The paddle steamship President,built in 1840 by Curling & Young of Limehouse,London ,of 1,863 tons and with 700 i.h.p. side-lever engines,said to be the largest marine engines yet built at that time and giving 8.5 knots, was a sister ship to the British Queen,both owned by the British & American S.N.Co;which was sponsored by the famous firm of Laird,Birkenhead and Junius Smith,an American lawyer.
The ship ran three trans-Atlantic trips but failed to impart much confidence in her seaworthiness. Her captain was Richard Roberts an ex-naval lieutenant who had achieved a certain amount of distinction as a resolute commander by forcing the crew of the paddle steamship Sirius to continue their voyage across the Atlantic at the muzzle of his revolver.That incident occurred in April 1838 ,and when the new ship,the President was completed the company appointed Roberts to be her captain,a position he did not enjoy,for he frankly described her as a 'coffin-ship'.

On March 11th,1841 the vessel left New York for Liverpool .She carried 136 persons,crew and passengers,among the latter being Tyrone Power the comedian.Many weeks after, a message contained in a bottle from him and thrown overboard was washed ashore.The message said "President sinking fast". That was all that was ever known of the ill-fated vessel.

The President was the first ever passenger steamship to founder on the trans-Atlantic run. Her loss brought the British & American Steam Navigation Company to a speedy liquidation.
The later notion that an iceberg was thought to be the culprit was revealed in evidence to be unlikely.