USA > Pennsylvania > Allegheny County > Pittsburgh > Standard history of Pittsburg, Pennsylvania > Part 33
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The average value of railway iron imported annually into the United States for the four years, 1851-54, inclusive, was more than $8,000,000, "during which time our rolling-mills have been languishing, the fires in our furnaces going out, and the ruin so long impending has at last come down upon our heads" (o). This ruin referred to the proposed law to release from bond all railway iron, and was looked upon as a crushing blow to the railway iron producers of Pittsburg. The Houston Bill for the reduction of the tariff of 1846 was passed by the House of Representatives, Congress, in February, 1855, and provided for lowering the duty on iron from four to twenty-four per cent .- on bars and rails the latter figure. Thomas M. Howe, member of the House, delivered a powerful speech against the bill, which failed to pass the Senate. In 1854 there were manufactured in Pittsburg and its immediate vicinity 5,000 tons of railway iron (p).
"The manufacture of railway iron was almost an experiment. Everything pertaining to the work had to be created. Various kinds of machinery requisite for the business were to be made and put in operation. Vast outlays of money for the erection of buildings were called for. Men trained to this particular business were needed in the outset. The capabilities of our iron for this purpose were to be tested. . These remarks will apply, to some extent, to manufactures of other iron fabrics. The fact is, we have never had, as a State, anything like a fair chance to develop our mighty resources. Except a little encouragement that came to our people in 1852 and 1853, what has there been to cheer them? And that was the effect of a fictitious prosperity which smiled but to deceive. We repeat it, we have not had justice at the hands of the Government. We need a tariff that shall discriminate in favor of our peculiar manufactures" (q).
"Locomotive Building in Pittsburg .- We stated some days ago that the Ohio and Pennsylvania Railroad Company were having a locomotive con- structed at their works for the use of the road and that it would be, when finished, the first one made in the city. In this we are glad to learn we are in error. As long ago as 1834 and 1835 the firm of McClurg, Wade & Co., of which A. T. McClurg was a member, Bayardstown, were engaged in that line of business to some extent. They niade some five or six for the Portage Railroad, which, for durability and excellence, are not surpassed, as several of them are in use at this time. Several locomotives of their manufacture were sent to Philadelphia" (r).
In 1856 Wardrop, Stout & Williams began manufacturing reaping, mow- ing and thrashing machines. In one day in April four reaping machines were shipped away by this firm to purchasers. This was noted as a great advance (s).
"The completion of the Pennsylvania Railroad has given a new impulse, and, to some extent, a new direction to our trade in pig-metal and blooms. So great, indeed, has been the increase that the company have found it expedient to make special provision for the business" (t).
"Looking through the extensive establishment of Messrs. Lippincott & Barr yesterday we had an opportunity of examining a very perfect specimen of the thief-proof safe, which they have just completed for the banking house of N. Holmes & Sons" (u).
(n) Commercial Journal, February 7, 1855.
(o) Commercial Journal, February 28, 1855. (p) Commercial Journal, March 3, 1855.
(q) Commercial Journal, March 17, 1855.
(r) Commercial Journal, August 17, 1855.
(s) Commercial Journal, April, 1856.
(11) Commercial Journal, September 10, 1856.
(t) Commercial Journal, July 4, 1856.
Vandergrift
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297
HISTORY OF PITTSBURG.
The newspapers here in September, 1856, published long accounts of the new Bessemer process of "making malleable iron without fuel." The discovery was at once seen to be so important that many at first could not believe the report true. Its vast importance was promptly conceded. In 1856 Pittsburg was manufacturing an excellent quality of rifle and shotgun barrels, including twisted stubs, besides fine cutlery and surgical and dental instruments.
In 1856 the mnufacturers in Pittsburg of anvils, axes and shovels were Forster, Garbutt & Co. (Temperanceville), Holmes & Co., Lippincott & Co., Postley, Nelson & Co., William Day, Newmeyer & Graff, and Stuart, Sauer & Co. (Beaver Works, New Brighton). The manufacturers of boilers were William Barnhill & Co., J. Blair & Co., Joseph Douglass, Thomas Douglass, Douglass & English and Robert Walker. Brass and bell founders-Andrew Fulton, A. & S. McKenna, Phillips & Co. and James Welden. Coppersmiths- Fitzsimmons & Morrow, Howard & Rodgers, Kean & Keller, James T. Kincaid, W. B. Scaife and J. B. Sheriff. Cultivator teeth manufacturers-D. B. Rodgers & Co. Engine manufacturers-W. W. Wallace, F. & W. M. Faber, Haigh, Hartupee & Co., Irwin & Co., Cyprian Preston, Cridge, Wadsworth & Co. and J. B. Warden & Son. Founders-John Anderson & Co., Bollman & Garrison, Alexander Bradley, S. S. Fowler & Co., Graff, Reisinger & Graff, Knapp & Wade, Livingston, Copeland & Co., Daniel McCurdy, Marshall, McGeary & Co., Mitchell, Herron & Co., J. C. Parry, Payne, Lee & Co .; Pennock & Hart, William Price, Robinson, Minis & Millers, Smith & Co., Warwick, Atterbury & Co. Manufacturers of bar, nail, sheet, etc., iron-Bailey, Brown & Co., Brown, Floyd & Co., Coleman, Hailman & Co., Everson, Preston & Co., Graff, Bennett & Co., Jones & Lauth, Lewis, Dalzell & Co., Lorenz, Stewart & Co., Lyon, Shorb & Co., Lloyd & Black, McKnight & Brother, G. & J. H. Shoenberger, Spang & Co., James Woods & Co., Woods, Moorhead & Co. and Zug & Painter. Makers of nuts and washers-Knapp & Carter. Makers of railroad spikes,- Porter, Rolfe & Swett. Revolver manufacturer-Josiah Ellis. Rivet-makers- W. P. Townsend & Co. Scalemakers-Livingston, Copeland & Co. Spring, axle and steel manufacturers-Coleman, Hailman & Co., Joseph Dilworth & Co., Isaac Jones and Singer, Hartman & Co. Safe manufacturers-Burke & Barnes, Lippincott & Barr, W. T. McClurg. Sheet-copper manufacturers-C. G. Hussey & Co. Spikemaker-L. Severance. Tackmakers-Chess, Wilson & Co., Wire manufacturers and workers-Francis Cluley, J. R. Taylor & Co. and R. Townsend & Co. Wrought-nail and gaspipe manufacturers-John Fitzsim- mons and William Pick.
In Allegheny in 1856 were the following establishments: Founders- Agnew, McCutcheon & Lindsay, Henry Anshutz, Jacob Berner, R. Hall, C. Kingland and Olenhausen, Crawford & Co. (v).
"In 1856 we have forty-four foundries for brass and iron, employing over $1,500,000 of capital and 2,000 hands. . There are in Pittsburg, Alle- gheny and suburbs twenty rolling-mills, employing a capital of $5,000,000 and more than 3,000 hands" (v).
The following table shows the kind and quantity of metal manufactures produced here in 1857 (w):
Industries.
25 Rolling-mills
Value of Products. $10,730,562
26 Foundries. 1,248,300
I Cannon foundry 40,000
16 Machine-shops. 836,300
(v) Directory of 1856 .- George H. Thurston.
(w) Pittsburg as It Is, 1857 .- Thurston.
1
16
298
HISTORY OF PITTSBURG.
Industries.
7 Boiler-yards.
Value of Products. $ 305,000
4 Shovel and ax factories 823,742
2 Forges. . 224,500
7 Chain factories, 100 blacksmiths. 261,000
I Railroad-spike factory
250,000
3 Safe factories.
I16,000
2 Smut machine factories.
40,000
I File factory.
I2,000
I Boiler-rivet factory .
40,000
I Sickle factory.
30,000
6 Saddlery-hardware factories
44,000
I Rivet-mill.
20,000
I Wire factory
40,000
2 Gun-barrel factories.
28,875
I Gun and riffe factory
40,000
I Repeating pistol factory .
I5,000
2 Domestic hardware factories.
450,000
3 Plow factories.
192,000
I Copper rolling-mill.
200,000
28 Copper and tin smiths
192,000
IO Brass foundries
75,000
3 Key factories. .
166,000
3 Agricultural implement factories
80,000
I Wire cloth factory 10,000
52,000
Total metal $16,592,279
Other manufactures 22,430,156
Grand total. $39,022,435
"Congress has at length adjourned. And now comes the question of bread for the hungry and clothing for the naked mechanics of our own and other States, who are ready and willing to work; but to all whose earnest entreaties the present rulers give but a stone and a fig leaf. Shall our own honest mechanics, their wives and children, be supported in a hard-earned competency, or shall we become hewers of wood and drawers of water to Birmingham, Leeds and Manchester? At the meeting recently held in Philadelphia, on which occasion Henry C. Carey presided, and Messrs. Lewis, Collamer, Fost, Simon, Cameron, Marshall, Thompson, Covode and Morris delivered speeches, the free trade tariffs of 1846 and 1857 found no favor. Their remarks carried us back to the time when a Baldwin, a Forward, a Porter and a Stewart uttered the sentiments of Pennsylvania in behalf of protection. The free trade tariff has become entirely inadequate to afford revenue to this economical administra- tion. We are compelled to borrow $40,000,000" (x).
It was acknowledged by all parties after the adjournment of Congress in 1858 that the want of revenue would soon force the Government to revise the then existing tariff. "Shall revenue be the sole element to be taken into con- sideration in this revision, or shall protection be recognized as fully equal, if not a superior, element? We think it would be especially appropriate for the work- ingmen of Pittsburg, this Birmingham of America, to lead off in the. assertion of their rights" (y).
(x) Commercial Journal, June 19, 1858.
(y) Commercial Journal, June 30, 1858.
30,000
3 Cutlery factories
Iron railings.
299
HISTORY OF PITTSBURG.
In March, 1858, the Fort Pitt Iron Works, owned by Knapp, Wade & Co., were destroyed by fire; estimated loss, $37,500. The rolling-mill of Zug & Painter barely escaped. Lippincott & Barr made a large line of safes. Knapp, Carter, Wilson & Co. made nuts, bolts, washers, etc. S. S. Fowler conducted a general foundry business. John Cartwright made surgical instruments. Phillips & Co. made a general line of foundry products. J. Cochran & Co. made iron railings, vault-doors, window-guards, etc. Alexander Bradley made stoves. So did Payne, Bissell & Co. Jones, Boyd & Co. made cast-steel, plows, springs, axles, etc.
In 1858 Moorhead & Co. were engaged in manufacturing a superior quality of corrugated iron, which they had greatly improved. Porter, Ralfe & Swett con- ducted a large spike factory. They began rolling iron in 1858. Large quantities of copper ore arrived here in 1858 from the Lake Superior country, via Cleve- land, for Hussey & McBride and Hanna, Garretson & Co. Burke & Barnes manufactured safes of all sizes and of excellent quality .. William B. Scaife made all sorts of iron and copper steamboat equipments. Pittsburg copper stock in 1858 was the most valuable in the Eastern markets. Postley, Nelson & Co. made gun-barrels, scythes, etc. Park, McCurdy & Co. made copper goods of all kinds and conducted copper-smelting works. D. B. Rogers & Co. made cultivator teeth. S. Severance made boiler rivets, spikes, etc.
In 1860 there were twenty-six steel rolling-mills, with about 3,000 hands employed; connected with them were ninety puddling furnaces. The number of heating furnaces was 130; mill machines, 260; iron consumed, tons, 110,000; foundries, 18; hands employed therein, 1,800; boiler-yards, 8. There were beside many works for forges, safes, tools, cutlery; several cotton-mills, with a product of about $2,000,000 per year; about twenty-three glasshouses, and four devoted exclusively to looking-glasses (z).
(z) Dispatch, November 12, 1860.
CHAPTER XIII.
THE BRANCH BANKS-DEPRECIATION OF CONTINENTAL CURRENCY-NO MONEY IN THE WEST-FOREIGN COIN - BRANCH OF THE BANK OF PENNSYLVANIA-1TS FIRST OFF1- CERS-MONEY HANDLED BY IT-ITS VALUE TO PITTSBURG-BRANCH OF THE BANK OF THE UNITED STATES-FIRST OFFICERS-RESTRICTION OF DISCOUNTS DUR- ING THE HARD TIMES-RESOLUTIONS OF COMPLAINT-STATISTICS-HOSTIL- ITY TO THE BRANCH AND THE PARENT BANK-THE VETO OF PRESIDENT JACK- SON-EXPIRATION OF THE CHARTER 1N 1836-PENNSYLVANIA BANK OF
THE UNITED STATES-1TS BRANCH HERE-HOSTILITY AND LOSS OF PRES-
TIGE-FAILURE OF THE BANK-CLOSING OF THE PITTSBURG BRANCH.
The story of the financial struggle of the colonists during the Revolution is one of intense interest. The efforts made by the authorities of this State to conduct the expenses of what to them was a gigantic war of long and galling continuance, with very little specie, steady issucs of paper money, which sank immensely in value, and repeated shifts and enactments by the Supreme Council to sustain its purchasing power, reflect upon them the highest renown.
Colonel Daniel Brodhead, commander of the American forces at Pitts- burg, his troops and the few families that lived here during the Revolutionary War, suffered severely for want of money, and, when remittances came, which they occasionally did, the event was welcomed with great joy, and a general jollification and settlement of balances resulted. "Credit may be said to be at an end, the innumerable certificates granted by the quartermaster and com- missary departments and by the authority of the State having extinguished all confidence" (a). Such was the condition of money in this vicinity near the end of the war. Hard money was rarely ever seen; barter, in a great degree, was employed to settle accounts, and the paper issues of this State and of Congress had little or no value or use. Colonel Brodhead's appeals for hard money would now appear pathetic, were it not for the fact that his military policy was so manifestly dilatory and ineffective. The officers of the garrison and the few traders here, so far as money was concerned, fared better than anybody else. The coin quickly went to the merchants for debts previously contracted, and then, just as quickly, went East again for more goods. It was truly "a time that tried men's souls."
By act of the Supreme Council, a mode of adjusting and settling the payment of debts and contracts entered into between January, I, 1777, and March I, 1781, was provided. The object of the enactment was to reduce the amount of all stich debts and contracts to the true value of specie at the times the same were incurred, and to release such debtors from all further obligations upon their payment of such amounts in specie. It was therefore enacted that the following scale of depreciation should be the rule to determine the value of the several debts, contracts and demands referred to in the act, compared with silver and gold (b):
(a) Letter of Joseph Reed to George Washington, April, 178I.
(b) Enactment of April 3, 1781.
300
1
301
HISTORY OF PITTSBURG.
1777
1778
1779
1780
178I
January
1.5
4
8
40.5
75
February
1.5
5
IO
47.5
75
March.
2
5
IO.5
61.5
April
2.5
6
I7
61.5
May.
2.5
5
24
59
June
2.5
5
20
61.5
July.
3
4
I9
64.5
August.
3
5
20
70
September
3
5
24
72
October
3
5
30
73
November
3
6
38.5
74
December
4
6
41.5
75
By this act and others passed both before and after April 3, 1781, the settle- ment of all debts and contracts was thus partly reduced to a specie basis. The funding system of Pennsylvania had its origin in the act of March 1, 1786, when a loan was opened by the authorities to receive Continental in exchange for State certificates. In 1787 the notes of the State outstanding consisted of the following:
I. Certificates issued by the State on her own original contracts in the course of the war; the amount of which, by the estimate of the comptroller- general, was £226,882 7s. 9d .;
2. The certificates, called "depreciation certificates," issued to the officers and soldiers of the Pennsylvania line, amounting to the sum of £627,585 IIS. 4d .;
3. The certificates comprehended under what was called the funding law, amounting to £1,500,000.
The extreme scarcity of money of any sort at Pittsburg from the close of the Revolution until the Indian war of 1791 checked all banking or business enterprises of an elaborate scale. In fact, this may be considered the only period ever experienced by this vicinity in time of peace when money of any kind to transact the ordinary operations of business was almost wholly wanting. In March, 1787, when the project of building a market house was under discus- sion, John Scull said in the Gazette: "As for the inhabitants of this place, in general, to enter into an association to buy no provisions but in that market (on market days) is truly absurd; for many of us don't get as much cash in a week as would purchase a pound of beef." All the merchants complained earn- estly of the want of cash, and all announced that they would receive produce for their commodities. In 1788-9 considerable money was spent here by members of the Ohio Company and others on their way down the river in pursuit of new homes, and by the soldiers stationed here, or passing through here. The little hard money in circulation consisted of the coins of foreign countries. Reckonings were principally made in pounds, shillings, pence, crowns . (of France), milled dollars (of Spain), etc.
In 1787 it was noted (c) at Pittsburg that copper cents were being coined at the mint in New York and would probably soon make their appearance in the Western country. Mr. Scull said he was glad of it, because it would "free us from the floods of light, half-coined British halfpence introduced among us."
An immense business was done by the brokers of Philadelphia, and large profits made by them in buying and selling all sorts of Continental and State certificates, and no doubt the merchants and manufacturers of Pittsburg found it necessary, as well as profitable, to handle the same paper in much the same way.
(c) Gazette, September, 1787.
302
HISTORY OF PITTSBURG.
On August 4, 1790, Congress estimated the value of foreign coins (all of which were in circulation in this locality) as follows:
Pound of Great Britain. $4.44
Livre turnois of France. .185
Florin or guilder of United Netherlands.
.39
Rix dollar of Denmark. 1.00
Rial of Spain. .IO
Milree of Portugal.
1.24
Pound of Ireland.
4.10
Tael of China.
1.48
Pagoda of India.
1.94
Rupee of Bengal.
.555
Crown of France (in 1793).
I.IO
.
By act of Congress, February 25, 1791, the Bank of the United States was established, with a capital of not to exceed $10,000,000, divided into 25,000 shares of $400 each. This bank was chartered by the Legislature of Pennsylvania, but no branch of the same was established in Pittsburg. Many memorials against rechartering the bank were sent to Congress from all parts of the United States in 1808-10-one from Pittsburg (d) signed by "Henry Phillips, Joseph McClurg and seventy-eight others." This memorial is too long to be quoted here, but it is a spirited address well worth reading. It was a general attack upon the system. The Legislature of Pennsylvania instructed its representatives in Congress "to use every exertion in their power to prevent the charter of the Bank of the United States from being renewed, or any other bank from being chartered by Congress, designed to have operation within the jurisdiction of any State, without first having obtained the consent of the Legislature of such State" (e).
In the act of March 30, 1793, the State took an important step in banking operations by chartering the Bank of Pennsylvania, with authority to establish branches. Among its measures were the following:
"Whereas, The establishment of a bank upon a foundation sufficiently exten- sive to answer the purposes intended thereby, and at the same time upon such principles as shall afford adequate security for an upright and prudent admin- istration thereof, will promote the regular, permanent and successful operation of the finances of this State and be productive of great benefit to trade and industry in general; therefore, Be it enacted, etc., That a Bank of Pennsylvania shall be established at Philadelphia; the capital stock thereof shall not exceed three mil- lion dollars and shall be divided into shares of four hundred dollars each."
"Section 15. It may be lawful for the directors aforesaid to establish offices at Lancaster, York, or Reading, or wheresoever else they shall think fit, within the State, for the purpose of discount and deposit only, and upon the same terms, and in the same manner, as shall be practiced at the bank; and to commit the management of the said offices, and the making of the said discounts, to such per- sons, under such agreements, and subject to such regulations as they shall deem proper, not being contrary to law, or to the constitution of the bank: Provided always, That no office of discount or deposit be opened in any town or borough of this State without the previous consent of the corporation of such town or borough: And provided also, That the directors shall have liberty to recall and annul the said offices of deposit or discount, if found injurious to the real inter- ests of the incorporation.' "All notes or obligations of the Bank of
(d) American State Papers, Vol. II, Page 479.
(e) Resolution adopted January II, 18II.
303
HISTORY OF PITTSBURG.
Pennsylvania issued at its branches shall be payable at the said bank, as well as at the branch where they issued."
Commissioners were appointed to receive subscriptions of stock and the corporation thus created was given a life of twenty years. The total amount of debts of the corporation, "whether, by bond, bill or note or other contract," was limited to $3,000,000, and the transactions of the institution were confined strictly to a banking business. The act contained a provision that the Governor, on behalf of the Commonwealth, should be allowed to subscribe at par for 1,250 shares, and for the same number of shares at any time after the expiration of ten years from March 4, 1793. All notes or obligations of the bank issued at its branches were made payable at the parent bank as well as at the several branches.
It was not until the Indian war of 1791 and 1792 and the whisky insur- rection of 1794 that the country west of the Alleghenies received any considerable quantity of money. Pittsburg was the center of all financial operations con- nected with these movements.
While it is true that informal banking operations may have been conducted here prior to 1804, it is equally true that no regularly organized banking asso- ciation, even of a private character, was instituted before that date. Complete files of the Gazette, extending from July, 1798, to 1803, contain no mention of any banking operations whatever conducted here during that time. The State Library at Harrisburg contains not an item of any such operations in Pittsburg previous to 1803-4. Early in 1803 the following notice appeared in the Pitts- burg Gazette:
"Borough of Pittsburg, 22d of March, 1803.
"The freeholders and other inhabitants, householders, are hereby requested to attend a meeting of the corporation at the Courthouse on Saturday, the 26th inst., at 4 o'clock p. m., in order to take into consideration a proposition of the directors of the Bank of Pennsylvania for establishing a branch of their bank within this borough, providing it is approved by the corporation.
"By order of the Burgesses and assistants.
"WILLIAM CHRISTY, Town Clerk."
"The directors of the Bank of Pennsylvania have elected the following gentlemen directors of the Branch Bank about to be established in this place: John Wilkins, Jr., Presley Neville, Oliver Ormsby, James O'Hara, James Ber- thoud, Ebenezer Denny, Joseph Barker, George Stevenson, John Woods, Thomas Baird, John Johnson and George Robinson. Thomas Wilson, who is appointed the cashier, arrived here on Sunday last (f), and on Monday evening a majority of the above named directors met and elected John Wilkins, Jr., president" (g).
A notice was issued by Thomas Wilson, cashier, dated January 4, 1804, that on Monday, January 9, the "Office of Discount and Deposit at Pittsburg" would -open for business. It was announced that the office would be kept open from 9 o'clock a. m. till 3 o'clock p. m., Sundays and holidays excepted; that each Thursday would be discount day, but that paper for discount must be handed . in on Wednesday; that discounts would be made for a period not exceeding sixty days, and such paper must have the personal security of two names and be inade payable either at the bank or at some house in Pittsburg; and that drafts on the Bank of Pennsylvania at Philadelphia, payable at sight, would be issued at a premium of one per cent. (h).
On the 23d of December, 1806, Albert Gallatin, Secretary of the Treasury, in obedience to resolutions of the House of Representatives of December 8, reported that the Branch at Pittsburg had paid into the United States Treasury during the year ending September 30, 1804, the sum of $225.781.93; during the
(f) December II, 1803.
(g) Gazette, December 16, 1803.
(h) Gazette, January, 1804.
304
HISTORY OF PITTSBURG.
fiscal year 1805, $486,825.45, and during the fiscal year 1806, $477,669.89, or a total for the three years of $1,190,277.27; that the moneys had been drawn from time to time as required, so that the deposits therein fluctuated, and thus average balances or permanent deposits in the Branch could not be given with precision. He also exhibited a table, showing the cash balance belonging to the Govern- ment and remaining in the Branch on the last day of each quarter, as follows: March 31, 1804, $116,123.60; June 30, 1804, $165,637.93; September 30, 1804, $191,781.93; December 31, 1804, $180,732. 39; March 31, 1805, $329.25; June 30, 1805, $155,172.06; September 30, 1805, $67,354.70; December 31, 1805, $2,674.15; March 31, 1806, $28,729.82; June 30, 1806, $98,968.46; September 30, 1806, $42,548.48 (i). There is no doubt that this Branch greatly assisted in laying the foundation of prosperity here and gave manufacturers their first prac- tical ideas of the value of its loans. In fact, while this Branch remained here, it did an enormous business for that day and greatly contributed to the phenomenal growth of the borough from 1804 to 181I.
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