772–8

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.