History of Knoxboro, (Oneida County) New York United States of America

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John Jay Knox, financier, was born in Knoxboro, Oneida county, N.Y., March 19, 1828; son of Gen. John Jay and Sarah (Curtiss) Knox. His father was a banker, brigadier-general in the state militia, presidential elector for Harrison and Tyler in 1840 and for Lincoln and Hamilton college, 1828-76, and founder of the village of Knoxboro, Oneida county. John Jay Knox, Jr., was graduated at Hamilton college, N.Y., in 1849, and began his business career as a clerk in the bank at Vernon, N.Y., of which his father was president. He was subsequently, for brief periods, cashier of a bank at Norfolk, Va., and of one at Binghamton, N.Y. He conducted a private banking business at St. Paul, Minn., with his brother, Henry M. Knox, 1856-62, and in January, 1862, he wrote an article for Hunt's Merchants' Magazine, advocating the establishment of a national banking system, with the circulation guaranteed by the government. This article attracted the attention of Secretary Chase, and Mr. Knox was given a position in the U.S. treasury department, and his suggestion re-suited in the national bank act, passed Feb. 25, 1863. He had charge of the mint and coinage correspondence in the treasury department, 1866-73, and made an examination of the U.S. branch mint at San Francisco, and his report was published in 1866. He subsequently discovered in the office of the treasury of the U.S. mint at New Orleans a defalcation of $1,000,000, and he took charge of the branch. He was deputy comptroller of the currency under Secretary McCulloch, 1867-72, and comptroller, 1872-84. While deputy comptroller he prepared a bill for the discontinuing of the coinage of the silver dollar, with the help of the director of the mint, and on June 25, 1870, reported the bill with the opinion of scientific experts to congress, and it was ordered printed. In 1873 Henry R. Linderman used this bill and the opinions attached as the basis of the "Coinage act of 1873," and Mr. Knox was made an ex officio member of the assay commission in recognition of his services. He accomplished the sale of the 3 1/2 per cent bonds. He was president of the National Bank of the Republic, New York city, 1884-92; the Republican candidate for comptroller of New York city, 1887; a member of the finance committee of the New York chamber of commerce; a trustee of Hamilton college, 1884-92; a member of the American Banking association, of the Union League and University clubs, and of the Century association. He received the honorary degree of LL.D. from Hamilton in 1890. On Jan. 16, 1890, he made an elaborate argument in favor of a permanent national bank circulation before the banking and currency committee of the U.S. house of representatives. He is the author of: Annual Reports of the U.S. Treasury (1872-1884); United States Notes; or a History of the Various Issues of Paper Money by the U. S. Government (1894); A History of Banking in the United States, left incomplete and published by his wife. He died in New York city, Feb. 9, 1892.

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

History of Knoxboro, (Oneida County) New York

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