FREDERICK NYMEYER, 16546 South Park Avenue, South Holland, Illinois, U.S. A. July 4, 1965 Monsieur Pierre-Paul Schweitzer Managing Director International Monetary Fund 19th and H Streets, N.W. Washington, D. C. Monsieur, I have read the translation into English of your address on June 2, 1965 before the Institut d'Etudes Bancaires et Financieres in Paris. Reading INTERNATIONAL FINANCIAL NEWS SURVEY is maybe the easiest and most time-conserving way, for a private person, to obtain an understanding of what is going on in the financial world. Your speech has been printed in the NEWS SURVEY. I think that the world should be happy that you are the Managing Director of the International Monetary Fund. There are many variations of opinion on monetary matters, which maybe can be grouped according to a dichotomous division, as (1) opinions that are based on trust in mortal men (and, in this situation, in their a a agenent of money); and (2) those who (if they do not mistrust good men) at least do not believe even good men can, when placed under political pressure, permanently successfully resist unsound programs. Such pressure appears inevitable, and cautious men there- fore seek a system under which it will be difficult to put a monetary manager under pressure, i.e., an "automatic" system, as the pre-1914 Gold Standard system. I myself am to be classified in the second category; (I have more trust in the fact that the gold supply is stable and can only be slowly increased, than in the stability of judgment of those who can control the selection of monetary managers). I have inferred you are a proponent of "conservative" monetary policy; but if so, you will have the majority of men unsympathetic to you. Circumstances will require that you be most diplomatic toward them. In the final analysis, I assume you retain your position because you have the more prudent men on your side, whose wisdom more than makes good their numerical weakness. I think the same situation prevails for the distinguished William McChesney Martin in the United States. I hope you both will be able to pursue a judicious course with surpassing skill. As a private citizen (business man), I write you to express my unhappiness about continued pressure upon you to expand credit: I realize that for you to be as positive as I shall be