Robert Morris (financier)
Robert Morris Jr. (January 20, 1734 – May 8, 1806) was an English-born American merchant, slave trader and politician who was one of the Founding Fathers of the United States. He served as a member of the Pennsylvania legislature, the Second Continental Congress, and the United States Senate, and he was a signer of the Declaration of Independence, the Articles of Confederation, and the United States Constitution. From 1781 to 1784, he served as the Superintendent of Finance of the United States, becoming known as the "Financier of the Revolution." Along with Alexander Hamilton and Albert Gallatin, he is widely regarded as one of the founders of the financial system of the United States.
For other people named Robert Morris, see Robert Morris (disambiguation).
Robert Morris
Seat established
Alexander McDougall (Secretary of Marine)
Benjamin Stoddert (Secretary of the Navy)
Position established
January 20, 1734
Liverpool, England
May 8, 1806 (aged 72)
Forked River, New Jersey, United States
Mary White (1749–1827)[1]
7, including Thomas
Born in Liverpool, Morris was brought to North America by his father when he was 13 years old, quickly becoming a partner in a successful shipping firm based in Philadelphia. In the aftermath of the French and Indian War, Morris joined with other merchants in opposing British tax policies such as the 1765 Stamp Act. By 1775 he was the richest man in America.[2] After the outbreak of the American Revolutionary War, he helped procure arms and ammunition for the revolutionary cause, and in late 1775 he was chosen as a delegate to the Second Continental Congress. As a member of Congress, he served on the Secret Committee of Trade, which handled the procurement of supplies, the Committee of Correspondence, which handled foreign affairs, and the Marine Committee, which oversaw the Continental Navy. Morris was a leading member of Congress until he resigned in 1778. Out of office, Morris refocused on his merchant career and won election to the Pennsylvania Assembly, where he became a leader of the "Republican" faction that sought alterations to the Pennsylvania Constitution.
Facing a difficult financial situation in the ongoing Revolutionary War, in 1781 Congress established the position of Superintendent of Finance to oversee financial matters. Morris accepted appointment as Superintendent of Finance and also served as Agent of Marine, from which he controlled the Continental Navy. He helped provide supplies to the Continental Army under General George Washington, enabling, with the help of frequent collaborator Haym Salomon, the decisive victory in the Battle of Yorktown. Morris also reformed government contracting and established the Bank of North America, the first congressionally chartered national bank to operate in the United States. Morris believed that the national government would be unable to achieve financial stability without the power to levy taxes and tariffs, but he was unable to convince all thirteen states to agree to an amendment to the Articles of Confederation. Frustrated by the weakness of the national government, Morris resigned as Superintendent of Finance in 1784.[3] Morris was elected to the American Philosophical Society in 1786.[4]
In 1787, Morris was selected as a delegate to the Philadelphia Convention, which wrote and proposed a new constitution for the United States. Morris rarely spoke during the convention, but the constitution produced by the convention reflected many of his ideas. Morris and his allies helped ensure that Pennsylvania ratified the new constitution, and the document was ratified by the requisite number of states by the end of 1788. The Pennsylvania legislature subsequently elected Morris as one of its two inaugural representatives in the United States Senate. Morris declined Washington's offer to serve as the nation's first Treasury Secretary, instead suggesting Alexander Hamilton for the position. In the Senate, Morris supported Hamilton's economic program and aligned with the Federalist Party. During and after his service in the Senate, Morris went deeply into debt through speculating on land, leading into the Panic of 1796–1797. Unable to pay his creditors, he was confined in the Prune Street debtors' apartment adjacent to Walnut Street Prison from 1798 to 1801. After being released from prison, he lived a quiet, private life in a modest home in Philadelphia until his death in 1806.[5]
Early life[edit]
Youth[edit]
Morris was born in Liverpool, England, on January 20, 1734.[6] His parents were Robert Morris Sr., an agent for a shipping firm, and Elizabeth Murphet; biographer Charles Rappleye concludes that Morris was probably born out of wedlock. Until he reached the age of thirteen, Morris was raised by his maternal grandmother in England. In 1747, Morris immigrated to Oxford, Maryland, where his father had prospered in the tobacco trade. Two years later, Morris's father sent him to Philadelphia, then the most populous city in British North America, where Morris lived under the care of his father's friend, Charles Greenway.[7]
American Revolution[edit]
Rising tensions with Britain[edit]
In 1765, the Parliament of Great Britain imposed the Stamp Act, a tax on transactions involving paper that proved widely unpopular in British North America. In one of his first major political acts, Morris joined with several other merchants in pressuring British agent John Hughes to refrain from collecting the new tax.[28] Facing colonial resistance, Parliament repealed the tax, but it later implemented other policies designed to generate tax revenue from the colonies. During the decade after the imposition of the Stamp Act, Morris would frequently join with other merchants in protesting many of Parliament's taxation policies.[29] Writing to a friend about his objections to British tax policies, Morris stated that "I am a native of England but from principle am American in this dispute."[30] While his partner, Thomas Willing, served in various governmental positions, Morris declined to serve in any public office other than that of port warden (a position he shared with six other individuals), and he generally let Willing act as the public face of the firm.[31] In early 1774, in response to the Intolerable Acts, many colonists in British North America began calling for a boycott of British goods. In Philadelphia, Willing, Charles Thomson, and John Dickinson took the lead in calling for a congress of all the colonies to coordinate a response to British tax policies.[30] Morris was not elected to the First Continental Congress, which convened in Philadelphia in August 1774, but he frequently met with the congressional delegates and befriended colonial leaders such as George Washington and John Jay. Morris generally sympathized with the position of the delegates who favored the reform of British policies but were unwilling to fully break with Britain. In September 1774, the First Continental Congress voted to create the Continental Association, an agreement to enforce a boycott against British goods beginning in December; it also advised each colony to establish committees to enforce the boycott. Morris was elected to the Philadelphia committee charged with enforcing the boycott.[32]
Final years[edit]
Morris was unable to pay his debts, and he remained in debtors' prison for three and a half years. Morris was released from prison in August 1801 after Congress passed its first bankruptcy legislation, the Bankruptcy Act of 1800 in part to get Morris out of prison.[200] At the time of his release, three commissioners found that he had debts of $2,948,711.11; the proceedings were certified October 15, 1801, after 2/3 of his creditors agreed to the discharge of Morris; on December 4, 1801, a certificate of bankruptcy was confirmed.[201] but he remained financially destitute. Gouverneur Morris, who served as Robert Morris's representative to the Holland Land Company, was able to attach a provision to the sale of some land that gave Mary Morris a $1,500 (equivalent to $27,000 in 2023) per year annuity; this annuity allowed Mary to rent a small house in Philadelphia far away from the city's center.[202] One of the few assets Morris had left to him was his father's old worn out gold watch which he had inherited at the start of his career; Morris managed to leave this timepiece in his Will to his son Robert Jr.[203] Morris died on May 8, 1806, in Philadelphia. No public ceremonies marked his death.[204] He was buried in the churchyard of Christ Church.