HG 2563 Copyright, 1915, by All rights reserved, including that of INTRODUCTION IT IS of great importance that the American people should understand fully not only the text of the Federal Reserve Act, but, as well, its history during the process of enactment, and I am sure that this book will be read with the deepest pleasure by all who are interested in the subject of banking. The Federal Reserve Act has already been, and will be in the future, of the greatest advantage, not alone to the bankers, but to all our people who are the customers of the banks, and who are engaged in agriculture, commerce, and industrial pursuits. The author points out that so far as expressions of opinion are to be found in the book, they are expressions merely of his personal views, but such expressions are surely entitled to have great weight. I feel confident that this book, both as a history and a searching analysis of the Act, will be an invaluable help to every student of banking and finance. CHARLES S. HAMLIN. 324980 BIOGRAPHICAL NOTE HENRY PARKER WILLIS was born in 1874 of New England parents, who moved to Racine, Wisconsin, when he was four years of age. He lived in Racine until seventeen years old when he entered Western Reserve University at Cleveland. He entered the University of Chicago a year later and received the degree of B. A. in 1894. The University of Chicago appointed Mr. Willis graduate scholar; then Fellow; and then Armour-Crane Travelling Fellow in Political Economy. He studied at Berlin and Vienna, then returned to this country and received the degree of Ph.D. from the University of Chicago in 1898. From 1897 to 1898 Mr. Willis served as special assistant to the Indianapolis Monetary Commission; 1898-1901 he was adjunct professor and professor of Economics and Politics at Washington and Lee University. In 1901 he went to New York as editorial writer for the New York Evening Post; then was sent to Wash |