Robert Morris (financier)

Founding Fathers

Robert Morris (financier)
State | Pennsylvania
Religion | Christian- Episcopalian [1]
Founding Documents | Declaration of Independence,
United States Constitution

Robert Morris (January 20, 1734 – May 9, 1806) is a founding father of America, who started The Bank of North America. Sometimes referred to as the financier of the war, he heavily financed the American Revolution[2][3] along with Haym Salomon. He was a Pennsylvania delegate to the Continental Congress who helped draft the Model Treaty and signed the Declaration of Independence as well as the Constitution. Also, appointed "Financial Agent", the de facto first Secretary of the Treasury and was a United States Senator.

## Contents

* 1 Early life
* 2 American Revolution
* 3 Politics
* 4 North American Land Company
* 5 Death and Legacy
* 6 See also
* 7 References
* 8 External links

## Early life[edit]

Robert Morris was born in Liverpool, England. At age 13, he sailed to America to join his father Robert Morris, Sr. in the exportation of tobacco from Chesapeake Bay, Maryland.[4] Robert was sent to Philadelphia for school and to work for the wealthy merchant Charles Willing. He made steady progress and grew to assume much responsibility. Charles would die leaving his son the business and his son partnered with Morris.

By the start of the American Revolution, the company Willing Morris & Co became one of the largest and most prosperous among the commercial merchants in Philadelphia. Willing Morris & Co primarily facilitated shipping to an from other ports, carrying goods such as flour and sugar to and from the Caribbean and ports of Britain and Europe. They also had a large share of transport for Indentured servants, people looking for a better life away from the tyranny of Europe's monarchs.[5] Like many merchant organizations in their day, Willing Morris & Co did have some involvement in shipping slaves. However, the venture proved to be unprofitable.

In 1769, Robert married the rich and accomplished twenty-year old Mary White.

## American Revolution[edit]

Morris was elected to the Second Continental Congress in 1775 and was an outspoken opponent to British policies such as the Stamp Act. July 1, 1776 he would vote against the Declaration of Independence hoping for a peaceable solution saying, "it was an improper time." Soon thereafter, Morris would sign the Declaration saying, "I am not one of those politicians that run testy when my own plans are not adopted. I think it is the duty of a good citizen to follow when he cannot lead." His support would be crucial for young America.

When hostilities began, he was a member of the committee of ways and means. Morris personal supplied General Nathanael Greene with munitions. In 1780, he would raise $1.4 million to assist General Washington that would result in the capture of Yorktown. In 1781, he was unanimously elected superintendent of finance that oversaw the war effort. When necessary, he would use his personal credit by issuing notes over his own signature or borrowing from friends. In 1781, the United States was $2.5 million in debt. Morris organized The Bank of North America. It would be the first financial institution chartered by the United States. Ultimately, he established the credit of the United States with the nations of Europe.

## Politics[edit]

After the war, Robert Morris would represent the state of Pennsylvania at the Constitutional Convention. Other members of the Pennsylvania delegation to the Convention were George Clymer, Thomas Fitzsimons, Benjamin Franklin, Jared Ingersoll, Thomas Mifflin, Gouverneur Morris, and James Wilson.

From 1789 to 1795 he served as a member of the first U. S. Senate from Pennsylvania. President George Washington officially appointed Morris Secretary of the Treasury. Morris declined and recommended Alexander Hamilton.

## North American Land Company[edit]

On Mr Morris's retirement from public life, he began to speculate largely in unimproved lands in all sections of the country, and in February, 1795, organized with John Nicholson and James Greenleaf, the North American Land Company. Through the dishonesty and rascality of Green leaf, finally caused his ruin, and burdened the closing years of his life with utter poverty. The government that he had carried on his own shoulders through adversity to prosperity, allowed him to remain from the 16th of February 1798, until the 26th of August 1801, a period of three years six months and ten days as an inmate of Prune Street Debtor's Prison.[6]

President John Adams refused to issue a pardon to Morris, so the Congress ended up passing the Bankruptcy Act of 1800, which resulted in Morris' release from jail.[7]

## Death and Legacy[edit]

Morris lost his vast fortune on land speculation and would live in poverty the remainder of his life. He had sought refuge from his creditors but was eventually arrested and imprisoned. After his release, Mrs. Morris secured a home and the next five years he lived in retirement. On May 8, 1806 Robert Morris died at the age of seventy-two.

In the United States Capitol Building, The Apotheosis of Washington depicts Morris receiving money from Mercury.[8]

His son Thomas Morris was a member of the United States House of Representatives representing the State of New York.

## See also[edit]

* Albert Gallatin

## References[edit]

1. ↑ http://www.adherents.com/gov/Founding_Fathers_Religion.html
2. ↑ Robert Morris: Patriot and Financier
3. ↑ Robert Morris, USHistory.org
4. ↑ Robert Morris, Virtuology.com
5. ↑ The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy
6. ↑ Robert Morris, the Financier of the American Revolution: A Sketch
7. ↑ Economic Home Runs: Effective U. S. Historic Solutions to Current American Challenges
8. ↑ Apotheosis of Washington

## External links[edit]

* Life of Robert Morris, the Great Financier

v • d • e

Declaration of Independence

Grievances of the United States Declaration of Independence
Forming Committee|

Thomas Jefferson • Roger Sherman • Benjamin Franklin • Robert R. Livingston • John Adams

The drafting committee presenting the Declaration of Independence to the Continental Congress, painted by John Trumbull 1817–1819.

New Hampshire|

Josiah Bartlett • William Whipple • Matthew Thornton

Massachusetts|

John Hancock • Samuel Adams • John Adams • Robert Treat Paine • Elbridge Gerry

Rhode Island|

Stephen Hopkins • William Ellery

Connecticut|

Roger Sherman • Samuel Huntington • William Williams • Oliver Wolcott

New York|

William Floyd • Philip Livingston • Francis Lewis • Lewis Morris

New Jersey|

Richard Stockton • John Witherspoon • Francis Hopkinson • John Hart • Abraham Clark

Pennsylvania|

Robert Morris • Benjamin Rush • Benjamin Franklin • John Morton • George Clymer • James Smith • George Taylor • James Wilson • George Ross

Delaware|

Caesar Rodney • George Read • Thomas McKean

Maryland|

Samuel Chase • William Paca • Thomas Stone • Charles Carroll of Carrollton

Virginia|

George Wythe • Richard Henry Lee • Thomas Jefferson • Benjamin Harrison • Thomas Nelson, Jr. • Francis Lightfoot Lee • Carter Braxton

North Carolina|

William Hooper • Joseph Hewes • John Penn

South Carolina|

Edward Rutledge • Thomas Heyward Jr. • Thomas Lynch, Jr. • Arthur Middleton

Georgia|

Button Gwinnett • Lyman Hall • George Walton

v • d • e

Constitutional Convention

Delegates to the Constitutional Convention by State, those who signed the Constitution are indicated by italic.
Massachusetts|

Elbridge Gerry • Nathaniel Gorham • Rufus King • Caleb Strong

Reproduction of painting of George Washington, Benjamin Franklin and others signing the U.S. Constitution in Philadelphia, Pennsylvania by Henry Hintermeister.

New Hampshire|

Nicholas Gilman • John Langdon

Connecticut|

Oliver Ellsworth • William Samuel Johnson • Roger Sherman

New York|

Alexander Hamilton • John Lansing, Jr. • Robert Yates

New Jersey|

David Brearley • Jonathan Dayton • William Houston • William Livingston • William Paterson

Pennsylvania|

George Clymer • Thomas Fitzsimons • Benjamin Franklin • Jared Ingersoll • Thomas Mifflin • Gouverneur Morris • Robert Morris • James Wilson

Delaware|

Richard Bassett • Gunning Bedford, Jr. • Jacob Broom • John Dickinson • George Read

Maryland|

Daniel Carroll • Daniel of St. Thomas Jenifer • Luther Martin • James McHenry • John Francis Mercer

Virginia|

John Blair Jr. • James Madison • George Mason • James McClurg • Edmund Randolph • George Washington • George Wythe

North Carolina|

William Blount • William Richardson Davie • Alexander Martin • Richard Dobbs Spaight • Hugh Williamson

South Carolina|

Pierce Butler • Charles Cotesworth Pinckney • Charles Pinckney • John Rutledge

Georgia|

William Few • Abraham Baldwin • William Houstoun • William Pierce

Convention Secretary|

William Jackson

The legislature of Rhode Island declined to send delegates to the Convention.