Charles J. Knapp
Encyclopedia
Charles J. Knapp was a politician and a banker from Deposit, New York
. He served in the New York State Assembly
and in the United States House of Representatives
. He was involved, and indicted, in the failure of the Binghamton Trust Company, the Knapp Bros. Bank, and the Outing Publishing Company.
) near the town of Deposit, New York
. His family moved to Deposit in 1848, where his family owned the Knapp Bank. Knapp's father, Charles Knapp
, was a banker and a Republican politician (he served in both the New York State Assembly
as well as in the United States House of Representatives
). He graduated from the Delaware Literary Institute
(then the Franklin School) of Franklin (village), New York
in 1863 and Hamilton College (Class of 1866) in Clinton, New York
(where he was a member of the Delta Kappa Epsilon
fraternity) and joined the family Knapp Bank. He married Charlotte Augusta Ford of Binghamton, NY on 16 February 1871 and had seven children with her. He died on June 1, 1916 in Binghamton, New York
and is buried at the Laurel Bank Cemetery in Deposit.
representing Delaware County, New York
from 1886 to 1889 and represented the New York's 17th congressional district
in the United States House of Representatives
between 1889 and 1891. While in Congress, he was a member of the Coinage, weights, and measures committee. He was an alternate delegate from the State of New York at the Republican National Convention
of 1900. He also served as the President of the Board of Education and the Board of Supervisors of Delaware County New York.
Knapp came from a banking family and he started his career as a banker with the family run Knapp Bank of Deposit, New York. Later, he became the President of the Binghamton Trust Company of Binghamton, New York. He was also the President of the Outing Publishing Company of Deposit, New York.
failed without warning largely because of large loans made by the Knapp Banks (over $700,000 on a deposit base of $650,000) made by the Knapp Banks to The Outing Publishing Company, of which Charles J. Knapp was the President, and loans made by the Binghamton Trust Company to the Knapp Banks. Investigations revealed that the Knapp Bank was being bailed out by the Binghamton Trust Company of which Charles J. Knapp was the President. As a result, the Binghamton Trust Company also failed. Both Knapps were charged with criminally transferring money to an institution that they knew to be insolvent. Charles P. Knapp was sentenced to up to two years for his role in the failure. While Charles J. Knapp was charged and indicted by a grand jury, it is uncertain whether he was ever tried for his role in the bank failure. The building that housed the Knapp Bank currently serves as the home of the Deposit Historical Museum.
Deposit (town), New York
Deposit, New York is a town in Delaware County, New York, USA in the USA.The Town of Deposit is on the western border of the county and contains part of a village, also called Deposit.- History :...
. He served in the New York State Assembly
New York State Assembly
The New York State Assembly is the lower house of the New York State Legislature. The Assembly is composed of 150 members representing an equal number of districts, with each district having an average population of 128,652...
and in the United States House of Representatives
United States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
. He was involved, and indicted, in the failure of the Binghamton Trust Company, the Knapp Bros. Bank, and the Outing Publishing Company.
Life
Charles J. Knapp (Charles Junius Knapp) was born on June 30, 1845 in Pepacton, New York (the town is now submerged under the Pepacton reservoirPepacton Reservoir
The Pepacton Reservoir, also known as the Downsville Reservoir or the Downsville Dam, is a reservoir in Delaware County, New York that was formed by impounding over ¼ of the East Branch of the Delaware River...
) near the town of Deposit, New York
Deposit (town), New York
Deposit, New York is a town in Delaware County, New York, USA in the USA.The Town of Deposit is on the western border of the county and contains part of a village, also called Deposit.- History :...
. His family moved to Deposit in 1848, where his family owned the Knapp Bank. Knapp's father, Charles Knapp
Charles Knapp (congressman)
Charles Knapp was a U.S. Representative from New York, father of Charles J. Knapp.Born in Colchester, New York, Knapp was educated at home and later attended the common schools.He engaged in agricultural pursuits....
, was a banker and a Republican politician (he served in both the New York State Assembly
New York State Assembly
The New York State Assembly is the lower house of the New York State Legislature. The Assembly is composed of 150 members representing an equal number of districts, with each district having an average population of 128,652...
as well as in the United States House of Representatives
United States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
). He graduated from the Delaware Literary Institute
Delaware Literary Institute
The Delaware Literary Institute was a secondary school located at Franklin, New York. In the mid-19th century it was one of the most prominent educational institutions in New York State...
(then the Franklin School) of Franklin (village), New York
Franklin (village), New York
Franklin is a village in Delaware County of the U.S. state of New York. As of the 2000 census, the village population was 402.The Village of Franklin is in the Town of Franklin.-Geography:Franklin is located at ....
in 1863 and Hamilton College (Class of 1866) in Clinton, New York
Clinton, Oneida County, New York
Clinton is a village in Oneida County, New York, United States. The population was 1,952 at the 2000 census. It was named for George Clinton, a royal governor of the colony of New York....
(where he was a member of the Delta Kappa Epsilon
Delta Kappa Epsilon
Delta Kappa Epsilon is a fraternity founded at Yale College in 1844 by 15 men of the sophomore class who had not been invited to join the two existing societies...
fraternity) and joined the family Knapp Bank. He married Charlotte Augusta Ford of Binghamton, NY on 16 February 1871 and had seven children with her. He died on June 1, 1916 in Binghamton, New York
Binghamton, New York
Binghamton is a city in the Southern Tier of New York in the United States. It is near the Pennsylvania border, in a bowl-shaped valley at the confluence of the Susquehanna and Chenango Rivers...
and is buried at the Laurel Bank Cemetery in Deposit.
Career
Knapp was a Republican member of the New York State AssemblyNew York State Assembly
The New York State Assembly is the lower house of the New York State Legislature. The Assembly is composed of 150 members representing an equal number of districts, with each district having an average population of 128,652...
representing Delaware County, New York
Delaware County, New York
Delaware County is a county located in the U.S. state of New York. As of 2010 the population was 47,980. The county seat is Delhi. It is named after the Delaware River, which was named in honor of Thomas West, 3rd Baron De La Warr, appointed governor of Virginia in 1609.-History:When counties...
from 1886 to 1889 and represented the New York's 17th congressional district
New York's 17th congressional district
New York's 17th Congressional District is a congressional district for the United States House of Representatives located in Southern New York. It encompasses portions of the Bronx, Westchester County, and Rockland County...
in the United States House of Representatives
United States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
between 1889 and 1891. While in Congress, he was a member of the Coinage, weights, and measures committee. He was an alternate delegate from the State of New York at the Republican National Convention
Republican National Convention
The Republican National Convention is the presidential nominating convention of the Republican Party of the United States. Convened by the Republican National Committee, the stated purpose of the convocation is to nominate an official candidate in an upcoming U.S...
of 1900. He also served as the President of the Board of Education and the Board of Supervisors of Delaware County New York.
Knapp came from a banking family and he started his career as a banker with the family run Knapp Bank of Deposit, New York. Later, he became the President of the Binghamton Trust Company of Binghamton, New York. He was also the President of the Outing Publishing Company of Deposit, New York.
The Binghamton Trust Company failure
On April 8, 1909, the Binghamton Trust Company suspended its operations and the private banks owned by the Knapp family in Deposit and Callicoon, New YorkCallicoon (town), New York
Callicoon is a town in Sullivan County, New York, USA. The population was 3,052 at the 2000 census. The town is in the northwestern part of the county.- History :...
failed without warning largely because of large loans made by the Knapp Banks (over $700,000 on a deposit base of $650,000) made by the Knapp Banks to The Outing Publishing Company, of which Charles J. Knapp was the President, and loans made by the Binghamton Trust Company to the Knapp Banks. Investigations revealed that the Knapp Bank was being bailed out by the Binghamton Trust Company of which Charles J. Knapp was the President. As a result, the Binghamton Trust Company also failed. Both Knapps were charged with criminally transferring money to an institution that they knew to be insolvent. Charles P. Knapp was sentenced to up to two years for his role in the failure. While Charles J. Knapp was charged and indicted by a grand jury, it is uncertain whether he was ever tried for his role in the bank failure. The building that housed the Knapp Bank currently serves as the home of the Deposit Historical Museum.