Evening star. [volume] (Washington, D.C.) 1854-1972, 1937-10-20
~ HE text of President RooSavelt's
address at the official opening
OF the Federal Reserve Building
Il follows:


You have come here this afternoon
for something more than a mere for
mality. This structure is worthy te
rank among the foremost OF the Cap
ital's architectural achievements, and
you and 1 have gathered here to pay
line and form wrought by those who
conceived and executed this building
But We are conscious of larger
meaning in this brief ceremony-of the
role that the Federal Reserve plays In
the broad purpose which this Govern
ment must serve That purpose is 10
gain for all of our people the greatest
attainable measure of economic we'll
being; the largest degree OF economic
security and stability.
To advance the country toward
this goal is the real mission Of the
Federal Reserve System. 1t cannot
be attained by that system alone. but
neither can it be reached without the
proper functioning of our monetary
and credit machinery. That ma
chinery must be steadily perfected
and co-ordinated with all other in
struments of government to promote
the most productive utilization OF our
human and material resources. Only
in that way can we hope to achieve
and maintain an enduring prosperity,
free from the disastrous extremes of
booms and depressions. Only in that
way can our economic system and
our democratic institutions endure.
Step by Step. We Shall
Make 1t What 1t Should Be-
Nearly quarter of a century has
passed since the Federal Reserve Sys-
tenn was established It's creation. out
of the Nations banking experience
from the beginning of the Republic,
was due to the craftsmanship of
President Wilson and to the courage
GUS leadership of the Congress for
which the senior Senator from Viz
ginia, Carter Glass, will always de-
serve the Nations gratitude.
1t is fitting that President Wilson's
portrait in bronze should have the
place of honor in the main entrance
to this building. And it is appro-
pirate that the words inscribed under
it should be taken from his first in
augural address Let me quote them:
We shall deal with our economic
system as it Is and as it may be
modified, not as it might be if we
had clean sheet of paper to write
upon; and step by step we shall make
it what it should be-"
Those penetrating words admirably
apply to our banking system, which
must be constantly alert to changing
conditions in order that it may be
prepared to adapt itself to the going
and changing needs of our people in
their daily life and work.
The Federal Reserve System. as it
was originally established, was adapted
to the pre-war world and brought
about great improvement in the
money system. Steps were taken in
1917 to adapt it to the urgent necessi-
ties OF q war-ridden world In mobil-
izing the country's gold reserves and
in facilitating the Governments vast
financing operations the Reserve Sys-
tenn performed a vital role in the
winning of the war.
Powers for Good
Now Centralized.
1t is clear now, in retrospect, that If
future changes to meet postwar con-
ditions had been made in our banking
system in the 1920s, it would have been
in a far better position to moderate
the forces that brought about the great
depression. But from the end of the
war, until we were in the midst of
economic collapse decade later, no
changes were made in the banking
structure to make it function more ef-
fectively in the public interest.
Since that time the Nation has done
much to improve its banking system.
1t must continue step by step to make
the banking system what II should no