(Excerpt from Stephen A. Douglas Very sincere thanks are ...)
Excerpt from Stephen A. Douglas Very sincere thanks are due to Mr. Charles Francis Adams of Boston, who has examined the proof of the volume and has offered valuable sug gestions; and general acknowledgment is made to others who have aided at various stages of the author's work. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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(Excerpt from American Banking The act is a bigger thing ...)
Excerpt from American Banking The act is a bigger thing by all Odds for the world's trade than the Panama Canal. The passage of the measure was a greater discovery than half a dozen African gold fields. That striking statement with reference to one aspect of banking emphasizes the tremendous force and power of banking in modern economic life. Recent experiences have awakened keener public appreciation of the funda mental problems in banking. Finance in all its relations is very intimate to all of us. Business men are seeing more clearly the business services which a good banking system is capable of rendering them, provided it is used intelligently and understandingly, and the nation as a whole, after many bitter experiences with an inadequate and archaic banking machinery, has awakened to the national and international importance of a scientific money and banking system. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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(Excerpt from the beginning: "The Federal Reserve Act, pas...)
Excerpt from the beginning: "The Federal Reserve Act, passed by Congress on December 23, 1913, is the outcome of a discussion of banking conditions extending more or less sporadically over the years since the Civil War, but assuming an increasing degree of urgency from and after the panic of 1893.The National Banking System had been established during the Civil War, partly as the result of the Government’s financial necessities of that period. It was, before the adoption of the new act, a system of independent and unrelated banks with capitals varying from $25,000 to $25,000,000, holding out, practically irrespective of any definite principles, to any group of five individuals the right to organize and incorporate under its terms. Its characteristic feature, apart from this competitive and independent aspect, lay in its provision for the issuance of currency protected by the bonds of the National Government which were required to be purchased by each bank, as organized, to an amount not exceeding its capital stock, and not less than certain specified sums. Such bonds were then to be deposited with the Treasury Department to safeguard the note circulation of the depositing bank.Defects in the system very early began to make themselves manifest. The currency proved to be wholly inelastic, while the lack of relationship between the banks reduced public confidence in the solvency of the various institutions in times of panic or stress. Owing to such absence of confidence, individual banks were frequently assailed by withdrawals of cash leading to the familiar “runs” upon them, and these often aggravated financial crises. Although, therefore, sufficiently effective in times of financial ease and quiet, the National Banking System had entirely failed to furnish protection to the country at periods of stringency, over-expansion, or weakened reserves, while its currency was inadequate and unsatisfactory."
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economist editor educator government adviser
Henry P. Willis was born on August 14, 1874, at Weymouth, Massachusetts, the only son and the elder of two children of John Henry Willis and his wife, Olympia Brown. His father, who ran a provision store in Bridgeport, Connecticut, moved in 1878 to Racine, Wisconsin, where he became business manager and principal owner of the Racine Daily Times. His mother was a Universalist minister and a prominent woman suffragist.
After graduating from the Racine Academy in 1891, Willis attended Adelbert College of Western Reserve University (Cleveland, Ohio) for a year and then the newly organized University of Chicago, from which he received an A. B. degree in 1894 and a Ph. D. in 1897.
As an undergraduate he specialized in both the classics and economics, and he retained a deep interest in the classics throughout his life. For graduate study, however, he chose economics.
Both the depression of the 1890's, with its violent labor disputes, and the bimetallic controversy that culminated in the 1896 "free silver" campaign served to excite Willis's interest in this field. So too did the inspiring personality of J. Laurence Laughlin, head of the department of economics at the University of Chicago. Other Chicago faculty members who influenced him were Hermann E. von Holst in history and Thorstein Veblen in economics and sociology. For his doctoral thesis he wrote A History of the Latin Monetary Union, a study of a European experiment in international bimetallism.
Willis's first assignment following the award of his doctor's degree was as assistant to the commission set up by the Indianapolis Monetary Convention of 1897, a convention called by private banking interests to press for reforms in the nation's monetary and banking laws. Together with L. Carroll Root, he prepared the Report of the Monetary Commission of the Indianapolis Convention (1898), which was presented to Congress, though with little result.
His first academic position was at Washington and Lee University (Lexington, Virginia), where, with occasional interruptions, he remained from 1898 to 1905.
Influenced by his father's occupation, Willis early developed an interest in newspaper work. On temporary leave from Washington and Lee University, he became editorial writer on the New York Evening Post, 1901 - 1902, where he established a close personal friendship with Horace White, then editor-in-chief.
The following year he was Washington correspondent for the Journal of Commerce (New York) and the Springfield Republican. He also found time through these years to write, with J. Laurence Laughlin, a volume on Reciprocity (1903). In 1904 he visited the Far East, where he gathered material for a book published as Our Philippine Problem (1905). His forthright appraisal of the brutalities and abuses of individual liberty attending American occupation, though drawing the ire of Secretary of State Elihu Root , helped to rectify existing conditions.
In 1905 Willis moved to Washington, where until 1913 he was correspondent for the New York Journal of Commerce and for the Engineering and Mining Journal. He also served as professor of finance at George Washington University (1905 - 1906 and 1907 - 1912) and as dean of its college of political science (1910 - 1912). Along with his other duties he found time to write textbooks on accounting and banking and a biography of Stephen A. Douglas (1910), and to assist Professor Laughlin with a book, Banking Reform (1912).
When the Democratic party took over control of Congress following the elections of 1910, Willis embarked on an active career as adviser on federal legislation. In 1911 - 1913 he served as expert to the House Ways and Means Committee, in 1912 - 1913 as expert to the House Banking and Currency Committee, and in 1914 as expert to the Joint Committee on Rural Credits in preparing the Federal Farm Loan Act. In the first position, working with Chairman Oscar W. Underwood, whom he had met in connection with his newspaper work in Washington, he helped to draw up the Underwood Tariff Act of 1913.
Willis's most significant role, however, was in connection with the Banking and Currency Committee. Working closely with Congressman Carter Glass of Virginia, whom he had met while teaching at Washington and Lee, Willis contributed importantly to the drafting of the Federal Reserve Act. In consequence of his work, he was appointed to the committee which set up the Federal Reserve System and became first secretary of the Federal Reserve Board, serving in that capacity from 1914 to 1918 and taking an active part in drafting its rules and regulations and in formulating its initial credit policies. In addition he wrote the Board's early annual reports and was instrumental in establishing the Federal Reserve Bulletin in 1915.
In 1912 Willis became associate editor of the Journal of Commerce and moved to New York City, although until the end of World War I his work in Washington required frequent absences. From 1919 to 1931 he was editor-in-chief of the Journal. Meanwhile, in 1917, he was called to Columbia University as professor of banking, and from 1918 to 1922 he was also director of the division of analysis and research of the Federal Reserve Board - a division which he organized and which during his directorship maintained its headquarters in New York City. Thus for a number of years Willis held three important positions simultaneously.
He found time in addition for a number of special assignments, among them service as technical adviser to the Senate Committee on Banking and Currency, 1930 - 1932, in connection with the Banking Act of 1933.
He died on July 18, 1937, of a cardiovascular collapse at Oak Bluffs, Massachusetts. His remains were cremated and the ashes buried in Mound Cemetery, Racine.
(Excerpt from the beginning: "The Federal Reserve Act, pas...)
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(Excerpt from American Banking The act is a bigger thing ...)
(Excerpt from Stephen A. Douglas Very sincere thanks are ...)
Though he was politically unaffiliated, his opposition to protectionism caused him usually to vote the Democratic ticket.
Henry Willis was relatively short in stature and in the prime of his life somewhat stocky. He spoke precisely, sprinkling his speeches with quotations from modern and ancient classics, and so fluently that frequently his extemporaneous addresses could be printed as delivered. Usually serious in demeanor, his face, when he smiled, became transformed. He possessed a keen sense of humor which he allowed full reign in times of relaxation, and he was a brilliant conversationalist.
On December 24, 1903, Henry Parker Willis married Rosa Johnston Brooke, they had four children.
Carter Glass was an American newspaper publisher and politician.
Oscar Wilder Underwood was an American lawyer and politician.
Horace White was an American journalist and financial expert.
