1880 History of Ulster County New York - Saugerties Section

72 HISTORY OF ULSTER COUNTY, NEW PORK.
WILLIAM P. RUSSELL.
William F. Russell, third son of Hon. Jeremiah Russcll,
was born at Trumpbour's Cornerv on the 14th day of January,
1812. When two years of age his father moved to
what is now the incorporated village of Saugerties.
The subject of this sketch when of suitable age attended
the district school of the place, which at that time afforded
but few advantages in the way of obtaining an education.
At the age of thirteen he entered his father's store in the
capncity of clerk. The business of his father having grown
to large dimensions, and with it plenty of work for his
small corps of clerks, the new clerk found himsclf so aonstantly
employed he had no opportunity of acquiring an
education other than was afforded in the stirring bnsinesv
scenes he passed,through daily, and the association with
the numerous patrons of the store and active business
habits offered. The constant association and coming in contact
with all classes from day to day, in the varied business
of his fiatlier, gave the son a good opportunity to acquire a
knowledge of human nat~lre and to brighten up his business
faculties. That he improved his opportunities well has
been shown in a remarkable degree in his mature years.
IIc continued in the employment of his father until his
nliljority, when he, in connection with brother-in-law, Col.
E. J. McCarthy, purchased the stock of goods and goodwill
of the busir.ess from his father on a credit of four
years without a dollar in cash to pay on the purchase.
On the 3d day of March, 1833, the new firm of Russell
& McCarthy hung their banner. orz the o2iter wall. They
put new life and cnerFy into the business, and taking the
tide at its flood moved on the highray to fortune. The increasing
care and labor incident proved too much for the uninitiated
brother-in-law, and in 1836 he sold out his intercst
and located on the south side of the E~opus. Knowing
110 such word as fail, the survivor of the firm prosecuted
the business with rencwed energy and with marked success.
To his enormous business in 1837 he added the purchase
and sale of bluesfone, that business being then in its infancy,
and which has so largely added to the wealth and
importance of the town of Saugerties, and which has at
the present time reached such fabulous dimensions in Ulster
County. In 1840 he again associated with him E. J.
BIcCarthy, and continued the firm of Russell & NcCarthy
until 1849. During the latter period the firm dcalt very
extensively in bluestone. In 1849 he sold out to E. J.
RIcCarthy, and closed his career as a merchant. He was
appointed postmaster about 1833, and held the position
until 1840. His successor, Aaron Burr Dewitt, held the
position but a short time, and in turn was succeeded by
E. J. McCarthy, Esq., who held the position for several
years.
Having been nurtured in the Democratic faith, and
being a person of decided convictions, he took a prominent
part in the politics of the day, his first vote being cast for
'; Old Hickory," in 1832. As early as 1840 he was chosen
a delegate to the Young Men's Democratic State Convention
held at Utica. Being thus brought into associatioli with
many leading magnates of the pnrty, and taken into their
councils, he became promipently identified with his party.
In 1851 he was elected to the Assembly. While in the
Legislature he was elected a member of a joint committee
of the Senate and Assembly to examine and investigate the
accounts of the comptroller, State treasurer, and auditor
of the canal department, and the securities and condition
of the banking department of the State of New York, a
trust of great importance, and which was bestowed by his
friends during his absence. Since that period there has
scarcely been a time when he has not been honored with
some responsible position. In 1856 he was elected to the
Thirty-fifth Congress, was appointed navy agent for the
port of New York in 1859, and in 18GO he, in company
with a number of leading gentlemen, established " The
Saugerties Bank," now The Saugerties National Bank, of
which he was chosen president, and has fillcd the position
corltinuously since its organization.
While the deliberations of the convention for revision
of the constitution of the State of New York were in progress,
in 1874, at Albany, a vacancy occurred in this district
by the death of Hon. IVilliam Cassidy, of Albany.
In casting about for a suitable person to fill said vacancy
the place was tendered to Hon. Willin~n P. Husscll by
telegraph, but in consequence of the great pressure of business
on his hands, he most respectfully declined the high
honor so magnanimously tendered. He has bccn chosen to
represent his party in county, State, judicial, nnd national
conventions very Inany times, and as a member of tlie
State central committee, etc.
Having attained a high reputation as a prompt? energetic,
and thorough business man, and having dischargcd all trusts
confided to his care with great fidelity, his persolla1 and
political friends, Hon. T. R. Wcstbrook, justice of tlie Supreme
Court, and Hon. Augustus Schooomaker, Jr., nttorney-gcneral
of the State of New York, on the 29th day of
March, 1878, tendered him, unasked and unsolicited, the
receivership of the Six-Penny Savings-Bank in the city of
New York. Owing to the great prcesure of business on his
hands, he very reluctantly accepted the trust, the duties of
which are now being industriously discharged. With nearly
thirty-three thousand depositors, and dcposits in excess of
one million eiiht hundred thousand dollars, thc duties require
executive ability of a high ordcr. Entering with
his usual industry upon the duties of his trust, at the end
of four months he was paying the depositors a dividend of
fifty per cent.; a second dividend of fifteen per cent. soon
followed, and he hopes to pay tlie third and final dividend
during the summer of 1880. The duties of his trust have
been discharged with great rapidity and to the entire satisfaction
of the dcpositors and the public.
Having resided in the village of Saugerties nearly all
his lifc he has been intimately connected with its growth
and prosperity; he has witnessed its increase of population
from one hundred to over four thousand. He has by a
life of industry and frugality accumulated a large amount
of property in town and village, and much that has tended
to improve and adorn the latter can be directly traced to
his efforts and liberality. In 1868 he purchased the property
on the corner of Main and Market Strcets, the site of
the old store in wliich he for many years prosecuted the
mercantile businem. In 1873 the building was razed lo the