History of Stillwater, (Washington County) Minnesota United States of America

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Henry White Cannon, financier, was born in Delhi, Delaware county, N. Y., Sept. 27, 1850; son of George Bliss and Ann Eliza (White) Cannon. On his mother's side he is a direct descendant from Peregrine White of the Mayflower. He was educated at the Delaware literary institute, and was clerk and afterwards teller in the first national bank of Delhi. In 1870 he removed to St. Paul, Minn., as teller in the second national bank, and in 1871 he organized the Lumberman's national bank at Stillwater, Minn. He remained cashier and acting president of that bank for thirteen years and became prominently identified with the banking interests of the state, visiting New York and Washington, D.C., in the interest of the sale of bonds of the cities of the northwest, and in purchasing government securities for the national banks of that section. In May, 1884, he was appointed by President Arthur comptroller of the currency, to succeed John Jay Knox. The financial crisis of 1884 began in the same month as Mr. Cannon's appointment, and his official position required great executive skill By his prompt action he saved many banks from a receiver's hands, communicating his knowledge of the science of banking to the examiners he appointed. He reported to the senate finance committee the condition of New York city banks, and advised that no publicity be given to their condition as disclosed to the committee, in order that a further panic might be averted and the banks enabled, through the course advised by the comptroller's department, to regain their normal condition without resort to extraordinary legislative measures, which they in all cases did. The corporate existence of 971 national banks expired during his term of office, and as this represented a capital of over two hundred and seventy million dollars, the extension of these bank charters greatly added to his labors. Upon the accession of President Cleveland, in 1885, Secretary Manning and the President united in asking Mr. Cannon to continue his duties for the whole presidential term, but he resigned Feb. 1, 1886, to accept the vice-presidency of the national bank of the republic, New York city. On Oct. 3, 1886, he resigned, to become president of the Chase national bank. Mr. Cannon was prominently identified with the New York clearing-house association, as chairman of the clearing-house committee. President Harrison appointed him as one of the delegates from the United States to the International monetary conference held in Brussels in 1892. He was appointed by Mayor Strong one of the aqueduct commissioners for the city of New York, and was made a director in many financial institutions.

From: Twentieth Century Biographical Dictionary of Notable Americans, Johnson, Rossiter, editor

History of Stillwater, (Washington County) Minnesota

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