James Savage (banker)
Encyclopedia
James Savage was one of the founding fathers of Provident Institution for Savings in the Town of Boston
established in 1816 as the first chartered savings bank
in the United States. James was also well known for his research as an antiquary as author of "A Genealogical Dictionary of the First Settlers of New England; A Genealogical Dictionary of the First Settlers of New England". And, was instrumental in helping his son-in-law William Barton Rogers
establish MIT, as well as, helping his cousin Frederic Tudor
establish the ice trade in the West Indies, among many other ventures.
, Major Thomas Savage
, who came to Massachusetts from England in 1635.
James was just three years old, when his mother died giving birth to their 12th child, Arthur Savage. Totally devastated by his wife's loss, his father was admitted as "insane" to Andover, MA, "without ever gaining his reason." With this, James, Elizabeth, and Arthur were sent to be raised by William Savage, a blacksmith in Taunton, MA.
James obtained the Franklin metal in 1795, and attended the Washington Academy
in Machias, ME, and the Derby Academy
in Hingham, MA, before going to Harvard University
, just as his grandfather did in 1695. After graduating Harvard in 1803, he went on to studied law at the office of Isaac Parker
in Portland, ME.
From November 5, 1805 to June 1806, when James and cousin Frederic Tudor
were both just 21, travelled to the West Indies during the Napoleonic Wars
for a venture of establishing an ice trading business.
In 1806, Tudor bought his first brig
Favorite to carry Fresh Pond ice 1,500 miles south, from Boston
to Martinique
. "Favorite" left Boston on February 10, 1806, as the following was reported in the Boston Gazette:
Tudor's business plan included sending his brother William and his cousin, James Savage, ahead to obtain a monopoly
from the various governments of the islands.
Although a considerable amount of the ice melted during the three-week journey south, they did manage to sell much of what remained on board for a loss of $4,500 overall. However, this venture became extremely profitable in the years to come.
When he returned James continued in the practice of Law, and was admitted to the bar in 1807. He then served in both houses of the Massachusetts legislature. James was also a member of the executive council, and a delegate to the State constitutional convention of 1820, filled several municipal offices, and was a member of the school committee.
On December 13, 1816, Massachusetts Lieutenant-Governor
William Phillips
president, United States marshal James Prince
treasurer, and Lawyer James Savage secretary, founded the Provident Institution for Savings in the Town of Boston
as the first chartered savings bank
in the United States with 961 accounts totaling $76,000.00 On the belief that; "savings banks would enable the less fortunate classes of society to better themselves in a manner which would avoid the dangers of moral corruption traditionally associated with outright charitable institutions." 176 years later, in 1992, the bank was acquired by Fleet National Bank of Massachusetts
At the age of 39, James finally settled down and married 31 year old
, and then, just like his father, attended Harvard University
in 1849.
That same summer in 1849, his daughter Emma, married William Barton Rogers
who later founded Massachusetts Institute of Technology
with the help of the Savage family.
Then, tragedy struck. His wife Elizabeth died in 1851, then soon after their daughter died. And just as James Jr. was finishing up at Harvard, In the Summer of 1854 their second daughter died, all within a three year span. After the funeral of the second daughter, James Jr. went on a trip to Europe
with two classmates; Horace Furness and Atherton Blight. James Jr. studied agricultural chemistry
while in Munich
and Burlin. James Jr., when he returned to the States, started his own farm in Ashland, Massachusetts
.
In 1854, William Rogers' brother Henry Darwin Rogers
married James Savages step daughter Eliza Lincoln.
James Jr. entered the American Civil War
as Captain, 2nd Regiment Massachusetts Volunteers (infantry), on May 24, 1861. James Jr. was wounded at the Battle of Cedar Mountain
on August 9, 1862, as he was shot in three places; "First a bullet broke his right arm near the shoulder, the ball lodged in the flesh; second, another ball broke his right leg just above the ankle; while he was falling a he received a severe contusion on the left hip from a sent ball." He was then captured and set two miles behind enemy lines. The Rebel surgeons removed the balls a week later, but James Jr. died of his wounds in Charlottesville, VA at the age of 30.
for nineteen years, and was a member for more than 60 years. Edwin Percy Whipple
referred to James as;
In 1841, Harvard honored his dedication with a Degree of Legum Doctor
.
After a brief meeting with William Makepeace Thackeray
, William remarked to a friend; "I want to see that quaint, charming old Mr. Savage again."
In 1906, His grand children published James' letters in the book titled; "Letters of James Savage to his family" By James Savage and Emma Savage Rogers
", preparing the way for the "North American Review
."
In 1811, Savage delivered a Fourth of July address in Boston. The text of the speech was published as "An Oration Delivered July 4, 1811, at the Request of the Selectmen of Boston in Commemoration of American Independence"
In 1816, with the discovery of the missing manuscript of John Winthrop
's journal in the tower of the Old South Church, James Savage prepared and annotate the original manuscripts, which he published under the title of: "John Winthrop's History of New England from 1630 to 1646, with Notes to illustrate the Civil and Ecclesiastical Concerns, the Geography, Settlement, and Institutions of the Country, and the Lives and Manners of the Ancient Planters"
James also published the first volume of Winthrol's " Journal " from the family manuscripts (Hartford, 1790), in addition to numerous genealogical, historical, political, and controversial pamphlets.
In 1828, Savage edited the works of William Paley
's.
In 1860, he published; "' Genealogical Dictionary of the First Settlers of New England, showing Three Generations of Those who canto before May, 1692" (4 vols., Boston, 1860-'4).
Provident Institution for Savings in the Town of Boston
The Provident Institution for Savings in Boston, Massachusetts, was the first chartered savings bank in the United States. James Savage and others founded the bank on the belief that "savings banks would enable the less fortunate classes of society to better themselves in a manner which would...
established in 1816 as the first chartered savings bank
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...
in the United States. James was also well known for his research as an antiquary as author of "A Genealogical Dictionary of the First Settlers of New England; A Genealogical Dictionary of the First Settlers of New England". And, was instrumental in helping his son-in-law William Barton Rogers
William Barton Rogers
William Barton Rogers was a geologist, physicist and educator. He is best known for setting down the founding principles for, advocating for, and finally obtaining the incorporation of the Massachusetts Institute of Technology in 1861...
establish MIT, as well as, helping his cousin Frederic Tudor
Frederic Tudor
Frederic Tudor was known as Boston's "Ice King", and was the founder of the Tudor Ice Company. During the early 19th Century, he made a fortune shipping ice to the Caribbean, Europe, and even as far away as India from sources of fresh water ice in New England.The Tudor Ice Company harvested ice in...
establish the ice trade in the West Indies, among many other ventures.
Early years
James was born on Winter Street, in Boston, Massachusetts, on July 13, 1784, as the ninth child of father Habijah "Thomas" Savage Jr. (April 27, 1741 - Nov. 22, 1806) a merchant, and mother Elizabeth Tudor (March 31, 1745- February 2, 1787). He was a fifth generation of the descendant of one of the first PilgrimsPilgrims
Pilgrims , or Pilgrim Fathers , is a name commonly applied to early settlers of the Plymouth Colony in present-day Plymouth, Massachusetts, United States...
, Major Thomas Savage
Thomas Savage (major)
Thomas Savage was an English soldier and New England colonist and merchant, attaining the rank of major in King Philip's War.-Life:...
, who came to Massachusetts from England in 1635.
James was just three years old, when his mother died giving birth to their 12th child, Arthur Savage. Totally devastated by his wife's loss, his father was admitted as "insane" to Andover, MA, "without ever gaining his reason." With this, James, Elizabeth, and Arthur were sent to be raised by William Savage, a blacksmith in Taunton, MA.
James obtained the Franklin metal in 1795, and attended the Washington Academy
Washington Academy
Washington Academy is a private boarding school in East Machias, Maine. Founded in 1792, the Academy has an enrollment of 438 students.-External links:* *...
in Machias, ME, and the Derby Academy
Derby Academy
Derby Academy is an elementary and middle school that offers a coeducational curriculum to Pre-Kindergarten through 8th grade. It is located near Route 3A and Broad Cove in Hingham, Massachusetts...
in Hingham, MA, before going to Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
, just as his grandfather did in 1695. After graduating Harvard in 1803, he went on to studied law at the office of Isaac Parker
Isaac Parker
Isaac Charles Parker served as a U.S. District Judge presiding over the U.S. District Court for the Western District of Arkansas for 21 years and also one-time politician. He served in that capacity during the most dangerous time for law enforcement during the western expansion...
in Portland, ME.
From November 5, 1805 to June 1806, when James and cousin Frederic Tudor
Frederic Tudor
Frederic Tudor was known as Boston's "Ice King", and was the founder of the Tudor Ice Company. During the early 19th Century, he made a fortune shipping ice to the Caribbean, Europe, and even as far away as India from sources of fresh water ice in New England.The Tudor Ice Company harvested ice in...
were both just 21, travelled to the West Indies during the Napoleonic Wars
Napoleonic Wars
The Napoleonic Wars were a series of wars declared against Napoleon's French Empire by opposing coalitions that ran from 1803 to 1815. As a continuation of the wars sparked by the French Revolution of 1789, they revolutionised European armies and played out on an unprecedented scale, mainly due to...
for a venture of establishing an ice trading business.
In 1806, Tudor bought his first brig
Brig
A brig is a sailing vessel with two square-rigged masts. During the Age of Sail, brigs were seen as fast and manoeuvrable and were used as both naval warships and merchant vessels. They were especially popular in the 18th and early 19th centuries...
Favorite to carry Fresh Pond ice 1,500 miles south, from Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
to Martinique
Martinique
Martinique is an island in the eastern Caribbean Sea, with a land area of . Like Guadeloupe, it is an overseas region of France, consisting of a single overseas department. To the northwest lies Dominica, to the south St Lucia, and to the southeast Barbados...
. "Favorite" left Boston on February 10, 1806, as the following was reported in the Boston Gazette:
"No joke. A vessel has cleared at the Custom House for Martinique with a cargo of ice. We hope this will not prove a slippery speculation."
Tudor's business plan included sending his brother William and his cousin, James Savage, ahead to obtain a monopoly
Monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity...
from the various governments of the islands.
"We wish you to procure from the gov' of CubaCubaThe Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
a grant exclusive in which we offer you either to take a conces' of half or procure the privilege for us & we engage to pay you one thousand dollars with reasonable charges, in obtaining it you however to determine which you will do & write to that effect as early as possible."
Although a considerable amount of the ice melted during the three-week journey south, they did manage to sell much of what remained on board for a loss of $4,500 overall. However, this venture became extremely profitable in the years to come.
When he returned James continued in the practice of Law, and was admitted to the bar in 1807. He then served in both houses of the Massachusetts legislature. James was also a member of the executive council, and a delegate to the State constitutional convention of 1820, filled several municipal offices, and was a member of the school committee.
On December 13, 1816, Massachusetts Lieutenant-Governor
Governor of Massachusetts
The Governor of the Commonwealth of Massachusetts is the executive magistrate of the Commonwealth of Massachusetts, United States. The current governor is Democrat Deval Patrick.-Constitutional role:...
William Phillips
William Phillips
William Phillips may refer to:*William Phillips , artilleryman and general officer in the British Army who served as a major-general in the American Revolutionary War...
president, United States marshal James Prince
James Prince
James Prince is the CEO of Houston-based Rap-a-Lot Records.Prince, who for 20 years has worked to promote Houston's rap scene and rap artists, is now working to promote underprivileged neighborhoods and communities...
treasurer, and Lawyer James Savage secretary, founded the Provident Institution for Savings in the Town of Boston
Provident Institution for Savings in the Town of Boston
The Provident Institution for Savings in Boston, Massachusetts, was the first chartered savings bank in the United States. James Savage and others founded the bank on the belief that "savings banks would enable the less fortunate classes of society to better themselves in a manner which would...
as the first chartered savings bank
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...
in the United States with 961 accounts totaling $76,000.00 On the belief that; "savings banks would enable the less fortunate classes of society to better themselves in a manner which would avoid the dangers of moral corruption traditionally associated with outright charitable institutions." 176 years later, in 1992, the bank was acquired by Fleet National Bank of Massachusetts
FleetBoston Financial
FleetBoston Financial was a Boston, Massachusetts–based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were given the Bank of America logo.-History:...
At the age of 39, James finally settled down and married 31 year old
Family
James married Elizabeth Lincoln, and their and only son James Jr. was born April 21, 1832. James Jr. attended Boston Latin SchoolBoston Latin School
The Boston Latin School is a public exam school founded on April 23, 1635, in Boston, Massachusetts. It is both the first public school and oldest existing school in the United States....
, and then, just like his father, attended Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
in 1849.
That same summer in 1849, his daughter Emma, married William Barton Rogers
William Barton Rogers
William Barton Rogers was a geologist, physicist and educator. He is best known for setting down the founding principles for, advocating for, and finally obtaining the incorporation of the Massachusetts Institute of Technology in 1861...
who later founded Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
with the help of the Savage family.
Then, tragedy struck. His wife Elizabeth died in 1851, then soon after their daughter died. And just as James Jr. was finishing up at Harvard, In the Summer of 1854 their second daughter died, all within a three year span. After the funeral of the second daughter, James Jr. went on a trip to Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
with two classmates; Horace Furness and Atherton Blight. James Jr. studied agricultural chemistry
Agricultural chemistry
Agricultural chemistry is the study of both chemistry and biochemistry which are important in agricultural production, the processing of raw products into foods and beverages, and in environmental monitoring and remediation...
while in Munich
Munich
Munich The city's motto is "" . Before 2006, it was "Weltstadt mit Herz" . Its native name, , is derived from the Old High German Munichen, meaning "by the monks' place". The city's name derives from the monks of the Benedictine order who founded the city; hence the monk depicted on the city's coat...
and Burlin. James Jr., when he returned to the States, started his own farm in Ashland, Massachusetts
Ashland, Massachusetts
Ashland is a town in Middlesex County, Massachusetts, United States. It is part of the MetroWest region. The population was 16,593 at the 2010 census.-History:...
.
In 1854, William Rogers' brother Henry Darwin Rogers
Henry Darwin Rogers
Henry Darwin Rogers FRS FRSE was an American geologist.-Biography:Rogers was born at Philadelphia. His middle name was given him in honor of Erasmus Darwin, of whose poem “The Botanic Garden” his father was a great admirer...
married James Savages step daughter Eliza Lincoln.
James Jr. entered the American Civil War
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
as Captain, 2nd Regiment Massachusetts Volunteers (infantry), on May 24, 1861. James Jr. was wounded at the Battle of Cedar Mountain
Battle of Cedar Mountain
The Battle of Cedar Mountain, also known as Slaughter's Mountain or Cedar Run, took place on August 9, 1862, in Culpeper County, Virginia, as part of the American Civil War. Union forces under Maj. Gen. Nathaniel P. Banks attacked Confederate forces under Maj. Gen. Thomas J...
on August 9, 1862, as he was shot in three places; "First a bullet broke his right arm near the shoulder, the ball lodged in the flesh; second, another ball broke his right leg just above the ankle; while he was falling a he received a severe contusion on the left hip from a sent ball." He was then captured and set two miles behind enemy lines. The Rebel surgeons removed the balls a week later, but James Jr. died of his wounds in Charlottesville, VA at the age of 30.
Later Years
He served as treasurer of the Massachusetts Historical SocietyMassachusetts Historical Society
The Massachusetts Historical Society is a major historical archive specializing in early American, Massachusetts, and New England history...
for nineteen years, and was a member for more than 60 years. Edwin Percy Whipple
Edwin Percy Whipple
Edwin Percy Whipple was an American essayist and critic.-Biography:He was born in Gloucester, Massachusetts in 1819. For a time, he was the main literary critic for Philadelphia-based Graham's Magazine. Later, in 1848, he became the Boston correspondent to The Literary World under Evert Augustus...
referred to James as;
""the soul of integrity," and says" "It is curious that James Savage, the most eloquent of men when his soul was stirred to its depths, should now be particularly honored merely as an acute antiquarian .... His hatred of iniquity sometimes blazed out in a fury of wrathful eloquence which amazed those who specially esteemed him as a prodigy of genealogical knowledge, and even disturbed the equanimity of those who chiefly knew him as the most valued and trustworthy of friends."
In 1841, Harvard honored his dedication with a Degree of Legum Doctor
Legum Doctor
Legum Doctor is a doctorate-level academic degree in law, or an honorary doctorate, depending on the jurisdiction. The double L in the abbreviation refers to the early practice in the University of Cambridge to teach both Canon Law and Civil Law, the double L indicating the plural, Doctor of both...
.
After a brief meeting with William Makepeace Thackeray
William Makepeace Thackeray
William Makepeace Thackeray was an English novelist of the 19th century. He was famous for his satirical works, particularly Vanity Fair, a panoramic portrait of English society.-Biography:...
, William remarked to a friend; "I want to see that quaint, charming old Mr. Savage again."
In 1906, His grand children published James' letters in the book titled; "Letters of James Savage to his family" By James Savage and Emma Savage Rogers
Publications
For five years, between 1803 to 1811, Mr. Savage was an associate editor of the "Monthly AnthologyMonthly Anthology
The Monthly Anthology and Boston Review was a miscellaneous magazine published by the Anthology Club of Boston, Massachusetts from 1804-1811...
", preparing the way for the "North American Review
North American Review
The North American Review was the first literary magazine in the United States. Founded in Boston in 1815 by journalist Nathan Hale and others, it was published continuously until 1940, when publication was suspended due to J. H. Smyth, who had purchased the magazine, being unmasked as a Japanese...
."
In 1811, Savage delivered a Fourth of July address in Boston. The text of the speech was published as "An Oration Delivered July 4, 1811, at the Request of the Selectmen of Boston in Commemoration of American Independence"
In 1816, with the discovery of the missing manuscript of John Winthrop
John Winthrop
John Winthrop was a wealthy English Puritan lawyer, and one of the leading figures in the founding of the Massachusetts Bay Colony, the first major settlement in New England after Plymouth Colony. Winthrop led the first large wave of migrants from England in 1630, and served as governor for 12 of...
's journal in the tower of the Old South Church, James Savage prepared and annotate the original manuscripts, which he published under the title of: "John Winthrop's History of New England from 1630 to 1646, with Notes to illustrate the Civil and Ecclesiastical Concerns, the Geography, Settlement, and Institutions of the Country, and the Lives and Manners of the Ancient Planters"
James also published the first volume of Winthrol's " Journal " from the family manuscripts (Hartford, 1790), in addition to numerous genealogical, historical, political, and controversial pamphlets.
In 1828, Savage edited the works of William Paley
William Paley
William Paley was a British Christian apologist, philosopher, and utilitarian. He is best known for his exposition of the teleological argument for the existence of God in his work Natural Theology, which made use of the watchmaker analogy .-Life:Paley was Born in Peterborough, England, and was...
's.
In 1860, he published; "' Genealogical Dictionary of the First Settlers of New England, showing Three Generations of Those who canto before May, 1692" (4 vols., Boston, 1860-'4).