Charles Vernon Culver (September 6, 1830 – January 10, 1909) was a

Republican Republican can refer to: Political ideology * An advocate of a republic, a type of government that is not a monarchy or dictatorship, and is usually associated with the rule of law. ** Republicanism, the ideology in support of republics or agains ...

member of the

U.S. House of Representatives The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the lower chamber of the United States Congress, with the Senate being the upper chamber. Together they ...

from

Pennsylvania Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...

Early life

Culver was born in

Logan, Ohio Logan is a city in Hocking. The population was 7,152 at the time of the 2010 census. It is the county seat of Hocking County. Logan is located in southeast Ohio, on the Hocking River 48 miles southeast of Columbus. The current mayor of Logan is ...

. He received a liberal preparatory schooling and attended the

Ohio Wesleyan University Ohio Wesleyan University (OWU) is a private liberal arts college in Delaware, Ohio. It was founded in 1842 by methodist leaders and Central Ohio residents as a nonsectarian institution, and is a member of the Ohio Five – a consortium ...

Delaware, Ohio Delaware is a city in and the county seat of Delaware County, Ohio, United States. Delaware was founded in 1808 and was incorporated in 1816. It is located near the center of Ohio, is about north of Columbus, and is part of the Columbus, Ohio m ...

. He moved to

and settled in

Reno, Pennsylvania Sugarcreek is a borough in Venango County, Pennsylvania, United States. The population was 4,824 at the 2020 census. It is the largest borough by total area in all Venango County. Geography Sugarcreek is located at (41.420993, -79.818883). Acco ...

and engaged in mercantile pursuits. He also became interested in the development of oil in

Venango County, Pennsylvania Venango County is a county in the Commonwealth of Pennsylvania. As of the 2020 census, the population was 50,454. Its county seat is Franklin. The county was created in 1800 and later organized in 1805. Venango County comprises the Oil City, ...

, and the establishment of national banks in thirteen cities throughout the East. He was elected as a Republican to the Thirty-ninth Congress. He was not a candidate for renomination in

1866 Events January–March * January 1 ** Fisk University, a historically black university, is established in Nashville, Tennessee. ** The last issue of the abolitionist magazine '' The Liberator'' is published. * January 6 – Ottoman tr ...

. While a member of Congress, he became

bankrupt Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debt ...

and was imprisoned in 1866 but was eventually acquitted after a long trial. He resumed operations in the oil business, with headquarters in

Franklin, Pennsylvania Franklin is a city and the county seat of Venango County, Pennsylvania. The population was 6,097 in the 2020 census. Franklin is part of the Oil City, PA Micropolitan Statistical Area. Franklin is known for its three-day autumn festival in O ...

. He died while on a business trip in

Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...

in 1909. He was interred in Franklin Cemetery in Franklin, Pennsylvania.

Culver and the Great Bank Scandal

Culver had made a small profit in

by investing some bank money in oil. He took that money and began buying up banks throughout the oil region. He bought land two miles below

Oil City, Pennsylvania Oil City is a city in Venango County, Pennsylvania known for its prominence in the initial exploration and development of the petroleum industry. It is located at a bend in the Allegheny River at the mouth of Oil Creek. Initial settlement of Oi ...

where he established the town of Reno and The Reno Oil and Land Company and starting selling stock in what appears to have been a basic

pyramid scheme A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products. As recruiting multiplies, recruiting becomes quickly im ...

. Culver also attempted to establish the Reno-Pithole railroad, to run between Reno and

Pithole, Pennsylvania Pithole, or Pithole City, is a ghost town in Cornplanter Township, Venango County, Pennsylvania, United States, about from Oil Creek State Park and the Drake Well Museum, the site of the first commercial oil well in the United States. Pithole's ...

, the leading oil boom town at the time. Culver was not one for half measures—to run the railroad he hired

Ambrose Burnside Ambrose Everett Burnside (May 23, 1824 – September 13, 1881) was an American army officer and politician who became a senior Union general in the Civil War and three times Governor of Rhode Island, as well as being a successful inventor ...

, and to hook investors, he brought deep-pocketed men of wealth from all over the country to tour his as-yet-non-existent oil fields. Ultimately Culver's plan collapsed and he was pursued by creditors and courts up and down the oil region. The collapse of his banks triggered a financial panic throughout the oil region that drove many oilmen out of the business and created chaos that set the stage for men like

John D. Rockefeller John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American business magnate and philanthropist. He has been widely considered the wealthiest American of all time and the richest person in modern history. Rockefeller was ...

to move in. A more complete and colorful account of Culver's career can be found in the book The Great Oildorado by Hildegarde Dolson.

References

External links

The Political Graveyard

{{DEFAULTSORT:Culver, Charles V. 1830 births 1909 deaths Ohio Wesleyan University alumni People from Logan, Ohio Republican Party members of the United States House of Representatives from Pennsylvania 19th-century American politicians