Belmont, originally the upper parish of Gilmanton, was laid out by proprietors in 1765. The first settlers began arriving before the beginning of the American Revolution. It was not until 1790 that Belmont Village was settled, when Joseph Fellows built the first sawmill and gristmill. Shortly thereafter, a store, blacksmith shop, and post office became the nucleus around which the village of Fellows Mills developed. In 1825, William Badger, who later became governor of New Hampshire, acquired the mills. In 1832, Badger was instrumental in building the brick cotton mill, which is today's Belmont Mill. Throughout the 19th and early 20th centuries, this mill was the town's primary employer.