Robert Morris (merchant)
Robert Morris, Jr. (January 31, 1734 - May 8, 1806) was an American merchant and a signatory to the United States Declaration of Independence, the Articles of Confederation, and the United States Constitution. Morris was known as the ÃÂÃÂFinancier of the RevolutionÃÂÃÂ, because of his role in securing financial assistance for the American Colonial side in the Revolutionary War.
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2 Public career 3 Personal information 4 Later life 5 Legacy 6 See also 7 Further reading |
Born on January 31, 1734 near Liverpool, England, Morris moved to live with his father, tobacco exporter Robert Morris, Sr., in Oxford, Maryland at the age of 13. The younger Morris enrolled in school in Philadelphia, but apparently learned little. In 1750, when he was 15, his father passed away, ironically as a result of being wounded by the wadding of a ship's gun that was fired in his honor.
At age 16 Morris was apprenticed to the shipping and banking firm of the wealthy Philadelphia merchant Charles Willing. After Willing's death two years later, 20-year-old Morris became the partner of Charles's son, Thomas Willing. The partnership of Willing, Morris, and Company (later known by various other names) lasted until 1793. The firm's business of importation, exportation, and general banking made it one of the most prosperous in Pennsylvania, and as as a result Morris became wealthy and influential.
The Stamp Act of 1765-1766 affected Morris's business due to its dependence on imports. In 1675, Morris began his public career by serving on a local committee organized to protest the Stamp Act. Although he remained loyal to England, he believed that the new laws constituted taxation without representation and violated the colonists' rights as English citizens.
Morris was elected to the Pennsylvania council of safety (1775-1776), the committee of correspondence, the provincial assembly (1775-1776), and the Pennsylvania legislature (1776-1778).
Morris was also elected to represent Pennsylvania in the Second Continental Congress from 1775 to 1778. On July 1, 1776, Morris voted against the Declaration of Independence, and he declined to vote when the document was adopted on July 4, 1776. On August 2 of the same year however, Morris signed the Declaration.
Immediately after serving in the Congress, Morris served two more terms on the state legislature, from 1778 to 1781. During this time Thomas Paine and others criticizing him for allegedly profiteering. Although in 1779 a congressional committee acquitted Morris on charges of engaging in improper financial transactions, his reputation was damaged.
In March 1778, Morris signed the Articles of Confederation as a representative of Pennsylvania.
During the Revolutionary War, Morris remained in Philadelphia and gave crucial financial support to the Continental government. In 1775 the Continental Congress contracted with Morris's company to import arms and ammunition.
Morris's great wealth increased thanks to privateers that seized the cargo of English ships during the war.
In a unanimous vote, Congress appointed Morris to be Superintendent of Finance of the United States from 1781 to 1784. When Morris began this post near the end of the war, the US was in financial crisis. The treasury was in debt by $2.5 million, and public credit had collapsed. As a result Congress gave him great power and allowed him to continue his profitable private private endeavors.
Three days after becoming Superintendent of Finance, Morris proposed the establishment of a national bank. This led to the creation of the first financial institution charted by the United States, the Bank of North America, a year later in 1782. The bank was funded in part by a significant loan Morris had obtained from France in 1781. The initial role of the bank was in financing the war.
As Superintendent of Finance, Morris instituted several reforms, including significantly cutting government spending, tightening accounting procedures, and demanding the federal government's full share of money and supplies from the states. At times he even took out loans from friends and risked his personal credit by issuing notes over his own signature to purchase items such as military supplies. Although Morris's use of his personal credit strained his own fortune, it was to his great profit in the end.
During his tenure as Superintendent, he was assisted by his friend and assistant Gouverneur Morris (no relation).
Morris obtained supplies for the army of Nathanael Greene in 1779. In 1780 he raised $1.4 million that contributed to Washington's success in the Battle of Yorktown (1781).
On January 15, 1782 Morris went before the United States Congress to recommend the establishment of a national mint and decimal coinage. However, the US Mint was not established until 1792, due to further proposals by Hamilton.
Morris was elected to Constitutional Convention in 1787. His only significant role was nominating his friend Washington as its president.
Washington appointed Morris Secretary of the Treasury in 1789, but Morris declined (suggesting instead Alexander Hamilton). He served as a United States Senator from 1789 to 1795. As Senator he generally supported the Federalist party and backed Hamilton's economic proposals.
On March 2, 1769, at 35 years old, Morris married 20-year-old Mary White. Altogether they had five sons and two daughters.
Morris was an Episcopalian.
Morris was later heavily involved in unsuccessful land speculations, investing in District of Columbia and purchasing essentially all of Western New York. In 1794 he began construction of a mansion on Chestnut Street in Philadelphia designed by Pierre Charles L'Enfant. Although he attempted to flee from creditors by hiding at The Hills, his country estate on the Schuylkill River in Philadelphia, he was arrested and imprisoned for debt in Prunestreet prison in Philadelphia from February 1798 to August 1801. His unfinished mansion became known as "Morris's folly".
After his release, suffering from poor health, Morris spent the rest his life in retirement. He was assisted by his wife, who had supported him throughout his misfortune. Morris died on May 8, 1806, in Philadelphia, and is buried in the family vault of William White at Christ Church.
Morris's portrait appeared on US $1000 notes from 1862 to 1863, and on the $10 silver certificate from 1878 to 1880. Along with Alexander Hamilton and Albert Gallatin, Morris is considered one of the key founders of the financial system in the United States. Morris and Roger Sherman were the only two people to sign the three most important founding documents of the United States, the Declaration of Independence, the Articles of Confederation, and the Constitution.
Along with Oliver Pollock, Morris may have played a role in the creation of the dollar sign ("$"); see Dollar.
Institutions named in honor of Morris include:
Ver Steeg, Clarence L. Robert Morris, Revolutionary Financier. Philadelphia: University of Pennsylvania Press, 1954.Early life
Public career
Before the Revolutionary War
During the war
Later political career
Personal information
Later life
Legacy
Mount Morris, New York, location of a large flood control dam on the Genesee River, was named in honor of Robert Morris.See also
Further reading