The American Revolution was an expensive venture and financing the war effort was a constant issue for the Continental Congress. Enter Robert Morris, a wealthy Philadelphia businessman who ended up being known as the “Financier of the American Revolution.”
Early Life
Robert Morris Jr. was born on January 20, 1734, in Liverpool, England. His father, Robert Morris Sr., was an agent for a shipping firm. In 1747, the young Morris immigrated to Oxford, a town in Maryland Colony. Morris assisted in his father’s involvement with the tobacco trade there. Not long after, Morris was sent to Philadelphia, where he was under the care of Charles Greenway. This connection afforded Morris the opportunity to apprentice at the shipping and banking firm of Charles Willing, which provided him invaluable experience that would serve him well in the future.
In the 1750s, two deaths in Morris’ life provided him with opportunities that shaped his future. In 1750, his father died and left him with a considerable estate. Then in 1754, Charles Willing died, which led to Morris bein made a full partner in his shipping firm by Willing’s son, Thomas (the firm was renamed “Willing Morris & Company”). These two enterprising men pursued innovative and lucrative trading practices, which made them one of the most prosperous firms in Philadelphia.
Morris’ personal wealth and social stature grew in the 1760s, as he established himself as a leader in the Philadelphia community. In 1769, he married Mary White and like many of the leading families in the city, they owned multiple homes, worshipped at Christ Church, and had a few domestic workers and slaves in their household.
Contributions to the American Revolution
Politically, Morris naturally sided with other Philadelphia merchants in opposing the 1765 Stamp Act and other parliamentary taxes. When the First Continental Congress convened in Philadelphia in 1774, Morris was not elected as a delegate; however, he met with many of the delegates and forged key relationships with the leading men of the colonies. Morris did serve on the committee to enforce a boycott of British goods on the eve of the revolution and also served on the Committee of Safety. In the early stages of the war, he was successful at smuggling gunpowder into the colonies for use by the Continental Army.
In October 1775, Morris was elected to the Pennsylvania Provincial Assembly and shortly thereafter, was chosen as a delegate to the Second Continental Congress. Initially, Morris sided with the delegates who still hoped to achieve changes and still reconcile relations with Britain; however, he still energetically served on various congressional committees, to include the Secret Committee of Trade, Marine Committee, and Committee of Secret Correspondence.
Interestingly, Morris and other Pennsylvania delegates refused to vote for independence in the early summer of 1776. Despite his personal feelings, Morris and another delegate ultimately chose to excuse themselves from the vote. This allowed a pro-independence majority in the Pennsylvania delegation, which allowed the vote to move forward and ultimately be successful. To make things more interesting, Morris ended up signing the Declaration of Independence in August that year!
Throughout much of the war, Morris was crucial in securing arms and munitions for the American war effort. He coordinated secret trade, privateers (including some of his own), and managed a dangerous and complex international trade network. In 1779, he left congress and largely focused on his own business interests, though he still found ways to support the war. He largely earned his nickname as the “Financier of the American Revolution” when he was named Superintendent of Finance in 1781. In the face of rising inflation, worthless Continental paper money, and a crippling financial crisis, Morris was selected for his expertise to enact reforms and hopefully salvage the economy. He established the Bank of North America and used his own money to back a new currency and to purchase supplies for the army. In fact, there were multiple occasions during the war when Morris spent his own wealth to pay soldiers and purchase war materiel.
In November 1784, Morris resigned from his position and spent a few years focusing on personal matters. In 1787, he served as a delegate to the Constitutional Convention and is one of only six men to sign both the Declaration and Constitution. In the new government, Washington offered Morris the cabinet position of Secretary of Treasury, but Morris declined and instead recommended Alexander Hamilton to the post. Morris instead served in the United States Senate from 1789 until 1795.
In his later years, Morris accumulated massive debt largely due to land speculation and unsuccessful investments. This led to his bankruptcy and sadly, he was sent to debtors prison for three and a half years (as were many other patriots from the Revolutionary War-era). In August 1801, he was finally released from prison and lived a quiet and meek life in Philadelphia. He died on May 8, 1806, and is buried outside Philadelphia’s Christ Church.
Very interesting story! Sad that Morris who gave large amounts of money to promote the success of the Revolution but ended in debtors’ prison! Why didn’t other ‘Patriots’ help him?
It is a great question that I’ve thought about a lot- there were plenty of wealthy patriots who did not make the financial contributions that Morris did. My best guess is greed won out more often than not (and Morris still made money throughout the war himself).