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THE OLD MERCHANTS OF NEW YORK CITY
Second Series
By Walter Barrett, Clerk
1863
MERCHANT DESCRIPTIONS
CHAPTER 17
MR. DUNCAN P. CAMPBELL
I had prepared a sketch of Mr. Duncan P. Campbell, about six months
ago. It was very imperfect, and knowing him personally, I thought I would
some day or other fall in with him___show what I had written, and get some
points from himself. I took time to accomplish my purpose, for I thought
that I had noticed that Mr. Campbell had been shy of me, since he
ascertained that I was the author of these recollections. The last time I
ever saw him was in Chamber, near Centre street. He complimented me on one
of the chapters that he had recently read. I remarked:
"Some day when you are at leisure I want to talk over old matters."
"Any time," was his reply, as he passed on.
"Any time!" don't hold good with a man who is eighty years old, and
shortly after I read to my amazement and also deep regret:
Died_____On Saturday, Nov. 9th, 1861. Duncan Pearsall Campbell, in the 80th
year of his age.
Very few of the people in the present city of New York, will recognize
this name, or know anything about Mr. Campbell. Yet he was a great man in
this city in his day. Of late years he had hardly been known to take an
active part in public affairs. For twenty years he had frequented a place
called " The Grotto," at 114 Cedar street, kept either by Barnard or by
Patrick Reilly since 1840. I dare say he has spent two or three hours every
fair day in the place, and drank one or perhaps two "mugs" of the unrivalled
old beer kept in the establishment. At about mid-day in fine weather, any
one on Broadway could see a pale-faced man turn into Liberty Street from
Broadway, treading carefully____a shadow of the past____eyeing suspiciously
any face in a town where once, but more than half a century ago, he knew
everybody. When he got safe into Liberty street he passed down by Temple
street into Trinity place, turned the corner, and kept on until he reached
Cedar street, when he looked anxiously at the place where stood the little
two-story building kept by Reilly, as if fearful that that too, like a
thousand other things he had seen, might have passed away or been moved
uptown. So methodical was this old New Yorker, that I do not think, in going
to or from his favorite spot to his home, he ever varied a hair from one
route. He was aged and yet dignified in his bearing until the last hour of
his existence, although of late years he was very feeble. Many will
recollect his old residence at No. 51 Broadway, part way between Morris and
Rector streets. His door-plate had his name upon it in heavy commercial
letters, "Duncan P. Campbell." He had lived in that house from 1810 to 1850,
when he moved up town to 138 Second avenue. In early life Mr. Campbell
married a daughter of William Bayard, and was himself a partner of the house
of Le Roy, Bayard & Co., in the days of its greatest glory. He also married
a second daughter of Mr. Bayard. He was in business on his own account in
Water street, in 1809.
He was honored during the active part of his life with being director
in banks, insurance companies, and many beneficial institutions. He was also
one of the most amiable of men. He was one of the directors of the city
Dispensary in 1815, when old Matthew Clarkson was its president, and his
colleagues were such men as John Watts and Jonathan Goodhue. Peter S.
Townsend was the Secretary. He was in after years Assistant Editor, with
Major Noah, in The Evening Star; and Bennett, of The Herald, crucified him
under the name of Peter Simple Townsend. He was a physician.
Mr. Campbell was one of the most active of those citizens who founded
the savings bank in 1819, and of which his relation, William Bayard, was
president many years. He commenced in 1819, and died in office in 1826. Mr.
Campbell was treasurer from 1819 to 1823.
Mr. Campbell, in 1826, was elected one of the trustees of the College
of Physicians and Surgeons of New York. I may as well note that this
College, established by an act of the Legislature of the State in 1791, has
had among its trustees, since it commenced operations in 1807, some of the
best merchants in New York. For my knowledge of this last fact I am indebted
to Doctor George H. Tucker, who has composed a work of great value, being no
less than a "Catalogue of its Alumni Officers and Fellows from 1807 to
1859." Among many names are George Griswold in 1836, George W. Bruen in
1826.
If Mr. Campbell had died in 1815, he would have had one of those most
extraordinary Knickerbocker funerals, such as had Wynant Van Zandt, Sr., who
died in 1814, and was buried from his old residence, No. 35 William
Street___a fact I forgot to mention in my sketch of him.
Mr. Campbell used to narrate many pleasing matters relative to New
York city___not the least interesting was one relative to the shooting of
Alexander Hamilton, and the taking of his body to the house of William
Bayard, the father-in-law of Mr. Campbell. The latter was twenty-five years
old at the time, and the sad event made an impression upon his mind that was
never forgotten.
He was a man of wealth, and held real estate in the city that was
valued at over $400,000.
THE GREAT HOUSE OF LeROY, BAYARD & CO.
Mr. Campbell felt a just pride in being connected with the great house
of Le Roy, Bayard & Co. People in these days cannot comprehend the feeling.
There are so many large houses that we cannot now even imagine the profound
respect inspired by LeRoy & Bayard. They founded the grand old house in
1790. It had rolled on for thirty-five years, its partners changing its
style sometimes. Le Roy & Bayard, then Le Roy Bayard & Co.___afterward Le
Roy, Bayard & McEvers, and last it was Le Roy, Bayard & Co., in 1824. All
its partners up to this time had been kings, princes, and dukes among the
merchants. Socially, no families stood higher; commercially, none stood so
high. I presume there was less capital in the concern in 1825, than at any
period of its existence since 1790. Its reputation, however, was sound, and
its credit undisputed. In 1826, an event occurred that made the name of Le
Roy, Bayard & Co. ring through the whole world. For a long time they were
the lion house in New York. The event was of this character.
The government of Greece was struggling to free itself from the
tyranny of the sultan of Turkey. It was persuaded that there could be no
salvation, unless a navy could be obtained. This led to a decree of the
Greek government, dated August 24, 1824, authorizing the Greek deputies in
London to purchase or build as speedily as possible eight frigates of
fifteen
guns each side.
At that time there was a strong feeling for Greece in New York. A
committee had been appointed, of which the worthy father-in-law of Duncan P.
Campbell was the chairman. The Greek deputies in London thought they could
not do better than to send this order for eight frigates to be executed in
New York, where they had so many friends, among whom was the "Greek
committee," of which William Bayard was chairman. He was then the head of
the house of Le Roy, Bayard & Co., and his sons_____William Jr., and
Robert___were partners and managers. At that time no Le Roy was actually in
the house, although the name was used. The Greek deputies selected this
house in preference to any other, for information as to the cost of the
frigates. Le Roy, Bayard & Co., on the 7th of December, 1824, sent to London
an estimate of a 50 gun frigate, and stated that the entire cost of such a
frigate, equal to those built for the United States, of live oak, with her
armament, should not cost over $247,500. They agreed by letter to do it for
that sum, if they had the order in hand. They stated that they had a
favorite builder; that they needed a London credit on Baring Brothers or
N.M. Rothschild; that 8 to 10 per cent. premium would be obtained, that the
deputies would have no financial trouble, and that they would attend to the
interests of the government of Greece with their usual zeal towards their
business friends____augmented, if possible, by the sentiments that united
them to the cause of that unhappy country. Here is the estimate sent out. It
is a curiosity in these days of government ship building:
Frame, 20,000 feet live oak at $1,50 per foot.......... $30,000
Other wooden materials.............................................30,000
Labor..................................................60,000
Smith's work........................................20,000
Copper bolts........................................ 8,000
Sheathing copper and nails....................12,000
Joiner's bill............................................ 7,000
Carver's do........................................... 1,200
Painter's do........................................... 3,000
Plumber's do......................................... 1,600
Turner's do........................................... 700
Rigger's do........................................... 1,500
Blockmaker's bill.................................... 1,000.
Ship Chandler's bill including pitch and oakum.............. 4,000
_________
Hull and Spars complete........................................ 180,000
Rigging, one suit of sails, anchors and cables.......... 42,000
Guns and carriages and other expenses................. 25,000
_________
Fifteen hundred tons at $165 per ton................... $247,500
No sooner did the deputies get such a fair, square statement, than
they agreed to order two such frigates in March 1825, and sent out General
Lallemand at a salary of $600 per month. The orders to build were addressed
to him, Le Roy, Bayard & Co., and G.G. & S. Howland, in case of accident.
The agent reached New York in April, 1825. He bought a credit of L25,000
from Samuel Williams, ( a celebrated American banker in London,) and a
promise of a credit from I. & S. Ricardo, the great London bankers, to whom
the loan of L2,000,000 sterling contracted for the Greek government had been
entrusted. On the 15th of April, Le Roy, Bayard & Co. acknowledged receipts
of credits for L50,000 sterling, $250,000. G.G. & S. Howland also signed
this letter. They had got their name in the business through the friendship
of Mr. Williams. It was hoped the frigates would be built by October, and be
in a Grecian port by the month of December. In August, the firm of Le Roy,
Bayard & Co. stated that they could not give the exact cost until the
frigates were completed; but on that very day Commissioner Chauncey, who was
employed to superintend the work, had given an estimate that each would
probably cost $500,000. The deputies in London were kept in ignorance of
this enormous expenditure and ruinous misapplication of their sacred funds.
Had the first estimate been correct, or adhered to, many vessels could have
been built, dispatched, and Missolonghi would not have fallen. Instead of
which, one frigate alone cost $550,000. The two frigates were named one the
Hope, and the other the Liberator. The Hope was built by C. Bergh & Co.,
directed by Le Roy, Bayard & Co. The Liberator was built by Smith & Demon,
superintendent by G.G. & S., Howland.
I presume, in the history of commerce, there never was a more
barefaced grab game practised than these New York Merchants pursued toward
the unfortunate Greeks. The placer was a rich one, and worth digging. The
credit on London was undoubted. The temptation to acquire a large amount of
money was irresistible, and both houses, utterly regardless of their
business reputation, went in. In addition to an extravagance that was
unheard of before in ship-building, three houses charged about $80,000 for
their commission. Instead of completing the vessels in six months, they
overran double that time. They drew over $750,000 at the first start, before
half the hull was completed, $200,000 more than Le Roy, Bayard & Co., had
stated both frigates would cost, and neither was launched.
In addition to this, they sold the sterling bills at nine per cent.
premium, crediting the Greeks only at $4,44, thus pocketing
$76,500____which, added to the commission, gave the agents the nice sum, for
their own pockets, of $156,500. On the 18th November, the Liberator was
launched; a few days later the Hope was launched. About this time old Samuel
Williams, of London, failed, and many drafts came back. However, the
statements were ready;
The Hope Cost..................$438,793 68
The Liberator cost.............$449,130 15
______________
$887,923 83
The commission charged by Le Roy, Bayard & Co., was ten per cent.
On the Hope it was............ $39,844 82
On the Liberator................ 40,770 37
______________
$80,615 19
Which was divided equally between Le Roy, Bayard & Co., and G.G. & S.
Howland.
The ships were ready for sea, but there was a balance due of $137,000,
and Le Roy, Bayard & Co., would not listen to any proposition. The
"money"___"the balance"___was what was wanted by the patriotic house where
its head was chairman of the Greek committee of New York, and who had
scorned about charging commission! The Greeks sent out an agent, Mr.
Contostavlos. He came here, went on his knees to the Bayards and
Howlands___begged in the name of a merciful God____a heroic people___that
they would keep one frigate for security, but allow the other to depart, and
perhaps avert the awful tragedy that a few months later filled the world
with horror, I mean the massacre at Missolonghi. In vain. "Pay up," said
Bayards and Howlands.
Still worse than all____on every bill of exchange drawn, Le Roy,
Bayard & Co., and Howland, deducted a commission at brokerage of about 4 per
cent., or $36,000! This, added to $156,000, makes $192,500____nearly
$200,000, that these two firms received.
Greek patriotism pays well. So matters went on until the 5th of June,
1826, the frigates being kept here, and Le Roy, Bayard & Co. trying to sell
one to the United States. These gentlemen stated that if they sold the
frigate to the government, they should also charge their usual commission of
ten per cent. for the sale. There were a few friends of Greece in this city,
and the idea that the last resources of the unfortunate Greeks were in the
possession of such insatiable merchants, fill them with absolute horror.
Finally it was agreed to leave the arrangement and settlement to
arbitrators, who should sell the frigates, or reesort to any other mode to
arrange with the eminent merchants, Le Roy, Bayard & Co., and G. G. & S.
Howland. These were the arbitrators: Henry C. De Rham, Abraham Ogden, and
Jonas Platt. About this time matters were made more complicated, by its
becoming known that Le Roy, Bayard & Co. were in a very delicate situation,
and supposed to be insolvent. It was of course, unsafe to have so much
property involved in their desperate fortunes.
Both ships were now conveyed to the arbitrators on the 24th of June,
1826, in trust.
They were obliged to make the award within twenty days.
Source: The Old Merchants of New York City
Author: Walter Barrett, Clerk Second series
Publisher: Carleton, Publisher, 413 Broadway
Entered according to the Act of Congress 1863
_____________________________________
Researched, Prepared and Contributed by Miriam Medina
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