Henry Wells, born in 1805 in Thetford, Vermont, was a pivotal figure in the history of American business. As a co-founder of American Express and Wells Fargo, Wells played a significant role in shaping the express business in the United States. His companies competed with the U.S. Post Office, offering mail services at lower rates, which led to significant changes in postal rates. This article delves into Wells' contributions to the express industry
and his lasting impact.
Early Life and Career Beginnings
Henry Wells was born into a family with deep roots in America, tracing back to Thomas Welles, an English immigrant who held significant offices in Connecticut. Wells grew up in central New York State, where his family moved during the westward migration from New England. As a child, he worked on a farm and attended school in Fayette, New York.
In 1822, Wells began his career as an apprentice to Jessup & Palmer, tanners and shoemakers in Palmyra, New York. His entry into the express business came in 1836 when he became a freight agent on the Erie Canal. This experience laid the foundation for his future endeavors in the express industry.
Founding American Express and Wells Fargo
Wells' journey in the express business began with Harnden's Express in Albany, where he worked before launching his own ventures. In 1841, he co-founded Pomeroy & Company, which competed with the U.S. Post Office by offering mail services at lower rates. This competition led to a reduction in government postal rates in 1845 and 1851.
In 1850, Wells formed Wells, Butterfield & Company, which later became part of the American Express Company. Wells served as president of American Express from 1850 to 1868. His vision extended beyond the East Coast, leading to the establishment of Wells Fargo & Company in 1852 to provide services to California.
Wells' Lasting Impact
Henry Wells' influence extended beyond the express business. He founded Wells College in Aurora, New York, one of the first women's colleges in the United States. His commitment to education and community development was evident in his various roles, including president of the First National Bank of Aurora and the Cayuga Lake Railroad.
Wells retired from the board of Wells Fargo in 1867 and from American Express in 1868. His legacy continued through the institutions he founded and the changes he brought to the express industry. Wells passed away in 1878, leaving behind a lasting impact on American business and education.
