Archibald Gracie was born June 25, 1755 in Dumfries. He was a Scottish born shipping magnate and early American businessman and merchant in New York City and Virginia whose spacious home, Gracie Mansion, now serves as the residence of the Mayor of New York City, America. He was the son of a weaver named William Gracie. In 1776, Gracie moved to Liverpool, England, and clerked for a London shipping firm. He used his earnings to purchase a part interest in a merchant ship. In April 1784, he sailed to America with a cargo of goods that were his own profit stock. He used the proceedings to invest in a mercantile company in New York City. He later moved to Petersburg, Virginia, and engaged in the export of tobacco to Great Britain. Gracie was a member of the Tontine Association, which supervised the trading of stocks. Gracie expanded his interests and became active in the banking and insurance industries. He was an incorporator of the Eagle Fire Insurance Company and vice president of the New York Insurance Company, a director of the United States Bank and of the Bank of America, and Vice-President of the New York Chamber of Commerce from 1800 to 1825. After the death of his wife, Gracie married Elizabeth Fitch. His two marriages yielded ten children. Gracie was the 18th president of the St. Andrew's Society of New York. He died on April 11, 1829.
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