She drove down from North Carolina to see me, and reminded me of scriptural lessons that tragedies and disappointments should be a source of increase… - Jimmy Carter

My preference is to have the wellhead tax receipts go to tax rebates. There are some alternatives that obviously will .be considered by the Congress with or without my approval, and I can't say that my own position will prevail ultimately. But there are different ways to use wellhead taxes. My preference is, as we presented it to the Congress, the rebates. One reason for that preference is that it's fair. Another one is that it doesn't create a tremendous withdrawal from the national economy of substantial amounts of money. If you have increased wellhead taxes and immediately return that money to people in better paychecks on a 2-week basis, then there's not a shock to the country. If you withdraw that money and wait 3 months, 6 months, or a year before it gets back into the economy, you have a tremendous dampening effect on our national economy, which is bad. Now, if some of the wellhead tax should be shifted to enhance the effectiveness of the energy goals, then I can't see anything very bad about that. If you had better rapid transit systems, better insulation of homes, more research and development, for instance, for new energy sources, that would be one thing. But the constant threat is that because of political pressures, that money is going to be returned to the oil companies under the guise of enhancing production. I think the oil companies have enough cash flow right now-- certainly the majors do--to have an adequate degree of exploration. In fact, that exploration, in my opinion, is adequate at this point. And I'm just as afraid that there is a threat that the wellhead tax is going to be given to the oil companies to reward them financially. I think that our package has a gracious plenty of incentives for enhanced exploration and enhanced production of oil in this country. We have by far the highest price for newly discovered oil in this energy package of anywhere on Earth, and I don't think the oil companies deserve to get this money taken out of the consumers' pockets and put in the pockets of the oil companies.

Tonight I do want to thank Arthur Krim and Steve Ross and Mary Lasker for being our hosts and hostess. But I would like to recognize one special person in the audience who hasn't yet been recognized. When I started campaigning for President a long time ago, and I would come to New York for a fundraiser, there would be four or five people present in this early friend's apartment-and she worked awfully hard to get five people to come. And I want to ask Alice Mason if she would stand. Arthur Krim wins both ways. He is recognized throughout the Nation as a man who has given his heart to sacrificial public service. And when I knew that he and Steve and Mary would be in. charge of this banquet, I had no doubt about the outcome. But he also benefits from the Democrats as well. Late this past year there was a movie that was going to be made about the former Republican Governor of New York. And he found that he couldn't have this biographical film made, so Arthur went down to Philadelphia and got a Democrat ethnic with the same first name as Rocky and made a film, and he made a lot of money on it. [Laughter] So, the Democrats help Arthur Krim as well as helps us.

I remember one session with British Prime Minister James Callaghan, who asked for a conversation that would be totally off the record. We had a cocktail while enjoying the new rocking chairs, and he described Great Britain’s economic troubles and told me that the International Monetary Fund was putting pressure on him to reduce their deficit with what seemed to be draconian actions. I interrupted to offer my help in easing the IMF demands, and he said, “No, no! I want you to support their restraints. I want them to force me and my government to do what I know is right but is not politically popular.