USA > Rhode Island > Washington County > Westerly > Westerly (Rhode Island) and its witnesses : for two hundred and fifty years, 1626-1876 : including Charlestown, Hopkinton, and Richmond until their separate organization, with the principal points of their subsequent history > Part 26
USA > Rhode Island > Washington County > Charlestown > Westerly (Rhode Island) and its witnesses : for two hundred and fifty years, 1626-1876 : including Charlestown, Hopkinton, and Richmond until their separate organization, with the principal points of their subsequent history > Part 26
USA > Rhode Island > Washington County > Hopkinton > Westerly (Rhode Island) and its witnesses : for two hundred and fifty years, 1626-1876 : including Charlestown, Hopkinton, and Richmond until their separate organization, with the principal points of their subsequent history > Part 26
USA > Rhode Island > Washington County > Richmond > Westerly (Rhode Island) and its witnesses : for two hundred and fifty years, 1626-1876 : including Charlestown, Hopkinton, and Richmond until their separate organization, with the principal points of their subsequent history > Part 26
Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26 | Part 27 | Part 28 | Part 29 | Part 30 | Part 31 | Part 32
CREMATION.
Among the delusions and superstitions that, at different times, have tarnished the medical profession, one has strongly lingered, among the ignorant, even to the present generation. It consists in the whim that in some mysterions way the dead, or the diseases of the dead, may feed upon the living, coupled with the idea that dis- eases have their seat in the vitals of the body. Hence the bodies of persons, dying of a dreaded disease, have been opened, and the heart, lungs, liver, and other parts have been burned as a means of pro- tection to the living.
The black man, Bristoe Congdon, and three of his children, died with the consumption. The body of one of the children was exhumed, and the vital parts were burned in obedience to the dicta of this shallow and disgusting superstition. Similar cases have occurred in more enlightened families.
From a worthy townsman, who made trial of the magic cure in his own case, I have received the following
Recipe for Rheumatism. - Let the patient in person ( not by proxy), on the second day after the full of the moon, just before sun-
-----
256
WESTERLY AND ITS WITNESSES.
rise, go to a poplar tree, and obtain a sprig from the east side of the tree, and rub the naked part or parts of the body affected, with the sprig, and then preserve the sprig in a safe place. The disease will not return so long as the sprig is preserved.
It should be added that this occult practice was imported from the town of Exeter. . One man testifies that he was cured in this man- ner, and had no recurrence of the disorder until, by neglect, the heal- ing sprig was lost.
ART UNIONS.
In 1851 the Legislature of Rhode Island, in their kindness towards the patrons and friends of the fine arts, yielded to the solicitations of certain influential men in Providence and Newport, who desired to form auxiliaries to the famous Art Union in New York, for the encouragement of artists and amateurs of the arts, and passed a special act of indulgence to the citizens of the State, permitting them to form art unions, which, though conducted by tickets and prizes, were not looked upon as lotteries by our legislators, but as a kind of benevolent scheme for aiding poor artists, and hence not militating against the statute of the State prohibiting lotteries and gambling. Human nature had a keener instinct for money than our legislators had for benevolence. Cupidity transformed the act of indulgence into a Trojan horse. At once the State was flooded with art unions ; that is, petty lotteries and gambling schemes. In every town and village greedy men would put up pianos, carriages, horses, house lots, goods, furniture ; in short, whatever they had, by tickets and drawings. By calling the affair an " art union," the law was silenced.
The gambling wave going out from Providence rolled over the State. Westerly suffered her share in the mania and the guilt. When ministers lifted up their voice against the wickedness, they were denounced as meddlers, theorists, and alarmists. But truth finally triumphed, and the legislature hastened to repeal their unfor- tunate act.
CHURCH LOTTERIES.
'To the reproach of the morality of the age, and to the shame of not a few wearing the Christian name, the way had only been too well prepared for the false policy and mistake of our legislators. In building and furnishing meeting-houses, in paying off church debts, in raising ministers' salaries, in procuring libraries for Sabbath schools, in raising funds for various charitable institutions, and for the relief of the poor and disabled, societies, churches, and commit- tees adopted the policy of fairs, grab boxes, and chance schemes in'a multitude of forms; in short, by systems of sugar-coated gambling. Nor have these yet been shamed from the community. For the sake of money, many will consent to the most flagrant frauds. By nam-
257
SWINDLES AND SWINDLERS.
ing these schemes charities, they flatter themselves they have taken away the curse of procuring property without giving an equivalent, while refusing the grace of accepting it as an intended present.
In the wake of these popular iniquities have followed a train of prize concerts and " gift concerts," as they are termed, wherein the buyer of a ticket is admitted to some shallow or sham performance, at the conclusion of which he draws some coveted article or curiosity of the genuine Peter Funk stamp. In one instance a shop-keeper set up his articles marked by numbers, and then sold envelopes, for twenty-five cents, that contained these numbers. A customer might draw a slate pencil, a tin-whistle, a cake of soap, or some galvanized jewelry.
C. W. BANNER & Co.
The most bare-faced and gigantic swindle ever inflicted upon the people of Westerly was introduced in 1866 by a so-called company, named in the circulars, advertisements, and tickets, "C. W. Banner & Co." The agents or runners, polite dandies, stopped at the Brick Hotel, and had their office in their rooms. They entitled their scheme the " Grand Gift Banquet," in which, for tickets at the low price of one dollar, prizes, amounting to two hundred and fifty thou- sand dollars, were to be drawn, ranging from fifteen thousand dol- lars, which was the highest, downward to corner lots, gold watches, and sums of ten and five dollars. The drawing was to transpire in Westerly, Feb. 28, 1867. Flaming circulars, and even a folio sheet, devoted to the lucrative scheme, were scattered over this region, and poured through the post-office to all parts of the country. These circulars named the grand inducements of the enterprise, and mentioned building lots in Westerly as among the prizes. Money rolled into the hands of the sharpers from near and far. Sub-agents were engaged in distant places. It is believed that near one hun- dred thousand dollars came into the pool; certainly as much as seventy thousand dollars were swooped. Persons in the vicinity of Westerly must have invested near ten thousand dollars. In vain did preachers and sensible citizens forewarn the foolish, and expose the tricks of the rogues. Lottery tickets were more potent than reason and all the rules of honesty. The flood swept on. The day of for- tune approached.
Alas ! the golden wheel turned not for the ticket-holders. Before the appointed day, C. W. Banner & Co., and their dandy agents, had disappeared. They left town in the night, one after another, taking different directions, leaving an affectionate female accomplice, the wife of one of the stool-pigeons, to gather the little personal baggage and pay their board bill, and follow the purse-holders. In vain was the wrath, swearing, and threatening of the ticket- holders. C. W. Banner & Co. could never be found; it was a
17
٧
258
WESTERLY AND ITS WITNESSES.
convenient name under which consummate scoundrels fleeced the silly worshipers of Mammon.
We may close our allusion to these corrupting and disgraceful schemes by quoting a card duly issued in type, and which, by reminding us of a certain story found in Holy Writ, indicates the direction often pursued by vile spirits : -
"RAFFLE.
A LARGE HOG, VALUED AT $100. TO BE RAFFLED AT JOE LAFLOUR'S, NOVEMBER 23, 1867.
TICKETS
ONE DOLLAR."
The difference between a " grab box," or a "fish pond," or a "ring cake," in a church or Sabbath school, and " a raffle for a hog " at Joe Laflour's, is only the difference in the spelling of words.
Under the general head of Swindles and Swindlers, perhaps we should refer to those cases, omitting names, of persons, only too numerous throughout our country, who have attempted to accumulate property in defiance of the changeless laws and principles ordained of God for the welfare of society. In the long run, the laws of production and thrift are sure to be vindicated. Whoever despises industry, honesty, and economy must abide the results of his temerity. All grasping for sudden riches ; all inordinate reaching for large wealth; all speculations that aim to fleece the many for the benefit of one; all forcing of markets and prices ; all attempts to live by fashion and dash ; in short, all who despise the great rule, " Value given for value received," and aim after fortunes through covetousness and false principles, must finally experience the recoil of their evil plans and doings in deserved bankruptcy and disgrace. A full history of the failures and losses and bankruptcies, in. any town, would be a forcible commentary upon the text, "God is not mocked; whatsoever a man soweth, that shall he also reap."
The rocks on which ignorant or reckless voyagers founder should be marked for the benefit of the world. Men who propose to launch " upon the sea of business may wisely consider the wrecks floating on that tide, and study the causes of their ruin.
CHAPTER XLVI.
BANKS AND BANKERS.
A CIRCULATING medium of property is indispensable in the prog- ress of society. As trade and exchanges increase and reach abroad, it becomes necessary to have money-changers and banks. These become of more utility when bills of credit and a paper currency are employed to represent the precious metals. Thus finance becomes a business and a science. So our financial agencies constitute a power in shaping society, and furnish an engaging department of our history. As the mercury in the thermometer indicates one of the conditions of the atmosphere around us, so the monetary agen- cies and operations of a people reveal important conditions and ten- dencies of society. Money, be it remembered, is that which repre- sents accumulated labor.
In speaking of the banks and bankers of Westerly and its vicin- ity, we may mention the banks in their chronological order. Our full and interesting account of the Washington Bank has been kindly furnished by the pen of its esteemed Cashier, Charles Perry, the . veteran cashier of the town.
THE WASHINGTON BANK.
The business of Westerly, agricultural, commercial, and mechan- ical, was considerable before the beginning of the present century. Much of the trade of the adjoining towns found its way here ; and the contiguous portions of Connecticut, peopled by a hardy and in- dustrious race, ever ready to turn an honest penny, to say nothing of the other sort, added not a little to the trade of the small village known at that early day, and for many years after, by the cognomen of Pawcatuck Bridge.
Manufacturing, which has since become such an important and leading business, was then confined almost wholly to the family cir- cle, the prudent and hard-working wives and daughters of the sturdy farmers of that day themselves spinning and weaving the cloth, both of flax and wool, then generally worn. These articles were then the products of almost every farm, cotton had not yet been intro- duced, and the honest homespun, if not the most elegant, was unri-
260
WESTERLY AND ITS WITNESSES.
valed in wear. But much inconvenience was felt for want of a sound and sufficient currency. Theold continental issue which had served in the war of the Revolution, had become so greatly depreciated as to be nearly or quite worthless, and could be no longer used. The precious metals, though used to some extent as currency, were so hoarded by capitalists as to leave the supply very stinted, and inad- equate to the public needs. Barter trades were very common, some articles, especially Indian corn, in agricultural districts, being much used as a standard of value.
The whole country suffered much from this deprivation ; and at length, in 1791, the first Bank of the United States was established. Philadelphia, Boston, and perhaps New York, had already local banks, but these were quite limited in number and capital. In Rhode Island, the Providence Bank was chartered in 1791, and the Bank of Rhode Island at Newport in 1795. The third bank in the State was the Washington Bank in Westerly, established in the year 1800, with a capital of $50,000, afterwards increased to $150,000. The charter was obtained at the June session of the General Assembly in that year. It was provided that the original capital be paid in gold and silver.
The Norwich Bank and the Union Bank of New London had been previously started, the former in 1792 and the latter in 1796, and were in successful operation. Some persons connected with that in New London became interested in the Washington Bank, and the Union Bank pattern formed a sort of model in its construction. The first board of directors was chosen at a meeting of the subserib- ers to the capital stock, held at the Pawcatuck Academy (after- wards known as the " old Red School-house "), on the 21st of June, 1800, only about six months after the death of General Washington, in whose honor the bank was named. At this meeting, Rowse Bab- cock (grandfather of the late enterprising and wealthy citizen of the same name) was chosen first director, and subsequently presi- dent of the bank. The other members of the board were, George Thurston, Elisha Denison, Benjamin Butler, Benjamin Hoxsie, Isaac Williams, Dr. Daniel Lee, William Rhodes, Thomas Butler, William Williams, Jr., Thomas Noyes, George Perry, Coddington Billings, John Cross, Jr., and Joseph Potter.
After the death of the first president, which occurred in 1801, Col. Thomas Noyes was elected to that place, and at his death, in 1819, Jeremiah Thurston succeeded, and continued until his death in 1829; when Nathan F. Dixon, who had been long connected with the bank, was elected president, holding the position until his death in 1842. His son, Nathan F. Dison, the present incumbent, was then chosen.
The first cashier was Arnold Clarke, who died of apoplexy in the bank in December, 1805; and Thomas Perry, then of Charles-
1
261
BANKS AND BANKERS.
ton, was called to the place, which he filled until his death, in 1826. His son, Charles Perry, was then appointed cashier in his stead, and has continued in that position to the present time.
At one of the early meetings of the board, before the commence- ment of business, it was "Voted, That a committee of four be ap- pointed, to be associated with the president, for the purpose of direct- ing the number of plates which it will be expedient to have made to give the different impressions to the bank paper, and have them pre- pared accordingly, and to cause the necessary paper to be purchased, and also to have the necessary quantity of paper stamped ; or as their discretion may direct, to compound with the Stampmaster- general, agreeably to the laws of the United States " In pursuance of this resolution, copper-plates were made for the several denomi- nations of bills, by Amos Doolittle, of New Haven. The execution of the work was of the most primitive and rude description. A portrait of Washington, in profile, adorned the left end of the notes, so unlike each other that on the four different notes engraved on a plate they might have been supposed to represent different persons, and perhaps least of all George Washington, but for the wise pre- caution which was taken, to have his name plainly printed over each medallion. A specimen of this bank-note engraving still exists, - a curiosity indeed, - affording rare proof of the improvement which has since been made in this department of the fine arts. It would almost seem that a skillful penman would have little difficulty in pro- ducing a sample of equal, or perhaps superior merit, with his pen. These rude notes, however, in the state of art then existing, supplied our fathers with a circulating medium which met their wants, and which in this case, we believe, was never counterfeited. Some of them were printed by Dr. William Lord, at Stonington, probably on the press of Samuel Trumbull, then a printer at that place.
In after years, Jacob Perkins's stereotype steel plates were used for a time; then plates by P. Maverick, of New York; and after these, plates by Rawdon, Wright, Hatch, and Edson, the latter company forming the basis of the present " American Bank Note Company," which has carried the art to its present high degree of perfection.
The bank commenced business on the 22d of August, 1800, and the first dividend was made for the six months ending on the anni- versary of Washington's Birthday, Feb. 22, 1801. The quaint and formal style then used in declaring the dividend, is now both curious and amusing. The following is a copy : -
" At a meeting of the Directors of Washington Bank February 26, 1801. Voted that the Corporation make a Semi-annual Dividend On the Shares of said Bank, Computed from 22d August 1800. Voted, That the directors of said Bank will Examine and Settle all Bills against the Corporation up to the full End of 6 Mo. from said 22d of August last, and to divide all the Neat Interest after Deducting said bills and Expenses. Said Directors to
*
---------
---
262
WESTERLY AND ITS WITNESSES.
Meet at said Bank for settling said bills on the 5th of March next. Im- mediately after, there shall be a Notification to Stockholders to Meet on 20th day of April to Receive their said Dividends."
From that time to the present, the anniversary of Washington's Birthday, Feb. 22, has been observed as one of the semi-annual periods for the dividend.
For the place of business, Paul Rhodes, who then owned and occupied the hotel standing on the eastern part of the site of the present Dixon House, fitted one of his lower front rooms, under the supervision of a committee of the directors. A stone vault was built at the south extremity of the room, under the gravel hill on which the rear of the hotel stood. This vault, made of massive stones, was secured by two iron doors made by riveting sheet iron upon bars about the size of ordinary cart tire (when new), crossing each other at distances of about eight or ten inches.
The cashier was directed by a vote of the board, "to procure two of the best kind of locks. Those obtained were made by Robert Brown, the village blacksmith, who manifested considerable skill in his work; but the locks were very large and unwieldy. The keys being too large and cumbrous for the pocket, were carried by the cashier in a bag, requiring about the full capacity of an ordinary shot-bag to contain them.
During several of the early years of its existence, the business of the bank was very successful ; the bills obtained a wide circula- tion ; the loans of the bank were large for its capital, and well dis- tributed ; and the returns to the stockholders were ample. In after years, a large number of banks were chartered in Rhode Island and adjoining States, and competition somewhat restricted the business ; some losses also occurred, lessening the profits. Whenever in such case the capital was impaired, the attention of the directors , was turned to making it whole again, by intermitting or entirely stopping dividends for a time. The bank has thus ever maintained its good standing and credit with the public. It has now a surplus of more than $50,000, exceeding one third of its capital stock.
During the long period of its existence, this bank has met the co-operation of many of the leading men of the past [generation besides those already named. Among these may be mentioned, Enoch Burrows, of Mystic ; William Woodbridge and Samuel F. Denison, of Stonington ; Nathan Pendleton, Daniel Packer, Russel Wheeler, and Latham Hull, of North Stonington ;¿ Edward Wilcox and Thomas Hoxsie, of Charlestown ; Jeremiah Thurston, of Hopkin- ton ; and Walter White, Amos Cross, Rowse Babcock, James Shef- field, Nathan F. Dixon, George Wells, and Isaac Champlin, of West- erly. These, and all who have been previously named, have long since passed away.
Of those connected with the Washington Bank in its earlier days,
263
BANKS AND BANKERS.
at least six afterwards became presidents of other banks, namely : Elisha Denison, of the New London Bank ; Amos Cross, Edward Wil- cox, and Rowse Babcock, successively of the Phenix Bank; William Williams, of the Stonington Bank ; and Coddington Billings, of the Bank of Commerce, in New London. To these may be added, of later time, O. M. Stillman, president of the Pawcatuck Bank from its inception. These were hardy, industrious, thriving men, working early and late for the acquisition of property, yet possessing many good traits of character, and bearing within them hearts susceptible of feeling for the woes and sufferings of others; though when applied to for charity, it was their motto that "people must first try to help themselves."
. Among the directors for many years, both before and after the death of Thomas Perry, were Enoch Burrows, Samuel F. Denison, Jeremiah Thurston, Nathan F. Dixon, George Wells, and Isaac Champlin, who were among the most diligent care-takers of the bank, - those living at a distance coming from five to eight miles nearly every week to attend the regular meetings of the board. The present cashier bears grateful testimony to their kindness of heart and consideration towards him in his boyhood, which encouraged and greatly helped him to bear up under responsibilities heavily felt by one so young.
Coming down to the present generation, we find among those who have been directors of this institution, Joseph Potter, William Pot- ter, Dudley R. Wheeler, Jesse L. Moss, O. M. Stillman, Silas Green- man, and others.
The bank continued to occupy its original quarters under the hotel, until the year 1836, when the present building was erected, believed to be the first constructed of the Westerly granite, since so much used and admired in architectural and monumental structures in various parts of the country. In this building the bank adopted the famous locks made by Dea. William Stillman, relying upon them for many years, until convinced, by the great skill and ingenuity of burglars, that forward steps must be taken in order to keep in advance of these light-fingered gentry.
The Westerly Savings Bank has been conducted from its origin in 1854, in connection with this bank.
The Washington Bank was changed from a State bank into the Washington National Bank in 1865.
The officers of the Washington (National) Bank at this time are, Nathan F. Dixon, president ; Charles Perry, cashier ; Charles Perry, Jr., assistant cashier ; Simeon F. Perry, teller; and George C. Fos- ter, book-keeper. An additional clerk is also employed. The three last mentioned, with the help of this clerk, have in charge the busi- ness of both institutions. The present directors of the Washington Bank are, Nathan F. Dixon, Benjamin B. Thurston, Oliver D. Wells,
7
T
264
WESTERLY AND ITS WITNESSES.
Thomas Perry, Charles Maxson, David Smith, Charles Perry, Joseph H. Potter, and Nelson Brown.
THE PHENIX BANK.
The act for the incorporation of this bank was passed in June, 1818. The organization was effected " at the house of Jedediah W. Knight," July 7, 1818. The first directors were, Rowse Babcock, Amos Cross, Resolved Carr, Stephen Wilcox, George Gavitt, John C. Hoxsie. The original capital was $50,000; the first president was Amos Cross ; the first cashier was Jesse Maxson. The banking house was erected near the close of 1818. The capital was increased at different times till it reached $150,000, the limit provided by the charter.
The first president served about five years, when, " by the Provi- dence of God, the office of president became vacant " ; and Edward Wilcox was elected to fill the vacancy. This officer served ten years, when he was succeeded by Rowse Babcock, who served about four years.
Of this third president of the bank, Mr. Rowse Babcock, a photo-engraving of whom we are happy to present to the eyes of our readers, we may be allowed a word of special mention. He was born in Westerly, May 12, 1773 ; married Jan. 31, 1801, to Hannah . Brown, daughter of Lieut .- Gov. Brown, of South Kingstown, and died April 21, 1841, leaving a good name, a large estate for his time, and an honored family. Of solid qualities, sterling principles, and superior business habits, he was the leading and typical merchant of the town in his day.
Mr. Babcock was succeeded by his son, Rowse Babcock, who served until his death. Of this president of the bank, who for so many years served this institution, the town, and indeed the State, we cannot forbear adding a few words of record. He was born in Westerly, May 4, 1803 ; married Mary Townsend, of Newport, April 27, 1852; and died March 6, 1872. His manufacturing enter- prises were carried on, first and last, beginning in 1828, at Niantic, Westerly, Stillmanville, and White Rock. He was also concerned in different branches of trade and commerce with the prominent men of Rhode Island and Connecticut. No man has been so large a bus- iness factor in the life of Westerly as Mr. Babcock, and his name is embalmed in the memories of all for his gentlemanly Christian qualities, his lively interest in the public schools, especially the high school, and in all public affairs.
Mr. Rowse Babcock was succeeded by his brother, Edwin Bab- cock, who is still serving the institution.
The bank had three cashiers while it remained under its State charter. Jesse Maxson served eleven years, and was succeeded by Stephen Wilcox, who served seven. Ethan Foster was appointed
Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.