What is known about this?
This is Seymour Joseph Guy's Portrait of a Gentleman, 1855. It's painted in oil on canvas. Guy isn't as well known as some other American artists of the mid-1800s. He painted some really interesting "genre scenes" which are scenes of everyday life. He was especially skilled at depicting children in moments of play.
Is that why the man's hat and cane are featured in the background?
I'm going to make an educated guess: the hat and cane are the accessories of a well-bred, educated man. That hat is a very fine top-hat, probably made from beaver pelt and the cane seems to have an ivory handle. These objects act like clues to tell us that this man isn't a farmer or laborer, he has more wealth and leisure time, and probably lives in a city.