The authors examine alternative views about monetary policy within the Federal Reserve System from the mid-1960s to the mid-1970s, highlighting the views of Darryl Francis, president of the Federal Reserve Bank of St. Louis from 1966 to 1975. In contrast to most of his Fed colleagues, Francis argued that monetary policy should concentrate on halting inflation. He believed that the influence of monetary policy on the unemployment rate was unpredictable and at best temporary. He was an early proponent of the view that the unemployment rate (and real output growth) tends toward a “natural” rate determined by factors outside the control of monetary policymakers. Francis argued that the Fed should maintain a steady growth rate of the money stock and blamed the Fed’s targeting of interest rates and money market conditions for producing destabilizing swings in money stock growth.