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When he took the oath of office today as Chairman of the Board of Governors of the Federal Reserve System, William McChesney Martin, Jr.
made the following statement:

If I were accepting this responsibility in more
normal times, I would simply say "I will do my
best." Today, however, our country is engaged in
a struggle for its very existence as a free nation, and
so I would like to take this opportunity to outline
very briefly the basic thinking upon which I am
planning to chart my course.
At the outset, I would like to thank all those
responsible for the many invitations I have received to make addresses throughout this country.
Much as I would like to accept all of them, I must
have sufficient time to benefit from the experience
and advice of my fellow members of the Board of
Governors so as to be certain I am fully representing them in any policy declarations I may make.
I am also anxious to get acquainted with the officers
and directors of the twelve Federal Reserve Banks
and understand more fully their problems.
Unless inflation is controlled, it could prove to be
an even more serious threat to the vitality of our
country than the more spectacular aggressions of

enemies outside our borders. I pledge myself to
support all reasonable measures to preserve the
purchasing power of the dollar.
I am convinced, the more so since the war in
Korea began, that the Treasury and the Federal
Reserve System must work together as partners
to promote the welfare of the Government securities market and to regulate the supply of money
in accord with the dictates of our national security.
I believe in a strong, vigorous, independent, and
responsible Federal Reserve System. I am hopeful
that the leadership that the Federal Reserve Board
may give will fully justify the confidence of the
member banks of the System. I hope to see membership in the Federal Reserve System increased
but only on the grounds that the merits of the
System warrant membership. I believe in the dual
banking system and as close coordination as possible between all supervisory agencies.
I strongly urge all lending institutions to support
the voluntary credit control program which the
Federal Reserve Board is now sponsoring.
I have faith in the American people, faith in
the democratic process, and faith that, with God's
help, we can surmount all our difficulties and
maintain a strong and free America.