Theodore B. Basselin was an American lumber magnate, best remembered for an endowed scholarship he created at the Theological College of the Catholic University of America.
Background
Basselin was born on March 24, 1851 in Grostenchen, now Grostenquin, a village in Lorraine. (At the time of his birth, the village was in Germany. Today it is in France) He emigrated to the United States at the age of three with his parents, Dominique Basselin and his mother, Anna Basselin (née Pierson).
His father died when he was ten years old, and his mother raised him in the principles of business as he ran the family"s general store.
Education
Basselin attended Niagara University, graduating at the age of twenty-two before returning to his home town of Croghan, New York, and becoming involved in the timber trade.
Career
The Basselin scholarship has funded the philosophical education of many notable American churchmen. He quickly accumulated a fortune in the lumber trade, owning several thousands of acres of timberland and employing hundreds of people at the time of his death. An innovation which contributed to his success was his practice of allowing felled hemlock logs to rot before stripping them of their bark for use in leather production.
This allowed him to turn a waste product into a source of income.
He diversified his business interests later in life, becoming involved in furniture production, the Lowville and Beaver River Railroad Company, a paper company, an electric power company, and banking. Basselin died at his home in Croghan on April 21, 1914 from Bright"s disease.
Basselin died a millionaire, and left a generous will. He left money to support his nurse, housekeeper, and barn man for the rest of their lives.
He is primarily remembered today for the endowment he created at Theological College at the Catholic University of America for the construction of a building and a department for the education of young seminarians studying for the Catholic priesthood.
One hundred and ten thousand dollars went to erect Basselin Hall, while $500,000 was set aside to fund a scholarship for "the very best and brightest" seminarians. The Basselin scholarship still exists today. Notable recipients include the scripture scholar Father Raymond East. Brown, philosophers Monsignor John F. Wippel and Monsignor Robert Sokolowski, as well as Raymond Cardinal Burke, Daniel Cardinal DiNardo, Donald Cardinal Wuerl, Bishop Michael F. Olson and Bishop Robert Barron.
Basselin is also remembered as one of the most influential citizens of Croghan, New New York
His mansion and family cemetery still stand as landmarks in the town today.