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Correspondence, memoranda, manuscripts, speeches, documents, and subject files of Willis. Much of the collection deals with the formation and early development of the Federal Reserve System. The papers also deal with his work with the Philippine National Bank, the Irish Banking Commission, the Banking Inquiry of 1925 and the Banking Act of 1933, the New Zealand Monetary Commission, Australian Banking, and the Indian Currency Commission. Among the major correspondents are Charles Francis Adams, Irving Fisher, Carter Glass, Francis W. Hirst, William G. McAdoo, Christopher Morley, Manuel L. Quezon, and E.R.A. Seligman.

Papers of Shepherd, including correspondence with professional colleagues at home and abroad, U.S. government officials, and Latin American government officials dealing with his own publications, his trip to Austria in 1932, and his interest in Latin American affairs, the Institute of Latin American Affairs, the INTER-AMERICAN HISTORICAL SERIES, Latin American area studies, oriental area studies, and the NEW ORIENT SOCIETY. The manuscripts include three boxes of lecture notes on American history in English and German; abstracts and related material of his lecture tour in England, 1922; typescript instructions for his HISTORICAL ATLAS, including maps, related correspondence, and documents; notes, bibliographies, essays, photographs, and related materials on Latin America; a scrapbook of clippings on the Williamstown Institute, 1927; his English literature notebook while an undergraduate at Columbia College, 1893; two boxes and a scrapbook of travel photographs and lantern slides of views from around the world; Shepherd family items include a hand-drawn, hand-colored coat of arms and a letter book of his father, William Shepherd, dated 1867-1871; and Iona Shepherd's 1905 autograph book.