Henry Knox - Business Ventures and Land Speculation

Business Ventures and Land Speculation

Knox settled in Thomaston, and built a magnificent three story mansion surrounded by outbuildings called Montpelier, the whole of "a beauty, symmetry and magnificence" said to be unequalled in the Commonwealth. He spent the rest of his life engaged in cattle farming, ship building, brick making and real estate speculation. Connections formed during the war years served Knox well, as he invested widely in frontier real estate, from the Ohio valley to Maine (although his largest holdings by far were those in Maine). Although he claimed to treat settlers on his Maine lands fairly, he used intermediaries to evict those who did not pay their rents or squatted on the land. These tactics upset those settlers to the point where they once threatened to burn Montpelier down. One of the people Knox took land from was Joseph Plumb Martin, a soldier who settled in Maine and wrote a memoir of his war experiences. Knox briefly represented Thomaston in the Massachusetts General Court, but he eventually became so unpopular that he lost the seat to a local blacksmith.

Many incidents in Knox's career attest to his character, both good and bad. As one example, when he and Lucy were forced to leave Boston in 1775, his home was used to house British officers who looted his bookstore. In spite of personal financial hardships, he managed to make the last payment of £1,000 to Longman Printers in London to cover the price of a shipment of books that he never received. In Maine, however, he would be remembered as a grasping tyrant and was forever immortalized in Nathanial Hawthorne's The House of the Seven Gables, for which he served as the model for Col. Pyncheon.

Knox was elected a Fellow of the American Academy of Arts and Sciences in 1805.

As well as building a landed estate, Knox attempted to enlarge his fortune through industrial craft enterprises. He had interests in lumbering, ship building, stock raising and brick manufacturing. Unfortunately for him, these businesses failed (due in part to a lack of focused investment), and Knox built up significant debts. Knox was forced to sell large tracts of land in Maine to satisfy some of his creditors. The purchaser of his Maine lands was a Pennsylvania banker named William Bingham, leading those tracts to become known locally as the Bingham Purchase.