Erastus Fairbanks established a robust foundation through his educational pursuits and entrepreneurial ventures. Initially studying law, he pivoted to mercantile activities, operating a store in Wheelock, Vermont. He co-founded E. & T. Fairbanks & Co. with his brother Thaddeus, focusing on manufacturing scales, stoves, and plows. His contributions extended to infrastructure, notably funding the Hadley Falls Dam project, which facilitated the development of Holyoke, Massachusetts. Fairbanks also played a pivotal role in education, co-founding St. Johnsbury Academy, and was instrumental in the completion of a significant railroad line in Vermont as President of the Passumpsic Railroad.

Erastus Fairbanks's political identity is marked by a unique blend of industrial pragmatism and moral conservatism. His ventures in manufacturing and railroads reflect a commitment to economic development, while his prohibition law as governor highlights a surprising alignment with temperance movements. Fairbanks's involvement in civic education and charitable work further underscores a deeply rooted commitment to community welfare, creating a complex figure who balances economic progress with moral governance.