The decisive defeat of Mr. Bryan put an end to the silver issue for practical purposes, although, as we shall see, it was again raised in 1900. The Republicans, however, delayed action for political reasons, and it was not until almost four years had elapsed that they made the gold dollar the standard by an act of Congress approved on March 4, 1900. Thus the war of the standards was closed, but the question of the currency was not settled, and the old issue of inflation and contraction continued to haunt the paths of the politicians. From time to time, the prerogatives of the national banks, organized under the law of 1863 (modified in 1901), were questioned in political circles, and in 1908 an attempt was made by act of Congress to give the currency more elasticity by authorizing the banks to form associations and issue notes on the basis of certain securities. Nevertheless, no serious changes were made in the financial or banking systems before the close of the year 1912. The attention of the country, shortly after the campaign of 1896, was diverted to the spectacular events of the Spanish War, and for a time appeals to patriotism subdued the passions of the radicals. FOOTNOTES: [41] See below, p. 239. [42] H. Croly, _M. A. Hanna_, p. 195. CHAPTER VIII IMPERIALISM The Republicans triumphed in 1896, but the large vote for Mr. Bryan and his platform and the passions aroused by the campaign made it clear to the far-sighted that, whatever might be the fate of free silver, new social elements had entered American politics. It was fortunate for the conservative interests that the quarrel with Spain came shortly after Mr. McKinley's election, and they were able to employ that ancient political device, "a vigorous foreign policy," to divert the public mind from domestic difficulties. This was particularly acceptable to the populace at the time, for there had been no war for more than thirty years, and, contrary to their assertions on formal occasions, the American people enjoy wars beyond measure, if the plain facts of history are allowed to speak.[43]