Martin Takes Reserve Oath
FEDERAL RESERVE BOSSÛÓWilliam McChesney Martin (left) became the new chairman of the Federal Reserve Board yesterday when he was sworn in here by Chief Justice of the United States Fred M. Vinson (right). Looking on (center) was Thomas McCabe, retiring chairman</br></br>William McChesney Martin, jr.. yesterday pledged himself, as new Chairman of the Federal Reserve Board of Governors, to seek a policy of harmony and cooperation between his agency and the Treasury.</br></br>At, his swearing-in ceremony the youthful former Assistant Secretary of the Treasury said^his old organization and his new one must work together ÛÏto promote the welfare of the Government securities market and to regulate the supply of money in accord with the dictates of our national security.Û</br></br>It was a dispute over how those goals were to be achieved that led to the long fight between the Treasury and the Federal Reserve System. The appointment of Martin is seen as cementing the end of that fight and a new agreement on basic policy;</br></br>In a short speech following his taking the oath of office from Fred M. Vinson, Chief Justice of the United States, Martin pledged himself to combat inflation and ÛÏsupport all reasonable measures j to preserve the purchasing power' of the dollar.Û ÛÏUnless inflation is controlled,Û he said, ÛÏit coulcj prove to be an j even more serious threat to the j virtality of our countryÛ than the more spectacular aggression of j foreign enemies.	j