From Loyalists to Loyal Citizens by Valerie H. McKito

Author:Valerie H. McKito [McKito, Valerie H.]
Language: eng
Format: epub
Tags: History, United States, Revolutionary Period (1775-1800), State & Local, Middle Atlantic (DC; DE; MD; NJ; NY; PA)
ISBN: 9781438458106
Google: I1pVCgAAQBAJ
Publisher: SUNY Press
Published: 2015-08-10T02:53:19+00:00

Chapter 6

Continuing the Tradition

By 1820, the DePeyster family was firmly ensconced as a leading New York family in every way, and Frederick DePeyster, age 62, was ready to retire from his merchant activities. The responsibility of maintaining the familial wealth and reputation then fell to the next generation of DePeysters, Frederick’s sons and nephews. At the same time, this next generation was coming of age well equipped to live up to DePeyster standards. Unhindered by the family’s Loyalist past, they all followed the same basic principles whenever possible: use both the family network and social and business connections, marry into prominent families, make the most of the DePeyster name, and manage inherited wealth and property with care. Yet not all experienced the same degree of success. Much as with Frederick’s generation, success in living up to DePeyster standards also required shrewd judgment and luck. Those who were willing to innovate and adapt, as Frederick had, were the most successful.

When Frederick DePeyster retired in 1820 he turned his attention to active service in philanthropic organizations such as the New-York Lying-in Hospital and the Humane Society. He also continued to serve as president for the National Insurance Company. What his retirement meant for his sons and nephews, however, was that he now expected them to be self-sufficient, with little further assistance from him. This is not surprising as Frederick himself was independent at a young age and had been so under much more difficult circumstances than those in which the young DePeysters found themselves. Additionally, families during this period generally encouraged independence for young men starting in their teens.1 Frederick had done his part. He had provided his sons and nephews with the proper education, the right social connections, and a close familial network. These factors, combined with their inherited wealth, would have been the foundation for future wealth. At his retirement, Frederick left his sons one last gift: his firm’s name, DePeyster & Son. This was indeed a boon; his sons were then able to take advantage of their father’s client list and his business contacts, not to mention the solid reputation Frederick had developed over a lifetime. Although the record is not clear, it is likely that James Ferguson (26) became the primary partner while Abraham (22) traveled for the firm, with the other brothers occasionally filling in where needed. For instance, in 1822, James Ferguson sent Frederick Jr. to St. Croix to ensure the safe delivery of cargo to their brother Robert at that place.2

As head of the DePeyster family, Frederick’s influence extended beyond his own sons. Before his retirement, Frederick attempted to assist his nephew James DePeyster Ogden one last time by sending him to New Orleans as a purchasing agent for DePeyster & Son. The only child born to Mary Reade DePeyster (sister of Frederick DePeyster) and Dr. Jacob Ogden Jr., James DePeyster Ogden was taken into the DePeyster family fold when his mother died shortly after his birth in 1790. Jacob Ogden did not handle her death well and turned to alcohol as a result.

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