Albany in 1848
Albany Harbor in 1856 (ed was a bustling place, sitting at the crucial intersection of the Erie Canal and the Hudson River. Goods from the American Midwest flowed into Albany through the Erie, Champlain and Oswego canals, and were transferred at the canal basin for shipment to New York City. This flow supported large numbers of wholesale and retail businesses. According to the 1840 census, Albany had 53 commission house, 35 importing houses, 440 retail dry goods stores, 612 grocery and provision stores. And because those goods had to be paid for, there was also a busy financial connection between Albany and New York City, already then the financial center of the country. Albany’s population was also growing quickly: from 24,000 in 1830, the population had reached almost 34,000 by 1840 and would exceed 50,000 by 1850.
St. Paul’s vestry elected in 1848 was representative of this thriving business environment. The two wardens were businessmen with ties across the state and region: William H. DeWitt, a dealer in lumber, and John Tweddle, a malt and hops merchant. Both of these businesses involved major trade across the state and throughout the region, and an especially strong connection with New York City. Two of the vestrymen were also major businessmen. Four vestryman were involved in banking and finance; only two were professionals (one a doctor, the other an attorney).
Bank Note Brokers
Of the four vestrymen involved in banking and finance, two were bank note brokers. At that time, regional banks could issue paper currency. Currency issued by Albany banks was accepted at full value here, but only at a reduced value in New York City; the reverse was true for currency issued by New York City banks. Bank note brokers made their money by buying Albany bank notes at a discount in New York City and carrying them back to Albany where they were redeemed at full value; they could then purchase New York City bank notes at a discount in Albany, and redeem them at full value in New York City. One of our vestrymen reported routinely carrying $20,000 in cash on the steamboats between the cities in this operation.
These two bank note brokers, members of our vestry, were Edward B. Wesley and George Jones. Both were New Englanders, both born in 1811, who had come to Albany for business. And it is they who were instrumental in establishing the New York Times.
Edward Barton Wesley
Born in Leicester, Massachusetts, Wesley came to New York City as a young man. He found employment with a steamboat line that ran between New York City and Albany and quickly learned that he could make extra money by speculating in goods (fish, butter, eggs, vegetables, “nearly everything in the market”) in the New York markets, and shipping them to Albany where he sold the produce for a profit. From this beginning, he moved into brokering bank notes. By 1845, he had set up a brokerage partnership in Albany with Norman S. Washburn. That same year, he was elected to St. Paul’s vestry for the first time.
Jones was born and raised in East Poultney, Vermont. As a teenager, he worked as a clerk and errand boy in a local grocery store. There Jones became friends with Horace Greeley, who was a printer’s apprentice in a newspaper operated by the owner of the grocery store. Like Wesley, Jones went to New York City as a young man. After other business experience, in 1841 he found employment with his friend Horace Greeley, working in the business office of Greeley’s New York Tribune. Here he met Greeley’s editorial assistant, Henry Jarvis Raymond, who was destined to become the third principal in the founding of the New York Times.
In 1842, George Jones moved to Albany, at first running the Albany News Depot, a news agency selling newspapers from New York City and other major cities of the United States and England, as well as magazines and books. In about 1847, he sold the News Depot, and started brokering bank notes, using a desk in the offices of Edward. B. Wesley. It was shortly after this that Jones was elected to St. Paul’s vestry for the first time. Jones had several personal connections to members of St. Paul’s: he also rented office space from Leonard Kip (a member of the church, and brother of William Ingraham Kip), and one of his closest friends was banker Edward E. Kendrick, our treasurer and a member of our vestry.
All Three in Albany in 1850
So, by January 1850, both Wesley and Jones were in Albany, working as bank note brokers in the same office, and serving on St. Paul’s vestry (they were both reelected in April 1850) and the vestry’s finance committee. Jones’ former colleague Henry J. Raymond was also in Albany, having recently arrived as a newly elected member of the New York State Assembly.
Jones and Raymond had discussed creating their own newspaper during their time together on the Tribune in 1841 – 1842, but nothing had come of these plans. Thurlow Weed, politically powerful owner of the Albany Evening Journal, had offered to sell his newspaper to Jones and Raymond in 1848; that offer fell through when one of Weed’s partners refused to sell his shares. Jones and Raymond again discussed the newspaper idea during the legislative session of 1850, but the time seems not to have been right.
Across the Icy Hudson in 1851
The plans only became concrete in early 1851, with Raymond again in Albany, in this legislative session having been elected Speaker of the House. There are two stories about how the discussions were renewed, and both involve a walk across the ice-covered Hudson River, from Albany to the Hudson River Railroad station in Rensselaer.
According to one account, Jones and Raymond were walking across the Hudson to meet Raymond’s father’s train. “When half way over,” Raymond again suggested a new newspaper. Jones responded that he was doing well in his bank note business. Raymond pointed out that a bill was pending in the Assembly which would make the business far less profitable and suggested (jokingly, perhaps) that it would be in his interest to see that the bill passed, if it would encourage Jones to join in his venture.
According to the other account, it was Jones and Wesley who were crossing the Hudson in order to buy copies of the New York newspapers when Jones asked Wesley to join him in his plans with Raymond.
Founding of the New York Times
Whatever the sequence of events, the bill on bank note brokers did pass, and both Wesley and Jones joined Raymond. The original partnership was known as Raymond, Jones & Co., with Jones and Wesley each putting up $20,000 in cash to begin production. The company’s Articles of Incorporation were signed by Raymond, Jones and Wesley. The first issue of the new newspaper, then known as the New York Daily Times, was issued on September 18, 1851, with Henry J. Raymond as editor, and George Jones as business manager.
Jones’ and Wesley’s later roles at the New York Times and St. Paul’s Church
When Jones resigned after only six weeks’ due to bad health, Edward B. Wesley became the Times business manager, and served in that role for most of the newspaper’s first ten years. At the end of his long life, he was angered that Jones was given more credit than he as a founder of the newspaper. Jones, he argued, may have had a larger role in the initial founding, but he (Raymond) was the one who built it up over a decade and ensured its survival.
Edward B. Wesley was on St. Paul’s vestry for a total of seven years, from Easter 1845 until Easter 1852. He lived the rest of his life in New York City, and died there in 1906 at the age of 95, his obituary in the New York Times describing him as “The Dean of the Speculators.” He would be pleased to know that it also gave him full credit as a founder of the Times, as well as the Union Trust Company.
After his resignation, George Jones was not involved with the newspaper for many years. When Raymond died suddenly in 1869, however, he returned to the Times and was its publisher for twenty years.
As long-time publisher of the New York Times, Jones deserves considerable credit for its success. In 1870 – 1871, he supported and encouraged the Times’ investigative journalism into the abuses of Tammany Hall. Jones refused a bribe of $5 million (the equivalent of well over $100 million today) by the city controller, Richard B. “Slippery Dick” Connolly, to stop the attacks.
George Jones was on St. Paul’s vestry for a total of eight years, from Easter 1848 until
Easter 1856. He also lived the rest of his life in New York City, and died there in 1891.
Although Wesley and Jones were not Albany natives, and lived here for less than twenty years, we can take pride in the role our city played in bringing them together in business and in the vestry room of St. Paul’s Church. The next time you pick up a copy of the New York Times, remember the thriving business, financial and social connections between the city of Albany and New York City in the 1850s that brought the newspaper into being.
By Paul Nance from Grains Once Scattered