Colonel Edmund Dick Taylor (October 18, 1804 – December 4, 1891) was an American businessman, politician, and soldier from
Illinois
Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolita ...
. He is remembered as the first person to suggest that the United States should issue paper currency ("
greenbacks") during the
American Civil War
The American Civil War (April 12, 1861 – May 26, 1865; also known by other names) was a civil war in the United States. It was fought between the Union ("the North") and the Confederacy ("the South"), the latter formed by states th ...
.
Early life
He was born Edmund Richard Taylor in
Lunenburg County, Virginia
Lunenburg County is a county located in the Commonwealth of Virginia. As of the 2020 census, the population was 11,936. Its county seat is Lunenburg.
History
Lunenburg County was established on May 1, 1746, from Brunswick County. The county ...
, son of Giles Y Taylor (1766–1830) and Francine "Sina" Stokes. In later years, he preferred to use his middle name rather than his first name, and used in its short form. Thus he became known as "Dick" Taylor, and his middle initial was written "D" in formal documents.
In the fall of 1823, he began general merchandising with Colonel John Taylor in
Springfield, Illinois
Springfield is the capital of the U.S. state of Illinois and the county seat and largest city of Sangamon County. The city's population was 114,394 at the 2020 census, which makes it the state's seventh most-populous city, the second largest o ...
. On 18 September 1829, he married Margaret Taylor (born 28 December 1813 in Kentucky), the daughter of Col. John Taylor and Elizabeth (Burkhead) Taylor.
Politics
In 1830, he was elected to the
Illinois State Legislature
The Illinois General Assembly is the legislature of the U.S. state of Illinois. It has two chambers, the Illinois House of Representatives and the Illinois Senate. The General Assembly was created by the first state constitution adopted in 18 ...
, representing
Sangamon County
Sangamon County is located in the center of the U.S. state of Illinois. According to the 2010 census, it had a population of 197,465. Its county seat and largest city is Springfield, the state capital.
Sangamon County is included in the S ...
. In 1832 he was re-elected, defeating several challengers including
Abraham Lincoln
Abraham Lincoln ( ; February 12, 1809 – April 15, 1865) was an American lawyer, politician, and statesman who served as the 16th president of the United States from 1861 until his assassination in 1865. Lincoln led the nation thro ...
. Taylor was the only man to defeat Lincoln in a direct election. In 1834 he was elected to the
Illinois Senate
The Illinois Senate is the Upper house, upper chamber of the Illinois General Assembly, the legislative branch of the government of the U.S. state, State of Illinois in the United States. The body was created by the first state constitution adop ...
from Sangamon County.
In 1835, he was appointed by President
Andrew Jackson
Andrew Jackson (March 15, 1767 – June 8, 1845) was an American lawyer, planter, general, and statesman who served as the seventh president of the United States from 1829 to 1837. Before being elected to the presidency, he gained fame as ...
as Receiver of Public Moneys in Chicago, where he was in charge of substantial sales of federal land. After holding this position for four years, he returned to the private sector. He continued to play a leading role in
Democratic Party Democratic Party most often refers to:
*Democratic Party (United States)
Democratic Party and similar terms may also refer to:
Active parties Africa
*Botswana Democratic Party
*Democratic Party of Equatorial Guinea
*Gabonese Democratic Party
*Demo ...
politics in Illinois.
Business career
Illinois coal mines
Taylor was a pioneer of the coal industry in Illinois. In 1823 he took an interest in coal and opened the West End Shaft, also known as West End Coal Mine.
In 1856, he sank a shaft in
La Salle County, Illinois
LaSalle County is located within the Fox Valley and Illinois River Valley regions of the U.S. state of Illinois. As of the 2020 Census, it had a population of 109,658. Its county seat and largest city is Ottawa. LaSalle County is part of the ...
, operating as the Northern Illinois Coal and Iron Company. He also owned other mines in that area.
On 18 February 1863, at a convention in Chicago of the coal operators in Illinois, Edmund was appointed Chairman.
Internal improvements
Taylor played an important role in Illinois in promoting and bringing about
"
internal improvements
Internal improvements is the term used historically in the United States for public works from the end of the American Revolution through much of the 19th century, mainly for the creation of a transportation infrastructure: roads, turnpikes, canal ...
" (canals, railroads, and other transportation infrastructure). General Usher F. Linder stated "If any man deserves more credit than another for the completion of the
Illinois and Michigan Canal
The Illinois and Michigan Canal connected the Great Lakes to the Mississippi River and the Gulf of Mexico. In Illinois, it ran from the Chicago River in Bridgeport, Chicago to the Illinois River at LaSalle-Peru. The canal crossed the Chicago Por ...
, it is Col. Edmund D. Taylor."
When the
Galena and Chicago Union Railroad
The Galena and Chicago Union Railroad (G&CU) was a railroad running west from Chicago to Freeport, Illinois, never reaching Galena, Illinois. A later route went to Clinton, Iowa. Incorporated in 1836, the G&CU became the first railroad built out ...
was incorporated on 16 January 1836, Taylor was appointed commissioner and director.
On 18 January 1837, at Russell's Saloon in Chicago, supporters of internal improvements held a mass meeting. William H. Brown was called to the chair and William Stuart appointed Secretary, Francis Payton stated the objects of the meeting. A committee of five was appointed namely: Edmund D. Taylor, Captain J. B. F. Russell, Francis Payton,
John H. Kinzie
John Harris Kinzie (July 7, 1803 – June 19, 1865) was a prominent figure in Chicago politics during the 19th century. He served as the president of the Board of Trustees of Chicago when it was still a town and thrice unsuccessfully ran for Chic ...
, and Joseph N. Balestier. The meeting declared in favor of the immediate construction of the
Illinois Central Railroad
The Illinois Central Railroad , sometimes called the Main Line of Mid-America, was a railroad in the Central United States, with its primary routes connecting Chicago, Illinois, with New Orleans, Louisiana, and Mobile, Alabama. A line also co ...
and general system of improvement.
Chicago Merchants' Exchange
On 5 February 1857, the Chicago Merchants' Exchange company was incorporated by: Edmund D. Taylor, Thomas Hall, George Armour, James Peck,
John P. Chapin,
Walter S. Gurnee, Edward Kendall Rogers, Thomas Richmond,
Julian Sidney Rumsey
Julian Sidney Rumsey (April 3, 1823 in Batavia, New York – April 20, 1886 in Chicago, Illinois) served as mayor of Chicago, Illinois (1861–1862) for the Republican Party.
Career
Rumsey arrived in Chicago on July 28, 1835, to work in a shi ...
, Samuel B. Pomeroy, Elisha Wadsworth,
Walter Loomis Newberry
Walter Loomis Newberry (September 18, 1804 – November 6, 1868) was the son of Amasa and Ruth (Warner) Newberry. He was an American businessman and philanthropist, whose bequest provided for the creation of the Newberry Library in Chicago, Illi ...
, Hiram Wheeler and George Steele.
Bankruptcy
Taylor was ruined by the
Great Chicago Fire
The Great Chicago Fire was a conflagration that burned in the American city of Chicago during October 8–10, 1871. The fire killed approximately 300 people, destroyed roughly of the city including over 17,000 structures, and left more than 10 ...
of 1871, which destroyed 14 stores owned by him. He had insurance, but it was with Chicago firms that were overwhelmed by the disaster.
Appeal to Congress
During the Civil War, Taylor had spent considerable sums from his own pocket for travel on government business and in raising and equipping Union troops. At the time, he asked for no reimbursement. But in 1887, he applied to Congress to be repaid $15,000 of his expenses. Taylor retained considerable standing in Chicago's business community. His petition included a supporting memorial signed by 56 prominent men of Chicago and Illinois. Taylor's petition was considered by the Committee on War Claims, but it was rejected for want of documentation.
Taylor renewed his petition in 1890, but it was again rejected.
Father of the Greenback
By late 1861, it was clear that the Civil War was going to be much more costly than anyone had expected, and that the Union would have to raise or find or borrow vast amounts of money. Taylor had the idea that the Union could pay its expenses with newly created money in the form of paper currency ("
greenbacks"). In 1861, Taylor mentioned his idea for greenbacks at
General Grant
Ulysses S. Grant (born Hiram Ulysses Grant ; April 27, 1822July 23, 1885) was an American military officer and politician who served as the 18th president of the United States from 1869 to 1877. As Commanding General of the United States ...
's headquarters in
Cairo, Illinois.
On 16 January 1862, Taylor met privately with President
Abraham Lincoln
Abraham Lincoln ( ; February 12, 1809 – April 15, 1865) was an American lawyer, politician, and statesman who served as the 16th president of the United States from 1861 until his assassination in 1865. Lincoln led the nation thro ...
at his request. Taylor suggested the issuance of treasury notes bearing no interest and printed on the best banking paper. Taylor said "Just get Congress to pass a bill authorizing the printing of full legal tender treasury notes... and pay your soldiers with them and go ahead and win your war with them also. If you make them full legal tender... they will have the full sanction of the government and be just as good as any money; as Congress is given the express right by the Constitution."
In a letter dated 16 December 1864, the President named Col. Edmund D. Taylor as "the father of the present greenback".
Taylor cited his suggestion of the greenback in his 1887 petition to Congress. He included the 1864 letter from Lincoln.
In February 1888, he added a recent letter from General
John McClernand
John Alexander McClernand (May 30, 1812 – September 20, 1900) was an American lawyer and politician, and a Union Army general in the American Civil War. He was a prominent Democratic politician in Illinois and a member of the United States H ...
, who had been at Cairo at the time, and confirmed Taylor's account.
Educational institutions
Taylor was a patron of many educational institutions.
In 1837, he was on the Board of Trustees for
Rush Medical College
Rush Medical College is the medical school of Rush University, located in the Illinois Medical District, about 3 km (2 miles) west of the Loop in Chicago. Offering a full-time Doctor of Medicine program, the school was chartered in 1837, and ...
.
In 1857, he was one of the Founding Board of Trustees for the
Old University of Chicago
The Old University of Chicago was the legal name given in 1890 to the University of Chicago's first incorporation.
The school, founded in 1856 by Baptist church leaders, was originally called the "University of Chicago" (or, interchangeably, "Ch ...
.
File:Old_UChicago_History1.png, The Old University of Chicago
Military service
Taylor had several tours of military service.
During the
Winnebago War
The Winnebago War, also known as the Winnebago Uprising, was a brief conflict that took place in 1827 in the Upper Mississippi River region of the United States, primarily in what is now the state of Wisconsin. Not quite a war, the hostilities ...
of 1827, he enlisted as a private in Captain Bowling Green's Company of the militia on 20 July 1827, and was honorably discharged 27 August.
During the
Black Hawk War
The Black Hawk War was a conflict between the United States and Native Americans led by Black Hawk, a Sauk leader. The war erupted after Black Hawk and a group of Sauks, Meskwakis (Fox), and Kickapoos, known as the "British Band", crosse ...
of 1831m he was commissioned as a colonel in the state militia on 13 June by governor
John Reynolds. He was also
Aide-de-camp to Brigadier General
Joseph Duncan of the Brigade of Mounted Volunteers, in service of the United States.
During the Civil War, Taylor was again commissioned a colonel. He did not serve in the field, but was employed very extensively by President Lincoln as a confidential messenger.
Family
On 18 September 1829 in Illinois, Edmund Richard "Dick" Taylor married Margaret Taylor (b. 28 December 1813 in Kentucky), the daughter of his business partner Col. John Taylor and Elizabeth Burkhead.
Their offspring were:
* Giles Y Taylor (1833–1852) married. His son Giles Young Taylor married 16 March 1886 in Dupage County, Illinois,
[Illinois State Marriage Records. Online index. Illinois State Public Record Offices.] to Ella May Downing;
* Elizabeth Taylor (1834–1915);
* Hannah T Taylor (b. 1836);
* Samuel F Taylor (1836–1876);
* Margaret A Taylor (25 Nov 1838 in Cook County, Illinois – 9 Feb 1922),
[Illinois Deaths and Stillbirths, 1916–1947.] married B. F. Beebe;
[Year: 1870; Census Place: Chicago Ward 12, Cook, Illinois; Roll: M593_206; Page: 291B; Image: 384483; Family History Library Film: 545705. 1870 U.S. census, population schedules. NARA microfilm publication M593, 1,761 rolls. Washington, D.C.: National Archives and Records Administration, n.d.]
* John Taylor (b. 1843 in Illinois);
* Charles T. Taylor (17 October 1844 in Springfield, Illinois – 3 August 1905), industrialist, married Pelagie Ewing (18 November 1846 – 28 December 1920), sister of
William L. Ewing;
* Dick Taylor (b. 1846 in Indiana);
* William W Taylor (1853–1911), General Superintendent of St. Paul Coal Company, married in Illinois to Jennie Margaret Mills (25 Nov 1853 in La Salle County, Illinois – 25 April 1936);
[Year: 1880; Census Place: La Salle, La Salle, Illinois; Roll: 223; Family History Film: 1254223; Page: 279A; Enumeration District: 068; Image: 0079. Tenth Census of the United States, 1880. (NARA microfilm publication T9, 1,454 rolls). Records of the Bureau of the Census, Record Group 29. National Archives, Washington, D.C.] and
* Ella Francine Taylor (1857–1938), married 6 November 1878 in La Salle County, Illinois,
to Isaac Whitson Rogers.
Death
Taylor died in Chicago, Illinois, on December 4, 1891.
References
External links
Edmund Dick Taylor: Official TributeEdmund Dick Taylor: Myspace TributeEdmund Dick Taylor: MuseumStuffEdmund Dick Taylor: Facebook TributeFather of the Greenback , OriginalThe Originator of Greenback Currency
{{DEFAULTSORT:Taylor, Edmund
Members of the Illinois House of Representatives
Illinois state senators
1804 births
1891 deaths
People from Lunenburg County, Virginia
People from Gallatin County, Illinois
Politicians from Springfield, Illinois
Politicians from Chicago
American people of the Black Hawk War
Businesspeople from Chicago
19th-century American politicians
19th-century American businesspeople