A biographical history of eminent and self-made men of the state of Indiana : with many portrait-illustrations on steel, engraved expressly for this work, Volume II, Part 20

Author:
Publication date: 1880
Publisher: Cincinnati, Ohio : Western Biographical Publishing Co.
Number of Pages: 1006

USA > Indiana > A biographical history of eminent and self-made men of the state of Indiana : with many portrait-illustrations on steel, engraved expressly for this work, Volume II > Part 20

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1858, and this at a time when Democratic Congressmen were almost swept out of existence in the North- ern states. In the mean time the split in his polit- ical party continued to widen, and the shadows of the great Civil War began to be visible to his keen and experienced vision. Mr. English was then a member of the national campaign committee, having for his col- leagues C. L. Vallandigham, of Ohio; William Barks- dale, of Mississippi ; Miles Taylor, of Louisiana; Will- iam Bigler, of Pennsylvania ; T. S. Bocock, of Virginia; John A. Logan, of Illinois ; and John Cochrane, of New York. The approaching Democratic National Conven- tion, at Charleston, South Carolina, was a great event, pregnant with mighty consequences both to that party and the country. Mr. English was not a delegate, but he went to Charleston to do what he could as a peace- maker, to prevent, if possible, the division of the Dem- ocratic party. If the judgment of such prudent and practical men as Mr. English had been followed, there would have been but one Democratic presidential ticket, and such a conservative patriotic platform as probably would have commanded success. And if it had been successful how different might have been the history of this country! But those who labored for harmony labored in vain, and Mr. English returned to Washing- ton before the convention adjourned greatly discouraged at heart, but still hoping all would end well. Imme- diately after his return he made a speech in Congress. It was before the breaking up at Charleston, and just at the time the feeling of anxiety on the part of the public was at the zenith. Mr. English commenced this great speech by saying :

" If I were to speak upon the topics which seem to be absorbing the attention of every body now, it would be upon the scenes that have been enacted and the events which are transpiring at Charleston.

"I may be permitted to say, sir, upon this subject of the presidency, that I have but little sympathy with those who imperiously demand ' Cæsar or nobody;' no sympathy with that rule-or-ruin spirit which has been exhibited too much of late in both wings of the Dem- ocratic party, and to which may justly be attributed whatever difficulties now exist.

"I shall not attempt, on the present occasion, to characterize this rule-or-ruin spirit in that language I conceive it so justly merits; but I venture to predict that, if disaster or serious trouble ensues, the masses of the Democratic party never will forgive, as they never ought to forgive, those who will have needlessly pre- cipitated this state of affairs upon the country.

" It is not to be denied that, just at this time, dark and ominous clouds seem to be 'lowering over our house ;' but I have an abiding faith that these clouds will soon break away, and leave the glorious sun of De- mocracy shining brightly as ever.

" Sir, mere political storms have no terror for me, or for the great party to which I belong ; and, for the present, 1 shall go upon the supposition that whatever storms may have prevailed at Charleston were necessary

Had there been that spirit of concession and har- mony in his party that Mr. English so earnestly invoked in his speech and elsewhere, a Democrat might have been elected President, and possibly the terrible civil war avoided ; but the conflicting elements could not, or would not, be harmonized. The administration men would not have Mr. Douglas for President under any . circumstances ; Mr. Douglas's friends would not have any body else. It was the old imperious demand for Cæsar or nobody. The result was a disastrous defeat. Then came the movement in the South in favor of dissolution. Mr. English was for pacification, if possible, and favored every measure tending to that result. On the subject of secession he was as firm and bold in opposing the views of his former political associates from the South as he had been in opposing the admission of Kansas as a state under the Lecompton Constitution. He de- nounced it from the beginning, and made every effort to induce Southern members to abandon it. In a speech in the House of Representatives he plainly told the South that " the great Democratic party, that has so long and so justly boasted of its nationality, must not degenerate into a mere Southern sectional party, or a party that tolerates the sentiment of disunion; if it does, its days are numbered, and its mission ended." Alluding to the folly of the South threatening to break up the Union because of the election of a sectional man to the President's chair, he told them that a corporal's guard of Northern men would not go with them out of the Union for such a cause, and that his constituents would only "march under the flag and keep step to the music of the Union." Addressing the Southern mem- bers, he said :

" Looking at this matter from the particular stand- point you occupy, it is to be feared you have not always properly appreciated the position of the free state De- mocracy, or the perils which would environ them in the event of a resort to the extreme measures to which I refer. Would you expect us in such an event to go with you out of the Union ? If so, let me tell you, frankly, your expectations will never be realized. Col- lectively, as states, it would be impossible, and as indi- viduals inadmissible; because it would involve innu- merable sacrifices, and a severance of those sacred ties which bind every man to his own immediate country, and which, as patriots, we never would surrender."

But his appeals were all in vain. The time for rea- son and appeals to patriotism, in that direction at least, had passed. The crisis of the great American conflict was at hand. It was now inevitable that the angry controversy would be transferred from the halls of Congress to be decided by a bloody and relentless war; an event he had hoped would never come, and zealously labored to avert. He now determined at all hazards

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to retire from Congress and active political life, having served continuously through four terms, That he retired with the full and unqualified indorsement of his con- stituents is shown by the fact that the convention which nominated his successor adopted unanimously the fol- lowing resolution :

" Resolved, That, in selecting a candidate to represent this district in the Thirty-seventh Congress, we deem it a proper occasion to express the respect and esteem we entertain for our present member, Hon. W. H. English, and our confidence in him as a public officer. In his retirement, in accordance with his well-known wishes, from the position of Representative, which he has so long filled with credit to himself and benefit to the country, we heartily greet him with the plaudit, 'Well done, thou good and faithful servant.' "

Thus did he retire from an active participation in political affairs as an office-holder, without ever having sustained a defeat before the people, in the full meridian of success, and with strong prospect of being advanced (had he made the effort) to still higher political honors. Mr. English was offered the command of a regiment by his personal friend, Governor Morton, but declined, and in person took no active part in the war; but he was a firm and consistent supporter of the Union cause. The following account of a speech made by him about the time of the commencement of the war is taken from the Madison Courier, a paper not of Mr. English's politics :

" Mr. English spoke for over an hour. He said that he had informed Southern men more than a year ago, in a speech in Congress, that he disapproved of seces- sion in toto, and that it could never have his counte- nance and support. It was also well known that he was opposed to the Republican doctrines, and should boldly assail Mr. Lincoln's policy whenever he thought it wrong; but, as a native of Indiana, thoroughly identi- fied with free state interests, he felt that his allegiance was exclusively due to the state of Indiana and govern- ment of the United States, and he should accordingly abide in good faith by their laws, and stand under the old, time-honored flag. He trusted that the bitter cup of civil war might be passed from our lips, and he would exhaust every possible means of maintaining the peace; but, if nothing will do but war, then we must all stand or fall together."

This was an eventful and trying period in his life. He had abandoned the field of politics, and declined employment as an officer in the army. He had grown rusty in the law. After many years of intense activity, and at his age, he could not be satisfied to sit down in his little native village and do nothing. He tried it, but before the end of a year worried himself, on ac- count of his inactivity, into a long spell of sickness, and gave up the "retired and quiet life " idea in despair. He always had an aptitude for finance, and was encouraged to go into banking by his friends Hugh McCulloch (then about entering upon the duties of Comptroller of the Currency) and the great bankers, J.

F. D. Lanier, of New York, and George W. Riggs, of Washington City. The two latter became stock- holders with him in the First National Bank of Indian- apolis, which was founded by Mr. English in the spring of 1863. Of course this required Mr. English to remove to Indianapolis, where he has since resided. This bank was among the first organized in the United States under the national system, and the very first to get out its circulation. It was several years before another was organized in Indianapolis, and that was the period of its greatest prosperity. It went into existence at the time of the nation's greatest peril, when it most needed that financial aid-the very "sinews of war "- which the organization of national banks was then thought best calculated to give. The national system of banking was untried, and at that time was viewed with distrust and disfavor not only by many persons on political grounds, but also many others, especially those already established in banking under other systems, who very naturally did not care to encourage rivals in business. This was, to some extent, true of Indian- apolis, where the field had already long been occupied by bankers who deservedly possessed the confidence of the public in the highest degree-notably the Fletchers, Sharpes, and Harrisons, who were known and recognized by every body as men of strict integrity, great wealth, and the highest order of business qualifications. But great and good kings do not care to have a rival near the throne. These were private bankers, doing well, and so, at that time, not much fancying this new and untried system ; and it, no doubt, looked to them like great presumption, as it really was, for a man without banking experience, and entirely unknown lo fame as a financier, to come up out of the humble little county of Scott and undertake to compete with them in the bank- ing business. But in this, as in all his other undertak- ings, Mr. English steadily persevered until he achieved a splendid success. He was soon recognized as a first- class business man, and gradually grew in favor with his colleagues and the public until he was president of the Indianopolis Clearing House Association, and presi- dent of the Indiana Banking Association-the recog- nized head of the profession in his city and state. In the spring of 1876 a convention of bankers from all parts of the United States was held in Washington City, which Mr. English attended, and he was chosen as one of the committee to appear before and address a committee of Congress upon certain matters of finance. A special dispatch to the Chicago Times said, that " the two notable addresses of the session were made by E. G. Spaulding, author of the national banking act, . and William H. English, of Indiana. The latter's ad- dress consisted in the main of statements based upon tables and estimates, and a comparison of treasury re- ports, of great and general interest to the country."

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The bank of which he was so long president com- menced with a capital of only one hundred and fifty thousand dollars, but he had the sagacity to secure as stockholders such men as J. F. D. Lanier, George W. Riggs, Governor O. P. Morton, Governor T. A. Hen- dricks, Hon. Franklin Landers, and Hon. J. A. Cravens, and other gentlemen of the very highest finan- cial and political standing, and under his admirable management very large dividends were paid the stock- holders and the capital increased to a million dollars, with several hundred thousand dollars surplus. For over fourteen years Mr. English presided over the bank with remarkable ability and unquestioned fidelity, until it was recognized as the first financial institution in the state, and among the first in the United States. In the mean time Mr. English had acquired the con- trolling interest in the various street railway lines of the city, and was largely interested in real estate and other business enterprises, which so severely taxed his ener- gies that his health became somewhat impaired ; and, as his wife had long been in such feeble health as to make removal for a time to a warmer climate desirable, he determined to retire from active business. Accordingly, on the 25th of July, 1877, he resigned the presidency of the bank. In his letter of resignation to the stock- holders and directors, he very feelingly said :

" After a life of unceasing labor from earliest boy- hood, and the great care and responsibility of presiding over this large institution since its formation, over four- teen years ago, I feel it a duty I owe both to myself and an invalid wife, whose condition requires my special attention, to take a season of rest from all active business ; and I must, therefore, beg you to accept this resignation as president, to take effect from and after this date.

" In severing this connection, and taking my leave of you, I can truly say, there are but few partings in this world I should feel more keenly than this. It may well excite tender feelings to retire forever from an in- stitution which has been under my special care since its foundation, and to sever the confidential business rela- tions which have so pleasantly existed with its stock- holders and officers for over the third of a generation.

" What important events have transpired within that period ! We have passed through one of the greatest civil wars of modern times, and are just now, I trust and believe, beginning to emerge from a long and dis- astrous period of financial distress, the legitimate se- quence of events growing out of the war.

"I can conscientiously say, before God, that in all these years I have earnestly endeavored to faithfully and efficiently discharge my duties as your president. With what result the record can best testify."

The stockholders and directors accepted his resigna- tion with deep regret, and, in doing so, unanimously adopted the following resolutions :

" Resolved, That the directors and stockholders of this bank sincerely regret the causes which impel the resig- nation of the Hon. William H. English, so long presi- dent of this institution ; and that, in accepting the same, they desire to express their thanks to him for the very

great financial ability, constant watchfulness, and perfect fidelity with which he has managed it from its organiza- tion to the present time.

"Resolved, That the executive committee of the board be directed to have prepared and present to him a suit- able testimonial, as a memento of our personal regard and esteem, and that he carry with him our most sin- cere wishes for a long life of usefulness and happiness."

In pursuance of the latter resolution there was pre- sented to Mr. English a magnificent gold medal, with profuse symbolical ornaments in the highest style of art, bearing on one side the words, "Fortitude, Strength, Fidelity," and on the reverse the following inscription :

" Presented to Hon. WILLIAM H. ENGLISH, founder, and over fourteen years president, of the First National Bank of Indianapolis, as a memento of the personal es- teem of the stockholders and directors, and their high appreciation of his very great financial ability, constant watchfulness, and perfect fidelity, July 23, 1877."

Soon after retiring from the bank Mr. English sold out all his stock in the street railway and other com- panies, and now does not own a dollar of stock in any corporation whatever, which is very remarkable for a man of his large wealth. The clear-headed compre- hension of the situation during the great financial panic of 1873, and his cool and judicious management upon that trying occasion, did very much to prevent disaster to the Indianapolis banks, and to elevate him in public estimation as a good leader in great emergencies. One of the leading newspapers, the I'eople, referring to this, said : " His conduct throughout the panic proved that his heart was in the right place, that the best interests of the city were in his thoughts, that he had the nerve and the will to sink self and proffer aid to those need- ing it." Mr. English has always been the bold and fearless advocate of honest money and sound and con- servative financial principles. Upon this important question his record is faultless, and so uniformly con- sistent that his position is never questioned. In a late interview he said :

"For myself, I want our money to rank with the same standard recognized by all the great commercial nations of the world. I want no depreciated or unre- deemable paper forced upon our people. I want the laboring man, when pay-day comes, to be paid in real dollars, that will purchase just as much of the necessaries of life as the dollars paid to bond-holders or office- holders, and with as great purchasing power as the best money in the best markets of the world. Honesty, in my judgment, is the best policy in finance and politics, as well as in morals generally; and if politicians would take half as much trouble to instruct and enlighten the masses that they do to take advantage of their supposed prejudices, it would be far better."

Of this bold and patriotic declaration of Mr. English, the Boston Post no doubt echoed the general sentiment when it said :

" If we could have the ear of every Democrat in the country, we should be glad to know if any thing better

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than this has been uttered, and who can honestly dis- sent from it?"

On the evening of October 25, 1873, a large meeting of the members of the Board of Trade and business men of Indianapolis took place, which the papers of the next morning designated as "the most noted assem- blage of the sort held in the city for years." There was much excitement, and strong and general feeling that a further inflation of the currency was the best remedy for existing and threatened financial evils. Al- most solitary and alone, Mr. English combated the correctness of this position, and in a forcible speech did much to change the current of thought upon the sub- ject. We will make only one extract, to show how con- sistent he has always been on financial questions :

"Mr. English believed the present financial troubles had mainly been brought about by extravagance, over- trading, and too much indebtedness, and that these had grown in good part out of the inflated condition of the currency. He did not think a further inflation would be desirable. He favored returning, within a reasonable period, to the currency the world has always recognized as the true standard of values, gold and sil- ver, and paper redeemable in gold and silver on demand ; but he would have this done gradually and voluntarily, under the influence of the laws of trade, rather than by any arbitrary legislation. Nothing could be more un- fortunate than an irredeemable paper currency, swollen to such an extent as might suit the caprices of reckless speculators, or the notions of unprincipled politicians who might, for the time being, happen to be in power. The great business interests of the country needed to be on a firmer and surer basis than that."

It should not be understood that, because Mr. English retired from Congress in 1860 and declined longer to hold office, he ceased to take an interest in pub- lic affairs. He was a delegate to the state convention in 1861, and in 1862 he was again spoken of for Congress, but declined the use of his name in a published letter, in which he advised his old Democratic constituents to keep up their organization, and stand by the Constitu- tion and the Union. He said :

" It is perhaps superfluous for me to add that, as a private citizen, neither seeking nor desiring office, I shall exert whatever of influence I possess to maintain the Constitution and the Union, and speedily suppress the Rebellion. We must not allow ourselves to be driven from correct principles by any amount of misrepresenta- tion or even persecution.

" I would say, let us firmly stand together under the old flag and in the old organization, fighting secession- ism to the bitter end, assailing the administration wherever we conscientiously believe it to be in error, but upholding the Constitution and laws, and never losing sight of that great historical fact, which can not be overcome by misrepresentation or abuse, and that is, that under the rule of the Democracy the country grew to be one of the greatest nations of the earth, and as long as they held power the people of all the states were prosperous and happy."

In 1864 he was a delegate to the congressional con- vention which nominated that sterling patriot Michael C. Kerr to Congress, and who died whilst speaker of the House. Mr. Kerr and Mr. English were life-long friends, and Mr. Kerr said often that he owed his seat in Congress to Mr. English." Mr. English was an advo- cate of General McClellan for President, and introduced the resolution in the convention of the Second Con- gressional District declaring for McClellan as first choice; also a resolution declaring, "That we are now, as we ever have been, unqualifiedly in favor of the union of the states, under the Constitution, and stand ready, as we have ever stood heretofore, to do every thing that loyal and true citizens should do to maintain that union, under the Constitution, and to hand it down to our children unimpaired, as we received it from our fathers." Mr. English's business continued to increase until it reached such immense proportions that it absorbed all his time, and he could give but little at- tention to political affairs, but he was a firm friend and supporter of Governor Seymour and Governor Tilden, and presided at the meeting held at the capital of the state, ratifying the nomination of Tilden and Hen- dricks. Upon that occasion he said :

" It is known to you, fellow-citizens, that I have not of late years been an active participant in political af- fairs. Preferring the quiet pursuits of private life, and intending not to be drawn into the turmoils of active politics, I am, nevertheless, not an indifferent spectator in this contest, and certainly do not forget the past. I do not forget that I was born a Democrat ; was long an earnest, hard-working member of its party, always a firm believer in its great cardinal principles, and fre- quently a recipient of its favors, at a time when such favors were to me of inestimable value. With such antecedents, and a heart which I know is not incapable of gratitude, I could not be indifferent to the fate of this grand old party ; and, although in bad health and shrinking from appearing as a participant in a public political meeting, I could not forego the pressing call that was made upon me to preside upon this occasion, because I sincerely believe that the time has arrived when the welfare of the people demands thorough re- form in the affairs of the general government, and that such reform can now only be certainly and effectively secured by the election of Tilden and Hendricks. But I do not wish it understood that I am here to-night in a mere partisan capacity, claiming that every thing called Democratic must necessarily be good, and every thing called Republican necessarily bad. On the con- trary, I congratulate the Republican party upon having nominated good men for candidates at Cincinnati, and placing them upon a creditable platform, but I con- gratulate the Democratic party still more upon having nominated better men upon a better platform."

There was considerable dissatisfaction among the In- diana Democracy just at this time, because Mr. Hen- dricks had not been nominated for President, and be- cause of the financial views of the St. Louis platform, and Mr. English's speech had a good effect in soothing

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the dissatisfied and getting his party into line. He | adroitly said :

" It was natural that, in the excitement of the mo- ment, some Indiana Democrats should have felt dis- satisfied, but most of those have become reconciled, and not only support the ticket now, but stand squarely upon the platform. The few who have not yet got on the platform will hurry to get on board before the lightning express train of the Democracy is fairly under way, because they know that train is bound to come in ahead, and that it is dangerous to get on the platform when the cars are in motion. Never fear but all the boys will get on board in due season, for they are not going to be left behind in this grand Democratic march to victory.

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A biographical history of eminent and self-made men of the state of Indiana : with many portrait-illustrations on steel, engraved expressly for this work, Volume II, Part 20

Author: Publication date: 1880 Publisher: Cincinnati, Ohio : Western Biographical Publishing Co. Number of Pages: 1006

Author:
Publication date: 1880
Publisher: Cincinnati, Ohio : Western Biographical Publishing Co.
Number of Pages: 1006