Fairchild was born in Granville, New York. He moved to Hudson, Ohio and became a merchant. Later he would move to Franklin Mills, Ohio for a short time. While there he operated a tannery before moving to Cleveland around 1834. He then moved to Milwaukee, Wisconsin in 1845 and then to Madison, Wisconsin. Fairchild had a business working with cranberries and the lumber industry. He was also president of a railroad. From 1848 to 1852, Fairchild was the first State Treasurer of the State of Wisconsin. In 1856 he was elected the first Mayor of the city of Madison, Wisconsin. Two of his sons Cassius, and Lucius were also active in Wisconsin politics.