THE OLD MERCHANTS OF NEW YORK CITY
        Second  Series

By  Walter Barrett, Clerk
     1863

     MERCHANT  DESCRIPTIONS

       CHAPTER  16


THE  FIRM  OF  N. L. &  G.  GRISWOLD

      I have frequently alluded to hereditary commercial houses. These are
much more common in Europe than here. There a firm continues from the
founder down two hundred and more years. The same name and style being
retained through this long period, and long after any one bearing the name
of the founder is connected with it, and none of the old name in it. This,
however, cannot occur here. A law passed by the State Legislature, in 1833,
prevents it. Now, to continue the style of a house, parties of that name
must be connected with it. This makes not only a hereditary commercial firm
in name, but in fact. It is more difficult now to keep even the same firm
and same name any number of years, but yet there are many firms that do it.
None, however, are more remarkable, than the firm of N.L. & G. Griswold. It
exists to-day in 1861, and it existed in 1796, at 169 Front street, where
the house at that time kept a flour store. George Griswold came to this city
about two years previous to his brother Nathaniel. At that period many
well-known houses of merchants did not find it necessary to put the number
of the street in which they lived. The city was small, and in offering
merchandize for sale, they made it, adding, apply to N.L. & G. Griswold.
Everybody of any consequence knew where such a heavy concern lived. It was
so in 1803, when this house moved from their Front street store to their new
store, No. 86 South street, near Burling Slip. I think, they lived in that
spot a third of a century or more, when they moved to a new rough, granite,
double store, Nos. 71 and 72 South, north corner of De Peyster street. There
is a fitness in things, and the solid stone was just the building for two
such men as Nathaniel and George Griswold. They were grand old fellows. I
can see them in my mind's eye now as they used to look___tall,
imposing____both brothers men that you would take a second look at.

      A bold signature was that of the firm, as written by old Nathaniel. I
have it now before me as, in 1804, he dashed off "Nath'l L. & Geo.
Griswold," with a good old-fashioned flourish under it. These Griswolds,
too, sprang from a grand old race. They were Connecticut born, and came here
from old Lyme, on the Connecticut River. Their ancestor, a six-footer, too,
named Edward Griswold, came over from Kenilworth, England, in 1635, and
settled at Windsor. He had a son named Matthew, born in 1653, who went
afterwards and settled at Lyme, where he was a great man, and  "represented"
that town many years. He died in 1699. He left behind him a son named
George, who was born the 13th August, 1692. That man was the ancestor of the
two Griswold boys who, in 1794____102 years later___left Lyme for a larger
port, at which they were destined in after years to become eminent
merchants.

      I think it hardly necessary for me to say, that if the founders of the
house were both living, George would be about eighty-five years old, and
Nathaniel about ninety.

      When George arrived in this city he was only just of age, and his
brother Nat. a few years older. They were very stout, fine looking young
men, six feet high each, and well proportioned. They were "six feet" men in
all their business operations in after years, when they did an enormous
business. They shipped flour heavily to the West Indies, and in 1804 they
had become large importers of rum and sugar, receiving cargoes of these
articles.

      The merchants in 1861 who do a business of $30,000,000 are not
regarded as doing as large a business as the merchant who, in 1800, did a
business of $30,000 a year.

      I do not know what year this house went into the "China Trade." They
did an immense business in it for years, and made a specialite of it at
last. They owned the ship "Panama," and I do not suppose there is a country
store however insignificant, in the whole of the United States, that has not
seen a large or small package of tea, marked "Ship Panama," and N.L. & G. G.
upon it. Millions of millions of packages must have been imported from the
first to last. In fact, they owned in succession three ships named the
"Panama." The first was 465 tons.  When she became nearly worn out, the firm
of N. & G. Griswold built a second ship of 650 tons burden, named her the
"Panama," as she succeeded to No. 1 in the China trade. When the No. 2
"Panama" got old, the Griswolds built a third ship of 1170 tons burden, and
named her the "Panama."  The three ships in the successive periods that they
fourished, must have made an uncommon number of Canton voyages.

      Many men who were afterwards prominent went out  to Canton as
supercargo of the "Panama." One was a son named John N.A. Griswold, who
resided out there some years. Another was John C. Greene, who afterwards
became a partner in the great Canton house of Russell & Co. When he retired
from business and returned to this country, he married a daughter of Mr.
George Griswold.

      Another daughter married George Winthrop Gray, who has been identified
with the house of N. L. & G. Griswold, as a partner, over a quarter of a
century, and is well known to all New Yorkers. I believe Mr. Gray is from
Salem or Boston, where the name of William Gray is as noted as Astor in New
York, or Girard in Philadelphia.

      This house, like many other houses from the Eastern States and ports,
did an immense business by merely selling, chartering or freighting new
ships. A ship-builder East would build a large ship____sixty years ago, a
ship of 350 tons would be the very largest kind of a vessel. He would send
on, for instance, such a ship as I have now an account sale of before me. It
was the ship "Windsor." She was new, built of the best materials; her upper
works were all of live oak, locust and cedar, fastened with wrought copper;
duck and cordage of the first quality; completely found in sails, rigging
and furniture, and needed nothing whatever. They built ships strong and good
in those days. There was less fancy work; but all was solid and substantial,
as many merchants and ship owners were their own insurers. The fact is,
fifty or sixty years ago, there was not much capital in the city of New
York; ships and cargoes were generally found in Eastern ports___Salem,
Boston, New Bedford, and other places. There were few houses that like N. L.
&
G. Griswold, were able to own ships, and make up long voyages, requiring
great
outlay on their own account.

      In their day, or after the war, the duty on tea was enormous. Green
tea paid as high as sixty-eight cents per pound. Black tea as high as
thirty-four cents, from Canton. In all cases the duty was twice or three
times the cost of the teas in Canton. The credit given by the United States
Government was twelve and eighteen months. This, of itself, became an
immense capital to any house engaged in the China trade. They could raise
say $200,000 and send it in specie or merchandise in their ships. These
ships left in May. In a year they would be back loaded with teas. Merely
supposing the duty double the cost in China, (it was four times on
low-priced black teas,) the teas would be worth at least double, being
$400,000. Add freight at a fair profit, would make the cargo worth $500,000
at least. These teas would be sold, on arrival, to grocers at four and six
months credit.  These notes would be discounted easily, while the Griswolds
had to pay duty, $200,000, half in a year and half in eighteen months! Thus
really having of the United States an independent capital to do an enormous
business.

      However, the house of Griswolds did a safe but heavy business. That
concern needed no capital but its own. Still many houses did go into this
kind of business merely to get capital for other operations, as for
instance, many imported brandy that had an enormous duty, forty years
ago___about eighty cents a gallon. Government gave a credit of six, nine,
and twelve months. Many, however, imported largely, sold to grocers, got
their paper discounted, and had two thirds of their money to use nine and
twelve months!

      Singular as it may seem, both George and Nathaniel made a great deal
more money outside of the business than in it.  "Old Nat" got up a dredging
machine. He went up to Albany and made a contract to clean out the Albany
basin, and also the overslaugh. He must have cleared over $100,000 by the
contract. He also used it in New York at various slips. Then he built
machines here and sent them South to work.  There was an Albany man named
Williams who used to be very thick with him, and had an interest in some of
the city jobs. Mr. Griswold would hire docks from the Corporation at so much
a year_____generally a low figure, and then re-hire them and collect the
wharfage himself. Nathaniel Griswold lived in Cliff street many years,
afterwards at No. 3 Robinson (3 Park place.) Formerly Robinson street ran
from Broadway to the College Green, and then continued from it on the
western side to the North river; but in 1813, the name was retained west of
the college, while east it was changed to Park place. In 1819, old Nathaniel
moved to 78 Chambers street, where he resided until he died in 1847.  That
year his widow and the family, as well as Nathaniel L., Jr., moved up to No.
136 Tenth street.

      Old Nathaniel had several sons and daughters. At the time of his
father's death, Nathaniel L. Jr. was in business at 92 South, under the firm
of "I.L. & N. L., Griswold," and had been for some years, I believe. I. L.
is another son. Nathaniel L. Griswold still carries on business at 102 Broad
street.

      The oldest daughter of Nathaniel Griswold married Charles C. Havens.
She has been dead many years. Another daughter married Peter Lorillard.
Another married Alfred H.P. Edwards, who was consul at Manilla, in the East
Indies, many years, and did a very heavy business out there. These young
ladies were all very handsome. Mr. Griswold built the house in Chambers
street, No. 78. It stood near where the "Shoe and Leather Bank" now stands,
within twenty-five feet of the rear of that splendid edifice, that now
graces the south-west corner of Broadway and Chambers street.

      Old Nathaniel Griswold was very quiet, and retiring. He cared nothing
about being a bank director, or having anything to do with any one's
business but his own. He differed from George in that respect. As early as
1807, George was made a director in the Columbia Insurance Company. From
that time until he died he was honored with being a director in almost every
society or monopoly of any importance. He was a man to be trusted, and he
like activity. I have already alluded in a previous chapter, to the manner
in which the Bank of America, with its immense capital, was started in 1812,
to take the place of the then defunct United States Bank. Mr. George
Griswold was, at that early period elected a director and he continued to be
one for scores of years.

      George Griswold was of a very speculating turn of mind. He operates
heavily in land speculations. He was in 1836 and 1837 extensively engaged in
Brooklyn purchases. He was an enterprising man and a thorough merchant. He
was in 1814 a director in the "Humane Society" of which Matthew Clarkson was
president. I do not know how long that lasted. George Griswold too, was
connected with Swartwout's gold mine operation in 1836. Gold was to be
coined in North Carolina faster than it was afterwards in California. That
speculation also smashed up. He was greatly respected, and the house of N. &
G. Griswold has given wealth to the city.

      George Griswold died in 1859, at his house No. 9 Washington square. He
had a large and interesting family. Two of his sons succeeded him in the
house that he established___viz.: John N. Alsop Griswold and George
Griswold, Jr. Two daughters married Gray and Greene, another married J.W.
Haven, fomerly of Haven & Co., 24 Broad Street, twenty-five years ago, and
of whom I have written. Another married Mr. Frelinghuysen, of New Jersey. He
was recently Attorney General of that State.

      Mr. George Griswold made an excellent presiding officer at political
meetings, or at popular meetings for any other purpose. He was always ready
to do his part in promoting the interests of the city. He loved it. He felt
the degradation of the New York merchants. He felt that here, in this great
city, the merchants were what Nick Biddle once designated them____"wealthy
white slaves."  Now and then a scheming lawyer would rouse up a few of the
class to take an interest in politics for some specific purpose. George
Griswold mourned the degeneracy of the race of merchants in his latter days.
At the commencement of his career, the glorious conduct of the merchants of
1776 was fresh. Those noble old merchants were alive. He himself had met
John Hancock, of Boston, and Francis Lewis, of our own city, both
merchants____both signers of the immortal Declaration of Independence. When
George Griswold arrived in New York in 1794, he could not turn a corner
without meeting honored merchants of the city, who had been the "Liberty
Boys" of the Revolution.

      In those years, none but the merchants ruled the city. There were
seven wards. Of the fourteen Aldermen and Assistants, twelve were merchants.
George Griswold felt that so it ought to be to the end of time. That
merchants should rule___should command, and not be mere tools, as they had
been. Merchants should rule the city, and represent it in the State
Legislature and in Congress. He was ready with his money at any time to
spend it freely to give the merchants political power. It seemed to him at
times that there were no merchants with brain power, or of an intellect
equal to other classes of society.

      It not unfrequently happened that a few merchants would spend, in some
abortive political effort, more money than it would cost to elect six
intelligent merchants to Congress, if properly spent. As an instance. In the
spring of 1852,  a few lawyers, such as Hiram Ketchum, Wm. M. Evarts, George
Wood, and others, wished to get up a great city demonstration for Daniel
Webster. The Whig National Convention was shortly to come off in Baltimore,
and these scheming lawyers thought that if an immense sensation meeting was
got up, they would be able to elect Webster delegates from all the districts
in the city. The merchants of New York, although they never initiate any
great political scheme, are always ready to be the tools of any lawyer, and
as a general rule, they regard lawyers as several degrees higher in the
social thermometer, higher intellectually, and they bend and bow to them.
The men I have named, set George Griswold, Moses H. Grinnell, P. Perit, all
bell-weather merchants, to get up this meeting in favor of Webster at
Tripler
Hall. It was accomplished and cost directly $5,370. The advertising bills
paid newspapers was $1,200. George Griswold presided, and it cost him a
large check. It had no more effect upon Webster's prospects than a snow
flake. Not a delegate was friendly to Webster from New York and the
Convention nominated Gen. Scott.
      George Griswold had some noble traits. There are very few persons in
this city who do not know George S. Robbins. George started the dry goods
business in Pearl street, at No. 211, on his own account, in 1822. The next
year he moved to 148 Pearl street and there he kept until the great fire of
1835. His firm for a few years had been Robbins & Painter. The fire fixed
George S. Robbins. Insurance companies were ruined and did not pay their
losses. George Robbins, like George Griswold, came from the banks of the
Connecticut, and they were good friends. After 1837 his affairs were at a
very low ebb. He scratched his head often and vigorously, without producing
any new commercial idea. At that time, 1837, he was back at a new store, at
the old number, and in 1838, he moved to 114 Water___Robbins, Painter &
Co.___there they kept until 1840, when Mr. Robbins moved to 54 William
street, above. In these years, and long after, there were no regular
note-brokers, as now. A few large broker houses, such as Prime, Ward & King,
and John Ward & Co., did this kind of business to a limited extent.  George
Robbins paid George Griswold a visit, to take his advice. He got advice, and
he also got $30,000 as a loan at 6 per cent. interest per annum, without any
security being asked. With this capital George S. Robbins commenced business
at the corner of Pine and William, where once Wm. Niblo had his "Bank Coffee
House," and in latter years the great auction house of  Haggerty, Draper &
Jones flourished. In this locality the banking house of George S. Robbins &
Son still exists, as it has in the same place for twenty years, enjoying
uninterrupted prosperity, and discounting more notes than any bank. The
foundation of this prosperity was owing to George Griswold.

      The two Griswolds are in their graves, but they will long be
remembered, and certainly they added greatly to the prosperity of their
adopted city.

      A sketch of Duncan Pearsall Campbell, who died recently, and was
buried at Trinity, will appear in the next chapter. He was 80 years old. He
was once of the firm of Le Roy, Bayard & Co., and a son-in-law of William
Bayard.




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
                  For the Brooklyn Information Page

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