USA > Ohio > Hamilton County > Cincinnati > Centennial history of Cincinnati and representative citizens, Vol. I, Pt. 1 > Part 85
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His early education was obtained in a log cabin school house and from the few books in his father's library. In his 15th year on the morning of December 16, 1800, he set out on horseback for Fort Washington and on the 19th the first student of medicine in Cincinnati en- tered that village. He entered the office of Dr. Goforth where he was medical student, apothic- cary's boy and lad of all work. Two years later Dr. John Stites who had studied medicine at Philadelphia became the partner of Goforth and for a time the instructor of Drake. In May, 1804, Goforth took the 18-year old boy into partnership. In the following year he conceived the idea of studying in Philadelphia and although the receipts of the partnership had been very small he set forth with what has been called the
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first medical diploma ever granted in the interior valley of North America. This was given him by Dr. Goforth himself and was an "autographed diploma setting forth his ample attainments in all the branches of the profession and subscrib- ing himself as he really was Surgeon General of the First Division of Ohio Militia." By this authority he practiced medicine for II years until he received a diploma from the Pennsyl- vania University, "the first ever conferred by that or any other school on a Cincinnati student."
In 1806 he came West and practiced medicine for a time in his Kentucky home. In the spring of 1807 Dr. Goforth made his pilgrimage to New Orleans and Drake on April 10th returned to Cincinnati to take Goforth's place, bringing with him his brother Benjamin. He succeded in retaining Dr. Goforth's practice and became prominent both in professional and social circles. He plunged eagerly into the life of the com- munity and took part in its varied activities. He was a member of the debating society to which most of the prominent professional men belonged, being elsewhere referred to. He also took part in the private theatricals in which there appeared also Joseph G. Totten (afterwards general of en- gineers), Sill ( subsequently member of Congress from Pennsylvania) and John F. Mansfield, as well as other young men. "The corps being entirely deficient in females, the young men had to assume both the parts and dress of the fe- male characters. The performance took place in a large barn and is said to have gone off with great eclat." He became a frequent visitor to the house of Jared Mansfield who then lived in the Ludlow place and there in the fall of 1807 he married Harriet Sisson the 19-year old niece of Mansfield. The young couple went to house- keeping on the east side of Sycamore street be- tween Third and Fourth in a two-story frame building and the married life which began here continued for 18 years. There is nothing more touching than the account given by Drake him- self in the manuscript found after his death in which he pays a tribute to the memory of his wife. She was a companion to him in every sense of the word, shared in his reading, criti- cised his writing and traveled with him in his journeys more than five thousand miles by land and water and accompanied him in his doctor's gig cach day on his round of visits to his pa- tients.
In 18to he published the pamphlet of 64 pages entitled "Notices. Concerning Cincinnati," the first and rarest publication about the city. This
was printed at the office of Rev. John Browne and was set we are told by an apprentice, Sacket Reynolds. In the year 1814 he delivered the anniversary address before the School of Lit- erature and the Arts at Cincinnati.
In the following year he published the most important of the early books about the city, the "Picture of Cincinnati," a work which had occupied the leisure moments snatched from the practice of his profession during the preceding five years. He was also. engaged in running a drug store on Main street between Second and Third and finally added to the sale of drugs the sale of groceries. In this undertaking his brother Benjamin joined him. He was active also in the business of the Lancaster Seminary of whichi he was secretary and of the Library Society of which he was president. Drake felt at all times the need of study concerning the latest methods and theories of his profession and in 1815 after he had acquired a large practice and had en- gaged in numerous business enterprises and pub- lished two works about his city which had given him a wide-spread reputation, he returned with his wife to Philadelphia there to attend the lec- tures of the Pennsylvania University. He spent the winter in that city where he became acquaint- ed with the leading men of his own and other professions and where he made a very strong im- pression upon all who met him and returned" in May, 1816, with a degree, the first conferred by that institution upon a citizen of Cincinnati. Upon his return to Cincinnati, he took up im- mediately an active and profitable practice and once more became occupied in every phase of the community's life.
The drug stock on Main street opposite Lower Market he seems to have sold out upon his de- parture to Philadelphia to Dr. John Woolley but the store itself he retained and in March, 1816, it was reopened under the name of Isaac Drake & Company to do a general business of dry goods, hardware and groceries. Isaac Drake was his father.
We are told that at that time there was no specialization of business. Dealers in hardware sold groceries and dry goods men sold books. But one firm of the day, Yeatman & Anderson, had groceries only. The times were supposed to be prosperous. The war with Great Britain liad a tendency to foster unnaturally American manufactures. Its conclusion not only opened up the markets to foreign goods but brought with it the evils that always follow a war .- those of extravagance, Drake however did not make
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a success in his business venture. He sold out his shares in the Cincinnati Manufacturing Com- pany, sold some of his real estate, borrowed con- siderable money and engaged somewhat exten- sively in new branches of business. In May, 1816, his firm announced that they furnished artificial mineral water, certainly a novelty for those days.
In the following year he became a member of the first faculty of the pioneer medical school of the West at Transylvania University in Lex- ington, Kentucky. Lexington at that time was a town of an importance about equal to that of Cincinnati. This appointment however did not take him at once from the city and his practice increased constantly until it reached a point at this time of $7,000 a year, certainly a very large practice for those days. After a winter at Lex- ington he returned to Cincinnati in the spring of 1818 and began his work in connection with the public institutions of his own town. H notes considerable change in Cincinnati in the few years since he published his second volume about it. Two steamboats had been completed at the place within eight months and seven more were on stocks. The engines for them and all the iron machinery were made at an extensive iron foundry between his old residence and the river. The principal streets were about to be paved. A horse ferry boat had been built. The two newspapers had been enlarged and the third was about commenced.
Drake's business house was still in active op- eration and had established a branch at Miami town. He himself was delivering subscription lectures on botany and together with his part- ners, Dr. Coleman Rogers and Dr. Black of the Lancaster Seminary, he commenced medical lec- tures to a class of about 12. At this time he lived at "Mount Poverty," a log cabin 16 feet square lined with pine boards with a kitchen and a bed room in the wings and all of one story and covered with planks. This was on the Hill towards the northern part of the city between Sycamore and Broadway. It was surrounded by woods and almost a mile from the town. He lived here while finishing his new house at the corner of Third and Ludlow which he entered in the month of October, 1818. About this time he issued five pamphlets some of them more or less of controversial character and one an intro- duction to his lectures on botany. His medical lectures developed into a medical college and in December, 1818, he secured the passage of acts incorporating Cincinnati College to be formed
out of the Lancaster Seminary, the Medical Col- lege of Ohio and the Commercial Hospital, the last named to be connected with the medical school but managed by the township trustees of Cincinnati. This last was endowed with one- fourth of the auction dues of the town, which in time became a large amount and it was also selected as the Marine Hospital of the United States, for sick seamen.
The opening of the school was delayed and did not take place until November, 1820, the year following that in which Cincinnati became a city and its history and that of Dr. Drake is connected with the history of the city rather than with that of the town. He was a leading citizen until his death in 1852.
Among other physicians during the town life was Dr. John Stites already mentioned. He came in 1802 from Philadelphia but staid less that a year. Dr. John Blackburn came in 1805 from Pensylvania and moved away in 1809. Blackburn acted as assistant surgeon in Col. John S. Wallace's regiment in the projected campaign against the Prophet. Dr. Samuel Ramsay came in 1808 and formed a partnership with Dr. Alli- son which continued until the latter's death. He continued in practice in Cincinnati until 1831 when he died at the age of 50.
THE FINANCIAL INSTITUTIONS.
An important event in the city's history was the establishment in 1803 of the Miami Ex- porting Company. One of the greatest difficul- ties under which the people labored at that time was that of conveying their products to market and procuring in turn such articles as they needed. Roads had not yet been built, canals hardly thought of and the rivers were so im- peded by obstructions of different sorts as to make their navigation difficult and hazardous. Even when the water was at its most favorable stage the distance of the market and the im- perfect means of transportation together withi the low price consumed a large proportion of a cargo in expenses. The boats used were the well known pirogues, flat-boats and keel-boats which occupied six months in making the trip to New Orleans and back. Flat-boats of course which floated down the river could not be taken back and had to be abandoned at the end of the trip. This made it necessary for the river men to return by land frequently on foot through the wilderness, a distance of seven hundred or eight hundred miles much of which was through an Indian country. Pirogues and keel-boats could
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return, although at the expense of much labor, with such articles as could be obtained in the Southern markets. As a result commerce lan- guished a little and no encouragement to engage in it or to a farmer to increase his products be- yond his mere necessities was given. We are told by Judge Burnet that corn and oats rarely commanded more than ten or twelve cents a bushel and were frequently purchased at eight cents while wheat was from thirty to forty cents. The average price of good beef was one dollar and fifty cents a hundred and pork one to two dollars. The farmers were able to live independently in a simple and comfortable way without luxury but were unable to accomplish anything more. Under these circumstances, Jesse Hunt a merchant of experience suggested the plan and project of the Miami Exporting Company. He first proposed the question to the merchants of the city and the farmers as to whether it was not possible to devise a plan by which a corporation could be forwarded that would reduce the difficulty and expense of trans- portation. The suggestion met with a favorable response and as a result a charter was asked in the Legislature. There was some doubt as to the ultimate success of the scheme. As a result of this the company asked that its charter should include banking powers so that if the business of shipping should not succeed the capital invest- ed could be used in banking. No concealment was made of this purpose. There was at the time no bank in the country and no prejudice against one. The first purpose of the organiza- tion was undoubtedly shipping but unfortunately both agriculture and commerce were at that time at a very low point. The first improvement in navigation had been effected by the introduction of barges moved by sails when there was a wind and by oars and poles when there was not. These vessels were able to carry more than fifty to cighty tons. This enabled them to reduce the freight from New Orleans to Cincinnati to about five or six dollars a hundred which was below the average charge of carriage across the moun- tains. These boats were operated by two houses in Cincinnati,-Baum & Perry and Riddle, Bechtle & Company,-until the introduction of steamboats about the year 1817. (Burnet's Notes, p. 397.)
The Miami Exporting Company it is claimed is entitled to the credit of being the first steam- boat company organized in the West. The date of its temporary organization was February 21, 1803, and on the 4th of March of that year
a general citizens' meeting was held at Grum- mon's Tavern at which Major Ruffin presided and Samuel C. Vance acted as secretary. The name was selected for the company at this meet- ing and on June 16th Martin Baum, Daniel Symmes, Samuel C. Vance, Christian Wald- smith, William C. Schenck, Matthew Hueston, Jesse Hunt, Daniel Mayo, William Lytle, John Bigger and Israel Ludlow were elected as di- rectors. The company soon afterwards bought the unfinished boat which had been built by Samuel Highway and John Pool in accordance with the circular of March 25, 1801, concern- ing the construction of boats to be propelled by the power of steam or elastic vapor already quoted. Unfortunately the financial crisis which came on about that time made it impossible to complete this boat as a steamboat and it was fitted as a broadhorn and sent to New Orleans. Thus although the company was the first or- ganized for the purpose of operating a steam- boat, for the best of reasons-the lack of funds -it never carried out this particular purpose of its organization and the first steamboat launched on the Western waters, the "New Orleans," came from Pittsburg in the year 1811.
By 1807 it became apparent that the shipping business did not pay under the conditions of that date and the company concluded to aban- don this department of the business and take up that of banking exclusively. The capital stock was made $500,000. This was divided into shares of $100, of which $450,000 had been paid in by 1815 by 190 persons. Martin Baum was president and Oliver M. Spencer, cashier. The notes issued by this company were much smaller in size than the bank notes of the pres- ent day and were printed on plain linen paper. A number of these have been preserved and from one the following copy is taken.
One Dollar
No. 2086 One Dollar
The President and Directors of the Miami Exporting Company promise to pay to bearer, on demand, ONE DOLLAR.
Cincinnati April 14, 1815.
O. M. SPENCER, Cashier.
M. BAUM, President.
The engraving which was done by Looker & Wallace is as yet quite distinct and clear and the signatures of the officers apparently imperish- able.
In 1815 Mr. Spencer had become the president and Sammel C. Vance, cashier. Vance was after- wards succeeded by Maj. William Oliver. The most prominent citizens of the town were among the stockholders, including Jesse Hunt, Martin
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Baum, William Barr, David Kilgour and Gen- cral Findlay. The directors in 1819 were David Kilgour, Francis Carr, Griffin Yeatman, Samuel Perry, William Barr, David E. Wade, Isaac G. Burnet, William Ruffin and William Ram- sey. (Directory of 1819, p. 46.) '
The banking house was located on Front street on the wharf about one hundred feet west of Sycamore.
The Farmers' & Mechanics' Bank was found- ed in the gloomy ycar 1812 and received a char- ter in the year following. This charter was for but five ycars, at the expiration of which time the charters of all the banks in the State except that of the Miami Exporting Company which was for forty years would expire. Its capital stock was $200,000, divided into shares of $50 each. A third of its directors were required to bc practical farmers and the same proportion practical mechanics. At the time of the organi- zation of this company, business was depressed all over the country because of the approach of war but it apparently succeeded for a time and Dr. Drake in 1815 gives its rate of dividend as from cight to fourteen percent while that of the Miami Exporting Company fluctuated be- tween ten and fifteen percent. At this time the president of the bank was William Irwin and the cashier, Samuel W. Davies. It issued a large number of notes which were somewhat similar to those of the other bank and engraved by W. Harrison. Its charter was subsequently extended and its capital increased to half a mil- lion dollars and in 1819 it became the deposi- tory of public moneys. At this time its directors were William Irwin, Thomas D. Carneal, James C. Morris, Stephen McFarland, John Cranmer, Nicholas Longworth, Cave Johnson, Richard Williams, Jacob Baymiller, Jacob Wheeler and William Woodward.
The Bank of Cincinnati was organized in June, 1814, in the midst of the war. Money was much more easily obtained at this time and the bank did a prosperous business. By 1815 $140,000 had been paid in, although the bank did not receive its charter until the following year and Dr. Drake tells us that the notes were in excellent credit and its dividends for a new institution very good, having advanced during the first year from six to eight percent. Its. president was Ethan Stone and Lot Pugh was cashier. In 1819 the same officers still had charge and the other directors were Joshua Rey- nolds, James Gleun, Hezekiah Saunder, Nathan- iel Rceder, Oliver Martin, Joshua Gibson, Jr.,
Levi James, John S. Wallace and Thomas Gra; ham.
Liberty Hall of December 26, 1814, contains a notice signed by O. M. Spencer, William Ir- win and Ethan Stone, presidents of the three banks, reciting that large importations of British goods into Eastern ports which during the war must be paid for in specie had raised the price of specie in the Eastern States from five to ten pereent, which resulted in drawing specie from the West where it had been paid out by banks at par to the East and that therefore to guard against this withdrawal payments in specie for the present would be suspended.
This naturally resulted in dissatisfaction and eventually a niceting at the Columbian Inn was called for the purpose of inquiring into the cause of the different banks of this place who had ceased to pay specie for their notes. This meet- ing was held January 27, 1815, and was presided over by Maj .- Gen. John S. Gano with Daniel Drake acting as secretary. A committee consist- ing of Rev. J. L. Wilson, Gen. William Lytle, Majors W. Ruffin and W. C. Anderson, Arthur St. Clair, Jr., and William Corry, Esquires, and Messrs. W. S. Keys, Davis Embrec, Solomon Langdon, William Greene, Jeremiah Reeder, Levi James and Daniel Drake made an exhaustive re- port. This report recited that, several months be- forc, the banks of the Southern and Middle States had perceived that large quantities of gold and silver were passing into the hands of enemies and had therefore discontinued specie payments. The Western banks continuing to pay specie soon found that many persons from the Atlantic States were transporting gold and silver from the West to the East where they could get a pre- mium for it. As a result of this there was dan- ger of the Western banks having their vaults drained of specie. The suspension of specie pay- ments therefore arose not from the deficiency in the vaults of the banks but because it was necessary to retain the coins in this part of the country. The report further recited that the banks had contracted their circulating notes and increased their quantity of specie. The meeting commended by resolution the action of the banks and denominated as an enemy to the prosperity of the Western country every man who should attempt to depreciate the notes of the banks or should be detected in purchasing silver or gold with a view to its exportation. This report called for a communication from a country sub- scriber who desired to know how many of the committee were interested in the banks, which
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enabled the editor to announce that not one of them was a bank director.
It will be remembered that Dr. Drake in his "Picture" of the city in the year 1815 speaks in very confident tones of the condition of Cin- cinnati banks and of business generally. This confidence was not justified. The speculative tendencies that seem always to accompany war times and the inflation which goes with it pro- duced the same result it always produces. As just stated, a note of warning came at the end of the year 1815, when on the day after Christ- inas the three banks were compelled to suspend specie payments. It was doubtful whether there was coin enough in the West to redeem one- fourth of the bank issues. The causes which led up to this are not hard to understand and were general throughout the United States. The banks carried away by the enthusiasm about prosperity had issued an unprecedented mimber of bank notes which naturally were at a dis- count as metallic money had been driven out of the country. This depreciation in the value of money raised the price of all articles of con- sumption which to the unthinking was an increase in the value of property generally. Credits were extended and stores even in the small village settlements were filled with the highest priced goods. Speculation ran high and no one hesi- tated to incur debt feeling that in such an era of prosperity the time would be short within which he could relieve himself of the burden if indeed it was felt to be a burden. With the close of the war, importations began to be re- , newed. Specie payments had been suspended generally in the East as early as September, 1814, and the public were beginning to realize that a settlement was bound to come. The ex- travagances of the banks stimulated the de- mand for a national bank which would pay specie itself and have a tendency to require others to do the same.
In the meantime Jolin H. Piatt & Company organized a private bank, which added its paper to the overwhelming tide of bank notes. A silent partner was Philip Grandin and Jolin Armstrong was the cashier. Their office at first was on the south side of Lower Market street east of Main and afterwards it was removed to the southeast corner of Second and Broadway where the Broad- way Hotel afterwards stood. Both these build- ing's were built by Mr. Piatt. The cashier of this bank in 1819 was Richard Dement.
But most important in its influence upon all these banks was the Cincinnati Branch of the
United States Bank. The bill chartering this bank was passed April 10, 1816, and on the 28th of January of the following year the Branch was established in Cincinnati and opened for discount and deposit in April.
The older banks apparently recovered for the time from their difficulties and a period of infla- tion began which gave the appearance of pros- perity. The termination of the war, the con- stantly increasing population and the building operations brought about by this increase, to- gether with the accommodating tendency of the banks and particularly the Branch Bank, kept up the delusion of prosperity. Judge Burnet was the president and Gorham A. Worth cashier of the new institution. Other directors were Martin Baum, James Findlay, John H. Piatt, Hugh Glenn, James Keys, Thomas Sloo, Jr., William M. Worthington, Andrew Mack, Will- iam Piatt, Joseph Perry, Daniel Drake and Will- iam H. Harrison. Small wonder that with such lists of directors as those given the public felt confidence in the stability of their financial insti- tutions. George Warren in an article contribut- ed'to "Cincinnati Past and Present" published in 1872 gives a picture of the apparently pros- perous conditions. The terrible crash which opened the next period of Cincinnati's history was unforeseen by all and Cincinnati as a town looked forward to its new life as a city with hopefulness and confidence that its financial troubles had passed.
"Cincinnati, 'in the year 1817, was a bright, beautiful, and flourishing little city. It extended from the river to Sixth street, and from Broad- way to Walnut street, and not much beyond those limits. The Court House, which stood upon the same ground as the present one, was consid- ered to be in the country, and its location an out- rage on the citizens. The houses were beauti- fully interspersed with vacant lots, not yet sold, which were covered with grass. The city con- tained about nine thousand inhabitants. These were then called girls and boys, and men and women. The fuel was wood, except in factories. The people generally had clean faces; for the men shaved, and did not allow their countenances to be covered with hair and dirt. There was an air of comfort pervading everything. In sum- mer the women dressed as they pleased ; but the men usually went to church in summer dresses. Sometimes they wore linen roundabouts and vests and woolien pants. The people were enterpris- ing and industrious ; a pedestrian could hardly walk a square without encountering a brick
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