcoming conversation with Kennedy -Threats received -Secret Service protection -Threats -Mail -Amount in comparison to other public officials -Mail -Kennedy's request Presidential gifts to Shultz from the President -Watch -Four leaf clover -Gift from Shultz to the President -Watch -Monetary bills -Shultz's signature -Specific identifying dates -Highlights of the President's career 1972 Presidential Campaign -Secret Service protection -Kennedy -Campaigning with George S. McGovern -Effect on crowds -McGovern -Increase of communications within Secret Service staff -Type of communications network -Shultz's analysis -Republican National Convention -Testifying before committee -Candidates and primary candidates -Organization of schedule by Secret Service 12 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Secret Service -James J. Rowley -Meetings with Shultz -Screening individuals -Director of Secret Service -Replacement International economic policies -Reform -International Monetary Fund [IMF] -Previous meeting in San Clemente -US policy -Milton Friedman -Meetings between Shultz, Arthur F. Burns, Herbert Stein, William P. Rogers and Peter M. Flanigan -John B. Connally -Discussion with Shultz -Henry A. Kissinger -Foreign policy and monetary affairs -Actions by Shultz -Shultz and Connally -Convertibility issues -The President’s view -International bureaucracy -Wall Street role -Effect -Meeting between Shultz and Friedman -US attitude toward foreign countries -The President’s view -Domestic concerns -Formulated plan by Shultz and Friedman -Smithsonian Agreement convertibility rates -Central values -Percentages -Problems -Changing central value -French Franc -Japanese Yen -Disappearance of reserves -Problem of August 15, 1971 -Need for flexibility -National reserves 13 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Importance of monitoring reserve condition -Currency fluctuations -Indication of central rate -Decreasing reserves -Actions by country -Changing central rate -Accumulating reserves -Japan -Trade and exchange rate -Principle of symmetry -Importance of adjustments -Central value link with movement of reserves -Currency convertibility -Effect on reserves -Results -Shultz’s view -Automatic actions in system -Possible effect -Currency speculation -Possible solutions -Rules in zones -Provisions other than exchange rate changes -Monetary system responsibilities -Connally’s view -Europe -Japan and exports -Import surcharge -Adjustment process and exchange rate -Administration of General Agreement on Tariff and Trade [GATT] -Relationship between IMF and GATT -Shultz’s view -Burns -Connally’s concept -US position -Basic system of currency convertibility -Floating currency option -Canada -Floating currency -“Clean float” -Market forces -Intervention -Reserves 14 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Revaluation -Unit rule -Group of countries forming monetary union -Europe -Common market -Provision by US -The President’s appearance before the IMF -Stein -Draft speech of points -Three points -Importance of peace -Economic expansion -Inflation -Resolution of international trade and currency issues -The President’s actions -Recommendations by the Secretary of Treasury -Basic plan for US -Connally -Kissinger -Burns -Flanigan -Rogers -The President’s statement before IMF -World markets -US position -US markets -The President’s view -Effects -Stability -Intervention -Possible reaction abroad -US plan -US domestic considerations -Hobart Rowen’s view -Edward Dale -The President’s view -Favorability -Press conference -Wall Street Journal -Briefings -Burns -The President's decision 15 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Financial people -Former Secretaries of Treasury -Academic economists -Pierre Rinfret -Friedman -Leaks -Exchange rates -US position -Smithsonian Agreement rate -1972 election -International economic situation -Kissinger -Other countries in relationship with US -France -Increase in price of gold -Possible effect on markets and Great Britain -West Germany -Alden W. Clausen -Burns -Helmut Schmidt -Common Market actions -Great Britain -Formation of gold bloc by Europeans -Official price compared with higher price -US reaction -Position on monetary reform -Gold -US position -Role of gold in world markets -Rate of supply and rate of demand within industry -Buying and selling outside of market -Long term monetary reform discussions -Raising price by common market -US position -Effect on France -Selling of gold by US -Effect on France -US industries -Buying and selling gold -Gold market in Europe 16 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) US economic policies -Forthcoming IMF meeting -The President's statement to the IMF -Shultz’s view -Wage and price issue -Automobile companies -Stein, Donald H. Rumsfeld -Plan for wage and price issue -1973 collective bargaining negotiations -Consumer Price Index [CPI] -Rowen’s view -Collective bargaining -Pay Board -Price Commission -Forthcoming Labor-Management meeting -Timing -1972 election -Economy, preview budget, future outlook -Announcement by the President -Christmas season -Retention of economic control boards and commissions -Continuation of economic control measures -Internal Revenue Service [IRS] -Cost of Living Council [COLC] -Structure -Construction industry effort as entity -Secretary of Labor -Health industry -COLC -Individual cases -Structure of formal control -Changes -Freemarket situation -First part of the President's administration -Authority to impose wage and price controls -Shultz’s view -Time period framework -Congress -Korean War period -Wage and price problem 17 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Lack of control -Freeze -Wage and price control -The President's actions -COLC -The President’s view -Future problems -Actual effect -Labor -Business -New Commission on Industrial Peace -George Meany -Speech -Press confrontation -COLC -Controls -Further controls -The President’s view -Legislation -Labor contracts -Price contracts -Stipulations -Possible change in mechanism -Income taxes -Treasury Department -Connally -Short form for income tax filing -Timing -Requests for public comments -Effect -Sears, Roebuck and Company -Support -Connally -Minimum taxes -The President’s policies -1969 -Rationale -Congress's reaction -Revenue gains -Shultz’s view -Tax increase 18 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Tax shelters -The President’s proposal -Property taxes -Importance -Increase in taxes -Value added tax [VAT] and income tax -Minimum tax -Alcohol tax -Dollar basis -Property tax -Homeowners -Elderly homeowner -Lower incomes -Potential benefits -Effect -Amounts -Plan for elderly -Tax forms -Shultz’s view -Education financing -Revenue sharing legislation -Piggyback concepts -Need for incentives -Education financing -Escalation idea -Connally -Friedman -Government revenue increases -Use -Spending -Shultz’s view -Friedman -Government size -Relationship of government size to tax amount -Presidents and Chairmen of Ways and Means Committee -Systematic system -Annual process -Tax system -Wilbur D. Mills -Budget -Tax cut 19 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Personal income -Amount of money -Effect of rate of inflation -Percent of increase in taxes -Growth of economy -Productivity -Inflation -Federal tax increase -Increase of economy -Workforce -Increase of productivity -Increase of inflation -Capital income basis -Real income -Increase in percentage -Reasons -Amount of money growth per year -Higher incomes and higher tax brackets -Inflation -Rate of tax increase Bull entered at an unknown time after 10:41 am. The President's schedule -Forthcoming meeting with Connally, James Roosevelt and John A. Roosevelt Bull left at an unknown time before 11:48 am. US economic policies -Connally -The President’s view -Taxes on alcohol -Percentage of drinkers in US -Christian Scientists, [Church of Jesus Christ of Latter Day Saints], Mormons -Property taxes -$50,000 or more tax bracket -$25,000 tax bracket -Minimum taxes -Connally 20 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Possible effect -Tax reform -Property tax -Poor -Reductions -Elderly -Poor -Office of Economic Opportunity [OEO] bill -Blue collar workers -Effect of taxes -The President’s view -Friedman's plan -The President’s view -Reduction of government spending -Percent of budget -Effect -National debt -Inflation -Social Security -Size of government -White House staff -Government agency staffs -Reductions -Government programs -Limit -Friedman’s plan -Government spending -Four year plan -Goals -Taxes -Alcohol -Minimum tax -Connally -Poor compared to rich -The President’s previous speech -Patrick J. Buchanan -Piggyback idea -The President’s view -Tax increases -Administrative means -State compared with government needs 21 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) An unknown person entered at an unknown time after 10:41 am. Connally -The President’s schedule -Connally, James Roosevelt and John Roosevelt The unknown person left at an unknown time before 11:48 am. US economic policies -Discussion between Ehrlichman, Shultz and Connally -Minimum tax -Congress -Actions in 1969 -Administration's opposition to tax loopholes -Capital gains taxes -The President’s view -Charles G. ("Bebe") Rebozo -Stock -Source of money -Application of tax rate -Effect -Taxes -Social purpose Connally, James Roosevelt, and John Roosevelt entered at 11:48 am. Greetings -California Introductions Discussion of economics -Ehrlichman and Shultz -Date of upcoming meeting Ehrlichman and Shultz left at 11:50 am. US foreign economic policies -IMF meeting -Speech and appearance by the President 22 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Current economic plan -Former Secretaries of Treasury -Forthcoming meeting with the President -Connally -Shultz -Haldeman -Press story on wage and price controls -Connally -Burns Oliver F. (“Ollie”) Atkins -Photographs -Press photographs -Seating arrangements Members of the press entered at 11:51 a.m. [General conversation] Earl Warren -Press article Members of the press left at 11:52 am. Julie Nixon Eisenhower Franklin D. Roosevelt -Movie Crusade in Europe -Dwight D. Eisenhower -Franklin Roosevelt's Declaration of War speech -The President’s recollection -Speech on drawing the first draft number -Television -Compared to radio -Appearance -The President’s view -Speaking ability -Type of voice -Connally -Type of manner -George S. McGovern 23 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -1932 compared to 1972 -New York Times -The office of the presidency -Effect on Franklin Roosevelt -Pictures of Roosevelt at beginning of presidency and at end -Public knowledge of Roosevelt's health -Roosevelt's voice -Health -1944 Presidential campaign -Picture of Roosevelt -Brooklyn, New York -Weather -Sons -Train trip -San Diego -San Clemente -Roosevelt's trip -Southern Pacific Railroad -The President’s residence at San Clemente -Henry Hamilton Cotton -Poker -The President's preference -Wild cards ***************************************************************** BEGIN WITHDRAWN ITEM NO. 4 [Personal returnable] [Duration: 3m 59s ] END WITHDRAWN ITEM NO. 4 ***************************************************************** Possible roles for the Roosevelts -US bicentennial celebration -Tourism -Europe 24 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Japan -Tourist trade in Hawaii, Guam, Pacific Islands -Japan influence -West German tourists -The President's conversation with Connally -The two Roosevelt sons -Possible ambassador positions -State Department officials -The President’s view -Duties as an ambassador -Responsibilities to the President -Africa -1st term appointments -1972 election -The President's conversation with Lyndon B. Johnson -Use of celebrities -Dwight Eisenhower First Family -Austria -Forthcoming conversation with Connally -Ambassadorships -Other Presidential appointments Presidential appointments -McGovern -1972 election -Possible commission appointment -Conversation between Ehrlichman and James Roosevelt -Domestic Council -Legislation -Committee relationships -Partisanship -Rogers C.B. Morton -Ehrlichman US Bicentennial celebration -International situation -Domestic affairs -Current situation -Local counties -Philadelphia -World's Fair 25 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Old buildings in San Francisco -Type of celebration -Great Britain -US democracy -Duration of government -Press coverage -Television programs -John and James Roosevelt -Bipartisanship -The Atlantic Charter -International application -Wording of the Declaration of Independence -Unified political philosophy -Effects of words -[Thomas] Woodrow Wilson -World War I -Fourteen Points proposal -Wording -Effect -Planning -Timing -1972 election -Intellectuals -Eisenhower Fellowship Foundation -John Roosevelt -Trustee -Individuals' participation -Assistance to foreign government -Turkey -Prime Minister -Eisenhower -Latin America -Tom McKay[?] -Robert B. Anderson -Eisenhower Library -Johnson Library -Roosevelt Presidential Library -Condition of house -Visit by the President -Eisenhower -Invitation to Roosevelts' children 26 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) -Time -Duration of meeting -Roosevelt's sons -Comment on meeting ***************************************************************** BEGIN WITHDRAWN ITEM NO. 5 [Personal returnable] [Duration: 3m ] END WITHDRAWN ITEM NO. 5 ***************************************************************** The President's Labor Day speech -National Commission for Industrial Peace -John Roosevelt's interest -Member of Labor committee -Idea of consultant -English people and Labor Party -1972 election Labor issues -Compulsory arbitration -Pay Board -Collective bargaining -Grievances -Teacher's strike -New York City Presidential gifts -Cufflinks -Presidential seal -Wives [General conversation] 27 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. Oct-06) Connally, Roosevelt, and Roosevelt left at 12:22 pm.