"General Taylor is, I have no doubt, a well meaning old man. He is however, uneducated, exceedingly ignorant of public affairs, and I should judge of very ordinary capacity. He will be in the hands of others, and must rely wholly on his cabinet to administer the government."
James and Sarah Polk spent vacated the White House and spent the night prior to the transfer of power at the Irving Hotel in Washington. A carriage carrying Taylor picked up Polk at the hotel on the morning of the inauguration. Normally March 4th was inauguration day, but in 1849 that day fell on a Sunday, so Monday, March 5th was inauguration day. An crowd of approximately 20,000 gathered at the East Portico of the Capitol for the ceremony. The oath of office was administered by Chief Justice Roger B. Taney. The day of the inauguration started off being cloudy with snow flurries, turning to heavy snow later in the day.

In his 1090 word inaugural address, Taylor expressed his feeling of humility and of "profound gratitude" at being chosen President. He pledged that he would show deference to the other branches of government. He said:
"Happily, however, in the performance of my new duties I shall not be without able cooperation. The legislative and judicial branches of the Government present prominent examples of distinguished civil attainments and matured experience, and it shall be my endeavor to call to my assistance in the Executive Departments individuals whose talents, integrity, and purity of character will furnish ample guaranties for the faithful and honorable performance of the trusts to be committed to their charge. With such aids and an honest purpose to do whatever is right, I hope to execute diligently, impartially, and for the best interests of the country the manifold duties devolved upon me."
Taylor promised that guiding his performance of his duties would be the Constitution. He said that to help him interpret the Constitution, he would have guidance, especially from the example of George Washington. He said:
"For the interpretation of that instrument I shall look to the decisions of the judicial tribunals established by its authority and to the practice of the Government under the earlier Presidents, who had so large a share in its formation. To the example of those illustrious patriots I shall always defer with reverence, and especially to his example who was by so many titles "the Father of his Country.""It shall be my study to recommend such constitutional measures to Congress as may be necessary and proper to secure encouragement and protection to the great interests of agriculture, commerce, and manufactures, to improve our rivers and harbors, to provide for the speedy extinguishment of the public debt, to enforce a strict accountability on the part of all officers of the Government and the utmost economy in all public expenditures; but it is for the wisdom of Congress itself, in which all legislative powers are vested by the Constitution, to regulate these and other matters of domestic policy. I shall look with confidence to the enlightened patriotism of that body to adopt such measures of conciliation as may harmonize conflicting interests and tend to perpetuate that Union which should be the paramount object of our hopes and affections. In any action calculated to promote an object so near the heart of everyone who truly loves his country I will zealously unite with the coordinate branches of the Government."
Taylor concluded by attributing national prosperity to "the goodness of Divine Providence" and asked that the nation behave in such a manner as to deserve continuance of that Divine Providence "by prudence and moderation in our councils, by well-directed attempts to assuage the bitterness which too often marks unavoidable differences of opinion, by the promulgation and practice of just and liberal principles, and by an enlarged patriotism, which shall acknowledge no limits but those of our own widespread Republic."

After the ceremony, Polk and Taylor traveled by carriage together and when Polk was dropped off at the Irving Hotel, he politely wished Taylor success in his term in office.