Jones was born in 1811 in Poultney, Vermont, and moved to Granville, Ohio,[1] for a time.

Jones solicited funds to begin the newspaper, earning contributions from investors in Albany and Aurora, including Edwin B. Morgan, as well supplying $25,000 from himself and another $25,000 from his former banking partner Edward Wesley.

Between 1870 and 1871, the paper repeatedly attacked Boss Tweed through editorials by George William Curtis and illustrations by Thomas Nast.

Tweed tried to buy Raymond's widow's 34% share in the company, but Morgan purchased it before he could.

The efforts of the Times contributed to the downfall of Tweed and his corrupt city government.