Background
Charles Macalester was born on February 17, 1798, in Philadelphia, Pennsylvania, United States and was the son of Charles and Ann (Sampson) Macalester. His father was a prosperous merchant and ship-owner.
Businessman Financier philanthropist
Charles Macalester was born on February 17, 1798, in Philadelphia, Pennsylvania, United States and was the son of Charles and Ann (Sampson) Macalester. His father was a prosperous merchant and ship-owner.
Macalester received a good education, at Grey and Wylie's School in Philadelphia.
During the War of 1812, Macalester entered his father's business. In 1821, he moved to Cincinnati, Ohio, where he engaged in a mercantile venture of his own. Returning to Philadelphia some years later, he soon became prominent in commercial circles there and in 1834, 1835, and 1837 was appointed a government director of the second Bank of the United States.
In 1835, Charles became a member of the firm of Gaw, Macalester & Company, bankers. Various political appointments were tendered him at different times, all of which he declined, preferring the independence of private life. In 1842, he visited England and there became acquainted with the American banker, George Peabody of London. He served for years as Peabody's agent and correspondent in Philadelphia and later as one of the trustees of the Peabody Education Fund.
Through shrewd purchase of real estate in Philadelphia and western cities, particularly Chicago, Charles accumulated a large fortune, of which he gave liberally to various charities. Chief among the objects of his philanthropy, perhaps, was the Philadelphia Presbyterian Hospital, of which he was one of the founders. In 1873, he gave a piece of property in Minneapolis, Minnesota, for the establishment of an institution of higher learning which the trustees named Macalester College.
Macalester was a director of the Fidelity Insurance, Trust & Safe Deposit Company, and of other corporations, was a manager of and contributor to the Philadelphia Orthopaedic Hospital, and president of the St. Andrew's Society from 1864 until the year of his death.
In 1849, Charles retired from business and occupied himself with his private affairs and various trusts and executorships. He died suddenly from heart disease in Philadelphia.
Charles was twice married: first, in 1824, at Cincinnati, to Eliza Ann Lytle, and second, in 1841, to Susan Bradford Wallace. There were two children by the first marriage.