Charles Macalester
Charles Macalester | |
|---|---|
| Born | Template:Birth date Philadelphia, Pennsylvania, U.S. |
| Died | December 9, 1873 (aged 75) Philadelphia, Pennsylvania, U.S. |
| Occupation(s) | Entrepreneur, financier, benefactor |
| Known for | Government director of the Second Bank of the United States; benefactor of Macalester College |
Charles Macalester (February 17, 1798 – December 9, 1873) was a prominent American entrepreneur, financier, and benefactor based in Philadelphia. Known for his role as a government director of the Second Bank of the United States and as a trusted advisor to multiple U.S. presidents, his ventures in brokerage and finance secured his position among the wealthiest individuals of his time. He donated a former hotel property to a financially struggling Presbyterian institution in Minneapolis, which was subsequently renamed Macalester College in his honor. His residence, the Glengarry estate located in Philadelphia's Torresdale district, gained recognition on the National Register of Historic Places in 1979.
Early life and education
Macalester was born in Philadelphia to parents who had emigrated from Scotland. He received his education at Grey & Wylie's school followed by studies at the University of Pennsylvania. During the War of 1812, he led a group of forty students to construct a defensive fortification along the Schuylkill River.
Career
From 1821 until 1827, Macalester pursued a career as a merchant in Cincinnati, Ohio before returning to Philadelphia. After inheriting a considerable estate following his father's passing in 1832, he withdrew from active merchandising by 1849 but continued to engage in securities trading and real estate ventures.
He was a partner at the brokerage firm Gaw, Macalester & Co., acted as an agent for financier George Peabody, and held board positions with the Fidelity Insurance, Trust & Safe Deposit Co., Girard National Bank, and the Camden & Amboy Railroad Company. His investments in real estate, particularly in Chicago, significantly enhanced his fortune.
Appointed by President Andrew Jackson as the government director of the Second Bank of the United States during its concluding years, Macalester also counseled presidents such as James Buchanan, Millard Fillmore, Ulysses S. Grant, and Abraham Lincoln. Although offered several cabinet posts, he chose not to enter public office.
In 1850, he purchased an 84-acre tract in Philadelphia’s Torresdale neighborhood where he established his Glengarry estate.
Philanthropy
During the 1870s, Rev. Dr. Edward Duffield Neill approached Macalester for support of Baldwin College in Minnesota, which was facing financial difficulties. Macalester donated the Winslow House, a summer hotel overlooking Saint Anthony Falls. In gratitude, Neill renamed the institution Macalester College; it received its charter in 1874. In 1885, the college sold the Winslow House for $40,000 and relocated to its current campus on Snelling Avenue near Grand Avenue in St. Paul, Minnesota.
Additionally, Macalester served as a trustee for the Presbyterian Hospital of Philadelphia, Jefferson Medical College, and the Peabody Southern Education Fund. He also held the presidency of the St. Andrew's Society.
Personal life
In 1824, he married Eliza A. Lyttle in Cincinnati; they had two children together. He later wed Susan Wallace in 1841.
Death and legacy
Macalester passed away on December 9, 1873, at his Glengarry residence located in Philadelphia's Torresdale area. He was laid to rest at Laurel Hill Cemetery in Philadelphia.
In his testament, he allocated $5,000 each to Presbyterian missions, the Board of Education, and the Fund for Disabled Ministers. The institution originally known as Baldwin College was renamed Macalester College in recognition of his contribution of the Winslow Hotel, which served as the college’s founding site. He also made several other philanthropic bequests.
At Macalester College, the Charles Macalester Society honors individuals who have donated more than $1 million.
His Glengarry estate in Torresdale was officially listed on the National Register of Historic Places in 1979.
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- Articles with short description
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- 1798 births
- 1873 deaths
- 19th-century American businesspeople
- 19th-century American philanthropists
- 19th-century American railroad executives
- American bankers
- American Presbyterians
- Burials at Laurel Hill Cemetery (Philadelphia)
- Businesspeople from Philadelphia
- Macalester College
- University and college founders
- University of Pennsylvania alumni