Pr:.Rso\^ r,/coNrrDnNTr-r\ r-
The Pr.sidcnt adwised ne oI your concer. about the slafling or ih. De.i 6ion NlcmoraMnm .onc.rnn{ rasi wcck's mcerinss vilh inc Japucsc.
I wanled ]rou io knos,thai t vas m.liculous nr siatling tlre development of t]1e inslrtrciions rlrouAh rhe Scnior Revi.r,Group n.t so rnu.h bccause of thc inlcresis of olhers as 10 trBSure inal i. pariicul vould hc pr.ic.icd. I vanted 1o b€ cerlaL. rlai it vould be wery clear thai no one other than y.u Nonld b. dis.ussing thc lev.r ol ycn r.valuaiioD. During inc pr€paraii.n ol lhe memorandnm wbi.L P.ic Pei.rson and I senl to the Prcsidenl, boui Secreitrry Roeers' niehorJ,dun and dlat o, tne ciEP worknrs G.oup vcre considercd oD an i crasercy basis. Paul volcker parli.ipai.d ir ihosc disc sialf advised lry siall ilat Paut had discussed lviih Felerson rlre q{eslior ol yen revnluaiioD and thai ile l5 20.,i,levcl rlcludcd nr 11,. ,ncm.randum vas based on tle under shndnrs arrivcd ar in ihe
Ai ii,e Senior Revie{ Cloup me.!inE
on Sepl.mber
7, PauI raised
a quesrion
.oncer.ing the levc] oI ,en rewaluation vlrich you nlishL {,ani to pui lr€fore lle Japancse and indi.aicd ilai you migh s,nn! !o star! Iigner lhan a range of l5-2091,, Alt present belicved lla1 lhere had hccn an undcrsiandin8 hut Paul obs.rved thai he n.d .arlier cxprcsscd sorne .aulion al,oul ine ]eve1s. I ieatized ihat Urere nright }ave bccn sonr€ rc.onsideration of eartie! rbo!-Ihs .. li.\,b.sr to lay ihis ofr {. rfe JrF)n..., wilh rnis in Fi,d, r asked 1lrai. should il]cre rre any o]tcctions 1o spe.ilic p.rrs of thc dccision, I tre ihforhed e4r1y on lycdnesday mornins in order inat I .ould Bei thcn belore l)re Presidcnl quickly and 3e1 his vie*s on rnem, sin.c l did nor Iear luriner, I ass6ed thar therc vas no objc.iion and ihe NSDM accordTArouehoui 1Ie pro.esB ol prcparation lor rI. ECONCOM heeli,ar, you! iI my mind and ir vns for lhis rcason tnat I conlinued lIc rcvicrv rviihin lli€ colLex! oI ihe s.dor Rcvicv croup. I ihouAhl you vould wrnt r. know ihis.
Thc rjonolrbre John B. connally secrel2ry ol ric Tr.!3!ry l5tn ud ])cnDsy)vania Avenu€ I$r Washinsion, D, c.20220