Joseph Seligmanwas born in Baiersdorf, Germany, in 1819. At the age of eighteen Seligman emigrated to the United States.

After settling in New York City Seligman was originally a peddler and with his brothers founded a clothing firm. Later he established the banking house, J. & W. Seligman. As well as New York, Seligman had branches in San Francisco, New Orleans, London, Paris and Frankfurt. During the Civil War Seligman helped Abraham Lincoln by marketing bonds in Europe.

In 1871 Seligman joined Samuel Tilden, Thomas Nast and Richard Croker in the successful campaign to remove the corrupt politician, William Tweed, from power in New York. Joseph Seligman died in 1880.