James Henry Chaney was born in Salem, Massachusetts, on 2 June 1832, the son of James and Harriet Webb Chaney. He went to sea, signing on as a "boy," aboard the ship Thomas Perkins in 1849 for a journey around the world. Subsequently, he continued as a mariner, rising to the rank of master. He served as master of the barks Fire Fly and Manchester owned by Edward D. Kimball, Thomas P. Pingree, Charles H. Miller, and Nathaniel A. Kimball. In the early 1860s, Chaney served as a factor for Salem merchant Charles H. Miller in the West African palm oil trade. He died on 24 August 1862.

George Leonard Chaney was born in Salem, Massachusetts, on 24 December 1836 (also the son of James and Harriet Webb Chaney), graduated from Harvard College in 1859, and then from Meadville Theological School. He served as minister of the Hollis Street Church (Unitarian) in Boston from 1862 to 1878. During his stay in Boston he served as a member of the Boston School Committee. Subsequently, he was appointed southern superintendent of the American Unitarian Association and founded a number of churches in the south. The Reverend Mr. Chaney also wrote extensively, including several juvenile books. He died in Salem on 19 April 1922.

Harriet Webb Chaney was born in Salem on 25 August 1828 and died there on 18 November 1896. She appears to have never married. She and her sister, Mary Webb Chaney, were the daughters of James and Harriet Webb Chaney. Mary Webb Chaney was born in Salem on 26 March 1830; she married Edward Read on 16 June 1859. No further information has been found regarding her or her husband.

James Chaney (1797-1884) was active in business in Salem in 1820, first operating a general store selling dry goods, household items, etc., as well as other commodities such as meat and liquor. On 28 August 1823, he entered into a formal business relationship with Stephen Haraden, which was dissolved by mutual consent on 12 May 1824. They had used the firm name Haraden and Chaney for several months prior to the formal agreement as well as through the period of agreement. The firm dealt in general merchandise, including food, and participated in several small adventures on outward-bound vessels. Once separated from Haraden, Chaney continued to sell general merchandise and also appears to have regularly victualed outward-bound vessels. Gradually Chaney shifted from general merchandise to focus exclusively on the dry goods business. He conducted business at several locations in Salem, including 17 Central Street, 15 Fish Street, and 211 Essex Street. By the early 1850s the business was flourishing, as indicated by the volume of goods purchased. William B. Ashton succeeded Chaney in the business about 1853, having been employed by Chaney at his Essex Street location. After selling his business, Chaney continued to purchase dry goods at wholesale and appears to have continued conducting business in some form, but on a greatly reduced scale.

James Chaney married Harriet Webb (1803-1900), the daughter of Henry and Joanna (Burrill) Webb, on 5 August 1827. He was a member of both the First and Second Baptist Societies (which became the Central Baptist Society) in Salem at various times. Chaney was also a member of the Salem Charitable Mechanic Association. James and Harriet Chaney had four children: Harriet Webb Chaney (1828-1896), Mary Webb Chaney (b. 1830), James Henry Chaney (b. 1832), and George Leonard Chaney (1836-1922).

William B. Ashton was born in Salem on 18 June 1805 and was associated with James Chaney in the dry goods business in Salem. He succeeded Chaney in the business about 1853.