The Newtown bee., 1879-07-23
New York Merchants and Bankers of
 Ye Olden Time.

The citizens of Newtown, at the pres ent day, may not be aware of it. but the | place gave to the city of New York one | ot the oldest, most upright, if not the shrewdest banker and merchant that ever embarked in business in thlt great emporium this was Joseph Davis Beers | a native here, and to the manner born, | who was a son to Andrew Beers, the eel ebrated almanac maker of his day and generation.
 MT. B. married, in early life, Mary, the only sister of Judge Chapman, and about the year 1920 he formed a copartnership | with Rufus Bunnell, for an exchange and brokerage business in that well-known mart ('where merchants most do con- gregate'), Wall street, which was prose cHed with varying success until the death of his partner in 1925, when he as- sociated with himseif-Wm. l.. Booth, 1 formerly of Stratford, and Isaac R. St. John of New Canaan-under the firm of J. D. Beers < Co.
 The southern trade, at this period was becoming important; but the currency and exchanges were such that & rulnous loss was sustained by those who had drafts or bills of exchange to negotiate; i; shipments of cotton and other products of the Southern soil, were difficult to manage through the inability of the planters to obtain the necessary ad- vances, hence fruitful field was offered for some enterprising and wealthy North ern house to occupy, which would afford the facilities so imperatively demanded
 This firm provided these by opening branch houses in New Orleans, Mobile, Charleston, Savannah, Augusta, Macon
 Petersburg (this last was under the man. agement of the late Abner Beers, of New town), Baltimore, and last, not least
 Philadelphia. Thus forming a chain which stretched from New York to the Gulf of Mexico, unbrokcn until the dis solution of the house.
 The bank of the United States (under the Presidency of Nicholas Biddle) with it's numerous branches, at this period 1 controlled the exchanges, regulating the rates at its own pleasure; and towards this great institution there existed bit ter feeling of hostility on the part of the local banks, as well as individuals (more or less) who were engaged in financial matters; among these was the house of Beers & Co.,, which had the confidence of the administration General Jackson's), and was admitted into the secret con- clave of his Cabinet, learning thereby that 1t was the fixed purpose of the Presi- dent to compel the great bank to wind up it's affairs and go into liquidation. 1 How the old hero succeeded, the history of that famous institution fully records, the death of which gave birth to the sys- tenn of Sub-Treasuries, which nowadays are the custodians of all the ''ready money" of the Government.
 l The house of Beers & Company dealt not only in gold silver and bank notes, but largely in domestic exchange, cotton also subscribed for the great loans to AL abama and her sister States, in conjunc- tion with the Rothchilds Earrings, Wilds, l Wiggins and Wilson's of London, draw ing bills of exchange upon these great banking houses tor their share of the subscriptions it thus became as well kr own throughout the Union as the bank of the United States itself.
 Your old Newtowner was, in many re- spects, remarkable man. During his business career when he had large sums of money to raise daily, in carrying these heavy state loans, he never manifested the slightest anxiety or doubt of his abli. ity to meet his obligations. though the stringency of the money market was so 4severe that money could not be obtained at one period--eren on bar gold bearing the