From "Notes on Resolutions Proposed by the Rules of Golf Committee," The Royal and Ancient Golf Club of St Andrews, September 1920. I found these in the minutes of the R&A on a trip to St Andrews in 2016. I bold those sections that are most relevant to today's game, with my comments.
"Following the precedent of 1912, I supply you with some Notes on the Resolutions we propose to submit for your confirmation.
"Resolution I: Immediately after the Meeting of last Autumn the Sub-Committee appointed to deal with the ball question entered upon their work under the Secretaryship of Mr. Croome. Mr. Croome acted with great energy and pursued his investigations among amateur and professional golfers, ball makers, and men of science as well as entering into correspondence with the United States Golf Association and other overseas authorities. The opinion in favour of limitation was overwhelming; but the degree of this limitation, and the methods by which it could be best achieved naturally brought to light much difference of opinion.
"It will be remembered that the first rubber cored ball, the “Haskell” was a light floating ball of a size equal to the gutta ball from 27 to 27½ dwts. The elasticity of the present ball has not materially increased, but the ball being smaller offers less resistance to the wind, and being much heavier does not require the same skill for its control; especially is the case when a wind has to be encountered. On hard ground the distances obtained do away with various strokes made by wooden clubs “through the green” which were formerly characteristic features of the game." [We never see woods hit to par-4s anymore and rarely to par-5s.]
"On soft ground little skill is required in pitching, for the ball breaks the upper-crust of the putting green and after making a small hole or burying itself remains where it falls. Under these circumstances the “pitch and run” shot is no longer required. From the point of view of the golf courses these small heavy balls are destructive. They lie so close to the ground that turf is now nearly always taken in making a stroke through the green; even on the teeing ground of a short hole professionals, and some amateurs, instead of taking a tee put the ball in a hole and take a divot.
"It is possible to combat this small, heavy ball by the following limitations: (1) By fixing the greatest specific gravity; (2) by limiting the minimum size; (3) by limiting the maximum weight; (4) by limiting the minimum size, and the maximum weight." [For the best players in the world, there should be a change. I submit that hitting wedges routinely into 450-yard par 4s is boring and not the same challenge that a 4 or 5-iron provided years ago.]
"It would be quite impossible for me to put before you the innumerable and ingenious arguments which were advance in favour of one or other of these proposals. It will perhaps be sufficient if I tell you that the majority of your Sub-Committee were in favour of some specific gravity scheme, which would ultimately have meant a “floating” ball. I was personally of the same view, but feared that general consent could not be obtained. This proved to be the case; for we found both American and Canadian opinion strongly opposed. We had therefore to fall back on limitation by a minimum size and maximum weight, which is the ordinary means of definition in ball games. After discussion we were fortunately able to arrive at a unanimous decision. Regarding the question of Distance as secondary to that of Quality of Stroke, [I like this idea that distance should be secondary to "Quality of Stroke." What is more challenging - a Nicklaus 1-iron to the 15th at Augusta, or a Bubba Waton wedge?] your representatives desired a lighter ball; the American delegates favoured a heavier; it became therefore a matter for compromise.
"If we have not in every way been able to carry out the full intention of our endeavour we have reached an agreement which will show the inventor that the Executive powers are determined to control the game. [I hope the USGA and R&A will do something to control the game at the highest levels. Let the average hacker use anything he or she wants, but the best should play a tournament ball that will limit 400-yard drives.] As far as international golf is concerned, the question of the ball is the most vital that has been left unsolved: by the Resolution we move in some degree towards its answer."