The Biographical Dictionary of America/Barker, Jacob

BARKER, Jacob, financier, was born at Perkins, Swan Island, Maine, Dec. 17, 1779, of Quaker ancestry and distantly connected with Benjamin Franklin. In 1785 his mother, who had buried her husband in 1780, returned to her home in Nantucket. Here Jacob was educated, and in 1797 he entered the office of Isaac Hicks, a commission merchant of New York. In 1800 he engaged in business as a commission merchant, in partnership with Joseph Minturn and John Bard. His energy and business capacity were great, and so well did he apply them that in a few years he was next to the largest ship-owner in the United States, having extensive business connections in most of the countries of Europe. His commerce in ships was especially large, and brought him into intimate connection with the admiralties of most of the large countries. He imported the first marine steam-engine used in the Clermont, the first steamboat built by Robert Fulton. Mr. Barker was elected to the state senate, and distinguished himself by his zeal and patriotism in all national questions, by his practical judgment, and by his knowledge of law as it related to trade and finance. He ardently supported Jefferson, advocating the embargo and non-importation acts, though their effect was to entail upon him immense losses. He also favored the purchase of Louisiana, and although he was adverse to the declaration of war against England in 1812, he supported the war policy when it was declared. During the war his ships were all captured, but he was still possessed of ample means and almost unlimited credit, by means of which he was enabled to assist the depleted treasury of 1813 by a loan of $5,000,000. On the re-establishment of peace, Mr. Barker started the Union, a newspaper advocating the election of DeWitt Clinton as governor. In 1815 he founded the "Exchange" bank of New York. Owing to financing vicissitudes in 1834 he removed to New Orleans, where he re-built his shattered fortunes. He engaged in the banking business, was admitted to the Louisiana bar, and became actively prominent in politics. As a member of the Society of Friends he was opposed to slav- ery, and when the civil war broke out he supported the north to the detriment of his own fortunes. He was elected in 1864 a representative in the 39th Congress, but did not take his seat, as Louisiana was not re-admitted to the Union. The last four years of his life were spent at the home of his son, Abraham Barker, in Philadelphia, where he died Dec. 26, 1871.