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The present paper describes the patterns of monetary growth observed in the recent past and traces the role of the monetary authorities and of other factors in the process. This discussion of actual and emerging patterns is followed by an investigation of the role of non-member banks in the money supply process and the Federal Reserve’s proposal for uniform reserve requirements to Congress. Finally, the Chairman’s letter from last year in which he justified the Federal Reserve’s past record and sought to absolve the authorities from any responsibility for the renewed surge of inflation is discussed.   JEL: E40, E52, E58