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7- October IB, 13S7 Xto&r lfr« Presidents I nm ^ttacbing, &sr euggeeUsd, & teat&tive draft for ymir brief address a t i&e dedication ©f the Federal B*f;«r?e build 1A^ oa $«d&e&d*yf im the hop® th&t i t vmj b® of $oa© help, X &« giving the aatter farmer tfeo«ffet f*aS i s e&£« I h&re ft^p addition&l saggesiiooft I would very mtek appreciistte &a opportuiaity to s«e yoa for * f•» «QB«©ii> vemi time on iftdtai«eKbLy «oraiag» Or if yoa ^iv© &s please lot a& knoy. ^eedle&a to good ^e^l of besltfcacy about ^ti&a^tt&g to l&&% form to yoa, but for wfe*>,t i t •past l a g tfe< * MUCJ ag since may be vsrth it « t o ®<& to be- a *hftt KH^iald E< for -ioa US, Ecdee The frtB£ia«®t of tb© Waited White louse Mr, Cbairsaaa, distinguished lou have come here this afternoon for soaethlng sore than & forsa&lity* Worthy as this structure Is to rank among the foremost of the Capital's architectural NhlWPOsealfti you aad I hmn act g&thered tere siaply to s»y tribute to tiw btaaty and diffoitor if lla* sad ?®*m wrought by those who conceived aad executed tills bulidiag. He «re ccmscious of a mxch lArg&c s&Q&ni&g In this brief cereaiony-—of the role that the Federal Eessrve pl&ys in the bro&d purpose which this GoveraM^ai aust serve, that purpose is to gain for ell of our people the greatest attainable mmmr® of ®c«masdc «ell'-belag9 tb« largest decree of ecoiioiiic security and sUbility. To adTcrice the country towards this goal is the real misstixm of the Federal Heaarre Systtsia. It caniiot be atuined by tbat Systea elcae, but neither eau it be reached without the ^to^mr functioning of our nonet&ry &M credit a&ohinwry. that a&chiasry must, be steadily perfected and coordinated with all other lisstru»Hmts of Ck>7@raiseat to prosota the most productive utilisation of our Ima&n and material resources. Only IM that • Im way c&n we hope to achieve eud aalataia an e&uoriag prosperity, from the disastrous extremis of booms «ad depressions* Only in thet way can our economic sy steal sad our daiaoerttic institution-* ilearl/ a quarter of a century has p&ssaa siace the Federal Systea tr&$ $3t&fcll3hftd» Its oreatioa, out of tfa« oeticm's banking ex- p«rl»ac8 fro© the begianing of tlie Rapablie, m&& due to Use genius ®o& statesaanship of Presi(i<int IIlson, ©n« to the cour&geous leadership in Coagress for «hl(^ the Senior Senator fron Virgiai*, Garter G 1 A » » # will always deaer^e the Matioa** gratitude• It is fitting thftt Prseid©nt Wilson's portrait ia bronze should hav© Uie piece of honor In tb» entrance to tbia bui!4ia^, itad it is appropriate thai the words in- acribed under it slKUilil CM» Uik#n from his first in«ugur«l addr««s. Let sio quote them* "We shall do&l with our ecoaoaic system «s it id as it ssgr be itodified, not ag it sight b« if m§ h&d a clean «he«t of pa-p»r to write upon| and step by step we shall &ake it it Those penetrating words admirably apply to oar bunking system, ; which isust be constantly alert to ehfingiug conditions la order that it «&y be prepfarad to adept Itself to the growing and changing needs of our people la th«ir daily life and work* The Federal Reserve Systee, *s it w&s originally established, was adapted to the pre-war iforld aiad brought about & great iaproveaent in the ma/my systo«. Steps w«r«? taken in 1917 to &dapt it to the urgent necessities of & war-riddea world* In oobilixlng the country's gold ree«rv®a &od la facilitating the Government1s vis»t flnaaciag operatioa», the Heesrve Systea perforsed & vital role i& the wionlag of the v*r« It is dear now, la retrospect, that If further changes to aeet pOBt-wwr conditions had been esade In our baakisig systes is the 19&Qf«, it would h».ve been in * far better position to soderete the forces th&t brought about the gre^t depression* But fro® the period of the «f«r until we were i& the oidst of eeaaoaie collapse no changes %«re aade in the banking structaro to make it function mor® effectively In the public interest. - 4 - Since that time the nation h M done such fce iaprovs Lt* taking system. It .mat continue step by step to itafc« th© betaking systesa what it should be* 1® atist not eonpl¢ly suppose that we h&v® achieved perfection, 1© h a w provided for the Insurance of deposits for the i benefit of the great mass Hf MHkXX depositors. By the Banking Security Exch&nge Acts of 19c3, U M aod li)S5, the Federal K#g*rre •Systaa was given increased power to improve 'b&jakicg conditloaa aod to aid the Goverafflent in cosb&ttlng the evils of boaas ©ad depressions. TlK5»e rowers have been coocMsmtratdd to a greater degree than ever be- fore in & single public body, so tb*t they eaa be used promptly and effectively la accordance with the ch^aigiag n®@&s of the country. The Federal Beaerve Eastern, tested by nearly a quarter of a century of operation, is a public institution oa-pahle of adaptation to future, &s it has been to pest neoda and conditions. It la a piece of machinery vital to the Sation'e stead/ progress towards the goal of a sounder banking ay&t&m capable of contribution its full share to lasting economic progress and well-being. The Board of Governors, whose building we ere dedicating today, wee reconstituted by the B&jakiag Act of 1955* To this public body Congress h&* entrusted broad power® which ea&ble it to affect the volume and the cost of soaey, tfcais exerting & powerful influence upon the expansion ead eoatr&ctioti ia the flow of atmey through the chaaaeXs of agriealtare, trade and industry* In this fc&y, ajuch can b^ done to contribute to greater stability, to the moderation of boosts &nd depressions* Much c*n be done towards the staintenance of /r,ore stable e&ployseat* Utich e&n be done to aid la achieving greater stability of th® value of the dollar. By their n&ture these iaporttmt powers ere of public saneem &ad the responsibility for their exercise is properly vested in & pablle body. Much as they may contribute to th@ country's progre««, aonetary powers possess no p8Gx&L*r oegle. they are sot oamipoteut^ To be effective la perforaiag their function, they wm&t be olo«ely coordinated . — A_ •-•• t^ <^m with the other suijor powers ismci policies of goversaeat which the country's eccraoalc life* i Federal Reserve % • $ • • M It exists today is better adapted th&n ever before to plejj i t s MTt in eoiauaon with the other Iii*trii~ •Wltti 1 lit t l of ^o^aramBxii in the fctAalaMfet ox* an iMPMXUn well- bsing for e l l of our people, zhich iu th* fundcseat&l objective of o i l goverrimeixt* I would dedicate this building to prop*ess WWtttf the ideal of sa Aaerica in which ©very worker wiil be eble to provide his faally at a l l tiaes with an ever-rising standard of coral"ort.
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