William Jones

Background

William was born in 1760 in Philadelphia, Pennsylvania, United States. Little is known of his childhood.

Career

At the age of sixteen Jones joined a company of volunteers and participated in the battles of Trenton, December 26, 1776, and Princeton, January 3, 1777. Later he served as a third lieutenant on the Pennsylvania private ship St. James under Captain (later Commodore) Thomas Truxtun. In 1781, he was promoted to first lieutenant for gallantry. During his service he was twice wounded and twice taken prisoner. Between 1790 and 1793 he served in the merchant marine, making his headquarters at Charleston, South Carolina.

In 1793 he returned to Philadelphia, where he became a shipping merchant and, taking an active interest in politics, was elected as a (Democrat) Republican to the Seventh United States Congress (1801 - 03). On January 12, 1813, he accepted the post of secretary of the navy in the cabinet of President Madison and served until December 2, 1814, when he resigned in order to devote himself to business. He also served as acting secretary of the treasury from May 1813 to February 1814.

In July 1816 he was elected as the first president of the second United States Bank. He was forced to resign the presidency in disgrace in January 1819. Investigation revealed, however, that he had been the tool of others in their efforts to manipulate the price of the bank's stock in the open market as well as in the adoption of an unsound system of branch-bank management; and he regained some of his lost prestige. In 1827 he was appointed collector of customs in Philadelphia, serving until 1829.

He died in Bethlehem, Pennsylvania, and was buried in the Moravian Cemetery there.

Achievements

• William Jones was secretary of the navy by the decision of President Madison. He also was the first president of the second United States Bank, elected more for political reasons. His administration of the bank's affairs was characterized by mismanagement, stock speculation, and fraud. Ignorance, however, was probably the chief factor in his mismanagement of the second United States Bank.

Membership

Jones was elected a member of the American Philosophical Society on January 18, 1805, read a number of papers before that body.

Personality

Jones had no great abilities as a banker, appeared to have been hopelessly inefficient in positions of great authority.

Quotes from others about the person

• In a letter written in February 1827(Letters and Other Writings of James Madison), James Madison refered to Jones as "the fittest minister who had ever been charged with the navy department, " adding, "With a strong mind, well stored with the requisite knowledge, he possessed great energy of character and indefatigable application to business".

Connections

coworker:

Thomas Truxtun