History of Essex County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. I, Part 50

Author: Hurd, D. Hamilton (Duane Hamilton), ed. n 85042884-1
Publication date: 1888
Publisher: Philadelphia : J. W. Lewis & Co.
Number of Pages: 1538

USA > Massachusetts > Essex County > History of Essex County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. I > Part 50

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The eldest son, Nathaniel, followed his father in the command of the ships of Elias Hasket Derby, and in 1793, at the early age of twenty was on a voyage to the Isle of France as captain of the new ship " Benjamin," of one hundred and sixty-one tons. From the Isle of France he proceeds to the Cape of Good Hope, re- turns to the Isle of France, and brings his ship home with large profits. In 1796 Mr. Derby dispatches him in the ship " Benjamin " to Amsterdam, and thence to the Isle of France, with a credit of ten thousand dollars for his own private adventures. After selling his cargo at a great profit he purchases a new ship of four hundred and fifty tons and returns to Salem, with a full cargo of East India goods for his owner, and such favorable results for himself as to enable him to commence business on his own account, in which he soon achieves a fortune.

After the attainment of a competency, Mr. Silsbee devoted many years to the civil service of his country. He was chosen a member of Congress in 1816, and served in the House until 1821, and in the United

States Senate from 1826 to 1835. In 1823, '24 and '25 he was president of the Massachusetts Senate. He died in Salem, July 14, 1850.

Captain Nathaniel West and his elder brother, Ebenezer, and his younger brother, Edward, were prominent in the early commercial days. Ebenezer was, for nearly four years, during the Revolution, a prisoner of war, and was exchanged shortly before peace was declared. He subsequently had command of E. H. Derby's famous ship, the " Grand Turk," and in her made the first voyage from New England to Canton. Edward, while in command of his brother Nathaniel's ship " Hercules," was seized at Naples in 1809, but had the good fortune to obtain her release, in order to transport Lucien Bonaparte and family to Malta, thus saving his ship from confiscation. In 1775, Nathaniel, at the age of nineteen, being in command of a merchant vessel in the West India trade, was captured by a British frigate and compelled to serve as midshipman in the British navy. Not long after he escaped and went to Spain, where he em- barked for Salem in the privateer "Oliver Cromwell," Captain Cole, of this port. He made several cruises in the "Oliver Cromwell," and took many prizes. He participated with the famous Captain Haraden in several contests, and made successful cruises as cap- tain of the privateer " Black Prince," carrying eight- een guns, and one hundred and fifty men. On one occasion, with Captain Nathaniel Silsbee as his lieu- tenant, he put into Cork, on a dark night, and cut out and took away a valuable prize.

Captain West subsequently embarked in commerce, and pursued it with continued success until he had amassed a large fortune. In 1792 he built and des- patched the schooner " Patty," under command of his brother Edward, and she was the first American ves- sel to visit Batavia. His ship "Minerva" was the first Salem vessel to circumnavigate the globe. His ship "Hercules," under his brother Edward's com- mand, on the conclusion of the war with Great Britain, in 1815, was the first vessel to sail from the United States for the East Indies, under the terms of the treaty. He was born in Salem Jannary 31, 1756, and died here December 19, 1851. In person he was of fine figure and of majestic mien and gait. He never forgot the dignity which belonged to his years and station. He was a gentleman of the old school in manners and dress, and adhered with scrupulous te- nacity to the costume of his early years.

William Gray was a prominent merchant of Salem. He was born in Lynn, June 27, 1760, moved to Salem at an early age, and entered the counting-room of Richard Derby. He became one of the largest ship owners in Salem, and followed the lead of Mr. E. H. Derby in sending ships to Canton and ports in the East Indies. In 1805 Salem had fifty-four ships, eighteen barks, seventy-two brigs and eighty-six schooners, five ships building and forty-eight vessels round the cape. In 1807 sixty ships, seven barks,

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forty-two brigs, forty schooners and three sloops in the merchant service, and one hundred fishermen and schooners; and of these William Gray owned fifteen ships, seven barks, thirteen brigs and one schooner, or one-fourth of the tonnage of the place.

From 1801 to 1810, inclusive, the duties collected at Salem amounted to $7,272,633.31, and these were the years of Mr. Gray's greatest activity.

His former mansion, is now the Essex House. About 1808 he left the Federal party and joined the Demo- crats, npholding Jefferson in the Embargo Act of that year. Party feeling ran high, and Mr. Gray, finding a growing coolness towards him among many of his former associates, left Salem in 1809 and moved to Boston, where, in 1810 and 1811, he was chosen lieu- tenant-governor, and where he died November 3, 1825. During his life he accumulated a great prop- erty. As a merchant he was industrious, far-seeing and energetic; as a citizen patriotic and public- spirited, and he may well be classed among Salem's "princely merchants."

Joseph Peabody was another eminently successful merchant, who lived to see the decline of that com- mercial prosperity to which he had contributed so largely. He was born in Middleton December 9, 1757, and during the Revolutionary War he enlisted on a privateer, and made his first cruise in E. H. Derby's " Bunker Hill," and his second in the " Ran- ger." In 1782 he made a trip to Alexandria in the "Ranger" as second officer, and on his return the vessel was attacked by the enemy, and Mr. Peabody was wounded. After peace was restored he was pro- moted to a command in the employ of the Messrs. Gardner, of Salem, and soon realized a sufficient sum to purchase the vessel known as the "Three Friends." He retired from the sea in 1791, and engaged actively in commerce. The brig "Three Friends," Joseph Peabody, master, entered from Martinico in June, 1791, with a cargo of molasses and sugar consigned to Mr. J. Gardner, and this was probably his last voyage. During the early years of the present century he built and owned a large number of vessels, which in every instance he freighted himself. His vessels made thirty-eight voyages to Calcutta, seventeen to Canton, thirty-two to Sumatra, forty-seven to St. Petersburg and thirty to other ports of Europe. He shipped, at different times, seven thousand seamen, and advanced thirty-five to the rank of master, who entered his em- ploy as boys.

The disastrous effects of the embargo and war were shown in the diminution of vessels in the foreign trade of Salem from one hundred and fifty-two, in 1807, to fifty-seven in 1815. In 1816 forty-two In- diamen had sailed and sixteen returned since the war. In 1817 Salem had thirty-two ships, two barks and eighteen brigs in the India trade ; and from 1808 to 1817 the arrivals from foreign ports were nine hun- dred and thirty six, which yielded an annual average of duties of three hundred and seventy-eight thousand

five hundred and ninety dollars. In 1821 one hun- dred and twenty-six vessels were employed in foreign commerce, fifty-eight of them in the India trade, the largest being the ship "China," H. Putnam, master, three hundred and seventy tons.

A few facts relating to the connection of Mr. Pea- hody about this time with the China trade are in- teresting. In 1825 and 1826, the "Leander," a lit- tle brig of two hundred and twenty-three tons, brought into Salem cargoes from Canton, which paid duties amounting, respectively, one to $86,847.47 and the other to $92,392.94. In 1829, 1830 and 1831, the "Sumatra," a ship of only two hundred and eighty- seven tons, brought cargoes from the same port, pay- ing duties of $128,363.13, in the first case ; $138,480 .- 34, in the second, and $140,761.96 in the third, the five voyages paying duties to an aggregate of nearly $587,000. No other vessel has entered Salem paying $90,000 in duties. Both brig and ship were owned by Mr. Peabody, and were commanded on each voy- age by the same gentleman, Captain Charles Roundy, a good type of that class of master mariners whose en- ergy and fearlessness carried the name of Salem to the remotest ports, and whose uprightness and busi- ness integrity made that name an honored and re- spected one in those far-off countries. Mr. Peabody died at Salem, January 5, 1844.

Nathaniel L. Rogers was an enterprising and prominent merchant of Salem, and opened the Ameri- can trade with Madagascar, Zanzibar and Australia. He was born in Ipswich, August 6, 1785, and died July 31, 1858. Associated with him in business was Richard S. Rogers, another successful merchant, who was born in 1790, and died in Salem June 11, 1873.

Robert Brookhouse was engaged in trade with Madagascar, Patagonia, the Feejee Islands and large- ly with the West Coast of Africa. He was very suc- cessful as a merchant, and accumulated a large property. He was born December 8, 1799, and died June 10, 1866. After his death his son Robert, with William Hunt, Joseph H. Hanson and Nathan A. Frye, continued the trade with the West Coast of Africa.

These brief notices of a few of the prominent mer- chants of Salem should not be closed without some reference to the last of their number, whose vessels arrived in her harbor from ports beyond the Cape of Good Hope.

John Bertram was born on the Isle of Jersey, Feb- ruary 11, 1796, and died in Salem March 22, 1882. Mr. Bertram came to Salem at an early age; and in December, 1813, we find him sailing from Boston in the schooner " Monkey " as cabin boy. He arrived in Charleston, S. C., early in 1814, and left there in an American privateer in March. The privateer was captured, and he was taken to Bermuda and con- fined in the Bermuda and Barbadoes prison-ships. Having been born on the Isle of Jersey, and being familiar with the French language, he was released,

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as a Frenchman, after which he shipped on an American schooner and started for home, but was again taken prisoner, and carried to England, where he arrived in April, 1815, after peace had been de- clared.

In 1824, with P. I. Farnham and others, Mr. Ber- tram chartered the schooner "General Brewer," and, in company with Captain W. B. Smith, sailed for Saint Helena. When a few days out, he met the brig "Elizabeth," of Salem, Story, master, bound also for Saint Helena. Captain Story came on board the " General Brewer," and took tea with Captain Ber- tram ; and each was desirous that the other should not know his destination. They each announced themselves as bound for Pernambuco. Captain Ber- tram suspected, however, that the "Elizabeth " was bound to Saint Helena, and he was extremely anxious to arrive there first, and dispose of his cargo. As night came on, in order to lighten his vessel, he had his entire deck-load of lumber passed aft and thrown overhoard, and by crowding on all sail, day and night, he arrived at Saint Helena, disposed of his cargo, and was coming out of the harbor, just as the " Elizabeth " arrived. From Saint Helena, Captain Bertram went to Pernambuco, on his way to Salem. After his return home, he purchased the "Velocity," 119 tons burden, and, with Captain W. B. Smith. again set sail for Saint Helena. He went from there to the Cape of Good Hope, and thence to the Rio Grande and the Coast of Patago- nia, at which latter place he remained, engaged in trading for hides, while Captain Smith made trips up and down the coast in the "Velocity." After being at Patagonia for some time, Captain Bertram and Captain Smith both sailed for Pernambuco in the " Ve- locity," and there found Captain Thomas Downing, of Salem, in the brig "Combine," of 133 tons burden. They purchased the "Combine" of Cap- tain Downing, and Captain Bertram returned in her to Patagonia. Captain Smith came back to Salem in the "Velocity," and arrived there in August, 1826, with a cargo of two hundred and eight thousand two hundred and ninety-one pounds of beef, consigned to Peter E. Webster. After trading for awhile on the coast, Captain Ber- tram returned to Salem in the "Combiue," arriving December 14, 1826. He afterwards made another trip to Patagonia in the "Combine," returning to Salem in July, 1827, with one hundred and thirty- five thousand one hundred and twenty-two pounds of beef. He was on the coast of Patagonia for about three years.

On his final return to Salem the firm of Nathaniel L. Rogers & Bros. offered him an interest in the ship "Black Warrior," of 231 tons burden, and he sailed in command of her from Salem in December, 1830, for Madagascar, Zanzibar and Mocha. Captain Henry F. King, of Salem, was with him on this voyage, serving as his clerk. He loaded with a large quantity of gum-copal in bulk, and established a trade there which continues to the present time. He returned from this voyage March 31, 1832. Mr. Bertram was connected in this business in the early years with Michael Shepard, Nathaniel Wes- tou and Andrew Ward.

From 1845 to 1857 he was trading with Para. He sent, in December, 1848, one of the first vessels from Massachusetts to California after the gold discovery, and the favorable accounts he received from her in- duced him to send three vessels from Salem the next spring with full cargoes, and two others shortly after. He also engaged in the California trade with Messrs. Glidden & Williams, of Boston. While Captain Ber- tram was engaged in the California trade he built, with others, the ship "Johu Bertram," 1100 tons, at East Boston, and she was launched in sixty days from the time of laying her keel, and in ninety days was on her way down Boston har- bor with a full cargo on board, hound for San Francisco. Although many predicted that a vessel built so hastily would not last long, their predictions have not been verified, and the ship is still afloat, sailing under a foreign flag. She sailed for San Fran- cisco ou her first voyage January 10, 1851. Captain Bertram has been connected with the building and management of several railroads in the West. He founded, and has maintained at his own expense, the " Old Men's Home," and he was largely instrumental in establishing the Salem Hospital. As a merchant, he was enterprising and energetic; as a citizen, pub- lic-spirited and charitable. His name worthily closes the long list of eminent merchants who have given Salem a history unparalleled in the annals of American commerce.

The foregoing notices of Salem merchants are by no means complete, and doubtless some, equally worthy of extended mention, are omitted. The names of others, particularly of those of the latter period of our commerce, will be found in the ac- counts of the different trades. It is not possible, in the limits of a single chapter, to do full justice to all, but the sketches just given will serve as an example of the class of men who made the name of Salem famous in the commercial annals of the State and nation.

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CHAPTER IV. SALEM -(Continued). THE BANKING INTEREST.

BY HENRY M. BATCHIELDER.

The Esser Bank-The Salem National Bank-The Merchants' National Bank-The Commercial Bank-The National Exchange Bank-The Asiatic Nutimal Bank-The Mercantile National Bank-The Mechanics' and Traders' Bank-The Nuumkeag National Bank-The Bank of General In- terest-The North American Bank-The Salem Savings Bank-The Sulen Five Cents Savings Banks.

THERE are nine banks in Salem-seven banks of de- posit and discount, and two savings banks.

In 1782 a branch of the Bank of North America was located in Boston, and in 1784 the Massachu- setts Bank was established in that city. Eight years later the first bank was opened in Salem. It was styled the "Essex Bank," and commenced business July 2, 1792, with a capital of about three hundred thousand dollars.

It was in 1786 that, by Congressional order, ac- counts were kept in dollars, dimes and cents instead of pounds, shillings and pence. On account of busi- ness troubles, specie payments were suspended from 1837 to 1839, and again at the breaking out of the Civil War in 1861. This last suspension lasted until 1876.

THE ESSEX BANK, occupied a room in the build- ing now known as the " Central Building," on Cen- tral Street, which street was for a time known as Bank Street. It expired in 1819, though its affairs were not fully wound up till 1822.

THE SALEM BANK now the Salem National Bank, was incorporated March 8, 1803, with a capi- tal of two hundred thousand dollars. This was in- creased to two hundred and fifty thousand dollars in 1823 ; reduced in 1859 to one hundred and eighty- seven thousand five hundred dollars; restored to two hundred thousand dollars in 1865; increased in 1873 to three hundred thousand dollars, which is the present capital. Its presidents have been Benjamin Pickman, 1803; Joseph Peabody, 1814; George Pea- body, 1833; Benjamin Merrill, 1842; George Pea- body, 1847 ; William C. Endicott, 1858; Augustus Story, 1875; S. Endicott Peabody, 1882. Its cashiers : Jonathan Hodges, 1803; John Moriarty, 1810; Charles M. Endicott, 1835; George D. Phippen, 1858.

The bank was originally located in a brick building on the south side of Essex Street, next west of the Benjamin Pickman estate, nearly opposite St. Peter Street. This building stood in from the street, and was erected for the accommodation of the Salem Bank and the Salem Marine Insurance Company on the lower floor, and the East India Marine Museum on the second.

The Salem Bank adopted the national system in 1864, and moved to the Holyoke Building, Washing- ton Street, in 1866, where it is still located.

THE MERCHANTS' BANK was incorporated June 26, 1811, with a capital of two hundred thousand dollars, which was afterwards increased to four hundred thousand dollars, and reduced in 1845 to the original figure. The bank was first located in the Union Building, on the corner of Essex and Union Streets, later in the Bowker Block, and in 1855 removed to the second floor of the then newly-built Asiatic Building on Washington Street. In 1883 it was re- moved to its present location, in the Northey Build- ing, on the corner of Essex and Washington Streets. Its presidents have been Benjamin W. Crowninshield, 1811; Joseph Story, 1815; John W. Treadwell, 1835; Benjamin H. Silsbee, 1851; George R. Emmerton, 1880. Its cashiers : John Saunders, 1811; Johu W. Treadwell, 1813; Francis H. Silsbee, 1835; Benja- min H. Silsbee, 1848; Nathaniel B. Perkins, 1851 ; George R. Jewett, 1883; Henry M. Batchelder, 1883. The bank became the Merchants' National Bank, December 30, 1864.

THE COMMERCIAL, now FIRST NATIONAL BANK, was incorporated February 12, 1819, with a capital of three hundred thousand dollars, which was re- duced to two hundred thousand dollars in 1830, and restored in 1851. This bank first opened its doors at its present location, in the Central Street Bank Building. It presidents have been Willard Peele, William Sutton and Eben Sutton. Its cashiers : Na- thaniel L. Rogers, Zachariah F. Silsbee and Edward H. Payson. It was the first bank in the city to enter the national system, becoming the " First National Bank " in June, 1'864.

THE EXCHANGE BANK was incorporated January 31, 1823, with a capital of three hundred thousand dollars, which was afterwards reduced to the present amount, two hundred thousand dollars. It com- menced business in a building on the site of William Gray's garden, No. 172 Essex Street, the building ex- tending to the corner of St. Peter Street. It was re- moved to the First Church building in December, 1864, occupying at that time the rooms on the corner of Washington Street, but was transferred to the southwest corner of the building in 1875. The bank is now numbered 109 on Washington Street. Its presidents have been Gideon Tucker, John Webster, Henry L. Williams, Nathan Nichols. Its cashiers : John Chadwick, Joseph H. Webb. It became the National Exchange Bank February 18, 1865.

THE ASIATIC BANK was incorporated June 12, 1824, with a capital of two hundred thousand dollars, which was increased to three hundred and fifteen thousand dollars. It commenced business in the Central Street Bank Building ; removed from there to the East India Marine Building, on Essex, oppo- site St. Peter Street, and in 1855 changed its quarters to the Asiatic Building, on Washington Street, where

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it is still located. Its presidents have been Stephen White, Nathan W. Neal, Thomas P. Pingree, Joseph S. Cabot, Leonard B. Harrington ; and its cashiers : Henry Pickering, Joseph S. Cabot William H. Foster and Charles S. Rea. Mr. Foster, who re- tired from the office of cashier in 1884, had been in the service of the bank for sixty years, since its or- ganization. It became the Asiatic National Bank December 8, 1864.

THE MERCANTILE BANK was incorporated March 4, 1826. Its capital has always been two hundred thousand dollars, and it has always been located on Central Street, first in the Central Building, on the west side of the street, and since 1827 in its present quarters in the Central Street Bank Building, nearly opposite. Its presidents have been Nathaniel L. Rogers, David Putnam, John Dwyer, Aaron Perkins, Charles Harrington. Its cashiers : John A. South- wick, Stephen Webb and Joseph H. Phippen. The bank became the Mercantile National Bank January 10, 1865.

THE MECHANICS' AND TRADERS' BANK was incor- porated March 10, 1827, with a capital of two hun- dred thousand dollars, but never commenced business.

THE NAUMKEAG BANK was incorporated March 17, 1831, with a capital of two hundred thousand dollars, which was subsequently increased to five hun- dred thousand dollars. It commenced business in the store of Benjamin Dodge, on Essex Street, opposite the Essex House, thence was removed to the Man- ning Building, now Bowker Place, from there to the East India Marine Building, and in 1872 to its pres- ent quarters, on the second floor of the Asiatic Building, Washington Street. Its presideuts have been David Pingree, Edward D. Kimball, Charles H. Fabens, William B. Parker, David Pingree, (Jr.,) and Joseph H. Towne. Its cashiers have been Joseph G. Sprague, Joseph H. Towne and Nathaniel A. Very. The Naumkeag became the Naumkeag National Bank in December, 1864.

THE BANK OF GENERAL INTEREST was also in- corporated March 17, 1831, with a capital of two hundred thousand dollars. John Russell was presi- dent and William H. Russell cashier. It ceased business in 1842.

THE NORTH AMERICAN BANK was incorporated March 31, 1836, with an authorized capital of three hundred thousand dollars. It never went into opera- tion.

THE SALEM SAVINGS BANK was incorporated Jan- nary 29, 1818, as the "Institution for Savings in the town of Salem and Vicinity." The name was changed to the Salem Savings Bank in 1843. It commenced business on Central Street, thence removed to the Bowker Building, and in 1855 to the present location in the Asiatic Building, Washington Street.

Its presidents have been Dr. Edward A. Holyoke, 1818; Joseph Peabody, 1830; Nathaniel Silsbee,

1844; Daniel A. White, 1851 ; Zach. F. Silsbee, 1861 ; John Bertram, 1864; Joseph S. Cabot, 1865; Benja- min H. Silsbee, 1875; Peter Silver, 1879; William Northey, 1883. The treasurers have been William P. Richardson, 1818; William Gibbs, 1820; William Dean, 1821; Peter Lander, Jr., 1822; Daniel Bray, 1823; Benjamin Shreve, 1837; Ilenry Ropes, 1839 ; William Wallis, 1861; Charles E. Symonds, 1865; William H. Simonds, Jr., 1879. In 1855 the bank removed to the Asiatic Building, Washington Street, which it now owns. Its depositors number between sixteen and seventeen thousand, and the amount on deposit averages $6,500,000.

THE SALEM FIVE CENTS SAVINGS BANK was in- corporated in 1855. It opened for business in the second story of the Downing Block, No. 175 Essex Street, removing from there into its present quarters on the second floor of the Northey Building. Its presi- dents have been Edward D. Kimball, 1855 ; Edmund Smith, 1861 ; Henry L. Williams, 1862; John Kins- man, 1879 ; William H. Jelly, 1882. Its treasurers : J. Vincent Browne, 1855; Charles H. Henderson, 1868. The number of depositors is over eight thou- sand, and the amount on deposit averages more than $2,500,000.

The aggregate capital of the national banks of Sa- lem is $2,015,000, and the combined surplus funds and undivided profits on August 1, 1887, was over $900,000. The amount on deposit on the same date was over $1,700,000.

CHAPTER V. SALEM .- Continued. THE PRESS.

BY GILBERT L. STREETER.

THE history of the press in auy community, if prop- erly executed, is a chronicle of the times, a correct narrative of the passing events of the period. It is the business of the journalist to " catch the manners living as they rise," but the correctness of the picture will depend, of course, upon the skill of the artist.

It is difficult to appreciate the condition of our early colonial community before the days of the news- paper, which now seems so essential to a proper knowledge of events. It is manifest that the ordinary gossip of the community, and the verbal narration of events transpiring elsewhere, satisfied every want. There were printing presses in the colony long before sufficient patronage could be obtained to warrant the establishment of a newspaper. There was a printing press in Cambridge as early as 1639, and as the infant university was located there, as well as the local gov- ernment of the colony, the persons concerned in it were encouraged by grants of land from the General

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History of Essex County, Massachusetts : with biographical sketches of many of its pioneers and prominent men, Vol. I, Part 50

Author: Hurd, D. Hamilton (Duane Hamilton), ed. n 85042884-1 Publication date: 1888 Publisher: Philadelphia : J. W. Lewis & Co. Number of Pages: 1538

Author: Hurd, D. Hamilton (Duane Hamilton), ed. n 85042884-1
Publication date: 1888
Publisher: Philadelphia : J. W. Lewis & Co.
Number of Pages: 1538