USA > Maine > Lincoln County > Wiscasset > Wiscasset in early days : historical notes pertaining to the old town on the Sheepscot River > Part 4
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Some of Colonel Cony's children were born during his residence here, and little Samuel, the future Governor, was no doubt often seen playing with other kids over in Main Street. The Conys returned to Augusta in 1817. Colonel Cony, or, perhaps I should say, Gener- al, is said to have been a man of gen- erous impulses, kind hearted and hon- orable. The title of General came from his having been the first Adjutant General of Maine, which office he held from 1820 to 1830. He died in 1835. He had an active connection
with the Lincoln and Kennebec Marine Insur- ance Company and the banking inter- ests of Wiscasset, besides his private mercantile and shipping interests, he having been sole owner of the brigs Hare and Perseverance and part owner of the brig Bowdoin and the ship Evergreen hailing from this port.
Robert Elwell, who was president of the Insurance Company for a short time, removed to Boston in 1812. El- well was succeeded in that office by Colonel Cony, who entered upon his duties, instituting a thorough overhaul- ing of the unsettled accounts, which he at one time apprehended might amount to $100,000, caused an inventory of all premium notes to be made, which list is still to be seen, and in April, 1812, he wrote General King that he hoped with the aid of "the efficient Gentle- men who have an interest in the con- cern, in forcing things to a settlement to be able in the course of a few months to give the Stockholders some- thing like a correct statement of their concern." But things went on from bad to worse, for the country was soon plunged into war with Great Britain and the business of marine insurance naturally became too risky for such a small concern as that in Wiscasset. The corporate existence was con- tinued for several years for the pur- pose of closing up its affairs.
The Lincoln and Kennebec Bank of Wiscasset, of the history of which much has been gleaned from the files of correspondence addressed to the Hon. William King of Bath, who was the
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first president of the bank, as also from other sources, and all of which has been freely quoted in this series, was chartered for a term of 10 years from the first Monday in October, 1802. On the 14th of June, 1811, there was pre- sented in the Massachusetts Legisla- ture a petition in the handwriting of Maj. Abiel Wood of Wiscasset, a copy of which is here exhibited:
To the Honl Senate & House of Representatives of the Common- wealth of Massachusetts in Gener- al Court assembled
Respectfully represent the under- signed Inhabitants of the County of Lincoln.
That the Charter of the Lincoln & Kennebec Bank in the Town of Wiscasset will expire in the year One Thousand Eight Hundred & Twelve-That owing to this Cir- cumstance the pressure upon the Commercial & agricultural Class of Citizens & others in that quar- ter of the State will be great un- less, a new institution can be established in season to make loans to those persons who are indebted to the present Bank & thereby enable them to close their affairs with as little loss & embarass- ment as possible.
Your Petitioners are sensible of many defects in the Charter of the existing Bank which may be rem- edied in a new act of incorporation & only pray to be incorporated in such way & manner as shall be a public as well as a private bene- fit & as shall give perfect security to the Public as well as to individ- uals-making the Directors person- ally responsible in Case of any vi- olation of charter & securing to the State such annual advantages as may be thought proper-Your petitioners therefore pray that they their associates may be incorporated into a Bank by the name of Wiscasset Bank to be established at Wiscasset in the County of Lincoln & as in duty bound will ever pray.
The signatures to such petition were those of Abiel Wood, Jr, Moses Carl- ton, Jr., Nathaniel Austin, Moses Carl- ton, William Carlton William M. Bord and William Bowman.
Anyone familiar with the family con- nections of the petitioners will recall that the wife of Nathaniel Austin was sister of
Moses Carlton Jr. and a daughter of Moses Carlton, senior;
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WISCASSET IN EARLY DAYS
that the first wife of William Bow- man's brother Jonathan was a sister of Major Wood; that William Carlton was a son of Major Carlton; that Henry Wood, the husband of Major Carlton's daughter Mary, was a brother of Major Wood; that William M. Boyd subsequently married the widow of Henry Wood and that after her de- cease he married Mrs. Myra Carlton, the widow of Major Carlton's son Miles.
The petition having been regarded favorably by both houses of the Legis- lature on the date when received no further action was taken until the 20th of June, 1812, when it was referred to a committee having under consideration similar applications, among which was that for a charter for a bank to be lo- cated in Bath, upon both of which the committee reported ought to pass; and on the 23d day of June, 1812, the Gover- nor approved an act by which Abiel Wood, David Payson, Moses Carlton, Moses Carlton, Jr., William M. Boyd, John Dole, Joseph T. Wood and Na- thaniel Austin, their associates, suc- cessors and assigns were incorporated under the title of The President, Di- rectors and Company of the
WISCASSET BANK
from the first day of October, 1812, and for the term of 19 years next en- suing.
The corporators named in the char- ter of the Bath Bank were William King, Joshua Wingate, Jr. and Jona- than Page and that bank was to have a capital of $100,000 and to be estab- lished and kept in the town of Bath.
The capital stock of the Wiscasset Bank was set up at a sum of not less than $250,000 in gold and silver, di- vided into shares of $100 each, and it was required that 25 per cent of such capital be paid in by the first day of October, 1812, and the residue on or before the first day of July, 1813; and it was also provided that no money be loaned, or discounts made, nor any bills or promissory notes issued until the capital subscribed and actually paid in, and existing in gold and silver in their vaults should amount to $62,500. There was a provision of charter that one-tenth part of the whole funds of the bank should always be appropriat- ed to loans, to be made to citizens of the Commonwealth, wherein the di- rectors should regard the agricultural and manufacturing interest in the manner prescribed for like loans in the
charter of the Lincoln and Kennebec Bank.
The charter of the new bank fixed a double liability upon the shareholders by requiring that a provision of that tenor which was a part of the charter of the State Bank, of Boston, should attach to the Wiscasset Bank.
As illustrative of reservations made in the public interest two other pro- visions of the act may be quoted: One,
That whenever the Legislature shall require it, the said corpora- tion shall loan to the Common- wealth any sum of money which may be required not exceeding 10 per centum of the amount of the capital actually paid in at any one time, reimbursable by five annual installments, or at any shorter pe- riod at the election of the Com- monwealth with the annual pay- ments of interest, at a rate not ex- ceeding five per centum per annum. Provided, however, that the Com- monwealth shall never at any one time, stand indebted to said cor- poration without their consent, for a larger sum than 20 per centum of the capital stock actually paid in
Another, - The Commonwealth shall have the right, whenever the Legislature shall make provision by law to subscribe on account of the Commonwealth a sum not ex- ceeding one hundred thousand dol- lars, to be added to the capital stock of said company, subject to such rules, regulations and provi- sions as shall be by the Legisla- ture made and established as to the management thereof.
Similar provisions were made in the charter of the Bath Bank, and in those of the four other Maine banks char- tered that year. Semi-annual state- ments of the concerns of the banks were to be made to the Governor and Council, but no returns of the Maine banks were printed until December, 1814.
Nothing has been found to show the personnel of the board of directors of the Wiscasset Bank. Maj. Abiel Wood became president, and Mr. Henry Roby cashier, of the new institution, which appears to have begun business very promptly and which on the first day of February, 1813, acquired title to the bank building, vault and apparatus, and succeeded to some extent to the business, of the Lincoln and Kennebec Bank in liquidation.
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WISCASSET IN EARLY DAYS
When the bank building was con- verted into a dwelling-house by our late fellow member, the Hon. Isaac T. Hobson, some of the old books were saved from destruction by Mr. John Greenleaf, who worked there as a house carpenter. A few of the relics so saved were turned over to me by Mr. Greenleaf and among them was the stock certificate book of the Wiscasset Bank which, although mutilated, shows that many shares of the capital stock were issued under date of the fifth of October, 1813, and in this book appear names of shareholders as follows: Na- thaniel Austin, John Babson, John Binney, William M. Boyd, Samuel Cony, Moses Carlton, Edmund Flagg, Erastus Foote, Silas Lee, Thomas Mc- Crate, William Stacy & Co., Whitney, Sewall & Co., Wiscasset Female Asy- lum, Abiel Wood, Joseph T. Wood, and the estate of Henry Wood, all of Wis- casset; John Dole of Alna; Daniel Cony, Rufus C. Vose, Benjamin Whit- well, Nathan Weston, Nathan Weston, Jr., and Reuel Williams all of Augus- ta; Benjamin Dearborn, Jeremiah Dum- mer, Peter Grant and John Sewall, all of Augusta; Payn Elwell, Joseph Far- ley and Isaac G. Reed, all of Waldo- borough; John Gleason of Thomaston; David Gilmore of Woolwich; John Dunlap and Robert P. Dunlap, both of Brunswick, and the President and Trustees of Bowdoin College. The hold- ers of considerable amounts of the stock were Maj. Abiel Wood, $39,500; Col. Samuel Cony, $34,000; the College, $10,000; Capt. John Binney, $9,700; Maj. Moses Carlton $10,400; Joseph T. Wood, $8,100; Silas Lee, $5,400.
While the Lincoln and Kennebec Bank had carried on through the dis- astrous time of the Jefferson Embargo, the new bank began business almost coincident with the declaration of the War cf 1812, the effects of which war. added to the embargo losses, soon brought ruin to the bank and several of its principal stockholders. By April, 1816, the capital was reduced
to $150,000 and new shares were issued, share for share, at a par of $60; and two years later another reduction was made, bringing the capital down to $100,000, with an exchange of shares at a par of $40.
Major Wood appears to have retired from the presidency in 1816 and John Dole, of Alna, was chosen as his suc- cessor; and after three or four years Dole was succeeded by Reuel Williams, of Augusta, under whose administra-
tion no active general banking business was done, the corporate existence being maintained for the purpose of winding up its affairs. As a creditor having large claims against many of the mer- chants and shipowners then in business here the bank was obliged in several cases to levy execution upon and sell much of their real estate to the very great distress of the owners.
The Wiscasset Bank was a bank of issue, and even after more than a cen- tury some of its notes have occasionally come to light, but they are without value except as curiosities. Here is one which reads:
The President, Directors & Com- pany of the Wiscasset Bank prom- ise to pay J. Monroe or bearer on demand Five Dollars.
It is numbered 612, dated at Wis- casset, July 4th, 1817, and signed by John Dole, Pres't, and H. Roby, Cash'r. Doubt exists that President James Monroe ever knew of that use of his name. This not is six and three- quarters inches long and two and five- eighths inches wide. It was printed from the Perkins stereotyped steel plate such as has already been des- cribed.
In connection with the facts relative to the Lincoln and Kennebec Bank presented at a former meeting it was observed that keeping the bank's notes in circulation was a very serious prob- lem, for upon such circulation depen- ded a material part of the profits of the banks. That bank and the Maine Bank, of Portland, were chartered in 1802. Perhaps a glance at commercial property conditions then existent in Maine may be of interest. The popu- lation of York at that time was larger than that of any town in the district except Portland. The commercial im- portance of Wiscasset and Eastport was greater than that of any other two towns in Maine except that of Portland. The assessment rolls in Wiscasset show that besides taxable real estate, buildings and live stock the values of tonnage and stocks of goods were large. In 1801, the year before the bank was established, the taxable property returned by John Anderson consisted of his house, store, barn,
wharf &c, $4,000; brig William and Thomas of 153 tons at $171/2, $2,677; one half the brig Two Brothers, 87 tons at $20, $1,740; 1 horse, 1 cow, chaise and sleigh, $200; stock in trade, $16,000; income, $1,500, to which the assessors added $500, the total of his
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WISCASSET IN EARLY DAYS
valuation being $26,117. Maj. John Huse was assessed for a valuation of $1,600 on his house, barn and store and three-eighths of an acre along there where the Wawenock Block now stands; $2,400 on half the wharf, after- ward known as Dole's wharf, and a store on the same; one quarter of the brig Hope, 36 tons at $20; 1 horse, 1 cow, 1 hog, sleigh, $100; stock in trade consisting of sugar and ship and ton timber, $1,330; on his income $500. Abiel Wood, Jr., was assessed upon "the old house" he lived in, "worth," as he stated, "not much," $1,500; the wharf and stores in an unfinished state, $4,000; the store occupied by Roby, $500; one half the land with Lee, $750; land purchased of Stetson, $150; one half the mills at Birch Point, $800; Bradbury lot, $1,200; the Apple- ton house, Woodman house and lot, Wheelwright house and lot, Bennett house taxed to the occupants; ship Mount Vernon, 514 tons, brig Beli- sarius, 167 tons, brig America, 142 tons, two-thirds schooner Milford, 94 tons, one-half schooner Apollo, 55 tons,-in all 873 tons at £4 per ton $11,640; stock in trade, $3,000; one-half Apollo's cargo, $1,500; America's cargo, $1,000; two-thirds Milford's cargo, $700; Mount Vernon's cargo, $1,200; one-half Hester's cargo, $300; Belisarius cargo, $1,000; 49 hhds. rum, $4,000; goods, wares and merchandise, $5,000; in- come, $1,500; two horses, one sleigh, 60 ounces of plate.
The productive business was prin- cipally the building of vessels, in the manufacture of lumber for export to European and West Indian markets; and to the West Indies there were oc- casional shipments of cured fish. Re- turn cargoes consisted of manufactured goods from the British Isles, and rum, sugar and molasses from the West Indies. By maritime exchange with Spanish colonies Spanish coinage came into general use here, and "Spanish Milled Dollars", otherwise known as "pieces of eight", were frequently named as the consideration in deeds and contracts. From the French colonies came the pieces of five francs and the one here shown, bearing the effigy of the ill-fated King Louis XVI, may have been brought to Wiscasset in his day. The late Loring Dow told me that when his father worked for Major Carlton he had the responsibil- ity of taking kegs of specie in a wheel- barrow from Carlton's wharf, now oc- cupied in part by Wiscasset Grain
Company, to Carlton's house in High Street. From that and like sources must have come quantities of specie required to replenish the vaults of the Wiscasset banks.
The Suffolk Bank redemption agency in Boston was not established until 1821, prior to which it was necessary that each bank have an agent in that town, and we have seen that the firm of Frazier, Savage & Co. acted as agent for the Lincoln and Kennebec Bank. Such agents sold or collected bills of exchange drawn against con- signments of cargoes to foreign ports and received funds accruing from sales of cargoes in some of the home mar- kets. Much ingenuity was practiced in distribution of state bank notes to re- mote places in New England. In this respect Maine banks had the advan- tage over banks in Massachusetts, for it would take a long time to get to the banks in Maine to demand specie in redemption of the notes. Nevertheless, the officers and directors of the Lin- coln and Kennebec Bank were oc- casionally panic striken by unexpected demands made at its counter for the redemption of its large notes in large amounts, and the letters of Captain Tallman, Major Wood, Colonel Cony, Mr. Cashier Roby and others testify to the watchfulness and ingenuity re- quired to meet such demands. In an article upon the discount banks of Maine by the late Edward A. Noyes, a well remembered Portland banker, it is stated
In order to overcome this diffi- culty, the bills were collected at certain periods from all of the Boston banks, and a man accom- panied by two dogs, and with kegs prepared to receive the silver that he would receive from the banks in place of the bills, drove in a stout wagon, drawn by four horses, from Boston along the shore, stop- ping at all places where a bank was situated, and exchanging his bills for the specie; and, as I have heard from reliable witnesses, when stopping at the principal towns, leaving his kegs loaded with specie in the inn yard guarded by his dogs, which specie was never molested. We have no account of hold-ups, nor of any mishap to the specie collector, a striking instance, in the early part of the nineteenth century. Of course, the water-way was always open, and a packet plied between all the ports of the
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WISCASSET IN EARLY DAYS
district of Maine and Boston, but the length of the passage was so uncertain, and there were so many moving accidents, that I think the stage-coach was generally pre- ferred, except in midsummer, to the sailing-packet.
Upon default by the Wiscasset Bank, holders of a considerable amount of its notes sued for the collection of the same and, obtaining judgments, levied upon several parcels of real estate be- longing to it. The bank building and land under and adjoining the same went to sale on the seventh of June, 1821, an an execution in favor the Suffolk Bank, the purchaser being Capt. William M. Boyd, who paid $600 therefor; and on the next day he con- veyed an undivided half of the proper- ty to Henry Whitney and Benjamin Sewall. At that time, and until the completion of the Court House, the County offices were kept in the bank building. From time to time the own- ers rented portions of the building for other purposes. In 1825, Captain Boyd and other well-known business and professional men of Wiscasset, together with John Dole, of Alna, and Stephen Parsons, of Edgecomb, secured a char- ter for a bank to be located here, but sufficient capital could not be raised for the purpose. In November, 1827, in the Lincoln Intelligencer, the Wiscasset newspaper of that date, the building was advertised as follows:
FOR SALE OR TO LET
The Wiscasset BANK BUILD- ING. It contains two large rooms below and three above. It is pleas- antly situated in an eligible part of the town, and would be an excel- lent stand for a Dry Goods dealer, or it might be made a very con- venient dwelling house. Rent low; apply to the subscriber.
WM. M. BOYD.
A tenant for a part of the building was soon secured, and in January, 1828, the first number of a newspaper called The Citizen was sent out from this building by Herrick & Co. The Citi- zen supported John Quincy Adams for president. It was of short life, perhaps by reason of the death of John Herrick, its youthful editor.
Private schools have been kept in this building, and one who was an at- tendant of Miss Margaret Parker's school wrote of
the girls and boys who slid down the Bank hill, swung on the chains at the Court House and munched
the fruit from "Aunt Ann" Taylor's apple trees behind our desk cov- ers.
Some present remember the appear- ance of the Taylor house when it stood between the bank building or Hobson house and the house then occupied by Deacon Averill. Very soon after Mr. Hobson came into occupancy of the bank building he purchased the inter- est of the Taylor heirs in the former homestead of their father, they reserv- ing to Mrs. Ann Taylor, their step- mother, use and occupancy of the premises. After her decease the dwell- ing-house was purchased by an enter- prising female owner of real estate and removed to Middle street, and its peril- ous voyage thence has not been for- gotten by witnesses thereof. When abreast Joshua Hilton's house the Tay- lor house became stranded against one of our Centennial Trees and almost en- tered Joshua's front entry and there remained until Monday, whereat Josh swore some, as those who remember that good old scout can well believe.
The earliest known occupant of the Taylor house was
JOHN MERRILL, Jr.,
of whom frequent mention has been made, who was born in Topsham in 1772; graduated at Rhode Island Col- lege, now Brown University, in 1793, after which he read law in the office of Silas Lee with whom he entered in- to practice. He was remarkably able in drafting and phrasing legal instru- ments; he had a fine literary taste and more than ordinary ability in that di- rection.
Six feet in height and well pro- portioned, he was a famed participant in the athletics of his youth, being par- ticularly skilful in the ancient and classical sport of wrestling. He possessed many social accomplish- ments, and he was one of the founders of this Society. In the early period of his residence here the Federalists were in power in Maine, and for a time he and David Payson and Nymphas Stacy were the Selectmen of the town. This letter was written by Mr. Merrill at that time about one hundred and twenty-five years ago; it is addressed to
Col. David Payson Member of General Court
Boston
Dear Colonel
Enclosed you have an Account against the Commonwealth for support of Skelton Hayes an alien,
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WISCASSET IN EARLY DAYS
you will be kind eno to put your name to the papers & get the ac- count passed.
I have also made out an account against the town of Marblehead which you will manage with as much skill as possible to obtain the money; but I fear you will not be able to get much.
Mrs. Moffit must also be at- tended to-and if she is at any ex- pense sent down here with her daughter Jane You had better I think call on the Selectmen of Charlestown & obtain their bill against us; but I would not allow or agree to pay for Jane-Moffit says his daughter shall not be sup- ported by the town & that he will pay all bills against her; perhaps he has sent for his wife if she will come down at his invitation it may save us expense.
I wish you would make a minute of what is allowed me for my Ad- jutancy after the account is liquid- ated
We find that the federal Major- ity is yet very respectable & that the alarm was without cause, it was however a virtuous alarm; for in times like these, Jealousy ought to guard the Portals of Liberty & suspicion never ought to be suf- fered to slumber-
Petitions for Banks seem to inundate the Legislature they ought to be watched with a jealous eye, for should the Bath Hallowell & Augusta Petitions prevail, our bank stock would fall at least fifty per Cent-We have heard here that Samuel Davis at Bath is warm for the Bank at Bath & that Mr. Hill has pledged himself for his support-Charity begins at home & we should endeavour to first help our own Bank by every rea- sonable exertion.
Since writing the above I have seen Mr. Stacey who thinks that should the account of Charleston be very considerable as it respects Jane Moffit it would not be amiss to consult Mr. Theophilus Parsons if the town of Wiscasset is liable for her support; should you think it proper to consult him take his answer in writing so as that we can charge the town with the fee-I send you enclosed a statement for his opinion
In haste yours with respect Jno. Merrill Jr
Other of Merrill's letters have been preserved, and in those written to Wil- liam King are found finely turned messages of courtesy to Mrs. King.
A granddaughter of Mr. Merrill in- formed me that his wedding with Miss Mary Webster occurred in Judge Lee's great brick mansion now known as Castle Tucker. Upon the failure of his health, which has been attributed to the effects of over indulgence in ath- letic practices, he returned to Topsham, where he died in 1818, never having dropped the designation Junior, for his father survived him for ten years. Charles Merrill, long time a banker in Malden, Massachusetts, who some- times visited here, as all the native born of Wiscasset do, was a son of John Merrill, Jr. It may be that even today some here remember Packard Merrill, another son, whose arrival
here one day in the seventies was chronicled in the local paper. A daugh- ter married into the Jordan family and resided for a time in Portland.
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