TLS as president, signed “RN,” three pages, 8 x 10.5, White House letterhead, October 18, 1969. Letter to investment banker Howard Butcher III, in part: "In view of the growing concern about the rising cost of living, I would like to share with you at some length my thoughts about what is being done and what we must do to curb inflation. The danger of inflation is real; the cure requires some unpleasant medicine, patience on the part of all and self-discipline by the government, business and labor. This Administration is determined to control inflation without imposing controls upon the economy. Four great forces make up the free market: government, business, labor and the consumer. A government that tolerated huge budget deficits could not fairly heap the blame for the ravages of inflation onto any of the other market forces. It was past government policy that caused our present inflation…For your own planning, the policy of this Administration in the fight against inflation will be: First, to continue stern restraints on Federal spending. Second, to insist on a tax system that has the capacity to generate enough revenues to cover sending outlays. I shall not tolerate, for example, a tax bill that would result in an irresponsible budget. Third, to rely strongly on the forces of reason and moderation within the private economy, so that governmental intervention will rarely be necessary. The ultimate consequences of runaway inflation—the bust that follows, with the suffering that accompanies huge unemployment—must never again be inflicted upon the American people. Instead, we will take every measure necessary to build a sound prosperity, temporarily unpopular as some restraints may be. I would be interested in your own views as to how the private sector and government can work together in holding down the cost of living. In this cause—hard to explain, hard to achieve, but fundamental to the economy of our nation and the progress of our people—I trust that I can count on your support." In fine condition, with a small brush to the tail of Nixon's second initial. Accompanied by the original mailing envelope.Format: TLS