Biography - ALBERT W. WALLACE
Albert
W. Wallace is president of the First National Bank of Tuscola, one of the
leading banking institutions of central Illinois. The First National Bank
was organized in November, 1869, with a paid up capital of one hundred and
thirteen thousand dollars. Its first president was William P. Cannon (a
brother of Congressman J. G. Cannon) and W. H. Lamb was the first cashier.
Mr. Cannon remained president until 1872, when he was succeeded by Henry T.
Caraway, who remained president up to January 1, 1898, when he was succeeded
by Mr. Wallace. Mr. Lamb remained cashier up to July 1, 1898, when he was
succeeded by the present cashier, F. H. Hammett. The bank was reorganized in
the fall of 1890 and the capital stock reduced to sixty thousand dollars.
The directors of this bank are among the wealthiest men of the county.
A. W. Wallace, who has been connected with the First National Bank for
years, is a son of Andrew G. Wallace, whose death occurred in July, 1878.
The ancestry of the Wallace family is traced back to Scotland. Andrew G.'s
grandfather emigrated from Scotland to Ireland, and from there to America,
settling in Pennsylvania near where the three states of Virginia, Maryland
and Pennsylvania came together. He had five sons, three of whom moved away
from their Pennsylvania home. One of these was William Wallace, the youngest
child, who came to Hardin county, Kentucky, and from there removed to Davis
county, Indiana, where Andrew G. Wallace was born March 31, 1824. He was the
second child by his father's second wife, whose maiden name was Vashti
Winkler. When two years old his father moved from Davis county to Vermillion
county, Indiana, and there settled down as a farmer. After a residence of
about ten years, the family, in 1833 or 1834, came to Coles county, and
located on Gresey creek, just south of the line which now divides Douglas
from Coles county. The country was thinly settled both in Vermilion and
Coles counties, where Mr. Wallace's boyhood was spent, and but scanty
advantages were afforded for obtaining anything like a good education. He
was compelled to rely mainly on his own resources, but his quick perceptive
faculties and industry enabled him to pick up a large amount of information,
thus fitting himself for the duties of his afterlife. In 1841 the family
moved north, in what is now Douglas county, and kept the widely known
"Wallace stand," west of Hickory Grove, which received its name from the
family. In 1842 his father died. Mr. Wallace was then in his eighteenth
year, and the charge of the family fell upon him, his older brother having
previously left home. He remained on the homestead and continued to farm
until 1854. On November 22, 1845, he married Harriet E. Busby, a native of
Ohio, whose family had come to Illinois in 1836. At this time his younger
brothers and sisters were grown up and were able to take care of themselves.
His mother died in 1848. In 1854 Mr. Wallace removed to Camargo and began
business there as a cattle dealer. After a residence of four years there he
removed to Tuscola, then just springing into existence, the fourth house
indeed having been built by Mr. Wallace himself. Here he kept a hotel for
about two years. From the inception of the plan of forming a new county out
of the north of Coles, Mr. Wallace was deeply interested in it, and he may
be said to have been the prime mover in the project. The petition presented
to the Legislature during the session of 1858-9, in gaining which the bill
was passed organizing the county, was drawn up by Mr. Wallace. He
subsequently used all his influence to secure a favorable vote, on the
question being submitted to the people of Coles county. In the spring of
1858 he was elected justice of the peace of Tuscola, the first ever elected
in the town. In the year of 1859 he was elected first circuit clerk of the
county. To this position he was re-elected in 1860, again in 1864 and again
in 1868, thus serving four consecutive terms, performing the duties of the
office to his own credit and the satisfaction of the people. In June, 1859,
he was appointed master in chancery, a position which he still holds. For
the last twelve years Mr. Wallace has been extensively engaged in the money
loaning and real estate business. He possesses a complete set of abstracts
and has every facility for the transaction of business in that line. Mr.
Wallace was one of the pioneers of Tuscola and one of the founders of the
town. With one exception he is the oldest resident. He was the first person
in the town who could sing a religious song, the other inhabitants in some
way being deficient in their musical acquirements. Mr. Wallace and his wife,
with Mr. Thomas Woody and his wife, organized the Methodist church of
Tuscola, of which he was a faithful and consistent member and for a long
period class leader. To his exertions was largely due the building of the
present church edifice. For twenty-five years in all Mr. Wallace served the
people in various capacities — sufficient evidence of his popularity and the
confidence reposed in him as an honest and faithful officer. He had ten
children, all of whom are living. In his younger days he was a Whig. On the
dissolution of that party he became a Republican, and was as steadfast in
his adherence to the principles of that party as he was enthusiastic in its
support. During the war he was active and liberal in the support of the
Union cause, sacrificing both time and money. Few men were more closely
associated with the progress of the county, and few were better citizens.
Extracted 16 Jan 2020 by Norma Hass from the Historical and Biographical Record of Douglas County, Illinois, published in 1900, pages 254-256.
