Saturday, August 3, 2013

Jacob Barker, Financier In The War

Jacob Barker (1778-1871), a wealthy man with power and influence, was fast friends with John Armstrong (among other famous persons) who was a Secretary of War during the War of 1812.  This information was confirmed per his biography, the Incidents in the life of Jacob Barker, of New Orleans, Louisiana: with historical facts, his financial transactions with the government and his course on important political questions, from 1800 to 1855.  One chapter was even entitled Defence of General John Armstrong.

Jacob Barker's background:

"Doctor Benjamin Franklin and Jacob Barker both descended from John Folger and Meribah Gibbs; Peter, their only child,...married Mary Morrell...".  Their daughter, Abiah, was Franklin's mother and John Folger (Abiah's brother) was the ancestor of Jacob Barker.  Nantucket and early speculation in trade were part of Mr. Barker's early years.  On August 27, 1801, he married Elizabeth Hazard."

Financing the War of 1812:

"At the commencement of hostilities in June, 1812, I [Barker] had an immense amount of property at sea and could not form a correct opinion how my affairs would wind up. Although I sustained extensive losses, I still obtained a large amount safe back, which placed my affairs in a favorable train, so that in the March following, when Mr. Gallatin advertised for the sixteen million loan, I was enabled to lend him twenty-five thousand dollars and prevailed on many of my friends also to furnish him with considerable sums."

Apparently loaning money to the Government was not without political intrigue and personal ruin, as described in the book.


Dorene from Ohio said...

There was a Jacob Barker connected with the early development of Sandusky. What an enterprising family!

PalmsRV said...

Wonder if they're related?!