Thomas Smith (Philadelphia, PA)
Thomas Smith (June 27, 1817 – May 20, 1883)
Biography
- Name: Thomas Smith
- Birth: June 27, 1817, Moyamensing, Pennsylvania
- Death: May 20, 1883, Abington, Pennsylvania
- Elected President of the Bank of North America in 1860;
Thomas Smith was born on June 27, 1817, in Moyamensing, Philadelphia. He was of Scotch-Irish descent, and his father was a successful business man in the flour and grain trade on the wharf in Philadelphia. After leaving school, the young man was placed in the store of Mr. William S. Smith as a clerk, and on attaining his majority was made a partner. Thomas Smith's honesty, integrity and enterprise won him a prominent place not only among merchants, but throughout the community. In his prime, Mr. Smith was an active member of the City Troop, and later his military ardor shone forth in his earnest desire to aid in maintaining the liberties of his country in that field, a desire his commercial responsibilities compelled him to check and his patriotism was displayed in the exertion during the rebellion of an influence that led the banks to offer to the government, in its hour of trial, the golden sinews of war.
Mr. Smith was long prominent as a member of the old Whig party, and afterwards as an influential Republican, and his business talents were so marked that in 1860 he was elected to the presidency of the Bank of North America. His administration of the affairs of the institution was singularly able, and it was due to the firm stand taken by him that the bank which had advanced $4,600,000, four and a half times the amount of its capital stock, on United States securities during the war, was permitted to dispense with the addition to its title of the word "National." President Smith, in his controversy with Controller McCulloch, succeeded in demonstrating that the change in the case of the institution under his control not only would be ill-advised, but was quite unnecessary, as the bank had a national charter, and its original name had been conferred upon it by Congress. This instance is said to have been the only one of its kind in which such indulgence was extended by the Treasury Department to any moneyed institution.
As a bank officer, President Smith was further known for his untiring energy in the performance of his duty, and his steady faithfulness to the great interests committed to his charge. As a young man he had been remarkable for his strength of constitution and his fine physique, but for several years previous to his death, he was to a great extent deprived by disease of the use of his lower limbs. Some two months since he withdrew from active duties as president of the Bank of North America, Mr. C.S. Lewis being temporarily elected in his place. The hope that retirement and rest would recuperate his failing powers unhappily proved delusive, and on last Wednesday week, being impaired by circumstances to an unconscious overexertion of his strength, he was stricken down, and continued to grow worse, till death ensued from weakness of the action of the heart.
Thomas Smith died on Sunday, May 20, 1883, due to an affliction of the heart, at Abington, on the North Pennsylvania Railroad. Having been in poor health for some time past, Mr. Smith retired from active participation in the business of the bank two months earlier, but the change failed to restore his exhausted energies and he resigned the office of president of the institution two weeks ago and had been gradually failing since. The deceased left a wife, Mary, the daughter of the late Commodore Kelly, USN, but no children. The family residence was at No. 1309 Walnut Street. The interment took place on the 24th in Laurel Hill Cemetery after the impressive services at St. Peter's Church, Third and Pine Streets. A beautiful and touching service of the Episcopal ritual was read by Rev. Charles E. Betticher, assisted by Rev. A.J. Miller.
On June 1st, a meeting of the friends of the late Thomas Smith was held at the hall of the Historical Society, Spruce Street above Eighth. The large assemblage was attended by many of the best citizens. Mr. J.W. Wallace called the meeting to order and on motion, Hon. John Welsh took the chair and W. Brooke Rawle, Esq., was elected secretary. Mr. Welsh remarked that the distinguished gentleman whose memory they desired to honor was thoroughly a Philadelphian. In this city he had been born and had always lived. As president of the oldest bank in the city, the Bank of North America, his administration was marked by great prosperity which had continued without interruption, notwithstanding several seasons of public calamity. Mr. Welsh in conclusion referred to the patriotism of the deceased, pronouncing him an ardent lover of his country and one whose soul was stirred by its peril, and who was ready to sacrifice all that he had, even his life, to maintain the independence, integrity and glory of his nation inviolate. Many remarks were made and letters were read from those unable to attend. Mr. Brinton Coxe who had known Mr. Smith only in his later years spoke of a trait which deeply impressed him, his love of domestic life and the event of his life, that being the loss of his son at an early age. This surprised and greatly moved the audience. As the mood subsided, Colonel E. Burd Grubb, in his capacity of captain of the First City Troop, proceeded to speak of Mr. Smith. He joined the troop in 1844, was made cornet in 1852 and promoted to a lieutenancy in 1853. He held that rank until 1861. His connection with the Troop during the period of the riots was spread upon the records and the colonel expressed the distress he must have felt "when the finger of disease was laid upon his limbs and they refused to obey the promptings of his lion-like heart." Unable to enter the field of battle, he sat in the bank and managed so wisely the sinews of war, the colonel felt that it was the will of the God of battles that appointed him to serve in the reserve. Colonel Grubb closed with the statement that the attendance of the Troop at Mr. Smith's funeral was the largest muster that had been known, adding that there was not a man in the Troop whose sorrow on that occasion was not heartfelt. Mr. Townsend Ward then moved the adoption of the resolutions which was done unanimously, and further it was order that the proceedings of the meeting be printed and a copy be sent to the family of the deceased.
Bank Officer Summary
During his banking career, Thomas Smith was involved with the following bank(s):
- Bank of North America, Philadelphia, PA: (Haxby PA-465) President 1860-1864
- Bank of North America, Philadelphia, PA (Charter 602): President 1864-1883
Sources
- Thomas Smith on Findagrave.com
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- The Philadelphia Times, Philadelphia, PA, Tue., May 22, 1883.
- The Philadelphia Inquirer, Philadelphia, PA, Tue., May 22, 1883.
- The Philadelphia Inquirer, Philadelphia, PA, Fri., May 25, 1883.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., June 2, 1883.