James Savage (banker)
James Savage | |
|---|---|
| Born | Template:Birth date Boston, Massachusetts, U.S. |
| Died | March 8, 1873 (aged 88) Boston, Massachusetts, U.S. |
| Occupation(s) | Banker, writer |
| Known for | Founding the Provident Institution for Savings in Boston; editing John Winthrop's History of New England; genealogical research |
James Savage (1784–1873) was a prominent American banker and writer, known as a key figure in founding the Provident Institution for Savings in the Town of Boston. Established in 1816, this institution was the first chartered savings bank in the United States. Additionally, through his son-in-law William Barton Rogers, Savage played a role in the creation of MIT, and he supported his cousin Frederic Tudor in pioneering the ice trade to the West Indies.
Early years
Born on July 13, 1784, in Boston, Massachusetts, Savage was the ninth offspring of merchant Habijah "Thomas" Savage Jr. and Elizabeth Tudor. He traced his lineage back to Major Thomas Savage, an early settler who arrived in Massachusetts in 1635.
Following his mother's passing when he was three years old, Savage was brought up in Taunton, Massachusetts by William Savage, a blacksmith. His education began at Washington Academy in Maine and continued at Derby Academy in Massachusetts before he graduated from Harvard University in 1803. Subsequently, he pursued legal studies under Isaac Parker in Portland, Maine.
In 1805–1806, at age 21, Savage collaborated with his cousin Frederic Tudor to initiate the ice trade by exporting ice from Boston to the West Indies during the Napoleonic Wars. Tudor purchased the brig Favorite to transport ice approximately 1,500 miles to Martinique. Although some ice melted during transit resulting in losses, this enterprise established a foundation for a profitable industry.
After being admitted to the bar in 1807, Savage served in both chambers of the Massachusetts legislature and participated on the executive council. He was also a delegate at the Massachusetts Constitutional Convention of 1820–1821. Beyond these roles, he held several municipal positions and contributed actively to the school committee.
On December 13, 1816, alongside President William Phillips Jr. and Treasurer James Prince, Savage helped establish the Provident Institution for Savings in Boston, serving as its secretary. The bank commenced operations with 961 accounts totaling $76,000 and aimed to offer financial services to lower-income individuals while steering clear of charity-related complications. In 1992, this bank became part of Fleet National Bank of Massachusetts.
Savage earned election as a Fellow of the American Academy of Arts and Sciences in 1824.
Family
At age 39, Savage married Elizabeth Lincoln; their sole son, James Jr., was born in 1832. James Jr. attended Boston Latin School before enrolling at Harvard University in 1849.
That same year marked the marriage of Savage’s daughter Emma to William Barton Rogers, who later founded Massachusetts Institute of Technology with backing from the Savage family.
Tragedy befell the family when Elizabeth passed away in 1851, followed by the deaths of both daughters within three years. After the second daughter’s funeral, James Jr. traveled to Europe with classmates to study agricultural chemistry in Munich and Berlin. Upon returning home, he established a farm located in Ashland, Massachusetts.
In 1854, Henry Darwin Rogers—brother of William Barton Rogers—wed Savage’s stepdaughter Eliza Lincoln.
During the American Civil War, James Jr. served as Captain in the 2nd Regiment Massachusetts Volunteers. He sustained severe injuries at the Battle of Cedar Mountain in 1862 and was taken prisoner behind enemy lines; he later succumbed to his wounds at age 30.
Later years
For nearly two decades, Savage held the position of treasurer at the Massachusetts Historical Society and maintained membership for more than sixty years. The critic Edwin Percy Whipple lauded him as "the soul of integrity," highlighting his fervent and articulate opposition to injustice alongside his deep genealogical knowledge.
In 1841, Harvard conferred upon him the honorary Degree of Legum Doctor.
After a brief encounter with Savage, writer William Makepeace Thackeray expressed a wish to meet "that quaint, charming old Mr. Savage" once more.
James Savage passed away in Boston on March 8, 1873.
In 1906, his descendants compiled and published his letters in Letters of James Savage to his family, attributed to James Savage and Emma Savage Rogers.
Publications
From 1803 to 1811, Savage contributed as an associate editor to the Monthly Anthology, playing a role in establishing the North American Review.
In 1811, he presented a Fourth of July speech in Boston, which was later printed under the title "An Oration Delivered July 4, 1811, at the Request of the Selectmen of Boston in Commemoration of American Independence."
After the 1816 unearthing of John Winthrop's lost manuscript in the tower of Old South Church, Savage edited and annotated it, releasing it as John Winthrop's History of New England from 1630 to 1646, covering civil, ecclesiastical, geographic, and institutional history of early New England. He also issued the initial volume of Winthrop's Journal (1790) and authored numerous pamphlets on genealogical, historical, political, and controversial subjects.
In 1828, he edited a comprehensive five-volume edition of William Paley's writings. Subsequently, between 1860 and 1864, he published the four-volume Genealogical Dictionary of the First Settlers of New England, which traced lineage spanning three generations before May 1692.