[1] The son of German Jewish immigrants, Taussig was born on July 30, 1850, in Manhattan, New York City.

Taussig became a sugar refiner with American Molasses Company and a candy merchant.

In September, Taussig and his partner Moritz Hammerschlag were arrested and charged with fraud.

[4] The Havemeyer Sugar Refining Company brought a lawsuit against them claiming they were induced to making a loan based on false financial statements made to Bradstreet's Mercantile Agency by Taussig in April 1883.

[5] Taussig married Cecilia Frank in San Francisco on December 14, 1887.