Williams was president of the first incorporated bank to operate in Texas.
The Commercial and Agricultural Bank opened in Galveston on December 30, 1847, and later established a branch in Brownsville, as well as agencies in New Orleans, New York City, and Akron, Ohio.
Williams continued as the bank's president until his death.
Williams exploited his latent 1835 Mexican bank charter and an old resolution from the Republic of Texas.
He had permission to open a bank during the Texas Republic, but did not use this privilege.
The Texas bank inspector, Niles F. Smith, never had an opportunity to execute his duties in 1837, but he was never officially relieved of his appointed post.
Williams recalled inspector Smith in 1847, who certified the bank's assets in Galveston, New Orleans, and New York.
Williams operated out of a building at the corner of Market and Tremont streets.

Three months later the Texas Legislature proscribed the distribution of paper money, creating a civil fine of $5,000 per offense.
Despite this law, $30,000 of the Commercial & Agricultural bank notes had been circulating in New Orleans that year, with another $18,000 distributed in Texas.
Meanwhile, Williams maintained a large cache of specie to cover redemptions of his notes.
Two members of the Texas Congress headed an opposition to the C & A Bank: Guy M. Bryan and Elisha M. Pease.
Attorney General and Pease-ally John W. Harris filed a lawsuit against Williams, who retained Galveston-attorney, Ebenezer C. Allen.
Harris filed a total of four suits against Williams with $75,000 in fines.
In 1849, a District Court ruled that an 1841 law that gave Williams banking privileges was still valid.

In 1849, Williams gained an ally in the state congress.
His former partner in the mercantile trade, Thomas McKinney gained a seat in the lower house and sought to repeal the 1848 banking laws.
McKinney also found common cause with Williams in relation to the incoming Attorney General, Andrew Jackson Hamilton.
For McKinney it was personal, and for Williams it was business.
Hamilton had prosecuted the case against Williams in district court and was then the official in charge of enforcing the 1848 banking act.
McKinney took over as chairman of a special investigations committee, which determined that Hamilton had failed to report "widespread corruption".
After the legislature passed a reform bill to change the office of Attorney General into an elected one, McKinney campaigned for the election of Ebenezer C. Allen, Williams's lawyer.

Liquidity in Galveston conferred an advantage for local business interests to finance large infrastructure projects.
The C & A bank financed the Galveston and Brazos Navigation Company, chartered in 1850.
The company cut a channel through the shallow, sandy bottoms, from the coast at the west end of Galveston Island to the mouth of the Brazos River.

In March 1852, the Texas Supreme Court ruled on the state's appeal in the Williams case.
The prosecution strategy was based on challenging the legality of the charter, but the court affirmed the 1835 charter and the 1841 relief law.
In response to the decision, Bryan and Hamilton devised a new strategy, emphasizing the illegality of paper money issuance, and fining anyone who issued or circulated paper money.
By the end of the year, a new attorney general, Thomas J. Jennings sued officers of the C & A Bank, though it was dismissed by District Judge Peter W. Gray.
Jennings continued to file similar suits against two Galveston financiers into the next year, while Gray continued to dismiss them.

Early in 1857, District Judge Gray fined Robert G. Mills $100,000 after a jury found him guilty of violating the 1848 banking act.
The jury in the Williams trial was deadlocked, but his legal team recommended that he consent to a fine of $2,000 with a guilty plea.
A few weeks later, Gray lost his election bid for the Texas Supreme Court to Oran M. Roberts, with the court seating an anti-banking, pro-agrarian judge.
The political climate did not favor Williams and his banking interests in 1857, but an economic p
Williams was president of the first incorporated bank to operate in Texas. The Commercial and Agricultural Bank opened in Galveston on December 30, 1847, and later established a branch in Brownsville, as well as agencies in New Orleans, New York City, and Akron, Ohio. Williams continued as the bank's president until his death. Williams exploited his latent 1835 Mexican bank charter and an old resolution from the Republic of Texas. He had permission to open a bank during the Texas Republic, but did not use this privilege. The Texas bank inspector, Niles F. Smith, never had an opportunity to execute his duties in 1837, but he was never officially relieved of his appointed post. Williams recalled inspector Smith in 1847, who certified the bank's assets in Galveston, New Orleans, and New York. Williams operated out of a building at the corner of Market and Tremont streets.
Three months later the Texas Legislature proscribed the distribution of paper money, creating a civil fine of $5,000 per offense. Despite this law, $30,000 of the Commercial & Agricultural bank notes had been circulating in New Orleans that year, with another $18,000 distributed in Texas. Meanwhile, Williams maintained a large cache of specie to cover redemptions of his notes. Two members of the Texas Congress headed an opposition to the C & A Bank: Guy M. Bryan and Elisha M. Pease. Attorney General and Pease-ally John W. Harris filed a lawsuit against Williams, who retained Galveston-attorney, Ebenezer C. Allen. Harris filed a total of four suits against Williams with $75,000 in fines. In 1849, a District Court ruled that an 1841 law that gave Williams banking privileges was still valid.
In 1849, Williams gained an ally in the state congress. His former partner in the mercantile trade, Thomas McKinney gained a seat in the lower house and sought to repeal the 1848 banking laws. McKinney also found common cause with Williams in relation to the incoming Attorney General, Andrew Jackson Hamilton. For McKinney it was personal, and for Williams it was business. Hamilton had prosecuted the case against Williams in district court and was then the official in charge of enforcing the 1848 banking act. McKinney took over as chairman of a special investigations committee, which determined that Hamilton had failed to report "widespread corruption". After the legislature passed a reform bill to change the office of Attorney General into an elected one, McKinney campaigned for the election of Ebenezer C. Allen, Williams's lawyer.
Liquidity in Galveston conferred an advantage for local business interests to finance large infrastructure projects. The C & A bank financed the Galveston and Brazos Navigation Company, chartered in 1850. The company cut a channel through the shallow, sandy bottoms, from the coast at the west end of Galveston Island to the mouth of the Brazos River.
In March 1852, the Texas Supreme Court ruled on the state's appeal in the Williams case. The prosecution strategy was based on challenging the legality of the charter, but the court affirmed the 1835 charter and the 1841 relief law. In response to the decision, Bryan and Hamilton devised a new strategy, emphasizing the illegality of paper money issuance, and fining anyone who issued or circulated paper money. By the end of the year, a new attorney general, Thomas J. Jennings sued officers of the C & A Bank, though it was dismissed by District Judge Peter W. Gray. Jennings continued to file similar suits against two Galveston financiers into the next year, while Gray continued to dismiss them.
Early in 1857, District Judge Gray fined Robert G. Mills $100,000 after a jury found him guilty of violating the 1848 banking act. The jury in the Williams trial was deadlocked, but his legal team recommended that he consent to a fine of $2,000 with a guilty plea. A few weeks later, Gray lost his election bid for the Texas Supreme Court to Oran M. Roberts, with the court seating an anti-banking, pro-agrarian judge. The political climate did not favor Williams and his banking interests in 1857, but an economic p
Samuel May Williams