Daniel McCormick (banker)
Daniel McCormick | |
|---|---|
| Born | 1739/40 Ballybeen, County Down, Ireland |
| Died | 1834 |
| Occupation | Businessman |
| Known for | Founding director of the Bank of New York, partner in Macomb's Purchase |
Daniel McCormick (1739/40 – 1834) was a businessman originally from Ireland who spent the majority of his life in New York City. He played a key role as a founding director of the Bank of New York and was also a partner in Macomb's Purchase, acquiring roughly ten percent of New York State’s territory.
Early life
Born in Ballybeen, County Down, now part of Northern Ireland, around 1739 or 1740, McCormick had a brother named Edward who captained ships involved in the East Indian trade. Edward married Joanna Hamilton, who may have been related to Alexander Hamilton. Daniel McCormick emigrated to the United States in 1766.
During the American Revolutionary War, he held the rank of lieutenant in a patriot militia until the British took control of New York City. Recognized as neutral during the occupation, McCormick was able to protect his property from confiscation.
Following the war, he found employment with auctioneers Moore, Lynsen and Company, gaining profits through prize auctions related to wartime captures. By 1784, he had attained membership in the newly established New York Chamber of Commerce.
Life on Wall Street
McCormick established himself within New York’s elite social and commercial networks, associating with prominent figures such as Hamilton, John Jay, and John Adams. His business offices were located at 39 Wall Street, close to Federal Hall where Congress convened under the Articles of Confederation. His residence at 57 Wall Street served as a gathering place for influential personalities, including Hamilton, whose law office was adjacent.
Between 1789 and 1790, McCormick’s home gained recognition as a focal point for political discussion and social interaction among New York’s upper class.
Bank of New York
Founded after a meeting of New York merchants on February 23, 1784, the Bank of New York became the first banking institution established in the independent United States. Alexander Hamilton, who spearheaded its creation and contributed to the U.S. Constitution, served on its board alongside McCormick, Samuel Franklin, Isaac Roosevelt, and John Vanderbilt. The bank was incorporated in 1791 and issued 723 shares priced at $500 each; McCormick owned 15 shares, ranking among the largest shareholders. For comparison, Aaron Burr possessed three shares while Hamilton held one and a half. In 1792, these shares were the inaugural corporate stocks traded on the newly formed New York Stock Exchange.
The Macomb Purchase
Alexander Macomb (1748–1831), originally from Belfast and later a merchant turned land speculator and shipping entrepreneur, acquired approximately 3.6 million acres in northern New York in 1791 at eight cents per acre without an initial payment, agreeing instead to pay over six annual installments. This acquisition, known as "Macomb's Purchase", encompassed about one-tenth of New York State’s land area, including all of present-day Lewis County and large portions of Oswego County, St. Lawrence County, Franklin County, and Jefferson County. The transaction was coordinated by a consortium that included Daniel McCormick and William Constable—both seasoned merchants experienced in fur trading and international commerce.
The land was promoted for sale both within the United States and overseas; Constable even traveled to Europe to market it. During the gubernatorial election of 1792, accusations emerged suggesting Governor George Clinton might gain from this deal due to his connection with McCormick, who was purportedly holding one-third of the property; McCormick refuted these allegations. Sales failed to keep pace with payment obligations, and amid the financial turmoil known as the Panic of 1792, Macomb was imprisoned over debts exceeding $300,000—a considerable amount at that time. Subsequently, ownership interests were divided among McCormick, Constable, and creditors as multiple transactions occurred throughout the 1790s. Governor Clinton successfully pursued libel suits against his accusers.
Personal life and final years
McCormick, a member of the Irish Presbyterian community, held the position of trustee at the Brick Presbyterian Church. In 1784, he established and became the inaugural president of the Irish-American Society of the Friendly Sons of St. Patrick in the City of New York. Additionally, in 1801, he was named a trustee of the New York Society Library.
Walter Barrett portrayed McCormick’s final decades as representative of the quintessential old New Yorker: he continued to reside on Wall Street from its inception in 1792 until his passing in 1834. During this time, he observed the district’s evolution from a primarily residential neighborhood to a bustling commercial hub but chose not to move elsewhere. Recognized for his adherence to classic dress and social customs, he regularly hosted exclusive dinner gatherings followed by whist games, sustaining close friendships and an impeccable reputation. At the time of his death, McCormick possessed considerable landholdings and substantial wealth, living through an era when discussions about Bonaparte were widespread.
McCormick passed away in 1834, and his home was soon after torn down. Between 1836 and 1842, the Merchant's Exchange was erected on that site, which later served as the location for both the New York Stock Exchange and the United States Custom House.