Dollar Faith Sags Abroad, Martin Says
CHICAGO, Dec. 13 (UPI)i Faith in the American dollar[ is dwindling among our allies' overseas, the head of the Federal Reserve System said last! night.</br></br>William McC. Martin told the Chicago Executives Club "The battle against inflation is at a crucial point and a setback in the U. S. would be a serious setback for the entire world.</br></br>Martin said that during a recent trip to the Far East, he found ÛÏamong intelligent and perceptive men ... a growing mistrust over the future of the American dollar.</br></br>ÛÏTo the foreigner, much more than to Americans, the dollar is a symbol of this countryÛªs strength,Û Martin said. ÛÏA decline in the value of the dollar would suggest to him a decline in the faith and credit of the U. S.Û ÛÏI vyould like to be able to stand and say flatly, Û÷There will be no inflation,ÛªÛ Martin said. ÛÏI cannot do so.Û</br></br>To prevent inflation, he urged "not talk nor long debate,Û but ÛÏresolute actions which will demonstrate to doubters the good sense and character of the American people.Û