From 1837 to 1842, when specie payments were resumed, Cleveland saw her greatest financial embarrassments; but from the latter year, a new and more promising era dawned upon her. The land speculator gave place to the business man, and for many years immediately following, her progress, though slow, was sure and steady. During these years of depression many young and enterprising men settled here, who were, of course, untrammeled by old speculating debts, and their business habits were untainted by the loose recklessness of the land speculator. Many of these young men are now to be found among our most substantial, successful and enterprising citizens, and the gentleman whose name stands at the head of this article is one of that number.

Mr. Younglove was born in Cambridge, Washington county, New York. His immediate ancestors on both sides having been officers in the Revolutionary army, gives him a good title to native citizenship. His father died before his birth, leaving him sufficient property for all educational purposes, but none to commence business with. He first essayed a professional life, and with that view began the study of law, but soon discovered that a sedentary occupation was uncongenial to him, and abandoned the profession.

His first business connection, which was formed before his majority, was with an uncle in his native county. But finding the country village of his nativity too slow for a sanguine and active temperament, he determined to try his fortune in the then comparatively unknown West, and in August, 1836, came to Cleveland. After a clerkship of eight months in a dry goods store, he bought an interest in a book store, and in a few months thereafter bought out his partner and added job and news printing, and book publishing, to his other business. At this time he introduced the first power press into Cleveland--and it is believed the second that was run west of the Alleghenies--on which he printed for a long time the daily papers of the city.

In 1848, in connection with Mr. John Hoyt, he built the Cleveland Paper Mill; the first having steam power west of the mountains, and the first of any importance in the United States. This innovation on the old mode of obtaining power for such machinery, called out many prophecies of failure. But these gentlemen not only made their business a success, but demonstrated to Cleveland, that she had, in her proximity to the coal fields, and in the steam engine, facilities for manufacturing unsurpassed by the best water power in the country--a hint which she has not been slow to improve upon.

Messrs. Younglove & Hoyt finally united their business with that of the Lake Erie Paper Company, under the name of the Cleveland Paper Company, of which latter company Mr. Younglove was elected president, and continued in the chief management of its business until the Spring of 1867, when he sold his entire interest, leaving the company with a capital of three hundred thousand dollars, and one of the most prosperous paper manufacturing companies in the country.

Mr. Younglove was one of the first of our citizens to perceive the importance and necessity of a gas company for Cleveland. Learning that a charter had been obtained by some of our wealthy men, and was laying dormant in their hands, he, with some associates, bought it up and proceeded to the erection of the works--himself being one of the directors. Few, however, know the struggles and discouragements which these directors encountered in their efforts to furnish the citizens of Cleveland with one of the greatest conveniences and luxuries of civilized life. The stock could not be sold here. Aside from that taken by Mr. Younglove, only five hundred dollars were subscribed by the citizens, and distributed as follows: James Kellogg, four hundred dollars, and J. W. Allen, one hundred dollars; and this was subsequently all taken off the hands of the subscribers by Mr. Younglove before it was paid up. But the directors, well persuaded of the value and importance of the work they had in hand, were in no way discouraged, but pushed on the work till all present funds were exhausted and not a dollar was left in the treasury to meet the demands of the next Saturday's pay roll. At this juncture, the Board had a consultation, which may be fitly termed an "anxious meeting." The question arose, "What is to be done?" and in answer, each member determined to take such an amount of stock as he could either pay for or sell. Mr. Younglove took five thousand dollars, and determined to make another attempt to sell to the wealthy men of the city, but after four days of industrious effort he had not one dollar of subscription to reward his labor. Mr. P. M. Weddell was the only one who gave any encouragement--"He might take a few hundred dollars at seventy-five per cent."

After this failure, Mr. Younglove mortgaged his lot on Euclid avenue, where he now lives, and paid up his subscription, thus fulfilling his promise to his associates, and placing himself on record as the only citizen who would help to supply the city with gas.

In 1850, Mr. Younglove, associated with Mr. Dudley Baldwin, bought of Howell & Dewitt their machinery for manufacturing agricultural implements. This establishment was immediately enlarged to do an extensive business. Mr. Baldwin subsequently sold his interest to his partner, who still retains his interest in the business, it being at present one of the largest and most reputable manufactories in the city.

The writer of this has authority for saying, that Mr. Younglove looks upon his connection with the Society for Savings in this city, from its organization, as one of the most honorable and reputable of his business life. It is an association purely benevolent in its objects and action, managed by men who have no hope or desire of pecuniary benefit, with matured judgment and an abnegation of self that may well secure for it the utmost confidence--as it most happily has--of the laboring poor and the helpless, for whose benefit it is maintained.

Mr. Younglove is one of the most enterprising and intelligent business men. Having a natural talent for mechanics, he has done much to inaugurate and encourage the manufactures of our city.