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Economic Growth and Local Action The Egg and the Chicken Renaissance of the Rails? The Fed’s Fiftieth Anniversary Statement bv KARL R. BOPP at the Ceremony Commemorating the 50th Anniversary of the Opening of the FEDERAL RESERVE BANK OF PHILADELPHIA Monday Morning, November 16, 196 ^ THE FED’S FIFTIETH ANNIVERSARY Before the start of business on November 16, directors, officers, and employees of the Federal Reserve Bank of Philadelphia and a number of their associates in the banking community, gath ered in the main banking room to celebrate the 50th Anniversary of the opening of this Bank. likely to give rise to new tools of banking prac tice and monetary policy. The business community almost certainly will have a different structure two generations hence — though we cannot now foresee its form— and social relationships will be profoundly affected Robert N. Hilkert, First Vice President, presided by it. The Federal Reserve System will be called at the brief ceremony, Alfred H. Williams, former President, spoke of his long experience with the Federal Reserve System, and K arl upon to provide new services and may, in fact, be confronted with the need for developing en tirely new standards of economic performance R . Bopp. President made the following re and new objectives. marks.: Adaptation to change will not be a new phe The only certainty about the challenges which this Bank will face during the next 50 years is that they will be unlike those of the last 50. It nomenon for the Federal Reserve Bank. The unique structure of the Federal Reserve System, providing liaison with business, close working is equally true, I am sure, that, just as our Bank relationships with both the legislative and ad today is far different than the Bank which ministrative branches of government, and a opened— and which was envisioned— in 1914, measure of independence, has conferred a high so the Federal Reserve Bank of a few decades from now will be a far different institution than the Banks and the Board of Governors. the one we know. Even now, the new technology of electronic data processing is transform ing the nature of degree of flexibility and responsiveness on both At this Bank, we have developed in the past, and shall continue in the future to develop, the the tremendous and vital task of check collec people whose outlook and abilities are consistent with the System’s mission— people who are able tion. The developments that are now foreseeable to make the guiding principles of the founders will change many of the fam iliar physical a s pects of the process, and, beyond this, it is likely changing real world in which we live. T his re that further improvement will have repercus of the System into living, viable forces in the sions throughout the entire business community. quires a careful balance of individual freedom— freedom to innovate and question— with re D ata processing and the rapid computation it sponsibility for day-to-day proficiency on the provides will also create changes in the handling assigned job. In fact, this balance is a counter and analysis of information— changes so vast part of that required by the unique structure of the Federal Reserve System, which calls for both and involving so many variables which cannot now be adequately manipulated, that they are 18 independence of judgm ent and responsibiltiy of business review action in the whole sphere of the Fed’s interest. We shall strive to maintain this balance in the years ahead. F ifty years ago to the day, our Bank opened for business at 406 Chestnut Street. Ernie Jones opened the doors that day in 1914, and we are all delighted that he is here with us today to help usher in our second half-century. Ernie, will you now come with me and our guests into the main entry of the Bank and help open the doors to the events of the next 50 years. 19
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