History of Chicago. From the earliest period to the present time, Part 146

Author: Andreas, Alfred Theodore
Publication date: 1884
Publisher: Chicago, A. T. Andreas
Number of Pages: 1340

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subscribers. I was anxious that an even two hundred should be obtained, and to accomplish this I personally advanced the tax for a dozen or more young men, who afterwards became members of the association. When the two hundred subscribers had been obtained, I pasted all the subscription papers upon a piece of canvas and attached it to a wooden roller. On the 6th of February 1 unrolled the long list of subscribers, hung it over the chairman's desk and handed him a package containing four hundred dollars in cash as the result of my canvass. It is pleasant to me as I write ( November, ISSo) to remember at this day the outburst of applause which followed. Nearly every subscriber was present and the best of feeling prevailed. It was voted at once that the cash on hand should be considered as initiation fees, and used in fitting up a reading-room; and that an annual tax of $2 should be paid in addi- tion. It was also voted that the association should be known by the name of the 'Young Men's Association of :'1- City of Chicago.' A reading-room on the northwest corner of Lake and Clark streets was leased at an annual rental of $125, and fitted up under the supervision of Peter Page. It was supplied with the principal newspapers and periodicals published at that time. The nucleus for a library was provided by a selection of books presented to the association by Walter L. Newberry, on the 24th of April, 1341. This was immediately increased by generous donations from Messrs. S. Liste Smith, Dr. S. B. Ogden, W. H. Clark. Dr. S. Sawyer and other citizens and members of the association."

Thus by such men and for such objects as already stated the Association was formed. In the winter after its organization, the first lecture was delivered before the Association by William M. Brown, and during the same season, lectures on various subjects were deliv- ered by Dr. Brainard and others. Afterward the Association occupied commodious and pleasant rooms in the old Saloon Building on the corner of Lake and Clark streets. At the discontinuance of the Chicago Lyceum, the library of that society found lodgment on the shelves of the Association, sometime about 1845. The Association library was subsequently removed to Warner's Block, on Randolph Street, and here rooms on the third floor were occupied. Better quarters were secured in the brick block at 95 Washington Street. The next move was into the Portland Block ; from there, in 1866, to Metropolitan Hall, corner of Ran- dolph and LaSalle streets, where it occupied rooms on the second floor, behind the lecture room /a public hall, also leased by the Association) and there remained until destroyed by the fire of 1871.

The Association was incorporated January 30, 1851, but this act did not change its character, except as to its legal rights and liabilities,* that is, it was never in the strict sense of the term a public library, as it was open only to its paying or elected members. It was a sub- scription library, wholly different in its character from the Public Library of to-day, which is supported by public taxation and which is free to all ; being sustained in the same manner, and as open to the public as are the public schools of the city.

The presidents of the society up to 1857 were: Walter L. Newberry, elected February, 1841; Hugh T. Dickey, 1842 ; Seth T. Otis, 1843 : Peter Page, 1844 ; David S. Lee, 1845 ; George Manierre, 1846 ; Samuel J. Lorne, 1847: Walter Wright, 1848 : James H. Reed, 1849 : Thomas Hoyne, 1850-51 ; H. G. Shumway, 1853 : Samuel D. Ward, 1854: Henry E. Sulyle, 1855 ; Thomas B. Bryan, 1856 ; George W. Gage. 1857. The founders of this institution were, as one writer has said, "young men who having selected this city as their place of residence, were desirous of securing, at an early day, the establishment of an association which should afford at a trifling expense the means of intel- lectual improvement, not only for themselves, but for

* From the rules of the Association: "Any member may have the privilege of introducing strangers to the rooms of the Association, by registeris their names in a trods to le kept for that purpose ; and such stringers shall be. " free arcess is the resimsed the Vestition for two weeks after with mtr. . ... en. Any . . on may ha - arres to the rooms of the Asmention by payu , thate- for fifty cents per month."

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others who afterwards might avail themselves of its privileges." From the time of its organization up to its incorporation in 1851, the Association was sustained by the voluntary contributions and efforts of its mem- bers and during this period its success fully equaled the expectations of its projectors. At the beginning, the Association started with only about one hundred vol- umes, contributed by friends ; but in 1851, this number was increased to over twenty-five hundred, and by the spring of 1857 to four thousand seven hundred and fifty, embracing works from standard authors in liter- ature, fiction, travel, art, science, history, and- biography, making a valuable library, the benefit of which to its patrons can hardly be overestimated. In fact, at this · stage of its existence, its growing value and importance were fully recognized, and it was already regarded as one of the indispensable institutions of the city. Here, for the present, it is necessary to close the account of its further growth and works, to be again taken up and carried along in proper time and order in the second volume ot this work.

THE CHICAGO LYCEUM.

The Chicago Lyceum, an institution in which for many years were centered largely the social, as well as the intellectual interests of Chicago's citizens, was insti- tuted December 2, 1834. From this time until the 22d of December of the following year, it had a mere informal existence, no attempt being made for a perma- nent organization until the last-named date. At this time, however, a constitution was adopted, by-laws framed, and the following persons chosen its first officers : A Cowles, George Manierre, William Jones and O. M. Dorman, vice-presidents ; (name of president not given ; ) George O. Haddock, recording secretary ; E. I. Tinkham, treasurer, and H. K. W. Boardman, librarian. At its weekly meetings were discussed ques- tions of importance, and there was not a prominent citizen of Chicago in those days who was not a member of the Lyceum and who did not take a lively interest in its proceedings.

Hon. Thomas Hoyne, who was an early member of the Lyceum, and in 1840 its secretary, recalled just prior to his death, which occurred July, 1883, some of his recollections of its early days. He said :

" It was the foremost institution in the city, when I came here in 1837. At the time I became a member, not a man of note, not a man in the city of any trade or profession, who had any taste for intellectual and social enjoyment, who loved books, conversation and debate, but who belonged to the Lyceum. Why, to-day I can recall the names of old friends, by scores almost, whose eloquence I have listened to in its meetings. Some of them have long since paid the debt of nature : others are still living, honored and respected citizens of this and other towns throughout the country, and not a few have, since the days when they were active members of the Chicago Lyceum, achieved for themselves brilliant reputations in their various walks in life. When I came here the society had, for those days, an excellent library, consisting of, as I remember, over three hundred volumes. Its mectings were generally held in the old court-room, corner of Randolph and Clark streets. I say were generally held there, for it was not infrequent that the bad weather and the condition of the streets made it necessary for us to appoint the meetings in a locality most convenient for the majority to attend. Later its meetings were held in the hall of the old Saloon Building and in the Presbyterian church, We ran along until 1943 or 1844. The city was theo entering upon its career of rapid growth and development, which has since astonished the world, and which about that time absorbed the interests of the citizens so much that the lyceum meetings began to be poorly attended and finally, as an institution, it died from sheer neglect."

Among the leading members of the Lyceum in its flourishing days, were J. C. Butterfield, E. G. Ryan, late Chief Justice of Wisconsin, " Buck" Morris, Dr.

Egan (noted as being the best after-dinner speaker of his time in the country), Stephen Lisle Smith, Dr. John T. Temple, Judge Brown, Mark Skinner, George Manierre, J. H. Foster, J. Y. Scammon, Thomas Hoyne, G. W. Meachan, Dr. Boone, Rev. I. T. Hinton, C. V. Dyer, and many others of not less repute and standing. whose names are not at hand. Rev. I. T. Hinton was the pastor of the Baptist Church, and a remarkably able man. He used frequently to deliver public lectures on various topics to the citizens of Chicago, and such was his reputation as a scholar and orator, that rarely did he find a room sufficiently large to contain his audiences. C. V. Dyer, another active member of the Lyceum, was the acknowledged wit of the town, and aside from this quality, was a man of sound worth and merit. Mr. Hoyne, related of him the following anecdote, illus- trating his ready wit :

" The old cemetery was in those days located in what is now Lincoln Park. Beyond that was only a scattering settlement. Here, to this locality, about the year IS40, Mr. Dyer moved, from a former residence in the city. One day, in the street, a friend accosted hin with the remark, 'Hello. Dyer, I don't see you very often : where do you live now?' . O, I am very comfortably situ- ated,' replied Mr. Dyer without relaxing a muscle of his features, '[ have a home beyond the grave.' His friend saw the point. circulated the story, and Dyer was long known as the sojourner on earth who had a ' home beyond the grave.'"

As an institution exercising a healthy and energiz- ing influence in this community, as promoting the social and intellectual interests of the society of early Chicago, the Lyceum deserves more than the passing notice here given. It is to be regretted that the material is not obtainable from which to write a fuller history of its life and growth from its organization to the close of its existence as a distinct and separate society.

On the discontinuance of the Chicago Lyceum, the Young Men's Association was organized (see article on same), and the library of the first-named society finally drifted into the hands of the latter, where it remained until destroyed by fire October, 1871.

YOUNG MEN'S LYCEUM .- This institution was exclu- sively a young men's affair. No doubt its origin was a direct outgrowth of the influences emanating from the Chicago Lyceum, inspiring the young to higher intel- lectual attainments. It was organized September 25, 1843, with the following officers: David D. Griswold, president; Edwin C. Stone, vice-president; William H. Scovill, secretary, and Edward Morey, treasurer. For some reasons (whether from lack of proper support, or whether merged into the Young Men's Association) which it has been impossible to ascertain, the Young Men's Lyceum was only a short-lived institution. After much research, nothing could be learned of its history more than has been here given. It was little more than a debating-club.

SOCIETIES OTHER THAN SECRET.

Of this class there were many, some purely social in their character, others combining charitable and social features. From 1840 to 1857 there were: New England Society, organized in 1846; W. H. Brown, president: George A. Robb, George W. Snow, John P'. Chapin, J. B. F. Russell, W. T. DeWolf, Jacob Russell, vice- presidents; S. W. Stebbins, secretary; E. 1. Tinkham, treasurer; Rev. W. M. Barlow, chaplain; O. Lunt, E. H. Haddock, A. H. Squier, John S. Wright, E. E. Larned, Thomas Dyer, managers: J. A. Wight and S. C. Clarke, fibra- committee. This society met each

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year on the 22d of December, to celebrate the landing of the Pilgrims.

The Illinois St. Andrew's Society was organized January, 1846; A. S. Sherman, president; William Brown, vice-president; James Smith, treasurer; John Sheriffs, secretary; John Olston, assistant secretary; Alexander Morrison, Hugh Dunlop, Alexander White, Solomon McKitchen, managers. Held four meetings each year, second Thursdays in February, May, August and November; also an anniversary assembly on St. Andrew's Day.

St. George's Society, organized April 27, 1847. Benevolent in purpose .. Daniel Elston, president; S. J. Lon, James Dike, vice-presidents; J. Dike, treas- urer; J. McMilluns, secretary. Four meetings annually, Ioth of April, July, October, January.

Excelsior Society, organized December IS, 1848; one hundred and twelve members, natives of New York. Mahlon D. Ogden, president; I. N. Arnold, Dr. Brain- ard and John Beard, vice-presidents; H. G. Shumway, secretary; William Blair, treasurer.

Chicago Bible Society, organized April 7, 1840. O. Lunt, president; O. M. Dorman, W. F. Domimers, A. J. Brown, G. W. Southworth and Thomas George, vice-presidents; T. B. Carter, secretary; A. G. Downs, treasurer.

St. Peter's Society. Benevolent in purpose. Or- ganized November 15, 1847. Charles Bumgarten,

president; Christian Lohn, vice-president; Peter Ke- rich, secretary; Jacob Weidzel, treasurer.

Hibernian Benevolent Society, organized in 1848. Monthly meetings at Apollo Hall. Dr. J. E. McGirr, president; James McMullen, vice-president; Charles McDonnell and John Murphy, secretaries; John Breen, treasurer.

Sons of Penn, a society composed of those who were natives of Pennsylvania, was organized January 16, 1850. David Rutler, president; Dr. Henry Ritchie, A. H. Hoge and Calvin DeWolf, vice-presidents; W. W. Danenhower, secretary; Thomas Parker, treasurer; Rev. A. M. Stewart, chaplain.

Hebrew Benevolent Society, organized April 1, 1854, and had in 1856 forty members.

Chicago Phrenological Society, organized Novem- ber, 1855.

Chicago Historical Society,* organized April 24, IS56. W. H. Brown, president; W. B. Ogden and J. Y. Scammon, vice-presidents; Dr. H. Ray, secretary; S. D. Ward, treasurer; William Barry, librarian.

There were in 1857 the following societies, the names of which suggest without comment their charac- ter and objects:

The American Sunday School Union, the American Protestant Association, Young People's Christian Asso- ciation, the American Tract and Mission Society, and the American Tract Society.

. Will be treated fully in subsequent volumes.

BANKS AND BANKING.

THE CURRENCY of the early days prior to 1830 was subject to wide suspicion, limited only by the extreme necessities which make money necessary at any cost. In fact, the volume of money (coin) in all the regions west of Detroit was too meager to be computed. Money was little needed, as nearly the entire business consisted of barter of blankets, beads, traps, guns and ammunition with the Indians for the products of the hunt. The very early exchanges which involved the payment of money were made through the Indian traders. Perhaps Gurdon S. Hubbard was the first white man who ever did anything resembling a banking business in Chicago. Although not then known as a banker, he kept a good credit account at several points east of Chicago and could draw a bill of exchange on Buffalo which was sure to be honored on presentation. The currency in use at that time was mostly silver coin. No paper money was known except such rude scrip as might be issued by the Indian traders, which, to their credit, was always redeemed according to promise.

FIRST BANKING LAW .- NO State legislation on banking which had any direct bearing on the banking business of Chicago was had prior to 1835. As early as 1816 an act was passed incorporating the " President, Directors and Company of the Bank of Illinois," at Shawneetown. It was the earliest effort at legal bank- ing in Illinois and the provisions of the charter were not unlike those of the other "wild-cat " banks that fur- nished the worthless and irredeemable paper money scattered through the West in early times, and which was the only paper money issued by banks then known in Chicago. The act is given entire as furnishing the modern reader a definite idea of the legal basis on which "wild-cat" banking formerly flourished. It was as follows :

An Act to incorporate the President, Directors and Company of the Bank of Illinois at Shawneetown.

SECTION I. Be it enacted by the Legislative Council and House of Representatives of the Illinois Territory, and it is hereby enacted by the authority of the same, that a bank shall be established at Shawnectown, the capital stock whereof shall not exceed three hundred thousand dollars each, one-third thereof to remain open to be subscribed by the Legislature of this Territory and State, when a State Government shall be formed, which Territory or State shall be entitled to such part of the dividend of the said cor- poration in proportion to the amount actually subscrihed by such Territory or State, which one-third shall be divided into shares of one hundred dollars each, in the same manner as the individual stock is divided, and that subscriptions for constituting the said stock shall, on the first Monday in January next, be opened at Shawneetown, and at such other places as may be thought proper, under the superintendence of such persons as shall hereafter be appointed, which subscriptions shall continue open until the whole capital stock shall have been subscribed for: Provided, however, That so soon as there shall be fifty thousand dollars subscribed for in the whole and ten thousand dollars actually paid in, the said cor- poration may commence business and issue their notes accordingly.

SEC. 2. Be it further enacted. That it shall be lawful for any persons, or partnership, or body politic to subscribe for such or so many shares as he, she, or they may think fit, nor shall there be more than ten shares subscribed in one day by any person, copart- nership or body politic, for the first ten days after opening subscrip- tions. The payments of said subscriptions shall be made by the subscribers respectively, at the time and manner following-that is to say, at the time of subscribing there shall be paid into the hands of the person appointed to receive the same, the sum of ten dollars in gold or silver on each share subscribed for, and the residue of

the stock shall be paid at such times and in such installments as the directors may order: Provided, That no installment shall exceed twenty-five per cent on the stock subscribed for, and that at least sixty days' ootice be given in one or more public newspapers in the Territory : And provided also, that if any subscriber shall fail to make the second payment at the time appointed by the directors for such payment to be made, shall forfeit the sum so by him, her, or them hrst paid, to and for the use of the corporation.

SEC. 3. Be it further enacted, That all those who shall become subscribers to the said bank, their successors and assigns, shall be and they are hereby enacted and made a corporation and body politic, by the name and style of " The President, Director and Company of the Bank of Illinois," and shall so continue until the first day of January, one thousand eight hundred and thirty- seven, and by that name shall be and is hereby made able and capable in law, to have, purchase, receive, possess, enjoy, and retain to them and their successors, lands, rents, tenements, hered- itaments, goods, chattels and effects of what kind, nature or quality soever, to an amount not exceeding in the whole five hun- dred thousand dollars, including the capital stock aforesaid, and the same to grant, demise, alien, or dispose of, to sue and be sued, plead and be impleaded, answer and answered, defend and be defended, in courts of record or any other place whatever; and also to make, have and use a seal, and the same to break, alter and renew at pleasure, and also to ordain. establish and put into execu- tion such by-laws, ordinances and regulations as they shall deem necessary and convenient for the government of the said corpora- tion, not inconsistent with the laws of the Territory or constitution, and generally to do, perform and execute all and singular acts, matters and things which to them it may appertain to do, subject however to the rules, regulations, limitations, and provisions here- inafter prescribed and declared.

SEC. 4. Be it further enacted, That for the well ordering of the affairs of the said corporation, there shall be twelve directors, the first election of whom shall be by the stockholders by plurality of votes actually given, on such day as the person appointed to superintend the subscriptions for stock shall appoint, by giving at least thirty days' notice in all the public newspapers of the Territory, and those who shall be duly chosen at any election shall be capable of serving as directors by virtue of such choice, until the full end or expiration of the first Monday of January next ensuing the time of such election, and no longer; and on the first Monday of January in each and every year thereafter, the election for directors shall be holden, and the said directors at their hrst meet- ing after each election, shall choose one of their number as presi- dent.

SEC. 5. Be it further enacted, That in case it should happen at any time that an election for directors should not be had upon any day, when, pursuant to this act, it ought to have been holden, the corporation shall not for that cause be considered as dissolved ; but it shall be lawful to hold an election for directors on any other day, agreeable to such by-laws and regulations as may be made for the government of said corporation, and in such case the directors for the time being shall continue to execute and discharge the several duties of the directors until such election is duly had and made ; anything in the fourth section of this act to the contrary notwithstanding : And it is further provided, That in case of death, resignation or removal of director or directors, the vacancy shall be filled by election for the balance of the year.

SEC. 6. Be it further enacted, That a majority of the directors, for the time being, shall have power to appoint such officers, clerks and servants under them, as shall be necessary for executing the business of the said corporation, and to allow them such compensation for their services respectively as shall be reason- able, and shall be capable of exercising such other powers and authorities for the well governing and ordering of the affairs of the said corporation as shall be prescribed, fixed and determined by the laws, regulations and ordinances of the same : l'rovided always, That a majority of the whole number of directors shall be requi- site in the choice of a president and cashier.

SEC. 7. Be it further enacted, That the following rules, restrictions, limitations and provisions, shall form and be the fundamental articles of the constitution of the said corporation, to wit:

(1). The number of votes to which the stockholders shall be

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entitled in voting for directors, shall be according to the number of shares he, she or they may respectively hold, in the proportions following-that is to say, for one share and not more than two shares, one vote ; for every two shares above two and not exceed- ing ten, one vote ; for every four shares above ten and not exceed- ing thirty, one vote ; for every six shares above thirty and not exceeding sixty, one vote : for every eight shares above sixty and not exceeding one hundred, one vote ; for every ten shares exceed- ing one hundred shares, one vote ; and after the election, no share or shares shall confer a right of voting, which shall not have been holders three calendar months previous to the day of election.

(2). The Governor of the State or Territory is hereby appointed agent for the Legislature to vote for president, directors and cashier of said bank, and is hereby entitled to exercise the right of voting for the same in proportion to the number of shares actually subscribed for by the Legislature, in the same ratio that individuals, or other bodies politic or corporate, are entitled to vote for ; and the said agents liereby appointed shall exercise the power hereby vested in him until the Legislature shall make other regula- tions respecting the same, and no longer.

(3), None but a bona fide stockholder, being a resident citizen of the Territory, shall be a director; nor shall a director be entitled to any other emolument than such as shall be allowed by the stock- holders at a general meeting, but the directors may make such compensation to the president for his extraordinary attendance at the bank as shall appear to them reasonable and just.

(4). Not less than four directors shall constitute a board for the transaction of business, of whom the president shall always be one, except in case of sickness, or necessary absence. in which case his place may be supplied by any other director, whom he, by writing under his own hand, may depute for that purpose.

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History of Chicago. From the earliest period to the present time, Part 146

Author: Andreas, Alfred Theodore Publication date: 1884 Publisher: Chicago, A. T. Andreas Number of Pages: 1340

Author: Andreas, Alfred Theodore
Publication date: 1884
Publisher: Chicago, A. T. Andreas
Number of Pages: 1340