Major Isaac Elston arrived in Crawfordsville with his family in October of 1824, a time when the city was said to be the northernmost settlement in Indiana. He was appointed the first postmaster of the city by President Andrew Jackson. During the same time, he established one of the first trading post in town and began trade with the local Indians, providing a mix of dry goods, groceries and hardware. Elston began to invest his money elsewhere, as he and two other men bought land that laid at the site of Lafayette in 1825. The beginnings of his fortune were profits of his later sale of these lands. Similarly, Elston bought land for the site of future Michigan City in 1831, had the land platted and later sold his property in the area for a handsome amount of money.

A 100th Anniversary Elston Bank Check, featuring this Portrait of Major Elston

After Elston purchased property and platted the city of Kankakee in Illinois through negotiations with Iroquois Indians in 1852, he used the profits to establish the second state band in Indiana, Elston State Bank. He also promoted the city’s first railroad, later being merged to what is now known as the Monon Railroad, where he served as president of both lines. According to the 1860 census, Elston was worth $270,000 (over $7,000,000 in today’s currency). This is why some called him the richest man in Crawfordsville and even Indiana.

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