Reverend Walker Timberlake open his new business that he named "Palmyra Mills" in 1814 and by 1835 the village had expanded to include the county buildings, 14 homes, a church, store, tavern, tanyard, woolen factory, and a shoe factory. For 40 years, the Timberlake family and later their Shepherd relatives owned all of Palmyra except for the 4 acres they gave to the county for public buildings. The family leased the 41 village properties and it was not until the 1854 "sale of Palmyra" that others could own property. A fire in 1930 destroyed most of the west side of Main Street. When the town was rebuilt, it was on a smaller scale due to the depression.
Today, downtown Palmyra has a small park surrounded by the quaint buildings that include the Old Stone Jail and the old Courthouse.
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