|| by Bob Blythe
(sometimes written as Solomon and Solomons in period documents)
was a Polish-born Jewish immigrant to America who played an important
role in financing the Revolution. When the war began, Salomon was
operating as a financial broker in New York City. He seems to have
been drawn early to the Patriot side and was arrested by the British
as a spy in 1776. He was pardoned and used by the British as an
interpreter with their German troops. Salomon, however, continued
to help prisoners of the British escape and encouraged German soldiers
to desert. Arrested again in 1778, he was sentenced to death, but
managed to escape to the rebel capital of Philadelphia, where he
resumed his career as a broker and dealer in securities. He soon
became broker to the French consul and paymaster to French troops
Salomon arrived in Philadelphia as the Continental
Congress was struggling to raise money to support the war. Congress
had no powers of direct taxation and had to rely on requests for
money directed to the states, which were mostly refused. The government
had no choice but to borrow money and was ultimately bailed out
only by loans from the French and Dutch governments. Government
finances were in a chaotic state in 1781 when Congress appointed
former Congressman Robert Morris superintendent of finances. Morris
established the Bank of North America and proceeded to finance the
Yorktown campaign of Washington and Rochambeau. Morris relied on
public-spirited financiers like Salomon to subscribe to the bank,
find purchasers for government bills of exchange, and lend their
own money to the government.
From 1781 on, Salomon brokered bills of exchange
for the American government and extended interest-free personal
loans to members of Congress, including James Madison. Salomon married
Rachel Franks in 1777 and had four children with her. He was an
influential member of Philadelphia’s Mikveh Israel congregation,
founded in 1740. He helped lead the fight to overturn restrictive
Pennsylvania laws barring non-Christians from holding public office.
Like many elite citizens of Philadelphia, he owned at least one
slave, a man named Joe, who ran away in 1780. Possibly as a result
of his purchases of government debt, Salomon died penniless in 1785.
His descendants in the nineteenth century attempted to obtain compensation
from Congress, but were unsuccessful. The extent of Salomon’s
claim on the government cannot be determined, because the documentation
disappeared long ago.
In 1941, the George Washington-Robert Morris-Haym
Salomon Memorial was erected along Wacker Drive in downtown Chicago.
The bronze and stone memorial was conceived by sculptor Lorado Taft
and finished by his student, Leonard Crunelle. Although Salomon’s
role in financing the Revolution has at times been exaggerated,
his willingness to take financial risks for the Patriot cause helped
establish the new nation.
To learn more:
Laurens R. Schwartz, Jews and the American
Revolution: Haym Salomon and Others (Jefferson, N.C.: McFarland
& Co., 1987).
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