The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
For r e l e a s e a t 6:00 p.m. E astern Standard Time January 14, 1963 THE WEIGHT OF FREEDOM Remarks o f Harold King Member o f the Board o f Governors o f the F ederal Reserve System before the D i s t r i c t o f Columbia Bankers A s so c ia tio n Washington, D. C. January 14, 1963 THE WEIGHT OF FREEDOM Every decade i s one o f d e c is io n and every year i s f u l l o f yearning. The year o f 1963 promises to be as f u l l o f q u estion as 1943 when Johnny Mercer wrote a b a lla d by the name o f "Dream,” The theme o f the b a lla d was contained in the words: "Things never are as bad as they seem -- so dream., dream, dream." Now t h i s i s undoubtedly an o p t im is t ic view; but I think a more e xact T./ording would have been p o s s i b l e . I t would seem a l i t t l e more encouraging to me to say: "Things are no morr. ^ no less., than they seem -- so d o n 't dream!" My wording i s c e r t a i n l y not as l i l t i n g as Johnny M erce r's words, but I b e lie v e i t comes a l i t t l e c l o s e r to e x p re ssio n o f tru th . On the su b je c t o f tr u th , I t r e a te d the concept o f prophecy r a th e r l i g h t l y in a t a l k I made re c e n tly , Having f e l t th at I was a l i t t l e dogmatic in my doubts about the tru th o f prophecy, ton igh t I would lik e to say a few more words on the s u b je c t . I f there i s such a thing as economic prophecys I f e e l th at i t must be co n stru cted out o f much sim pler m a t e r ia l than the in t r ig u e the word im p lie s. In f a c t , I have decided to try to be a l i t t l e more bold than I u s u a lly am and would li k e to give you a sm all prophecy th at I have conjured. c r y s t a l b a l l was q u ite h e l p f u l ; and I r e a l l y do have one! My But I am a f r a i d my boldn ess has led me too f a r 5 for I plan to p l a g i a r i z e a l i t t l e poem. verse. Perhaps you w i l l recognize the meter o f t h i s simple Here are the w ords.as I have re w ritte n them: - 2 - Spring is only; And winter i s here. There i s no lack o f anything dear. Eagle i s poised For gain tomorrow, I f we r e f r a i n the OV'R-BORROWl Now th at I have p u b lic ly taken the l i b e r t y to paraphrase a song and p l a g i a r i z e a poem, i t must be obvious to a l l th a t I should reform m y self. A f l a s h o f wisdom t e l l s me I should t ry to do i t fo r m yself before somebody does i t fo r me; so I w i l l nobly tr y to take a sh ort h oliday from borrowing. The bard from Stratford-on-Avon once wrote: "Who s t e a l s my purse s t e a l s t r a s h ; but he that f i l c h e s from me my good name robs me o f th a t which not en rich es him, and makes me poor in d e e d ." There i s c e r t a i n l y some wisdom in the f i r s t p a rt o f t h i s quo tatio n which s a y s , "Who s t e a l s my purse s t e a l s t r a s h . " the p oin t when he wrote the l a s t p a r t . But Shakespeare m issed A g r e a t e r o ffen d er i s the one who would assume the r e s p o n s i b i l i t y o f thinking fo r o th e r s. There! I almost did i t ag ain ! I almost broke my promise to q u it p ara p h ra sin g , but not q u it e ; in s t e a d , I only argued. I am not doing a good job o f reforming m y self. A pparently, I t tak es l i t t l e w is dom fo r me to conclude I am not competent to draw up a plan o f reform fo r anyone. Now I come to my s u b je c t to n ig h t: to commercial banking. Reform as i t a p p l i e s Reform i s a very d e ce iv in g s u b je c t . o f reform are not always those a n t ic i p a t e d . R e s u lts The primary reform th at the founders o f our n ation d e s ir e d was one o f t a x a t i o n , and I read in the newspapers th a t we are s t i l l a t i t . The cry o f 1776 was - 3 - "No taxation without representation." Reform was put through in a Declaration of Independence by thirteen colonies, and quite importantly these colonies planned for taxation with representation. It is at least questionable that even this form of taxation is all it might have been hoped to be. But let me get back to my subject: Reform in banking -- in 1963. Quite a few constructive suggestions have been made, any one of which I would feel privileged to even be invited to discuss; but under our republican form of government the bureaucracy is not required, or should not be expected, to reform itself. more like that of "carpenter" than "architect." Our job is The "builder" must be Congress, if it is to be the true will of all of the people, who are our architects. Because I have found new hope and faith in democracy for our country, I believe we have the collective ability to bear the responsibilities that permit many more freedoms than those we now enjoy; but it is of vital importance that no branch of our government assume the responsibilities of thought of other branches. Argue with them, yes! But plagiarize, no! It would be entirely possible for me to suggest that we accept this opportunity to help in drafting new freedom for our banking system; but it is not possible for me to prod you to seize this freedom, because freedom is too awesome a burden to urge on others. Real freedom does not come to either the dreamers or the reformers, for only those who emancipate themselves are able to bear the weight of freedom.
@FedFRASER