Joseph Seligman (November 22, 1819 – April 25, 1880) was an American banker and businessman who founded J. & W. Seligman & Co. He was the patriarch of what became known as the Seligman family in USA and was subsequently related to the wealthy Guggenheim family through Peggy Guggenheim's mother Florette. Early life Seligman was of Jewish heritage and born in Baiersdorf, Germany. As a small child, he worked in his mother's dry goods shop. Present-day Germany consisted of many independent states in the early 19th century, most of which issued their own, differing coinages; and young Joseph made a profit at his mother's store changing money for travelers for a small fee. Joseph's father wanted him to enter the family wool business, but circumstances made this difficult; in particular, migration of the peasant class (Seligman's father's customers) from rural areas to urban meant a loss of job opportunities and a shrinking economic base in Baiersdorf. At fourteen, Seligman attended the University of Erlangen. At seventeen, he boarded a steamer at Bremen and sailed to America. Arrival in America Arriving in the United States at age 18, Seligman initially settled in Mauch Chunk, Pennsylvania, where he went to work as a cashier/clerk for Asa Packer, who would later become a United States congressman. His salary was $400 a year. Using his savings from work, Seligman began selling goods door to door in rural Pennsylvania (jewelry, knives, smaller goods), saving outlying farmers the trouble of coming into town to buy their goods. After saving $500, Seligman was able to send to Germany for his brothers William and James, who joined him in peddling. The Seligmans encountered some antisemitic abuse in their interactions with Americans, though they were not discouraged from continuing to sell. Joseph Seligman and his brothers owned and operated several stores in Alabama, but they became uncomfortable with the institution of slavery in the South. Additionally, the rest of the family had emigrated to New York, leading the brothers to move north and establish J. Seligman and Brothers. Jesse Seligman ran the store's branch in San Francisco, while Joseph managed the New York City store. Despite the economic booms and busts of the 1850s and 1860s, J. Seligman and Brothers remained prosperous. During the Civil War, he was president of Temple Emanu-El in New York City, and would later become the first President of the Society for Ethical Culture.