Haym Salomon
Polish-born American merchant (1740–1785) From Wikipedia, the free encyclopedia
Polish-born American merchant (1740–1785) From Wikipedia, the free encyclopedia
Haym Salomon (April 7, 1740 – January 6, 1785) was a Polish-born American merchant best known for his actions during the American Revolution, where he was the prime financier to the Continental Congress. Born in Leszno, Polish–Lithuanian Commonwealth, Salomon studied finance in Western Europe before emigrating to New York City in 1775. After the American Revolutionary War broke out in the same year, Salomon supported the Patriots by providing financial services while working alongside Robert Morris, the Superintendent of Finance of the United States.
Haym Salomon | |
|---|---|
_-_NARA_-_532941.jpg) An illustration of Salomon | |
| Born | April 7, 1740 |
| Died | January 6, 1785 (aged 44) |
| Resting place | Mikveh Israel Cemetery, Philadelphia |
| Occupation | Broker |
| Known for | Prime financier during the American Revolutionary War |
He helped convert French loans into hard currency by selling bills of exchange on Morris' behalf, and also brokered large donations to the Patriot cause. Despite donating his entire fortune to the Continental Army and several Founding Fathers of the United States, Salomon died penniless in Philadelphia in 1785 due to the failure of government officials and private lenders to repay the debt they owed to him.[1]
Haym Salomon was born on April 7, 1740 in Leszno, Polish–Lithuanian Commonwealth to a Sephardic Jewish family descended from Spanish and Portuguese Jews who gradually migrated to Poland following the expulsion of Jews from Spain in 1492. Although most Jews in Central and Eastern Europe spoke Yiddish, it has been claimed that because Salomon left Poland with his family while he was still young, he could not read and write Yiddish; Sephardic Jews typically spoke Judaeo-Spanish, a language based on Hebrew and Spanish, rather than Yiddish. In his youth, he studied Hebrew.[2]
During his adult travels in Western Europe, Salomon acquired a knowledge of finance and fluency in some of the languages of the day.[3] He returned to Poland in 1770 but left for England two years later in the wake of the First Partition of Poland in 1772. In 1775, he immigrated to New York City, where he established himself as a financial broker for American merchants engaged in overseas trade.[4][5]
Sympathizing with the Patriot cause, Salomon joined the New York branch of the Sons of Liberty. In September 1776, he was arrested by the British as a spy, but quickly pardoned. However, the British authorities detained him for 18 months on a boat as an interpreter for Hessian troops, since Salomon could speak German. Salomon used his new position to help prisoners of war from the Continental Army escape, encouraged Hessian troops to desert, and collaborated with Hercules Mulligan and Cato to carry out other acts of espionage. In 1778 Salomon was arrested again, convicted of espionage, and sentenced to death. He eventually escaped and made his way with his family to Philadelphia, where the Continental Congress was located.[6]
Once resettled in Philadelphia, Salomon resumed his activities as a broker. He became the agent to the French consul as well as the paymaster for all French forces in North America. In 1781, he began working extensively with Robert Morris, the newly appointed Superintendent of Finance of the United States.[7]
From the period from 1781 to 1784, records show Salomon's fundraising and personal lending helped provide over $650,000 (approximately $19,565,382.35 in 2023 dollars[8]) in financing to General George Washington in his war effort. His most meaningful financial contribution, however, came immediately prior to the Siege of Yorktown.[9]
In August 1781, the Continental Army trapped Lieutenant General Charles Cornwallis in the Virginia coastal town of Yorktown. George Washington and the main army, and Count de Rochambeau with his French army, decided to march from the Hudson Highlands to Yorktown and deliver the final blow. But Washington's war chest was completely empty, as was that of Congress. Without food, uniforms and supplies, Washington's troops were close to mutiny.[9]
Washington determined that he needed at least $20,000 to finance the campaign. When Morris told him there were no funds and no credit available, Washington said: "Send for Haym Salomon". Salomon raised $20,000, through the sale of bills of exchange. With that contribution, Washington conducted the Yorktown campaign, which proved to be the final battle of the Revolution.[5]
Salomon brokered the sale of a majority of the war aid from France and the Dutch Republic, selling bills of exchange to American merchants. Salomon also personally supported various members of the Continental Congress during their stay in Philadelphia, including James Madison and James Wilson. He requested below-market interest rates, and he never asked for repayment.[10]
Salomon is believed to have granted outright bequests to men who he thought were unsung heroes of the revolution who had become impoverished during the war. One example is Bodo Otto, a senior surgeon in the continental army. Otto joined the army at the age of 65 and served for the entire war. Among other things, he established the hospital at Valley Forge, where he often used his own funds to purchase medical supplies. Due to Salomon's bequest, Otto was able to rebuild his medical practice in Reading, Pennsylvania, at war's end.
The Treaty of Paris, signed on September 3, 1783, ended the Revolutionary War but not the financial problems of the newly established nation. America's war debt to France was never properly repaid, which was part of the cascade of events leading to the French Revolution.
Salomon was involved in Jewish community affairs, being a member of Congregation Mikveh Israel in Philadelphia, and in 1782 made the largest individual donation toward the construction of its main building. In 1783, Salomon was among the prominent Jews involved in the successful effort to have the Pennsylvania Council of Censors remove the religious test oath required for office-holding under the State Constitution. These test laws were originally written to disenfranchise the Quaker majority (Quakers objected to taking oaths at all), but many were caught up in this anti-democratic ploy. It was Salomon's old friend Robert Morris who actually introduced legislation to end the test laws in Pennsylvania. In 1784, Salomon answered antisemitic slander in the press by stating: "I am a Jew; it is my own nation; I do not despair that we shall obtain every other privilege that we aspire to enjoy along with our fellow-citizens."[11]
Like Washington and many prominent men associated with the American revolution, Salomon was a Freemason. He received his first two degrees in Philadelphia's Lodge No. 2, Ancient York Rite in 1764. After the war, his Master Mason degree was conferred in 1784 (possibly in Maryland Lodge, No. 27), the year before his death.[12][13]
The financier died suddenly and in poverty on January 8, 1785, in Philadelphia. Due to the failure of governments and private lenders to repay the debt incurred by the war, his family was left penniless at his death at age 44.[9] The hundreds of thousands of dollars of Continental debt Salomon bought with his own fortune were worth only about 10 cents on the dollar when he died.
His obituary in the Independent Gazetteer read, "Thursday, last, expired, after a lingering illness, Mr. Haym Salomon, an eminent broker of this city, was a native of Poland, and of the Hebrew nation. He was remarkable for his skill and integrity in his profession, and for his generous and humane deportment. His remains were yesterday deposited in the burial ground of the synagogue of this city."
The grave site of Haym Salomon is located in the Mikveh Israel Cemetery in Philadelphia. Though it is unmarked, there are two plaque memorials. The east wall has a marble tablet that was installed by his great-grandson, William Salomon, and a granite memorial is set inside the cemetery gate. In 1980, the Haym Salomon Lodge #663 of the fraternal organization B'rith Sholom sponsored a memorial in the Mikveh Israel Cemetery. A blue ribbon panel and committee, including Robert S. Whitman, Sidney Bruskin and Marvin Abrams, all lodge past presidents; and Philadelphia residents, arranged for the renovation of the walls and walkways of the cemetery. They then arranged for and oversaw the installation of a large, engraved memorial marker of Barre Granite just inside the cemetery gates, inscribed "An American Patriot". A memorial bronze marker with an American flag was installed by Robert S. Whitman, marking the dedicated space for the American patriot.[14]
There is a legend that during the design process of the Great Seal, Washington asked what compensation Salomon wanted in return for his financial contributions to the American Revolutionary War. He replied that "he wanted nothing for himself but that he wanted something for his people". While there is no evidence, there is a theory that the 13 stars representing the colonies on the seal were arranged in the shape of the Star of David in commemoration of Solomon's contributions.[15] This appears to have little basis in fact, however, although it is oft-repeated.[16]
When Morris was appointed Superintendent of Finance, he turned to Salomon for help in raising the money needed to carry on the war and later to save the emerging nation from financial collapse. Salomon advanced direct loans to the government and also gave generously of his own resources to pay the salaries of government officials and army officers. With frequent entries of "I sent for Haym Salomon", Morris' diary for the years 1781–84 records some 75 transactions between the two men.
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