Benjamin Pierce Cheney
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Benjamin Pierce Cheney ( ; August 12, 1815 – July 23, 1895) was an American businessman, and a founder of the firm that became
American Express American Express Company (Amex) is an American multinational corporation specialized in payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was found ...
.


Early life

Cheney was born in
Hillsborough, New Hampshire Hillsborough, frequently spelled Hillsboro, is a town in Hillsborough County, New Hampshire, United States. The population was 5,939 at the 2020 census. The town is home to Fox State Forest and part of Low State Forest. The main village of the t ...
, on August 12, 1815, to Jesse and Alice (Steele) Cheney. The family were descended from John Cheney, who was recorded in
Roxbury, Massachusetts Roxbury () is a Neighborhoods in Boston, neighborhood within the City of Boston, Massachusetts. Roxbury is a Municipal annexation in the United States, dissolved municipality and one of 23 official neighborhoods of Boston used by the city for n ...
, in 1635, moving the following year to
Newbury, Massachusetts Newbury is a town in Essex County, Massachusetts, USA. The population was 6,716 at the 2020 census. Newbury includes the villages of Old Town (Newbury Center), Plum Island and Byfield. Each village is a precinct with its own voting district, ...
. John Cheney's brother, William, recorded in Roxbury by 1640, was an ancestor of former Vice President
Dick Cheney Richard Bruce Cheney ( ; born January 30, 1941) is an American politician and businessman who served as the 46th vice president of the United States from 2001 to 2009 under President George W. Bush. He is currently the oldest living former U ...
. He was also evidently kin to the Benjamin Cheney or Cheany of
Hartford, Connecticut Hartford is the capital city of the U.S. state of Connecticut. It was the seat of Hartford County until Connecticut disbanded county government in 1960. It is the core city in the Greater Hartford metropolitan area. Census estimates since the ...
, from whom John Fitch, the inventor of the
steamboat A steamboat is a boat that is marine propulsion, propelled primarily by marine steam engine, steam power, typically driving propellers or Paddle steamer, paddlewheels. Steamboats sometimes use the ship prefix, prefix designation SS, S.S. or S/S ...
, learned the trade of clocksmith in 1760. Cheney's father was a
blacksmith A blacksmith is a metalsmith who creates objects primarily from wrought iron or steel, but sometimes from #Other metals, other metals, by forging the metal, using tools to hammer, bend, and cut (cf. tinsmith). Blacksmiths produce objects such ...
, and he began working in his father's shop at age 10. At age 12 he began working at a tavern and later a general store in
Francestown, New Hampshire Francestown is a town in Hillsborough County, New Hampshire, United States. The population was 1,610 at the 2020 census. The village of Francestown, population 201 in 2020, is in the center of the town. History Incorporated in 1772, Francestow ...
. In 1831 he started work as a stagecoach driver between
Nashua Nashua may refer to: * Nashaway people, Native American tribe living in 17th-century New England Places In Australia: * Nashua, New South Wales In the United States: * Nashua, California * Nashua, Iowa * Nashua, Minnesota * Nashua, Kansas City ...
and
Exeter Exeter () is a city in Devon, South West England. It is situated on the River Exe, approximately northeast of Plymouth and southwest of Bristol. In Roman Britain, Exeter was established as the base of Legio II Augusta under the personal comm ...
, soon moving to the route between Nashua and Keene. The stage did a brisk business due to the dearth of rail lines at the time. Cheney built relationships with some of his passengers at this time, including
Daniel Webster Daniel Webster (January 18, 1782 – October 24, 1852) was an American lawyer and statesman who represented New Hampshire and Massachusetts in the U.S. Congress and served as the U.S. Secretary of State under Presidents William Henry Harrison, ...
, whose friendship lasted the rest of his life. With a reputation for honesty and reliability, he was frequently entrusted with large sums of money destined for banks on his route. In 1836 he became a stage agent in
Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...
.''The National Cyclopaedia of American Biography'', Vol. X, p. 214.


Wells Fargo and American Express

Cheney joined Nathaniel White and William Walker in 1842 to organize an express line between Boston and
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
. In 1852 Cheney effected his first consolidation when he bought out Fisk & Rice's Express between Boston and
Burlington, Vermont Burlington is the most populous city in the U.S. state of Vermont and the seat of Chittenden County. It is located south of the Canada–United States border and south of Montreal. As of the 2020 U.S. census, the population was 44,743. It ...
. Subsequent consolidations resulted in the organization of the United States & Canada Express Company in 1854. In 1854, while on his way home from Canada, he lost his right arm in a railway accident.''The National Cyclopaedia of American Biography'', New York: James T. White & Company, 1909. Reprint of 1900 edition. Cheney was elected a director of
Wells Fargo & Company Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...
in September 1854 in place of Alpheus Reynolds, who had resigned. On April 15, 1863, the Wells Fargo management named Cheney, Danford N. Barney and
William Fargo William George Fargo (May 20, 1818August 3, 1881) was a pioneer American expressman who helped found the modern-day financial firms of American Express Company and Wells Fargo with his business partner, Henry Wells. He was also the 27th Mayor ...
a committee to go to
California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...
"in the best interests of the company". Traveling by stage, they spent most of July, all of August, and most of September 1863 in California looking after the company's affairs. He retired from the Wells Fargo board in 1877, but again served as a director from 1882 to the beginning of 1884. Cheney sold United States & Canada Express in 1879 to
American Express American Express Company (Amex) is an American multinational corporation specialized in payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was found ...
, at which time he became the company's largest shareholder as well as treasurer and a director. He remained a large shareholder of Wells Fargo, National Express, and others.Loomis, p. 339 note 8.


Railroad interests

Through his business contacts, Cheney became interested in the Vermont Central Railroad (later the Central Vermont), the
Northern Pacific Railway The Northern Pacific Railway was a transcontinental railroad that operated across the northern tier of the western United States, from Minnesota to the Pacific Northwest. It was approved by Congress in 1864 and given nearly of land grants, whic ...
, the
Atchison, Topeka and Santa Fe Railway The Atchison, Topeka and Santa Fe Railway , often referred to as the Santa Fe or AT&SF, was one of the larger railroads in the United States. The railroad was chartered in February 1859 to serve the cities of Atchison, Kansas, Atchison and Top ...
, and the San Diego Land and Town Company. He was also the founder and a director of the Market National Bank of Boston and the American Loan and Trust Company. He helped finance the Northern Pacific and the Atchison, Topeka and Santa Fe, and had much to do with getting Wells Fargo's express service on both roads. He was a director of the Santa Fe from 1873 to 1894. When it became evident the railroad was in dire straits, other directors sold their shares. Cheney, by contrast, refused to take advantage of his inside information and held his shares, suffering a significant personal loss when the railroad went bankrupt in the
Panic of 1893 The Panic of 1893 was an economic depression in the United States that began in 1893 and ended in 1897. It deeply affected every sector of the economy, and produced political upheaval that led to the political realignment of 1896 and the pres ...
and was reorganized.


Family life

On June 6, 1865, Cheney married Elizabeth Stickney Clapp, daughter of Asahel and Elizabeth Searle (Whiting) Clapp of
Dorchester, Massachusetts Dorchester (colloquially referred to as Dot) is a Boston neighborhood comprising more than in the City of Boston, Massachusetts, United States. Originally, Dorchester was a separate town, founded by Puritans who emigrated in 1630 from Dorchester ...
. The Cheneys had two sons,
Benjamin Pierce Cheney Jr. Benjamin Pierce Cheney Jr. (April 8, 1866 – June 5, 1942), was an American business executive. He had extensive investments in railroad securities and served as a director of Wells Fargo & Company and the Atchison, Topeka & Santa Fe Railroad. ...
and Charles P., and three daughters, Alice Steele, Mary and Elizabeth.''The National Cyclopaedia of American Biography'', Vol. X, p. 215. New York: James T. White & Company, 1909. Reprint of 1900 edition.


Philanthropy

Cheney was a member of the
New England Historic Genealogical Society The New England Historic Genealogical Society (NEHGS) is the oldest and largest genealogical society in the United States, founded in 1845. NEHGS provides family history services through its staff, original scholarship, website,Dartmouth College Dartmouth College (; ) is a private research university in Hanover, New Hampshire. Established in 1769 by Eleazar Wheelock, it is one of the nine colonial colleges chartered before the American Revolution. Although founded to educate Native A ...
, and in 1886 he presented a bronze statue by Thomas Ball of his friend
Daniel Webster Daniel Webster (January 18, 1782 – October 24, 1852) was an American lawyer and statesman who represented New Hampshire and Massachusetts in the U.S. Congress and served as the U.S. Secretary of State under Presidents William Henry Harrison, ...
to the people of New Hampshire; today it is located in front of the
New Hampshire State House The New Hampshire State House, located in Concord at 107 North Main Street, is the state capitol building of New Hampshire. The capitol houses the New Hampshire General Court, Governor, and Executive Council. The building was constructed on a ...
. He also helped develop the eastern part of
Washington Washington commonly refers to: * Washington (state), United States * Washington, D.C., the capital of the United States ** A metonym for the federal government of the United States ** Washington metropolitan area, the metropolitan area centered o ...
state with a railroad line. As a result,
Cheney, Washington Cheney ( ) is a city in Spokane County, Washington, United States. The full-time resident population was 13,255 as of 2020 census. Eastern Washington University is located in Cheney. When classes are in session at EWU, the city's population rea ...
, is named in his honor, Located southwest of Spokane, Cheney was laid out in 1880 and incorporated as a city in 1883. ''The Illustrated Columbia Encyclopedia'', 3rd edition, Vol. 5, p. 1279. New York: Columbia University Press, 1963. and with a $10,000 grant he helped establish a school there in 1882 that evolved into
Eastern Washington University Eastern Washington University (EWU) is a public university in Cheney, Washington. It also offers programs at a campus in EWU Spokane at the Riverpoint Campus and other campus locations throughout the state. Founded in 1882, the university is ...
. Established in 1882 as Benjamin P. Cheney Academy, it became Washington State Normal School in 1889, Eastern Washington College of Education in 1937, Eastern Washington State College in 1961, and Eastern Washington University in 1977. Cheney was also one of the most generous supporters of the
Massachusetts Horticultural Society The Massachusetts Horticultural Society, sometimes abbreviated to MassHort, is an American horticultural society based in Massachusetts. It describes itself as the oldest formally organized horticultural institution in the United States. In its m ...
, after becoming a member in 1864. His property in Wellesley, Massachusetts, is now protected as
Elm Bank Reservation The Gardens at Elm Bank, home of Massachusetts Horticultural Society, occupies of Elm Bank Reservation, a recreational area of woodlands, fields, and former estate property on the Charles River managed by the Massachusetts Department of Conserva ...
br>"History of Elm Bank"
Mass Horticultural Society website


Later life

Cheney amassed a fortune estimated at $10,000,000. He was again elected a director of Wells Fargo upon the death of
Leland Stanford Amasa Leland Stanford (March 9, 1824June 21, 1893) was an American industrialist and politician. A member of the Republican Party, he served as the 8th governor of California from 1862 to 1863 and represented California in the United States Se ...
in June 1893, and served until his own death in July 1895. His son then served as a director of Wells Fargo until August 1899. Cheney's estate in
Wellesley, Massachusetts Wellesley () is a New England town, town in Norfolk County, Massachusetts, Norfolk County, Massachusetts, United States. Wellesley is part of Greater Boston. The population was 29,550 at the time of the 2020 census. Wellesley College, Babson Col ...
has since become the
Elm Bank Horticulture Center The Gardens at Elm Bank, home of Massachusetts Horticultural Society, occupies of Elm Bank Reservation, a recreational area of woodlands, fields, and former estate property on the Charles River managed by the Massachusetts Department of Conservat ...
. He retired to this property on the
Charles River The Charles River ( Massachusett: ''Quinobequin)'' (sometimes called the River Charles or simply the Charles) is an river in eastern Massachusetts. It flows northeast from Hopkinton to Boston along a highly meandering route, that doubles b ...
in his last years and occupied himself with beautifying the land with conservatories and gardens. He died on July 23, 1895.''Dictionary of American Biography'', Vol. IV, p. 51.


References

{{DEFAULTSORT:Cheney, Benjamin Pierce 1815 births 1895 deaths People from Hillsborough, New Hampshire American people of English descent Benjamin Pierce Wells Fargo employees American Express people Massachusetts Republicans