According to one of my more favorite blogs Century of the Beard (dedicated to 19th century facial hair photographs and those who love them), this beard is called a “chin curtain.” Sounds good to me! This man from the Mearns Family Album is not identified. He appears to be younger middle age, perhaps late 30s, and has some extra padding on him, which was considered to be a sign of wealth! Of course a person who could afford to eat enough that he gains extra flesh, and also have his portrait featuring his gold watch fob and his chin curtain was certainly a man with some disposable income. We shall never know exactly who he was, unfortunately.
The photographer was F. Z. Fritz of Lambertville, NJ.