Lucien B. Caswell, (Sr.) (Fort Atkinson, WI)

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Photo of Lucien B. Caswell (date unknown)

Lucien Beal (or Bonaparte) Caswell, (Sr.) (November 27,1827 – April 26, 1919)

Biography

  • Name: Lucien Beal (or Bonaparte) Caswell, (Sr.)
  • Birth: November 27, 1827 Swanton, Vermont
  • Death: April 26, 1919 Fort Atkinson, Wisconsin

Born in Vermont, Lucien B. Caswell relocated with his family to Rock County, Wisconsin in 1837. After some college education and reading of the law, Caswell gained admission to the bar in 1851 and moved to Fort Atkinson the following year, where he began his legal practice. By 1854 Caswell was serving as District Attorney of Jefferson County. The following year he married Elizabeth Hannah May, of Fort Atkinson. Through this marriage Caswell became the brother-in-law of Joseph Dorr Clapp, with whom he entered into a number of business and banking relationships for the next half century.

The Koshkonong Bank (1859): The first of Caswell’s and Clapp’s ventures was the establishment of the Koshkonong Bank. Fort Atkinson’s first financial institution, the bank was founded in early 1859 with Clapp as President and Caswell as Cashier. Concerned about a possible war of secession on the banking climate, the pair soon sold their bank in December 1859 to Abraham H. Van Norstrand. Conditions duly worsened, and the bank failed by April 1861.

The First National Bank of Fort Atkinson (1863): Caswell and Clapp returned to the banking business by incorporating the First National Bank of Fort Atkinson (Charter 157), which opened its doors on January 1, 1864. For a brief period of time Caswell functioned as both President and Cashier of the new bank. Later in 1864, however, Clapp was installed as President of the institution, with Caswell relegated to Cashier, an arrangement that served both men well and prevailed for the next quarter century.

In addition to his banking interests Caswell was intimately connected with the economic growth of Jefferson County. After a fire destroyed a furniture company in nearly Hebron, Caswell convinced its owner to relocate to Fort Atkinson. Caswell led an investor group that recapitalized the company, which reopened in 1866 and later became known as the Northwestern Manufacturing Company. Both Caswell and Clapp served on the Board of Directors. The next year, Caswell found time to start the Fort Atkinson Tannery with another brother-in-law, operate a mill, and create a family partnership by the name of May, Clapp, and Caswell to buy and sell farm products.

Along with his business interests, Caswell pursued political ambitions. After unsuccessfully running for state office in 1856 as a Democrat, he became a stalwart Republican and supporter of Ulysses S. Grant. He was first elected to serve in the State Assembly in 1863, then in 1872 and 1874. He was also a delegate to the Republican National Convention in 1868. After his terms in state politics, Caswell represented Wisconsin’s Second District in the U.S. House of Representatives from 1875 to 1883 and then from 1885 to 1891. Throughout these years Caswell retained the title of Cashier at the First National Bank, but was likely not engaged in its day-to-day operations. Lucien and Hannah Caswell produced a rather substantial family of four sons and two daughters, all of whom ended up residing in the Fort Atkinson area. As the children grew to adulthood, the four sons (Lucien Jr., Charles, Chester, and Harlow) all became involved in one way or another with their father’s and uncle’s enterprises.

The Citizen’s State Bank (1885): In the interlude between his two stints in the U.S. Congress, Caswell opened yet another financial institution in Fort Atkinson, the Citizen’s State Bank, in 1885. As with his other ventures, this was a family affair. Most of the bank’s stock was held by the Caswell family, though Joseph Clapp was a minor shareholder and served as a Director as well. Caswell’s eldest son Chester assumed the post of Cashier.

Around 1880, Caswell’s second son, Lucien Jr., joined the First National Bank as Assistant Cashier (the son also had a post at Northwestern Manufacturing). By 1891, this son took his father’s place as Cashier and remained at that position for a full forty-five years more until his death in 1936. Likewise, Chester stayed with the Citizen’s State Bank for his entire career, becoming President before passing in 1931. The third son, George, started at Northwestern Manufacturing as a bookkeeper and later served as treasurer of the company until it closed down in the 1920s. Only the youngest son Harlow pursued a career largely beyond the orbit of his father’s business interests by studying medicine and becoming a doctor.

In 1891, Caswell retired from politics and returned to private life. With his interests in Fort Atkinson’s only two financial institutions on top of his other business investments, Lucien B. Caswell represented an important figure in the economic development of Fort Atkinson, and Jefferson County. He lived a long life, outlasting two spouses. After Clapp passed away in 1900, Caswell assumed the Presidency of the First National Bank, with Lucien Jr. continuing as Cashier. The elder Caswell remained at that position until his own death in 1919.

Bank Officer Summary

During his banking career, Lucien B. Caswell, (Sr.) was involved with the following banks:

1882 Brown Back $5 bank note with pen signatures of L.B. Caswell, Jr., Cashier and L.B. Caswell, (Sr.), Vice-President.


Sources

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