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miHGBimmMi

HARVARD COLLEGE
LIBRARY

1 HI BEQUEST (>F

EVERT JANSF NDELL

lit or ik)

OF KIW YORK

1918

318. HUBERT (PHILIP G.) The Merchants' National
Bank of the City of New York : a History of the First Century,
1 803- 1 903. With portraits and illustrations. Royal 8vo, cloth
extra, gilt top, uncut. Printed for the Bank, New York, 1903

THE MERCHANTS' NATIONAL BANK
OF THE CITY OF NEW YORK

touts'

jHercfwnte' J^attonal iSanfc

OF THE CITY OF NEW YORK

A HISTORY OF ITS FIRST CENTURY
COMPILED FROM OFFICIAL RECORDS
AT THE REQUEST OF THE DIRECTORS

PHILIP G. HUBERT, JR.

1803—1903

WITH PORTRAITS AND ILLUSTRATIONS

PRINTED FOR THE BANK
NEW YORK :: :: MCMIII

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Trow Directory

hrintin^ «fr* Bookbinding i.ompany

N*w York

PREFACE

IT is often said that the happiest and most prosperous of
nations have no histories. As the senior Direetor of the
Merchants' National Hank remarked to the compiler of the
present volume, this is apt to be true of hanks as well as of
nations. There are no sensational events in the life of the
Bank to relate. Its history is one of conservative, persistent,
intelligent work which has earned the respect and considera-
tion of the community. As the name implies, it has been a
bank managed by merchants for merchants. It has had no
phenomenal ups or downs. Nevertheless a great deal may be
said of any institution one hundred years old. The contrast
between the social and business conditions of New York in
1803 with those of to-day alone offers an interesting field of
inquiry. Much may also be said of the long line of distin-
guished merchants who have served the Bank — men identified
with the growth of New York from a city of 75,000 inhabi-
tants to a metropolis second only to London in population
and financial importance.

The compiler desires to acknowledge the help afforded him
by Mr. Robert M. Gallaway, the President ; by Messrs. John
A. Stewart and Charles Stewart Smith, Directors ; by Mr.
Cornelius Y. Banta, formerly Cashier of the Bank ; and espe-
cially by Mr. Clinton B. Price, Transfer-Clerk of the Bank,
who has made the book a labor of love from the beginning.
Thanks are also due to many of the Directors and friends of
the Bank for suggestions and help in the way of portraits and
data concerning former officers of the institution.

P. G. H., Jr.
New York. May, 1903.

CONTENTS

CHAPTER I

The Articles of Association drawn up by Alexander Hamilton — First Officers of
the Bank and Board of Directors — The Business of Banking in 1803 — Mer-
cantile and Social Conditions in the City at the Beginning of the Century —
The First Dividend Paid, November 30, 1803

CHAPTER II

The Men who made the Merchants' Bank — Oliver Wolcott — Lynde Catlin —
Richard Varick — John Swartwout — Thomas Storm — John Hone — William
W. Woolsey — Henry I. Wyckoff — Peter Jay Munro — James Roosevelt —
Joshua Jones 24

CHAPTER III

Early Stockholders of the Merchants' Bank — David Lydig — Wynant Van Zandt
— Henry A. Coster — Josiah O. Hoffman — Jacob Radcliffe— William Paulding
— Nicholas Fish — William Coleman — Marinus Willett — Samuel Jones — Pre-
served Fish — Henry Barclay — Nathaniel Prime — Anthony Lispenard — John
H. Suydam — Isaac Hicks — Peter Remsen 37

CHAPTER IV

The Charter Fight of 1804 — Opposition from Rival Banks — The Struggle in the
Legislature — Accusations of Bribery and Corruption — The Long Controversy
as Reflected in the Newspapers of the Day 52

CHAPTER V

From 1804 to 1835 — The Yearly Move to Greenwich Village on account of Fever
and Malaria — Joshua Sands, the Second President of the Bank— Business
Conditions in the First Decade of the Century — Financial Depression of
18 1 8 — Suspension of Specie Payments — Lynde Catlin Elected President —
Opening of the Erie Canal — Bank Salaries of 1830 75

CONTENTS

CHAPTER VI

PAGE

From 1835 to 1857 — The Great Fire of 1835 which cost New York $20,000,000 —
Borrowing Money from Europe to Rebuild — The Panic of 1837 — The Cur-
rency Situation and Financial Strain — Oswald J. Cammann Elected Cashier —
A New Banking-House Erected upon the Old Site — Alexander T. Stewart a
Director — Vast Growth of the Country's Railway System — The Organization
of the Clearing-House— Samuel T. Carey as President and Augustus E. Silli-
man as Cashier — Banking Rules of 1854 115

CHAPTER VII

From 1857 to 1865 — The Merchants' Bank under a New Charter — John I. Palmer
Elected President — The Financial Panic of 1857 — Jacob D. Vermilye Elected
Cashier and Mr. Silliman J 'resident — Gustav Schwab and Robert L. Stuart
Elected Directors — The Civil War and Subscriptions for Government Bonds 143

CHAPTER VIII

From 1865 to 1903 — Organization under the National Bank Law — A Presentation
to Mr. Vermilye, who is Elected President in 1868— Cornelius V. Banta
Appointed Cashier — John A. Stewart and Charles Stewart Smith Elected
Directors — Erection of the present Bank Building — The Death of Mr. Ver-
milye and the Election of Robert M. Gallaway as President — A Complete
List of the Directors of the Bank from 1803 to the present day . . .156

CHAPTER IX

Present Officers and Directors of the Merchants' Bank— Robert M. Gallaway —
Elbert A. Brinckerhoff— John A. Stewart— Charles Stewart Smith— Gustav
H. Schwab — Donald Mackay — Charles D. Dickey— George Sherman-
Edward Holbrook— Orris K. Eldridge— Joseph \V. Harriman . . .173

CHAPTER X

Four Banks which have had Continuous Relations with the Merchants' of New
York for a Century — The Philadelphia Bank — The New York State Bank of
Albany — The Hartford Bank — The Newark Banking and Insurance
Company 189

viH

LIST OF ILLUSTRATIONS

PHOTOGRAVURES

Oliver Wolcott
Robkrt Macy Gall a way
Elbert Adrain Brinckerhoff
John Airman Stewart .
Charles Stewart Smith
Gustav H. Schwab .
Donald Mackay
Charles Denston Dickey
George Sherman-
Edward Holbrook. .
Orris K. Eldredge .
Joseph W. H a rri man-
William Balch Todd Keyser
Samuel S. Campbell

Frontispiece

io
24
36
SO

58
68
80
100
120
142
146
172
174

ILLUSTRATIONS IN THE TEXT

Wall Street in 1825, looking west from William Street 6

Wall Street in 1863 8

The Government House. Erected 1790 at the foot of Broadway, Facing Bowling

Green 12

John Remsen 15

Broad Street, 1796 . 18

Broad Street, looking north from Exchange Place, in 1903 19

Dividend Advertisement from The Evening Post of November 19, 1803 . .21

Lyndc Catlin 27

Richard Varick 29

The Brick Meeting-House. looking south, in 1800. St. Paul's in the distance . 32

James Roosevelt 34

Joshua Jones 35

LIST OF ILLUSTRATIONS

PACE

David Lydig 39

Josiah Ogden Hoffman 41

Jacob Radcliffe 42

William Paulding 44

Nicholas Fish 45

William Coleman 46

Marinus Willett 48

Front Street and Maiden Lane in 181 6 53

East side of Broad Street in 1803. The Custom House in the distance . . 56

Exchange Place, 1831, looking east 60

Looking east on Exchange Place, 1903 61

Fraunce's Tavern in 1903 66

Note of the Merchants' Bank 71

Broadway and Bowling Green in 1805 76

Broadway, looking north from Bowling Green, in 1903 77

Joshua Sands 79

Wall Street, looking west, showing the Custom House 82

Wall Street, looking west, 1903 83

Check of Aaron Burr. 88

Stewart Check 91

Broadway at Cortlandt Street, looking south, in 1840, showing Trinity Church . 96

Broadway, looking south from Cortlandt Street, in 1903 97

Three-Dollar Bill of the Merchants' Bank 103

Five-Dollar Bill of the Merchants' Bank 107

The New York Stock Exchange. From a photograph taken in 1903 . .111

View of City Hall, Park Theatre, Broadway and Chatham Street in 1822 . .118

Looking north from St. Paul's Chapel in 1903 119

Illustrating the sort of Money described on page 121 123

Oswald J. Cam man n 125

The Bank Building, erected in 1840 and occupied until 1883 . . . .126

Doorway of the old Bank Building 1 27

Alexander T. Stewart 131

William H. Townsend 133

Robert L. Maitland 135

East side of Broadway, above Trinity Church, in 1830 137

State Circulation, issue of 1859 .139

Meeting of the Stock Exchange in 1850. (From Appleton's " New Metropolis.") 144

State Circulation, issue of 1862 145

Augustus E. Silliman 149

Robert L. Stuart 151

LIST OF ILLUSTRATIONS

PAGE

Gustav Schwab 152

Jacob D. Vermilye 154

William A. Hadden 157

Washington R. Vermilye 158

William Barton 159

John Auchincloss 160

The Bank Building before the remodelling of 1903 161

Hugh Auchincloss 163

David Dows 164

George W. Lane 165

William G. Vermilye 166

Benjamin B. Sherman 167

Henry W.Banks 168

C. V. Banta 169

Check 175

Interior of the Bank (office). From a flashlight photograph taken in 1903 . .179
Interior of the Bank, looking from office. From a flashlight photograph taken in

I9°3 179

The Bank Building in 1903, after remodelling 183

Map of the City of New York in 1803 At end

A HISTORY OF

THE MERCHANTS' NATIONAL
BANK OF NEW YORK

CHAPTER I

THE ARTICLES OF ASSOCIATION DRAWN UP BY ALEXANDER HAMIL-
TON—FIRST OFFICERS OF THE BANK AND BOARD OF DIRECTORS
—THE BUSINESS OF BANKING IN 1803— MERCANTILE AND SOCIAL
CONDITIONS IN THE CITY AT THE BEGINNING OF THE CENTURY
—THE FIRST DIVIDEND PAID, NOVEMBER 30, 1803.

ON the 7th of April, 1803, the following gentlemen met at
No. 25 Wall Street to sign the Articles of Association
of the Merchants' Bank in the City of New York :

Oliver Wolcott, Isaac Bronson,

Richard Varick, James Roosevelt,

Peter Jay Munro, Robert Gilchrist,

Joshua Sands, Wynant Van Zandt, Jr.,

William W. Woolsey, John Swartwout,

John Hone, Henry I. Wyckoff,

John Kane, Isaac Hicks.

The Articles of Association were signed by all these
directors, and afterward by Thomas Storm and Joshua Jones.
Oliver Wolcott was elected President, and Lynde Catlin
Cashier.

The following items appear on the minutes of the meeting :

44 Resolved, That Joshua Sands, Henry I. Wyckoff, and
John Swartwout be appointed a Committee to present the
Articles of Association to the persons who have engaged to

THE MERCHANTS' NATIONAL BANK

become members of this Company, to be subscribed by them, to
receive the first instalment, and to sign and deliver certificates
for the shares subscribed.

44 Resolved, That the money received from the subscribers
for the first instalment be deposited in the names of the above-
mentioned Committee in one of the banks in this City.

44 Resolved, That Isaac Hronson, Robert Gilchrist, and John
Kane be a Committee to make inquiries for a suitable building:
for the purpose of this Company and make report thereon."

Thus came into existence the third bank of the City of
New York. It has, therefore, weathered the financial storms
of a full century. Through periods of stress and calm, through
prosperity and panic, through seasons of ill-fortune and good-
fortune, sometimes greatly praised for public spirit, and again,
in common with all banking institutions, decried as an enemy
to national welfare, it has held its course, a conservative institu-
tion founded, as its name implies, for merchants by merchants,
rounding out its century of existence in a manner that would
have certainly won the hearty approval of the little company of
sturdy citizens who, on this 7th of April, one hundred years
ago. met to found another bank.

The Articles of Association of the Merchants' Bank were
drawn up by Alexander Hamilton, who had already performed
a similar service for the Hank of New York, founded in 1784.
This paper, which is set forth in the old minutes of the bank,
still in existence, is as follows:

To all to whom these presents shall come, or in any wise con-
corn. He it known and made manifest, that We, the Subscribers,
have formed a Company or limited Partnership, and do hereby
associate and ajjree with each other, to conduct business in the
manner hereinafter specified and described, by and under the name
and stvle of •• The President and Directors of the Merchants* Bank
in the Citv of New York," and We do hereby mutually covenant,
declare and ajjree, that the following are and shall be the funda-
mental Articles of this our Association and Agreement with each

THE MERCHANTS' NATIONAL BANK

other, by which We and all persons who at any time hereafter
may transact business with the said Company, shall be bound and
concluded.

First : The Capital Stock of the said Company shall consist of
One Million two hundred and fifty thousand Dollars, in Money of
the United States. The said Capital Stock shall be divided into
Shares of Fifty Dollars each; two Dollars and fifty Cents on each
share shall be paid at the time of subscribing, and the remainder
shall be paid at such times, and in such proportions as the board
of Directors shall Order and Appoint, under pain of forfeiting to
the said Company the said Shares, and all previous payments
thereon, but no payment shall be required unless by a notice to be
published for at least fifteen days, in two Newspapers printed
in the City of New York.

Second : The affairs of the said Company shall be exclusively
conducted by sixteen Directors, who shall elect one of their num-
ber to be the president thereof, and nine of the Directors shall
form a board or quorum for transacting all the business of the
Company, except ordinary discounts, which it shall be in the
power of any five of the Directors to perform, of whom the Presi-
dent shall always be one, except in case of his sickness or neces-
sary absence, when his place may be supplied by any other Direc-
tor, whom he by writing under his hand shall nominate for that
purpose; and until the Second Tuesday in June, One thousand
eight hundred and four, Oliver Wolcott, Richard Varick, Peter
Jay Munro, Joshua Sands, Thomas Storm, William W. Woolsey,
John Hone, John Kane, Joshua Jones, Robert Gilchrist, Isaac
Bronson, James Roosevelt, John Swartwout, Henry I. Wyckoff,
Isaac Hicks, and Henry A. Coster, shall be Directors of the said
Company ; the Directors from and after that period shall be elected
for one year by the Stockholders, for the time being, and each
Director shall be a Stockholder at the time of his election, and
shall cease to be a Director if he should cease to be a Stockholder:
and the number of Votes which each Stockholder shall be entitled
to, shall be equal to the number of shares which he shall have held
on the books of the Company, for at least Sixty Days prior to the
election, and all Stockholders shall vote at elections by ballot, either
personally or by proxy, to be made in such form as the board of
Directors may appoint.

Third : A General Meeting of the Stockholders of the Company
shall be holden upon the first Tuesday of June, in every year (ex-

THE MERCHANTS' NATIONAL BANK

cepting in June now next ensuing), at such place as the Board of
Directors shall appoint, by notice, to be published in two Newspa-
pers printed in the City of New York, at least fifteen Days pre-
vious to such meeting, for the purpose of electing Directors for the
ensuing year, who shall take their seats at the Board on the Sec-
ond Tuesday in the same Month of June and immediately proceed
to elect the President.

Fourth : The Board of Directors are hereby fully empowered
to make, revise, and alter or amend, all such rules, by laws and
regulations, for the government of the Company, and that ot their
Officers, Servants and Affairs, as they, or a majority of them shall
from time to time think expedient, not inconsistent with law, or
these Articles of Association, and to use, employ and dispose of the
joint stock, funds or property of the said Company (subject only
to the restrictions hereinafter contained) as to them, or a majority
of them, shall seem expedient.

Fifth : All bills, bonds, notes, and every contract and engage-
ment on behalf of the Company, shall be signed by the President
and Countersigned or Attested by the Cashier of the Company;
and the funds of the Company shall in no case be held responsible
for any contract or engagement whatever, unless the same shall be
so signed and Countersigned, or Attested as aforesaid.

Sixth : The books, papers, correspondence and funds of the
Company shall at all times be subject to the inspection of the
Directors.

Seventh : The said board of Directors shall have power to ap-
point a Cashier, and all other Officers and Servants, for executing
the business of the Company; and to establish the Compensations
to be paid to the President and all the other Officers and Servants
of the Company respectively, all which, together with all other
necessary expenses, shall be defrayed out of the funds of the Com-
pany.

Eighth: A majority of the Directors shall have power to call a
general meeting of the Stockholders, for purposes relative to the
concerns of the Company, giving at least thirty Days notice, in
two of the public Newspapers printed in the City of New York,
and specifying in such notice the Objects of such meeting.

Ninth : The Shares of Capital Stock at any time owned by any
individual Stockholder shall be transferable on the books of the
Companv, according to such rules, as conformable to law, may be
established in that behalf, by the board of Directors; but all Debts

THE MERCHANTS' NATIONAL BANK

actually clue and payable to the Company, by a Stockholder re-
questing a transfer, must be satisfied before such transfer shall
be made unless the Board of Directors shall direct to the Con-
trary.

Tenth : No transfer of Stock in this Company shall be consid-
ered as binding upon the Company, unless made in a book or books
to be kept for that purpose by the Company. And it is hereby
further expressly agreed and declared, that any stockholder, who
shall transfer in manner aforesaid, all his Stock or Shares in this
Company, to any other person or persons whatever, shall ipso facto
pease to be a Member of this Company, and that any person or
persons whatever, who shall accept a transfer of any Stock or Share
in this Company, shall ipso facto become and be a member of this
Company, according to these Articles of Association,
i Eleventh : It is hereby expressly and explicitly declared to be
the Object and intention of the persons who associate under the
style or firm of " The President and Directors of the Merchants'
Bank in the City of New York," that the joint Stock or property
of the said Company (exclusive of dividends to be made in the
manner hereinafter mentioned) shall alone be responsible for the
Debts and engagements of the said Company. And that no per-
sons who shall or may deal with this Company, or to whom they
shall or may become in anywise indebted, shall on any pretence
whatever have recourse against the separate property of any pres-
ent or future Member of this Company, or against their persons,
further than may be necessary to secure the faithful application of
the funds thereof to the purposes to which by these presents they
are liable. But all persons accepting any Bond, Bill, Note or other
Contract of this Company, signed by the President, and Counter-
signed or Attested by the Cashier of the Company, for the time
being, or dealing with it in any other manner whatsoever, thereby
respectively give Credit to the said joint Stock or Property of the
said Company, and thereby respectively disavow having recourse,
on any pretence whatever, to the person or separate property of
any present or future member of this Company, except as above
mentioned. And all Suits to be brought against this Company (if
any shall be) shall be brought against the President for the time
being; and in Case of his Death or removal from Office, pending
any such Suit against him, measures shall be taken at the expense
of the Company for substituting his Successor in Office as a De-
fendant ; so that persons having Demands upon the Company may

Wall Street in 1825, looking west from William Street.

not be prejudiced or delayed by that event, or if the persons su-
ing shall go on against the person first named as Defendant (not-
withstanding his Death or removal from Office) this Company shall
take no advantage, by Writ of Error or otherwise, of such proceed-
ing on that account; and all recoveries had in manner aforesaid
shall be conclusive upon the Company, so far as to render the
Company's said joint Stock or property liable thereby, and no fur-
ther; and the Company shall immediately pay the amount of such
recovery out of their joint Stock, but not otherwise, and in Case of
any Suit at law, the President shall sign his appearance upon the
Writ, or file Common bail thereto; it being expressly understood
and declared that all persons dealing with the said Company agree
to these Terms, and are to be bound thereby.

Twelfth: Dividends of the profits of the Company, or of so
much of the said profits as shall be deemed expedient and proper,
shall be declared and paid half yearly during the Months of May
and November in every year, and shall from time to time be deter-
mined by a Majority of the said Directors, at a meeting to be held
for that purpose, and shall in no case exceed the amount of the net
profits actually acquired 'by the Company; so that the Capital
Stock of the Company shall never be impaired by Dividends, and
at the expiration of every three years, from the first Tuesday of
June next, a Dividend of surplus profits shall be made, but the

THE MERCHANTS' NATIONAL BANK

Directors shall be at liberty to retain at least One per Cent, upon
the Capital, as a fund for future Contingencies.

Thirteenth : If the said Directors shall at any time, wilfully and
knowingly, make or Declare any Dividend which shall impair the
said Capital Stock, all the Directors present at the making or de-
claring such Dividend, and Consenting thereto, shall be liable, in
their individual Capacities, to the Company, for the amount or
proportion of the said Capital Stock, so divided by the said Direc-
tors. And each Director who shall be present at the making or
Declaring of such Dividend, shall be deemed to have consented
thereto, unless he shall immediately enter, in writing, his dissent,
on the minutes of the proceedings of the board, and give public
notice to the Stockholders, that such Dividend has been declared.

Fourteenth: These Articles of Agreement shall be published in
at least three Newspapers printed in the City of New York, for
one Month and for the further information of all persons who may
transact business with, or in any manner give Credit to this Com-
pany, every bond, bill, note, or other instrument or contract, by
the effect or terms of which the Company may be charged or held
liable for the payment of Money, shall specially declare, in such
form as the Board of Directors shall prescribe, that payment shall
be made out of the joint funds of this Company, according to the
present Articles of Association, and not otherwise, and a Copy of
the eleventh Article of this Association shall be inserted in the
Bank book of every person depositing Money, or other valuable
property, with the Company, for safe Custody, or a printed Copy
shall be delivered to every such person, before any such deposit
shall be received from him. And it is hereby expressly declared
that no engagement can be legally made in the name of the said
Company, unless it contain a limitation or restriction, to the effect
above recited. And the Company hereby expressly disavow all
responsibility, for any Debt or engagement, which may be made in
their name, not containing a limitation or restriction to the effect
aforesaid.

Fifteenth : The Company shall in no case be owners of any
Ships or vessels, or directly or indirectly concerned in trade, or the
importation or exportation, purchase or sale of any Goods, wares,
or Merchandise whatever (bullion only excepted) unless by selling
such goods, w r ares, and Merchandise, as shall be truly pledged to
them, by way of Security for Debts due to the said Company.

Sixteenth: If a vacancy shall at anv time happen among the

Wall Street in 1863.

Directors, by death, resignation, or otherwise, the residue of the
Directors, for the time being, shall immediately elect a Director to
fill the said vacancy, until the next election of Directors, to be made
according to the Second Article of these presents.

Seventeenth : This association shall continue until the first Tues-
day of June, One thousand eight hundred and fifteen, and no longer,
but the proprietors of two thirds of the Capital Stock of the Com-
pany may, by their concurring votes at a general meeting to be
called for that express purpose, dissolve the same at any prior pe-
riod ; provided, that notice of such meeting, and of its Object, shall
be published in at least three Newspapers to be printed in the City
of New York, for at least six Months previous to the time appointed
for such meeting.

Eighteenth : Immediately on any dissolution of this association,
effectual measure shall be taken by the Directors then existing, for
closing all the concerns of the Company, and for dividing the Capi-
tal and profits which may remain among the Stockholders, in pro-
portion to their respective interests.

In Witnkss Whereof, We have hereunto set our names or
firms the Seventh Day of April One Thousand eight hundred and
three. Signed: Oliv. Wolcott, Richd. Varick, Peter Jay Munro,
etc., in all 391 subscribers.

During the period which saw the birth of the century and
of a dozen banks, including the Merchants* of New York, the
questions which occupied the national mind were our mutual
rights, French decrees, impressments, embargoes, treaties,
blockades, the conduct of England and of France, the ambi-
tion and treachery of Napoleon. After that time the questions

THE MERCHANTS' NATIONAL BANK

of the day were to be the state of the currency, national banks,
manufactures, the tariff, internal improvements, interstate com-
merce, the public lands, the astonishing growth of the West,
the rights of the States, and the extension of slavery.

The conditions, national and local, under which the Mer-
chants' Bank came into existence may be inferred from a few
figures illustrating the extraordinary growth of the country and
its chief city in the last one hundred years. In 1800 the area
of the United States was 827,844 square miles; to-day it is
over three million square miles, exclusive of Alaska and the
Philippines. The population per square mile in 1800 was 3.6
and is now 26.1, notwithstanding a fourfold growth in area.
Thomas Jefferson was President. Politically the period was
one of anxiety, but financially the country, especially New
York City, had begun to feel the strenuous movement that
was to revolutionize the new world within the next half-century.
Pre-eminent among the important changes to come was the
building of the Erie Canal, a project with which Gouverneur Mor-
ris aroused no end of enthusiasm and derision, and the purchase
of Louisiana from the French. At the beginning of the century,
in response to the demands for more money and more business
facilities upon the part of merchants in the East, banks had come
into favor, and since the first New York bank had opened its
doors in 1784 such institutions had increased rapidly. The
establishment of a permanent and vigorous government, the
creation of public credit by the transmutation of the old Con-
gress lottery certificates, loan-office certificates, interest indent-
ures, and Continental money and all the worthless remnants of
the financial makeshifts of the Confederation into interest-bear-
ing paper, selling at a premium, had called from the old stock-
ings and strong boxes much hidden capital. A period of wide-
spread speculation followed, when subscribing to the capital
stock of a bank became as favorite a way of investing money
as subscribing to build a turnpike or dig a canal. In one
year alone (1792) six new banks had been chartered, and in
spite of much head-shaking by conservative men had done a

THE MERCHANTS' NATIONAL BANK

large business and paid heavy dividends. Eagerness to share
this success produced other banks. The war between France
and England, and the Louisiana purchase, the opening of the
West Indies to our merchants, resulted in an extraordinary in-
crease of trade. Demands for discounts and capital with which
to build ships and to buy produce surpassed the ability of the
banks to meet them. Profits were immense. By 1795 there
were twenty banks in existence in the United States. By
1800 the number had increased to twenty-seven ; and three
years later, when the Merchants Bank began business, there
were thirty-eight of these institutions, some of them experi-
mental and many of them looked upon with suspicion by the
mercantile public. By 1810 the number of banks had in-
creased to more than one hundred. The charge made against
many of these banks was that they did business in a reckless,
law-defying way, favoring political and personal friends, and
issuing notes in excess of their ability to redeem. That some
of them were guilty of over-issue may be conceded ; but part
of this hatred against the State banks was due to the enmity
these latter manifested for the Bank of the United States,
which carefully watched their issues and made incessant calls
upon them to redeem their paper. Hatred of the United
States Bank was fostered by holding it up as the cause of
stringency. If a customer applied to a State bank for a loan
that it was not safe to make, the blame for the refusal was laid
on the United States Bank, which, thanks to its enjoyment of
the sole right to receive government money, kept millions of
dollars out of the State banks' vaults, and by constantly pre-
senting bills for redemption forced them to keep on hand the
thousands they would gladly lend. Public sentiment toward
the United States Bank had been further embittered by the
depreciation and final worthlessness of the two hundred mill-
ions of Continental money. The unpopularity of the Bank of
the United States led to the prosperity of its rivals which
sprung up all over the country.

In the main they differed but little one from another.

KOHEKT MAO iiAI.LAWAY.
Elected 1'resulent .himury i. 1*02.

THE MERCHANTS' NATIONAL BANK

Their capital varied from one hundred thousand to two mill-
ions of dollars. They could receive deposits, discount notes,
contract debts, and issue bills to an amount equal to three
times their capital, which were legal tender in payment of
State taxes and dues. Some had power to establish branches,
others had not. Some paid the State a bonus for the charter.
Some had the State for a stockholder. Others were nothing
more than the State treasury, paid in commission and incorpo-
rated, and provided with a capital made up of all the stocks
owned by the State, all the bonds and notes due the State, and
all the unexpended money derived from taxation. Nominally
the notes of such institutions were redeemable on demand in
gold or silver. But no penalty was attached to a refusal to re-
deem, nor did any real check exist to prevent an issue of bills
far beyond the legal limit. None could circulate notes of de-
nomination less than a dollar. Generally the limit was two or
five dollars. The small change of the country was supposed to
be specie, and in the great seaboard cities it was ; but in many
inland towns and cities specie was never seen, and the small
change was made up of due-bills, tickets, promissory notes
issued by individuals, by unincorporated associations, by bodies
corporate, and by private bankers. In the States beyond the
Alleghanies, where banks were few and specie scarce, the small
change was " cut money," which was but another name for
Spanish dollars cut with a shears into quarters, eighths, and
sixteenths.

The circulating medium of the United States from 1803 to
1820 may be said to have consisted of the small notes and bills
of individuals and corporations; of State-bank paper, which did
not circulate far from the bank that issued it; of here and there
the remains of the old State paper money of 1785; of such
gold and silver coin of foreign countries as Congress had made
legal tender; of "cut money," and of such coins of United
States mintage as had not been shipped abroad as bullion.
The five million dollars of notes of the Bank of the United
States were called in and redeemed after 181 1.

'H — 1— ih«i*
irrfiW 1

mnii : i-iEKf ' . -j^i-

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1 ijpBi<

' |l

?gt _ $$> »r: - ^

The Government House. Erected 1790 at the foot of Broadway, facing Rowling Green.

The local conditions in 1803 are fairly well known from the
countless histories of New York City. It was a time of great
simplicity of life, and while business had already begun to feel
the rising tide due to vast national movements, New York City
was not yet to be compared in luxury or enterprise with a
second-class town of the present day. Most of its small houses
were built of wood, brick being used only for the expensive
residences. The streets were narrow and ill-paved, and the city
practically ended at Reade Street, above the new City Hall,
the foundations of which were laid in 1803. There was no gas
until 1825, when Samuel Legget, the first president of the New
York Gas Company, lighted his house at No. 7 Cherry Street
in this manner, to the great astonishment of his fellow-citizens,
and had to pay an increased fire insurance, because it was
thought a most dangerous experiment. The city lamps were
fed with whale-oil. Most of the citizens depended upon wells
for their water. There was no sewage, and the streets were so
ill-kept that a writer in " Blunt's Guide to New York/' published
in 181 7, complains bitterly of the number of swine allowed to
roam through the streets feeding on the garbage. Steam and

THE MERCHANTS 1 NATIONAL BANK

electricity were, of course, unknown. The luxury of the day,
such as it was, consisted in big and comfortable houses, which,
however, were not very costly as compared with those of the
present day. In Valentine s Manual may be found a list of
the most valuable and luxurious houses in New York City in
1798. The house of VVm. Jauncey, at 55 Wall Street was
valued at $8,000, which was also the valuation placed upon that
of Wm. Seaman, at 54 Wall Street, and of John Oothout, at
13 Wall Street. Edward Livingston's house, at 45 Wall Street,
and that of Wm. Bayard, adjoining, are put down at $9,000.
No. 6 Wall Street, owned by the Constable family, is estimated
at $15,000; that of Francis B. Winthrop, in Broadway, at $12,-
000. At Broad Street, near Beaver Street, was the handsome
house of Michael Cruger, one of the wealthiest merchants of
the day, whose home was valued at $14,000. The largest and
most expensive private house in the city, that of Alexander
McComb, in Broadway, was only valued at $25,000. The fact
that the Merchants' Bank had to pay more than thirty thousand
dollars for its property in 1803 shows how rapid was the rise in
values at the beginning of the century.

It may be noted in passing that the taxes paid the first year
by the Merchants' Bank were not quite $44. The average
taxes for the last ten years paid by the Bank have been more
than $50,000 a year. It must be said, however, that to the
original property occupied by the Bank in 1803, the lot and
building at No. $7 Pine Street were added in 1858, at a cost of
$25,000. It was purchased from Daniel B. Fearing.

It may be taken for granted that when the first meetings to
organize the Merchants' Bank were held, one of which was at
the house of Mr. Wolcott, all of the future directors and
officers could have walked, and probably did walk, from their
own houses to that of the president. Of luxury in the way of
display there was none. In 1800 there were only seventeen
persons in New York who kept private carriages. Hours were
early. Most merchants were at their shops or counting-houses
by eight o'clock. Banking hours were from nine to twelve, and

THE MERCHANTS' NATIONAL BANK

again from two to five in the afternoon. Many of the mer-
chants locked up their shops at noon and with their clerks went
home to dinner ; probably not one out of a hundred of them
lived more than half a mile from his place of business. In the
records of business meetings held by the directors of the Mer-
chants' Bank in the evening at the house of one or another of
the directors, the hour of gathering is always seven o'clock.
People do not seem to have been fond of venturing out at
night, perhaps because of the lack of good lights in the streets.
The whale-oil lamps were not lighted when there was a moon,
or when it rained, the city fathers arguing that no one needed a
light when there was a moon, and that when it rained no one
would want to venture out.

It has been estimated from the market quotations of the
day, the house rents paid, and the cost of food, servants, and
clothing, that living in New York in 1803 xvas about one-
quarter of what it is to-day. Probably it was even less expen-
sive in proportion. For this reason the salaries paid by the
Merchants' Bank at the beginning of its career may be consid-
ered as exceedingly liberal. Mr. Wolcott, the president,
received $3,000 a year ; Mr. Catlin, the cashier, $2,500, with the
privilege of living in the rooms above the banking-house. The
other salaries were as follows : First teller, $1,250 ; second teller,
$900; third teller, $700; first book-keeper, $900; three other
book-keepers and the discount clerk, $750; runner, $700;
assistant clerks, $500 ; first porter, $350 ; second porter, $300.
Bonds for the faithful discharge of their duties and trusts were
required of all the officers and persons employed in the bank,
except the porters, with surety as follows : Cashier, $20,000,
with three sureties ; first teller, $5,000 ; second and third tellers,
discount clerk and runner, $4,000, with two sureties each. All
other persons, except the porters, $3,000, with two sureties.

Outside of New York City, the beginning of the century,
as has already been noted, witnessed a wonderful growth of
business, hampered chiefly by the lack of communication
between cities. The mail time by post rider between New

John Remsen.

York and Boston was six days in summer and eight in winter ;
to Philadelphia it was two days. In smaller country towns
there was only a weekly mail. Pekin can he reached to-day
more easily than was St. Louis in the early parts of the century.
For purposes of trade 250 miles was a greater distance in 1803
than 2,500 miles is to-day. Fulton made his first trip by steam
between New York and Albany in 1807, l )Ut f° r years the
mails were slow, uncertain, and costly. For a single letter (one
composed of a single sheet of paper) the charge was eight cents
for any distance under 40 miles ; under 90 miles, ten cents ;
under 150 miles, twelve and one-half cents; under 300 miles,
seventeen cents ; under 500 miles, twenty cents, and over 500
miles, twenty-five cents. When large sums of money had to be
transferred from city to city it was necessary to send special
messengers at heavy expense. The difficulty of interstate
trade was also increased by the complicated currency, which
varied from State to State. In one of the early almanacs

THE MERCHANTS' NATIONAL BANK

may be found the following rules for reducing the currencies
of the different States into each other, and it is to be pre-
sumed that such rules were found hanging in every counting-
house :

"To reduce the currencies of New Hampshire, Massachusetts,
Rhode Island, Connecticut, Virginia, into those of New York and
North Carolina, to the given sum add J part thereof. Of Penn-
sylvania, New Jersey, Delaware and Maryland, to the given sum
add i thereof. Of South Carolina and Georgia, from the given
sum subtract \ thereof. To reduce New York and North Caro-
lina into New Hampshire, Massachusetts, Rhode Island, Connecti-
cut and Virginia, from the given sum deduct J thereof. Into
Pennsylvania, New Jersey,' Delaware and Maryland, from the
given sum deduct | thereof. Into South Carolina to the given
sum add -j^, then take half of the whole. To reduce Pennsylvania,
New Jersey, Delaware, Maryland into New Hampshire, Massa-
chusetts, Rhode Island, Connecticut and Virginia, from a given
sum deduct \ thereof. Into South Carolina and Georgia, multiply
by 3^ and divide the product b\* 5, or multiply by 28 and divide
by 45."

To the evils produced by a debased paper currency, coming
from more than 400 sources of issue — from banks with char-
ters, from banks without charters, from cities, from towns,
from individuals, from importing companies and exporting
companies, from factories, and from the Treasury of the United
States — must be added yet other evils which sprang from the
opportunities afforded rogues and sharpers. Men without
consciences printed their change bills on paper so bad that it
fell to pieces in the pockets of the takers. Counterfeiters
plied their trade so successfully that hundreds of thousands of
dollars of false notes were soon afloat in the country. One gang
made its head-quarters in Indian Territory. Another had its
presses somewhere on the Hudson. Four members of the
Western gang, who were captured at Ilarrisburg, had in their
valises $350,000 of counterfeit notes of the Miami Exporting
Company of Ohio. A member of the Eastern gang, when

THE MERCHANTS' NATIONAL BANK

caught, had with him counterfeit notes of every important bank
along the seaboard, from Savannah to Albany. The largest
and most carefully organized of them all carried on its opera-
tion along the great highway between Philadelphia and Read-
ing and Pittsburgh. The paper on which its notes were printed
was made in Virginia ; the press-work was done in a hut in
the Alleghany Mountains, in Bedford County, Pa.; the en-
graving was executed by old counterfeiters in a camp at
Pine Grove Furnace, on South Mountain, Adams County, Pa.;
and the bills, when ready, were put into circulation by travel-
ling gamblers, by a gang of thirty teamsters who drove freight
wagons between Philadelphia and Pittsburgh. The newspapers
all over the United States were full of notices of false bank-
notes, and, what was equally as bad, of notes of banks which
had no existence. These wild-cat institutions were the creation
of a class of men who would have thought counterfeiting in-
famous. Two or three of them would associate, select a name
and a city, have plates engraved in the best and most artistic
manner, print bills of all denominations, and sell them to the
exchange brokers, or pass them off in cities far away from the
place where the bank was supposed to be located. New York,
as a great commercial centre, was a favorite spot, and in it
many such imaginary institutions were located. One, taking the
name of the State Exchange Bank, and claiming to have
$2,000,000 of capital, scattered tens of thousands of dollars in
notes all over the South. Another, called the Merchants' and
Mechanics' Exchange Company, victimized the people of Au-
gusta, of Fayetteville, and of Charleston. Notes of a third,
the Ohio Exporting and Importing Company, appeared at
Trenton, at Philadelphia, and in western Virginia. They were
engraved in the best manner possible by a firm of reputable
bank-note printers, who, finding that they had been deceived
by a gang of cheats, gave public notice of the fraud, and de-
clared that upward of half a million dollars of the counterfeit
bills had been sent to Cincinnati. That city was so flooded
with them that the local banks appointed a committee to

Broad Street, 1796.

investigate and report, and soon published the names of thirteen
persons whose chief occupation seemed to be passing wild-cat
money. The owners of a fourth, known as the Commercial
Bank, did a thriving business from Cooperstown to Buffalo.
The president of one of the best known of the city banks hap-
pening to be a gentleman named Bayard, a swindler hunted
through the army-lists till he found a soldier of the name of
Bayard, and, having obtained from him a power of attorney
to sign his name to many bills, began to issue bills in imita-
tion of those of the Bank of America. They were drawn
on the Agency and Exchange Bank, but when returned to
New York for redemption, nobody had ever heard of such
an institution.

One of the first duties of the officers of the Merchants'
Bank was to provide bank-notes. John Swartwout was ap-
pointed to superintend the making of the paper, which was
done out in New Jersey at the Campbell Mills near Milburn,
where paper is still made to this day. Frequent entries in the
minute-book are made of the giving out of paper to be printed

Hroad Street, looking north frum I-' x change Place, in i<?>y

THE MERCHANTS' NATIONAL BANK

and the destruction of bank-notes called in.
May 25, 1803, is this minute :

Under date of

The following articles will be observed as regulations and by-
laws of this institution :

Article 1. That the plates, sieve or mould and imprinted blank
paper be left at the bank and in the separate custody and charge
of the President, whose exclusive duty it shall be carefully to

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Dividend advertisement from The Evening Post of November 19, 1803.

THE MERCHANTS' NATIONAL BANK

superintend the printing a>t the bank of all bills or notes ordered
to be printed by the Directors, and a regular account shall be kept
of the bank paper in the custody of the President, and of the quan-
tity from time to time ordered for impression, which account shall
be checked by quarterly examination of the bank paper in the
custody of the President. And it shall moreover be the duty of
the President from day to day to visit the bank and to superintend
the conduct of the persons employed therein, to sign all bills and
notes at the bank which may be issued by order of the Directors,
and once in every month, assisted by two or more directors to be
appointed by the Board by ballot, to cause the money in the bank
to be counted and the amount thereof to be compared with the
cash account of the bank, which cash account shall every day be
settled and balanced.

The bank was finally opened on the 2d of June, and the
first bills were received for discount the next day. That the
business of the first year was prosperous is seen in the follow-
ing statement submitted by the president and cashier to the
directors :

Capital Stock of the Merchants' Bank $1,246,250 00

Paid for Banking House $31750 00

Paid for improvements 3.540 05 35,290 05

Balance employed in banking. $1,210,959 95

Amount of discounts to Nov. 11 $40,679 95

Probable amount which will be received

during the remaining discount days

in November 5.320 05

$46,000 00

Expenses, six months' salary $4,525 00

Book-binding and stationery 400 00

Account of checks, bank books, bank-
note paper, plates, printing, etc 1,965 22

Due Mr. Robinson for rent 300 00

Sundry bills not paid 409 7$

THE MERCHANTS' NATIONAL BANK

Deficiency of money in Teller's hands,
being errors in receipts and pay-
ments §1,150 oo $10,750 00

Net profit $35,250 00

A dividend at the rate of 3$ for six months,
calculated on the shares according to
the terms of payment, will amount to. 30,960 31

Surplus §4,289 69

Under date of November 18, 1803, is the following minute :

Resolved, That a dividend at the rate of y} calculated on the
capital stock according to the terms of payment, be made out of
the profits of the Company for the six months commencing the 1st
of June and ending the 30th of November inst., and that the same
be paid at the Bank to the respective stockholders or their attorneys
on the 30th of November inst.

This was the first dividend of a series that has been continued
without interruption for 100 years, during which time the
Merchants' Bank has paid to its stockholders the enormous sum
of $14,765,162.51, or more than ten times the average capital
of the institution.

CHAPTER II

THE MEN WHO MADE THK MERCHANTS' BANK— OLIVER WOLCOTT—
LVNDE CATLIN— RICHARD VARICK— JOHN SWARTWOUT— THOMAS
STORM— JOHN HONE— WILLIAM \V. VVOOLSEV— HENRY I. VVYCKOFF
—PETER JAY MUNRO— JAMES ROOSEVELT-JOSHUA JONES.

WITH the exception of Peter Jay Munro, who was a lawyer,
all the first directors and officers of the Merchants Bank
were merchants, men of mark in the community, elected for
their familiarity with the standing of merchants in their own
line of business who might be likely to become customers of the
new bank.

Oliver Wolcott, the president, was born at Litchfield, Conn.,
January n, 1760. He was the son of Oliver Wolcott, one of
the signers of the Declaration of Independence, and was edu-
cated at Yale College, graduating in 1778. He had interrupted
his studies the year preceding graduation to join the Volun-
teers who so successfully impeded the progress of the British
troops on their expedition to capture the Continental stores at
Danbury. In 1779 he volunteered to aid his father in repelling
the attacks on the Connecticut coast, and also acted as quarter-
master at Litchfield. In 1781, having completed a course of
law, he was admitted to the bar, and removed to Hartford,
where he was employed in the Financial Department of the
State; and in 1 784 he was one of the two commissioners ap-
pointed to settle the State claims against the Federal Govern-
ment. In 1 788 he was the first to hold the office of Comptroller
of the Public Accounts, and in 1789 was appointed Auditor of
the Treasury under the new Constitution, holding office until
his appointment by President Washington, in 1791, as Comp-
troller of the Treasury. On the retirement of Alexander

THE MERCHANTS' NATIONAL BANK

Hamilton, February 2, 1795, he was made Secretary of the
Treasury, which office he filled with signal ability during the re-
mainder of Washington's administration, and the whole of that
of John Adams.

In politics VVolcott was a stanch Federalist, and was bitterly
attacked by his political opponents, who accused the Federalist
officials of trying to destroy the evidence of peculations by set-
ting fire to the Treasury building. Congress appointed a com-
mittee to "examine and report whether moneys drawn from the
Treasury have been faithfully applied to the objects for which
they were appropriated, and whether the same have been regu-
larly accounted for." The investigating committee not having
given him a full exoneration, he resigned his office, November
8, 1800. President Adams immediately appointed him Judge
of the United States Supreme Court for the Second District,
which office he retained until 1802, when he returned to private
life in the city of New York, and engaged in mercantile pur-
suits, becoming president of the Merchants' Bank, and serving
in that capacity until the annual election in 1804. In J 8i2
Mr. Wolcott became one of the founders, and the first presi-
dent, of the Bank of America, which position he filled until
1814, when he removed to Connecticut, and was elected Demo-
cratic Governor of that State in 1817. He was re-elected for
ten successive years. Upon the expiration of his official term
in Connecticut he again made New York his home, where he
died June 1, 1833. A tradition exists concerning the Wolcott
coat-of-arms which is of interest to the curious in matters of
heraldry. John Wolcott of Wolcott, who lived in the reign of
Henry V., and who married Matilda, daughter of Sir Richard
Cornwall of Bercford, Knight, won a game of chess in a con-
test with the king, through skilful use of the castles ; where-
upon Henry, in recognition of the event, changed Wolcott's
coat-of-arms by substituting castles on his shield in place of
sheaves of wheat. Henry Wolcott came to America in 1630;
was in 1635 among the first settlers of Windsor ; participated in
the first legislative proceedings of both Massachusetts and Con-

2 5

THE MERCHANTS' NATIONAL BANK

necticut ; and was annually re-elected to the councils of the
latter State during life. His daughter Anna married Matthew
Griswold, the first magistrate of Saybrook, and founder of Lyme,
and among her illustrious descendants was the Chief Justice of
the United States, Morrison R. Waite. Simon Wolcott, one of
the sons of Henry, married the beautiful Martha Pitkin, and
their fourth son was the famous Governor Roger Wolcott,
who rose to highest military and civil honors. Among his chil-
dren were Governor Oliver Wolcott (born 1726, died 1797)
and Ursula, who married her cousin, Governor Matthew
Griswold, of Lyme, and was the mother of Governor Roger
Griswold ; she had eleven governors among her own imme-
diate family connections and descendants, with at least thirty
judges, and many lawyers and clergymen of prominence. The
Wolcotts have intermarried with many New York families,
and their descendants are nearly as numerous in the New York
of to-day as in Connecticut. Oliver's brother, Frederick,
married Betsey Huntington, of Norwich. Among the children
of the latter was Frederick Henry Wolcott, of Astoria, Long
Island. Mary Ann Wolcott, the youngest sister of Oliver and
Frederick, was the distinguished beauty who married Chauncey
Goodrich. The wife of Oliver Ellsworth, the Chief Justice,
was Abigail Wolcott, cousin of the governor. Nearly all the
Wolcott ladies were celebrated for personal beauty — none more
so, however, than Jerusha Wolcott, daughter of Samuel, the
brother of Governor Oliver Wolcott, senior, who married
Epaphras Bissell, a descendant of John Bissell, one of the found-
ers of Windsor, and projector of the first ferry across the Con-
necticut River ; her sister Sophia married Martin Ellsworth,
son of the Chief Justice. Edward, eldest son of Epaphras and
Jerusha Bissell, married Jane Ann Maria Reed in 1823, whose
second son, Dr. Arthur Bissell, of New York, married Anna
Browne, daughter of Judge Browne, of Rye, N. Y., a descend-
ant of Thomas Browne, of Rye, England, one of the original
founders of the town of Rye, N. Y., himself a descendant from
Sir Anthony Browne, Standard-bearer of England, whose wife

Lynde Catlin.

was daughter of the Marquis of Montagu, brother to the Earl
of Warwick.

Lynde Catlin, the first cashier of the Merchants 1 Bank, was
born in 1768, in Litchfield, Conn. He was educated as a lawyer,
graduating at Vale College in the Class of 1786. His descend-
ants among the alumni of that university were : I lis sons, John
M. (Class of 1820), Charles R. (Class of 1822) ; his grandsons,
Lynde A. (Class of 1853), Charles T. (Class of 1856), Rev.
Hasket D. (Class of 1859), George L. (Class of i860), Dr.
Arnold W. (Class of 1862) ; and his great-grandson, the Rev.
Sidney C. Partridge (Class of 1880). Mr. Catlin was of Eng-
lish ancestry, the Catlin family having come over to England
with William the Conqueror. Several of his ancestors were
distinguished men in their day, a number of them being
knighted. The family settled in Kent County, England ; Sir
Robert Catlin being Lord Chief Justice of England during the
reign of Queen Elizabeth. Thomas Catlin, the great-great -

THE MERCHANTS' NATIONAL BANK

great-grandfather of Lynde Catlin, was born in England about
1612. His son, John Catlin, was born in England in 1646,
and was married to Mary Marshall, in America, July 27, 1665.
Samuel Catlin, his son, and great-grandfather of Lynde Catlin,
was born at Hartford, Conn., November 4, 1672. Lieutenant
John Catlin, grandfather of Lynde Catlin, was born October
20, 1703, and his son, Captain Alexander Catlin, the father of
the Merchants' Bank's first cashier, was born January 6, 1738,
and died at Burlington, Vt. He married Abigail Goodman,
the granddaughter of Captain Joseph Wadsworth of Charter
Oak fame. Lynde Catlin married Helen Margaret Kip, of
Albany, N. Y., on October 19, 1793. They had eight children,
four of whom died in infancy. One of his sons, John Mortimer
Catlin, was Colonel of the Seventh Regiment, N. G. S. N. Y.,
1837-39, and was private secretary to John Jacob Astor.
Another son, George Catlin, married jCatharine Livingston
Gardner, a cousin of Generals Phil and Stephen Kearny.
While Mr. Catlin was cashier of the Merchants' Bank he
attracted the attention of John Jacob Astor, who induced him
to become cashier of the branch in New York of the United
States Bank (the famous Whig institution of those days), Mr.
Astor himself taking the presidency ; and at the dissolution in
1820 of the United States Bank he returned to the Merchants'
Bank as its president. In that capacity he died October 18,
1833, and his remains were interred in the family vault in St.
Mark's churchyard.

Colonel Richard Yarick, one of the first directors and
later president of the bank, was born at Hackensack, N. J.,
March 25, 1753. The common ancestor of the family of that
name in this State was the Reverend Rudolphus Varick, min-
ister of the Reformed Dutch Church at Jamaica, L. I., who
died in the year 1694. Richard Varick received a good educa-
tion, studied law, was admitted to the bar, and practised in the
city of New York. When the Revolution broke out he
joined the army in 1775, and was appointed a Captain in the
First New York Continental Infantry, under Colonel Mac-

Richard Variclc.

Dougall. On April 10, 1777, being at that time military sec-
retary to General Scarlett, Congress conferred upon him the
position of Deputy-Muster-Master-General of the Northern
Department, with the rank of lieutenant-colonel. In the fol-
lowing year, the office he held having been abolished, he acted
as inspector-general at West Point on the staff of General
Arnold until after the discovery of Arnold's treason, when
Washington took Colonel Variek into his military family as
recording secretary of his official and private correspondence,
which position he held during the war. In consequence of the
friendship of Variek for General Arnold, and the close rela-
tionship which he occupied in Arnold's military household, a
rumor was circulated to the effect that Variek was conversant
with Arnold's plot to surrender West Point to the British, and
a court of inquiry was ordered. This court unanimously re-
ported their opinion "that Lieutenant-Colonel Varick's eon-
duct with respect to the base peculations and treasonable prao

THE MERCHANTS' NATIONAL BANK

ticcs of the late General Arnold is not only unimpeachable, but
we think him entitled through every part of his conduct to a
degree of merit that does him great honor as an officer, and
particularly distinguishes him as a sincere friend of his country."
The finding of the court of inquiry was approved by Alexan-
der Scannel, the adjutant-general, on November 16, 1780.

In 1783 Colonel Yarick accepted the office of Recorder of
the city of New York, which position he filled until 1789.
In May of this year he was appointed attorney-general, and the
following September elected Mayor of the city of New York,
which office he retained until Edward Livingston succeeded
him in 1801. Colonel Yarick was president of the New York
Society of the Cincinnati from 1806 until his decease, which
occurred at his residence in Jersey City, July 30, 183 1. He
married the daughter of Isaac Roosevelt. He died without
issue surviving him. Colonel Yarick was the third president
of the American Bible Society, succeeding Mr. Boudinot, who
succeeded John Jay. In 1787 he was Speaker of the New
York State Assembly. Colonel Yarick retained the presidency
of the bank until 1820, when he was succeeded by LyndeCatlin.

John Swartwout was a noted politician. He was originally
a director in the Manhattan Company, but through Clintonian
influence, after a hotly contested election, lost his seat in the
directorate. He was one of Aaron Burr's most devoted friends,
and loudly accused De Witt Clinton of opposing Burr (who
also lost his seat in the Manhattan directorate) on personal and
selfish grounds. Clinton heard of it, and called him a liar, a
scoundrel, and a villain. As a result, Swartwout challenged
Clinton, and a duel was fought at Hoboken, which was one of
the most remarkable conflicts of the kind that ever occurred in
this country. Clinton's second was Richard Riker, who was
afterward City Recorder ; and Swartwout's second was Colonel
\V. S. Smith. The arrangements were elaborate and positive,
being drawn up formally in ten articles and duly signed. The
scene on the ground was graphically described in the news-
papers of the day. The first fire was ineffectual. Clinton,

THE MERCHANTS' NATIONAL BANK

through his second, asked Swartwout if he was satisfied, who
replied in the negative. A second fire was again exchanged
without effect, and Clinton, making the same inquiry, received
the same answer. A third shot was exchanged without injury,
although the ball passed through Clinton's coat. Clinton again
disclaimed having any enmity toward Swartwout, and asked if
he was satisfied ; Swartwout responded promptly and positively
in the negative, until a written apology was signed. The docu-
ment was submitted to Clinton, who handed it back, saying he
would sooner fire all night than ask Swartwout's pardon. The
parties again took their stations and fired a fourth shot. Clin-
ton's ball struck Swartwout's leg a little below the knee. Clin-
ton then offered to shake hands and bury the circumstance in
oblivion ; but Swartwout, standing erect, stoutly declined any-
thing short of an ample apology, and they fired a fifth shot,
Swartwout receiving another ball in the left leg, about five
inches above the ankle. Swartwout then coolly insisted upon
taking another shot, but Clinton left his place and refused to
fire again. The surgeons dressed Swartwout's wounds and all
returned to the city. It is said that after the last shot Clinton
approached Swartwout and offered his hand, saying : 44 1 am
sorry I have hurt you so much ;" and then, turning to Swart-
wout's second, Colonel Smith, added, " I wish 1 had the prin-
cipal here," referring to Mr. Burr. The duel was fought in
1802. The enmity existing between Clinton and Swartwout
appears to have been allayed in later years, for in 1S15 we find
that Swartwout was an enthusiastic promoter of the Erie Canal,
and served on a committee with Mayor Clinton, which was ap-
pointed at a meeting chosen to prepare and circulate a memorial
to the Legislature in favor of this enterprise.

Thomas Storm was a prominent merchant and philanthropist.
Me was a member of the first Board of Directors of the first
Missionary Society, founded in 1706. it^ purposes being to
propagate the gospel among the Indians and the destitute set-
tlers on the frontier.

John Hone was an elder brother and mercantile partner of

The Brick Meeting House, looking south, in 1800. St. Paul's in the distance.

Mayor Philip Hone, and lived in one of the seven houses front-
ing the Bowling Green, the site of the old fort and Govern-
ment House. His daughter married Myndert Van Schaick,
who lived on Broadway, near the residence of Peter Augustus
Jay, above Chambers Street. Another daughter married the
Reverend Dr. James M. Matthews, of the Dutch Reformed
Church, and resided in Broad Street. The Hones were cele-
brated auctioneers of New York City in their time. The firm
of Philip and John Hone was dissolved in 1826, but for the
sake of his sons John determined to continue the auction busi-
ness under the name of John Hone & Sons, they having a store
on the northeast corner of Wall and Pearl Streets, where the
Seaman's Bank for Savings now stands. John Hone died
during the cholera epidemic of 1832, and for some time after-
ward the style of the firm remained unchanged. The Legisla-
ture of this State, however, subsequently passed a law that no
name should appear in a mercantile firm unless there was really
such a person in the firm. The firm of John Hone & Sons was
well known, but John Hone was dead. The sons evaded
the law by changing the firm to John Hone's Sons, which

THE MERCHANTS' NATIONAL BANK

then consisted of Isaac and Henry Hone and Myndert Van
Schaick.

William Walton Woolsey, an eminent merchant of the day,
was born September 17, 1766. In 1795 he established the
house of Rogers & Woolsey at 285 Pearl Street. He was de-
scended from George Woolsey, who came to this city in 1623
from England, and engaged in the business of a trader with
the Indians, in which he continued until 1647, when he retired,
having bought a country-place at Astoria, on Long Island,
where he died in 1698, at the age of eighty-six years. William
Walton Woolsey was one of the most prominent members of
the Chamber of Commerce. He was elected its secretary in
1796, and in 1825 vice-president, and he continued to be re-
elected until his death, in 1838. During his lifetime he was en-
gaged in nearly every benevolent and useful work carried on
in the city of New York. In 1797 he was vice-president of
the Manufacturing Society ; and at various times he served as
a governor of the New York Hospital. In 1807 he was the
president of the Eagle Fire Insurance Company. He was
treasurer of the American Bible Society. Mr. Woolsey re-
sided in 18 1 8 at No. 61 Greenwich Street, and owned the ad-
joining houses from 57 to 61. His house, which stood on the
corner of an alley-way, was an extensive mansion, and in its
palmy days was one of the most desirable houses in New York.
It was the abode of good, old-fashioned New York hospitality.

Henry I. Wyckoff was also an important merchant in his
day. He was one of the governors of the New York Hospital
from 1802 to 1809, and again from 1830 to 1839, in which
year he died. He represented the First Ward in the Hoard of
Aldermen from 1821 to 1825, and was one of the committee
appointed at the time of the celebration of the opening of the
Erie Canal.

Peter J. Munro was a celebrated lawyer, who resided at No.
36 Broadway. He was born about 1767 and died September
22, 1833, being buried at New Rochelk\ where he owned an
extensive country-seat. Mr. Munro married a daughter of

James Roosevelt.

Henry White. In a list of property owners of the city of
New York compiled in 1799, Mr. Munro's house is put down
at a valuation of ,£3,500.

James Roosevelt, the great-uncle of President Theodore
Roosevelt, was a son of Isaac Roosevelt, who was at one time
president of the Bank of New York. He married a Miss
Walton, who was a daughter of William Walton and a niece
of Admiral Gerard. lie was largely engaged in the sugar-
refinery business at No. 8 Jacobus Street ; this was before Cliff
Street was opened through, it being in previous years the alley-
way to the old Roosevelt sugar-house. The property ran back
from Jacobus Street to Franklin Square, and was thirty or forty
feet wide. In the middle was a large sugar-house, which stood
where Cliff Street now runs. The old sugar-house was first
erected before the Revolution, and worked during the war and
for forty years afterward. It was built by Isaac Roosevelt,
who was a great man in his day and generation. The Isaac

Joshua Jones.

Roosevelt mansion was originally 159 Queen Street (now Pearl),
the property now owned by Harper & Brothers. Opposite the
Roosevelt residence stood the famous Walton House, which,
in 1786, was occupied by the Bank of New York, of which
Isaac Roosevelt was president in 1786. When Isaac Roose-
velt was president of the bank, the active old gentleman would
get an early breakfast, run into his sugar-house in the rear and
direct his son, who was his partner under the firm of Isaac
Roosevelt & Son, and then run across the street to his bank,
where he would remain from ten until one, when master and
clerks closed the establishment for dinner at one o'clock. The
bank was opened again at three to remain open until five
o'clock.

Joshua Jones was born in the city of New York January
31, 1757. He lived for many years in Wall Street, but subse-
quently removed to No. 70 Broadway, where he died in Sep-
tember, 182 1. He was for many years a Warden of Trinity

THE MERCHANTS 1 NATIONAL BANK

Church, and also Comptroller of the Trinity Corporation. He
was buried in his family vault in Trinity Church, and when the
alterations were made in the church the Jones vault was in-
closed inside the walls. A tablet to his memory can be seen in
the south vestry-room of the church at the present time. His
life was full of good deeds, and he died as he had lived, a sin-
cere Christian gentleman, leaving to his descendants an hon-
ored name and a repute for sterling integrity of which his de-
scendants are justly proud.

JOHN AIKWAN STIiWART.
Elected Uired or 1S6S.

CHAPTER III

EARLY STOCKHOLDERS (>E THE MERCHANTS' HANK— DAVID LVDIG—
WYXAXT VAN ZAXDT— HENRY A. COSTER— JOSI All ( ). HOFFMAN—
JACOB RADCL1FFE— WILLIAM PA ILDIXCi— NICHOLAS FISH— WILLIAM
COLEMAN— MARIXUS WILLETT— SAM LEL JONES— PRESERVED FISH-
HENRY BARCLAY— X ATI! AXT EL PRIME— AXTIK )XY LISPEXARD—
IOHX II. Sl'YDAM— ISAAC HICKS— PETER REMSEX.

THE second meeting of the Merchants' Bank Association,
according to the minutes, written out in a beautiful clear
hand, the ink and paper now but little faded, was on April 9th,
when the committee appointed at the first meeting to make
inquiry for a building suitable for the purposes of a bank re-
ported that they had agreed to purchase from Mr. William
Henderson his house at 25 Wall Street, for the sum of $31,750.
The capital of the bank was fixed at $1,250,000, divided into
shares of $50 each. Among the best known stockholders
were the following merchants, in addition to the directors already
mentioned :

Gilbert Aspinwall,

Richard Harrison, Recorder

of the City,
William S. Burling,
Josiah Ogden Hoffman,
William Fitch,
Jordan Mott,
P. W. Radcliffe,
Valentine Hicks,
Abm. R. Lawrence & Co.,
Richard R. Lawrence,
J. & G. De Peyster,

Preserved Fish,
Jacob Mott,
Peter Ludlow,
Gabriel W. Ludlow,
Leonard Bleecker,
Henry Barclay,
Abraham Yariek,
Nathaniel Prime,
Col. Marinus Willett,
Abraham Valentine,
Cornelius P. Wyckoff,
John Remsen,

THE MERCHANTS' NATIONAL BANK

Margaret Stuyvesant, Colonel Nicholas Fish,

G. Stuyvesant, Anthony Dey,

Jacob Valentine, William Still well,

Samuel Burling, Joshua Sands, Collector of the

James Tillary, Port,

Judge Daniel D. Tompkins, VV. B. Varick,

Charles L. Cammann, Abraham Varick, Jr.,

Peter A. Cammann, John Peter Delancey,

Cornelius C. Roosevelt, Courtland Van Beuren,

Isaac Disosway, Arcnt S. De Peyster,

Anthony Lispenard, Peter Remsen,

John T. Duryee, John Fors,

David Lydig, John F. Suvdam.

Joseph Otis,

David Lydig was a son of Philip Lydig, a native of Ger-
many and of good family, who came to this city in the early
part of the last century, and established himself in the business
of a baker, supplying vessels with sea-biscuit. David Lydig, at
his father's death, found himself in the possession of a very sub-
stantial property. He had received a good education, and in-
herited his father's handsome person, and was endowed with all
his sagacity, judgment, and good sense. He purchased a valu-
able water-front at Buttermilk Falls near West Point, where he
erected large mills for the manufacture of flour. At South and
Dover Streets he had a depot for its sale, and for the transac-
tion, generally, of the business of a wholesale flour-merchant.
He married the daughter of Peter Mesier, and took up his
residence at 35 Beekman Street, next door to the house of
General Ebenezer Stevens. Subsequently he purchased the
country residence of the Delanceys in Westchester Countv,
adjoining the village of West Farms, situated on both sides of
the Bronx River, embracing a large number of acres, in which
was included the family mansion on the bank of the river, built
by Peter Delancey at the beginning of the nineteenth century.
In this purchase was united a mill-power nearer to the city and

David Lydig.

accessible by water, together with a beautiful country-seat. Mr.
Lydig continued as a director in the Merchants' Bank until his
death in 1842. lie was also for many years treasurer of the
German Society of this city, and was afterward elected as presi-
dent, succeeding in that office Baron Steuben and David Grim.
His son, Philip Lydig, was connected with the business at No.
160 South Street, under the firm name of David Lydig & Son,
as early as 1824, and he also retired from business at the time
his father wound up the concern, lie married the eldest daugh-
ter of John Suvdam. The eldest daughter of Philip married
Judge Charles P. Dalv ; another daughter married Judge John
R. Brady, and a third, Frank K. Sturgis. Another son, Philip
M. Lydig, served on the staff of General Sheridan during the
Civil War. He married Miss. Pauline Ileckscher, third daugh-
ter of Charles A. Ileckscher, one of the most prominent mer-
chants of his day,

THE MERCHANTS' NATIONAL BANK

Wynant Van Zandt, Jr. — the common ancestor of the
Van Zandt family of New York was Jacobus Van Zandt
— represented an opulent family of pure Holland origin.
The original Wynant Van Zandt, styled " gentleman" in the
records, held important trusts under Charles I. In 1638 he
was commissioned by that monarch as agent for England in
the city of Amsterdam to act in connection with the British
minister in regard to certain matters of moment. The first of
the name settled in New York about 1682. Jacobus Van Zandt
married Margareta van der Voel in 1681, and emigrated from
the city of Anheim, Holland, to New York in 1682. His son
Wynant was born in New York in 1683, and died in 1763.
Wynant's son Wynant was born in 1730, and died in 18 14;
and Wynant, son of Wynant second, was born in 1767, and
died in 183 1. Thus there were three Wynant Van Zandts in
old New York, all men of wealth and worth in their genera-
tion ; also Wynant, grandson of Wynant third, and his son
Wynant of the present day. Jacobus was surgeon in the army
under Washington at Valley Forge and Trenton, and served
throughout the Revolutionary War. His wife and daughter
fled to Morristown, N. J., during the occupation of New
York by the English. Miss Catharine Van Zandt was one of
the leading belles at the Inauguration Ball of our first Presi-
dent, and married in 1788 James Homer Maxwell, son of the
founder of the first banking establishment in New York. In
1796 Louis Philippe, while in New York, was entertained by
Wynant Van Zandt, third, and after his return to France wrote
an autograph letter of thanks for the hospitality shown him,
sending at the same time to Van Zandt a beautiful watch-seal
as a token of appreciation and remembrance. The old home-
stead of the Van Zandt family was in William Street. Wynant
Van Zandt was one of the Building Committee of the Board of
Aldermen that put up the present City Hall. He was opposed
to putting up the front white, and rear with redstone, as he re-
marked, with sagacity, that the cify would in a few years extend
far beyond the City Hall. His colleagues laughed at the idea,

J<«iah Ogdcn Hoffman.

and so they used brownstone, for the sake of economy. Again,
when it was proposed to lay out Canal Street sixty feet wide,
he opposed it, and made a plea for one hundred feet, for the
reason that the street was destined to be one of the greatest
thoroughfares in the city. They derided this idea also, but
finally yielded, and for the width of Canal Street the city is in-
debted to Alderman Van Zandt.

Henry A. Coster owned a handsome residence in Chambers
Street, and also a country-seat on the East River, near the foot
of Thirtieth Street. I lis wealth, and that of his brother John
G. Coster, added materiallv to the prosperity of New Vork.
They were importers of all kinds of goods, and were constantly
buying and shipping to Europe a variety of American produce.
Both brothers were directors in the chief money corporations
of the period -John G. Coster being elected president of the
Manhattan Company to succeed Henry Remsen in 1826.
They were also directors in two insurance companies, the Phe-

Jacob Radcliffe.

nix and the Globe, and were large contributors to the humane
institutions of the day. One of the daughters of Henry A.
Coster married William Laight ; another married Hamilton
Wilkes, a son of Charles Wilkes, of the Bank of New York.
John G. Coster built a splendid granite double residence above
•Canal Street on Broadway, about 1833, which was considered
palatial in its day. His children intermarried with the Primes,
Delanceys, and other notable families. The Coster mansion on
the East River was of the Grecian type of architecture, then in
vogue upon Manhattan Island. It was finely shaded, and a
smooth-cut lawn extended to the rivers edge. Of the $16,-
000,000 loan authorized by Congress on February 8, 181 3,
Henry A. and John G. Coster subscribed for $100,000.

Josiah Ogden Hoffman was a famous lawyer, and Recorder
of the city of New York from 1810 to 181 1 and from 1813 to
181 5. He was a Sachem in the Tammany Society in 1791, and
was counsel for Samuel G. Ogden in the celebrated Miranda

THE MERCHANTS' NATIONAL BANK

Expedition case, and succeeded in obtaining the acquittal of
Ogden before the United States Courts in this city, in 1806.
Ogden had organized an expedition to Caracas, South America,
which sought to drive the Spaniards out of that country, and
which signally failed. Mr. Hoffman was a delegate from Albany
to the Constitutional Convention in 1801 ; was Attorney-Gen-
eral of this State, 1795 to 1802; was member of Assembly from
New York in the Fourteenth to Eighteenth Legislatures, 1791
to 1795, and in the Thirty-sixth Legislature, 181 2 to 1813. He
was one of the first justices of the Superior Court, serving as such
until his death, which occurred January 24, 1837, at the age of
seventy-one years. Judge Hoffman's sons were Ogden Hoff-
man, the eminent lawyer; Charles Fenno Hoffman, the poet and
novelist, and Murray Hoffman, also a judge of the Superior
Court and a voluminous writer on legal topics.

Jacob Radcliffe was the son of William Radcliffe, who was
a captain of militia in the Revolution, and rose to the rank of
brigadier-general. William Radcliffe was a member of the State
Legislature, his residence then being at Rhinebeck, Dutchess
County. He died in 1831, leaving four sons and two daughters,
of whom Jacob was the eldest. Jacob was educated as a lawyer,
and began practice at Poughkeepsie, and at an early age was ap-
pointed one of the judges of the Supreme Court. He subse-
quently removed to New York, and soon after resigned his
judicial office, returning to the practice of his profession. He
was appointed Mayor of the city of New York in 18 10, and
also served in this position in 18 15, 1 8 1 6, and 181 7.

William Paulding was the son of William Paulding, the
well-known and conspicuous Revolutionary compatriot, who
was for some time a member of the Provincial Congress, and
also held the position of Commissary-General. Mr. Paulding
was born at Tarrytown, Westchester County ; the old mansion
of his father standing on the river shore in that village, a vener-
able relic of the Revolutionary era. He received a classical
education and removed to the city of New York about 1795,
where he commenced the practice of the law. In 1802 he

William Paulding.

formed a partnership with Mr. Barton, the firm being Paulding
& Barton. He married a daughter of Philip Rhinelander, a
wealthy merchant, through which connection he came into a
large estate. He became somewhat conspicuous as a politician,
and was attached to the party of James Madison, and was an
active participator in the exciting events of the War of 1812.
At that time he became a general in the State forces, and thus
acquired his title of " General," by which he was commonly
known. Mr. Pauldings residence was on the northwest corner
of Greenwich and Jay Streets, in one of what were then the
finest houses in the city, commonly called " Pauldings Row."
Toward the close of his life General Paulding retired to the vi-
cinity of Tarrytown, where he had built an elegant mansion,
and there resided until his death, which occurred in 1856, he
being then about eighty years of age.

Nicholas Fish was born in the city of New York August
28, 1758. At the age of sixteen he entered the College of

Nicholas Fish.

New Jersey. He soon left it to study law in the office of
John Morin Scott. lie was appointed Second Lieutenant in
the Fusileers, an independent uniformed company of New York
City militia, in 1775, which was consolidated into Colonel John
Lasher's regiment, as the First New York Independent Bat-
talion of Volunteers. In 1776 he was appointed Aide-de-
camp to Brigadier-General John Morin Scott, and on June 21st
of the same year Major of a brigade. On November 21, 1776,
he. was appointed Major of the Second Regiment New York
Continental Infantry, under the command of Colonel Van
Cortlandt. He was appointed in 1778 Brigade Inspector of
General Enoch Poor's command, and in the same year Division
Inspector under Baron Steuben. At the battle of Monmouth
he commanded the corps of light infantry, and subsequently
accompanied General Sullivan's campaign against the Six Na-
tions. Under Lafayette he served in the light infantry dur-
ing the campaign of 1780, marching with his regiment to Yir-

William Coleman.

ginia, and taking an active part with Hamilton's corps in the
engagements which resulted in the surrender of Lord Cornwal-
lis. In 1782 he was with the main army under General Wash-
ington at Verplanck's Point (West Point), and near Windsor
until the close of the war. In 1786 he was appointed Adju-
tant-General of the State of New York. He was an Alderman
in New York City from 1806 to 18 17, and was elected presi-
dent of the Cincinnati Society of New York in the years 1797
and 1805. He was the first president of the Butchers' and
Drovers Bank, founded in 1830. He married Elizabeth Stuy-
vesant, by whom he had five children ; his oldest son being
Hamilton Fish, Secretary of State from 1869 to 1877. Nich-
olas Fish died in the city of New York June 20, 1833.

William Coleman was born in Boston, Mass., February 14,
1766. He was educated as a lawyer and removed to New
York City in 1794, and was for a short time a law partner of
Aaron Burr. With the support of Alexander Hamilton and the

THE MERCHANTS' NATIONAL BANK

leading members of the Federal party, he founded the New
York Evening Post, the first number of which was issued No-
vember 1 6, 1 80 1. Mr. Coleman was its sole editor for over
twenty years. The livening Post was a devoted adherent of
that party until the close of the second war with England,
Mr. Coleman died July 13, 1829.

Marinus Willett was born on July 31, 1740, at Jamaica,
L. I. In 1758 he obtained a commission as Second Lieuten-
ant in the Long Island Company of Colonel Oliver Delancey's
Regiment, in General James Abercrombie's expedition to
Ticonderoga and Crown Point. After the repulse and death
of the first Lord Howe, a detachment of 3,000 men, including
Lieutenant Willett, was sent under Colonel John Bradstreet to
Oswego, and across Lake Ontario to Canada, against Fort
Frontenac (now Kingston). When the British troops in New
York City were about embarking for Boston, Lieutenant Wil-
lett, with the assistance of a few others, took down the Kings
arms from the old New York City Hall, then in Broad Street.
In 1775 he was appointed Captain of Colonel McDougalTs
First New York Regiment, Continental Infantry, and pro-
ceeded with it to join General Richard Montgomery in the
expedition to Canada. In 1776 he was appointed Lieutenant-
Colonel of the Third New York Regiment, under Colonel
Peter Gansevoort, and stationed at Fort Constitution until
May 18, 1777, when he marched up the Mohawk to the Oneida
carrying-place (Fort Stanwix), where he had already been sta-
tioned under General John Stanwix during the French War.
He served during the remainder of the war with distinction,
receiving from Congress a resolution commending him for his
bravery and success, and presenting him with an elegant sword
in the name of the United States. After the peace he retired
from the army and was elected, in 1 784, Sheriff of the City
and County of New York, which office he held for four years.
In 1790 he was appointed by Washington to adjust the exist-
ing differences with the Crete Indians about the tract of land
on the Openee, which the State of Georgia claimed. In 1807

M annus Willett.

he was elected Mayor of the City of New York. His death
occurred August 22, 1830. He was buried in Trinity church-
yard with military honors ; ninety guns, in commemoration of
the years of his life, were fired on the Battery.

Samuel Jones, Jr., was born May 26, 1769. In 1790 he
was graduated at Columbia College, and studied law in his
father's office, having for his fellow-student Dc Witt Clinton.
He held many important judicial offices, and at the outset of
his career took an active part in politics. From 181 2 to 1814
he was a member of the Assembly ; and in 1823, Recorder of the
City of New York. He was appointed Chancellor of the State
in 1826, serving until 1828, when he was made Chief Justice
of the Superior Court of New York City, which position he
occupied until 1847, when he became a justice of the State
Supreme Court, occupying that station until 1849. At the age
of eighty, on the expiration of his term, he resumed the prac-
tice of the law, and was actively engaged in professional life

4«

THE MERCHANTS' NATIONAL BANK

until within about two months of his death. Judge Jones was
often called "the father of the New York Bar." He was one
of the original organizers of the Union Club, and it was in the
Athenaeum rooms, then at Chambers Street and Broadway,
that Chief Justice Jones and his associates met on October 18,
1836, to authorize the committee of formation to organize the
club. He died at Cold Spring in 1853.

Henry Barclay was a son of Thomas Barclay, who was Brit-
ish Consul in New York in the early days of the Republic, and
he always claimed to be British, as lie was born under the
shadow of that flag. He established himself as a paper dealer
and built mills at Saugerties from which he derived a large
fortune.

Nathaniel Prime, of the great banking firm of Prime, Ward
& King, was said to have been in early life a coachman to the
rich William Grey, a Boston merchant, who set him up in busi-
ness as a broker in a small way. When he retired in 1832 he
was accounted the third richest man in New York. His mind
became unbalanced and under the fear of poverty he cut his
throat.

John F. Suydam was a dealer in teas and wines, and the
head of the firm of Suydam & WyckofT, one of the large
losers by the fire of 1835.

Anthony Lispenard was one of the great family whose
farm extended for acres along the Hudson River below Canal
Street. The Lispenards built breweries, from which they de-
rived an income long before their farm became valuable as
building lots.

Preserved Fish, shipping merchant, was born at Portsmouth,
R. I., July 3, 1766, son of Preserved Fish, a descendant of one
of the Huguenot settlers of New England. His father was a
blacksmith by trade, and he himself worked at the anvil until
he was fourteen years of age, when he was apprenticed to a
farm ; but farm life did not suit the boy, who was high-spirited,
and he soon found his way on board a whaling-vessel bound for
the Pacific. Storm and tempest had no terrors for him, and he so

THE MERCHANTS' NATIONAL BANK

easily mastered the art of navigation that at the age of twenty-
one he was made captain. lie commanded a number of vessels,
and by shrewdness and tireless energy accumulated a fortune.
Captain Fish left the sea in 1810, and settled in New Bedford
as a shipping merchant. Cornelius Grinnell was his partner,
and the firm was known as Fish & Grinnell. Owing to some
political trouble he left New Bedford, selling his house and
effects at less than half their cost, and two weeks later settled
on a farm which he had purchased at Flushing, L. I. His life
as a farmer was not a long one, however, and he removed to
New York City, where he was appointed harbor master. He
entered zealously into politics and a number of lucrative posi-
tions were offered him, but he declined to accept them. In
1 81 5 he formed a partnership with Joseph Grinnell, and as Fish
& Grinnell the firm did a large business, their house being
among the first to establish a regular line of packets to Liver-
pool, ships varying from 340 to 380 tons burden. In 1828
Fish & Grinnell were succeeded by the firm of Grinnell, Min-
turn & Co., and Mr. Fish went to Liverpool, where he formed
a partnership with Edward Carnes and Walter Willis, English
merchants, and for two years carried on a shipping business.
He unfortunately lost by this connection, and being dissatisfied
with the English methods of transacting business, returned to
New York and became associated with Samuel Allay ; but a
difference with regard to some unimportant matter led to a dis-
solution of the firm in six months. He remained out of busi-
ness for seven years, and then was elected president of the
Tradesman's Bank, to the interests of which he devoted the re-
mainder of his days. He was a member of the Chamber of
Commerce from May 5, 1818, up to the time of his death.
Mr. Fish was eccentric, but was an upright and distinguished
merchant, and possessed many benevolent traits of character.
He was married three times, but left no children. His Christian
name was one that had come down in the family ; but romantic
stories are sometimes seen in print to the effect that his father,
the first of the name, was found on the sea-shore, or in a drift-

CHAf im

III

THE MERCHANTS' NATIONAL BANK

ing boat, when an infant. He died in New York City July
23, 1846.

The complete list of the first stockholders of the bank, as
taken from the records of 1803, is printed in the Appendix,
the first page being given here in fac-simile :

^ S&nz. &wc£virJ%Aa4

^^^^

-CHAPTER IV

THE CHARTER FIGHT OF 1804— OPPOSITION FROM RIVAL BANKS— THE
STRUGGLE IN THE LEGISLATURE— ACCUSATIONS OF BRIBERY AND
CORRUPTION— THE LONG CONTROVERSY AS REFLECTED IN THE
NEWSPAPERS OF THE DAY.

AT the session of the Legislature of the State of New
York in 1804 the associates composing the Merchants'
Bank applied for a charter. The application was based on the
ground that more banking capital was required to facilitate
commercial and other business in the city of New York ; and
that having invested their capital for banking purposes, when
by law they had a right so to use it, and having incurred con-
siderable expense in the prosecution of their objects, they
claimed from the justice of the Legislature either an act of in-
corporation or the privilege of using their money in the manner
they were by law authorized to do when they incurred their ex-
penditures. But the leading Representatives from the city of
New York in the Legislature (including De Witt Clinton),
some of whom were largely interested in and Directors of the
Manhattan Company, and also several of the most influential
Republicans of Albany, at the head of whom were John Taylor
and Judge Spencer, who were deeply interested in the State
Bank at Albany, warmly opposed their application. They did
not ostensibly oppose it upon the ground that the increase of
banks would diminish the profits of existing institutions, but
because they alleged that the public interest did not require an
additional bank in the city of New York ; and because, as they
asserted, the granting of the application would be injurious
to the Republican party, the applicants being of the Fed-
eral party. Hence, the Republican or Democratic papers, the
American Citizen of New York, and Albany Register, were

Front Street and Maiden Lane in 1816 Abraham Valentine wa« one of the early stockholders of the Bank.

made to announce that the applicants were "Federalists and
Tories," and to urge that as a reason why the Republican mem-
bers of the Legislature ought not to consider the application.
Judge Spencer reported the following objections to the Legis-
lature :

1. Because there are three banks already established by law in
the said city of New York, possessing capital stock to the amount
of about $5,000,000, with authority to issue notes and create debts
to the amount of at least $15,000,000. And when it is considered
that an alarming decrease of specie has taken place in the United
States generally, and still continues to take place, it is jeopardizing
the interests of the community to erect other banks, and more es-
pecially in the city of New York, thereby to increase the influx of
bills of credit, altogether too great, and to further banish from cir-
culation the precious metals.

2. Because the bill contains no evidence, nor does there any
exist any on the journals of either house, or by petition before the
Legislature, that the creation of a fourth bank in the city of New
York is required by the commercial interests of that city, or the
agricultural interests of the State; the obvious conclusion there-
fore is that the said bill is passed to promote the cupidity of a few

THE MERCHANTS' NATIONAL BANK

individuals at the expense and manifest prejudice of those banks
already established by law ; an incorporation under these circum-
stances would promote a dangerous species of speculation, the bane
of all well-regulated governments.

4. Because, from the facts stated in the last objections, there
are at least good grounds to apprehend, should the said bill be-
come a law, that the public opinion will attribute its enactment
to means the most foul and unwarrantable; and thus a want of con-
fidence will be produced on the part of the people toward those to
whom legislative powers may be entrusted, and in the end the pub-
lic functionaries will lose that respect and confidence so essential to
the maintenance of the laws and the upholding of government itself.

The war was carried on in the newspapers with a bitterness
almost incredible at this time. Cheetham of the Citizen, the
chief newspaper opponent of the Merchants' Bank, lost no
chance to hold up his rival, Coleman, the editor of the Evening
Post, and a shareholder in the Merchants', to public derision ;
and Coleman, although a man of peace, could strike back, as
witness this squib from the Post :

44 Lie on Duane, lie on for pay,
And Cheetham, lie thou too;
More against truth you cannot say
Than truth can say 'gainst you."

The following extracts from the Evening Post of 1804 f ur "
nish curious side-lights upon the battle :

March 8. — Judging from the information contained in two of
the morning papers, it seems to be the prevailing opinion of the
Legislature that it will best promote the success of the Clintonian
candidate for governor to destroy both the bank and charter. We
cannot, however, but suspect that they will see cause for a change
of opinion in these particulars, before they give the decisive blow.

March 12, — The Merchants* Bank is supposed by many to be in
great danger of being destroyed, as the Legislative Committee
have reported against it by a majority of two. We confess, how-
ever, we do not yet believe they will carry through their plan of de-
struction. We yield to the impression that they do not feel them-
selves entrenched strong enough in power to do so mad a thing.

THE MERCHANTS' NATIONAL BANK

March /./. — " Notice. — The Merchants, Traders, and other citi-
zens, who are of opinion that the Merchants' Bank, and all other
unchartered Institutions, should be restrained from issuing Bills
of Credit and all other Banking operations, are requested to meet
at the Union Hotel, in William Street, at 7 o'clock on Thursday
evening/* The above is from the " Citizen " of this morning. The
object of this meeting is to give support to the attempt to destroy
the Merchants' Bank.

Without entering the least into a defence of the Merchants'
Bank, we cannot refrain from expressing our utter astonishment
that so alarming an experiment should be hazarded by any men or
set of men who possess a respectable share of property in New
York. This attempt to suppress a rival institution was not to
have been expected from men of liberality, and can only be ac-
counted for from powerful motives of self-interest; but that they
should go the length of calling a public meeting of our citizens to
aid them in their project of destruction is believed to be unpre-
cedented and unparalleled in this country, and cannot but meet
with the marked disapprobation of every member of the commu-
nity who regards its peace or welfare.

It is the first time that our citizens have been publicly called
upon to promote the particular interests of one set of men to the
injury of another, and even, under present circumstances at least,
to the prejudice of the public good.

The principle on which this attempt is made, when seriously
considered, is in itself such as to alarm every reflecting mind. It
is in fact, an attempt by the aid of a public meeting to support an
attack on private right; and if it shall prove successful, who can
possibly tell how long it will be before we shall find similar
measures adopted to advance or defend the claims or pretensions
of one individual citizen against another?

This is not, believe it, fellow-citizens, an exagger-
ated view of the subject, as to this being only a method of coun-
teracting what was done by a meeting of the merchants, last even-
ing, in favor of the Bank. Let it be observed that he must have a
very shallow or a very disordered understanding who does not
perceive and feel the vast difference there is between meetings
held to express their sense to the Legislature in favor of an appli-
cation to secure and defend the lawful rights of property, and
meetings called to destroy and oppose them. . . . We con-
clude by declaring that it is not so much the cause of the Mer-

Last side of Broad Street in 1803. The Custom House in the distance.

chants' Bank that we mean to advocate as it is that we mean to
bear our testimony against the pernicious and alarming principle
on which its opposers are proceeding.

March ij. — To all serious and considerate men. — The proposi-
tion of a meeting to be held this evening in order to aid the plan
of certain individuals to destroy the Merchants' Bank, we cannot
forbear to repeat, is one of the most dangerous and outrageous
attempts on the rights of individuals that our country has wit-
nessed.

. . . Let considerate men of all parties seriously reflect on
the consequences of admitting so horrid a principle, and let them
on this occasion show that they will with energy, and by every
lawful method in their power, resist the desperate attempt.

. . . If it is said that the institution was illegal in its origin,
the answer is ready ; our courts of law are open, and will pro-
nounce its contracts to be void.

Let us ask the gentlemen of the banks who lend their counte-
nance to this measure, what security they have that their own
ruin will not be precipitated by the same mad means now pursued
against the Merchants' Bank? . . . Only let a ruling party
declare that the public good requires the suppression of the Man-
hattan Company or the Bank of New York (which, as well as the
Merchants' Bank, was in operation long before it had a charter),

THE MERCHANTS' NATIONAL BANK

and we beg to be informed where, after this, will gentlemen turn
for a security against the measure? Pause, for heaven's sake?
pause before it is too late.

March 13. — Extract from a letter just received, dated Albany
March u, 1804. — ^ T ° one can » as yet, pronounce with any certainty
as to the fate of the Merchants' Bank. Its prospects, it is true, are
gloomy enough, and from appearances its death-stroke is not far
distant. You may, however, be assured that there exists in the
Assembly a very great indisposition to pass a law so violent and
unnecessary ; but you can form no idea of the arts and misrepre-
sentations which have been practised to bring them into the meas-
ure. A paltry petition consisting of 148 names, many of them of
no note whatever, is palmed on the members as the unanimous
expression of the wish of the citizens of New York. A counter-
petition of more than 600 names, infinitely more respectable, is
cried down as composed of merchants' clerks and tidewaiters-
The most inflammatory letters are received by every mail from
not more than half a dozen interested men, and those are read to
members, as they sit in the house, who can hardly get on with
their other business from the interruptions which they receive
from the agents of the Manhattan Bank. . . .

. . . By their clamors they have completely silenced Judge
Livingston. He has, as you know, always been hostile to the asso-
ciation; but from a fear that its suppression might injure your
city, he has ventured to say that it would be best to let it alone
and restrain future associations. He has been made to suffer for
this indiscretion, which 1, however, should call liberality.

March 16— Merchants Bank. In consequence of the notice of
the " Citizen" of yesterday, calling on all persons who thought
that the Merchants' Bank and all other unchartered institutions
should be restrained from issuing bills of credit to meet at the
Union Hotel, there appeared at the place appointed a vast con-
course of our citizens. . . . It is supposed there were present
at least 800 persons. Mr. Samuel Osgood was chosen chairman,
and William L. Rose was chosen secretary. A string of resolu-
tions was then read. . . .

On reading the first resolution, Mr. Matthew L. Davis rose to
address the meeting, but his voice was for some time drowned in
14 Down with him! Down with him!" and "Hear him! Hear
him ! " At length he got leave to speak, and entered at some
length, and with ability, into the merits of the question. As soon

THE MERCHANTS' NATIONAL BANK

as he had done, the question was put on the resolution and a divi-
sion called for, when it appeared that there was a large majority of
about two to one against the resolution.

There now arose a cry for an impartial chairman. . . .

They proceeded to depose Mr, Chairman Osgood, and did de-
pose him by a formal vote ; whereupon Colonel Samuel Mansfield
was chosen chairman and Mr. Isaac Pierson secretary. . . .
Hissings and hootings notwithstanding, the following resolutions
were adopted by a very large majority of the citizens present :

Resolved, As the sense of this meeting, that they approve of the
resolutions, together with the memorial adopted unanimouslv in
favor of the Merchants' Bank, and respectfully submitted to the
Hon. the Legislature, at the Tontine Coffee-house, on Tuesday
evening, the 13th inst.

Whereas, A memorial has been presented to the Hon. the
Legislature against the Merchants' Bank from a number of persons,
amounting to about 140; and whereas, petitions from New York,
Hudson, Albany, Lansingburgh, and Troy, signed by about 1.400
citizens of different political sentiments, have been presented in its
favor ; therefore,

Resolved, As the opinion of this meeting, that the propriety or
impropriety of destroying the Merchants' Bank cannot and ought
not to be considered as a party question.

Samuel Mansfield, Chairman.
Isaac Pierson, Secretary.

The Citizen of the same date publishes the following :

At a very numerous and respectable meeting of Merchants,
Traders, and other citizens, held at the Union Hotel in William
Street, on Thursday evening, the 15th of March, 1804, pursuant to
public notice — Samuel Osgood, Chairman ; Isaac Pierson, Secretary
— On motion, Resolved, as the sense of this meeting, that the
establishment of Banking Institutions and the power of emitting
bills of credit exclusively belong to the legislative authority ; and
that an attempt to introduce the same without the consent of the
Legislature is a dangerous innovation, repugnant to the principles
of every well-regulated State.

Resolved, As the sense of this meeting, that the Merchants' Bank
in the City of New York, having been established not only with-
out the consent but contrary to the declared opinion of the Legis-

orsrw w. $»"ii\v.\u.

THE MERCHANTS' NATIONAL BANK

lature, demands the marked disapprobation of our fellow-citizens;
that the said establishment, being entirely self-created, is hostile to
the security of property ; and also that the same is wholly unneces-
sary and useless in a commercial point of view, inasmuch as the
amount of discounts has not been increased thereby.

Resolved, That a respectful memorial be presented to the Legis-
lature in behalf of the meeting, expressive of our sense of the in-
jurious and mischievous tendency of the said institution ; and that
Thomas Pearsall, Charles Smith, Charles Ludlow,

William Edgar, John B. Church, Joshua Waddington,

Thomas Buchanan, John Stevens, John Clendenning,

Isaac Clason, Paschal N. Smith, Peter Kemble,

Samuel Gouverneur, Daniel Ludlow, James Arden,

John R. Livingston, Cornelius Ray, Elis Ncxsen, and

Herman Le Roy, David M. Clarkson, Thomas Arden,

be a committee to pursue all proper measures to carry the objects
of this meeting into effect.

Samuel Osgood, Chairman,
Wili/m L. Rose, Secretary,

" Evening Post'" March ij, iSoj. — . . On the committee we
observe the names of several directors of the Manhattan Bank.

March 17, 1S04 — New York, March 16, 1804.

Sir: Observing our names in your paper of this morning as part
of a committee nominated by a meeting held at the Union Hotel
in William Street last evening, upon the subject of the Merchants'
Bank, we request you to inform the public that we were not at the
meeting, or consulted as to our names being placed there.

We remain.

Your humble servants,
Herman Le Roy, J. Waddinoton,

Cornelius Ray, Charles Smith,

Thomas Buchanan, Charles Ludlow,

David M. Clarkson, Peter Kemkle,

S. GoUYERNEUR.

To Mr. Cheetham,

Editor " American Citizen. "

Cheetham declares that he gives place to the above with pleas-
ure, affecting to consider it as a mere correction of an unimportant
fact. . . .

Exchange Place, 1831, looking east.

" Evening Post" March ij y 1804, — Communication: Manhattan
Bank. — It ought to be understood by the merchants of this city,
and it merits their spirited censure and resistance, that a number
of the directors of the Manhattan Bank have, and probably still do,
conduct the affairs of their bank on the principle of personal hostil-
ity to those who have signed the petition in favor of the Merchants*
Bank. It is said that the directors of the Manhattan Bank, or some
of its members or officers, have procured from the city of Albany a
list of the names of the petitioners in favor of the Merchants* Bank,
and have this list alphabetically arranged for their use ; and that
notes offered for discount by persons who have signed those pe-
titions have been, and probably continue to be, rejected, on the
ground that the persons offering them, or some of the parties there-
to, were petitioners in favor of the Merchants' Bank. To prevent
mistake or prevarication on this subject, if any of the directors of
the Manhattan Bank deem it expedient to answer this charge, it is
particularly desired that they admit or deny whether they or their
officers, or some of them, have not a list of the names of the pe-
titioners in favor of the Merchants' Bank, or of any and what part
of such petitioners? And whether such list has not been alpha-
betically arranged, and is not in the hands of some one of them, or
their officers? And whether notes have not been objected to and
refused to be discounted, on the ground that the persons offering

I><x>king ea>t on hxrhanye IMacc, 1903.

THE MERCHANTS' NATIONAL BANK

them, or some of the parties thereto, were petitioners in favor of the
Merchants' Bank ? These are plain questions, and admit of certain
and direct answers; and silence on the part of the bank will be
construed as it deserves.

The intemperate conduct of some of the directors of this bank
has long been a subject of observation, but the tyranny now at-
tempted has never been equalled. The despotism of banks, when
successful, is always the most cruel and intolerable of any, and may
easily be employed to effect the ruin of the individuals who are the
objects of their resentment and happen to be in their power. This
single remark, with the example, affords a decisive argument in
favor of the establishment of such a number of banks as will
create a competition between them, and make it their interest,
as well as their duty, to treat our citizens with justice and im-
partiality.

A Merchant.

March ip, 1804. — . . . Now Isaac Clason has declared that
if the Merchants' Bank is not destroyed, he and James Arden will
turn Federalists. . . .

The Clintonians say that it was a daring act on the part of the
friends of the Merchants' Bank to depose Mr. Osgood from the
chair because he considered a great majority of the meeting as
nobody. . .

Maturin Livingston, with the assurance of a Manhattan direc-
tor, is said to have alleged before the committee of the House of
Representatives that the memorial of the friends of the Merchants'
Bank contained misstatements of facts. . . .

The "Citizen" this morning, in compliment to the taste of its
patrons, deals in more vulgar scurrility than has adorned its
columns for many months. Detected in Saturday's " Evening
Post" in willful and material falsehoods, its editor hopes to justify
his own disregard of truth by degrading others to a level with
himself. . . .

March 20. — The insolence and meanness of a junto of Man-
hattan directors in attempting to destroy the credit of the friends
of the Merchants' Bank is not to be endured. . . .

The friends of the Merchants' Bank have hitherto conducted
the matter with proper spirit, tempered with prudence ; let them
remain an united, indissoluble band.

A Merchant.

THE MERCHANTS' NATIONAL BANK

Communication

(Letters from Albany, 14th March, 1804.)

. . . It is now admitted that the question has assumed a
political aspect, and it is intended to suppress the bank because a
majority of the directors are Federalists.

Legislature of New York. House of Assembly,

March 14, 1804.

Mr. Rutgers, from the committee to whom was referred the
petition of Oliver Wolcott and his associates of the city of New
York, praying that they be incorporated under the style and de-
scription of the Merchants' Bank, and sundry other petitions to the
same purport, and the memorial of Daniel Ludlow and others of
the city, remonstrating against the incorporation of the said bank,
and praying that a law may be passed restraining the said associa-
tion from the transaction of business in future, and also to prohibit
other associations of a similar nature from being formed hereafter
without obtaining the previous sanction of the Legislature — re-
ported as follows :

That they have maturely considered the subject matter of the
several petitions and remonstrances, and are of opinion that it is
inexpedient to incorporate the Merchants' Bank, inasmuch as the
House of Assembly at the last session of the Legislature sanctioned
an opinion that the banks then existing in the city of New York
were commensurate to the commercial wants of the city, and your
committee do not believe that any change of circumstances has since
occurred to induce an alteration of that opinion.

Your committee are also of opinion that in order to prevent the
mischievous consequences to be apprehended from too great a
number of banks, and with a view that institutions of this kind
should only exist in pursuance of legislative authority, a law ought
to be passed, to take effect at some future period, restraining all
associations from transacting the ordinary business of banking, such
as discounting bills and notes, issuing notes, etc., unless authorized
so to do by an act of the Legislature ; agreeably to which they have
prepared a bill, and have directed their chairman to ask for leave
to bring in the same.

Ordered, That leave be given accordingly.

Mr. Rutgers, pursuant to leave, brought in the said bill, entitled,

THE MERCHANTS' NATIONAL BANK

" An Act to restrain unincorporated banking associations," which
was read a first time and ordered to a second reading.

JV. V. "Evening Post" March 22, 180J.. — Odious conduct of the
Manhattan Co. The following is an extract of a letter received by
the last mail:

"Albany, March 17, 1804.

"Maturin Livingston, as agent of the Manhattan Co., informed
the committee of the Assembly that he was authorized, on behah
of the company, to make offers to the State as advantageous for
the suppression of the Merchants' Bank as any which should or
might be made on their part for a charter; and he actually offered
to the State $500,000 of Manhattan stock to be added to the capital
of that bank at par. He also told the committee that it was the
intention of the company he represented to propose connections
with a certain other bank, with a view of consolidating what he
called the Republican moneyed interest. He went on to observe
that it was owing to the Manhattan Company that Mr. Jefferson
was now President of the United States, and that the Merchants'
Bank was a Federal institution and ought to be crushed."

Charged that Merchants' Bank had offered $100,000 for a charter.

Maturin Livingston, son-in-law to Judge Lewis, one of the can-
didates for governor.

March 2j. — We have within these few days been repeatedlv as-
sured that should the Legislature destroy the Merchants' Bank, it
will be followed by the failure of at least one hundred persons now
doing business in the city of New York." . . .

March 26. — Merchants' Bank. — Much has been said about the
offer made by the agent at Albany for a charter. The following
may be relied upon as a correct statement of the propositions actu-
ally made :

Propositions Made to the Legislature by the Merchants'

Bank

" The subscribers, a committee of the president and directors of
the Merchants' Bank in the city of New York, respectfully submit
to the honorable the committee of the house of Assembly to which
were referred the petitions respecting the incorporation of the said
bank :

44 The present capital of the company consists of one million
two hundred and fifty thousand dollars. The State to reserve the

Frauncc's Tavern in 1903.

right to become interested in so much of the additional stock as
the Legislature shall judge expedient, upon terms which it is hoped
will be deemed eligible, viz.: a credit to be given by the bank to
the State for the whole amount of its shares in the stock at an in-
terest of five per cent, per annum, and the State to receive its pro-
portion of the dividends which shall from time to time be made,
equally with the other proprietors.

"The reimbursement of the sum for which the credit may be
required to be made in instalments, and at such periods as shall be
agreed on and as will be best with the interest and convenience of
the State. And as a further facility, if desired, the bank to receive
from the State, in payment, any stock which it now possesses, either
in the funds of the United States, or in the capital of the New York
or other banks within this State, at the fair value upon which the
committee stand ready to agree.

44 Or, if the Legislature shall disincline to embrace the proposals
above suggested, the committee, adverting to the practice which
has always existed in the commercial nation of Great Britain, and
which has been very recently sanctioned by our sister State of

THE MERCHANTS' NATIONAL BANK

Pennsylvania in the instance of an institution nearly similar in its
origin and progress to the Merchants' Bank, offers, as a considera-
tion for the privilege of a charter for twenty-one years, to pay into
the treasury, for the use of the State, One Hundred Thousand Dol-
lars in specie, or to invest the State in lieu thereof, at its election,
with an equivalent number of shares in the increased capital stock
of the said bank, estimated at par, being equal to two thousand
shares.

44 The committee begs leave respectfully to suggest that although
the acceptance of either of the foregoing proposals will consider-
ably diminish the profits of the stockholders, yet in proposing to the
State a certain benefit, they are confident the commercial and gen-
eral advantages to be derived from the institution will be promoted
by an act of incorporation, and thus the real and true objects of the
association will be essentially secured.

44 To ensure, also, the faithful and impartial administration of the
affairs of the said company and the confidence of the public at
large, it is proposed that a provision be also made in the act of in-
corporation, that the Legislature shall appoint annually one-fourth
of the whole number of directors, and that none but citizens of the
United States be stockholders in the said bank.

44 It would also correspond with the intention and wishes of the
directors that the business of the institution shall be restricted to
banking operations only."

In answer to this, Mr. Maturin Livingston, the agent of the
Manhattan Company, for the express and avowed purpose of pro-
curing the suppression and ruin of the Merchants' Bank, rose and
observed :

44 That the considerations which had hitherto imposed silence
upon him were, by the offers of the gentleman last up, now re-
moved. That he had wished and determined that the question re-
specting the Merchants' Bank should have been decided upon its
own merits; but as the gentleman had brought to his assistance
some extrinsic collateral aid, it was necessary that the committee
should have a view of both sides of the subject; that it (the Man-
hattan Bank) had greatlv contributed to the happv change which
we had all felt and acknowledged ; that if an increase in the bank-
ing capital in the city of New York was necessary, the Manhattan
Company now solicited the patronage of the State, and bv extend-
ing its capital it was willing that the State should be interested to

THE MERCHANTS' NATIONAL BANK

the amount of half a million of dollars par; that the difference be-
tween the par and the actual price of the stock would give a net
profit to the State of about one hundred and fifty thousand
dollars."

The above is given, verbatim, from the " Citizen " of Fridav
last ; and as Mr. Livingston had then been in town several davs,
we are to presume that the statement was furnished by himself.

In this transaction the public will see, on the one hand, an inno-
cent and fair institution offering a large and unusual consideration
for the legislative and legal and vested rights; on the other, thev
will observe a company which had surreptitiously crept into ex-
istence as a bank, without any express authority for that purpose,
offering as large a sum for the ruin of its neighbor. They will see,
too, that unwarrantable party considerations are resorted to for
the purpose of exciting a prejudice against a certain portion of
their fellow-citizens, and destroying their property.

Infatuated men! did it not occur to them, when they were urg-
ing the superior claims of the Manhattan Company on the score of
party, that if such considerations could have any weight this com-
pany was indebted for its existence to the exertions of Mr. Burr,
the very man against whom they are now arrayed in open hostility ?
Blind and envious monopolists! do they suppose their conduct is
not properly appreciated in this community? Even the worm will
turn if trod upon ; and men are not yet to be " crushed " in this
country with impunity.

The members of the Legislature from the country cannot in
general be acquainted with commercial operations and establish-
ments. In forming their opinions they therefore with great pro-
priety enquire what is the real and deliberate opinion of men of
business in New York respecting the policy of suppressing the
Merchants' Bank. At present the minds of the members arc nearly
divided, and this is not strange, considering the contradictory re-
ports which they receive from this quarter.

There is good authoritv for the following account just received
from Albany : At a meeting of members collected to hear the re-
port of Mr. Osgood's meeting, Mr. \V. Gilbert declared in sub-
stance, " That the last meeting was composed of many respectable
characters, and that the resolutions signed by Mr. Osgood were
clearly carried without any interruption save from a few minors,
who had come to the meeting on purpose to interrupt and disturb
it; that he was himself present and could declare what he asserted

180G.

THE MERCHANTS' NATIONAL BANK

to be true, from his own views of the transaction. lie further as-
serted that not an eighth of the citizens were in favor of the Mer-
chants' Bank."

We have here a statement of which hundreds of our citizens
can testify that it is in every respect destitute of veracity.

The resolutions signed by Mr. Osgood were not carried at all;
two-thirds of the citizens present were totallv opposed to them,
and in favor of those afterwards signed bv Colonel Mansfield.
The opposers were not minors, but men of credit and respectability
as merchants and traders. It is not true that those in favor of the
resolutions signed by Mr. Osgood were generally merchants and
traders; except the Manhattan Junto, there were very few persons
of this description who voted with Mr. Osgood.

Instead of one-eighth of the citizens only being in favor of the
bank, it may be asserted that not one-eighth of the persons con-
cerned in trade arc opposed to it. Let any one of the Manhattan
Company come out and discuss these questions if he dare.

Great C<>mi«>vkrsv

March 27. — By intelligence received from Albany, it appears
that the question of the Merchants' Bank has been taken in the As-
sembly and carried by a majority of seven votes against the bank,
notwithstanding a previous decision on Wednesday in favor ol it.

The following extracts from the Evening Post and the
American Citizen show the temper of the opposing bank
interests during the final struggle for a charter in 1805 :

"Evening 7W," Feb. /p, 1S03. — The ''Citizen" has been writing
a great deal and taking abundance of pains for the last three or
four days to prove that the Merchants' Bank was an infernal ma-
chine, and originally designed to blow up the republican party in
this city and State. Trying to persuade Legislature that this bank
was instituted with a view to destroy republicanism.

The "Citizen" says: The fact is, we must either destroy the
bank, or the bank will destroy the republican party. The " Even-
ing Post " agrees with opinion of His Excellency, Governor Lewis,
just previous to the last election. Me declared that the suppression
of the company would be a violation of private right. Afterward
he said suppression was a favorite measure with his republican

THE MERCHANTS' NATIONAL BANK

friends, and the success of the republican party was paramount to
all other considerations. In fact, the suppression law was carried
by his individual vote in the Council of Revision.

Feb. 2&\ 1805. — Merchants' Bank stock rose 5 per cent. In
consequence, Manhattan Bank have this morning set forth another
petition to the Legislature. . . .

March 2, /Soj. — The opposcrs of the Merchants' Bank are so
much alarmed at the last news from Albanv that thev have sent
of! the most influential and respectable and courageous men, among
them the Recorder, post haste some time ago, and the Mavor set
out yesterday. The city is, therefore, left without the superin-
tendence of its first two officers.

u American Citizen '' says, regarding a memorial against the
Merchants' Bank bearing 2,000 citizens' signatures: "Against the
revival of such a pernicious and destructive establishment 5,000
could have been obtained. Let this be a sufficient answer to those
who pretended that the sense of the public was in favor of the
Merchants' Bank."

14 livening Post" March n, 1803. — The u American Citizen " pre-
sents us with a memorial against the Merchants' Bank, purport-
ing to be drawn up at Westchester, with letter to Senators and
members of the Assembly to use influence to 4< counteract the
machination and render impotent the baleful activity of this auda-
cious association." I can't say whether any delegate has been
sent by the Manhattan Company from New York to Westchester,
for the purpose of procuring the intelligent inhabitants of that
county to interfere in the banking concerns of this city, but the
memorial and letter accompanying it certainly wear a very sus-
picious appearance.

The following is an extract from the memorial : " A greater
number of banks, so far from affording additional accommodations
to commerce, would diminish the amount which might otherwise
be procured, because the discounts which are afforded must always
be in proportion to the specie capital, and because the hostile spirit
which rival institutions will ever cherish toward each other will
necessarily occasion apprehension and alarm in all, and prevent
them from extending the same assistance to trade which they
would otherwise be enabled to afford."

44 Evening Post" March 18, 1S03.— Extract of letter from Albanv,
March 13. — The bill for incorporating the Merchants' Bank passed
the Senate this day. The charter is limited to the year 18 18.

THE MERCHANTS' NATIONAL BANK

The State has the privilege of subscribing for three hundred
shares, and is to receive one hundred as a gratuity. On the hirst
clause of the bill the votes were 14 to 12. After going through it,
on the final question, "Shall the bill pass? "there were 15 to 11.
Great exertions were made after the first section of the bill had
passed to substitute, by way of amendment, a clause to oblige the
present stockholders to give up their shares and have new books
opened by commissioners to be appointed to take subscriptions for
the whole capital, but it would not go down.

4t Evening Post" March 22, 1803. — The Legislature have been en-
gaged nine hours on the Merchants' Bank bill in as hot a war-
fare as ever a Legislature was engaged in. The friends of the
bank succeeded in having the committee increased to thirteen
after the Speaker had been so partial on Saturday as to appoint a
committee of five, consisting of persons on one side and opposed
to it. Mr. Van Ness has done wonders. lie has excited the admi-
ration and applause of all. He gave no quarter to your alderman
and orator, Few.

It is curious to find that two of the Judges of the Supreme
Court, who were counted upon as being so much opposed to the
Merchants' Bank, are determined to vote for it in the Council of
Revision.

44 Citizen" March 2;, fSoj. — That the bill will pass the Assembly
is far from impossible. The villains who are themselves bribed or
who have bribed others, sunk deep in the abyss of disgrace and
infamv, will brave conclusive charges of corruption and defy their
operative force. Let them do so. For security we must resort to
the Council of Revision, and if not to this lettered branch of our
Government, to the Supreme Court, and should we not even here
be safe, we must appeal to the people.

Mr. Cheetham, in the American Citizen, had charged the
Senate with corruption in the passage of this law, and the Sen-
ate, on motion of Mr. Van Vechten, instructed the Attorney-
General to prosecute him for libel ; subsequently the Attorney-
General, Mr. Woodworth, in obedience to the resolution,
caused the alleged libel to be submitted to the Grand Jury of
New York City, but they refused to find a bill.

During the proceedings in the Legislature upon the bill in
question, much acrimony among the members was incited. So

THE MERCHANTS' NATIONAL BANK

heated did Judge Taylor and Judge Purdy become, that the
former committed a personal assault upon the latter by knock-
ing him down as he was passing the Senate Chamber, and
almost within the bar of the Senate. This struggle of the
Merchants' Bank for a charter, amid the contention of opposing
politicians and the animosities of rival institutions, marks an
important epoch in the annals of the banking history of the
first decade of this century. The Merchants' Bank won the
fight, and three-quarters of a century later united with its old
enemy, the Manhattan Bank, in erecting one of the finest
banking buildings in the country.

CHAPTER V

FROM 1804 TO 1835— THK YKARI.Y MOYK TO C.RKKXWICH VILLAGE ON
ACCOUNT OF FKVKR AND MALARIA— JOSH t'A SANDS, THK SKCOND
PRESIDENT OF THE BANK — BUSINESS CONDITIONS IN THE FIRST
DECADE OF THE CENTURY— FINANCIAL DEPRESSION OF 1818— SUS-
PENSION OF SPECIE PAYMENTS— LYNDE CATLIN ELECTED PRES-
IDENT—OPENING OF THE ERIE CANAL- BANK SALARIES OF 1830.

AMONG the first minutes of the bank is to be found the
record of an extra meeting of the Board of Directors
on August 20, 1803, when it was resolved that the Merchants'
Bank be removed to Greenwich, owing to the prevalence of
yellow fever, which was supposed to make the city unhealthful.
Only three years before, in the summer of 1798, 1,524 persons
had died of yellow fever, which disease first appeared in New
York about 1791. Experts differed as to the cause of the many
fevers and diseases which afflicted the city at the beginning of
the century. Some thought that lack of drainage was at the
bottom of the trouble. Malaria was very prevalent, due prob-
ably to the opening of many new streets and roads, and much
building. The water used by the city, much of which came
from what was known as the Collect, the pond near the present
site of the Tombs, was probably not of the best. The Collect
was filled up between 1800 and 1818, and the health of the city
improved greatly, although the water supply was not adequate
for its needs until the Croton Aqueduct was finished in 1842.

The bank at Greenwich was opened for business on .August
24th, during the usual hours, namely, from ten to one and
from three to five. The move back to the city was made the
following November. So ncccssarv was considered this yearly
removal out of town that a few years later, in 1806, eight lots
were obtained on Hudson Street, between Horatio and Jane
Streets, and the sum of $8,000 expended in building a suitable

liroadway and Howling (irecn in 1805.

banking house. The whole expense of the Greenwich invest-
ment for land and building amounted to $15,887. For many
years the bank business was transferred almost every summer
from Wall Street to Greenwich whenever there seemed to be
danger of yellow fever or serious malaria. Under date of Sep-
tember 2, 1829, is the following minute of a protest addressed
to the city authorities :

44 The President and directors remonstrate against the opening
and extending of 8th Avenue to Hudson Street. Uncalled for and
unnecessary &c. It would be a great injury to their interests and
property. They represent they are the owners of 8 lots on the
west part of the block between Jane & Horatio Street, on which
they have erected at a great expense a banking house as a place of
retreat in cases of sickness in the city <S:c. That your remonstrants
have at a considerable expense erected a wall which will be an
entire loss &c. or be obliged to dig out and lower the remaining
ground and thereby to destroy a grove of ancient fruit trees which
are a great ornament to the property."

During the cholera epidemic of 1832 the banking house at
Greenwich was rented to the city for a cholera hospital at $150
a month. The Greenwich property was held and occasionally

I'.roirtway. i- >• •kiui: north fr..m Howling < ',r«*en, in 190?.

used by the bank until 1844, when it was sold at auction to
A. P. Hamlin for $11,600.

In October, 1803, a letter was received from the president
of the Philadelphia Bank, proposing the establishment of a
mutual credit and a mutual redemption of notes, which propo-
sition was accepted, it being agreed that the credit should be
limited to a sum not exceeding $30,000. Later in the year the
New York State Bank of Albany wrote to know upon what
terms the notes of that bank would be received by the Mer-
chants' Bank. The committee to which this proposition was
referred recommended that New York State Bank's notes
should be received to the amount of $50,000, without charging
the institution any interest ; and that there should be a mutual
credit between the two banks, for a sum not exceeding $20,000,
provided the New York State Bank should agree to keep
their account with the Merchants.

THE MERCHANTS' NATIONAL BANK

The year 1S04 was largely given over by the Merchants'
Hank to its struggle for a charter, an account of which is given
elsewhere. From the minutes it seems that the expenses
incurred amounted to $1,704, which ought to preclude any of
the suggestions of bribery, so freely made at the time, un-
less our legislators of a hundred years ago held their favors
cheaply.

Oliver VVolcott resigned his office in June, 1804, and was
succeeded by Joshua Sands, who was elected president June
1 2. A resolution of thanks for his faithful services as president
was passed by the Board and communicated to Mr. VVolcott by
the president.

Joshua Sands, the second president of the Merchants' Bank,
was born in 1757 at Cow Neck (subsequently called Sands
Point), Queens County, Long Island, of which place his grand-
father was an original settler. At the age of fifteen he com-
menced his business life as a clerk, but in 1776 was invited by
Colonel Trumbull, of Connecticut, to accept a position in the
Commissariat Department of the American Army, with the
rank of captain. He contributed very material aid in facilitat-
ing the retreat of the American Army from Long Island, after
the battle of August 26, 1776. In 1777 he, together with his
brothers, Richardson and Comfort Sands, tendered proposals
for the supply of clothing and provisions to the Northern
army. These were accepted by Robert Morris, and were faith-
fully carried out on their part; but the scarcity of means at the
command of the Treasury Department not allowing of the ful-
filment of the contract on the part of the Government, they
became great sufferers, although afterward partiallv reimbursed
by a s|>ecial Act of Congress. At the close of the war Joshua
became a partner with his brother Comfort in mercantile pur-
suits and in 1 784 they were purchasers from the Commission-
ers of Forfeiture of the Rapalje estate on Long Island, com-
prising about 160 acres. It is said that they paid for this
land in soldiers' pay certificates, which they had bought up in
large quantities, at a rate of discount which made the opera-

Joshua Sands.

tion a very good speculation for them. Old Mrs. Rapalje, the
mother of John Rapalje, by virtue of some right in the prop-
erty, refused to give possession, which necessitated the official
interference of the sheriff, who put the old lady out into the
street in her arm-chair. In 1786 Joshua Sands removed his
residence to Brooklyn, and built for himself, on his new pur-
chase, a handsome frame mansion about fifty feet square, and
furnished it with remarkable elegance, for that day. This
house, situated on the north side of Front Street, about 100
feet east of Dock Street (his coach-house and stables being on
the opposite side of Front Street), was the largest in the village
at the time, and was surrounded by a fine garden, which
extended to the river. It subsequently came into the posses-
sion of John B. Cazeaux, who, in 1824, converted it into two
dwellings, one remaining as No. 25 Front Street.

About this time, also, Mr. Sands made another addition to
the material interests of the town of Brooklyn. Conceiving

THE MERCHANTS' NATIONAL BANK

the idea of manufacturing the cordage and rigging for his own
vessels, he imported both machinery and workmen from Eng-
land, and established here extensive rope-walks, the beginning
of a new and important branch of industry. Mr. Sands was
one of the original Board of Trustees of "The Episcopal
Church of Brooklyn/' incorporated in 1787. This church was
reorgani/x'd and incorporated June 22, 1795, by the name of
St. Ann's Church, a title which it is said to have "tacitly
received some years before/' in compliment to Mrs. Ann
Sands, who, with her husband, Mr. Joshua Sands, had been its
most liberal donor. In 1798 a new stone church was built on
the ground given by Mr. and Mrs. Joshua Sands, at the corner
of Sands and Washington Streets. In 1825 a new church
building was erected and consecrated, and in 1869 the church
removed to the corner of Clinton and Livingston Streets, a
new edifice being built at a cost of about $300,000. This
church was consecrated in 1879, the sittings being made per-
petually free by the condition which Mr. R. Fulton Cutting
imposed when, in 1878, he donated $70,000 to complete the
extinction of the church debt. Joshua Sands was a trustee of
Brooklyn village from 1792 to 1795, and was elected president
of the village of Brooklyn in 1824. He was appointed Col-
lector of Customs of the Port of New York on April 26,
1797, serving in that capacity to July 9, 1801, when he was
removed by President Jefferson. He was also a member of the
Council of Apportionment for the State of New York in 1796,
and a State Senator from 1792 to 1797. He represented the
Third District in the Eighth Congress, 1803 to 1805, and the
Second District in the Nineteenth Congress, from 1825 to
1827. Mr. Sands was also one of the original Board of Direct-
ors of the Brooklyn Savings Bank, chartered in 1827, which
was the first bank for savings in the city of Brooklyn. He
died in 1835, at the age of seventy-eight years.

The year 1805 was also filled with business concerning the
charter, Peter Jay Munro and John Hone being specially active
in their work for the bank. When the charter had been won,

Oi Ah DICKEY.

Elected J

THE MERCHANTS' NATIONAL BANK

Abraham G. Lansing, Treasurer of the State of New York,
took his seat at the Board in behalf of the State, as directed by
the Act of Incorporation, and made a subscription for 1,000
shares without expense to the State. The stockholders were
assessed $2 upon each share for the payment of this amount.

In June, 1805, the Newark Banking and Insurance Co.
opened an account with the Merchants' Bank.

The next few years the business of the Merchants Bank
ran on very smoothly, the minutes offering nothing of note
except the record of a prosperous business. There was a steady
increase in the salaries, and a surplus had begun to roll up, not-
withstanding occasional losses due to over-confidence in the
honesty of the minor employees of the bank. About 1809 the
coming power of steam began to be felt in the business world
of New York and the East. There was then but one steam-
boat in the world, and that belonged in New York and floated
on the Hudson. The whole tonnage of the United States was
then less than a million. The largest merchantmen known to
our commerce at the beginning of the century did not exceed
500 tons except in a very few instances. The extreme north
limit of the city was the open ditch in Canal Street. Beyond
that were country houses, tea gardens, orchards and cornfields ;
there were no omnibuses and no sidewalks except along Broad-
way from the Battery up to Duane Street. Fires were fre-
quent and difficult to extinguish owing to the many wooden
buildings and the lack of a good water supply. The tolling of
the bells was the signal for every good citizen to turn out with
his regulation leather bucket in hand ; he fell in line and
handed the bucket on from the cistern or pump to the fire.
At every important corner there was a pump, which sometimes
was placed in the middle of the street, to the great embarrass-
ment of the militia tactics on holidays and parade days in
manoeuvring around and about them so as to preserve the line.
The Croton was then renowned only for its striped bass. Citi-
zens were at work early, most merchants opening their count-
ing-rooms at eight o'clock and going home for dinner at one.

Wall Street, looking west, showing the Custom House.

Wall Street, as the old pictures show, possessed fine resi-
dences between Broadway and Pearl Street. The wholesale
and retail dry-goods shops were in William Street, where on
any bright day might be seen the great-great-grandmothers of
our present shoppers. Most of the other streets were narrow
and winding and lined with small red-brick houses with tiled
roofs. On the west side the streets were wider and straighter,
thanks to the great fire of 1776, and there were some brick
sidewalks and gutters. The houses were numbered upon most
of the streets after 1793. At Astor Place Broadway ceased, its
line being crossed by the wall of the Randall farm, which was
taken down only in 1806.

New York may be called the cradle of steam navigation, for
here the first experiments that promised practical results were
made. In 1807 the Clermont was built from the designs of
Robert Fulton, the Chancellor, Robert R. Livingston, furnish-
ing the money. Notwithstanding all the ridicule and predic-
tions of failure, she made a triumphant run from New York to
Albany in thirty-two hours. As it took the ordinary sailing
packets from four to six days to run between the two cities,
steam navigation on the Hudson followed as a necessity, espe-

m t ..' i _ ii

1 lv^

, JHB' '' -111

■ h

\ iff

i i j« ^2 \

— — * — r ~ ^K 1 ' ,%> .

Wall Street, looking west, 1903.

cially after 181 7, when the time was reduced to eighteen hours.
The navigation of Long Island Sound by steamboat was begun
in 18 1 8, when a line was opened between New York and New
Haven, followed by another to New London, and in 1822 by
the New York and Providence Line. In 1807 Colonel John
Stevens of lloboken built the Phoenix, the first steam-vessel to
venture upon the ocean. The first steam ferry, that between
Hoboken and New York, was also due to Mr. Stevens, who
put a boat upon this line in 181 1. Within five years afterward
there were a do/en ferryboats plying between New York and
Jersey City, Brooklyn and lloboken.

About 1 8 10 the city began to grow rapidly. The Brevoort
estate, between Broadway and the Bowery Road at Eleventh
Street; I lenry Spingler's farm, between Fourteenth and Six-
teenth Streets, west of the Bowery ; Nicholas Bayard's farm,
covering 100 acres between Broadway and Macdougal Street ;

. S 3

THE MERCHANTS' NATIONAL BANK

the Bayard- Hill estate, between Broadway and the Bowery and
Broome Street, and many other farms were invaded by the city
commissioners. When Trinity Church erected St. John's
Chapel in Varick Street in 1807 the neighborhood was re-
garded as quite beyond the limits of civilization, and the parish
received much blame for planting its new mission opposite a
swamp tenanted by water-snakes and frogs. About the same
time the Lutheran Society, getting into trouble, a friend
offered to give it four acres of land at the corner of Broadway
and Canal Street. The gift was declined by the church upon
the ground that the land was not worth the cost of fencing,
which was doubtless true at the time. The Collect, already
mentioned as a possible cause of ill-health, was a broad and
placid pond near where the Tombs prison was afterward built.
It was a favorite spot for skaters in winter and boating parties
in summer. It had been proposed to make a public park of
this beautiful pond, but the scheme came to nothing, as the
city fathers of 1 789, before whom the proposition came, decided
that the money would be wasted, inasmuch as the city would
never grow to within easy access of that lonely region. In
1809, however, the city had already grown so far to the north
that the pond was found to be an obstacle, and was, moreover,
suspected as a cause of ill-health and malaria. So in 1 810 it
was filled up at much expense.

After the War of 181 2 the famous packet lines began their
service, the Black Ball in 181 6 and the Red Star in 182 1, run-
ning weekly boats between New York and Liverpool, and
making the trip across in from fifteen to twenty-three days.
Depau put four ships on the Havre Packet Service in 1822,
and Grinnell, Minturn & Co. began to send monthly packets
to London in 1823. About 1840 Low, Griswold & Aspinwall
began sending clipper ships to China and California, their ves-
sels performing the most wonderful feats — as when the Flying
Cloud, from New York to San Francisco, made 433 statute
miles in a single day ; or the Sovereign of the Seas sailed for
10,000 miles without tacking or wearing ; or the Dreadnaught

THE MERCHANTS' NATIONAL BANK

made the passage from Sandy Hook to Queenstown in nine
days and seventeen hours.

In 1808 Joshua Sands resigned the presidency, and was
succeeded, June 14, 1808, by Richard Varick. Mr. Lynde
Catlin was still cashier, and that his services met with apprecia-
tion is evident from the following note, dated May 4, 18 14 :

"The Directors having a high opinion of the talents and
obligation of Lynde Catlin, Esq., Cashier, resolved that $1,250
per annum be added to his salary."

The paternal interest taken by the officers and directors of
the bank in their employees is reflected in the following minute,
dated December 21, 1803 : "The committee appointed by the
Board report that they have attended at the bank on Monday,
the 19th inst, and inquired into the matter committed tc them,
and they find that the first deficiency of importance in the
moneys placed in the hands of Mr. Stymets, the first Teller,
happened on the 2d day of July last, on which day he offi-
ciated in the stead of Mr. Sands, second Teller ; and in the
close of that day's business a loss of $100 was supposed to have
been incurred in the amount of moneys received by him ; but
that it was afterward discovered that a bag of small change
contained an excess of ninety-five dollars, which sum the com-
mittee supposed to be a part of the said $100. That the second
deficiency consisted of $1,000 on the 30th day of July last, on
which day Mr. Stymets acted as first Teller only a part of the
day, and was permitted to go to New Jersey, and the Cashier
took charge of his duties during the remainder of the day with-
out having counted the moneys committed to him by Mr. Sty-
mets. The committee further report that they are advised by
the Cashier that Mr. Stymets has at all times discovered great
integrity in, and attention to, the duties of his office, and very
great concern on account of the errors in his receipts and pay-
ments ; and that he has good talents, and has also much im-
proved in his qualifications for the office he holds. Upon this
statement of facts, although Mr. Stymets may legally be re-
sponsible to the Company for all the deficiencies incurred in

THE MERCHANTS' NATIONAL BANK

his department, the committee are of opinion that it will not
be just or proper to exact from Mr. Stymets or his sureties the
said sum of $1,000, inasmuch as the Cashier had incautiously
undertaken to execute the duties of his office without having
counted the moneys received by him from Mr. Stymets, and it
cannot be discovered in whose transactions the deficiency took
place."

In December, 1816, Colonel Varick tendered his resigna-
tion as president, but was induced to withdraw it. Mr. Catlin
also wanted to resign as cashier in order to accept a similar
position in the office of the Branch Bank founded by John
Jacob Astor. Mr. Catlin's salary had risen in the meantime
from $2,500 to $3,500, and he was allowed the use of the upper
rooms of the banking-house as a residence. The Branch Bank,
however, offered him a much larger salary and he was allowed
to go, receiving the thanks of the Merchants* Bank for his
faithful services during fourteen years.

With the opening of the year 1818 the hard times, which
twelve months before were felt by the manufacturers and
traders, began to be felt by the people. They, too, had en-
gaged deeply in speculation and, carried away by the flush
times of 181 5, had anticipated the growth of the country by
many years. Sure that the distressed state of Europe would
for years to come afford a ready market for American products,
they had hurried to get into debt, and were now about to gather
the fruits of their folly. Farms yet uncleared had been mort-
gaged, crops yet unsown had been pledged, and the money
squandered on foreign goods now contemptuously described as
gewgaws and trappings of luxury. That money could so easily
be borrowed on such doubtful security was due to the vast
number of chartered banks, wildcat banks, and corporations
which, from one end of the country to the other, were strug-
gling to put their notes into circulation. The inducements
which they offered were too tempting to be withstood. The
people yielded, and the enormous profits which flowed into the
strong-boxes of the owners of the banks served but to incite

THE MERCHANTS' NATIONAL BANK

still others to seek for charters. The disorder of the currency,
which was the chief cause for the establishment of the Bank of
the United States in 1816, taught no lesson. In the very face
of it State after State set up new banks, till in 1818 392 were
doing business in 23 States and Territories. Pennsylvania and
Kentucky led with 59 each, which were just 17 more than were
scattered over the rich and populous State of New York.
Yet, rich and prosperous as she was, the facilities which banks
offered to borrowers and the shameful methods to which they
resorted to keep their notes in circulation brought on such
wide-spread distress that Governor Clinton, in his annual mes-
sage, called loudly for legislation. Great numbers of them had
been incorporated at places where there was neither commerce,
trade, nor manufactures. As the patrons of such banks were
few in number, and their deposits small, profits depended
chiefly on the currency of notes, which were put into circula-
tion by liberal discounts, by loans to the farmers on easy terms,
and by agents who went about exchanging bills for those of
rival institutions passing current in the neighborhood. So long
as the rivals did not strike back all went well. But when at
length banks whose notes it had driven out of circulation be-
gan in turn to gather bills and present them for redemption,
nothing was left but to call in the loans and exact partial, or it
might be full, payment of the debts. Then the community,
reduced to desperation, would cry out for a new bank, which,
if chartered, would in the end only increase the rivalry, the loss
of commercial confidence, and the public distress.

To these mischievous institutions the Governor traced the
banishment of metallic money, and deceitful show of fictitious
capital, the increase of crime, the multiplication of civil prose-
cutions and rise of prices, and the dangerous extension of credit
which must end in general bankruptcy. His charges were in-
deed serious. But the committee to whom they were referred
substantiated them in every respect. The State banking sys-
tem, as then carried on, was declared by the committee to be
one of the great evils of the day. Not only did the banks by

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their rivalry hinder the transmission of money from one part of
the State to another; not only did they, by engrossing the
whole circulation in their neighborhood, impede internal com-
merce, but they enabled the unprincipled speculator to so steep
the industrious, honest, and unsuspecting part of the commu-
nity in debt by means of borrowed notes and indorsements as to
secure its property at sheriff's sale. More banks were proposed.
Each of the twenty-five Congressional districts was to be a bank-
ing district. They were to be the people's banks. And that
the farmers and mechanics might have a chance to subscribe
and enjoy some of the riches about to be scattered broadcast,
great care was taken to keep the stock out of the hands of cap-
italists. Nobody, therefore, could subscribe for more than one
share on the day the subscription books were opened, nor for
more than two shares on the second day, nor for more than
three shares on the third day ; and so on to the sixth day, when
for the first time the subscriber could buy all the stock he
wanted. One per cent, on the amount of stock sold was to be
paid each year to the State, a sum which, as the capital of the
twenty-five banks was to be $9,525,000, was far from trifling.

Unhappily for the scheme, the Governor vetoed the bill
and gave nine good reasons. The people now grew more de-
termined than ever; and when the Legislature met again, it
laid on the table of the Governor a bill establishing forty-one
new banks in twenty-seven districts. Once more he vetoed the

THE MERCHANTS' NATIONAL BANK

bill, but this time it was passed over his veto, and thirty-seven of
them had gone into business in 1814.

In New York the struggle was still more exciting. There,
when it was known that the Bank of the United States was not
to be rechartered, some capitalists bought out foreign and such
resident holders of the stock as wculd sell, and in 181 2 had ap-
plied to the Legislature for a charter. The name of the new
institution was to be the Bank of America, the capital was to
be $6,000,000, and no foreign shareholder was to vote. As it
had now become the custom to buy charters, a more liberal and
tempting offer was made. For a thirty years' grant the bank
would pay $400,000, in four annual and equal payments. If
during the ten years no rivals were chartered to do business in
New York City, another $100,000 would be paid the State at
the end of that period ; and yet another $100,000 if at the end
of twenty more years no other bank had been established in the
city. One million was offered to the State at five per cent, to
be used in building the Erie Canal, and another million at six
per cent., to be loaned by the State to the farmers on landed
security. In the Assembly the measure found many warm and
honest friends ; it was passed after a vigorous struggle, and was
about to be voted on by the Senate when the Governor, to the
amazement of the whole community, prorogued the Legisla-
ture for fifty-five days. Many reasons for the act were given,
but the chief one was that from the journals of both houses it
appeared that attempts had been made to bribe four Assembly-
men and one Senator to vote for the bill. "Far be it from me,"
said the Governor, " to assert that the charges are true. Yet
before the bill passes it would be well to examine and refute
them." Thinking that the honor and morals of the State re-
quired it, and wishing to give time for reflection, he felt it to be
his duty to send the members home for a few weeks.

No good came of the dismissal, for the moment the Sena-
tors were back in their seats the bank bill was passed and sent
to the Council of Revision. The Council of Revision was a
body made up of the Governor, the Chancellor, and the Judges

THE MERCHANTS' NATIONAL BANK

of the Supreme Court of the State, and possessed that veto
power which in many other States was given to the Governor.
To it went every bill passed by the Legislature. If, in the
opinion of a majority of the Council, the bill was an improper
one, it was vetoed, and returned to the House in which it origi-
nated. If it was approved, or for any reason failed to be con-
sidered within ten days, it became law. When the six-million
bank bill reached the council the Chancellor was absent, and
the six remaining members were equally divided. What
should be its fate rested, therefore, with the Chancellor, who, to
the joy of the bank men, hastened back to Albany and cast his
vote in their favor.

Some years before in Massachusetts, the bank question had
been brought up by the approach of October i, 1812, when the
charters of sixteen of the existing banks would expire. For a
time the idea of replacing them by one great institution, with
capital enough and branches enough to transact the banking
business of the whole State, was a favorite one. But the clos-
ing of the Bank of the United States brought on the mania for
local banks, and in 1822 twenty were founded and located in
eighteen towns. New Jersey established six, and, by way of
bonus, the State reserved the right to subscribe to half the capi-
tal stock, and to appoint the president and six of the directors
of each. But the law was hardly a year old when the Federal-
ists secured control of the Legislature, and, determined that
the benefits of the banks should not be enjoyed by the Demo-
crats alone, they passed a law for the sale of the stock owned by
the State. Delaware chartered three banks. Ohio did the
same. In Virginia an attempt to add $1,500,000 to the capital
of one of the two banks was defeated.

Thus in the course of two years did the craze spread over
the seaboard States, and raise the number of banks from eighty-
eight to 208. As each possessed the right of issuing bills, and
issued them to at least three times the amount of its capital, the
country entered once more upon an era of paper money. Had
they been able to obtain enough specie to redeem even a small

THE MERCHANTS' NATIONAL BANK

proportion of their paper, all would have gone well. But, un-
fortunately for them, much of the specie on which their circula-
tion depended was at that moment in New England. For this
the long embargo, the days of non-importation, and the war
were chiefly responsible. Under the restrictive system, which
began in 1807, anc ^ had not yet ended, manufactures were
growing. Greatly against their will, the people of New Eng-
land had turned their attention to spinning and weaving, and,
favored by the exclusion of English competitors, were supply-
ing the domestic market with many articles. As early as 181 1
the effect of this was apparent in the slow and steady flow of
specie from the South and West to New England ; a move-
ment which, with the opening of the war and rigorous block-
ade of the coast south of Newport became more marked and
rapid. The only outlet for the cotton, rice, tar, pitch, and
hemp of the South, and the tobacco and the flour of Virginia,
was through Massachusetts, whose ports were still open to
neutrals, and to the enemy disguised as neutrals. Into them
came the hardware and the crockery of England, the wines and
spices of the West Indies, which, with the boots and shoes, the
cloth, the woollens, and the cotton cards made in New Eng-
land were carried by wagon to Richmond and Augusta, to be
distributed over the South and West. So enormous did this
trade become, that, during 181 3, employment was given to
more than 4,000 four-horse wagons. As the needs of the South
forced it to buy of the East more largely than the opportuni-
ties of the East enabled it to buy of the South, the bales of
cotton and teams brought North did not begin to settle the
balance, which had, in consequence, to be paid in specie. Bad
as this was, it became much worse when Congress, in Decem-
ber, 181 3, laid an embargo and stopped the trade of Xew Eng-
land with the enemy and with neutrals. The South had then
no market for its produce, and its banks were quickly stripped
of every available dollar of specie.

In effecting this settlement the banks of Boston called on
those of New York, which called on those ot Philadelphia and

THE MERCHANTS' NATIONAL BANK

Baltimore, which in their turn called on the banks yet further
South. So great was the drain that, in spite of sums used to
pay for British bills of exchange, in spite of sums smuggled
out of the country to be sold at a high premium to the enemy,
the specie in the Boston banks swelled from less than eight hun-
dred thousand dollars in 1812 to more than seven million dol-
lars in 1 8 14.

That this state of affairs had brought the banks of the Mid-
dle and Southern States to a desperate condition was made
apparent by several incidents : By the attempt in Congress to
charter another national bank with $30,000,000 as capital ; by
the refusal of the banks of Philadelphia to any longer receive,
as deposits, the notes of Southern and Western banks ; and by
the seizure in New York of specie on its way to Boston.
Early in the year a petition from well-known men in New
York City had been laid before the House. The petition-
ers prayed for the incorporation of a national bank with $30,-
000,000 of capital, and offered in return to loan the Govern-
ment half that sum ; they reminded Congress that the whole
circulating medium of the United States had been seized on by
the State banks, which, in lieu thereof, circulated their own
paper to the amount of $50,000,000, to the exclusive benefit of
their stockholders, and they hinted that much political good
would come from having moneyed men concerned in a bank
whose existence depended on the stability of Government.

The petition went to the Committee of Ways and Means,
which reported that power to charter a bank within the limits
of the States, without consent of the States, was not granted by
the Constitution. Regarding this as of small moment, so far
as the practical workings of a bank were concerned, Calhoun
moved that the Committee of Ways and Means be instructed
to inquire into the expediencv of establishing a national bank
in the District of Columbia. To this the House gladly agreed,
and in due time a bill to incorporate a national bank in the
District of Columbia was read twice and committed. There it
remained, and no more was heard of the matter till, in the clos-

THE MERCHANTS' NATIONAL BANK

ing days of the session, Felix Grundy, of Tennessee, asked for
a special committee to inquire into the expediency of founding
a bank. This was granted. But, just before the House rose,
the committee was discharged, and consideration of the old bill,
which for weeks past had been lying on the Speaker's table,
was postponed indefinitely.

The seizure of specie in New York was a most high-handed
act. In the regular course of business several of the Boston
banks had received from their depositors bills of New York
banks amounting, in round numbers, to $139,000. As was
usual in such cases, a messenger was sent with the bills to New
York, to receive payment and send the specie to Boston by
land. On presenting them he found not the slightest difficulty
in having them cashed, and loading the silver on three wagons
he set off for home. At Chester, however, some fourteen
miles from New York, he was stopped by order of the Col-
lector of Customs, and the silver seized and brought back to
the city ; for the embargo was in force, and collectors of the
ports were empowered to stop and seize any wagon loaded
with specie, when on its way toward the territory of any for-
eign power, or the vicinity thereof, or when going toward a
place where specie was usually exported.

That this provision was never intended to apply to such
shipments of specie is certain, for, had it been so intended, the
Government would not have been able to move its own money
from bank to bank, or city to city, in order to pay its debts and
the interests of its stocks and loans. The purpose of the
seizure was to keep the specie in New York, for the Collector
was a director in one of the banks there from which the money
had been taken, and was also a director in another bank in which
the silver, after seizure, was deposited.

Nothing but a crisis, or the first symptom of public dis-
credit, was now needed to send every bank from New York to
Savannah into bankruptcy. Both these things came to pass
toward the close of August, 18 14, when the British, landing on
the shores of Chesapeake Bay, marched to Washington, burned

I'roadway at Cortlandt Street, looking south in 1840, showing Trinity Church.

the public buildings, cut off communication with the South,
and attacked the city of Baltimore. That depositors, in such
a time of excitement, would hasten to withdraw their money,
and that people having bank-notes would be eager to exchange
them for specie, was no more than to be expected. The
banks along the seaboard south of Baltimore, gathering what
little coin they still had, packed it in boxes, carried it far into
the interior, buried it, ceased to redeem their notes, and forced
those in Baltimore to do the same. Those in Philadelphia held
out a few days longer. The run began, and on the 28th of
August the presidents of six of the city banks ordered specie
payment to be suspended, and gave the public the reasons.

" From the moment," said they, in their circular, " the rigor-
ous blockade of the ports stopped the exportation of our
products, foreign goods had to be paid for with coin. As the
importation of foreign goods and wares into New England has
been very great, there is a heavy drain on the banks — a drain
swelled yet more by a trade in British Government bills of ex-
change which has taken great sums out of the country. To
meet this demand, the course of trade has enabled us heretofore

Hroadway, ]<»• >kin« south from (."'■rtlandt Street, in 1903.

to draw from the South. But the unhappy state of affairs there
cut off that source of supply, and the question arose, Shall we
continue to gather all the specie of the country into our vaults
in order that it may be sent out of the country, or suspend and
save the coin ? Believing that the public interest is best served
by taking the latter course, we have unanimouslv agreed to
suspend, and appeal to our fellow-citizens to support us."

The appeal was not in vain. The authorities of both politi-
cal parties pleaded vigorously in its behalf ; our merchants, who
were deeply indebted to the banks, assembled at the Coffee-
house, and agreed to take the bills of the institutions suspend-
ing payment ; the committee of defence publicly indorsed the
action as a wise measure of precaution, and the people quietly
submitted.

At New York, while the British were burning Washington,
committees from the eight banks met and passed a set of reso-

THE MERCHANTS' NATIONAL BANK

lutions declaring that no reason existed for suspending payment
in specie, and that they would make even' effort and suffer any
sacrifice necessary to prevent such a catastrophe. But when the
news came from Baltimore matters wore a very different aspect,
and believing that a necessity did exist, they susjnnded, and
assured the people that, till specie was again ih circulation, they
would not increase the amount of their notes then outstanding,
and would take one another's notes in all payments. On hear-
ing this, the merchants and traders met at the Tontine Coffee-
house, and unanimously resolved to avoid all negotiation
requiring specie payment, to take the notes of the banks as
freely in the future as they had in the past, and to do their
utmost to maintain bank credit. The city, in its corporate
capacity, agreed to issue bills of a penny and upward to replace
the small silver and the cents. When these things became
known at Albany the banks of that city suspended, and in a few
days not one in any of the seaboard States, from New York to
Georgia, was making specie payments.

The chief sufferer from this state of things was the Govern-
ment. Millions of its revenue were at that moment deposited
with the Southern banks. But the suspension having prevented
the movement of a dollar to the frontier, where the troops, the
army contractors, the thousand and one creditors were to be
paid, the Treasury was practically bankrupt. In a little while
numbers of acceptances for large amounts were protested.
More than once the paymaster of the army was unable to meet
demands for sums so trifling as $30. The War Department
was in such distress that the Secretary of the Treasury was
forced to ask a bank at Georgetown to pay a debt of $3,500.

At some places along the frontier, when the terms of service
of the troops expired, they were paid in certificates. On at-
tempting to sell these bits of paper for one-half the face value,
the soldiers could not find a man who would take them, and
were forced to beg their way home. At Plattsburg, where
some 4 New York militia were discharged, not even certificates
were to be had, and thev, too, went about begging food and

THE MERCHANTS 1 NATIONAL BANK

money from the citizens. When, on December ist, certain
Treasury notes fell due at Philadelphia and were presented for
payment, the Loan Commissioner offered new stock of the
United States or bills of Southern banks. As no specie of any
denomination was to be had, the Secretary was now forced to
take another step and order the collectors of revenue not to
receive Treasury notes in payment of taxes or dues when the
amount of the note was greater than the sum due. Thus, if
the debt were $19.99, the Collector must not accept a twenty-
dollar Treasury note. This order was construed with great
strictness, and when some New Bedford liquor-dealers applied
to the Collector for licenses, and offered a note greater in value
than the sum total of all their respective dues, it was refused.
Thereupon the dealers declared they would go on without
licenses, and told the Collector to go to law if he dared. At
New York three men, whose combined taxes footed up $21.51,
offered a twenty-dollar Treasury note and the rest in specie,
but this, too, was rejected, because, while the bill was less than
the amount due from the three, it was greater than the amount
due from any one.

Unable to get a dollar in specie or move a cent from one
side to another, the Secretary of the Treasury, toward the close
of the year, addressed a circular to the public creditors at Bos-
ton, in which he openly admitted that the Treasury was emptv.
44 The suspension of specie payments," said he, " bv the greater
part of the banks in the United States, and among them those
in which the Government's money lies, makes it no longer
possible to apply money collected in one part of the country to
the payment of debts incurred in another. The public cred-
itors, therefore, must be content to receive Treasury notes in
lieu of specie, or wait patiently till such time as the Secretary
has specie with which to pay them." Some took Treasury
notes, but they were few in number ; and when the first day of
18 1 5 arrived the Treasury had defaulted in the payment of
dividends on the funded debt due in Boston, had defaulted in
the payment of $2,800,000 of Treasury notes due in many

THE MERCHANTS' NATIONAL BANK

places, and had failed to take up two temporary loans of
$250,000 each made by the State Bank of Boston.

Up to this time the Western banks had escaped the financial
trouble which beset those in the East, for they had small deal-
ings with them. But when a Spanish joe brought nine per
cent., and an American dollar six per cent, premium in anv
seaboard city, it may well be supposed that great efforts were
made to bring over the mountains what little specie the Miss-
issippi Valley contained. So serious were these efforts that,
early in the new year, the Miami Exporting Company, the
Farmers' and Merchants' Bank, and the Bank of Cincinnati,
all doing business in Ohio, were forced to suspend specie pay-
ments. The high price of specie in the East, the presidents
stated in their circular, had directed the attention of " moneyed
emissaries " to the West, and the refusal of the Ohio banks to
pay gold or silver was a measure of self-protection.

Locking up the coin by the banks bore heavily not only on
the Treasury Department and the public creditors, but on the
great body of people as well. It stripped the country of small
change ; not a sixpence, not a shilling, not a pistareen, was
anywhere to be seen in the region of the suspending banks.
As no financial institution could, at that time, legally issue bills
of a lower denomination than one dollar, the place of the silver
pieces had to be supplied by an illegal issue of small paper bills.
The cities, in their corporate capacity, printed thousands of
dollars' worth of cent, two-cent, and six-cent notes, which their
treasuries sold in sums of five and ten dollars to such as needed
change, with the assurance that they would at any moment be re-
deemed in bank bills, and would be taken in payment of taxes.
Thus the city of New York in a few months put out in this
manner $190,000, of which $150,000 were in constant circula-
tion. The banks did likewise ; but, as they could not legally
issue in their own name, they generally appointed some honest
man to sign the bills for them.

Merchants, tradesmen, manufacturers, stage-owners, tavern-
keepers, ferrymen, and unchartered banks followed, and before

THE MERCHANTS' NATIONAL BANK

spring came the whole seaboard south of New England was
Hooded with paper money of the worst description.

When peace returned, when the ports were opened in
March, and a brisk trade began with foreign nations and along
the coast, the evils of this kind of currency were felt most
severely. The prices of all commodities instantly declined,
and among them that of specie, which fell in a few days from a
premium of fourteen to a premium of three per cent. Every-
body was sure that coin payments would at once be resumed.
But the fond hopes of the public were not realized. The
revival of commerce increased tenfold the demands for money ;
the banks gladly made the loans, and, as they could not possi-
bly redeem their paper in specie, gave up all idea of attempting
to c^o so. This unexpected, wilful, and unnecessary persever-
ance in the non-paying system first astonished and then angered
the people, and in time aroused the legislatures to take meas-
ures of force. In New York a bill was promptly brought into
the Assembly laying a tax of fourteen percent, per annum on all
bank-notes not redeemable in coin after January i, 1 8 1 6, and so
alarmed the banks that the general committee of those in New
York City met in haste, resolved that debtor banks should re-
duce their loans till the balance due the creditor banks was
paid, and that the banks of New York City should pledge
themselves to the public and to each other to spare no pains
or cost to hasten the resumption of specie pavments. These
resolutions, sent post-haste to Albany, were read to the Assem-
bly, and stopped all further action on the bill. But they were
a mere blind, and, relieved of the danger of legislative interfer-
ence, the banks went on in their old way and made no reduc-
tions or attempt to return to a specie basis. On noticing
this, the banks in Connecticut met in convention at Middle-
town in July, addressed those in New York on the subject,
and asked them to redeem their loans at the rate of two per
cent, a month till specie payment was resumed. The answer
was that, in the opinion of the committee, 4< the banks in this
city are alone competent to decide upon the rate of reduction,

THE MERCHANTS' NATIONAL BANK

and it is therefore unanimously resolved that it is inexpedient
to make any specific pledge on the subject of a reduction of
loans."

Not till 1825 did New York recover the depression of the
embargo period and the war of 181 2-15. In the decade from
1796 to 1806, the most prosperous years, nearly one-quarter of
the total exports of the United States were from this port.
The exports of 1806 were not again equalled in amount until
1825. In 1827, 1,414 vessels arrived from foreign ports, of
which 386 were ships, 609 brigs, and 381 schooners. In 1827
the tonnage of vessels built in New York amounted to 29,137,
divided among 23 ships, 3 brigs, and 12 steamboats. The
cotton trade of the South for Europe, and that of the New
England manufacturing States, passed through this city. In
1829 there were received 215,705 bales, of which 191,626 were
exported, and 24,000 taken by manufacturers. The value of
the imports for New York in the year 1825 was $50,024,973, of
which over $48,000,000 came in American vessels ; that of the
exports was $34,032,279, of which over $19,000,000 came in
American vessels — in all a total foreign trade of $84,057,252, of
which over $67,000,000 came in American vessels. Goodrich
gives an interesting historical comparison of the trade at this
period : " In the three years preceding the celebrated embargo
of Mr. Jefferson's administration the exports of New York
averaged $23,869,250 per annum ; and in those years preceding
the last war, $14,030,035 ; and during the years 1825-6-7 the
average has been $26,000,000."

In June, 1820, upon the resignation of Mr. Varick as pres-
ident, Lynde Catlin was elected president. During the few
years following, the business of the bank increased very rapidly,
notwithstanding several serious defalcations. Many more clerks
were needed and salaries were again somewhat increased. In
1824 Walter Mead was made cashier. Mr. Catlin's adminis-
tration was marked by great energy, and the extension of the
business beyond the city and State. It seems from the min-
utes that he was rather too venturesome, for at a meeting held

THE MERCHANTS' NATIONAL BANK

August 23, 1828, a loan which he had made as president to
the Sterling Company, proving to be unsound, was sharply crit-
icised by the Board. Mr. Catlin, however, indorsed the paper
of the Sterling Company, and the bank agreed to share his
loss to the extent of $5,000.

The most striking changes in the physical features of the
lower part of New York City — that below the Park — date from
the beginning of the second quarter of the century. Gulian C.
Verplanck, to whom New York is indebted for many curious
and interesting reminiscences, returning from a long absence in
1829, noted the changes which had taken place in his time, in
two letters published in the "Talisman" (1829-30), under the
now dc plume of Francis Herbert :

Pine Street (he writes) is now full of blocks of tall massive
buildings which over-shadow the narrow passage between and
make it one of the gloomiest streets in New York. The very
bricks there look of a darker hue than in any other part of the city.
The rays of the sun seem to come through a yellower and thicker
atmosphere ; and the shadows thrown there by moonlight seem of
a darker and more solid darkness than elsewhere. ... It was
not thus thirty or forty years ago. Shops were on each side of the
way — low cheerful-looking two-story buildings of light-colored
brick or wood painted white or yellow, and which scarcely seemed
a hindrance to the air and sunshine.

The "tall massive buildings" mentioned were four and five
stories high. To-day Pine Street is lined with buildings from
ten to fifteen stories high.

The year 1825 was made memorable by the opening of the
Erie Canal, a national improvement which had a vast effect
upon the business of the country. It connected the Great
Lakes with the Hudson, and thus made an outlet for the prod-
ucts of the West. The suggestion of Gouverneur Morris to
build such a canal was received upon one hand with enthusi-
asm and upon the other with derision. Morris, who had been
a prominent member of the Provincial Congress of New York
from 1775 to 1778, and was afterward Washington's agent in

105

THE MERCHANTS' NATIONAL BANK

New England and Minister to France, was a member of the
family that founded Morrisania, and was born there in 1752.
The canal scheme occupied the last years of his life. It was
just at about the time the Merchants' Bank came into existence
that he submitted to the State Surveyor-General a plan for a
canal with uniform declivity to join Lake Erie to the Hudson.
Until the completion of the Erie Canal the common route
west from Albany was by the turnpike to Schenectady, and
thence by boat up the Mohawk to Little Falls. The boats
were flat-bottomed, could carry from three to ten tons, and
were pushed up stream with poles. Around the drop at Little
Falls a canal with eight locks had been built. From here to
Utica, then a thriving place, was a good channel. Morris's
plan was generally pronounced unpractical, but in 1808 the
Legislature appropriated $600 for a survey of the route. De
Witt Clinton became interested, and, as Governor of the State,
was enabled to help along the project, which became known as
" Clinton's ditch." Until the value of the canal had been
proved by the immense increase in the commercial importance
of New York, it was widely condemned as a plan to tax the
whole State for the benefit of New York and Albany. Many
said that it would be the financial ruin of the State. Madison
said that its cost would exceed the revenues of the whole
nation. Rufus King prophesied that it would bankrupt the
State, and one orator declared that in future years it would be
"watered with the tears of posterity." The cost of the canal,
$9,000,000, then seemed a vast sum, but its completion easily
added four times that amount to the value of real estate in
New York. Remembering that there was not then nor for
many years afterward a railroad in the country, the value of a
water route from Buffalo to New York City seems to admit of
no discussion. Its completion created towns where none had
existed. In hundreds of towns of the State a bushel of wheat,
a barrel of pork, a firkin of butter now had a market value ;
and in return for these, the wares of Western manufacturers
began to find their way into the most distant of settlements.

106

THE MERCHANTS , NATIONAL BANK

The canal was no sooner opened than its beneficial effects were
felt far and wide, and it is now recognized as the most impor-
tant factor in the great stride that the commerce of New York
made in the first quarter of the nineteenth century. The canal
was opened in 1825, and on October 26th the first fleet of
boats from Buffalo, led by " Seneca's Chief," carrying a distin-
guished party, was the subject of great rejoicings. Crowds
greeted it at every hamlet and town. At Albany and New
York bells were rung, cannons thundered, and parades filled
the streets. There was no telegraph to announce the event,
but the news reached New York from Buffalo in one hour and
twenty minutes by successive discharges of cannon placed along
the canal and the Hudson River.

About the year 1825 the city took another leap northward.
The region around Astor Place, which was still devoted to farms
and orchards, was cut up into streets, and handsome brick houses
made their appearance. The fashionable summer evening resort,
the Yauxhall Garden, which stretched from Broadway to the
Bowery upon the site of the present Astor Library, a resort
famous for its music and fireworks, cakes and ale, also dis-
appeared before the march of improvement. In the triangle
where Third Avenue and Fourth Avenue come together stood
the grocery of Peter Cooper. Greenwich Village and Chelsea
Village were still quite distinct communities. The neighbor-
hood of St. John's Park, further downtown, which in 1807 had
been declared too far uptown for a Trinity chapel, had become
in 1825 the fashionable end of the city, where the Lvdigs,
Pauklings, Griswolds, Boormans, Depaus and other prominent
families built their homes. The move of rich, people to Wash-
ington Square did not begin until ten years later. The present
Union Square was covered with rude shanties and used as a
Potter's Field until 1845. Above Union Square were the fields,
(iramercy Park was laid out by Samuel B. Ruggles and pre-
sented to the owners of the sixty lots surrounding it in order
to induce the erection of attractive houses.

In 1828 the subject of gratuities to the emplovees of the

109

THE MERCHANTS' NATIONAL BANK

hank came up for discussion. It had been the custom to give
yearly $100 apiece to the clerks and $50 to the porters as a
present. This was objected to by the Board as unbusinesslike
and done away with for some years. The system of book-
keeping was also overhauled, and bankers will find a curious
light thrown upon the business system of the day by the follow-
ing extract from the minutes :

Nov. 27, 1829.

44 After declaring a dividend of 3^ and deducting sundry items
there remained a surplus of $44,743.95. The Committee also in-
spected the balance sheets of the books of the bank as taken by the
bookkeepers on the 1st inst., found them unfinished and as they
now appear showing a deficiency of debit or an excess of credit to
the amount $3,297.69. The bookkeepers state that they have not
yet had time since the taking off the balance thoroughly to examine
them, which they are now in the course of doing with as little delay
as the pressure of business will allow. The Committee finds sundry
accounts overdrawn which have so remained for many years and
are bad, the parties having long since failed and become bankrupt.
Why these overdrawings were not debited to profit and loss in the
year 1819 when there was an order of the Board to close all the
overdrawn accounts which were known to be bad, the Committee
are not informed. They recommend that they be now charged to
that account and closed. "

Dec. 2, 1829.

44 It being understood that the books of this bank have not bal-
anced for several years, therefore resolved that the Cashier is
hereby instructed to cause the bookkeepers to make diligent and
faithful examination of their respective ledgers, to endeavor to dis-
cover the errors, in case they cannot be found to make report to
this Board without delay. Resolved, that hereafter the books be
regularly and truly balanced semi-annually, previous to the divi-
dend days and if any of the ledgers are found not to balance that
the person or persons under whose charge they are kept be imme-
diately reported to this Board for their order thereon."

In 1830 the salary of the president was made $2,500, and
the salary of the cashier $2,200, together with the use of the
banking-house in Wall Street. The salary of the first teller was

The New York Stuck Kxchange. From a photograph taken in 1903.

THE MERCHANTS' NATIONAL BANK

made $1,403, the second teller $1,100, and the third teller $800
a year. During these years the average surplus remaining after
the dividends were paid was $50,000.

Among the directors elected in 1831 were John David
Wolfe and Benjamin Ay mar. Mr. Wolfe's grandfather came
to America from Saxony prior to the year 1729. He died in
1759, leaving four children. John David Wolfe was born July
24, 1792. He retired from business in the prime of life, and
devoted his best labors and great wealth to philanthropic and
benevolent purposes. He was a member of the Episcopal
Church, and at his death was senior warden of Grace Church.
Mr. Wolfe was unostentatious in his character, but has left
many enduring monuments to his memory, not only in New
York City, but in various remote parts of the country. He
gave labor and money for the advancement of the New York
Historical Society, and was one of the founders of the Amer-
ican Museum of Natural History, and its first president. He
died on May 17, 1872, leaving but one child, the late Catharine
Lorillard, who inherited her father's noble qualities.

Benjamin Aymar was one of the noted shipping merchants
whose ships plied between New York and the West Indies.
It is said that before Mr. Aymar moved from 6 State Street to
84 Fifth Avenue, in 1849, ** was his habit to y ^ Front and
Water Streets, where his chief customers did business, as early
as six o'clock in the morning, in order to learn for himself who
were the earnest workers and who the lazy fellows. He was
an excellent tvpe of the shrewd, intelligent merchant, the soul
of integrity and a believer in incessant work.

In 1832 the bank's original charter expired and was ex-
tended for twenty-five years. At the same time salaries were
increased again, the cost of living having greatly grown. The
cashier's salary was made $2,500, and the next year $1,000
was added in lieu of the rooms in the bank building; first
teller $1,600, and an average of $100 a year was added to all
the other salaries. On the 3d of August. 1832, the bank was
closed until one o'clock, the day being set apart as one of fasting,

11 >

THE MERCHANTS' NATIONAL BANK

humiliation, and prayer. The cholera had almost ruined busi-
ness for the time being. The distress was general.

In October, 1833, Mr. Catlin died, and H. I. Wyckoff was
appointed president pro tern. In November, 1833, J°hn I.
Palmer, formerly president of the American Insurance Com-
pany, was elected president. Mr. Palmer was born in Scot-
land in 1779. He came to New York when about twenty
years of age, and became a member of the firm of Palmer &
Hamilton, South American shipping merchants. He was a
member of the St. Andrew's Society and of Dr. Hutton's
Presbyterian church in Washington Square. He was receiver
of the old North American Trust Company and a director in
the New York Gas Company. He continued as the president
of the Merchants' Bank until his death, which occurred Febru-
ary 1, 1858, at the age of seventy-nine years.

114

CHAPTER VI

FROM 1835 TO 1X57— TIIK OKKAT KIRK OK 1835, WHICH COST NEW YORK
$20,<x>v>oo-lJ<>RR(>WI\(; MONKV KRo.M KUKOl'K To RKHCILD— THE
PANIC OK 1837— THE CURRENCY SITUATION AND FINANCIAL STRAIN
—OSWALD J. CAMMANN ELECTED CASHIER— A NEW BANKING-
HOUSE ERECTED UPON THE OLD SITE— ALEXANDER T. STEWART
A DIRECTOR— VAST GROWTH OF THE COUNTRY'S RAILWAY SYSTEM
—THE ORGANIZATION OF THE CLEARING-HOUSE— SAMUEL T.
CAREY AS PRESIDENT AND AUGUSTUS E. SILLIMAN AS CASHIER—
HANKING RULES OF 1854.

HE statement of the Merchants' Bank for January ist,
1835, was as follows :

Rksourcks. Liabilities.

Loans and Discounts, §2,435,491 Capital, $1,490,000

Real Estate, 59o5^ Deposits, 1,255,145

Due from Banks, 958,222 Due to Banks, 1 433,356

Bank Notes, 800,814 Circulation, 510,804

Cash Items, 111,142 Undivided Profits, 151,168
Specie, 475,248

$4,840,473 §4,840,473

In 1835 the city was visited by one of the most terrible
calamities in her history. A fire broke out on the night of
December 16th of that year, which raped fiercely for two nights,
and was not extinguished till the third day. In its course
along Wall Street, the line of the East River, and returning to
William and Wall Streets, it embraced a large irregular trian-
gle of ground, an area of thirteen acres, covered by 693 houses
and stores, with property valued at $18,000,000. Among the
buildings destroyed was the fine marble Exchange in Wall
Street and the South Dutch Church in Garden Street. The
stores were mostly wholesale. The fire insurance companies of

THE MERCHANTS' NATIONAL BANK

the city, almost without exception, went down under the blow.
The weather was intensely cold ; the insufficient supply of
water froze in the pipes and hose, thus paralyzing the labors
of the citizens. The horrors and sufferings of the disasters
exceed description. The gentlemen of the city were all on the
ground, and the properties of the Wall Street institutions were
moved and moved again, before final safety was secured. Yet,
as in previous periods of distress, the energy of the citizens
was equal to the emergency ; and New York, within an in-
credibly short period, rose from its ashes rebuilt and vastly
improved. The buildings erected were of a superior character,
and the streets themselves were somewhat changed for the
better.

In 1836 the large building operations which followed the
great fire led to much increase in the work of the Merchants'
Bank. More clerks were employed and salaries were again
increased. Money, however, was scarce and the bank entered
into negotiations for a loan of $745,000 from Europe. In this
year also the Government became, for the first time, a depositor
in the bank by the terms of an agreement signed July 15,
1836.

The panic of 1837, of course, affected the banks of New
York, with every financial institution of the country. After a
climax of prosperity, manufactures had come to absorb a large
amount of capital for the foreign and domestic markets. The
passion grew strong, too, for building railways and canals,
whose construction absorbed large sums of money. All this,
with the pressing demand for food-stuffs, stimulated the growth
of new .American towns and new centres of trade. But in the
midst of this change Jackson began to fight the Bank of the
United States; it was dismantled, the national patronage was
diverted to State banks, and all over the country new State
banks were created. In the seven years from 1830 to 1837 the
nominal capital of these banks increased from $110,000,000 to
$225,000,000. Bank-notes multiplied enormously, for there was
no efficient regulator of the currency; bold enterprises likewise,

1 1<>

THE MERCHANTS' NATIONAL BANK

for which these banks furnished ready capital. Energy soon
rose to infatuation, and so high was the beat of feverish specu-
lation that the season of over-trade was run through with loco-
motive speed. And now came the crisis and the crash of
national ruin ; and what hastened the calamity most of all was
the derangement in the How of metallic currency produced by
Jackson's specie circular. A second cause of disaster, for
which Congress was more to blame, came from the surplus dis-
tribution to the States, for on the quarter-days of January and
April, as the law provided, the surplus instalments were drawn
from the pet deposit banks, leaving them quite exhausted.
And once more there was now a glut of merchandise from
Europe ; and having imported more than they could well dis-
pose of, our merchants, since American credit was impaired,
had to draw heavily on their banks for specie to be shipped
across the Atlantic.

More and more severe had been the financial strain through
the winter. Money grew scarce, commanding exorbitant in-
terest rates, which rose as high as three or four per cent, a
month. Ambitious ventures of every kind required cash to
tide them along so that outstanding engagements might be ful-
filled. Labor found no relief from the incubus of high rents and
provisions. In New York City angry meetings were held at the
Park, though with less riotous accompaniments than before.
Here were seen fierv hand-bills posted on the walls: "No rag
monev, give us gold and silver ; down with the chartered mo-
nopolies." While the workingman was thus oppressed, he
imagined his oppressor screwing up a fortune at every turn, and
in that same harsh key Jackson had pitched his farewell address.
It did not take long to falsify that theory. Late in March a
heavv cotton failure was announced in New Orleans, which in-
volved other houses besides, with correspondents in New York
City. The strained cord of speculation snapped apart at once.
Embarrassments which were first felt in two great seaports
vibrated to every quarter of the Union. Millions of acceptances
were returned protested from the South and West. Wild panic

View of City Hall, Park Theatre, Broadway and Chatham Street in 1822.

spread from town to town ; business men suspended payment,
house after house went down, contract engagements were de-
faulted, improvement projects came to a stop, and mechanics
discharged their hands, unable to provide work for them.
Down came the mercury of fictitious prices ; merchandise fell
in value thirty per cent. ; real estate depreciated, and still more
the local stocks in railroads and canal enterprises. Cotton,
tobacco, all the great staples, felt the shock ; and as to bread-
stuffs, instead of exporting them it happened this year that
America had been forced to draw upon the granaries of Europe
because of a bad harvest. Ill fared the banks in this evil ex-
tremity. At first the chief establishments of New York and
Philadelphia tried to obtain relief by enlarging their discounts,
and Biddle, whose word was still law, besought the men of busi-
ness to have confidence in themselves. But such aid was only
temporary. Ill news from Europe depressed the market more
heavily ; the Bank of England, so far from aiding, stopped the

11X

Looking north from St Paul'* Chapel in 1903.

THE MERCHANTS' NATIONAL BANK

foreign credit of American banking-houses ; and when the wild
run began, institutions trusted as the soundest were soon drained
of their metals. The banks concerted measures of self-defence
against their customers. On the ioth of May all the banks of
New York City suspended specie payment ; those in Boston,
Philadelphia, and Baltimore followed on hearing the news, Bid-
die's mammoth among the rest ; the summer saw not a bank
in the whole Union meeting its demands in gold and silver.
The Legislature of New York at once legalized suspension in
that State for a year, and every legislature took the same course
at the earliest opportunity.

In States like New York, which had helped Jackson's "yel-
low-jackets" into circulation by five-dollar laws, small currency
had now melted out of sight, and the butcher or the baker took
his pay in printed tickets and "I O U's." Happy was the indi-
vidual whose personal credit could float such petty promises.
There had been much private banking in the remote parts of
the Union, and private bank issues swelled the indigestible mass
of pulp-money on trade's overloaded stomach. The only local
circulation really sanctioned was the paper of chartered banks ;
but in the maelstrom few States compelled with authority, and
there was no national regulator at all. The bitter cup for the
Jackson dynasty amid this general humiliation was the suspen-
sion, the utter prostration, of its favored depositories. Not all
the foresight of selection or security, not the conduit of the
Treasury rills into their choice cisterns, had saved them from
calamity. Deposit and non-deposit banks, the fed and the un-
fed, bent like dried reeds in the storm and broke together.
The trap of suspension sprang upon nine millions or more of
Government funds which were divided among the banks of
twenty-six independent jurisdictions; or, rather, the public rev-
enue to that amount had already sunk through these bottomless
coffers into the common bog of speculation. The statistics of this
loss were highly discreditable to the Government, indicating
gross favoritism ; for while our Treasury had already drained
out nearly all the public deposits in New England and New

121

THE MERCHANTS' NATIONAL BANK

York hanks, the remote and less responsible custodians of the
Southwest had been left with large funds not drawn upon. The
Mobile bank led the list, with over a million dollars in default
to the Government, and three banks of Mississippi and Louisiana
stood next, each owing $800,000. And these were surplus
moneys which would accrue to the different States in October,
the 3d of July instalment having been met by the Treasury
with great difficulty. By the time these pet deposit banks had
completely suspended, the general Government was in great
distress. Its specie revenue had dwindled to a mere rill , of
bullion scarce a million dollars were left in the mint; in vain
did Van Buren threaten his insolvent custodians. Woodbury,
Secretary of the Treasury, soon yielded to the situation and be-
gan paying off public creditors in the paper of suspended banks.
But a practical favoritism made this administration detested.
Not the contractor alone, but the pensioner, the day laborer
in public employ, the soldier and sailor, all were paid in this
depreciated stuff, in the notes of banks on the eve of utter
bankruptcy, while the President and the high officials of the
nation drew their salaries in specie as before ; and the same
privilege was tendered on the first opportunity to the Members
of Congress, as though to make them share in the odium.

The clearing away of the financial storm found the Mer-
chants' Bank in excellent condition, thanks to the conservative
management of its officers and directors, such prosperity being
reflected in the minute of June 13th, increasing the salary of
President Palmer to $4,500 a year.

In May, 1838, the banks of the city resumed specie pay-
ment. In September of that year Walter Mead, who had
been cashier since 1824, resigned, and Oswald J. Cammann, the
first teller, was appointed in his place at a salary of $3,500 a
year. The changes in the personnel of the bank then brought
about led to a protest upon the part of some of the clerks, who
thought that promotion should go by seniority in office. The
directors resolved, however, that such appointments must de-
pend upon merit. Oswald John Cammann, who remained cashiei

Oswald J. Camttiuuu.

until 1852, was horn in the city of New York in 1803. He was
always called by his two Christian names to distinguish him
from his elder cousin Oswald, for many years a broker in Wall
Street. He was of German extraction on both father's and
mother's side, his paternal ancestors having come from Han-
over. His mother was Miss Oswald, daughter of Philip Os-
wald. His father, Peter A. Cammann, died when Oswald
John was thirteen years old, the eldest of eight sons. The
family, being in straitened circumstances, he was obliged to
leave school, and obtained a position in a lawyer's office, and
subsequently in the Merchants' Bank. In 1S52 the presidency
was offered him. This honor he declined on account of failing
health. In i860 he removed to Geneva, N. V., which was his
home until his death, March 29, 1873. In 1829 he married
Miss Macomb, daughter of John Macomb, of New York, and
niece of General Macomb, Commander-in-Chief of the United

125

The Hank Building erected in 1840 and occupied until 1883.

States Army from 182S to 1841. He was literary in his tastes,
fond of hooks, of which he made a good collection, and of
works of art. He was a regular attendant of the Protestant
Episcopal Church and a liberal supporter of her charitable
work.

In the latter part of 1838, it having become evident that
the building used by the bank since its beginning, in 1803, had
become unfit for further profitable use, the subject of a new
banking-house was taken up. The old building, bought from
Mr. Henderson, was originallv a private dwelling-house, and
with the rapid increase of the value of land in Wall Street it
was felt that something more fitting for the business was
needed. For several years the upper story of the bank build-
ing had been rented to Messrs. Cutting and Tillen, brokers, at
$Soo a vear, and some of the upper rooms were occupied by

126

I>u..rwnv ..f the <>id l'.ank HiiiMim;

THE MERCHANTS' NATIONAL BANK

the porter. The quarters of the bank on the ground floor
were so inadequate that it became cither a question of rebuild-
ing or moving elsewhere. Mr. Wyckoff, at the meeting of
September 25th, laid before the Board plans for a new banking-
house prepared by Isaiah Rogers, the architect, which were at
once approved and adopted. Tlue new building was to be of
granite and to be the finest banking-house in the United States.
It was to cost more than $40,000, a very large sum for those
days. Before deserting the old building, which had been the
home of the bank for thirty-five years, and in recognition of
the services of Mr. Palmer, the president, a present of silver
plate costing $1,000 was made to him. A resolution passed
October 24, 1839, shows the stand taken by the Merchants'
Bank in favor of sound monev. It is as follows :

" President laid before the Board a copy of resolutions passed
at a meeting of merchants and traders calling upon the several
banks to receive and pay out the bills of the Safety Fund Bank in
the interior of the State, and urging the necessity of the Citi-
banks extending the amount of their discounts.

44 Whereupon it was resolved that the directors of the Merchants'
Bank will at every necessary sacrifice continue to redeem all its
liabilities in specie. That the receipt and payment of the Safety
Fund money of the interior seems to them to be impracticable and
that if the measure were adopted it would not afford the general
relief anticipated.

" Resolved that this bank will increase its discounts 5^ on the
amount of its capital provided the other City banks will simulta-
neously extend theirs in the same proportion."

In December, 1839, Henry I. Wyckoff died. He was a di-
rector of the institution since its organization and was com-
monly called the father of the bank. His name appears upon
all important committees, and the directors, by resolution, tes-
tified to the steady and intelligent devotion he had always borne
toward the best interests of the institution. The following year
the move into the new building was marked by a gratuity of
$1,000 to the president and $500 to the cashier. At the same

129

THE MERCHANTS' NATIONAL BANK

time their salaries were made respectively $5,000 and $3,750 a
year. In 1841 the bank agreed to receive from the United
States Treasury half,, a million dollars, for which six per cent,
interest was to he paid.

Cornelius Van Schaick Roosevelt, the grandfather of Presi-
dent Roosevelt, was elected a director the same year. Mr.
Roosevelt was born in New York City January 30, 1794. lie
was a descendant in direct line from Klaas Martensen Van
Roosevelt, who left Holland in 1649, and settled in New Am-
sterdam, where he became one of the most prominent and
wealthy citizens under Dutch and under English regimes. His
father, Jacobus I. Roosevelt, gave his services, without reward,
as commissary during the entire War of Independence. From
him and his ancestors, Cornelius Roosevelt inherited a large
fortune, and* this he augmented by various successful financial
ventures, becoming one of the five richest men of New York.
For many years he was engaged in the importation of hardware
and plate glass. He died at Oyster Bay July 17, 1871.

At the annual election held in June, 1843, Alexander T.
Stewart's name appears for the first time. Alexander Turney
Stewart was born in Lisburne, near Belfast, Ireland, October
12, 1803. He was of Scotch-Irish descent, his father being a
Scotch emigrant to the North of Ireland, and dying when
Alexander was a school-boy. During early years he was under
the care of his grandfather. He received a college education
at Belfast and Trinity College, Dublin, with the design of
entering the ministry, but the sudden death of his guardian,
leaving Alexander and his mother the only survivors of the
direct family line, interfered with this plan, and in 1823 he
came to New York. lie was for a time tutor in the school of
Isaac F. Bragg, in Roosevelt Street, then one of the fashion-
able quarters of the city. Shortly after, with the legacy of his
grandfather, amounting to $3,000 or $4,000, he started in the
dry-goods business. In 1848 he purchased, for the sum of
$65,000, the property at the northeast corner of Chambers
Street, once known as Washington Hall, a place of fashionable

Alexander T. Stewart.

resort, and erected a marble building, which was for many years
famous as the finest dry-goods store in the country. During
all these years the business of A. T. Stewart <Sl Co. increased
with great rapidity, and at the time of the beginning of the
War of the Rebellion Mr. Stewart was already many times a
millionaire. In 1862 the great iron building at Tenth Street
and Broadway was completed at a cost of $2,750,000. Here
Mr. Stewart removed his retail business, leaving the down-
town establishment for his wholesale trade. In the meantime
he had established branch houses in this countrv and abroad, at
Boston, Philadelphia, Paris, Lyons, Manchester, Glasgow, Ber-
lin, and Chemnitz, with numerous mills in England and the
United States, manufacturing goods exclusivelv for the house
of A. T. Stewart & Co. At an early period in his business life
Mr. Stewart began investments in real estate, which soon enor-
mously increased his wealth. Besides his possessions in the

131

THE MERCHANTS' NATIONAL BANK

city of New York, he owned the Grand Union Hotel at Sara-
toga, and a vast estate at Hempstead Plains, on which was
built the town of Garden City, At the time of his death
Mr. Stewart was one of the richest men in the city. His
business success was due not only to his shrewdness, but
also to his courage. On the outbreak of the Civil War,
foreseeing the inevitable rise in cotton, he bought largely of
fabrics in this material, and was thus enabled to control the
market. Besides this, he had immense contracts with the Gov-
ernment, directly and indirectly, which amounted to an enor-
mous business itself. At the beginning of the war, when the
Government had great difficulty in clothing the troops hurried
to the front, Mr. Stewart bought the entire product of several
woollen mills in New York State and New England, and made
uniforms and flannel underwear, which he sold to the State
Government in large quantities and at very low prices. For
many years he insured himself, and he rarely consulted anyone
in regard to his transactions. It is said that during his lifetime
only one man beside himself knew the value and extent of his
property, and that man was his confidential bookkeeper. Mr.
Stewart was a warm personal friend of General Grant, and
when the latter became President in 1869 his first act was to
appoint Mr. Stewart Secretary of the Treasury. Being inter-
ested in the importation of merchandise, Mr. Stewart was inhib-
ited by law from holding the position, and the Senate refused
to confirm. President Grant, in a message, recommended that
the law be repealed, and Mr. Stewart offered to turn over his
entire business to trustees, or retire from it altogether, but this
was not considered as covering the disability, and Mr. Stewart
remained out of office. During his lifetime he was interested
in many important charities. He gave $50,000 to Chicago after
the great fire of 1871. During the rebellion he gave $100,000
to the United States Sanitary Commission, and in 1862 con-
tributed $10,000 for the relief of the starving operatives in
Lancashire, England, thrown out of employment by the cotton
famine caused by the Civil War. Three years before his death

132

William H. Townsend.

he removed to the marble palaee he had erected at the north-
west corner of Thirty-fourth Street and Fifth Avenue. This
house was, perhaps, the finest private dwelling in America,
lie died in New York April 10, 1876.

In 1847 ^Vm. II. Townsend entered the Board and proved
to be a valuable member, serving for more than twenty-five
years. Win. H aw x hurst Townsend was born at Chester,
Orange County, X. V., in April, 1801. He was the son of
Peter Townsend, widelv known as one of the owners and
inheritors of the old Sterling Iron Works in Orange County,
which works are historical as the place where was forged the
chain which was stretched across the Hudson at or near West
Point, to prevent the passing of British ships during the Revo-
lution. Mr. Townsend early entered business and had a long,
active and honorable career, managing and carrying on with
his brothers the heavy work entailed in large iron interests, in-

*33

THE MERCHANTS' NATIONAL BANK

volving the care of large numbers of workmen, and seeing to
the interests of their families. He also assumed large interests
in the dry-goods business in the South, which, when the War of
Rebellion broke out, caused heavy anxieties that helped to
break his health, so that he retired from all business at the
close of the war. He was a man of fine presence and genial
manners, but of simple tastes and very domestic. Travelling
and books were his great pleasures. He was fond of his home
and of doing kind and generous acts to those less fortunately
placed. After a long illness he died in June, 1873, in the
seventy-third year of his age.

The middle of the century found business again exceedingly
prosperous and the cost of living so much increased that a re-
arrangement of salaries took place. That of the president was
made $6,000 and those of the other officers and clerks in-
creased by various sums from $500 to $100 apiece. In 1850
Robert L. Maitland was elected a director, becoming later one
of the most active members of the Board. Robert Lenox
Maitland was the son of Robert Maitland, a native of Kirk-
cudbrightshire, Scotland, who crossed the ocean toward the
end of the eighteenth century, and settled first in Norfolk,
Va., and then in New York City, and of his second wife,
Eliza Sproat Lenox, the oldest daughter of Robert Lenox, a
prominent merchant of New York City, of Scottish birth.

He was born in Edinburgh, Scotland, on April 1, 1818, his
father having returned to Scotland the previous year. When
he was about seven years old his parents came back to Amer-
ica and he received his education at home from private tu-
tors, until 1835, when he went to Princeton College, whence he
was graduated very creditably the following year, and entered
the business house of James Donaldson, the husband of his
mother's youngest sister. In 1841 Mr. Maitland estab-
lished the firm of Robert L. Maitland & Co., in the general
commission business, and succeeding to James Donaldson, who
then retired in their favor. This firm was continued up to the
time of Mr. Maitland's death in 1870; his partners being first,

134

Hubert L Maitland.

Alexander McConochie, and then William Wright, who died
in 1867 ; and after March, 1869, his son Alexander Maitland.
Mr. Maitland continued a member of the Hoard until his death,
taking an active part in the management of the affairs of the
bank, until prevented by failing health in 1S0S.

The year 1851 saw the opening of the first great trunk rail-
way line, that which ran its trains as far as Dunkirk on Lake
Erie. The line from Albany to Schenectady, which had been
opened in 1832, became in 1X53 a part of the newly organized
New York Central svstem, whose rails reached Buffalo a year
later. The Hudson River Railroad from New York to Albany
was opened in 185 1, and later a part of the New York Central
system. In 1852 Samuel T. Carey was elected president, and
the death of John I). Campbell, for many years a notary of the
bank, occurred. In the same year Mr. Cammann, the cashier

*35

THE MERCHANTS' NATIONAL BANK

since 1838, resigned, owing to ill-health, and Augustus E. Silli-
man was appointed in his place. In February, 1853, Conrad
W. Faber, who had been a director for several years, resigned
his office owing to financial reverses, but the Board refused to
accept it.

In September, 1853, the Board authorized the officers to
agree upon such plans for a clearing-house as should be deter-
termined upon by a general meeting of the banks. Thus came
into existence one of the most potent agencies in the financial
mechanism of modern times. The system was not original
with New York, but was first established by certain banks in
London in 1 775. Albert Gallatin, in a pamphlet published in
1841 under the title " Suggestions on the Banks and Currency
of the several United States in Reference to the Suspension of
Specie Payments," said :

" In connection with this branch of the subject there is a meas-
ure which, though belonging to the administration of banks rather
than to legal enactments, is suggested on account of its great im-
portance. Few regulations would be more successful in preventing
dangerous expansions of discounts and issues on the part of citi-
banks than a regular exchange of notes and checks, and an actual
daily or semi-weekly payment of the balances. It must be recol-
leted that it is by this process alone that a bank of the United States
has ever acted, or been supposed to act, as a regulator of the cur-
rency. Its action would not in that respect be wanted in any city
the banks of which would, by adopting the process, regulate them-
selves. It is one of the principal ingredients of the system of the
banks of Scotland. The bankers of London, by the daily exchange
of drafts at the Clearing House, reduce the ultimate balance to a
verv small sum, and that balance is immediately paid in notes of
the Bank of England. The want of a similar arrangement among
the banks of this city produces relaxation, favors improper expan-
sions, and is attended with serious inconveniences. The principal
difficultv in the way of an arrangement for that purpose is the want
of a common medium other than specie for effecting the payment
of balances. These are daily fluctuating; and perpetual drawing
and redrawing of specie from and into the banks is unpopular and
inconvenient.

136

East side of Broadway, above Trinity Church, in 1830.

44 In order to remedy this, it has been suggested that a general
cash office might be established, in which each bank should place a
sum in specie proportionate to its capital, which would be carried
to its credit in the books of the office. Kach bank would be daily
debited or credited in those books for the balance of its account
with all the other banks. Kach bank might at any time draw for
specie on the office for the excess of its credit beyond its quota, and
each bank should be obliged to replenish its quota whenever it was
diminished one-half, or in any other proportion agreed upon."

The meeting to discuss the question of a clearing-house
was held August 23, 1853, in response to a call from the Me-
chanics Bank, when the officers of thirty-eight banks were rep-
resented. A committee consisting of F. \V. Kdmonds, cashier
Mechanics' Bank , James Punnett, cashier Bank of America ;
Aug. E. Silliman, cashier Merchants' Bank ; John L. Everett,
cashier Broadway Bank; Richard Berrv, cashier Tradesmen's
Bank ; R. S. Oakley, secretary, was appointed. On October
3d a room was obtained in the basement at 14 Wall Street
and on the nth of that month the first exchanges were made,
reaching a total for the day of $22,648,109.87. The adoption
of a constitution for the clearing-house was opposed by a num-

137

THE MERCHANTS' NATIONAL BANK

ber of the banks on the ground that it was not needed and
might tend to a dangerous concentration of power in the hands
of a few managers. But necessity for fixed rules became appar-
ent, and the constitution, as it stands in force virtually to-day,
was adopted. It was prepared by George Curtis, president of
the Continental Bank. The original members of the clearing-
house were :

Bank of New York,
Manhattan Company,
Merchants' Bank,
Mechanics' Bank,
Union Bank,
Bank of America,
Phenix Bank,
City Bank,
North River Bank,
Tradesmen's Bank,
Fulton Bank,
Chemical Bank,
Merchants' Exchange Bank,
National Bank,

Butchers' and Drovers' Bank,
Mechanics' and Traders' Bank,
Greenwich Bank,
Leather Manufacturers' Bank,
Seventh Ward Bank,
Bank of the State of New York,
American Exchange Bank,
Mechanics' Banking Associa-
tion.
Bank of Commerce,
Bowery Bank,
Broadwav Bank,

Ocean Bank,

Mercantile Bank,

Pacific Bank,

Bank of the Republic,

Chatham Bank,

People's Bank,

Bank of North America,

Hanover Bank,

Irving Bank,

Metropolitan Bank,

Citizens' Bank,

Knickerbocker Bank,

Grocers' Bank,

Empire City Bank,

Nassau Bank,

East River Bank,

Market Bank,

St. Nicholas Bank,

Shoe and Leather Bank,

Corn Exchange Bank,

Central Bank,

Continental Bank,

Bank of the Commonwealth,

Oriental Bank,

Marine Bank,

Atlantic Bank.

The minutes of December i, 1854. contain the following
rules, which are curious as reflecting the banking system of half

a century ago

" The subscribers who in conjunction with the officers were
appointed a committee for the purpose, respectfully propose the

13S

THE MERCHANTS' NATIONAL BANK

following suggestion for the more correct keeping of the accounts
and assets of the bank :

" i. Cash in the hands of Paying Teller be occasionally exam-
ined without premonition.

" 2. That all certified checks, notes or acceptances be hereafter
entered in a journal to be prepared for that purpose and the debits
posted daily to their respective accounts therefrom.

"3. That it will be necessary for this purpose that the Paying
Teller have additional aid, and to that end the Cashier be requested
to detail a clerk whose duty it should be to act as his assistant.

"a. That to guard against errors in the payment of cash for
checks that the Paying Teller will in all cases hand over the
amount after he has counted the same to the assistant, who shall
recount it and report to him as correct or otherwise before it is
delivered to the payee.

"5. That the bookkeepers of the individual ledgers alternate
with each other once in four weeks or oftener if deemed necessary,
and that the Cashier shall immediately notice any just cause of com-
plaint made by a bookkeeper on entering upon another ledger which
is behindhand.

"6. That at least once during the interval of the semi-annual
examination of the affairs of the bank by the Board and as much
oftener as he shall deem it expedient, the Cashier shall detail a
clerk who shall examine in conjunction with the discount clerk the
assets and collateral of the discount department and make a proof
return thereof to be laid before the Board.

"7. That no person in the bank hereafter have authority to cer-
tifv checks, save the President, Cashier, and Pavintr Teller. In
case of absence or sickness of the Paving Teller, the President or
Cashier shall designate upon whom such duty shall devolve. Re-
solved, that the Cashier be required to lay before the Board on or
before the 15th of each month the balance sheet of the general
ledger and individual ledgers of the preceding month."

On the last day of December, 1856, John I. Palmer, S. T.
Carey, A. E. Silliman, J. Auchincloss, A. T. Stewart, B. B.
Sherman and R. L. Maitland were appointed a committee to
wind up the affairs of the bank at the expiration of its charter.
The real estate was then valued at $160,000. The value of the
bank's stock is shown by a sale of 2,620 shares at $136, the

141

THE MERCHANTS' NATIONAL BANK

par value being $50. In appreciation of their services in the
liquidation of the business Messrs. Palmer and Carey were
presented with $3,000 apiece, and Mr. Silliman with $2,500.
A dividend of twenty-six per cent, was declared as a financial
distribution of the assets of the institution.

CHAPTER VII

FROM 1857 TO 1S65— THK MERCHANTS' HANK I'NDER A NEW CHAR-
TKR — JOHN I. 1'AEMER ELECTED PRESIDENT — THE FINANCIAL
PANIC OF 1857— JACOB I). YERMILYE ELECTED CASHIER AND MR
SILLIMAN PRESIDENT— (il'STAY SCHWAB AND ROBERT L. STUART
ELECTED DIRECTORS— THE CIVIL WAR AND SUBSCRIPTIONS FOR
GOVERNMENT BONDS.

THE first meeting of the Merchants' Hank under the new
charter was held on January 2, 1857, when the follow-
ing gentlemen were present :

John I. Palmer, William A. 1 hidden,

Samuel T. Carey, Benj. B. Sherman,

Benjamin Aymar, m Robert L. Maitland,

John Auchincloss, Edwin A. Oelrichs,

Wm. II. Townsend, Win. E. Wilmerding.
Alexander T. Stewart,

John 1. Palmer was elected president, Samuel T. Carey
vice-president, and Augustus E. Silliman cashier. The pres-
ident was authorized to purchase the real estate of the associa-
tion at 42 Wall Street for $160,000, the furniture at $500, and
the discounted hills. Nineteen clerks and two porters were
appointed. Early in January the capital of the hank was in-
creased to $3,000,000, to he called in in instalments at the
discretion of the Board.

In May, 1857, on motion of Mr. Stewart, it was resolved
that the rates of salaries as then reported be adopted to take
effect from January 1, 1857, with the understanding that the
system of occasional gratuities he abandoned. The salaries
were : President and cashier, $6,000 each ; first teller,
$2,500; second teller, $2,100; third teller, $1,800; general
ledger bookkeeper, $2,100; transfer clerk, $1,800; dis-

Meeting of the Stock Exchange in 1850. (From Appleton's "New Metropolis.")

count clerk, $1,700; register, $i, 600; cashier's assistant, $1,600;
first assistant teller, $1,500; bookkeepers, $1,500, $1,400,
and $1,200; second assistant teller, $1,000; assistant clerks,
$1,000, $900, $800, and $600; check clerk, $800; porters,
$800 each.

The autumn of 1857 saw a financial crisis of that kind
which is apt to recur in an expanding country like ours as the
cycle advances from booming prosperity to the over-confident
and over-productive stage. A rapid decline in the value of
railroad stocks and bonds from June to September was the first
symptom of trouble shown by the barometer of the New York
Stock Exchange. Banks began contracting their loans to save
themselves, and then came, in August, the unexpected failure
of the Ohio Life and Trust Company. The first real blow to
public confidence was followed in rapid succession by the failure
of railroad, insurance, and banking companies, and mercantile

144

THE MERCHANTS' NATIONAL BANK

houses at the East, all tangled in one another's calamities.
Many defalcations were brought to light ; houses hitherto of
the highest reputation, connected with the iron, cotton, or
woollen mills, were forced to suspend; and about the middle
of October the crash culminated when the banks of New York
City, pressed by the excited crowds about their doors, sus-
pended specie payments, setting an example which most every
bank throughout the Union, which had not already done the
same, was glad to follow.

That season of the year which is usually the most thriving
for trade was the one which felt the full weight of financial
calamity. Of the furnaces and forges in the Union, at least
one-half were closed ; factories and machine-shops discharged
their workmen and remained idle ; defaulting railroads went
into hands of bondholders, wiping out their capital stock ;
Western farms and cities were forced to compromise with cred-
itors. Ship-building, too, which had lately been a proud national
industry, now collapsed, and our ocean carrying trade was for a
time almost annihilated. The cold season brought much dis-
tress, especially in the large cities, for in New York's metrop-
olis alone it was estimated that nearly 40,000 mechanics were
thrown out of employment. Not for twenty years, at least, did
so large a proportion of our people remain unwillingly idle.

Although the severity of this pressure gradually relaxed,
and both confidence and activity were by another twelve months
fairly restored, some lessons were left to be learned. Trade
throughout the Union suffered from a defective currency, and
still more from that redundancy of debt which over-confidence
piles bravely up. The West owed the East ; the interior owed
the Atlantic seaboard ; the Atlantic seaboard owed Europe.
The South with its cotton was relatively better off, yet the
kingly staple suffered in market price. Premature railroads at
the West had fostered premature cities, teeming with prema-
ture traffic for a premature population ; and while canals and
railroads had conspired to reduce the mileage rate of transpor-
tation, the dispersion of American farmers over a vastly wider

147

THE MERCHANTS' NATIONAL BANK

area counterbalanced the advantage. Our grain-fields were
now in the heart of tbe continent and tbe Mississippi Valley,
and it cost us actually more bv tbe ton to exchange our wheat,
corn, and meat for tbe metals, wares, and fabrics of Europe
than it did our ancestors ten years prior to the Revolution.
Whoever travelled in these years from Cincinnati or Chicago
eastward needed to carry on his person a heavy purse of gold
coin for his journey's wants, with a good draft of exchange on
New York, Boston, or some other chief Eastern city, for what
he might need besides. If foolish enough to take the bills
of some Western State bank which circulated in the city which
he left, and were paid him over the bank counter, he found
them difficult to pass in Cleveland or Buffalo, and by the time
he reached Albany he could do nothing with them. The vign-
ettes and signatures of the mvriad local banks whose bills
circulated were alone worth an expert's study ; they invited
forgeiy of the most startling description.

Mr. Carey died in the early part of 185S, and E. A. Oel-
richs was elected vice-president in his piace. On the 29th of
January of the same year Jacob D. Vermilye was elected cash-
ier at a salary of $5,000 a year. A few days afterward came
the death of John I. Palmer, long an able, devoted officer of
the bank. He was succeeded in February by Mr. Silliman,
who had been cashier of the bank since 1852.

Augustus E. Silliman was born at Newport, R. I., April
1 1, 1807. He was a son of Gold S. Silliman, of Brooklyn, who
died in 1868, in his ninety-first year. His grandfather, also
named Gold S. Silliman. was a general in Colonial days, and
attorney for the Crown (Kings Attorney) in Fairfield County,
Conn. He was an early promoter of the Revolution, and
throughout that war a gallant, energetic, and trusted officer,
and rendered good and efficient service in the battles of Long
Island, Harlem, White Plains, Dan bury, and elsewhere. Mr.
Silliman early embarked in commercial pursuits. He was one
of the organizers of the Clearing-House Association, and a
member of its Clearing-I louse Committee from its institution,

i 4 s

Augustus K. Siltiman.

in 1853, to 1859. lie continued to he the president of the
Merchants' Bank until compelled, in May, 1868, by impaired
health, to retire from active business pursuits. Upon his re-
tirement from the presidency of the bank, the directors, by
resolution, declared that they "could not permit the separation
to occur without recording their sense of the ability, devotion,
and courteous bearing with which he had fulfilled every trust
during a connection of over forty years with that institution,"
and added that " no one in any financial community can point
to a more pure and spotless record of unswerving fidelity to
duty and honor," and referred to the prosperous condition of
the bank as a proof of his financial ability. He received at the
same time, among many other evidences of the esteem in which
he was held, an honoring and gratifying testimonial in a letter ad-
dressed to him and signed by the presidents and officers of the
various banks of the city represented in the Clearing- House
Association, expressing their M respect and warm good wishes,

THE MERCHANTS' NATIONAL BANK

and their appreciation of the uniform courtesy and kindness
which have characterized your intercourse with us, the zeal and
consistency with which you have always supported sound and
conservative measures, and the influence which you have ex-
erted in establishing and giving character and dignity to the
Association." This high testimonial was signed by gentlemen
many of whose names are distinguished in the financial history
of the country. Mr. Silliman was for a number of years iden-
tified with the Century Club, Long Island Historical Society,
and New York Mercantile Library Association, of which latter
he was for a time the president.

Upon his retirement from active business pursuits he de-
voted himself largely to literature, and having in his early days
written a volume entitled " A Gallop Among American Sce-
nery/' which was published by the Appletons in 1848, in 1881
he published a second edition, containing a number of chapters
not embraced in the first. A translation by him from the
French of " F^nelon's Conversations with M. de Ramsai on the
Truth of Religion, " with his " Letters on the Immortality of
the Soul and the Freedom of the Will," enriched by notes by
Mr. Silliman, was published in 1869. He died after a lingering
illness, May 30, 1884, and was buried in the family vault in
Greenwood Cemetery.

In April, 1858, the bank decided to buy for $25,000, from
Daniel B. Fearing, the lot on Fine Street in the rear of its
premises. Robert L. Stuart and E. F. Sanderson were elected
in February directors in the place of John I. Palmer and Benj.
Aymar.

Robert L. Stuart was the eldest son of Kinloch Stuart, and
was born in the city of New York on July 21, 1806. After
the death of his father, in 1826, he continued the business of
manufacturing candy until January 7, 1828, when the firm of
R. L. & A. Stuart (the latter his younger brother) was formed.
The copartnership continued unchanged for fifty-one years, and
until dissolved by the death of the junior partner in 1879. ^ n
1S32 R. L. & A. Stimrt commenced refining sugar by steam,

Robert L. Stuart.

and were the first successful operators in that industry, efforts
by others in the same direction having resulted in failure or bank-
ruptcy. In 1855-56 the manufacture of candy was discontinued,
and sugar refining became the sole business of the firm. In
1872-73 the brothers retired from active business. In 1835
Robert L. Stuart married Mary, the daughter of Robert McCrea,
one of the old and wealthy merchants of New York. Mr.
Stuart, after his retirement from active business, devoted his
time principally to works of philanthropy, in which he was most
efficiently assisted by his worthy wife, whose name, like that of
her husband, is found in connection with nearly every charity
of New York.

In 1859 Gustav Schwab was elected a director, serving the
bank to its great profit and the satisfaction and esteem of his
fellow-directors, until his death in 1888.

Mr. Schwab was born in Stuttgart, Germany, November

151

Gustav Schwab.

23, 1822. He was the son of Gustav Schwab, a well-known
writer and poet, and grandson of the mathematician, John
Christopher Schwab. After graduation from the Latin School
of Stuttgart, he entered the counting-house of H. H. Meier &
Co., of Bremen, a large shipping and commission firm, where
he served, as was the custom, an apprenticeship of six years.
In 1844, as soon as his term of apprenticeship was ended, he
came to New York, and entered the office of Oelrichs &
Kruger, the correspondents of Meier & Co. in the United
States. There he remained for several years, and until the for-
mation of the firm of Wichelhausen, Recknagel & Schwab,
importers of drugs, of which he was the junior partner, and
which continued in business until 1859. Meanwhile the firm
of Oelrichs & Kruger had been succeeded by that of Oelrichs
& Co., and in 1859 Mr. Schwab became one of its members at
the instance of Hermann C von Post, whose sister he had

15-^

THE MERCHANTS' NATIONAL BANK

married in 1850, and so continued till the time of his death.
Soon after his association with this firm it was appointed the
New York agent of the North German Lloyd Steamship Com-
pany, and to the thoroughness and efficiency of his management
is largely due the eminent success of that transatlantic line.

Mr. Schwab was a director, and for some time president, of
the German Society, founded in 1784 for the care and assist-
ance of his foreign fellow-countrymen in this city. He helped
to found the German Hospital and Dispensary, was one of its
Board of Directors, and fulfilled the arduous duties of treasurer
until the fatal sickness came which terminated in his death.
He was for some time a Commissioner of the Board of Educa-
tion, and in all movements affecting the public welfare he took
an active part. Besides the Merchants' National Bank, he was
a director of the Central Trust Companv, the Washington
Life Insurance Company, and many other financial institutions
of a like character. Mr. Schwab was one of the managers of
the Produce Exchange and an active member of the Chamber
of Commerce, in which organization he acted for a number of
years on the Committee on Foreign Commerce and Revenue
Laws. Mr. Schwab died at his residence on Fordham Heights,
New York City, August 21, 1888, in the sixty-sixth year of his

age '

The Civil War brought with it many difficult questions to

be solved by the banks of the country. The banks of New
York stood together in upholding the Government to the best
of their ability, and in August, 1861, co-operated with those of
Boston and Philadelphia in a plan to loan the Government
$50,000,000. The portion taken by the Merchants' Bank was
$1,423,000. In the following October it was necessary to
advance the Government $50,000,000 more, of which the bank
contributed its share. In 1863 the bank subscribed for $50,000
of the bonds of the County of Xew York to help along the
soldiers' substitute and bounty fund ; it also bought $25,000 of
the Union Defence Bonds of Xew York City.

The final year of the war found living expenses so high that

153

Jacob D. Vermilye.

salaries were again increased, chiefly by gratuities. The presi-
dent's salary was made $7,000, and in 1864 a present of $1,500
was added to this, while the clerks received semi-annually a
gratuity of fifteen per cent, upon their salaries. Among the assets
of the bank made November 25, 1 864, were the following items :

U. S. 5—20 bonds $100,000 00

7-3/10 notes currency interest (U. S.) 17,400 oc

U. S. indebtedness certificates 5I903 1 25

do. six per cent, coupon bonds, 1881 1,500,000 00

do. two-year five per cent, legal tender notes. . . . 1,500,000 00

Certificates of deposit Asst. Treasurer of the U. S. 750,000 00

On June 2, 1865, Jacob D. Vermilye was elected a director.
Mr. Vermilye was born on July 15, 181 7, in a house on John
Street. His parents were of the old French Huguenot stock.
In his early days the public-school system of New York was
little more than an experiment; and he had the advantage of a

*54

THE MERCHANTS' NATIONAL BANK

private school in Nassau Street, between John Street and
Maiden Lane, taught by E. VV. Morse. When still a boy he
began his career at the foot of the ladder, entering an office in
Wall Street as a clerk, and afterward entering the Merchants'
Exchange National Bank. From this place he was invited
into a similar but more lucrative one in the Leather Bank,
where he remained for a number of years, leaving it to become
the paving teller of the Branch Bank of the United States.
He subsequently removed to Newark, N. J., where he became
the cashier of the State Bank, which position he continued to
occupy until 1854, when he became the enshier of the Newark
Banking and Insurance Company. Me remained in Newark
until 1858, when he returned to New York as cashier of the
Merchants' Bank, filling this position until his election to the
presidency in 1868. His connection, therefore, with the Mer-
chants' Bank covered a period of thirty-four years, during
twenty-three of which he had been president. Mr. Yermilye
was one of the originators, and at the time of his death was
treasurer, of the Equitable Gas-Light Company. He was a
member of the School Board from 1873 to 1890, when he re-
signed. He was always deeply interested in educational work,
and besides taking a personal interest, he gave largely to Robert
College and to the Theological School of Princeton College.
For a number of years he was chairman of the executive com-
mittee of the Clearing- House Association, and occupied the
position of president for the years 1872 and 1873. U c was
also a director of the Bank of North America, the Royal In-
surance Company, the Central Trust Company, the Continental
Insurance Company, and some twenty other banks and insur-
ance organizations. He was a member of the Rev. Dr. Hall's
Fifth Avenue Church, in which he held the office of elder for
about thirty years. He was also a member of the Board of
Home Missions, and of Foreign Missions, being a valued
helper and counsel in both. As a philanthropist he was
prominent in the management of the Home for Incurables in
Westchester County.

»55

CHAPTER VIII

FROM 1865 TO 1903— ORGANIZATION UNDER THK NATIONAL BANK LAW—
A PRESENTATION TO MR. VERMILVE, WHO IS ELECTED PRESIDENT
IN 1868— CORNELIUS V. BANTA APPOINTED CASHIER— JOHN A. STEW-
ART AND CHARLES STEWART SMITH ELECTED DIRECTORS— EREC-
TION OF THE PRESENT BANK BUILDING— THE DEATH OF MR. VER-
MILVE AND THE ELECTION OF ROBERT M. GALEA WAV AS PRESIDENT
—A COMPLETE LIST OF THE DIRECTORS OF THE BANK FROM 1803
TO THE PRESENT DAY.

ON June 17, 1865, the Articles of Association and Certifi-
cate of Organization, under which the Merchants' Bank
became the Merchants' National Bank of the City of New-
York, were executed. The officers of the bank were directed
to deposit with the Treasurer of the United States in trust for
the Merchants 1 National Bank $i, 000,000 of United States six
per cent, bonds, payable in 1 88 1. A service of plate, valued
at $800, was presented Mr. Yermilye, the cashier, in recogni-
tion of his valuable services during the trying period of the
Civil War, and in April of the following year he was given a
six months' leave of absence, Mr. A. L. McDonald being ap-
pointed assistant cashier for that period. The inflated prices
at the close of the war are reflected in a minute noting that
the gratuities of the year 1867 amounted to forty-five per cent,
of the salaries paid. The president, Mr. Silliman received
$3,250 in addition to his salary.

In May, 1868, Mr. Silliman resigned as president, and
J. D. Vermilye was elected president, Robert McCartee being
appointed cashier. The salary of the president was made
$10,000 a year.

On December 23, 1868, Mr. John A. Stewart, now the
oldest director of the bank, was elected a director to fill the
vacancy caused by the resignation of A. E. Silliman. In 1869

156

William A. Hadden.

the president's salary was increased to $12,000, and each di-
rector was paid $5 for attendance at the meetings of the Board.
In February, 1872, Mr. C. Y. Banta was appointed cashier at
a salary of $5,000 a year, in place of Mr. McCartee, who had
resigned.

Mr. Henry Sheldon became a member of the Board of Di-
rectors in November, 1S73, and ' n *' lc following January, Mr.
Sherman being precluded from serving as vice-president owing
to having accepted the presidency of the Mechanics' National
Bank, Mr. Auchincloss was elected vice-president in his stead.
Complimentary resolutions were passed at the time and it was
resolved that a committee of three, consisting of the president
and two senior directors (Messrs. A. T. Stewart and Auchin-
closs) be appointed to procure and present to Mr. Sherman a
service of silver, valued at $5,000, in recognition of his valuable
services to the bank as vice-president for a period of fifteen

i57

Washington R. Vcrmilye.

years without compensation. In June, 1874, the president, Mr.
Vermilye, whose health had been impaired by hard work during
the trying times of the panic of 1873 an( l the subsequent finan-
cial disturbances, was granted a furlough of six months, Mr.
William Barton being elected president pro tern, for the period
of his absence. Mr. Barton was afterward elected vice-presi-
dent.

The bank was called upon in April, 1876, to deplore the loss
of Alexander T. Stewart, the oldest member of the Board, who
during thirty-three years had contributed much to the pros-
perity of the institution. The Board attended his funeral in
a body.

During the Centennial Exposition of 1876 the bank, which
had subscribed $1,500 to the cost of the exposition, decided, at
the request of Mr. John A. Stewart, to pay the expenses of the
clerks in visiting Philadelphia.

158

William Barton.

Colonel Vcrmilve died in December, 1876. At the first
meeting in January, 1877, the following gentlemen were
elected directors :

William Barton,
Henry Sheldon,
Hugh Auchincloss,
E. A. Brinckerhoff,
Charles S. Smith.

J. D. Vcrmilve,

B. B. Sherman,

W. A. Hadden,

Gustav Schwab,

John A. Stewart,

J. \V. Patterson,
J. D. Vcrmilve was elected president and Mr. Barton
vice-president for the ensuing year. In his report as Bank
Examiner, Mr. Charles A. Meigs remarked concerning the
Merchants' Bank : " Your bills discounted are of a commercial
character well scattered as to risk, and in my opinion, well
selected, as shown by the unusually small amount of past due
and unpaid paper. You have but a small percentage of your

159

John Auchincloss.

share of these last as compared with other banks and it should
be a matter of congratulation with the managers of the bank
that this is so ; that the bank should have escaped the disasters
of the past six months with so small an implication is certainly
most remarkable and worthy of comment on my part." On
August i st, 1878, the capital stock of the Merchants' Bank was
reduced from $3,000,000 to $2,000,000, the stockholders receiv-
ing their share in gold. At this time the bank force consisted
of* twenty-nine clerks ; the total salary list was $37,170, which
was increased by gratuities to about $41,000.

In February, 1880, the president appointed Messrs. Auchin-
closs, Sherman, and Schwab as a committee to confer with the
Manhattan Company and the Liverpool, London & Globe In-
surance Companv with reference to constructing a new building
on Pine Street. The Manhattan Company declined to join in the
enterprise and nothing was done. Three years later, however, at a

i5o

tin *•

1 lie Hmk lluiM ; n< befirc t!;»» r«-m « 1^ \\v,\a ->f' i > 3.

Hush Aurhincloss.

joint meeting of committees appointed by the Manhattan Com-
pany and the Merchants' National Bank, it was resolved to he for
the best interests of both banks that they erect a bank building
together upon their property, and Messrs. Yermilyc, Auchincloss,
and Schwab for the Merchants' Bank, and Messrs. Borden, Mc-
Ilarg, and Smith upon the part of the Manhattan Company,
were appointed to recommend a building committee to carry
out such a plan. During the building operations it was decided
to lease the offices at Xo. 26 Exchange Place for banking pur-
poses at a rental of $13,000 a year. On motion of Mr. Charles
S. Smith, the building committee, consisting of Messrs. Auch-
incloss, Schwab, and Yermilyc were given full power to have the
proposed new building erected. The designs submitted by
Mr. Wheeler Smith were accepted.

It was decided that, although the two banks should put up
one building to be occupied as tenants in common, each should

163

David Dows.

convey to the other an undivided half of the land. In accord-
ance with this resolution the property at 40 and 42 Wall Street
was equally divided, the Merchants' Bank paying $2,250 to
the Manhattan Company in order to equalize the holdings.

In 1883 George William Lane was elected a director. Mr.
Lane was born near Red Mills, in the neighborhood of Lake
Mahopac, New York, January 8, 18 18, and on the borders of
that lake he maintained a summer home during the latter part
of his life. While still a boy he came to New York and began
business in Front Street in the tea trade, which he followed
with success until his death. He died at his home in New
York City, December 30, 1883. For thirty years he was a
member of the Chamber of Commerce. He was elected vice-
president of that body May 6, 1875, and president May 4,
1882. Among the other financial institutions with which he
was connected, and to which he had devoted much attention

164

George W. Lane.

during the later years of his life, may be mentioned the Fulton
National Bank, the Seamen's Bank for Savings, the Conti-
nental (Fire) Insurance Company, the Atlantic Mutual (Ma-
rine) Insurance Company, and the Central Trust Company, of
which he was one of the original incorporators.

Another director elected in 1883 was Jacob Wendell. Mr.
Wendell was born in Portsmouth, N. H., in 1826. His ances-
tors came from Holland in the early part of the last century.
Mr. Wendell had occupied an important position in the dry-
goods commission business of this city since 1854, being at that
time a member of the firm of J. C. Howe & Co.

The first meeting of the Board in the new banking-rooms
was held July 31, 1884. In January, 18S4, Mr. Henry Hilton
had been elected a director. In March, 1885, it was resolved
to extend the corporate existence of the bank until the close
of the business on June 17, 1905.

165

William G. Vermilye.

On May 2, 1885, occurred the death of Benjamin B. Sher-
man, the oldest director of the bank, and the director who
held office longer than any other during the hundred years of
the Merchants' Bank's existence. Benjamin Borden Sherman
was born in Shrewsburytown, Monmouth County, N. J., No-
vember 8, 1810, of English and Dutch ancestors. When eight-
een years old Mr. Sherman came to New York and found em-
ployment as clerk with Charles & Owen Wardell, wholesale
grocers in Front Street. In 1833 he formed a partnership with
C. McCoon which lasted until 1861, when he organized the
firm of Sherman, Tallman & Co. Mr. Sherman retired from
active business in 1864 with an ample fortune, but by no means
from work. He remained a valued counsellor in many im-
portant business corporations, such as the Merchants' Bank, the
Mechanics' Bank, the Royal Insurance Company, the Mutual

166

Benjamin B Sherman.

Life Insurance Company, the Central Trust Company, and a still
larger number of charitable institutions, among them the Home
for Incurables, the Juvenile Asylum, St. John's Guild, the Eye
and Ear Infirmary, etc. Brought up in the Quaker faith, Mr.
Sherman eventually became an earnest member of the Protes-
tant Episcopal Church, serving for many years as a vestryman
of Grace Church. Another serious loss to the bank was the
death of Mr. Gustav Schwab, which occurred in August, 1888.
Mr. Charles S. Smith was elected vice-president to fill the
vacancy caused bv Mr. Schwab's death. In November a son of
the late Gustav Schwab, Mr. Gustav II. Schwab, was elected a
director. Mr. Donald Mac Kay entered the Board as director
in June, 1890, taking the place of the late David Dows.

In April, 1891, Mr. Robert M. Gallaway was elect ed director
and also vice-president. Mr. Jacob D. Vermilve died on Jan-
uary 1, 1892, after having served the bank for more than

167

Henry W. Banks.

twenty-three years as president. Mr. Gallaway was unani-
mously elected president. In November, 1894, Mr. E. A.
Brinckerhoff was elected vice-president and Henry Ward
Banks a director. Mr. Banks came to New York from Con-
necticut when fourteen years of age, and was a clerk for
Edwards & Co. in Hanover Square. Later he became a
member of the firm of Rure, Case & Banks, and subsequently
of Sheldon, Banks & Co., wholesale grocers. In 1880 he
formed the firm of Henry W. Banks & Co. These three
firms covered a business career of over forty years. Mr.
Banks served in the old Volunteer Fire Department of New
York for eight years, and was a member of the Forty-seventh
Regiment, N. G. S. N. Y., for six years, going to the front
with them, and entering the United States service in 1862.
He is a director in the Market and Fulton National Bank, and
also of the Citizens' National Bank, of Englewood, N. J.

168

C. V. Banta.

In 1895 it was decided to build, in conjunction with the
Manhattan Company, three additional stories upon the bank
building, at a cost of about $225,000. In 1896 Mr. C. V.
Banta, who had been cashier since 1872, resigned his office and
retired from active business. Mr. Banta, however, retained a
semi-official connection with the bank, and an arrangement was
made by which his aid and assistance could be called upon
should the officers of the bank desire it. Cornelius V. Banta
was born in the city of New York May 31, 1824. He en-
tered mercantile life in 1841, as a clerk in the house of
Nathaniel Weed & Co., 191 Pearl Street, where he re-
mained until 1848, when he was engaged as a runner by the
Merchants' Bank. He rose from one position to another in
this bank, until his election as its cashier in 1872. Upon his
retirement the directors of the bank passed the following
resolution :

169

THE MERCHANTS' NATIONAL BANK

Whereas, Mr. Cornelius V. Banta, Cashier of this Bank, has, after
nearly half a century of faithful service in connection with this in-
stitution, this day requested the Board of Directors to relieve him
from the cares and responsibilities of the said office :

Now therefore, The Board of Directors, in accepting Mr. Banta's
resignation, desire to place on record their high appreciation of
the fidelity and integrity with which he has discharged his mani-
fold duties.

For more than forty-eight years Mr. Banta has been connected
with this institution. He has occupied, with credit to himself,
every position, from the lowest to the one which he now, after an
incumbency of twenty -four years, lays down. During this entire
period he has been faithful and zealous in the discharge of every
duty. His unfailing cheerfulness and courtesy have made inter-
course with him a pleasure, not only to the members of this Board
and to his associates in the Bank, but also to those who, in so great
numbers during these many years, have been brought into business
relations with him as an officer of this Bank.

In his retirement he carries with him the sincerest wishes of
each member of this Board, that he may be blessed with many long
years of contentment and happiness, in full consciousness of an
honorable and well-spent business career.

Donald MacKay,

Secretary pro tern.
April 2, 1896.

Upon the retirement of Mr. Banta the cashiership was
filled by the election of Joseph W. Harriman, who resigned in
September, 1901, and was succeeded by Mr. William B. T.
Keyser.

The New York Clearing-House asked, in December, 1896,
that the Merchants 1 Bank should furnish a portrait of its late
president, Jacob D. Vermilye. For the purpose of carrying
out this request an appropriation of $500 was voted.

The complete list of Directors of the Merchants' Bank
during its century of existence is as follows :

Oliver Wolcott 1803

Richard Varick 1803-20

Peter J. Munro 1803-19

Joshua Sands 1803-10

Thomas Storm 1803-13

Win. \V. Woolscy 1803-8

THE MERCHANTS' NATIONAL BANK

John Hone 1803-30

John Kane 1803-16

Joshua Jones 1803-4

Robert Gilchrist 1803

W. VanZandt, Jr.. April, 1803

Isaac Bronson 1 803

Jas. Roosevelt 1803-4

1809-19

John Swartwout 1803

Henry J. Wyckoff 1803-39

Isaac Hicks 1803-5

Henry A. Coster 1803-19

Isaac Cock 1804-6

David Lydig 1804

" " 1806-40

Garret II. VanWagenen. 1804

John Taylor 1804-29

Benj. G. Minturn 1807-14

Peter Rem sen 1 8 1 1-30

Jonathan Ogden 1814 32

Richard J. Tucker 1815-30

Benj. Strong 1817-32

Lyncl e Catlin 1820 33

Samuel McCoin 1820-23

Henry Rankin 1820-30

Jas. Heard 1820-36

Luman Reed 1825-29

W. S. Heniman 1830-36

Archibald Falconer .... 1830

John U. Wolfe 1831-43

John Connelly 1831-39

John Spring 1831-33

Benj. Aymar 1831-58

Harvey Weed 1831-45

Jas. Strong 1 833-36

Augustus Wynkoop 1833-36

John I. Palmer 1833-58

Jos. Walker 1824-42

Peter I. Nevius 1837-46

Richard T. Haines 1837 46

Win. Banks 1837-46

Peter Harmony

Jas. McCall

Augustus W. Hupeden

David Maitland

C. V. S. Roosevelt

Conrad W. Faber

Alex. T. Stewart

Win. E. Wilmerding. . . ,
Edward F. Sanderson..

Peter J. Francis

John S. Tooker

Benj. B. Sherman

Wm. 1 1. Townsend

John Auchincloss

Samuel T. Carey

Robert L. Maitland

Wm. A. Madden

Edwin A. Oelrichs

Augustus E. Silliman. . .

4< it it

Robert L. Stuart

Gustav Schwab

Jos. Gaillard, Jr

Win. Patrick

Jacob D. Vennilye

Henry Palmer

John A. Stewart

Washington R.Vermilye

Jos. W. Patterson

Wm. Barton

Henry Sheldon

I high Auchincloss

Elbert A. BrinckerhofT .
Charles Stewart Smith .

David Dows

Geo. W. Lane

Jacob Wendell

Henry Hilton

Wm. G. Vermilye

Gustav H. Schwab

837

838-46
840-41
840-49

841-43
842-54

843-76
844-60

844-56
858-66
846-48

847-49
847-85
847-73
847-76

849-57
850-70
850-80

855-59
856

858-86

859-82

859-88

860-61
865-91
866-70
868 —
871-76
871-81
873-82

$75-95
876-90

$77 -

877 -

882-90

883

883-98

884-91

885-93
888 —

171

THE MERCHANTS' NATIONAL BANK

Donald Mackay

. . 1890 —

Robert M. Gallawav.

..1891 —

Chas. D. Dickev

..1892 —

Middleton S. Burrill.

.••1893-94

Henry W. Banks ....

...1894

Jos. W. Ogden 1894-96

George Sherman 1894 —

Edward Hoi brook 1896 —

Orris K. Eldredge 1898 —

Joseph \V. Harriman. . . 1901 —

172

CHAPTER IX

PRKSKXT OFFICKRS AND DIRKCTOKS OFTHK MERCHANTS' HANK — ROK-
KRT M. CALLAWAY— ELBERT A. BRINCKERHOFF— JOHN A. STEWART-
CHARLES STEWART SMITH— (;i'STAY II. SCHWAB— DONALD MAC-
KAY— CHARLES I). DICKEY— OEORGE SHERMAN— EDWARD HOLBROOK
— ORRIS K. ELDRIDGE— JOSEPH W. HARRIMAN.

UPON the death of Mr. Yermilye, Robert Macy Gallaway
was cleeted president. Mr. Gallaway was chosen a
director, and served as vice-president of the bank from May I,
1 89 1, and as president from January 1, 1892. Mr. Gallaway
was born in the city of New York August 4, 1837. He is of
Scottish descent upon his father's side and of English descent
on his mother's (Macy) side. I lis father, Daniel Ayres Gallaway,
also born in the city of New York, was engaged in the iron
business and connected with the old firm of Boorman, Ayres
& Co. I Ie educated his son at Yale College, whence he
was graduated in the Class of 1858. The young man then
found occupation as clerk in his father's office, and has since
been actively engaged both in mercantile pursuits and as an offi-
cer of corporations. He was for ten years president of the
Atlantic Dock Iron Works, a manufacturing corporation largely
engaged in the manufacture of gas works ; and afterward was
connected with the Long Island Railroad as financial manager
during the time the road was in the hands of a receiver. He
was afterward president of the New York & Northern Rail-
road and completed the construction of the property, connect-
ing it with the Elevated Railway at 155th Street, and the New
York & New England Road at Brewsters; and by reason of his
active part in the development of the elevated railroad system
of the city he served as vice-president of the Manhattan Rail-
way Company under William R. Garrison and Jay Gould for
eleven years.

«73

THE MERCHANTS' NATIONAL BANK

Elbert Adrain Brinckerhoff, vice-president, was born in
Jamaica, X. Y., on November 29, 1838, and is the son of
John N. Brinckerhoff, principal of Union Hall Academy there
from 1837 to 1865, and grandson of Robert Adrain, LL.D.,
a distinguished mathematician. His ancestry is traced back
to the landing of the early Dutch settlers in New Amster-
dam in 1638. He graduated from the academy of which his
father was principal, and was about entering college when an
opportunity offered for a voyage around the world in a sailing
vessel In January, 1S55, he sailed from New York for San
Francisco. The unexpected charter of the vessel in San Fran-
cisco for New York, instead of China, changed his plans. Ac-
cepting an offer from a commercial house in San Francisco, he
entered upon a business career, and remained in California. In
1856 the social evolution of San Francisco took place, and
from May to August of that year he served as an active mem-
ber of the historical Vigilance Committee which purged the
city of corruption and for years after left San Francisco one of
the best-governed municipalities in the United States. In Feb-
ruary, 1858, a new position called him to Shasta, then the prin-
cipal town in Northern California. While there, inducements
were offered by Wells, Fargo & Co. which led him to accept
the position of cashier in their bank and express office at
Shasta. This place he filled from August, 1858, to August,
1859, when he returned to San Francisco, where he was placed
in the cashier's department of the express company, and after-
ward appointed first messenger on the principal route, that is
between San Francisco and Sacramento, carrying all treasure
and mail passing to the seaboard from the northern mines. It
was during this service that the famous Pony Express was es-
tablished and Mr. Brinckerhoff carried the first packet to Sac-
ramento, where it began its wild and dangerous trip overland.
In August, i860, after an active and eventful life in California,
he returned via the Isthmus to New York, and entered the
employ of the American Express Company at Albany, resign-
ing it to accept the position of bookkeeper and cashier in the

174

s*\1 I ■ >. i A V.I'KI-I I.. A — l-!"ANl ( AMIIkK <■»
ill- KAIHKK'- FAKM Nf- \V( NEW l-K'.N-HliK, N

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III*

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A il.KRKMIII' Willi IHK l'KM>IH'||) a N»-W Y«'Kk KAIIK>»M> dlMI'AMi. \T IKkKHdl l>, N. i.. Wllt<Kt
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IHK lUITKKtNl DBI'AKI MKMV ON Al'Kll. --3, itJyt, ME W \.s AI'h'IMl-:> Ti» Hl> I'KEsEN I N'MIKiN.

THE MERCHANTS' NATIONAL BANK

house of Fox & Polhemus, of 59 Broad Street in this city, then
the leading commission merchants and manufacturers of cotton
duck in this neighborhood. In 1865 he became a partner in
the house, and a few years later, owing to deaths and retire-
ments, the senior partner. Since 1870 the house has been
known as Brinckerhoff, Turner & Co. After more than
twenty-five years in the manufacture and selling of cotton duck
Mr. Brinckerhoff retired in 1887 from an active interest, with-
drawing entirely in 1890. His connection with benevolent
institutions and business corporations make large demands upon
his time, calling for active work and keeping him constantly
employed.

John Aikman Stewart, the senior member of the Board
of Directors of the Merchants' National Bank, was born in
Fulton Street, New York City, August 22, 1822. His father
emigrated from Scotland and settled in New York, where
for many years he was one of the Assessors of the 12th and
1 6th Wards, and afterward Receiver of Taxes. John A. Stew-
art received his preliminary education in Public School No. 15,
in East Twenty-second Street, afterward entering Columbia
College, whence he was graduated in 1840. In 1842 he was
appointed clerk to the Board of Education, and continued in
that position until 1850, when he became actuary of the United
States Life Insurance Company, which position he resigned in
1853 to accept the office of secretary of the United States Trust
Company, then chartered by the Legislature chiefly through
the efforts of Mr. Stewart. In 1864 he was appointed by Pres-
ident Lincoln Assistant Treasurer of the United States. At
the close of the Civil War, upon the resignation of Mr. Joseph
Lawrence, president of the United States Trust Company, Mr.
Stewart was unanimously elected to succeed him, and resigned
the Assistant Treasurership in order to accept. This position,
one of the most important in the financial world of New York,
Mr. Stewart held until last year, when he relinquished it to be-
come chairman of the Board of Directors. Mr. Stewart is a
director in the Equitable Life Assurance Society, the Liver-

*77

THE MERCHANTS' NATIONAL BANK

pool, London & Globe Insurance Company, the Bank of New
Amsterdam, the Greenwich Savings Bank, the New York Eye
and Ear Infirmary, a trustee of the John A. Slater Fund, and
has also been for many years an active trustee of Princeton
College. He is a member of the Brick Presbyterian Church
and one of its Board of Trustees, and a member of the Union
League and Metropolitan Clubs. Mr. Stewart served as one
of the executive committee of the "Committee of Seventy"
of 1895.

Charles Stewart Smith, a director of the bank since 1877,
and for several years its vice-president, was born at Exeter,
N. H., March 2, 1832. His ancestors came from England and
settled in the valjey of the Connecticut in 1641. His mother
was a daughter of Aaron Dickinson Woodruff, of Trenton, N. J.,
a distinguished lawyer, for many years Attorney-General of that
State. His father was a minister of the Congregational Church
at Exeter. When fifteen years of age Mr. Smith came to New
York to become clerk in a dry-goods jobbing house. At the
age of twenty-one he became a partner in the house of S. B.
Chittenden & Co., and for several years was their resident
European buyer. He afterward organized the dry-goods com-
mission house of Smith, Hogg & Gardner, which succeeded
to the business of A. A. Lawrence & Co., of Boston, an impor-
tant firm, largely interested in the development of the manufact-
uring interests of Lowell, Mass. For over a quarter of a cen-
tury Mr. Smith was identified with the dry-goods commission
business in New York and Boston. For many years, even be-
fore his retirement from active business, Mr. Smith was known
as one of the most influential members of the Chamber of Com-
merce, of which institution he has been vice-president and
president. He was one of the founders of the Fifth Avenue
Bank and of the German-American Insurance Company. At
the present time Mr. Smith is a director in the Equitable Life
Assurance Society, the Fourth National Bank, the Fifth Ave-
nue Bank, the United States Trust Company, and the Green-
wich Savings Bank. He is also one of the directors of the

178

Interior of the Hank. (Urhce.) From a flashlight photograph taken in 1003.

Interior of the Bank, looking from office. From a flashlight photograph taken in 1903.

THE MERCHANTS' NATIONAL BANK

Presbyterian Hospital, Woodlawn Cemetery, a leading member
of the Union League Club, and a member of the Century
Association, the Merchants' Club, the Metropolitan Club, and
the Metropolitan Museum of Art. For many years Mr. Smith,
who is a veteran traveller, has taken a keen interest in art and
literary matters. His collection of paintings is one of the best
in the city. He was a vice-president of the City Vigilance
League, and was chairman of the executive committee of the
44 Committee of Seventy" of 1895.

Gustav II. Schwab was born in New York May 30, 185 1,
and after attaining the age of thirteen years was sent to Stutt-
gart, Germany, to finish his education in the Gymnasium or
Latin School of that city. After a period of four years spent
in study he entered the business of the firm of H. H. Meier &
Co., in Bremen, for the purpose of securing a commercial train-
ing, remaining there five years. He then returned to this city,
and in the year 1876 entered his father's firm, of Oelrichs &
Co., importers and agents for the North German Lloyd
Steamship Company. Mr. Schwab succeeded his father in 1888
as a director in the Merchants' National Bank, of which insti-
tution the father had been a valued member of the Board of
Directors since 1859. Mr. Schwab has been president of the
German Society of the city of New York during the last thir-
teen years, in which quality he has been in former years an ex-
officio member of the former State Board of Immigration, but
has never held any other political office. The German So-
ciety, of which Mr. Schwab is president, was founded in the year
1784 by his great-great-grandfather, the Rev. John Christopher
Kunze. Mr. Schwab is a director of the United States Trust
Company, of the Atlantic Mutual Insurance Company, and of
the Produce Exchange Safe Deposit Company. He is chair-
man of the Committee on Foreign Commerce and the Revenue
Laws of the Chamber of Commerce of the State New York,
and was a member of the executive committee of the 4< Com-
mittee of Seventy." He is also interested in public and charitable
institutions, and is a member of the Metropolitan, Century,

181

THE MERCHANTS' NATIONAL BANK

City, Tuxedo, Yacht and German Clubs, and of the Liederkranz
Society.

„ Donald Mackay was born in Brooklyn, N. V., December,
1840. He became a clerk in the office of Vermilye & Co.
in 1861, and in 1869 was admitted to a partnership in that
firm, with which he has been connected for more than forty
years. Mr. Mackay was president of the New York Stock
Exchange for two terms — 1880, 1881. He is president of the
New York Stock Exchange Building Company, the legal title
of the company, which holds all the real estate of the Stock
Exchange, including its safe-deposit vaults. He has been act-
ing vice-president of the Northern Pacific Railroad Com-
pany and was for many years a director in the Manhattan Ele-
vated Railway Company. Mr. Mackay is president of the
Citizens' National Bank, of Englewood, where he has lived for
many years. He is also a member of the Union League Club,
the Downtown Club, Englewood Club, the Chamber of Com-
merce, the American Geographical Society, and one of the
Board of Managers of the Presbyterian Hospital.

Charles Denston Dickey, elected a director in 1892, was
born at Mobile, Ala., in i860. He was graduated from Har-
vard University in 1882, and entered the banking-house of
Brown Brothers & Co., with which firm his father was con-
nected for upward of sixty years. Mr. Dickey is at present a
partner in their New York house and is also a director of the
Mutual Life Insurance Company, the Greenwich Savings
Bank, and trustee of several other corporations and trust com-
panies in this city.

George Sherman was born in New York City, in April,
1854, and is son of Benj. B. Sherman, who was a director in
this bank for thirty-eight years. Mr. Sherman graduated from
Columbia University in 1875 and entered the Central Trust
Company the same year, and was elected a trustee and vice-
president of that company in 1884. He is a director in
the Second National Bank and a trustee in the German
Savings Bank.

rS2

H I l It i i l M .

The Hank HuiMinij in i ».>; after rem«>deHing.

THE MERCHANTS' NATIONAL BANK

Edward Holbrook was born in Bellingham, Mass., near
Boston, June, 1849. He was educated in the public schools
of Massachusetts, and commenced business in Boston in 1865.
He became associated with the Gorham Manufacturing Com-
pany in 1870, and has since then been continuously connected
with that company. Mr. Holbrook became general agent of
the company at New York in 1875, taking at that time gen-
eral charge of the sales department and financial department
in this city, continuing to hold such offices and perform such
duties until he became the treasurer of the company in 1887,
and president in 1894. He has held the offices of president
and treasurer from that date up to and including the present
time. At the present time, besides being a director in the
Merchants' Bank, Mr. Holbrook is trustee of the Lincoln
Trust Company, the Rhode Island Hospital Trust Company,
of Providence, R. I., the Garfield Safe Deposit Company,
the American Brass Company, the General Fire Extinguisher
Company, and the Gorham Manufacturing Company.

Orris K. Eldredge is the senior partner of the dry-goods com-
mission house of Eldredge, Lewis & Co., New York and Bos-
ton, one of the foremost houses in the trade. Mr. Eldredge
was born in Chatham, Mass., April 10, 1842, but received his
education and spent the early part of his business life in Bos-
ton, Mass., whither his parents removed in 1845. At the age
of sixteen he entered his first employment, beginning with the
wholesale woollen house of Wilkinson, Stetson & Co., Milk
Street, Boston. When the firm was succeeded by Wilkinson,
Lamb & Co., Mr. Eldredge continued with the latter and with
the subsequent house of Lamb, Sawyer & Co. Early in his
career he had been made a salesman, and proved so successful
in that capacity that Lamb, Sawyer & Co. gave him an interest
in their business. In 1867, at twenty-five years of age, Mr.
Eldredge came to New York, being intrusted with the charge
of the New York branch of Lamb, Sawyer & Co. The fol-
lowing year that house dissolved, but Mr. Eldredge's services
were speedily secured by Wheelwright, Anderson & Co., of

i*5

THE MERCHANTS' NATIONAL BANK

Boston, who appointed him their New York representative.
The next step was an admission to partnership in that concern,
when John F. Anderson retired in 1888, and the firm became
Wheelwright, Eldredge & Co. In October, 1901, it took its
present title of Eldredge, Lewis & Co., with Mr. Eldredge at
its head, and with the chief offices in New York City. The
interests of the house are large and varied, but the senior part-
ner has a comprehensive grasp of the details of each depart-
ment, and is as assiduous in his business to-day as when he was
winning his way upward. The recognition of Mr. Eldredge's
qualities as a man of business and a citizen has not been con-
fined to his immediate business circles. The Chamber of
Commerce of New York elected him a member of that body,
a position afterward resigned. In religious and charitable
work in Brooklyn, where he resides, Mr. Eldredge takes an
active interest. He is a member of the Board of Managers of
the Methodist Episcopal Hospital, and of the Board of Di-
rectors of the Young Men's Christian Association of that bor-
ough, and is also well known as an influential member of the
Church.

Joseph \V. Harriman was born in Belleville, N. J., January
31, 1867. He was graduated from Stevens Institute of Technol-
ogy, and from the Charlier Institute, New York, and entered the
United States National Bank in 1885, resigning the assistant
cashiership of that institution to accept the assistant cashier-
ship of the Merchants' National Bank in 1894. He succeeded
C. V. Banta as cashier of that institution in 1896, resigning that
position in 1901 to enter the banking-house of Harriman &
Co., which firm was established by his father, J. Neilson Harri-
man, and Edward H. Harriman in 1869.

William Balch Todd Keyser, the cashier of the Merchants'
National Bank, was born in Washington, D. C, September 7,
1 86 1. He is a nephew of the late John Jay Knox, formed v
Comptroller of the Currency, and president of the National
Bank of the Republic of New York City. Mr. Keyser was
educated in Washington, afterward entering Columbia Univer-

186

THE MERCHANTS' NATIONAL BANK

sity, whence he was graduated in 1878. lie was admitted to
the bar, but soon turned his attention to banking, becoming
Special National Hank Examiner for the Southern District, in-
cluding the Southeastern States, and afterward, for seven years,
Assistant State Bank Examiner of Minnesota. In 1889 he
came to New York, and after serving as cashier of the Na-
tional Bank of the Republic, was, in 1901, elected cashier of
the Merchants' National Bank. He is a member of the Union
League, Lawyers', New York Athletic, and Bedford Park
Clubs, and also of the Chamber of Commerce.

The officers of the bank from the beginning have been as
follows :

PRESIDENTS.

Oliver Wolcott 1803-1804

Joshua Sands 1804-1808

Richard Yarick 1 808- 1 820

Lynde Catlin 1820- 1833

John I. Palmer 1833-1858

Augustus E. Silliman 1858-1868

Jacob D. Yermilye 1868-1892

Robert M. Gallaway 1892 to present time

YICK-PRKSI DENTS.

Samuel T. Carey 1852-1857

Edwin A. Oelrichs 1858-1859

Benjamin B. Sherman 1859- 1876

William Barton 1876-18S0

Hugh Auchincloss 1880-1887

Gustav Schwab Died Aug., 1888

Charles S. Smith Sept., 1888 -1891

Robert M. Gallaway 1891-1892

Elbert A. Brinckerhoff 1894 to present time

CASHIERS.

Lynde Catlin 1803-1816

G. B. Yroom 181^1824

Walter Mead 1824-1838

O. J. Cammann 1838- 1852

187

THE MERCHANTS' NATIONAL BANK

Augustus E. Silliman 1852-1856

Jacob D. Vermilye 1858-1868

Robert McCartee 1868-1872

Cornelius V. Banta 1872-1896

Joseph W. Harriman 1896-1901

William B. T. Keyser 1901 to present time

ASSISTANT CASHIERS.

Alexander L. McDonald 1866-1889

James G. Baldwin 1889-1893

Joseph W. Harriman 1894-1896

Samuel S. Campbell 1896 to present time

188

CHAPTER X

FOUR BANKS WHICH HAVE HAD CONTINUOUS RELATIONS WITH THE
MERCHANTS' OF NEW YORK FOR A CENTURY— THE PHILADELPHIA
BANK— THE NEW YORK STATE BANK OF ALBANY-THE HARTFORD
BANK— THE NEWARK BANKING AND INSURANCE COMPANY.

IT has already been mentioned that in October, 1803, a letter
was received from the president of the Philadelphia Bank
proposing the establishment of a mutual redemption of notes,
which proposition was accepted. Thus began relations which
have lasted for nearly one hundred years. In connection with
its centennial, the Merchants* National Bank received the fol-
lowing letter :

Capital, $1,500,000. Surplis, $1,750,000.

THE PHILADELPHIA NATIONAL BANK

N. Parkrr Siiortriix;k. President.

Lincoln Godkrf.v, First Vice-President.

L. L. RiE, Second Vice-President and Cashier.

H. J. Kf.skr, Assistant Cashier.

Wm. Shkrwood, Auditor.

Philadelphia, November 17, 1902.

Mr. R. M. Gallawav, President,

Merchants' National Bank, New York City.

Dear Sir : Your letter of the 13th instant, in regard to the
celebration of your Centennial on June 2d next, is duly re-
ceived.

We assure you that it is no small matter of pride with us
that The Philadelphia Bank is but two months the junior of
your time-honored Institution. This Institution was modelled
as to its methods of doing business after your Bank, and the
conservative policy, which has characterized your Institution,
has become a part of the very life and fibre of our own Bank.
Doubtless the officers of our respective Institutions, in the

189

THE MERCHANTS' NATIONAL BANK

dark and trying days of the early Republic, met and held coun-
sel as to providing ways and means for the sustaining of the
young Republic. These facts are borne out by the records of
our Minutes, which indicate that the Banks of New York and
Philadelphia contributed liberally to the needs of the Nation,
during these times of financial peril and distress.

We give you a condensed sketch of the History of our
Bank, and limiting it to the space which you desire, it must
necessarily be an imperfect account of a rich and honored his-
tory, interwoven, as it has been, with the development of our
City, State, and Nation.

Yours very truly,

L. L. Rue, Vice-Prcsidc?it.

THE PHILADELPHIA NATIONAL BANK

On August 3, 1803, a number of the most prominent busi-
ness men of Philadelphia met and organized The Philadelphia
Bank. The proposition to establish this new bank met with
the violent opposition of The Bank of Pennsylvania, which
bank offered to pay the sum of $200,000 to the State of Penn-
sylvania, provided another bank should not be incorporated.
Notwithstanding this opposition, the subscription books to the
capital stock of The Philadelphia Bank, which was fixed at
$1,000,000, were opened on August 8, 1803, anc ^ the amount
was at once largely over-subscribed. On August 18, 1803,
Mr. George Clymer, one of the signers of the Declaration of
Independence from Pennsylvania, was elected first President
of The Philadelphia Bank, and Mr. James Todd, Cashier.

The bank opened its doors to the public on September
19, 1803, an d at once enjoyed the confidence of the business
community to a marked degree. A Charter, however, was
not obtained from the Governor of Pennsylvania until March
17, 1804, owing to the continued opposition of The Bank of
Pennsylvania. On May 21, 1806, The Philadelphia Bank
moved its banking-room to the site on the southwest corner of
Fourth and Chestnut Streets, and in 1837 erected jointly with

190

THE MERCHANTS' NATIONAL BANK

the Bank of the United States a large, imposing building at
the same location. The bank continued to prosper, and even
during and following the trying days of the War of 1812, con-
tinued to pay regular dividends to its shareholders. Again,
during the dark days of the Civil War, The Philadelphia Bank
manifested its loyalty, by a ready response to the appeals of the
State and Nation for financial assistance.

This Bank has always occupied a foremost position among
the great financial institutions of the country, and now has de-
posits aggregating $30,000,000, with a capital stock of $1,500,-
ooo, and surplus and undivided profit account of over $2,-
000,000. It has paid to its shareholders dividends aggregating
upward of $14,000,000.

Its present officers are as follows :

N. Parker Shortridce, President.

Lincoln Godfrey, First I'ice-Prcsidcnt.

Levi L. Rue, Seeond Vice-President and Cashier.

H. J. Keser, Assistant Cashier.

In December, 1S03, the New York State Bank of Albany,
N. V., also became a correspondent of the Merchants' Bank,
and so remains to this day. The following letter explains
itself :

I.EDYARD COOSWELL, W. H. VAN RENSSELAER. Win is C. Nash,

PkEMHENT. VliK-PkKMDFM. CASHIKK.

NEW YORK STATE NATIONAL BANK

ALBANY, NEW YoRK.

CAPITAL, - - $j 5 o,ooo
SURPLUS, - - vs>.ooo

^•^ Albany, July 25, 1902.

Robert M. Gallawav, Esq., President,

Merchants National Bank, New York.
Dear Sir : 1 am in receipt of yours of the 24th inst., with
regard to the centennial of your bank and ours, which occurs
next year. I feel quite sure that the hundred years of uninter-
rupted correspondence which has run between us is unique in

191

THE MERCHANTS' NATIONAL BANK

American banking history and rare in any line of business, and
is, therefore, worthy of note in any proceedings that either of
us may have in celebration of the completion of our century of
existence.

With best wishes and personal regards, I remain,

Very truly yours,

Willis G. Nash,
Cashier.

THE NEW YORK STATE NATIONAL BANK.

In another letter upon the same matter, Mr. Cogswell, the
president of this bank, in writing to Mr. Gallaway, says : "We
can assure you that there still remains, and always will, we be-
lieve, a very close connection not only in the business matters
of the two banks, but also in the hearts of their officers."

The New York State National Bank of Albany is the oldest
and one of the most active, progressive, and conservative
banking institutions in the Capital City, while its officers and
directors have always been prominent in city and State life.

This bank was chartered in 1803 by special act of the
Legislature. The following men, prominent in Albany's
history, were the organizers : John Taylor, Elkanah Watson,

* ' Peter Gansevoort, Jr., John Robison, Gilbert Stewart, Thomas

Tillotson, John D. P. Douw, Thomas Mather, John R. Bleecker,
Francis Bloodgood, Richard Lush, Abram G. Lansing and
Elisha Jenkins. The Board of Directors met on March 25,
1803, * n what was then known as the "Old Coffee House," to
complete their organization, and immediately took steps to
purchase a site and erect a banking-house. The present edifice

\ ■ was occupied for the first time September 6, 1803, which

record makes it the oldest banking-house now standing in this

. \ country which has been continuously used for banking purposes.

! The building was designed by Philip Hooker, who was the

architect of the old State Capitol, now torn down, and of the
old Albany Academy building, which is still standing. The
Bank and the Academy are two of the finest examples of
Colonial architecture now in existence. Its centennial year will

192

THE MERCHANTS' NATIONAL BANK

be marked by the construction of a new banking-house behind
the handsome fa$ade of the old structure.

The State Bank's original charter expired in 1853, when it
was reorganized under the General Banking Law of the State
with a capital of $350,000. In 1865 it became a National
bank. During its existence of a century this bank has had
but six presidents and seven cashiers. John Taylor, the first
president, was succeeded in order by Francis Bloodgood, Rufus
II. King, Franklin Townsend, J. Howard King and Ledyard
Cogswell. The first cashier, John W. Yates, was succeeded
in order by Richard Yates, A. D. Patchin, Josiah B. Plumb,
John H. Van Antwerp, Daniel YV. Wemple and Willis G.
Nash. The present officers are : President, Ledyard Cogswell ;
vice-president, William Bayard Van Rensselaer ; cashier,
Willis G. Nash ; assistant cashier, Laurence II. Hendricks.
The records of the minutes of the State Bank show that on
October 26, 1803, the president laid before the Board letters
from the president of the Bank of the Manhattan Company,
the Merchants' Bank and the Bank of New York, regarding
the intercourse proposed between the State Bank and those
banks. The Board of Directors acted by authorizing the send-
ing of $20,000 in specie to the Merchants' Bank of New York
City as its first deposit. The connection thus begun has con-
tinued with uninterrupted confidence and courtesy during the
successive administrations of its officers.

THE HARTFORD NATIONAL RANK.

In May, 1805, the Hartford Bank became one of the corre-
spondents of the Merchants' Bank of New York.

The Hartford Bank was established in 1792, during the first
term of the first President of the United States. The original
capital was $100,000, it being increased from time to time until
in 1816 it stood at $1,212,800. Its stockholders having been
selected from among the leading citizens of Hartford and vi-
cinity, the Hartford Bank was the centre from which radiated
influences most potent in up-building the community it served

> 93

THE MERCHANTS' NATIONAL BANK

Its early history was largely that of Hartford and Connecticut.
Its credit was illustrated by the popular phrase, " as strong as
the Hartford Bank." In special dignity and historical impor-
tance it has to-day but few rivals among the banks of the
United States, and its record of in years of continuous life
and prosperity justifies the wisdom and honors the memory cf
its distinguished founders.

Jeremiah YVadsworth, an intimate and honored associate of
Alexander Hamilton, Robert Morris, and other brilliant con-
temporaries, was practically the founder of the bank. John
Caldwell was the first president, and Hezekiah Merrill the first
cashier. In 108 years the bank had but six presidents, three
of them having a combined service of seventy-five years. In
September, 1900, Harold W. Stevens was elected as the sev-
enth president, succeeding the late James Bolter. He has as
associate officers William S. Bridgman, second vice-president ;
Frank P. Furlong, cashier, and William S. Andrews, assistant
Cashier.

The Hartford Bank entered the National system in 1865,
and to-day has a capital of $1,200,000, with surplus and profits
of more than $700,000. As a National bank it has paid to
its stockholders in dividends $3,967,008, in addition to its ac-
cumulation of undivided profits. In capital and surplus prof-
its it is to-day the largest National bank in New England
outside of Boston.

THE XATIOXAL NEWARK BANKING COMPANY.

In May, 1805, the Newark Banking and Insurance Com-
pany, of Newark, N. J., began business relations with the Mer-
chants Bank that have lasted through the century. The New-
ark Bank was chartered February 17, 1804, by the first bank
charter granted by the State of New Jersey, and is therefore
the oldest bank in the State. It began business July 30, 1804,
and has for its whole existence been located on the corner of
Broad and Bank Streets. The ostensible purpose of the char-
ter was to provide for the business of fire insurance ; but this

1 04

THE MERCHANTS' NATIONAL BANK

object was not attained, very few policies having been issued.
Almost immediately after the charter of the bank the " New Jer-
sey Associates" applied for a. bank charter for Jersey City.
The directors of the Newark Bank remonstrated, reminding the
Legislature that it had given this bank East Jersey as its terri-
tory, so the new bank was chartered as a branch of this bank,
with title of "The Jersey Bank," and transacted business for
six years. There is still in existence the ancient and yellowed
indenture between the two boards of directors regulating the
conduct of the business. The bank has always given great at-
tention to collections, and has always had a large proportion of
the New York City banks' accounts, having collected for many
since their origin. The bank has been so managed, and its
course has been so steady and successful, that it has the very
exceptional record of having, for the long term of ninety-eight
years, never omitted its regular half-yearly dividend, never at a
less rate than legal interest, while it has made frequent extra
and special dividends. Its history covers several wars, with
their resulting business embarrassments, and many panics and
suspensions of specie payments, but it has passed through all
without disaster. During the Civil War and the long suspen-
sion from 1 86 1 to 1879 >*• like nearly all the other banks, made
large earnings, large losses, and yet paid heavy taxes and large
dividends. In June, 1902, the bank amalgamated with the New-
ark City National Bank, still retaining its own title, increasing
its capital to $1,000,000 and its surplus to a larger sum. The
officers of 1804 were : Elisha Boudinot, president, and William
Whitehead, cashier. The officers of to-day are: E. S. Camp-
bell, president; David H. Merritt, vice-president ; Albert II.
Baldwin, second vice-president and assistant cashier, and H.
W. Tunis, cashier.

i95

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APPENDIX

OFFICERS AND CLERKS, 1803
President, OLIVER Wolcott. Cashier, LVNDE Catlin.

TELLERS

Peter Stymets, First. Joshua C. Sands, Second.

BOOKKEEPERS

Ralph Thurman, First. Waters Smith, Second.

DISCOUNT CLERKS

Joseph Poole, First. Joseph Osborne, Second.

RUNNER

William H. Jephson.

ASSISTANT CLERKS

John Stebbens Jacob C. Arthur.

PORTERS

Thomas Blunt, First. Peter Thompson, Second.

197

APPENDIX

OFFICERS AND CLERKS, 1903

President, Robert M. Gallaway.
Vice-President, Elbert A. BRINCKERHOFF.
Cashier, William B. T. Keyser.
Assistant Cashier, Samuel S. Campbell.

Year of
entrance.

i860 Nelson Todd, Discount Clerk. (Employed elsewhere from

1872 to 1885.)
1868 Clinton B. Price, General Bookkeeper and Transfer Clerk.
1895 O. Edward Paynter, Loan Clerk.

tellers

1899 Albert S. Cox, Paying.

1882 Henry E. Van Roden, Receiving.

1887 James A. Cook, Note.

assistant tellers

1899 Arthur W. McKay. 1897 Daniel Toffey.

1899 Herbert V. P. Allen. 1898 Richard A. C. Seaman.

bookkeepers

1893 Henry D. Holloway, Banks.

1894 Burtis \V. Van Hennik, Collections.
1872 Philip E. Dolan, Individuals.

1891 Dudley M. Smith, Individuals.

assistant bookkeepers

1894 Irving S. Gregory.
1894 Fred C. Squire. 1900 John F Gilmore.

CHECK CLERKS

1889 John A. Noble. 1892 Aaron \V. West.

1900 Thomas Fairservis. 1900 James A. Maxwell.

1900 DeWitt C. Peek. 1902 John J. McGovern.

198

APPENDIX

Year of CORRESPONDENCE DEPARTMENT

entrance.

1873 Augustus Winters. 1901 Walter B. Taylor.

1894 W. Sherman Pulsford. 1898 W. Clarence Allan.

1897 Richard P. Martinez. 1901 Millard E. Stroker.

1902 William H. Berth.

CREDIT DEPARTMENT

1897 Robert B. Minis 1880 William J. Sageman.

COUPON DEPARTMENT

1896 Frank J. Page. 1896 Edward E. Stolbrand.

CITY COLLECTIONS

1885 Joseph White, Register.
1883 John R. Weed. 1902 Fred. W. Baldwin.

1902 George M. Ferrie. 1902 George A. Kellogg.

1902 Leonard Niedrach. 1903 William T. Uncles.

STENOGRAPHERS

1901 Miss Emily M. Doon. 1902 Miss Mae A. Phair.

TELEPHONE EXCHANGE
1903 Herman Bullwinkel.

1894 Christopher Smith, Detective.
1898 John A. 1 1 viand. Porter.
1882 Thomas Sparrow, Messenger.

RETIRED

Cornelius V. Banta, 1848- 1896 William Brouwer, 1872-1903
Zachariah Mead, 1S74-1903 Samuel R. Whilev, 1 880-1902

199

APPENDIX

CAPITAL STOCK, 1803 $1,250,000.00

Increased gradually until in 1814
it was 1,490,000.00

At which figure it remained until
1858, when another gradual in-
crease was made ending in 1865,
with a capital of 3,000,000,00

This capitalization was continued
until August, 1878, when it was
reduced to the present figure... 2,000,000.00

The Average Capital for the Cen-
tury 1,881,137.50

On this Capital we have paid to our Stock-
holders in Dividends a total of $14,765,162.5 1

We have paid in State and Municipal Taxes. . 3,244,945.94

And in National (or Internal Revenue) Taxes. 1,060,463.33

While, as has been stated previously in this
book, our taxes for the year 1803, National,
State, City and County were 43-75

Our taxes for 1902 were 5^892.55

The Dividend paid for year 1803 was at the rate of six per
cent, per annum, which for 1805 was increased to eight per cent.
This was increased in 1807 to nine per cent., at which rate it re-
mained for many years. In 1822 it was reduced to six per cent.,
continuing at that rate till 1834, when increases were begun again
and continued until 1850, when we paid ten per cent, per annum
for many years. After some further fluctuations we began in
1878 paying at the uniform rate of seven per cent, per annum,
which rate is still maintained.

APPENDIX

The last report of the Merchants' Bank
in the present volume is as follows:

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APPENDIX

LIST OF STOCKHOLDERS AT ORGANIZATION
OF BANK IN 1803

Oliver Wolcott 400

Richard Varick 475

Peter Jay Munroe 400

Joshua Sands 400

Thomas Storm 400

William W. Woolsey 400

John Hone 400

John Kane 400

Joshua Jones T 400

Robert Gilchrist 400

Isaac Bronson 400

James Roosevelt 400

John Swartwout 400

Henry I. Wyckoff. 400

Isaac Hicks 400

Henry A. Coster , 500

James Haydock, Jr 25

Smith & Wyckoff 100

John A. Robertson 20

Abraham King 25

John Nicoll 25

Frederick Davone 40

Jacob Mott 40

G. Smith & Co 40

Beach, Bussing & Hook 10

Isaac Bell 50

Daniel L. Coit 125

Charles L. Cammann 100

Jacob & Thomas Walden 30

Coertland V. Beuren 25

Robert Troup 100

John Stoutenburgh 30

William Simmons 25

Abraham Ogden 200

Cargill & McCoun 145

Franklin Robinson & Co 75

John Towt 25

John Cornell 40

Cromwell & Waring 25

E. Dunscowitz 25

Benjamin Pell & Son 40

Nicholas Van Antwerp 25

David Stebbins 30

Charles Wright 400

Jordan Wright 40

Henry M. Van Solingen 25

Nicholas Fish 50

Garrit B. & John Abeel 50

Isaac Cock 40

Thomas Rotch 100

Thomas E. Rumsey 25

John Haggerty 40

Peters & Gedney 25

Austin & Andrews 25

William Moore 25

Kelly &Mollan 25

Peter Ludlow 40

Silvanus F. Jenkins 20

Thomas H. Smith & Son 25

David V. Smith 10

James H. Kip 100

Moses Drake 20

William Hicks 25

Silas Hicks 25

John C. Freek 40

Thomas Carpenter 25

Bements Gale 25

Cotheal & Bailey 20

John Flack 25

George Gosman 80

James & Richard Loines 25

John Forsyth 15

Daniel I). Tomkins 25

Theodosius Fowler 400

John Mason 65

Mason & Smedes 50

Panton & Bradford 50

Theodore & Heman Kly 40

Thomas Lawrance 40

Samuel Cornell & Co 25

202

APPENDIX

Sharks

Willett Seaman & Sons 95

Isaac Wright 40

William R. Thurston 40

Joshua Barker 25

Abraham Brinckerhoflf 50

A. L. Underhiil 40

Stephen B. Munn 40

Morrison & Nixon 20

William Stilwell 25

Amasa Jackson 100

Byrd & Barrow 40

George Clark 25

Bailey & Panton 40

John Brazier 100

John & Jacob Drake 40

August Wright 25

Israel Haviland 15

P. & M. Mesier & Co 50

Stephen Hitchcock 5

Charles Duryee 50

Richard R. Lawrence 40

Rich & Thomson 40

William Barlow 65

P. & E. Ferris 40

Caldwell & Foote 40

Thomas I>eggett 25

William & Silvester Robinson. ... 65

John Ellis 125

F. & C. Babcock 25

Thomas Harvey 40

James Watson 100

George Ludlow 25

Isaac Pierson 25

Abraham Valentine 25

John F. Suydam 50

Robert McCullen 95

James Manning 100

Abraham Prall 25

Henry Titus 20

Bethune & Smith 40

Andrew Cock & Co 40

Jacob Valentine 30

Thomas Walker 150

Francis Thomson 150

Oliver Coles 125

Richard Berrian 25

Hiller & Baker 25

Duryee & Heyer 95

Henry Laverty 25

Sharks

I. & J. Robins 25

Francis Coojjer 75

Walter Mitchell 40

William Cunningham 25

Xehemiah Denton 25

Rol>ert H. Bowne 65

William Whitlock 10

Hackley & Fisher 25

Kind & Talbot 40

Joseph Hopkins 40

John Powell 50

Benjamin & Joseph Strong 75

Wright Post 25

Willct Hicks 25

John Sledell, Jr., & Co 25

Walter Nicholas & Son 25

Voris & Buckle 25

Richard Williamson 25

Paulding & Irving 25

Secor & Moore 25

Samuel Mansfield 40

Franklin & Newbold 40

Israel Underhiil 25

Morris & Skinner 25

Peter I )ustan 30

Moses Rogers 75

John Moore 100

Allen Shepard 40

John 1). Martin 25

Jehiel Jaggar 35

Kimberly & Waring 25

Anthony & Robert S. Bartow ... 25

Beach & Bussing 20

Jones & Porter 25

Abraham Baudouine 40

Samuel & Valentine Hicks 95

Cornelius C. Roosevelt 25

David Lydig 75

John Davenport, Jr 40

Voorhees & Van Antwerp 25

John M. Goetschins 125

L Prall 25

Henry Suydam cV Co 20

Kane & Piatt 50

E. Leavenworth 40

William Thorn 25

P. Corti Vecchio & Co 150

William & G. Post 20

Chesebrough & Cairns 40

203

APPENDIX

Charles Stewart 10

David & Philip Green 40

John Sullivan 15

Thomas Ogden 25

Griffin & Glass 25

John C. Crygier 25

Thorn & Cook 25

Edward Lyde, Jr 40

Thomas Buckley 115

James Palmer, Jr 25

Peter A. Cammann 25

James Foster 50

Van Wyck Wickes 100

William Rhodes 50

George Suckley 30

Noah Talcott 50

Edward Seaman 75

John Cruger 25

James Tillary 25

James Walker 40

Fort & Swartwout 90

Dudley Walsh & Co 50

Johnson & Mount 25

Rensselaer Havens 90

George Barnewell 40

Edmund Morewood 40

Humphrey & Whitney 25

Caldwell, Parks & Caldwell 25

James Heard 40

William Van Wyck 25

Stephen Whitney 40

William G. & J. D. Miller 40

James Conklin 25

J. & G. DePeyster 40

James Robertson 50

John Smart 25

Samuel Robbins 25

Morris & Wisner 25

Powell & Willis 25

Gordon & Daniel Buck 105

J. W. Patterson 40

Boerum & Wynkoop 95

Benjamin I. Moore & Co 40

John & Nathaniel Griffith 40

John E. West 30

Bruce & Morison 40

Israel & Disosway 25

M. & I. Bruen 25

Gerrit H. Van Wagenen 40

Shakes

William S. Chapman 25

Samuel Campbell 25

Townsend & Xostrand 40

John T. Duryee 40

James P. Van Home 25

Abraham Varick 100

Abraham Varick, Jr 40

George Codwise, Jr 90

Christopher Hals tea d 25

I^eonard Bleecker 170

David L. Haight 25

Peter L. Elmendorf 25

1 J. & N. Parkhurst 30

I Leonard Lispenard 25

Neh. Rogers 140

J Daniel D. Thompson 25

■ Peter McCarty 50

Fondey & Winne 25

Grove Wright 90

Augustus V. Van Home 25

Alexander L. McDonald 5

William Seaman 25

John Thomson 40

Thomas Morton 25

John B. Lawrence 25

John Richardson 10

Lemuel Wells & Co 40

Thomas S. Arden 25

John B. Dash, Jr 30

Stephen Van Wyck 25

John Taylor 40

Peter W. Radcliff 25

Daniel Mack 20

William Wilson 40

John Colwill 40

DePeyster & Bard 50

David G. Hubbard 60

W. P. Van Ness 200

T. V. B. Varick 40

S. Jones, Jr 25

Christopher Codwise 40

Jacob C. Mott 25

William Cruikshank 25

Robert & John Sharp 40

Jesse Baldwin 25

William Bogardus 25

Ludlum &: Johnson 50

Josiah Lederer 25

Robinson & Hartshorne 40

204

APPENDIX

Sharks

John Lang 15

A. Carroll 100

Jonathan Lawrence 25

Richard I. Tucker 40

H. Fosbrook 10

John P. Ritter 25

Andrew Mitchell 15

Peter A. Mesier 50

William Radcliff, Jr 115

Austin L. Sands 75

H. W. & L. Phillips 50

Joseph Black well 25

Samuel John 25

Jordan Mott 25

Elias Kane & Co 100

Daniel Boardman 40

Voris & Buckle 25

Egbert Benson 25

Cornelius P. Wyckoff 50

Ferguson & Day 130

Jonathan & E. Little 40

Nathaniel J. & George Griswold . 50

Andrew Ogden 40

Jonathan Ogden & Co 50

John Duffie 30

James D. Wallace 25

Francis Salttis 50

William & Jonas Mintum 40

Levi Coit 50

Selah Strong 25

Samuel W. Hopkins 25

Samuel & William S. Burling .... 40

John A. Davenport 30

Kip & DuBois 95

Isaac Jones 150

David W T agstaff 25

Foster & Giraud 40

Balthaser P. Melick 10

Rankin & Hyer . 150

William A. Davis 25

Irving & Smith 100

William Shute & Co 25

William Weyman 25

William & Christopher M. Slocum 25

David T. Fisher 25

William Coleman 15

Peter Irving 15

Peter DeLabigane 50

P. G. Stuyvesant 75

Sharks

James Thomson 50

Jacob L. Sebring 10

James Tyrie 25

R. B. Forbes 25

Hedient & Hubbell 100

Eben. Watson & Co 25

Mott & Bowne 40

John K. Seaman 25

Steddiford & Marschalk 25

B. M. Mumford 25

E. & P. Crary 25

John T. lr\ing 25

Francis Mallaby 25

Isaac Heyer 95

Nathaniel Prime 200

Dunham & I )a\ is 400

Hoffman \* Heard 25

Charles Stewart 30

William Remsen 30

Elijah Jones 20

John Hyslop 25

Isaac Sebring 95

Cornelius Heeney 25

Joseph Howland 50

Joseph Thebaud 25

Anthony Steenback 25

William Fitch • • • • 50

Post & Russell 40

El>enezer Burrill 40

Benjamin Thurston 10

Henry White 400

William Thomas 40

Samuel Jackson 40

Preserved Fish 40

John Jackson 60

John Peter DeLancey 40

S. Denton 25

Ezekiel Robins 1 50

Arent. S. DePeyster 50

George Codwise 40

George M. Woolsey 100

Albert Ogden 25

Nathan McVickar 40

Richard Harison 100

Rol>ert Hodge 25

Samuel B. Malcom 25

Daniel & Isaac Merritt 185

Samuel Norsworthy 25

John McKinnon 50

205

APPENDIX

Shares Shares

John Thurman 25 Gurdon Man waring 25

John Remsen 25 Oliver Phelps 50

Van Gieson & Van Blarcom 40 Hendrick Suydam 20

Cadwallader D. Colden 25 Thomas Knox 5

Tredwell & Thorne 40 Richard Rogers 40

Dominick Lynch 400 ! a total of 24,925 shares at $50 per

Haines & Wells 25 i sna re, making $1,246,250.

206

tiffiiffi

III

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