Spence was born in Newport, Kentucky to Philip and Virginia (Berry) Spence. He was graduated from the University of Cincinnati in 1894 with a degree in law and was admitted to the bar that same year. He married Ida Bitterman on September 6, 1919.
He was very active in local and state politics, serving first in the Kentucky Senate, 1904–1908, then as city solicitor of Newport, 1916–1924. In 1930 he was elected to the U.S. House of Representatives from the 5th District; he held this position from March 4, 1931, until January 3, 1963, when most of his district was merged with the neighboring 4th District of fellow Democrat Frank Chelf. He lost the ensuring primary to Chelf. At the time of his retirement, Spence was one of the oldest members to serve in the House; he was 88 years old at the end of his career.[citation needed]
Group of legislators leaves White House after asking Franklin D. Roosevelt for $80,000,000 for flood control in Ohio Valley, March 7, 1938. Spence can be seen at right in the back row.
Altogether, Spence was a quiet man, and not a good public speaker. However, he was known for his impartial leadership and could get critical legislation passed. His background in banking is credited for leading him to sponsor the Export-Import Federal Deposit Insurance Act, which doubled insured savings accounts from $5,000 to $10,000.[citation needed]
