William Hepburn Russell facts for kids
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William Hepburn Russell
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| Born | January 31, 1812 |
| Died | September 10, 1872 (aged 60) |
William Hepburn Russell (1812–1872) was an important American businessman. He was a partner in a large freighting company called Russell, Majors, and Waddell. He also helped create the Central Overland California and Pikes Peak Express Company. This company was the parent company of the famous Pony Express. Russell was known for trying many business ideas. Some of his ideas worked well, and some did not. He spent most of his life on the western frontier. However, he was always more comfortable in the fancy settings of the East Coast.
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William Russell's Early Life
William Russell was born in Burlington, Vermont, on January 31, 1812. In the early 1820s, his family moved to western Missouri. When he was 16, in 1826, he started working. He had little formal schooling at this time. He worked at a general store in Liberty, Missouri. Two years later, in 1830, he began working for a trading company. There, he learned a lot about the wholesale business.
His Family Life
In 1835, William Russell married Harriet Elliot Warder. Her family's good social standing helped him in his career.
Starting His Own Businesses
In 1837, at age 25, Russell left his job to start his own ventures. In 1840, he helped form a company with William B. Waddell. Waddell would later become his business partner. In 1844, Russell and James H. Bullard opened a general store. They used money they borrowed to start it. This partnership grew and began shipping goods to Santa Fe, New Mexico. By 1848, Russell was successful enough to build a large 20-room house. This house was in Lexington, Missouri.
In 1850, Russell joined James Brown and John S. Jones. They started a business that moved supplies for the military. After Brown died, this partnership ended. In 1852, Russell partnered again with William B. Waddell. By 1854, they were moving military supplies to Santa Fe.
The Pony Express Story
On December 28, 1854, Alexander Majors joined Russell and Waddell. They formed a big company called Russell, Majors, and Waddell. This company got a major contract from the War Department. They were to supply most military forts west of the Missouri River. Russell worked in Washington, D.C., and other cities. He helped get contracts and money for the company. Russell, Majors, and Waddell became the largest freighting company in western Missouri. They had almost all the business for moving goods in the West.
The Gold Rush and New Ventures
In July 1858, the Pike's Peak Gold Rush began. Gold was found in Colorado. William Russell was in Leavenworth, Kansas, when he heard the news. He thought many people would move to the area. So, Russell and his former partner John S. Jones started a new company. They organized a stagecoach and mail service to Denver. This new service was called the Leavenworth City & Pike's Peak Express Company. It carried people, mail, goods, and gold. To help pay for this, Russell and Jones wanted a mail contract. In May 1859, they bought another company that had a postal contract. This contract was for mail delivery between St. Joseph, Missouri, and Salt Lake City.
Russell and Jones then changed their Denver coaches to a more northern route. This new route was part of the Overland Trail. Building new stations and leaving old ones cost a lot of money. By late 1859, the company owed more than $525,000. Russell had started this new company without Majors or Waddell. They thought it was too risky. However, Russell used the good name of Russell, Majors, and Waddell to get credit. This caused problems between the three partners.
Creating the Pony Express
Majors and Waddell knew their main company could fail if Russell's new one did. So, on October 28, 1859, the three men formed a new partnership. This new company took over the old one's assets and debts. Less than a month later, Russell named the new firm the Central Overland California & Pike's Peak Express Company. He hoped to get a daily mail route to California.
The Central Overland California and Pikes Peak Express Company started the Pony Express. It began operations on April 3, 1860. The Pony Express used a short route and fast riders on horses. This allowed them to deliver mail quickly. Letters traveled between St. Joseph, Missouri, and Sacramento, California, in just 10 days. Many people thought this was impossible. Russell, Majors, and Waddell hoped to get a government contract for the Pony Express. But this did not happen. The business lost a lot of money, sometimes over $1,000 a day. By October 1861, the Pony Express stopped running. This was because telegraph lines were completed. Also, the government would not give more money.
Financial Troubles and Reputation
To get money for the Pony Express, Russell got involved in a difficult situation. It involved the Secretary of War, John B. Floyd, and a clerk named Godard Bailey. Secretary Floyd had promised payment for a government contract. Russell, Majors, and Waddell used this promise to get credit. But the Pony Express's failure threatened to bankrupt the company. Bailey, the clerk, helped Russell get money from a government fund. This was not allowed. On December 1, 1860, Bailey confessed and was arrested. Russell was also arrested and brought to trial. The start of the American Civil War helped them avoid full prosecution. They were freed due to a legal technicality. However, this scandal ruined the good name of Russell, Majors, and Waddell. Their freighting company soon went bankrupt.
William Russell's Later Years
William Russell was deep in debt. He had lost his important social connections. He tried to make money again in a gold mining business in Colorado. But this also failed. In April 1865, his belongings were sold to pay his debts. He then tried a business partnership in New York, which also failed. His health began to decline. He returned to Missouri to live with his daughter in St. Louis. Later, he lived with his son in Palmyra, Missouri. He died there on September 10, 1872, at the age of 60.
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