History of Montgomery County, Pennsylvania, Part 109

Author: Bean, Theodore Weber, 1833-1891, [from old catalog] ed; Buck, William J. (William Joseph), 1825-1901
Publication date: 1884
Publisher: Philadelphia, Everts & Peck
Number of Pages: 1534

USA > Pennsylvania > Montgomery County > History of Montgomery County, Pennsylvania > Part 109

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The Daily and Weekly Times is Republican in politics, with the independence to be fearless in the advocacy of the right when in its judgment party leaders and managers are reckless and partisan methods are wrong. The Daily Times originated the movement to secure a free bridge over the Schuylkill

468

HISTORY OF MONTGOMERY COUNTY.

River at Norristown in its initial number. Its files show the persisteney with which it waged a war with corporate power, and the support given by the public to the movement was responsive to a necessity long felt and hastened to a consummation by sagacious and independent journalism. The successful establish- ment of The Daily and Weekly Times was accomplished without the aid of partisan patronage, deriving its support from the public upon its merits as a well- managed local journal. The Times office has connected

His early school advantages were limited. His | first occupation was that of locomotive-building; he subsequently was largely engaged in mining and manufacturing in various parts of the United States, always in advance and always making a success of whatever he undertook.

He always had a fondness for, books, music and literature of the higher order, and has been a hard student all his life, devoting to studies his leisure time. He is proficient in French and Latin, and has devoted

Millian Remington.

with it a large job and printing establishment, sub- stantially equipped with improved presses and all the necessary material for the prompt execution of orders in this important line of business.

WILLIAM RENNYSON was born in Paterson, N. J., March 31, A.D. 1841. His ancestry on the maternal side were Seoteh-Irish and on the paternal side Eng- lish. The death of his father at an early age, leaving his family of five young children without means of support, rendered it necessary for the subject of this sketch to exert himself for a livelihood.

much time to algebra and the higher mathematics. His curriculum can properly inelude everything from a steamboat to a locomotive, and his alma mater is the universe. He is a Bachelor of Laws, a graduate of the University of Pennsylvania.

Mr. Rennyson is a veteran officer of the Union army, having entered the same, at the age of nineteen, as a first-lieutenant, soon afterwards being promoted to the command of his company in the Tenth New Jersey Volunteers. He served two years and a half, and resigned his commission, giving as his reason for

469

JOURNALISM.

leaving the service that he was "the only support of a widowed mother." He was married, on April 25, 1865, to Miss Sallie C. Bright, eldest daughter of M. Bright, Esq., of Pottsville, Pa. There are living children,-Nellie May, Charles Edward, Gertrude Irene, Florence Estelle and Harry Bright. These children have all spoken French, and at one time it was adopted as the home language by all its members.

Mr. Rennyson is devoutly and sincerely a worshiper of Almighty God, and has full faith in the doctrine of future rewards and punishments, believing that good works, honesty and uprightness of character, with "good-will to all men," will certainly be a subjcet for future happiness, if not immediate reward. Born in the Episcopal Church, he connected himself with the Baptist Church. He is, however, cosmopolitan in his idea of religious worship and is a patron of all churches. "Ifis religion is exemplified by the twenty- four-inch gauge, which is emblematical of the twenty- four hours of the day, which he has been taught to divide into three equal parts, whereby eight hours are devoted to the service of God and a worthy distressed brother, eight hours for our usual avocations and eight hours for refreshment and sleep," and finds it good and very agreeable, as is also the "chamber of reflection."

Cradled as an Abolitionist, when it was odious and dangerous to be one, during all his life he stood the brunt and bore the responsibility of his convictions upon occasions when it required physical courage and strength to maintain his position, sometimes amount- ing to positive discomfort. Naturally, from an Abo- litionist he became a Republican in politics, was a follower of Lincoln, Seward, Sumner and Greeley. He is now a Republican, though not always in har- mony with the powers that be of that party, but will carry out his convictions of right and wrong in any event.

The above sketch is preliminary to his career as an editor of one of the now widely-known journals of Montgomery County, of which he was the projector and sole proprietor and editor for several years. No better description could be given of his mind and work at that time than the following quotations from his salutatory, introducing the first number of The Daily Times to public consideration and patronage,-

understand his business, we do not know it; but in any event neither of these reasons would be sufficiently strong to impel us to the drudgery and responsibilities incumbent upon the editor who enters as such into the journalistic arena.

"The first aim of our new enterprise will be to make our 'local columns' replete with all kinds of news and intelligence that our citizens shall first demand; after this has been accomplished we shall turn our attention to intelligence from distant nationalities, and report what men are doing in another hemisphere, and hope to be able to chronicle the passing events of many continents, and comment upon them with propriety and judgment, bringing to our aid such talent as may, from time to time, be necessary, in order that we may succeed in doing so.

"We shall always be glad to receive advice from any public-spirited citizen having in view the general good and welfare of our people.

"We have no quarrels to adjust, no differences to heal, and while our personal preferences are our own, we shall strongly endeavor to keep fully abreast with our highest convictions of public duty, as we may be led to understand them.

" Iu politics this journal shall be independent, with Republican proclivities, and on that line we shall be free to commend men and measures of all parties, when they are deserving, and the reverse when they are wrong. We shall take a hand in all matters of public concern, commending or condemning as our judgment may lead us. We shall never be disinter- ested. In polities we will join in all the scrambles for office and place, commending only the good and pure, and denouncing dishonesty and insincerity, be- lieving this to be pre-eminently the sphere of healthy journalism.

"And in this matter we wish to be well understood, while we will go into politics, we will always keep clear from all embarrassing affiliations of factions or party; and while we make no secret of our Repub- lican proclivities, the Times will never be the mouth- piece of any boss nor the organ of any ring.

"We shall discuss all these things with fearlessness, but with dispassionate fairness and liberality, which shall be our aim in alì our discussions.

" We enter upon our enterprise full of confidence in our ability to carry through to success what we have undertaken. We have ample resources in ourselves and in those we have called to our aid. Fully con- vinced of our ability to achieve success, and this in no spirit of assurance, and fully determined at any and every sacrifice to deserve it, we submit this intro- duction to our friends, who are on the qui vire to hear from us."

"We offer no apology for our appearance to-day as a journalist. None is needed. Norristown may or may not require another daily newspaper and may or may not be willing to support another. Neither is it be- cause there are no good editors or good papers already in the service of the Norristown people or that these other papers are not well deserving of support, that calls us into existence. Quite the contrary. We have Mr. Rennyson still retains his connection with the Times, though the active work is transferred to others. heard and we believe that the best-conducted papers of the interior of the State of Pennsylvania are pub- Conshohocken Telegraph, Edward Baumgard, editor and proprietor, a weekly newspaper established lished in Norristown. If there be any editor who does not do his duty, or any publisher who does not | at Conshohocken, Pa., August 5, 1884. Its size was

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HISTORY OF MONTGOMERY COUNTY.

twenty-eight by forty inches, with thirty-six columns, was independent in politics and suspended publica- tion February 5, 1885.

Towamensing Item, established January 13, 1885, at Kulpsville, Montgomery Co., Pa., H. R. Boors, pub- lisher. It is a weekly newspaper; size, twenty-two inches by sixteen, with twenty-six columns. It is independent in politics and devoted to local news.

Montgomery Law Reporter, F. G. Hobson, Esq., editor and proprietor, a weekly journal devoted to reporting legal decisions and the interests of the business public. The initial number was issued Jan- uary 31, 1885, at Norristown, Pa.

COLONEL SAMUEL D. PATTERSON, who for fully forty years held a most prominent position in literature and politics in the State of Pennsylvania, was a native of Montgomery County, and descended from a Welsh family, who were among its earliest settlers. His par- ents were John and Mary (Dewees) Patterson; his grandmother was a Miss Richards, a descendant of the Welsh family mentioned, from whom was also de- scended Benjamin Wood Richards, mayor of Phila- delphia in 1829.

In early youth Samuel D. Patterson was for a short time a pupil in the school of the Rev. Dr. John Jones, but on the death of his father he left school and be- came an apprentice to the printer's trade in the office of the Norristown Register, the leading Democratic journal of the county, of which James Winnard, Esq., was the editor and proprietor. Quick, intelligent, earnest and assidnons, he soon became a favorite of his employer, as also of a number of other prominent men, political and personal friends of Mr. Winnard, one of whom was the Hon. Levi Pawling, who took a deep interest in the young printer.

Soon after the close of young Patterson's appren- · ticeship, Mr. Winnard gave up the management of the Register to him, he then becoming its editor and publisher. In that position he became intimately acquainted with many of the leading politicians of the State (especially those of the Democratic party), and in almost every instance he secured their enduring friendship. Among those in whose esteem he thus became firmly established were Francis R. Shunk, James Buchanan, George Wolf, Jesse Miller and Ellis Lewis. At about this time he assumed the editorship of the Reporter, the Democratic organ in the State, a connection which brought him still more prominently in contact with the leading men of the party.

In 1837 he removed to Philadelphia, having accepted the office of United States marshal for the Eastern District of Pennsylvania, under the administration of President Van Buren. He served honorably in that position until 1841, when he was relieved by President Tyler. He then retired from politics and entered upon literary work, becoming a leading contributor to Godey's, Graham's, the Knickerbocker and other maga- zines of the day, and mingling on terms of intimacy in the society of such writers as Poe, N. P. Willis,

Bayard Taylor, Griswold, Willis Gaylord Clark, George R. Graham and others of equal celebrity. Subse- quently he became editor of the Saturday Evening Post-then a leading literary paper-and editor and proprietor of Graham's Magazine, the most popular monthly then published. Under the administration of President Polk he reluctantly accepted the office of navy agent at Philadelphia. His death occurred at Philadelphia February 9, 1860, and his remains were interred in Laurel Hill Cemetery. He had married early in life a Miss Mott, of Easton, Pa., who died in 1854. Of their children, only one, Dr. Daniel D. Patterson, is now living. An older son, W. Mott Patterson, who was a journalist of repute, died at Philipsburg, N. J., in 1875. Colonel Patterson was married a second time, and his widow is now living.

CHAPTER XXXII.

BANKS AND BANKING.

Various Financial Institutions .- The increase of bank capital and banking facilities in Montgomery County within the last thirty years would seem phe- nomenal were it not supported by a corresponding increase of deposits and a line of discounts in propor- tion to the aggregate of capital and deposits. The first bank established, as will be hereafter seen, was chartered by the State March 21, 1814, with a capital of $400,000, with the privilege of increasing it to $600,000. Twelve years later (1826) the paid-in capital was only $117,480, and the full amount of its author- ized capital does not appear to have been paid in until about 1856, when this one bank of Montgomery County was operating on a paid-in capital of $393,170, with a line of deposits of $254,132.57, and discounts amounting to $875,480.60, being an excess of discounts over paid-in capital and deposits of $228,176.73.

The population of the county at this date (1856) may be estimated at 66,000, as the census of 1860 ascertained it to be 70,500. Passing to 1882-83, we find the number of chartered banking institutions in the county to have increased from one to thirteen, with an authorized and paid-in capital of $1,512,000, an aggregate of deposits amounting to $3,730,088, and a line of discounts amounting to $3,061,746; these comparative statistics show an excess of deposits over capital and loans of $2,180,342. The anthorized bank- ing capital has increased in the period of twenty-eight years (1856-84) $912,000, while the deposits subject to check or sight drafts are $2,180,342 in excess of capital and loans. This remarkable development of the wealth and financial resources of the county is vastly greater than would be presumable from the increase of popu- lation within the same period. Population in 1860, 70,500; 1880, 96,401,-an increase of 25,901.

Reference to previous banking systems and result-

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BANKS AND BANKING.

ing financial conditions is necessary to a correct un- derstanding of the radical change of methods inaugu- rated under the present National Banking Laws. The

During the period of State currency it was issued under two systems as to the constitution of the banks themselves, with still further diversities of adminis- tration in different States to insure the convertibility of their issues. The two great systems were banks each with its own special charter and free banks, i.e., banks established under a general law authorizing their formation by all who would comply with its provisions.1 The prevailing system was that of special charter.

In the country at large, for a quarter of a century before the national bank system was established, the circulating medium was issued by banks, either under general laws or each specially chartered by its own State, and with various privileges and restrictions affecting the amount and safety of their issues. But the exceptions were few in which banks were not practically allowed to issue all that they could keep afloat while redeeming it on presentation. As a whole, banks were soundest and the baseless inflation least in the older sections of the country and in the strong- est commercial centres. What in slang phrase was

1 The free system was an episode in a few states, but it was still in operation in the State of New York when the war broke ont. It ut- doubtedly suggested the analogons system of free national banks having their circulating notes protected by adequate public securities lodged with the fiscal department of the State. It followed the failure of the safety-fund system in the State of New York. This required all the banks of the State to contribute a small percentage of their capital annually, to be held by the State as an insurance fund for the redemption of notes of broken banks. It proved inadequate to bear the strain put upon it by the bank failures which multiplied through the commercial panic ex- tending from 1837 to 1>42. The State of New York then adopted the system of making every new bank and every old bank, on the expiration of its charter, at once free and the insurer of its own bills, by requiring the deposit of an amount sufficient for the purpose in approved mortgages and public stocks, national, State or municipal. This tempted single men and coteries of men, all over the State, who held mortgages, or the kind of public stocks required, to organize free banks and issue circulating notes nearly equal to the face of the securities deposited, thus duplicating their interest. The result was the speedy failure of many and crippling of most of thein. The security for the bill-holders proved imperfect or worthless. Mortgages, if good, required a tedious process to turn them into cash. Often the real estate which secured them shrunk in valne far below the face of the mortgage, and had to be accepted instead of cash by the mortgagee or by the State as trustee for the bill-holder. Many stocks of States since solvent then were in default for interest. This class of securities proved inadequate. Altogether the system was a failure, while it taught one great lesson, viz., that nothing is a proper security for bank circulation but that sort of public stocks which, in any and all circumstances, have an immediate salable value above the face of the notes protected by them. The New York free-banking system was at length reformed so as to rule out all but the highest grade of securities, such as United States or New York State stocks or their equivalents, as the basis of their bank circulation. At the time of the adoption of the national bank system nearly all the New York State banks had got upon this footing. The free-banking system which was copied from New York in the adjacent States of New Jersey and Connecticut had only a transient trial, and disappeared prior to the war.

known as "wild-cat banking" was, as it always will be, most rampant in pioneer States.

Prior to the era we have been considering, of a States early began to assume the prerogative of char- ! paper currency issued by State banks in different tering banks, not only of discount and deposit, but of issue, thus, in addition to other benefits, giving them the inducement arising from the profits to fur- nish the people with the convenience of paper money. States, their operation and influence were much amelio- rated by the concurrent agency and influence of a great overshadowing United States Bank. Of these there were two, one succeeding the other after its dis- solution by the expiration of its charter. The first was planned by Alexander Hamilton, Washington's Secretary of the Treasury, and largely through his influence chartered by Congress, in 1797, for twenty years, with a capital of ten millions of dollars. It was located in Philadelphia, with branches in Boston, New York, Baltimore, Washington, Norfolk, Va., Charleston, Savannah, New Orleans. It was es- tablished despite strenuous opposition on alleged constitutional and other grounds. But it was found absolutely necessary as a fiscal agent of the govern- ment, a regulator of paper currency issued by State banks, an instrument for carrying on the exchanges of the country, and, in general, for evolving order out . of the financial chaos induced by the expenditures of the Revolutionary war and the enormous issues of irredeemable paper money spawned forth by the States individually and as confederated to carry it on. It was of incalculable benefit to the people, but the opposition to it was great, not only on account of the natural antagonism of many to great corporations and monied powers, but also to its supposed incon- sistency with certain political and constitutional theories. Its charter was not renewed. But the war of 1812, immediately following its extinction, brought financial disturbances and exigencies which made the necessity of some national fiscal institution more urgent than ever. Accordingly, in the face of strenuous opposition, a second United States Bank was chartered, in 1816, for twenty years; with a capital of thirty-five millions of dollars, having its central location in Philadelphia and branches in other chief commercial centres. It was started in the midst of prevailing financial chaos and a generally depreciated currency of broken State banks, which had been greatly multiplied to fill several times over the vacuum created by the extinction of the original Bank of the United States.1 After earnest and persistent struggles

1 The following is a specimen of the sort of currency, familiarly known as "shin-plasters, " issued abont the year 1812 by individnals in conse- quence of a scarcity of coin for business purposes :

A GENERAL ASSORTMENT OF GROCERIES.

Six-and-a-quarter cents.

614 ets.

- Chest of Tea and Ilogshead.

- No. 233.

I promise to pay the bearer on demand, in Groceries, or Philadelphia Bank Notes, at No. 130 North Water street, six-and-a- quarter cents.

JOHN THOMPSON.

Phila., December 10, 1814.

Sixteen for One Dollar.

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HISTORY OF MONTGOMERY COUNTY.

it brought order out of this confusion, became the great medium of inter-State exchanges and the source and promoter of a sound and stable national and State currency.

These Banks of the United States operated benefi- cially in various ways. They furnished a paper currency really current through the nation. It was known to be backed by what was then an immense capital, and to possess all the prestige of national authority, indorsement and use. Hence it was re- ceived everywhere without discount as readily as gold and silver coin. It conld be used in traveling in every corner of the land.

The Bank of the United States, failing of recharter by Congress, obtained a charter from the State of Pennsylvania by paying a bonus of nearly six mil- lions. Thus swept from its proper national founda- tions, it was plunged into the mire of corruption in the very first step of its new abnormal career. The political revolution of 1840, having for an object the restoration of the United States Bank, failed of it through the untimely death of President Harrison, and the succession to his place of John Tyler, who vetoed the bill rechartering it.1

The following is a copy of a two-cent note of this period, the dimen- sions of which were four inches in length by two in breadth.

TWO CENTS.

I promise to pay the Bearer

TWO CENTA,

On demand, at the SCHUYLKILL BANK

When a eum amounting to One Dollar shall be presented.

PHILAD'A,, July 4th, 1815.

RICH'D BACHE.

1 The first Bank of the United States was incorporated by Congress in February, 1791, with a view to its aid in "conducting the national finances," and its "advantages to trade and industry in general." Con- gress having refused to renew the charter, it expired by its own limitation in 1811. Stephen Girard purchased the building in Third Street where its business had been transacted. A new United States Bank was char- tered by Congress, and approved by President Madison on the 10th of April, 1816, with a capital of thirty-hive millions, the government tak- ing seven millions of the stock. During the war of 1812-14 all the State banks had been in a state of suspension. The organization and management of the United States Bank on u specie basis caused them to resume. The stock of the bank was made an object of speculation, and stood at one time as high as $156 per 100. The dividends varied from five to six per cent. The branches of the bank were at Portland, Ports- mouth, Boston, Providence, Hartford, New York, Baltimore, Washing- ton, Richmond, Norfolk, Fayetteville, Charleston, Savannah, Mobile, New Orleans, Nashville, Louisville, Lexington, Cincinnati, Chillicothe and Pittsburg. The bank commenced operations under the presidency of Captain William Jones in January, 1817. In 1820 the distinguished Langdon Cheves, of South Carolina, took charge of it, and restored it from a languishing condition to one of great prosperity. Nicholas Bid- die, Esq., succeeded him in 1823. Ahont the year 1828-29 the subject of the renewal of its charter began to be agitated. The bank was drawn into the vortex of politics, and a fierce war was waged between its partisans and opponents. In October, 1833, the deposits of the gov- erument, which had hitherto been exclusively with this bank, were re- moved by order of President Jackson. A bill to recharter the bank had been vetoed by him in the previous year. The charter expired, accord- ing to limitation, in 1836. In the same year the United States Bank of Pennsylvania was chartered by the State Legislature with the same

The banking laws of the several States remained greatly diversified prior to the war for the Union. The commercial and manufacturing centres of New England and the Middle States, and the extensive system of long eredits prevailing in the old slave States of the South, with whose merchants a large business was annually transaeted, gave to certain city banks commercial stability and credit, due more par- ticularly to the confidence reposed in the character, sagacity and integrity of their officers and directors than to the laws or legal limitations within which they were supposed to act. At first inter-State ex- changes were effected with inconvenience and loss to the merchant or trader, and these difficulties were multiplied with increasing rapidity with every new railroad linking distant communities together.

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History of Montgomery County, Pennsylvania, Part 109

Author: Bean, Theodore Weber, 1833-1891, [from old catalog] ed; Buck, William J. (William Joseph), 1825-1901 Publication date: 1884 Publisher: Philadelphia, Everts & Peck Number of Pages: 1534

Author: Bean, Theodore Weber, 1833-1891, [from old catalog] ed; Buck, William J. (William Joseph), 1825-1901
Publication date: 1884
Publisher: Philadelphia, Everts & Peck
Number of Pages: 1534