6/9/20 6/9/20 R.E, Note E. fromes was Treasures 400 of the Harvard University immediately prior to the maternal 1830-42 tenure of the pated SKETCH OF THE LIFE grandfather of George B. Dorr, OF THE LATE Threads When Ward. EBENEZER FRANCIS, OF BOSTON. Robert BY R. M. MASON. [Robert Means Mason] From Hunt's Merchants' Magazine for April, 1859, New York : PRINTED BY GEORGE W. WOOD, NO. 9 DUTOR STREET. 1859. Merchants Magazine and Convertial Revered 436 Mercantile Biography: Vol. 40 (1859). article made a difference of $23,000,000 in the imports. In dry goods of all descriptions the decline was also large, being comparatively as follows :- 1856. 1857. 1858. Woolens $38,626,857 $33,611,862 $30,508,726 Cottons 30,180,363 32,948,039 21,339,286 Silks 34,053,018 30,834,299 22,971,533 Linens 11,898,868 12,134,261 6,994,751 Total $109,750,091 $100,328,441 $81,814,296 The tariff of 1857 admitted wool, costing 20 cents per pound and less, free, and rated all costing above that price at a duty of 24 per cent. During the last fisual year the receipts of woul were unusually large, the market being previously quite bare, and prices here having ruled very high, so as to attract shipments from various other markets. A consid- erable portion of the receipts, however, were not consumed here, the revulsion in trade, and the disordered condition of our woolen manufac- tures, having depression prives far below the cost of importation, and led to reshipments wh peter IL was practicable, The advantage of a free market in this parti plan lass been sensibly felt in the rapid recovery of prices, and the in all branches of the trade. The decline in the market valite of wool was owing to the sudden papie, which affected all commercial and manufacturing inferests, and not to an overstock of foreign woul competing with the American production. Note: F.Francis preceded Thomas Wren Ward as Harvard College Treasurer. Art. III. TERCANTILE BIOGRAPHY: EBENEZER FRANCIS, OF BOSTON. THE history of every self-made man is interesting and useful, Probably no kind of narrative is read with more avidity and profit than that which records the lives of those artificers of their own fortune, who, possessed of great intelligence and moral worth, joined to strict integrity in busi- ness, have struggled through numerous difficulties, and surmounted all obstacles, in attound re-mm/ment success. For this reason, were there no other, it series 1690 proper to record the life of such a man as the late Mr. Ebenezer Francis, who was so remarkable in many respects that he ought to be had in Invembrance, and not be allowed to pass off the stage without an attention to bring to public notice some of those attributes which marked his character and shed their luster upon a life prolonged to a very old age. To the young men, growing up in a business com- munity, it can hardly fail to be useful to contemplate what courage, energy, thrift, industry, and unbending honesty have actually accom- plished in mercantile life, affording, as it does to them, abundant encouragement to hope and believe that the cultivation of similar qualities will, in their own case, lead to the same cheering results. 1775. Mr. Francis was born the 15th of October, 1775, at Beverly, Massa- 1838. chusetts thus dating his existence almost simultaneously with the birth of our republic. His father, Colonel Francis, took an active part in the Ebenezer Francis, of Boston. 437 stirring events of that memorable period of our history. He was an officer in the Revolutionary war, and fell very early, while bravely fighting for his country at the head of his regiment, leaving, by his pre- mature and lamented death, a widow and a family of four children, of whom the subject of the present memoir was the youngest Of Colonel Francis, we should like to say more than our scanty in- formation concerning him allows. One thing, however, is certain, that he united in himself the qualities of a brave and accomplished officer, and an ardent patriot. In a history of Beverly, published a few years since, we find him mentioned among the men of note belonging to that place who distinguished themselves in the Continental army. The author of that history thus honorably introduces him to the reader Foremost among the officers and soldiers in the Revolution from this town, and eminent also as an enterprising and valued citizen, was Colonel Francis." Like most of those who rose to eminence at that period. his opportunities for acquiring an education were very limited, but by diligent self-culture Colonel Francis overcame these disadvantages, and fitted himself to engage in extensive business, to mingle on terms of entire equality with the edu- cated and best informed, and also to discharge ably the duties belonging to the prominent stations which he afterwards filled, with honor to him- self and to the satisfaction of his constituents. Thus actively and exten- sively engaged in business, and performing the duties of a public spirited citizen, the war found him when it broke out. But no absorption of his mind in his own affairs, could keep him from taking a deep interest in the political agitations then filling the land, HOT hinder him from seeing the necessity of a final resort to arms in deciding the controversy between this and the mother country. His sagacity early foresaw this result to be inevitable, and, penetrated with this conviction. he forthwith devoted himself to military science, and encouraged his fellow citizens to do the same. In this way he breathed his own martial spirit into those around him, and especially into his three brothers, who caught his avdor and zeal, and became officers in the Revolutionary service. Scareely had los- tilities began, when he himself received a captain's commission from the Continental Congress, dated 1st of July, 1775. Early in the following year he was promoted to the rank of colonel, and stationed at Dorchester Heights, near Boston, During his command here, hrs prompt and thorough discipline had, in the course of a few months, trained raw recruits to a degree of efficient soldiership that warranted his expressing in a regi- mental order, the hope that they would be able to cope with veteran troops. On leaving this post, he was authorized by Congress to raise a regiment in the State of Massachu-etts, to be called the 11th Massachu- setts regiment, It was at the head of this body of men that lie marched to Ticonderoga, in January, 1777 And here a beautiful incident occurred illustrating the practical religious character of the man, and his reverence for that Being who alone can give victory in battle. Just before com- mencing the march he ordered his regiment to assemble for religious ser- vice in the meeting-house of the first parish in Beverly. Not many years ago some were yet living there who remembered that affecting scene, in which the sadness of what was felt to be a final adien was softened by the influence of religion, and who expressed in glowing terms their History of Beverly, by E. M. Stone. 438 Mercantile Biography: recollection of its interest and solemnity. The expedition, through a trackless wilderness swarming with savages, to meet an enemy skilled in warfare, was a perilous one, and was very properly begun by a solemn religious act, invoking the care and blessing of the Supreme Disposer of events. The father of Professor Greenleaf, lately of the law school in Cambridge College, was a captain in this regiment, to whose pen we owe a description of the fatal battle, fought at Habbarton, near Whitehall, New York, in which Colonel Francis fell. "At twenty minutes past seven," Captain Greenleaf says, "the enemy appeared within gun-shot of us; we faced to the right when the firing began, which lasted till 82 o'clock without cessation. Numbers fell on both sides among ours, the brave and ever-to-be-lamented Colonel Francis, who fought bravely to the last. He first received a ball through his right arm, but still continued at the head of our troops, till he received the fatal wound through his body, entering his right breast; he dropped on his face. Our people, over- powered by numbers, were obliged to retreat over the mountains, en- during on their march great privations and sufferings." Thus fell, prematurely, one of the most promising officers of the Revo- lution. Near him, in his last moments, stood Rev. Mr. Hitchcock, who had been his pastor at home, and was now the chaplain of his regiment. This gentleman wrote from the field of battle a letter of condolence to the afflicted widow, which we shall quote entire, as it is brief, and bears testimony to the exalted virtues of the commanding officer:- DEAR MRS. FRANCIS My heart is filled with compassion and sympathy for you while I relate the melancholy tale of the fall of my dear friend. the colonel. You will consider this event as under the government of that God who has an undoubted right to do as seemeth him good. and, therefore, endeavor to command your passions into a silent submi-sion to His will. If there is any COD- solation in the Gospel, 1 think you may accept it I donbt not your loss is his greater gain. I call witness to his uniformly good couldnet in the army, in dis- counterancing vice. and encouraging virtue ; in setting before his men an example of sobriety, and an attendance upon duties of piety. No officer was so noticed for his military accomplishments and regular life Be lived universally beloved- the loss of him as generally lamented. White these falors make von look upon your less the greater. they might administer to you consolation. He Was not of the dangers of the field, bring appointed to bring up the rear-guard. He supposed it probable they might be attacked, and, therefore, desired me to take care of his knapsack with what was in it, if I could not suve anything else, which I did, though 1 lost my clothes instolig it. He was in good spirits when I parted with him the evening before the retreat. 11e mentioned his being exposed to full with others. but seemed willing to commit himself to Providence, and leave event. His conduct in the field is spoken of in the highest terms of applause. He has embalmed his name in immortal fame, 1 must conclude by wishing you all Divine supports. Trust in God. He will provide for you and the fatherless children. From your sincere and affectionate friend. E. HITCHCOCK. Terrible as this blow was to the widow of Colonel Francis, it was hardly less severely felt by his fond mother, whose heart-rendering anguish is vividly depieted by a British officer, belonging to Burgoyne's army, who was subsequently quartered on parole near Buston, and who after- wards published his Travels in America, in which is narrated the fol- Auburey's Travels in America. 2 volumes; London, 1789. Ebenezer Francis, of Boston. 439 lowing incident. After noticing the courage of Colonel Francis, whose death, though an enemy, must be regretted by all who can feel the loss of a gallant and brave man, he says :- A few days since, walking out with some officers, we stopped at a house to purchase vegetables. While the other officers were burgaining with the woman of the house, I observed an elderly woman sitting by the fire. who was coutinually eyeing us, and every now and then shedding a tear. Just as we were quitting the house, she got up, and bursting into tears said, Gentlemen. will you let a poor. distracted woman speak a word to you before you go?" We as you must naturally suppose, were all astonished, and upon inquiring what she wanted, with the most poignant grief and sobbing, as if her heart was on the point of break- ing, asked if any of US. knew her son, who was killed at the battle of Hubbard- ten. Colonel Francis. Several of us informed her that we had seen him after he was dead. She then inquired about his pocket-book, and if any of his papers were safe, as some related to his estates, and if any of the soldiers had got his watch : if she could but obtain that, in remembrance of her dear, dear son, she should be happy. Captain Ferguson, of our regiment. who was of the party, told her, that as to the colonel's papers and pocket-book, he was fearful they were either lost or destroyed but pulling a watch from his fob, said, 16 There, good woman, if that can make you happy, take it, and God bless you." We were all much surprised. as unacquainted that he had made a purchase of it from a drum-boy. On seeing 11, it is impossible to describe the joy and grief that were depicted in her countenance. I never in all my life behold such a strength of passion; she kissed it. look d muntterable gratitude at Captain Ferguson, then kissed it again. Her feelings were inexpressible she knew not how to express or show them she would pay his kindness by kindness bitt could only sob her thanks. Our feelings Were littled up to an inexpressible bright: we preasised to search after the papers, and 1 believe at that moment could have hazarded life itself to procure them. The watch thus restored, was carefully kept by his mother, and regarded as a sacred relie of one so deeply loved. Subsequently, it canre into the possession of his son, the late Ebenezer Francis A copy of the work, rare and never republished in this country, containing the above incident, was presented to Mr. Francis, by the Hon. Abbott Lawrence These volumes, together with the watch, were presented by his surviving daughters, Mrs. Bowditch and Mrs. Mason, to the Massachusetts Historical Society, at a social meeting, held in January Tast, au the house of Hon. U. Gray in Surnimer-street. From this digression regarding the father of Mr. Francis, which we hope has not been devoid of interest to our readers, we now return to the subject of this notice, who, as before observed, was the youngest of those four children, who were made fatherless by the battle of Hubbardton. When the news of that battle reached Beverly, he was au infant in arms, Born thus, and nursed at a period 80 full of trouble and distress, when the noise of war was heard through the land, and its ravages were everywhere felt, his character seems to have had imparted to it the gernis of that energy and personal independence which grew and strengthened through his entire career as a merebant, and became in after life SO conspictious It was not his lot to remain long at home. nor to be dandled on the lap of E.F. ease and luxury, for in 1787, when only eleven rears of age, he went to Boston, and entered the counting-room of merchant in extensive com- merce, to which he attended with such activity and Intelligence as rapidly to quality himself to assume the responsibility of business on his own account, which he did before reaching the age of twenty-one, and from 440 Mercantile Biography: this time ever afterwards made his way through life, relying solely upon his own sagacity and sound judgment to guide his adventurous steps onward to it position of great influence and princely wealth. His education, like that of his father's, was defective, having been limited to the ordinary branches taught in the common schools of that day, which, however honorable to the zeal and enterprise of those troublous times, could bear no comparison with the perfection attained by our present school system. But inferior as the schools which he at- tended in his boyhood were, compared with what we now behold in every village of New England, and small as were the comparative advantages which they afforded, yet in them was laid the foundational characters whose solid virtues and lotty excellence have been the pride of our country. and won the admiration of the world. From those schools went forth those who have distinguished themselves as merchants, soldiers, and statesmen, who have illuminated the national councils by their wisdom, and adorned every sphere of life into which they have entered. But Mr. Francis did not awe his mercantile success and distinction solely to these schools, however valuable the instruction be there received Besides his own native ability and strong powers, he was largely indebted for the sterling qualities which shone in his character to the wise and tender care of a mother, who had her full share of those noble traits which tradition and history ascribe to the women of the Revolution. To his mother's in- fluence may be traced those habits of thought and action which in nature life enabled him to command an almost invariable success. Never did be forget the wise lessons which she inculcated. They clung to him through all the changes and chances of life-a deep love of truth unbending re- sistance to wrong in all its aspects straitforward, outspoken honesty these qualities were inwrought into his character and governed his actions. Nor was this all. He was calm and deliberate in judgment, bold and decided in action. and singularly indifferent to public opinion, after making up his mind according to the dietates of his conscience. But this decision of character did not render him rough and stern in his demeanor. On the contrary, he was remarkably courteous in his manners, mild and affable in his deportment, and always the contriman in the best and highest sense of that word. If at times severe in his rebukes, it was from no hasty impulse of anger or ill-founded prejudice, but from mature con- sideration and a calm sense of duty. Perhaps no man was ever more fearless in expressing his opinions, whether on the great questions of the day connected with national affairs, or on the more local concerns of the community around him. Whatever the question agitated in his presence, when his opinions were formed, he simply and boldly gave them utterance. His tastes did not incline him to public life, nor did he ever aspire to any public office, and yet he always kept himself well informed on the current events of the day, and on all the great questions which have agitated the country for the last lifty years. As a natural result, few of his con- temporaries had a clearer understanding of the working of our institu- tions, or a more thorough and complete knowledge of their history, from the earliest period of their existence. His remembrance of some events connected with the early history of this country, especially of New Eng- land, was remarkably vivid, This applies to Shays's rebellion, which formed a frequent topic of conversation in his hours of relaxation from business, rendered the more interesting by his familiarity with all the particulars Ebenezer Francis, of Boston. 441 belonging to that treasonable outbreak. To any at all acquainted with Mr. Francis, we need not say that he was a 111:11 of great industry and perseverance, and of an inquisitive turn of mind, that suffered nothing to escape his observation. His sense of right was quick and keen, and if ever unsparing in his censures it was toward those who had proved re- creant to trusts reposed in them, whether in public or private life. Strongly conservative himself, with respect to national politics, he was nevertheless charitable to the opinions of others, however adverse to This own, Taking broad and expansive views of the whole country, he could not but deeply deplore, as he did, the introduction of those irritating questions and dan- gerons doctrines of the day, which have engendered so much bitter sec- tional animosities. The course of our narrative will now lead us to some remarks illustra- tive of the character of Mr. Francis, as it appeared amid the actual duties and business of life. It was his lot to hold, at various times, positions of responsibility and trust, which gave scope to his great industry and in- tell genee and to the duties of which he freely and consolentiously de- voted his time, till, being no longer able to perform them in a manner satisfactory to himself, he retired from office. Uis conceptions of duty were very high. His idea of the obligations belon ring to a director OF trustee was probably far more severe than is usually acknowledged or adopted by those holding these offices at the present time. Hence, on assuming such a position himself, he invariably made it his business to know and thoroughly understand every part of the transactions involved therein and this entire mastery of the subject led him to be active in advising and directing the officers as to the best manner of conducting their affairs. This he did, however, in a way SO far from obtrusive, and in a spirit 80 candid and honest, that it is no more than truth to assert that no one ever suspected him of being influenced by any but the purest motives. Nor did any institution or corporation fail to see, that in enjoy- ing the benefit of his active interest as an officer, it possessed an advan- tage of the highest value-This conservative and moderate views restraining rash measures, and his well-tempered judgment pointing out the road to success. And this leads to the remark, that if the experience of a long and active commercial life, never overtaken by disaster, or clouded by failure, but steadily advancing in prosperity Year after year, through periods too of great misfortune and almost universal wreck, if this be indicativo of superior talent and judgment in affairs, then must Mr. Francis be allowed to have possessed these to an extraordinary degree. His life is the best proof of practical ability, and of a wisdom almost unerring. But, it may be asked, how does all this evidence of his mercantile sagacity and success subserve the public good ? We reply, that the moral lies in the example thus set before us of a pure life marked by regularity of habit. temperance in all things, self-government, integrity never stained by & dishonest net, and a character for truth and justice continuing irre- proachable to the end of life.) The proper limits of this paper will not permit the recital of many of the acts of a mere private individual, distinguished by no position in the public walks of life. We are tempted, however, to dwell upon his official relation with Harvard College, because several of the facts relating to this connection are interesting, and may be new to some of the friends 442 Mercantile Biography: of that cherished institution It is well known that he acted as treasurer for a period of several years. and we hazard nothing in saying that the benefits of this connection are felt and appreciated to this day, and that This labors have conferred advantages upon the college to be ex- perienced for all time to come. These labors were of no ordinary kind. Like everything which lie attempted, Mr. Francis discharged the duties of this office with unsurpassed ability and thoroughness. An overseer of Harvard College recently observed, that having occasion to investigate its past history and transactions. he was supprised 10 find how much Mr. Francis had done while in office RS treasurer. The same testimony we are confident will be borne by every competent witness. It was a place which of course be could occupy only with great inconvenience to him- self and sacrifice of his private affairs, but being strongly solicited to take it, be at length consented and when the question of salary was raised, he declared that the college could not pay him for the value of the time $ which he should be obliged to give to its duties, and therefore he would accept of nothing. He held the office until disabled by a severe attack disobbed of illness, which induced him, by the advice of his physician, to resign. Without any designed disparagement to his honored predecessors in this office, we may say that, upon entering on its duties, he found that he had undertaken a task of signation magnitude and difficulty. All the affairs connected with the treasury were in it state of dire confusion. The books, not having been kept with it required an immense amount of labor to elucidate the condition of the college finances, and to restore order out of chaos: a task however, which he decomplished with his usual success, But his interest was not confined to the finances of the college as its treasurer. but extended to all its collearns. Every department shared his judicious care and attention. and felt the benefits of his ad- vice. Still it was in the pertain duties of his office that be display od his signal ability, in placing the college foundations, by his almost prophetic wisdom. on the strong basis which they have over since maintained. In some of his plans he had to contend against the opposition of very able and wise men, who, in the end, however, ingemmously vielded to his judg- ment The corporation had entire confidence in his honesty of purpose and ability which was fully justified by the effects of his measures He was zealous in his devotion to the interests of sound learning, and although without the advantages of RU academic education himself, yet did he fully appreciate its value, and to enable the rising generations to enjoy it, ex- tended : liberal Intel bushes giving his great practical wisdom and talent to 10 more the As 2011 allistration of law devotion to the interest and improvement of everythe it connected with the college affairs, we may mention that be used to visit occasionally the Commons' Hall, and from the first was pain- fully struck with the ordinary appearance of the table, both the food and the equipage. He S:W only a bare, pine table, on which no cloth was ever spread, the cheapest kind of crockery, iron spoons, and the poorest description of knives and forks. Of this forbidding scene he gave a lively picture to the corporation, and proposed an entire reform. Indused by his representations, some of the faunty made a personal inspection, which convinced them of the truth of Mr. Francis statements, and rendered them equally dissatisfied with the present condition of things in the Com- nons' Hall. But with an impoverished treasury there seemed to be an Ebenezer Francis, of Boston. 443 insuperable bar to effecting the needed changes. Indeed, much hesitancy was felt as to the expediency of the proposed reform, both on account of the cost and the liability to destruction of the property by it set of unruly young men. These objections were met by Mr. Francis with the bold and decided declaration, that as to the cost. he would see that the college was not the poorer by the reform, and as to the destruction of the property, he firmly believed that such generous reliance upon their proper pride and self-respect would not be abused by the students at any rate, he was ready to try the experiment and to trust to their honor. Accordingly, the corporation wisely yielded, and gave him unlimited authority to do as he pleased. Immediately he a suitable sup- ply of good table linen ; ordered from England the necessary table ware of the bert kind, and to give it a distinctive land it decorated with views of the college buildings, He also sent an order to Sheffield for the best knives and forks, and procured from Beston it supply of silver spoons, Such decided improvements naturally astonished the students, who could scarcely believe their own eyes, So great was the contrast that they doubled the reality of the scene, and suspected the spoons to be only the old iron ones, slightly coated with silver. To satisfy their doubts, a student carried one of the spoons to an assayer in Boston, who pronounced it the best of silver. But what were the results of the experiment? We are happy to record that as Mr. Francis predicted, there was no destruct tion of the furniture of the table. So carefully, indeed, has it been kept, (That a part of the service is now in use at the commencement dinners. The principle on which Mr. Francis acted in advocating this salutary re- form, is, that young men will always respond to the confidence penerously reposed in them. But the more certainly to he before in- Traditions these changes, sent for three OF four of the senior class, and informed them of the fears entertained as to the of the attempt, and the apprehension on the part of suine lest the property should be demolished and wasted by the reckless habits of the young men. In reply, they assured him that DO student would be sustained who should injure the property, and that the expire de corps of college was sufficient to put into Coventry any one who shealt dare to violate the general sentiment of the classes. We hardly need add that this pledge on their part WAS faithfully kept. Until near the close of his life Mr. Francis continued to attend regn- larly the annual commencement and l'. B. K. celebration, periods which were always looked forward to by bita as red-letter days in his calendar, and their return bailed with unningled delight. nor was any business ever allowed to interfere with his fill injoyment of these seasons of elevated recreation. These visits to it cherished institution. and the interest felt by him in the literary efforts of the students, suggested to his mind a mobile kind of charity which We wish had more imitators. We refer to his generous aid given for the maintenance of poor young men, who were struggling to secure a college education, amid want and privations. Nor had he any reason to regret his bounty, which was proved to have been well bestowed by the after life of the beneficiaries, whose course he watched with keen interest. Many of those, aided by his timely beneficence, he had the pleasure of seeing rise to positions of influence and usefulness. To the last, the administration of the affairs of the university, whether 444 Mercantile Biography: educational or financial, engaged his attention and elicited his warm in- terest It is well known that of late years the college management has been a topic of much comment, public and private, and, as might be sup- posed, Mr. Francis was not backward to express his opinions, whether more or less in accordance with the popular sentiments. Far from sym- pathizing with the opposition manifested in many quarters, he yet was not unwilling to have the corporation held accountable to the public for a judicious care of the institution. Legislative interference he depre- cated, and considered all attempts to relieve it of sectarian influence un- fortinate, because he feared that in the struggle for power between rival religious parties the college itself would be ruined. It is not therefore surprising that, with these doubts thrown upon its very existence, coupled with a want of confidence felt by himself in some of the immediate managers, he should hesitate to carry out whatever liberal intentions he may once have had of placing on a firm basis some of the foundations of the institution, for the purpose of practically manifesting his affection for it, and perpetuating his name as the friend and patron of learning. But his public spirit was not confined to his gratuitous labors on be- half of the university. He also left the impress of his character on many other institutions. Thus, To Mr. Francis is to be traced the origin of the Surfolk-Bank system." For many years he was the president and active manager of that bank. He has also the merit of devising, and success- fully establishing, a plan which rescued from a chaotic state of confusion and insecurity the circulation of the country banks of New England. Few will doubt that this was a great and beneficent scheme, demanding large financial abilities to organize and reduce it to that system of order which has now worked for SO many years, to the incalculable benefit of the whole community, But, however manifest the advantages now, yet was it necessary for him at the outset to encounter and overcome much opposi- tion, that, as a matter of course, was arrayed against a plan which struck at the very foundation of the irredeemable currency of the day, and com- pelled a circulation within the limits of safety, But while banks and other commercial institutions occupied so large a share of his attention, he did not forget those of a philauthropic nature. The Massachusetts General Hospital, the best endowed and most charitable institution in New England, enjoyed from its infancy the fostering care of Mr. Francis. He was made one of the trustees in 1817. soon after the project was first brought forward, and before much lind been done towards collecting the funds for the purchase of sites and the erection of the buildings. IIe was on the building committee for both the hospital in Boston and the insane ásylum at Sommerville, and gave to this duty his most assiduous attention. It was one, moreover, of no little diffic dty; for being the first institutions of the kind of any maguitude in New Eng- land, the labor and responsibility of such a committee were far different from what would now be incurred when hospitals are so common, and have grown to such perfection, under the genial influence of the science and benevolence of the age. The better to qualify himself for the per- formance of this duty, Mr. Francis visited New York and Philadelphia, where he procured much valuable information relative both to plans for building and also to rules of government. To the contracts, and also to their execution, he gave his personal attention. He was present at the first admission of patients at the asylum, and was fond of relating the Ebenezer Francis, of Boston. 445 scrutiny instituted by the committee on that occasion. He was chairman of the board of trustees from 1829 to 1831, vice-president from 1833 to 1835, and president 1836. The have thus briefly sketched the character of Mr. Francis; but a quiet life like his, occupied in the pursuits of business, is, of course, barren of those strirring incidents which abound in the profession of arms, or in the public career of statesmen, and which give additional interest to the pages that record their lives. Still there are many topics, besides those already introduced, on which we might have dilated with propriety had we been writing a biography instead of a short notice similar to those which have appeared of other distinguished merchants in this Magazine. One of these topics regards his religions faith, which always exerts a strong influence upon character, silently infusing and modifying the ele- ments which go to form the moral structure, Til his faith, Mr. Francis was a Unitarian, though far from being narrow and sectarian in his feel- ings, or cherishing a spirit of hostility or prejudice against those of a dif- ferent belief-a fact the more noteworthy on account of the strong and decided views he took upon all subjects which engaged his attention. He was a substantial gentleman of the old school, a hard worker and a clear thinker, endowed with native abilities and intred to Imbits which. in any other walk of life, would have commanded a degree of success equal to that which he attained in the mercantile profession. To him May be applied the language used with great forue and beauty respecting the dis- tinguished Matthew Carey, of Philadelphia- That perseverance, economy, industry, and integrity formed the Corinthian columns of his character." And we may add that these columns remained in all their simplicity, beauty, and strength until the temple itself fell into ruins at the touch of the Great Destroyer. His mode of life was that of other gentlemen in a similar position, bountiful and liberal in all things relating to the domestic economy of his establishment, and delighting to reciprocate the elegant hospitalities of life. It is true that he valued money, as all men do who know by ex- perience what labor, caution, wisdom, and self-denial are requisite in order to amass a fortune from small beginnings: but this feeling, SO far from being carried to excess, was always kept within due limits; it neyer tempted him to venture upon those bold schemes which, though they may dazzle by the promise of splendid success, yet too often end in failure and ruin. In his long experience, Mr. Francis had opportunities of ac- quiring immenso pecualary mitages had he been willing to incur the risks which his prudence forbade: but no prospect of rapid accumulation could allure him into hazardous enterprises. On the contrary, his desire for gain was tempered by sound judgment, and was never so strong as to induce him to deviate from his strict principles of business. With his concentrated power, and matured skill, there was almost no bound to his ability to acquire riches, but he was contented with that share which he could readily command in his daily pursuits, without encum- bering himself with the anxiety and care that attend rash and hazardous speculations. One of his habits deserves special mention, as its imitation by other merchants would promote greatly their serenity of mind, and render their presence in the bosom of their family a scene of far more pleasure. When Mr. Francis returned to his family from the active duties of life, business 446 Commercial and Industrial Cities: was at once dismissed from his mind, which left him free for social inter- course and enjoyment. In this respect he was very different from what is generally supposed by those who did not share his intimacy. They who saw him only in the haunts of business could have little idea of his social qualities. He was a good talker, very instructive and suggestive, owing to the great scope of his mind and his extensive and exnet informa- tion. He possessed also it heart of great kindness and tenderness, which were exhibited in his correspondence with his absent children, and specially drawn forth by some family bereavements, which much affected him. Those wh remember him in the middle period of his life, bear testimony to the warmth of his affections and the depth of his feelings, manifested on those sad occasions. These qualities were also shown in a remarkable degree towards all who held to him relations of consaiguinity. In his last tes- tament he forgot not one of his most distant relations, but WRS most liberal in his provision for them all. He breathed his last at his mansion in Poston 21st of September, 1858, after a protracted illness, and closed his long career with general esteem as a man, and with a spotless reputation 38 a sugacions, thorough, and intelligent merchant. leaving an example of mercantile qualities, trabits, and principles, well deserving of being followed by the young men of our community who aspire after eminence and success in their profession. L'OMBERCIAL AND INDESTRIAL CITIES. NUMBER LXII, MONTREAL, CANADA. RECIPROCITY - INCREASE OF TRADE - ASSIMILATION or NIONS-USURY LAW, ITS REPEAT- PUTINS IN CANADA-PEOGRESS OF TRADE ITED STATES RETURNS- MONTREAL RETURNS- EFFECT (i) PANIC ~ DEBTS IN CANADA WEST-OPMATION OF LAW TO REPEAL THE PAST SEAL GOODS OF BUST- OF FORSIX YEARS ANDWARE THANK AND IMP GROCERY DUSINES-TGHER DUTING-LAND INFOCULATIONS IN CANAN WEST SEGURITAS ST PPLY or IMPORTS MOLASHES IMPORTS-TEAN IMPORTS AND OCKS- SPIRITS TAELD OF-UNITED STATES RAIOENERAL PROSPERITY, THE operation of the Canadian Red procity Treaty between the United States and Cannila, has been productive of a development of trade more rapid and important than perhaps ever attended a similar international regulation. Within siven years the aggregate trade increased from $16,619,000 to $40,080,000 giving large employment to lake vessels, and annually interesting a lawser number of individuals. As a consequence, the trade of the Canad an cities becomes now as much an object of in- terest to New York. into central point of gravitation all business on this continent, as that of any city within the Federal Union, and. as a consequence, to all merchants of the Union. In fact, the Federal Union itself, regarded from a commercial point of view, is but a custom union, and the Constitution but a treaty of reciprocity between all the States, since each one of them exercises its independent sovereignty, in respect to the creation of bank money, the collection of debts, and the operation of isury laws, as much as does Canada, Indeed, since the repeal at Gerald white Howard U.P., 1955. A History of the 8 MASSACHUSETTS HOSPITAL LIFE INSURANCE Co. FOUNDING OF THE COMPANY 9 Shortly after receiving the new power, the trustees wrote Samuel an important Boston merchant, also seeking the insurance power. Williams, a Bostonian then in London, for any information he After a brief discussion, the two groups merged. The Hinckley group could gather "respecting the mode of managing annuity associa- was solely motivated by private profit, but it did agree to co-operate tions." 3 Though annuities were little known in this country, the in seeking a charter for a company which would share profits with trustees did know that for centuries European governments and the Hospital. Thus the standard goal of business activity - profits Church bodies had resorted to them in raising funds. The English - was clearly added to the charitable impulse SO obviously present government, for example, had used this technique on several occa- in the minds of those desiring to help the Hospital. sions in the seventeenth and early eighteenth centuries.4 During the As a result of their joint efforts, the legislature speedily chartered eighteenth century, moreover, a number of private companies and the Massachusetts Hospital Life Insurance Company on February mutual associations, particularly in England, had begun to sell 24, 1818. By the terms of the legislative act, the new company was annuities for the care of the aged.5 obligated to pay annually to the Hospital one-third of the net profits