52

The December 24, 1913 New York Times carried a front page headline 

"WILSON SIGNS THE CURRENCY BILL!" Below it, also in capital letters, 

were two further headlines, "PROSPERITY TO BE FREE" and "WILL HELP 

EVERY CLASS". Who could object to any law which provided benefits 

to everyone? The Times described the festive atmosphere while 

Wilson’s family and government officials watched him sign the bill. "The 

Christmas spirit pervaded the gathering," exulted The Times.

In his biography of Carter Glass, Rixey Smith states that those present at 

the signing of the bill included Vice President Marshall, Secretary Bryan, 

Carter Glass, Senator Owen, Secretary McAdoo, Speaker Champ 

Clark, and other Treasury officials. None of the real writers of the bill, 

the draftees of Jekyll Island, were present. They had prudently 

absented themselves from the scene of their victory. Rixey Smith also 

wrote, "It was as though Christmas had come two days early." On 

December 24, 1913, Jacob Schiff wrote to Col. House,

"My dear Col. House. I want to say a word to you for the silent, but no 

doubt effective work you  have done in the interest of currency 

legislation and to congratulate you that the measure has finally been 

enacted into law. I am with good wishes, faithfully yours, JACOB 

SCHIFF."

Representative Moore of Kansas, in commenting on the passage of 

the Act, said to the House of Representatives: 

 

 

 

"The President of the 

United States now becomes the absolute dictator of all the finances of 

the country. He appoints a controlling board of seven men, all of 

whom belong to his political party, even though it is a minority. The 

Secretary of the Treasury is to rule supreme whenever there is a 

difference of opinion between himself and the Federal Reserve Board.