Patent-leather suggested the first American attempt to turn India-rubber to account.  Mr. E.M.  Chaffee, foreman of a Boston patent-leather factory conceived the idea, in 1830, of spreading India-rubber upon cloth, hoping to produce an article which should possess the good qualities of patent-leather, with the additional one of being water-proof.  In the deepest secrecy he experimented for several months.  By dissolving a pound of India rubber in three quarts of spirits of turpentine, and adding lampblack enough to give it the desired color, he produced a composition which he supposed would perfectly answer the purpose.  He invented a machine for spreading it, and made some specimens of cloth, which had every appearance of being a very useful article.  The surface, after being dried in the sun, was firm and smooth; and Mr. Chaffee supposed, and his friends agreed with him, that he had made an invention of the utmost value.  At this point he invited a few of the solid men of Roxbury to look at his specimens and listen to his statements.  He convinced them.  The result of the conference was the Roxbury India-rubber Company, incorporated in February, 1833, with a capital of thirty thousand dollars.

The progress of this Company was amazing.  Within a year its capital was increased to two hundred and forty thousand dollars.  Before another year had expired, this was increased to three hundred thousand; and in the year following, to four hundred thousand.  The Company manufactured the cloth invented by Mr. Chaffee, and many articles made of that cloth, such as coats, caps, wagon-curtains and coverings.  Shoes, made without fibre, were soon introduced.  Nothing could be better than the appearance of these articles when they were new.  They were in the highest favor, and were sold more rapidly than the Company could manufacture them.  The astonishing prosperity of the Roxbury Company had its natural effect in calling into existence similar establishments in other towns.  Manufactories were started at Boston, Framingham, Salem, Lynn, Chelsea, Troy, and Staten Island, with capitals ranging from one hundred thousand dollars to half a million; and all of them appeared to prosper.  There was an India-rubber mania in those years similar to that of petroleum in 1864.  Not to invest in India-rubber stock was regarded by some shrewd men as indicative of inferior business talents and general dulness of comprehension.  The exterior facts were certainly well calculated to lure even the most wary.  Here was a material worth only a few cents a pound, out of which shoes were quickly made, which brought two dollars a pair!  It was a plain case.  Besides, there were the India-rubber Companies, all working to their extreme capacity, and selling all they could make.