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Tahawus in Essex County, New York — The American Northeast (Mid-Atlantic)
 

The Money Men

 
 
The Money Men Marker image. Click for full size.
Photographed By Steve Stoessel, March 28, 2020
1. The Money Men Marker
Inscription.  
UNBRIDLED AMBITION
These men of influence were financial backers, but they were also active in all aspects of the iron works from discovery to production. Life-long friends and business partners, they lived parallel lives that included a drive to create a profitable iron industry at Adirondac.

STRUGGLING FOR PROFIT
There were many obstacles in the way of paying the men back for their investment and it was a constant struggle for them, but they persisted for years against all odds. Eventually, a series of calamities: the death of Henderson, a major flood on the Hudson, and a national economic downturn, conspired to derail their business.

JUDGE DUNCAN MCMARTIN JR.
(1776-1837)

A land surveyor and Brother-in-law of Archibald McIntyre, emigrated from Scotland, served as judge in the Court of Common Pleas, owned a large farm, lumber and grist mill, and woolen factory in Broadalbin, New York.
1819 - elected to New York State Assembly
1820-1830 - served in the New York State Senate
1826 -member of the prospecting party that verified the Hudson River valley ore
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discovery
1827 - original patentee of the Adirondac Iron Works
1834 acting superintendent at the works

ARCHIBALD MCINTYRE
(1772-1858)

Principal investor in the iron works, emigrated from Scotland, taught school in Albany, took up surveying, farmed in Broadalbin, served in state government.
1799 - elected to the New York State Assembly
1800-1801 - served as Deputy Secretary of State
1806-1821 - served as State Comptroller
1823 - elected to New York State Senate

THE PARTNERS' TASKS
Map Highlights (north to south)

Produce Iron
In 1809, McIntyre, with two partners, Malcolm McMartin and David Henderson, erected a water-powered forge on the Chubb River, near Lake Placid, and started the Elba Iron Works. While working in North Elba, they continued to search for other sources of ore.

Explore the Wilderness
McMartin was in the party that made the arduous trek through Indian Pass to investigate a report of rich ore deposits along the Hudson River.

Acquire the Land
Upon verifying the source of ore, the partners rushed to Albany to secure title to the land, and, using their influence to speed up the process, eventually acquired over 100,000 acres.

Procure Supplies
While in Albany the partners made arrangements for purchase
Prospectus Inset image. Click for full size.
Photographed By Steve Stoessel, March 28, 2020
2. Prospectus Inset
Cover of a prospectus prepared to entice potential purchasers of the works. The partners tried to sell the operation once it was producing iron in hopes of recovering their investment.
and transport of supplies and building materials to build and support the works.

Develop the Ore
The partners worked to secure financing and also participated directly in supervising the work on site to mine and smelt the iron.

Convince the State Legislature to Build Roads and Railroads
In 1828 Senator McMartin, secured passage of an act to build a road from Port Henry to Adirondac. He also lobbied for a railroad to be extended to the works for transporting the iron to eastern markets, but that railroad was not built.
 
Erected by Open Space Institute.
 
Topics. This historical marker is listed in this topic list: Industry & Commerce. A significant historical year for this entry is 1819.
 
Location. 44° 5.282′ N, 74° 3.352′ W. Marker is in Tahawus, New York, in Essex County. Marker is on Upper Works Road (County Route 25) 9.8 miles north of Blue Ridge Roaf, on the right when traveling north. Touch for map. Marker is in this post office area: Newcomb NY 12879, United States of America. Touch for directions.
 
Other nearby markers. At least 8 other markers are within walking distance of this marker. From Rock to Iron (here, next to this marker); Transportation (a few steps from this marker); Jennings Cottage (within shouting distance of this marker); W.R.K. Taylor Jr. (within shouting distance of this marker); Coe Cottage
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(within shouting distance of this marker); Lazy Lodge (within shouting distance of this marker); Taming the Wilderness (within shouting distance of this marker); Three Communities (within shouting distance of this marker). Touch for a list and map of all markers in Tahawus.
 
 
Credits. This page was last revised on April 15, 2020. It was originally submitted on April 13, 2020, by Steve Stoessel of Niskayuna, New York. This page has been viewed 107 times since then and 15 times this year. Photos:   1. submitted on April 13, 2020, by Steve Stoessel of Niskayuna, New York.   2. submitted on April 15, 2020, by Steve Stoessel of Niskayuna, New York. • Bill Pfingsten was the editor who published this page.

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Jun. 17, 2024