The recommendations of the Commission are of interest in comparison with the legislation finally enacted. Like many political documents it straddled the main issues. Nevertheless, by admitting divergent viewpoints and giving them recognition it did propose basic changes in the organization and administration of the money system and in the quality of the money.

IN COMMENTING UPON THE DIRECTION of currency reform under the new Democratic Administration, the New York Times pointed out that William Jennings Bryan, whom Wilson had named Secretary of State, would exercise an important influence upon the shape of coming legislation, and analyzed for its readers the essentials of Bryan’s monetary philosophy:

DURING THE FINAL DAYS of debate in Congress on the Federal Reserve Act, it will be recalled, the distinguished Senator from New York, Elihu Root, rose to make one of the most brilliant, devastating, and significant attacks on the bill that had been heard in the Senate. Speaking on December 13, 1914, Root had declared that the bill was inflationary and dangerous.