How Congress Literally Turned Back the Hands of Time to Ram Through the Federal Reserve Act

Prior to television, it was the duty of newspaper reporters to inform the public of the important facts surrounding the signing of a major bill--the names of those present, the color of the president's suit, who remarked which witty remarks, etc. The signing of the Federal Reserve Act by President Wilson on December 23, 1913, was no less an occasion for the NY Times to practice an introduction worthy of what would later regularly appear on page 6 of the New York Post. How appropriate that the headline, "[President] Affixes His Signature at 6:02 P.M., Using Four Gold Pens" would foreshadow Wilson's own remarks on gold which, themselves, would foreshadow a century-long love-hate (okay, mostly hate) relationship between the progressive central planners and the yellow metal:

With the second of the plain gold pens he wrote the first syllable of his last name, and finished his Signature with the other pen. "I'm using a series of pens," explained the President to the gathering. In response came the deep voice of Senator James Hamilton Lewis 0f Illinois: "the bill came forth in installments."

Everybody laughed at this, of course, and there was another laugh when the President, as he reached for the fourth pen, remarked: "I'm drawing on the gold reserve."

And with that precedent set, whereby future presidents would assume the authority of Gold Steward/Leaser in Chief--incrementally, then completely abdicating the gold standard--the [young] gray lady then treats us to a procedural blow by blow of how the Grinch was enabled to steal every single future Christmas Federal Reserve Act came to be. All we can do is reproduce the text and wonder what shenanigans went on behind closed doors and off the record.

After debate that began at 10 o'clock and lasted until 2:30 the Senate adopted the conference report by a vote of 43 to 25. All Democrats present. Three Republicans and the only Progressive in the Senate voted for the report.

...

The vote was taken at 2:30 when Mr. Owen ended [sic], and the engrossed bill was rushed to the House for the Speaker's signature. Before it returned the Senate had agreed to the House resolution providing a recess until noon of Jan. 12, and had gone into executive session.

The bill was received in secret session and the Vice President signed it before the doors were open. Adjournment was taken with the doors still closed and when they were thrown open it was found that only four Senators remained on the floor. Most of them had already caught trains for home. Speaker Clark placed his signature to the enrolled parchment copy of the currency bill at 13 minutes to 3 o'clock, in the presence of the House.

After its late session of last night the House had taken an adjournment until 2:30 o'clock this afternoon to await the acceptance of the conference report by the Senate. When it met the action of the Senate had not been "messaged" over to the House and a recess was taken until 3 o'clock. While the House was in recess the bill, in its final enrolled form, bearing the signature of Vice President Marshall, was received at 13 minutes to 3 o'clock. As the House had recessed until 3 o'clock orders were given to employes to turn the hands of the clock over the Speaker's desk forward twelve minutes, to make the time 3 o'clock, and the enrolled copy of the bill was then signed.

The article closes with some words by the remarkably self-assured Speaker Clark:

Clark Congratulates Coutry.

Speaker Clark, after signing the bill issued a statement as tollows:

"Most assuredly the country is to be congratulated on the fact that, at last, the Currency bill is upon the statute books; for in such matters of great pith and moment, it is the uncertainty that hurts--even where a bill might be the sum total of human wisdom on any particular subject. Now, all men of intelligence will know very soon what the Currency bill contains and what it means, and can conduct their affairs accordingly.

"My own judgment is that it will be satisfactory to the country in a high degree--at least I hope so. The fact that a large number of Republicans and Progressives voted for our bill is proof positive that the country is well pleased with the bill. [Notwithstanding the time-bending convolutions exercised to get it passed two days before Christmas.]

"So many of them so voted that it may not improperly be denominated non-partisan law. We certainly have ample cause for self-congratulation that in nine months we have passed a bill revising all the tariff schedules and a bill thoroughly revising and overhauling our currency system-presenting bills so fair and so wise that even political partisanship gave way to such an extent that many Republicans and Progressives voted with us.

"Our two bills are excellent samples of constructive legislation. The tariff bill is working well and now that the uncertainty as to the Currency bill is removed. I hope and believe that the country is entering upon a long period of prosperity.

"Everybody in any way responsible for these two bills is to be congratulated on the results."

Most striking is that, a century ago, it was not necessary for legislators to hide airs of omniscience and the pretense of being conduits of infinite wisdom. The participation of a few members across the aisle was enough to suggest that words scribbled on legislative parchment in the hallowed halls of the Rotunda state temple had been revealed by a divine creator. While such speech would be derided today, the content of the voluminous bills passing across the current president's desk suggests the public is, if anything, more deferential. Hopefully, historians a century from now will look back and see our present time as one in which the veil of fog was lifted and the naked emperors were seen for the dim-witted, banal thieves they are.

The full article is below.
NYT Federal Reserve Act 100414417