On September 20, 1971, President Richard M. Nixon, John N. Mitchell, Arthur F. Burns, and Manolo Sanchez met in the Oval Office of the White House from 12:45 pm to 1:30 pm. The Oval Office taping system captured this recording, which is known as Conversation 577-003 of the White House Tapes.
Nixon Library Finding AidConversation No. 577-3 Date: September 20, 1971 Time: 12:45 pm - 1:30 pm Location: Oval Office The President talked with John N. Mitchell; Arthur F. Burns entered at 12:45 pm while the conversation is in progress. [Conversation No. 577-3A] [See Conversation No. 9-95] [End of telephone conversation] Greetings Supreme Court resignation -John Harlan -Health -Georgetown Hospital -Announcement -Date -Speculation -Appointees -Number -Effect on Supreme Court -Justice Department -Federal Bureau of Investigation [FBI] -Role in appointing Justices -Appointees -Congressman -Clement F. Haynsworth, Jr. -G. Harold Carswell -Richard H. Poff -Credentials -Harry F. Byrd, Sr. 7 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 577-3 (cont.) -Conservatism -Practice of law -Judiciary Committee -American Bar Association [ABA] International economics -Burns's European trip -John B. Connally -US objectives -Europeans -Currency re-alignment -Convertibility of gold -France -Restoration of convertibility -Results -Significance in France -France -Price of gold issue -Reactions -Price of gold -Burns's conversation with Connally -US position -Policies -Tariffs Manolo Sanchez entered at an unknown time after 12:45 pm. Refreshments -coffee Sanchez left at an unknown time before 1:30 pm. International economies -Price of gold -Raising price -Amount -William Proxmire -William V. Roth, Jr. -Opposition -Congressional actions -Price of gold 8 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 577-3 (cont.) -Increase -Attitude -Political and economic objection -Political objection -Rewards for countries -South Africa -Soviet Union -France -Price of gold -Comparison to earlier prices -Official price compared to market price -Action of raising price -Percentage points -Inflation -Future action -Europe -Japan -Subsidization of exports -Canada -Free trade -Relationship with Canada -Great Britain -Political situation -Common market -Germany -Relationship with the US -Question of future policy -Forthcoming economic meetings -International Monetary Fund [IMF] and Group of Ten -Preparation -Location -Washington -The President’s schedule -Alaska -Forthcoming IMF meeting -Possible statement by the President -Reception -Connally, the President -Secretary of the Treasury -Central bankers -IMF chairman 9 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 577-3 (cont.) -Number -Statement by the president -Impact -Location -White House -Secretaries of the Treasury -John B. Connally -Timing -Great Britain -Connally's evaluation -European market -Common market -Effect on foreign policy of the US -Economic policy -Approach -Integration of economic and foreign policies -Japan -People’s Republic of China [PRC] -Soviet Union -Japan -Relationship with US -Commercial relationship -PRC, Soviet Union -Relationship with Europe -Comparison with the US -Europe and Japan -Relationship with the US -Competition -Japan -Relationship with the US -The President’s previous comments -Competition -People -Type of governments -Relationship between foreign policy and domestic issues -Group of Ten meeting -Congress -Meeting with the President -Isolationism -Surcharge -Foreign aid 10 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 577-3 (cont.) -Trade barriers -Canada -Japan -US public -Possible speculation -Anti-trust laws -Subsidization -Okinawa reversion treaty -Textiles -Type of diplomacy for the US -Strength -Public posture -Congress -Jacob K. Javits -Current situation -Projections for the future -Britain -British press -Influence in US -The Economist -Relationship with the US -Politics -Orientation -Italy -Rome -Memorandum -Conversation between the president and burns -Foreign restrictions -Impact in the US -Timing -Economic theory -Floating exchange system -Milton Friedman -Godfrey [Surname unintelligible] -Marketplace forces -Demand and supply -Contrast of theoretical and practical conditions -Current environment -Restraints -Government rules -Central banks 11 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 577-3 (cont.) -European countries -Unification of ideas -Competition with the US -Obstacle -Percentage points -Connally -Presentation of US position abroad -Understanding of problems -Foreign countries -Problems -Gold prices -US understanding -Type of problems -Impact of us action -Import surcharge -US position -Duration -Currency realignment -Relation to surcharge -Negotiations -Length of time -Gold issue -Devaluation of the dollar -Psychological impact -Political impact -Price of gold -Inflation -International reserves -Measured by gold -Reduction -Special Drawings Rights [SDR’s] -Economic theories -Political economic effects -Political factors -Parliamentary bodies -US position on gold prices -Congress -Economic change -Election period -Proxmire, Roth -Burns 12 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 577-3 (cont.) -Connally -Burns's trip -Education -Burns's credentials -Representation of the US -Negotiations -International economics -Domestic versus international matters -Burns, Connally -Meeting with central bankers and finance ministers -Clarity of communications -Connally -Representation of the US position -Connally -Credentials -Type of trip -Connally -Obtaining information -Conversation with burns -France -Gold convertibility -Germany -Percentage points appreciation -European economic community [common market] -Director General's position -Price of gold -Political compared to economic problem -Economic problem -Foreign, economic discussions -Conally's position -Limitation on discussions -Central bankers -Tradition of discussion -President’s approval -Connally -US position -Unified position -Possible outcome -Press -Burns -Relationship with Connally 13 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 577-3 (cont.) -Role as economist -Representation of the US -US position -Connally -Agenda proposal -Price of gold -Trade -Currency re-alignment -Domestic political scene -Conversations between Burns, Connally, and the President -William P. Rogers -State Department -[Federal Reserve Board [FRD]] -Treasury Department -Council on International Economic Policy [CIEP] -US negotiating position -Connally's staff -Limitations -Connally's -Credentials as negotiator -Understanding of foreigners -Perception by Europeans -Toughness -Understanding -John Foster Dulles -State Department -Relationship with the President -Number of individuals involved -CIEP -Peter G. Peterson -State Department -Commerce Department -Peterson -Number involved -Type of discussions -Connally's role -Foreign policy -Nathaniel Samuels, Philip H. Trezise -Henry A. Kissinger -Relationship with the President -Peterson 14 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 577-3 (cont.) -Kissinger -Foreign relations factors -Germans -France -Georges J.R. Pompidou -Britain -Japanese -Future implications -Member of group -Political interests -Domestic advantages -IMF -The President's appearance -Statement -Reception -Pierre Paul Schweitzer -Possible meeting with the President -Connally -Possible reaction -Detroit Economic Club -Upcoming Question and answer [Q&A] session with the President -Date -Preparation of background information by Burns -Audience -International issues -IMF -Gold -Handling -Transmittal -Date -Time -H. R. (“Bob”) Haldeman -Rose Mary Woods -California -Type of information -Impact The economy -Phase II -Meetings with various special interest groups and individuals -Date 15 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 577-3 (cont.) -Decisions -Directions of policy -Congressmen, Senators, business leaders -Preferences -Labor leaders -Position on Phase II -Comparison to business leaders -The President's schedule -Trip -Alaska -Unified position -Direction -Freeze -Phase II -Follow-up -Budgetary and tax action -Follow-up -IMF meeting -Freeze -Impact -Meeting between Burns and the President -Freeze -Phase II -Sequence of follow-up action -Burns's conversation with Herbert Stein -Changing process -Mechanics of change -Labor leaders’ cooperation -People -Support of the President -Results of polls -George Meany -Lack of support versus support -Freeze -Impact -Freedom -US people -Support of the President -Election -Restraint imposed by freeze -Labor unions 16 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/06) Conv. No. 577-3 (cont.) -Forthcoming Q&A session -Memo from Burns to the President -Phase II -Date -Preliminary statement Burns left at 1:30 pm.