The Despatch was a wooden, schooner-rigged steamship, which had been the official yacht of Presidents Hayes, Garfield, Arthur, Cleveland, and Harrison. Many prominent foreign visitors including Emperor Dom Pedro of Brazil, King Kalakaua and Queen Kaplolana of Hawaii, Sir Joseph Chamberland, Lord Chief Justice Coleridge of England and the Duke of Argyle had been entertained aboard her. The vessel was originally a yacht, built in 1873 for Henry C. Smith, by George Steers, at a cost of $200,000. Smiths orders to Steers were for the "largest and handsomest yacht afloat." Smith owned the vessel for three years, during which time she was named the Americus. The vessel was sold at auction when Henry Smith had financial problems and was bought by the government for $90,000.

On October 10, 1891, the Despatch, then President Benjamin Harrison's official yacht, was wrecked off of Assateague Island. The following letter was printed in the Baltimore Sun on October 12, 1891:

"I have just returned to Chincoteague from the wreck of the United States steamship Despatch. She went ashore yesterday morning at three o'clock just off Assateague Island, which is east of this island about a mile. The wreck lies about three miles north of the south end of the island and about seventy-five yards from shore. Everybody who was aboard landed safely and all are well, but a long-faced set of men as the ship is a total wreck and everyone has lost all his clothing except what is on his back. It was a remarkable sight to see the ship roll, slow and graceful, so near the shore as she lies, listing toward the sea, apparently endeavoring with each surge to reach the shore, but old Neptune holds her in a tight grasp. Now and then, a crash is heard in the high wind and sea, a davit loosens its hold on shattered planks, [and] moldings, chairs, tables, boxes, etc. spread themselves over the watery surface."

The wreck of the Despatch was relocated in 1997 by a survey team from Sea Hunt, Inc., off Assateague Island.