Born in Connecticut, Stone forfeited his home and property there when he fled to New York to serve with the Loyalist militia during the American Revolution. He came to Canada in 1786, settled with his family in New Johnstown (now Cornwall) and was eventually granted 280 ha of land on the west bank of the Gananoque River. Here, he established mercantile operations, including a sawmill and a ferry service to cross the river. Stone was appointed Justice of the Peace for Leeds County in 1796, Collector of Customs for Gananoque in 1802, and later, a Surveyor of Highways and Roads. In 1809, he was appointed Colonel of the 2nd Leeds Militia and was in command when American forces raided the village in September 1812. The settlement established by Stone formed the nucleus of the present town of Gananoque.