The intimate papers of Colonel House arranged as a narrative by Charles Seymour.

THE FEDERAL RESERVE ACT

167

that the main job was accomplished, House admitted he
lacked sufficient interest in any mere ceremony to keep him
in Washington.
As events developed, Colonel House's connection with the
Federal Reserve Act was by no means ended when it became
law, for there remained the problem of the appointment of
the five Governors of the Federal Reserve Board who, with
the Secretary of the Treasury and the Comptroller of the
Currency, act as the coordinating body of the system. The
personnel of the Board was obviously a matter of the first
importance, not merely for the sake of administrative efficiency, but also because the easiest way to win public confidence in a measure which has been questioned is to appoint
men whom the public admires and trusts.
Colonel House acted in much the same capacity when it
came to the appointment of the Board as he did in the selection of the Cabinet; that is, he gathered lists of possibilities,
interviewed them, culled opinions about them, sifted the
names and passed them on to President Wilson and Secretary McAdoo. The following excerpts are typical:
'January 19, 1914: Mr. X came to lunch. I had a very
frank talk with him, saying I had thought of him in connection with the Federal Reserve Board and intended to present his name to the President provided I did not find some
one else whom I thought better fitted for the place. The
more I see of him, the more I like him. He is not the biggest
mentality I have met, but he has good sense and has many
fine qualities.
'Mr. Y came to be looked over for the Federal Reserve
Board. He differs from X inasmuch as he is an applicant,
while I sought X out myself without any suggestion from
any one.... He is older and has had more experience, but he