Speech

STATEMENT BY CHAIRMAN MARTIN ON HIS TAKING OATH OF OFFICE, APRIL 2, 1951 When he took the oath of office today as Chair- enemies outside our borders. I pledge myself to man of the Board of Governors of the Federal Re- support all reasonable measures to preserve the serve System, William McChesney Martin, Jr. purchasing power of the dollar. made the following statement: I am convinced, the more so since the war in Korea began, that the Treasury and the Federal If I were accepting this responsibility in more Reserve System must work together as partners normal times, I would simply say "I will do my to promote the welfare of the Government secu- best." Today, however, our country is engaged in rities market and to regulate the supply of money a struggle for its very existence as a free nation, and in accord with the dictates of our national security. so I would like to take this opportunity to outline I believe in a strong, vigorous, independent, and very briefly the basic thinking upon which I am responsible Federal Reserve System. I am hopeful planning to chart my course. that the leadership that the Federal Reserve Board At the outset, I would like to thank all those may give will fully justify the confidence of the responsible for the many invitations I have re- member banks of the System. I hope to see mem- ceived to make addresses throughout this country. bership in the Federal Reserve System increased Much as I would like to accept all of them, I must but only on the grounds that the merits of the have sufficient time to benefit from the experience System warrant membership. I believe in the dual and advice of my fellow members of the Board of banking system and as close coordination as pos- Governors so as to be certain I am fully represent- sible between all supervisory agencies. ing them in any policy declarations I may make. I strongly urge all lending institutions to support I am also anxious to get acquainted with the officers the voluntary credit control program which the and directors of the twelve Federal Reserve Banks Federal Reserve Board is now sponsoring. and understand more fully their problems. I have faith in the American people, faith in Unless inflation is controlled, it could prove to be the democratic process, and faith that, with God's an even more serious threat to the vitality of our help, we can surmount all our difficulties and country than the more spectacular aggressions of maintain a strong and free America. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

William McChesney Martin, Jr. (1951, April 1). Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/speech_19510402_jr.

@misc{wtfs_speech_19510402_jr.,
  author = {William McChesney Martin, Jr.},
  title = {Speech},
  year = {1951},
  month = {Apr},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/speech_19510402_jr.},
  note = {Retrieved via When the Fed Speaks corpus}
}