the Jew who financed the Continental army - 01/23/19
A bit of history:
Hyam Salomon, an unsung hero of the Revolutionary war. Most people have never heard of him. He was a Jewish immigrant from Poland who raised a huge amount of money plus donating his own funds to finance the Continental army.
This is an excerpt from wikipedia. There's a lot more if you want to read it. HYAM SALOMON
Revolutionary activity
Haym Salomon commemorative stamp
Sympathizing with the Patriot cause, Salomon joined the New York branch of the Sons of Liberty. In September 1776, he was arrested as a spy. The British pardoned him, but only after requiring him to spend 18 months on a British boat as an interpreter for Hessian soldiers – German troops employed by the British. Salomon used his position to help prisoners of the British escape and encouraged the Hessians to desert the war effort. In 1778 Salomon was arrested again and sentenced to death. Again, he managed to escape, making his way with his family to the rebel capital in Philadelphia.[6]
Financing of the American Revolutionary War
Once resettled, Salomon resumed his activities as a broker. He became the agent to the French consul as well as the paymaster for the French forces in North America. In 1781, he began working extensively with Robert Morris, the newly appointed Superintendent for Finance for the Thirteen Colonies.[7]
From the period of 1781–84, records show Salomon's fundraising and personal lending helped provide over $650,000 (approximately $18,035,722.16 in 2018 dollars [8]) in financing to George Washington in his war effort. His most meaningful financial contribution, however, came immediately prior to the final revolutionary war battle at Yorktown.[9]
In August 1781, the Continental Army had trapped Lieutenant General Charles Cornwallis in the Virginian 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 gave him a simple but eloquent order: "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 that 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.
Hyam Salomon, an unsung hero of the Revolutionary war. Most people have never heard of him. He was a Jewish immigrant from Poland who raised a huge amount of money plus donating his own funds to finance the Continental army.
This is an excerpt from wikipedia. There's a lot more if you want to read it. HYAM SALOMON
Revolutionary activity
Haym Salomon commemorative stamp
Sympathizing with the Patriot cause, Salomon joined the New York branch of the Sons of Liberty. In September 1776, he was arrested as a spy. The British pardoned him, but only after requiring him to spend 18 months on a British boat as an interpreter for Hessian soldiers – German troops employed by the British. Salomon used his position to help prisoners of the British escape and encouraged the Hessians to desert the war effort. In 1778 Salomon was arrested again and sentenced to death. Again, he managed to escape, making his way with his family to the rebel capital in Philadelphia.[6]
Financing of the American Revolutionary War
Once resettled, Salomon resumed his activities as a broker. He became the agent to the French consul as well as the paymaster for the French forces in North America. In 1781, he began working extensively with Robert Morris, the newly appointed Superintendent for Finance for the Thirteen Colonies.[7]
From the period of 1781–84, records show Salomon's fundraising and personal lending helped provide over $650,000 (approximately $18,035,722.16 in 2018 dollars [8]) in financing to George Washington in his war effort. His most meaningful financial contribution, however, came immediately prior to the final revolutionary war battle at Yorktown.[9]
In August 1781, the Continental Army had trapped Lieutenant General Charles Cornwallis in the Virginian 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 gave him a simple but eloquent order: "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 that 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.