Jun

19

North American Land Co. stock issued to Bird Savage & Bird of London in 1795. Signed by Robert Morris as president and James Marshall as secretary. Morris' signature is pen cancelled. 9.75 x 12" Robert Morris was the financier of the American Revolution, and one of only two Founding Fathers to sign all three key American documents: The Declaration of Independence, the Constitution, and the Articles of Confederation. Morris was the first to use the dollar sign in official documents. The financial Panic of 1796 led to his financial ruin and he was incarcerated for debt in the Prune Street Prison. Date: 1795

Stefan Jovanovich writes:

Morris was the intern/apprentice to Charles Willing (Thomas Willing's father). When Charles died in 1754, Morris became a partner; he became a name partner in Willing, Morris & Co. by 1757. There was no formal registration of businesses in the Province of Philadelphia. "Firms" were known by usage as either individuals or partnerships. We know that the firm existed because its name appears in the Customs records as owners of the brig Nancy and on a bill of exchange for 500 pounds in 1757. The firm "dissolved" in 1783; in March 1784 Thomas Willing wrote a letter to a fellow merchant referring to "our late firm".

By 1781 Morris had left doing any of the daily the business of the firm because of his duties as a public official. On February 20, 1781 Congress appointed Morris Superintendent of Finance; and in September Morris became Agent of Marine - i.e. Secretary of the Navy. On December 31, 1781 Congress chartered the Bank of North America and Thomas Willing was named as its President.

The mixture of finance, merchant business and government was complete. Willing, Morris & Co. supplied muskets, gunpowder and food to the Continental Army. The Bank of America and Willing, Morris & Co. secured $5.4 million in loans ($4 million from France, $1.4 million from the Netherlands) and also made loans directly to Congress. When Congress did an audit in 1783 they found that the discrepancies in the accounting were for money that had flowed to the government, not from it. Willing & Morris had paid $100,000 in Treasury debts.

How Morris went on the become the richest man in the country, owner of "Morris's Folly" and the most famous bankrupt is Part 2 of the story. How Willing (not Alexander Hamilton) became the "founder" of the American system of finance is a whole new volume.


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