Excerpt from The Federal Reserve System After receiving his degrees of Bachelor of Arts in 1894, and Doctor of Philosophy, in 1897, at the University of Chicago, Mr. Willis spent several semesters at the Universities of Leipzig and Vienna. Upon his return to America he served as Professor of Economics and Political Science at Washington and Lee University until 1905, when he was appointed Professor of Finance at George Washington University, and in 1912 he was selected to act as Dean of the College of Political Science in the same institution. During the years 1913 and 1914 he lectured at Columbia University on economic subjects. Mr. Willis had acted as expert to the committee which presented the Federal Reserve Act, and was later chairman of the Technical Organization Committee which planned the organization of the new banks. Upon the creation of the Federal Reserve Board in 1914, Mr. Willis was selected to act as Secretary. In February, 1916, he was also appointed President of the newly authorized Philippine National Bank, organizing both the parent office of the bank and its New York agency. Mr. Willis has also acted as expert for the Monetary Commission of 1897, the United States Immigration Commission, and the Joint Committee on Rural Credits. During his long residence in Washington he has served as Washington correspondent for numerous newspapers and commercial journals, including the New York Journal of Commerce and the Springfield Republican. He has visited Japan, China and the Philippines as a special correspondent for several newspapers and is now editor of the Journal of Commerce of New York. Among Mr. Willis' published works are: "The History of the Latin Monetary Union," "Reciprocity," "Our Philippine Problem," "Principles and Problems of Modern Banking," "American Banking," "Principles of Accounting," "Life of Stephen A. Douglas." 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.