Social justice is not the sole cure.

So I welcome each of you to this historic East Room this morning to witness the swearing in of this most gifted American to this most responsible post.

No member of that partnership, from Government's viewpoint, is more important or has greater responsibilities than the Federal Reserve System of this country.

Today the Federal Reserve System of our Nation has a new Governor.

He takes office at a time when there is much to be done by all working together, cooperating.

We must continue to sustain high employment without inflation.

The war against crime may be slowing its increase for the moment.

Mrs. Johnson and I recall with pleasure the hospitality you graciously extended to us when we last visited The Netherlands.

Through his own intelligence and by his own efforts he rose to the highest academic honors.

His qualifications, I think, are rare.

I am proud of this choice.

The safety and security of its citizens is the first duty of government.

Drug addiction is a double curse.

We must meet the heavy demands of our military and economic effort in Vietnam without losing our momentum for social progress here at home.

They can be avoided through sound economic fiscal policies.

On the happy occasion of the wedding of Princess Beatrix, Mrs. Johnson joins me in sending our very best wishes, and those of the American people.

Our Federal responsibility is clear.

We must match our determination with effective action.