[2] Fargo was born on May 5, 1829, in Watervale, New York, an unincorporated hamlet in Onondaga County, northeast of Pompey.

[3] He was the seventh of eleven children born to William Congdell Fargo, of New London, Connecticut, and Stacy Chappel Strong.

He left for New York City in 1867 to assume the position of General Manager of the American Express Company.

He became the third president of American Express after William's death in 1881, with former U.S. Representative Theodore M. Pomeroy remaining vice-president.

Despite the fact that he was president of American Express and that he carried with him traditional letters of credit, he found it difficult to obtain cash anywhere, except in major cities.