Part 10

an eminent American Statesman, and third President of the United States, was born April 2, 1743, at Shadwell, Virginia, near the spot which afterwards became his residence, with the name of Monticello. He was the oldest son in a family of eight children. His father, Peter Jefferson, was a man of great force of character and of extraordinary physical strength. His mother, Jane Randolph, of Goochland, was descended from an English family of great note and respectability. Young Jefferson began his classical studies at the age of nine, and at seventeen he entered an advance class at William and Mary College; on his way thither, he formed the acquaintance of Patrick Henry, who was then a bankrupt merchant, but who afterwards became the great orator of the Revolution. At college, Jefferson was distinguished by his close application, and devoted, it is said, from twelve to fifteen hours per day to study, and we are told became well versed in Latin, Greek, Italian, French, and Spanish, at the same time proficient in his mathematical studies. After a few years course of law under Judge Wythe, he was admitted to the bar in 1767. His success in the legal profession was remarkable; his fees during the first year amounted to nearly three thousand dollars. In 1769, Jefferson commenced his public career as a member of the Virginia House of Burgesses, in which he had while a student of law, listened to Patrick Henry’s great speech on the Stamp Act. In 1773 he united with Patrick Henry and other revolutionary patriots in devising the celebrated committee of correspondence for disseminating intelligence between the Colonies, of which Jefferson was one of the most active and influential members. He was elected in 1774 to a convention to choose delegates to the first Continental Congress at Philadelphia, and introduced at that convention his famous “Summary view of the rights of British America.” On the 21st of June, 1775, Jefferson took his seat in the Continental Congress. His reputation as a Statesman and accomplished writer at once placed him among the leaders of that renowned body. He served on the most important committees, and among other papers drew up the reply of Congress to the proposal of Lord North, and assisted in preparing in behalf of the Colonies, a declaration of the cause of taking up arms against the Mother Country. The rejection of a final petition to King George, destroyed all hope of an honorable reconciliation with England. Congress, early in 1776, appointed a committee to draw up a Declaration of Independence, of which Jefferson was made Chairman; in this capacity he drafted, at the request of the other members of the committee, (Franklin, Adams, Sherman, and Livingston), and reported to Congress, June 28, the great Charter of Freedom, known as the “Declaration of American Independence,” which, on July 4, was unanimously adopted, and signed by every member present, with a single exception. “The Declaration of Independence,” says Edward Everett, “is equal to anything ever borne on parchment, or expressed in the visible signs of thought.” “The heart of Jefferson in writing it,” adds Bancroft, “and of Congress in adopting it, _beat for all humanity_.” After resigning his seat in Congress, Jefferson revised the laws of Virginia; among other reforms, he procured the repeal of the laws of entail, the abolition of primogeniture, and the restoration of the rights of conscience, a reform which he believed would abolish “every fibre of ancient or future aristocracy;” he also originated a complete system of elementary and collegiate education for Virginia. In 1779, Jefferson succeeded Patrick Henry as Governor of Virginia, and held the office during the most gloomy period of the Revolution, and declined a re-election in 1781. In 1783, he returned to Congress, and reported the treaty of peace, concluded at Paris, September 3, 1783, acknowledging the independence of the United States. He also proposed and carried through Congress a bill establishing the present Federal system of coinage, which took the place of the English pounds, shillings, pence, etc., and also introduced measures for establishing a Mint in Philadelphia, (the first public building built by the general Government, still standing on Seventh street, east side, near Filbert). In 1785, he succeeded Dr. Franklin as resident Minister at Paris. In organizing the Government after the adoption of the Constitution, he accepted the position of Secretary of State, tendered him by President Washington during his first term. Jefferson was Vice-President of the United States from 1797 to 1801, and President for the two consecutive terms following. After participating in the inauguration of his friend and successor, James Madison, Jefferson returned to Monticello, where he passed the remainder of his life in directing the educational and industrial institutions of his native State and entertaining his many visitors and friends. His death occurred on the same day with that of John Adams, July 4, 1826.

ALEXANDER HAMILTON,

Statesman, orator, and financier, born in the West Indian island of Nevis, 11th of January, 1757. His father was a Scotch merchant, and his mother was the daughter of a French Huguenot. He was educated at King’s College, N. Y. When he was 18 years of age he surprised the people by his public speeches and pamphlets in favor of American independence. He was commissioned Captain of a Company of Artillery in March, 1776, and served with distinction at the battles of Long Island, White Plains, Trenton, and Princeton, and was appointed Aid-de-camp and Private Secretary to General Washington in March, 1777, and gained his special favor and confidence in planning campaigns and devising means to support the army. In 1782 he was elected a member of the Continental Congress, and Washington expressed the opinion that no one excelled him in probity and sterling virtue. He was an active member of an anti-slavery party in New York, and offered a resolution in 1784, that every member of that society should liberate his own slaves. He was a delegate to the convention which met in Philadelphia in May, 1787, to form a Federal Constitution and to promote the Union of the States, and it appears was the principal author of the movement. Hamilton was appointed Secretary of the Treasury in 1789, at the time the nation was burdened with a heavy debt, almost destitute of credit, and on the verge of bankruptcy. The results of his financial policy were the restoration of public credit, protection to American industry, and a rapid revival of trade and commerce. He resigned his office to resume his practice of law, January 31, 1795. He declined the position of Chief Justice of the Supreme Court of the United States previously tendered him. Washington testified his great esteem for Hamilton by consulting him in the preparation of his Farewell Address, as well as in many other acts of his noble career.

In 1804, Aaron Burr, presenting himself as a candidate for Governor of New York, but Hamilton opposed his election expressing the opinion that “Burr was a dangerous man and unfit to be trusted with power.” The election of Gen. Lewis blasted the ambitious projects of Burr, who insolently demanded an explanation of Hamilton, and finally challenged him, Hamilton accepted the challenge, was mortally wounded at Weehawken, and died July 12, 1804. His death was profoundly lamented throughout the country.

NOTE.—His eldest son had been killed in a duel by a political adversary about 1802. Mr. Hamilton was the principal author of the Federalist, and the real father of our financial system. Immediately after adopting the constitution, he strongly advocated the establishment of a Mint, so that the New World would not be dependant on the Old for a circulating medium.

HON. JAMES PUTNAM KIMBALL,

PRESIDENT DIRECTOR OF ALL THE MINTS,

was born in Salem, Mass., April 26, 1836. After graduating at the High School of his native town in 1854, he entered the Lawrence Scientific School of Harvard University. In the summer of the following year he went to Germany, and matriculated at the University of Frederick Wilhelm, Berlin, in the Fall of the same year, and was graduated at the University of George Augusta, at Gottingen, in the Autumn of 1857, with the degrees of Master of Arts and Doctor of Philosophy. Upon his graduation he entered upon a practical course in Mining and Metallurgy, at the Mining School of Freiburg, in Saxony.

After making a tour of the Continent and England, he returned home and engaged as the Assistant of Prof. J. D. Whitney, now of Harvard University, in the State Geological Surveys of the States of Wisconsin and Illinois, embracing the Upper Mississippi lead region. He continued with Prof. Whitney during the survey, comprising the southeastern part of Iowa.

On the establishment of the New York State Agricultural College at Ovid, the foundation of which was subsequently merged with that of Cornell University, Dr. Kimball was appointed to the Chair of Professor of Chemistry and Economic Geology. Upon the appointment of the President of the college, Gen. Patrick, as Brigadier-General of Volunteers, Dr. Kimball became that officer’s Chief of Staff, with a commission from the President of the United States, as Assistant Adjutant-General of Volunteers, with the rank of Captain. This was in 1862. His first service in the field was with the Army of the Rappahannock, under Gen. McDowell. He took part in numerous engagements, notably, those of Groveton, Manassas, Chantilly, South Mountain, Antietam, Fredericksburg, Chancellorsville, and Gettysburg. General Patrick having been assigned to duty as Provost-Marshal of the Army of the Potomac, Capt. Kimball accompanied him, and served on the General Staff of that army under Generals McClellan, Burnside, Hooker, and Meade, successively.

When the army went into winter quarters, Capt. Kimball, whose health had become impaired, resigned from the army, and settled in New York. He resumed the practice of his profession as Mining Engineer and Metallurgist. Upon his marriage, in 1874, he accepted an honorary Professorship in Lehigh University, Bethlehem, Pa., removing from New York to one of the houses in the beautiful park and grounds of that institution, though retaining his office and business in New York City.

Dr. Kimball has been largely identified with the mineral development of Bedford County, Pa., and at the time of his appointment as Director of the Mints, was President of the Everett Iron Company, whose blast furnace, built in 1883-84, is one of the largest and finest in this country. As a scientist he is a contributor to various scientific journals at home and abroad, and among others the _American Journal of Science_, published at New Haven. Several of his papers have appeared in the proceedings of the American Institute of Mining Engineers, of which he has been Vice President. Dr. Kimball has traveled extensively in the United States, Mexico, and the West Indies, in prosecuting his professional practice, and as a man of scientific accomplishments and of affairs, bears a deservedly high reputation.

Dr. Kimball comes of Revolutionary stock. His paternal great-grandfather, William Russell, of Boston, was associated with the Sons of Liberty, and the leaders in public affairs in the times that tried men’s souls. He was present, disguised as an Indian, and assisted in the famous Tea Party in Boston harbor on the memorable 16th of December, 1773. Later, Mr. Russell was adjutant of the Massachusetts Artillery, raised for the defense of Boston, and which served in the Rhode Island campaign of 1777-78. Still later, while serving as Secretary to Commander John Manley, of the U. S. war vessel Jason, Russell was captured by the British frigate Surprise, and confined in Mill prison till June 24, 1782, when he was exchanged. But so sturdy a patriot could not rest unemployed, and twenty days after his liberation, found him again in the naval service. He was again made prisoner by the British, in November following, and consigned to the notorious British prison ship, Jersey, lying off New York.

An anecdote is related by Mr. James Kimball, father of the subject of this sketch, in a memoir on the Tea Party in Boston harbor furnished the Essex Institute Historical collections (1874), which illustrates the temper of Mr. Russell as a patriot. Returning to his home after the destruction of the tea, he took off his shoes, and carefully dusted them over the fire; he then took the tea canister and emptied its contents. Next morning he had printed on one side of the canister, “Coffee,” and on the other, “No Tea.” This was the brief decree of banishment promulgated by the Tea Destroyers, and the prohibited luxury disappeared from their tables.

HON. JOHN JAY KNOX.

Late Comptroller of the Currency, now President of the National Bank of the Republic, New York City, we are indebted to _The Financier, August, 1885_, for the following biographical sketch:

Hon. John Jay Knox was Comptroller or Deputy Comptroller of the National currency for seventeen years. He was born in Oneida county, New York, March 19, 1828. His ancestors were Scotch Irish, and came originally from Strabane, County Tyrone, Ireland, in 1759. He received his early education at the Augusta Academy and the Watertown Classical Institute, and was graduated from Hamilton College in the Class of 1849. Among those in college with him were Senator Hawley of Connecticut, and Chas. Dudley Warner. After leaving college he became teller in a bank at Vernon, of which his father was President, at a salary of $300 a year, where he remained from 1850 to 1852. He spent some time in the Burnet Bank at Syracuse, and was afterwards cashier of the Susquehanna Valley Bank at Binghampton. He and his brother, Henry M. Knox, established a banking house at St. Paul, Minnesota, in 1857, shortly before that State was admitted into the Union.

The first steamboat launched on the Red River of the North, establishing a most important communication for the business interests of Minnesota, was transported in the dead of winter across country on runners, from Sauk Rapids to Breckenridge, and Mr. Knox was one of the few who paid the expenses of the enterprise.

In the financial discussions which preceded the establishment of the National banks, Mr. Knox took a prominent part, and made many valuable suggestions on the currency question. He advocated a safe and convertible currency, the issue of a uniform series of circulating notes to all the banks, and the guarantee by the Government of circulation secured by its own bonds.

In 1862 he was introduced to Secretary Chase and the Hon. Hugh McCulloch, then Comptroller of the currency. The attention of the Secretary had previously been attracted to the financial articles of Mr. Knox, published in _Hunt’s Merchants’ Magazine_.

He was shortly afterward appointed to a clerkship under Treasurer Spinner, and was subsequently transferred to the office of Mr. Chase, as disbursing clerk, at a salary of $2,000 a year. After three years in this position he became cashier of the Exchange National Bank at Norfolk, Va., but finding the southern climate uncongenial, after a year he returned to Washington. He was commissioned by Secretary McCulloch to examine the mint at San Francisco, and to select a site there for a new one. His report upon the Mint service of the Pacific Coast was printed in the Finance Report of 1866, with a complimentary notice by the Secretary. The site selected was purchased from Eugene Kelly of New York for $100,000.

He subsequently visited New Orleans and discovered a deficiency of $1,100,000 in the office of the Assistant Treasurer. He took possession of that office, and for some weeks acted as Assistant Treasurer of the United States.

The promotion of Mr. Knox to the office in which he was able to do himself the most credit, and perform those services to the country which are part and parcel of its financial progress, occurred in 1867. At this time a vacancy was brought about in the Deputy-Comptrollership of the Currency, and Secretary McCulloch appointed him to fill it. Until May 1, 1884, he remained as Deputy or head of the Bureau, his terms of office being as follows: Five years as Deputy-Comptroller, from 1867 to 1872; five years as Comptroller, from 1872 to 1877, appointed by General Grant; five years, second term as Comptroller, from 1877 to 1882, by President Hayes, on the recommendation of Secretary Sherman—the reappointment being made without his knowledge, before the expiration of the preceding term, and confirmed by the Senate without reference to any committee. He was again reappointed, by President Arthur, April 12, 1882.

In 1870 he made an elaborate report to Congress (Senate Mis. Doc., No. 132, XLI. Cong., 2d Sess.), including a codification of the Mint and Coinage laws, with important amendments, which was highly commended. The bill which accompanied the report comprised, within the compass of twelve pages of the Revised Statutes, every important provision contained in more than sixty different enactments upon the Mint and Coinage of the United States—the result of eighty years of legislation. This bill, with slight amendments, was subsequently passed, and is known as “The Coinage Act of 1873;” and the Senate Finance Committee, in recognition of his services, by an amendment, made the Comptroller of the Currency an _ex-officio_ member of the Assay Commission, which meets annually at the Mint in Philadelphia for the purpose of testing the weight and fineness of the coinage of the year.

Through his official reports, twelve in number, and his addresses on the currency question, Mr. Knox has indirectly exercised great influence in financial legislation, and he took an active, though quiet and unassuming part, in the great financial _coup d’etat_ of the resumption of specie payment.

In April, 1878, he accompanied Secretary Sherman and Attorney-General Devens to New York, and arranged a meeting between these two members of the Cabinet and the officers of ten of the principal banks of the city at the National Bank of Commerce, with the view of negotiating the sale of $50,000,000 of 4½ per cent. bonds, the avails of which were to be used for resumption purposes. The Presidents of the banks, who were present, gave Secretary Sherman no encouragement as to the purchase of the bonds at the rates proposed by him. Upon the return of the Secretary and Comptroller to the Fifth Avenue Hotel, in the evening, they were met by August Belmont, who had a cable dispatch from the Rothschilds, authorizing a purchase of the whole amount at a premium of one and one-half per cent. for the account of the syndicate. Upon the following day the Secretary and the Comptroller returned to Washington, after an absence of three days, and the success of the negotiation was announced, much to the chagrin of some members of the Finance Committee of the House of Representatives, who were then bitterly opposing the scheme proposed by the Secretary for the resumption of specie payments. This negotiation was the first of a series of brilliant financial transactions preceding and following resumption on January 1, 1879.

Subsequently he arranged a conference, which was held in the Treasury at Washington, in the evening, between leading bank officials of New York and Secretaries Sherman and Evarts, which resulted in the admission of the Assistant Treasurer as a member of the clearing house, and the receipt by the banks of legal tender notes on a par with gold; and in 1881, by request of President Garfield, he attended a conference in New York between the leading financial men of the city and Secretary Windom and Attorney-General McVeagh, which resulted in the issue and successful negotiation of three and one-half per cent. bonds.

At the time of his resignation, Mr. Knox was the oldest officer in term of service in the department. One of the leading financial writers in the country, in noticing his retirement, in the _Nation_ said:

“The retirement of Mr. John Jay Knox from the office of Comptroller of the Currency is a loss to the public service of no common kind. The intelligence which he has brought to the complicated duties of his office has never been surpassed in any similar station, and has not been equalled in the particular station which he has so long filled. The National banking system owes much of its present carefulness in detail management to his mastery of all the facts and principles of sound finance. His annual reports embrace perhaps the most complete and satisfactory arrangement of information needful to the business-man, the student, and the legislator that has ever been furnished in this country on any economical subject. Mr. Knox resigns the Comptrollership to take the Presidency of the National Bank of the Republic of New York City.”

In a speech before the Merchants’ Club of Boston, in February, 1885, Mr. Knox alluded to the subjects of civil service reform and the coinage of silver in the following trenchant language:

“The platforms of both parties in the late campaign contained nothing but platitudes upon the silver question, which should have been the burning issue. The candidate of the Republicans seemed to avoid the issue in his letter of acceptance, rather than to express the sentiments of the best men in his party. The candidate of the Democrats said nothing. Yet I am told by good authority that Governor Cleveland is earnest in his desire to stop the coinage, and that nothing would please him more than to have a clause inserted in an appropriation bill which would repeal the law which was passed in the interest of silver miners when the whole production is not equal, according to Edward Atkinson, who is an authority upon such subjects, to the production of eggs by the hens of this country! If Governor Cleveland has the bottom and pluck to carry out these two reforms, his administration will be one of the most memorable in the annals of the country. It will elevate not only every branch of the civil service, but will greatly improve the character of the representatives sent to Congress from every State of the Union, and will serve to lift the depression which now burdens every industrial interest. It will require some intellect to work out these reforms. But it will require more bottom than brains, and if he has the grit to stand by his pledges, he will have the united support of all intelligent, upright, and honest men everywhere without distinction of party.”

Mr. Knox has written a valuable book, which is justly popular, entitled “United States Notes.” It is published by the Scribners, and republished in London, and is a history of the various issues of paper money by the Government, and is said by George Bancroft to be “a clear, thorough, able, accurate and impartial work on United States Notes.”

THE COINAGE ACT OF 1873.

The enactment of the Mint Law of 1873 marks an era in the Mint Service of the United States. Prior to this, the Director of the Mint at Philadelphia was the Director of all the Mints—the institution at Philadelphia being regarded as the “Mother Mint,” and the others, at San Francisco, New Orleans, etc., were called Branch Mints. Each branch had its Superintendent, reporting direct to Philadelphia. But the authors of the Act of 1873 regarded the Mint Service as so large and important a part of the Government, that it should be constituted a separate Bureau of the Treasury, with the Director located at Washington. One of the promoters of this Act was the Hon. John Jay Knox, late Comptroller of the Currency, and now President of the National Bank of the Republic, New York. The following sketch of the origin and history of the new law may prove of interest. It was originally published in Rhodes’ Journal of Banking, July, 1884. Referring to Mr. Knox, the author says: