USA > New York > Dutchess County > History of Duchess county, New York, with illustrations and biographical sketches of some of its prominent men and pioneers > Part 78
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" 4th Mo. 8th, 1818."
This is an example of extortion which it would be difficult to surpass even in this degenerate age. Nevertheless, the bank did a large business, and enjoyed a good degree of confidence, as it was supposed to be a sound and strong institution ; and when, on the 28th of May, 1829, its doors were suddenly closed and an examination showed it to be insolvent, everybody was filled with surprise and consternation. " It was a shaky concern, " says a contemporary,f " and succeeded in 'touch- ing' many Duchess county people to the quick. Its bills were only found of use in papering old trunks." Mr. William A. Davies, however, the gentlemanly President of the Farmers' and Manu- facturers' National Bank of Poughkeepsie, a posi- tion he has held since 1842, says the bank paid the bill-holders and, it is believed, the depositors in full, though the stockholders did not receive anything.
Levi Mckean and Nathan Myers were doing a private banking business here about the time of the war of 1812. "Nathan Myers' Exchange Bank " was located in the basement of the building now occupied by the Fallkill National Bank, which has since been remodeled.
The Duchess County Bank, of Poughkeepsie, was chartered April 12, 1825, with a capital of $150,000, and opened for business in the building now occupied by the Merchants' National Bank of Poughkeepsie. Soon after the establishment of the "Safety Fund System" the bank was re-char- tered, under that act and the capital increased to $600,000. Henry Davis was president and Walter Cunningham, cashier, during the continuance of the first charter and for some years under the safety fund charter. Henry Swift succeeded to the pres-
idency and held that office till the expiration of the charter, July 1, 1845. James H. Fonda, succeed- ed Mr. Cunningham as cashier, and he, likewise, retained the position during the further continuance of the charter. At the expiration of the charter the business was wound up, though a final settle- ment was not reached until the present year, (1881,) when a final dividend of one-fourth of one per cent. was declared on the stock .* The bank paid its circulation at par, but returned only thirty to forty per cent. to the stockholders.
The Bank of Poughkeepsie, (now the Poughkeep- sie National Bank) was organized under the Safety Fund Act, June 17, 1830, at which time the following directors were chosen : Thom- as L. Davies, James Thomson, Albro Aikin, Thomas Taber 2d, James Hooker, Nathaniel P. Tallmadge, Nathan Conklin, John Lockwood, Aaron Innis, Richard Pudney, Alexander J. Coffin, Matthew Vassar and Gilbert Wilkinson. The capital stock was $100,000.
The Poughkeepsie Savings Bank .- The idea of a Savings Bank in Poughkeepsie was suggested in 1829 or '30, by the Cashier of the New York Sav- ings Bank, to William Davies of Poughkeepsie, who, while on a visit to New York, was commis- sioned by a colored female servant in his family, who had formerly resided in the latter city to make a deposit for her in that institution. Upon his return, Mr. Davies reported his conversation with that official to some of the prominent citizens of Poughkeepsie, and after many preliminary meetings and much discouragement, Mr. Davies, James Emott, James Hooker, Frederick Barnard, Matthew Vassar, Teunis Van Kleeck, Thomas W. Tal- madge, Nehemiah Conklin, Griffin Williamson, Henry A. Livingston and Stephen Armstrong ap- plied to the Legislature for a charter, which was granted April 16, 1831.f
The bank opened for business on Saturday, the 4th of May, 1833, in the office of Mr. Raymond, the treasurer, which was located in the Burrett House, on Main street, on the site of Robert E. Taylor's brick building, where the business of the Middle District Bank was transacted. The first deposit was made that day by David Vosburgh, who is still a depositor with the bank. Two de- posits were received that day, one of $40, the other of $7. The deposits during that year-to Jan. 1, 1834-amounted to $6,922 ; the number of depositors was fifty.
* The Sunday Courier, Poughkeepsie, March 16, 1873.
t Ibid, March 9, 1873.
* The Poughkeepsie Eagle, April 30, 1881.
t Report on New York Savings Banks , 1869.
398
HISTORY OF DUCHESS COUNTY.
The resolutions adopted by the board of man- agers April 23, 1833, provided that the bank should be open during business hours every day in the week, except Sunday ; that on the third Wednes- day of July and January in every year a dividend of at least four per cent. per annum should be paid on all sums above five dollars, on deposit for six months previous to the first of July and first of January, and one-half such per centum on all other sums above five dollars, on deposit for three months or more previous to those dates, but that no dividend should be allowed on any sum or de- posit less than three months ; that no money should be withdrawn, except on the third Wednesday in January, April, July and October, one week's notice was required before the day of withdrawal; and that no sum less than five dollars should be with- drawn, unless the whole amount on deposit was less than five dollars. It would seem that the rule with regard to opening the bank every secular day was subsequently departed from, for July 18, 1849, that rule was re-enacted. Indeed the mag- nitude of its business did not necessitate a daily opening during the early years of its existence.
Jan. 19, 1853, it was resolved to purchase the building and lot in Market street, then occupied by Alexander Forbus. Thomas W. Talmadge, John B. Forbus and Henry D. Varick were appointed to negotiate its purchase. That building occupied the site of the present banking house, which was erected in 1871, and first opened for business July 18, 1871.
July 2, 1833, Col. Henry A. Livingston resigned the Presidency, and Thomas W. Talmadge was elected to that office. Mr. Talmadge held the office till his death, August 11, 1856, aged seventy- five, and was succeeded by John B. Forbus, who was elected August 15, 1856, and also continued in it till his death, Oct. 28, 1865, aged seventy- eight. His successor, Henry D. Varick, was elected Jan. 12, 1866, and he likewise held it till his death, June 18, 1877, aged sixty-six. David C. Foster, the present incumbent, was elected July 16, 1877.
Alfred Raymond filled the office of treasurer till Jan. 19, 1837, when Peter P. Hayes was elected to it and held it till his death. Josiah Burritt was elected his successor March 30, 1842, but resigned April 23, 1842, when Alfred Raymond was again elected. He was succeeded by his predecessor, Josiah Burritt, Oct. 2, 1846, the latter of whom held the office till his death. E. B. Benjamin was elected to the office as Mr. Burritt's successor
April 14, 1851. Chandler Holbrook was elected Feb. 25, 1853 ; Josiah I. Underhill, July 31, 1856; A. Van Valine, Oct. 1, 1867; and Isaac Smith, the present incumbent, Feb. 3, 1879.
The assets of the bank, as per statement of July I, 1881, amounted to $4,517,538.29. Its liabili- ties, consisting of $3,884,527.02, due 12, 171 de- positors, and $76,046.79, for interest credited to depositors July 1, 188 1, amounted to $3,960,573.81, leaving a surplus of $556,964.48.
The Farmers' and Manufacturers' Bank was organized under the Safety Fund System, April 26, 1834, with a capital of $300,000. July 19, 1834, the following (the first) directors were elected: James R. Cary, Nehemiah Sweet, William A. Davies, Henry Conklin, Matthew Vassar, Wm. W. White, Stephen Southwick, James Grant, Jr., James Hooker, William Schell, Wm. H. Bost- wick, Homer Wheaton and Daniel D. Akin, of whom W. A. Davies, the present President, is the only survivor. The bank erected their present banking house, on the corner of Market and Can- non streets, and commenced business in 1835. The charter of the bank expired January 1, 1864. December 31, 1863, the papers belonging to it were formally transferred to a new organization, which continued business under the same name and offi- cers. The new bank was organized under the gen- eral banking law, October 10, 1863. January 30, 1864, it was resolved to increase the capital $100,- 000. June 3, 1864, the bank was changed from a State to a National bank under the name of The Farmers' and Manufacturers' National Bank of Poughkeepsie. July 15, 1865, the same officers were continued. April 7, 1874, the capital was reduced to $250,000.
James Hooker resigned the Presidency Dec. 9, 1834, and Matthew Vassar, who was elected to that position the same day, held it till July 9, 1839, when James Hooker was re-elected. Nov. 29, 1842, Mr. Hooker's resignation was accepted, and Wm. A. Davies, who was then elected, has since held the office.
James Grant, Jr., was cashier till his death, in June, 1844, and was succeeded in that office by Elijah P. Benjamin, who was elected June 27, 1844, and resigned August 16, 1847, at which time Frederick W. Davis, who has since held the office, was elected.
April 10, 1834, Samuel B. Johnston was elected the first vice-president, a position he held till Jan. 30, 1865, when Charles W. Swift was elected and held the office till his death in November, 1877.
399
CITY OF POUGHKEEPSIE.
Henry L. Young was elected his successor Jan. 8, 1878, and still holds the office.
The Merchants' Bank in Poughkeepsie was or- ganized July 2, 1845, with a capital of $110,000, which was subsequently increased to $150,000. The first directors were Matthew J. Myers, Alex- ander Forbus, Isaac Merritt, Abraham G. Storm, Caleb Barker, John Adriance, Thomas M. Vail,. John T. Schryver, Alexander J. Coffin, James Emott, Jr., Solomon V. Frost, George Pomeroy and David Arnold. The first officers were Mat- thew J. Myers, President, and James H. Fonda, Cashier.
The bank commenced business July 1, 1845; at 287 Main street, in the building now occupied by the Merchants' National Bank of Poughkeepsie, (which succeeded it,) and succeeded the old Dutchess County Bank in the same building.
July 1, 1865, it was organized as a national bank under the name of the Merchants' National Bank of Poughkeepsie, with the same capital, which was increased June 1, 1870, to $175,000.
Matthew J. Myers was president of the bank until his death, May 22, 1852. His successor is James Emott, who was elected July 6, 1852, and has held the office to the present time under both organiza- tions. James H. Fonda was cashier till March 2, 1854. He was succeeded by Joseph C. Harris, who held the office during the further continuance of the old organization, and under the new one till Jan. 30, 1869, when Walter C. Fonda was elected and has held the office continuously to the present time.
The Fallkill Bank was organized April 1, 1852, with a capital of $150,000. The capital was sub- sequently increased to $200,000. It was re-organ- ized as a national bank in January, 1865.
The City National Bank of Poughkeepsie was organized March 3, 1860, as the City Bank of Poughkeepsie, with a capital of $200,000, which was subsequently decreased to $130,000. The first directors were John P. H. Tallman, Joseph F. Barnard, Daniel Matthews, George Lamoree, Christopher Hughes, Milton Ham, Moses C. Sands, Nicholas Strippel, Wm. R. Schell, Ambrose Wy- gatt, Wilson B. Sheldon, David D. Vincent, Benja- min Hopkins, John Brill, Benjamin Halstead, William Doughty and C. A. Van Valkenburgh. Jo- seph F. Barnard was the first president, and held the office till Jan. 10, 1880. Aaron Innis (who, after serving as director for many years, was elected Vice-President of the bank about 1870,) was elected President Feb. 6, 1880, and still holds
the office. Hudson Taylor was elected Vice- President at the same time and still holds the office. John T. Banker was the first cashier, and held the office till November 3, 1864, at which time A. H. Champlin, the present incumbent, was elected his successor.
The bank commenced business in its present location, on the corner of Main and Market streets, purchasing the building, which had pre- viously been occupied for many years as a jewelry store. It was changed to a National Bank June 3, 1865.
The First National Bank of Poughkeepsie was organized April 25, 1864, with a capital of $125,- ooo, which was increased in 1865 to $160,000. The stockholders numbered about a hundred at its organization, and the number has always been un- usually large.
The first directors were: Cornelius DuBois, Robert Slee,* Levi M. Arnold, George B. Lent, Daniel H. Tweedy. Cornelius DuBois was the first president. He held the office till January, 1875, when Robert Slee was elected his successor, and has since held it. Robert Slee was the first vice-president. John P. Adriance, who suc- ceeded him, still holds that office. Zebulon Rudd, the Cashier, Frank E. Whipple, Teller, and Jerome Deyo, Book-keeper, have each filled their respective positions since the organization of the bank.
The bank first opened for business July 7, 1864, in its present location, on the corner of Main and Catharine streets, in a building which is leased for its use.
CHAPTER XXXIV.
THE PRESS OF POUGHKEEPSIE.
[ N this chapter we have to consider what has been very appropriately termed the "art of arts-the art preservative." The press reflects, and in no small degree molds,'the character of the community from which it derives its patronage. A low and venal Press implies a base and truculent people ; while a Press which is characterized by purity, truthfulness and nobility of sentiment as certainly implies corresponding qualities in the people of its neighborhood. The influence exerted by the Press, whose power, says Douglas Jerrold,
* Mr. Slee is the only one of the original directors remaining with the bank, and, with the exception of George B. Lent, who is still a resident of Poughkeepsie, is the only survivor.
400
HISTORY OF DUCHESS COUNTY.
"is as boundless as that of society," is scarcely surpassed by the school and church, to both of which it should be supplementary.
Poughkeepsie owes the establishment of its first newspaper, like the distinction of having been the State capital, to the exigency of the Revolutionary war, and these interesting incidents were nearly synchronal in their occurrence. "The New York Journal and the General Advertiser," the first number of which was issued in Poughkeepsie, Monday, May, 11, 1778, until recently, was erro- neously supposed to be perpetuated in the " Pough- keepsie Journal," and at present in the "Pough- keepsie Eagle," and is assumed in the " Docu- mentary History of New York," (III., 1195,) on the authority of a communication from Isaac Platt, of Poughkeepsie, Dec. 28, 1850, then publisher of the "Eagle," to have been the first paper pub- ished in Duchess County; but Mr. Benson J. Lossing, (Sketches of Local History in The Dutchess Fariner, Dec. 12, 1876,) says that the "New York Packet," which was started in Fishkill, Oct. I, 1776, and published there during the Revolution- ary war, by Samuel Loudon, who fled from New York with his type and press on the approach of the British in 1776, was the first paper published in the county. It was the successor in a direct and unbroken line of the first newspaper printed in the Province of New York-the "New York Gazette"-which was started Oct. 16, 1725, by William Bradford, whose son,* Andrew Bradford, started the first newspaper published in Philadel- phia, "The American Weekly Mercurie," Dec. 22, 1719, and the third one in America.
Bradford continued the publication of the " Ga- zette" till the close of 1742, when he retired from business. The paper was continued by James Parker, a native of Woodbridge, N. J. Parker added to the title, which then read: "The New York Gazette, Revived in the Weekly Post Boy. Containing the freshest Advices, Foreign and Do- mestick." Parker continued to publish it, but in 1753, when William Weyman became his partner, the title was changed to "The New York Ga- zette ; or, The Weekly Post Boy." Weyman with- drew from the partnership in February, 1759, and was succeeded in 1760, by John Holt. Parker withdrew in April, 1762. Holt continued the pa- per, and October 16, 1766, changed the name to "The New York Journal, or General Advertiser."
Holt was an ardent patriot, and in September,
1776, when the British took possession of New York, he fled with such of his effects as he could move to Kingston, where the newly organized State Government was formed, and there, being the first State printer, reissued his paper July 7, 1777. Oc- tober 16, 1777, the British burned Kingston, and Holt followed the fugitive State Government to Poughkeepsie, where he resumed the publication of his paper May 11, 1778. It was printed on a single sheet, of two pages, about twelve by eighteen inches, with three columns to the page. The following, which appeared in that number, may be regarded as Mr. Holt's salutatory :-
" The PRINTER sends his respectful compliments to his customers, and informs them that after an interval of near seven months, he has again re- sumed his publication of a weekly news-paper. But in order to make his small stock of paper, (which at present he knows not how to recruit ) go as far as possible, and continue till he can obtain regular supplies, he is constrained to reduce the quantity from a sheet to a half sheet. He pro- poses to supply all those with his paper, who were his customers at Kingston on the memorable 16th of October, (when the most generous terms of capitulation were granted to Gen. Burgoyne's cap- tured army at the same time that Gen. Clinton's acting .in concert with it, under Vaughan, Tryon, etc., needlessly and maliciously burnt and destroyed that little defenceless town.) But as there seems to be no regular conveyance by posts, he must generally depend more upon the gentlemen them- selves who take the paper, for the means of send- ing them, than on his own endeavors, which how- ever will not be wanting. It was intended to take some notice of remarkable events since the last publication in Kingston, but this, with many other matters, must be left to future papers."
A copy of this paper is preserved in the archives of the New York Historical Society. On the 17th of August, Mr. Holt made the following appeal to his patrons :-
"The PRINTER
"SENDS his compliments to his customers, and informs them that he finds himself under a neces- sity of adopting a new mode of receiving payment for his newspapers, and other printing work ; or of discontinuing the business.
"The exhorbitant and incessantly rising prices of every necessary of life, and the proportionable depreciation of our money, without reason, or ad- vantage to any but engrossers and other enemies to America, has almost deprived the public of the convenience of a common circulating medium, to be given and received in exchange for the necessaries and conveniences that individuals have occasion to procure or part with in a social intercourse.
" And the printer being unable to carry on his
Poughkeepsie Daily Eagle, May 11, 1878. The American Cyclo- pedia (Article on Printing) says Bradford himself, not his son, started the Mercurie in Philadelphia.
401
CITY OF POUGHKEEPSIE.
business without the necessaries of life, is obliged to fix the following prices to his work, viz :-
" For a quarter of news.
" 12 pounds of beef, pork, veal or mutton, or 4 pounds of butter, or 7 pounds of cheese, or 18 pounds of fine flour, or half a bushel of wheat, or one bushel of Indian corn, or half a cord of wood, or 300 wt. of hay, or other articles of country produce, as he shall want them, in like proportion, or as much money as will purchase them at the time.
" For other articles of printing work, the prices to be in proportion to that of the news-papers.
" All his customers, who have to spare, any of the above, or other articles of country pro- duce, he hopes, will let him know it, and afford him the necessary supplies, without which his business here must very soon be discontinued."
This must have met with a response, for Decem- ber 27, 1779, we read : -
-
" The Printer sends his Thanks to such of his customers who have sent him sundry necessary Ar- ticles of Country Produce ; and will be obliged to other Subscribers for his Paper for the like Favour, which the Weather this Winter (or at present) will probably give them frequent opportunities to send him in Sleighs."*
The second newspaper in Poughkeepsie was "The Poughkeepsie Journal," which was started April II, 1785, by Nicholas Power, and published in the old building which occupied the site of 265 and 267 Main street. It remained in the hands of Mr. Power until 1806, but its name was changed in 1786, to " The Country Journal and Poughkeepsie Advertiser," and in 1789, to " The Country Journal and Dutchess and Ulster Family Register." In 1806, it was purchased by Bowman, Parsons & Potter, (Godfrey Bowman, Chester Parsons and Paraclete Potter,) and removed to the second story of the building then occupied by Mr. Potter as a book-store. In 1808, Mr. Potter became its sole proprietor and changed its name to " The Pough- keepsie Journal and Constitutional Republican." In 1812, the name was again changed to "The Poughkeepsie Journal," under which title Mr. Pot- ter continued to publish it until 1834, when he sold it to Jackson & Schram, and removed to Milwau- kee, Wisconsin. In point of literary merit and mechanical execution his paper was the best then published in the village.t He also printed from stereotype plates Willett's Geography, Webster's Spelling Book and Almanac, and did con- siderable other book work. Jackson & Schram continued the publication of the " Journal " until
the close of 1843, when Jackson's interest was pur- chased, and in January, 1844, it was united with the "Poughkeepsie Eagle," under the title of the " Journal and Poughkeepsie Eagle," the first num- ber of which was issued the first Saturday in Janu- ary, 1844, by Platt & Schram. The "Journal " was at first the organ of the Federal party, and after. wards of the Clintonian.
The "Eagle " was the successor of the " Dutchess Intelligencer," which was founded April 30, 1828, at which time there was a breaking up of old parties and the political outlook was peculiar. The Dem- ocrats and Clintonians, who had contended for years on State questions, found their platforms gone when national questions came up. Most of the Democratic party declared for General Jackson, but a large minority refused to do so. Of the Clintonians the majority adhered to Mr. Adams. Under these circumstances the two old party or- gans in this county formed themselves on the same side. The " Journal " had declared for Jackson in the fall of 1827. Early in 1828, the "Telegraph," which had remained non-committal, followed the example of the "Journal," and for full three months the people of Duchess heard little but panegyrics of General Jackson, and denunciations fearfully vindictive, against Mr. Adams and his Secretary of State, Henry Clay.
The friends of the administration were aroused to the necessity of establishing a party organ ; "but while possessing ample means, and resolved, as they said, to get upa first- class paper," they "came quite feebly to the work, displayed a marked want of spirit, and secured only funds sufficient to issue a small paper in the humblest style of the times, using old material principally, with an old Clymer press gathered from among the rubbish around the old establishment of Robert Hoe, in Liberty street, New York, and a small quantity of type. With hard labor and slow progress and the aid of a pair of balls, it served to send forth a small weekly sheet." Charles T. Ames, a young man of Hud- son, was hired to act as editor, and Frederick T. Parsons, previously of Poughkeepsie, but then of New York, engaged to assist in the mechanical work. It was started in the second story of the building on Market street, known as Lawyers' Row, over the office of William R. Woodin. Being in- efficiently managed, in less than three months it lost caste. Its supporters, being left with more indebtedness than was agreeable, demurred at con- tributing further to its aid.
At this juncture Isaac Platt, who had served an
* Poughkeepsie Eagle, May 11, 1878.
+ S. P. Heermance's Reminiscences, in The Sunday Courier, of Poughkeepsie.
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HISTORY OF DUCHESS COUNTY.
apprenticeship in the "Journal " office, with Para- clete Potter, was induced to take hold of the paper. He received some pecuniary encourage- ment from John H. Davis, a resident lawyer, and leader of the Adams party and a member of the Adams committee, which was additionally composed of Judge Edmund H. Pendleton, Abraham G. Storm, Alexander J. Coffin, Stephen Cleveland and Gen. John Brush. Mr. Parsons reluctantly consented to remain in the office as a partner of Mr. Platt's, under the name of Platt & Parsons. It was a start without flattering prospects. All the material in the office would not have commmanded $300. "Without five dollars in cash," says Mr. Platt, " without job type, a chase, or furniture to print a hand-bill or card, or any head letter for advertisements, we launched our bark on the stormy ocean of politics, but we had as capital an unbending resolution and a determination to suc- ceed whatever might oppose."
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