Evening star. [volume] (Washington, D.C.) 1854-1972, 1937-10-20
BANKING SYSTEM
TO Be IMPROVED,
ROOSEVELT SAYS
President DediCateS New
Federal Reserve
Structure.
CLOSER COORDINATION
WITH u. S. MINIS SEEN
Must Not Suppose We Have
Achieved Perfection, Executive
Asserts at Ceremonies.

Defeating the new Federal Re-
serve Building, President Roosevelt
today predicted further improvement
in the banking system and its closer
coordination with instruments OF gov
eminent in order ito achieve and
maintain an enduring prosperity, free
from the disastrous extremes of booms
and depressions He made no direct
mention of the big fluctuations i'll the
stock market.
Quoting President Wilson. during
whose administration the Federal Re-
serve system was established. Mr..
Roosevelt declared the Nation must
continue step by step 10 make the
banking system what it should be.
We must not complacently suppose
that we have achieved perfection. he
warned, at the same time referring
with praise to changes made by the
banking and security exchange acts
of 1888. "a and '35.
Capable Of adaptation.
The Federal Reserve system,
tested by nearly quarter Of century
of operation. is u public institution
capa BILE of adaptation 10 future as IL
has been TO past needs and condl-
tions." he pointed out. 1t is piece
of machinery vital to the Nations
steady progress toward the goal of
sounder banking system capable OF
contributing its fun share to lasting
economic progress and well-being."
The President spoke from the sec
ond floor in the large foyerlike two
story central area OF the palatial new
Federal Reserve Building. An audi
ence of Government dienitaries was
present and the address was broad
cast nationally.
Although the stock market furry
VAS not specifically referred to. The
address was interpreted by many as
a definite pledge of the administration
toward the expressed aims OF the
largest degree of economic security
and stability"
TO advance the country toward
this goal is the real mission VI the
Federal Reserve System" declared the
President. 1t cannot be attained by
that system alone but neither can it
be reached without the proper func-
tioning of our monetary and credit
machinery. That machinery must be
steadily perfected and co-ordinated
with all other Instruments of Govern
ment to promote the most productive
utiliza ton OF our human and material
resources
Powers Increased
The Federal Reserve System, Mr.
Roosevelt explained, has been given
increased power to improve banking
conditions and to aid the Government
in combating practices which were
evil in their results. 10 this
public body" he continued, Congress
has intrusted broad powers which en-
able it to affect the volume and the
cost of money, thus exerting a power
full influence on the expansion and
contraction in the flow Of money
through the channels of agriculture.
trade and industry. In this way
much can be done toward the mainte-
nance of more stable employment.
Much can be done to aid in achieving
greater stability of the true value Of
the dollar
The new Federal Reserve Building
stands on Constitution avenue be-
tween two other claSsic-type struc-
lures, the National Academy of
Sciences and the Public Health Serv-
ice. 1t is one of the outstanding con-
tributions to public architecture in
the Nations Capital.
The President was presented by
Mariner S. EccleS. chairman of the
Board of Governors OF the Federal Re-
serve System.