1795 Robert Morris Financier of the American Revolution signs Stock Certificate

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1795 Robert Morris Financier of the American Revolution signs Stock Certificate:
$975.00

This is a SUPERB condition 1795 stock certificate on the North American Land Company -- signed by Robert Morris - read more about this company near the end of the following biography of Morris below ---

Robert Morris, Jr.(/ˈmɒrɪs/; January 20, 1734– May 8, 1806), aFounding Fatherof the United States, was a Liverpool-born American merchant who financed theAmerican Revolution, oversaw the striking of thefirst coins of the United States[1], and signed theDeclaration of Independence, theArticles of Confederation and Perpetual Union, and theUnited States Constitution. Along withAlexander HamiltonandAlbert Gallatin, he is widely regarded as one of the founders of the financial system of theUnited States.

Born inLiverpool, Morris migrated to the United States in his teens, quickly becoming a successful businessman. In the aftermath of theFrench and Indian War(1754-1763), Morris became a prominent opponent of unpopular British policies like theStamp Actin 1765. He was elected to thePennsylvania Assembly, became the Chairman of the PennsylvaniaCommittee of Safety, and was chosen as a delegate to theSecond Continental Congress. He served as chairman of the \"Secret Committee of Trade\" and as a member of theCommittee of Correspondence. Though reluctant to break with Britain, he ultimately came to support the independence movement and emerged as an important financier of theAmerican Revolutionary War(1775-1783).

From 1781 to 1784, he served as theSuperintendent of Finance of the United States, a forerunner to the position ofU.S. Secretary of the Treasury. As the central civilian in the government, Morris was, next toGeneral George Washington, \"the most powerful man in America.\"[2]Hissuccessful administrationled to the sobriquet, \"Financier of the Revolution.\" At the same time he wasAgent of Marine, a position he took without pay, and from which he controlled theContinental Navy. He successfully proposed numerous policies including the creation of a national bank, but many of his ideas were not enacted. In 1783, Morris oversaw the creation of the first US coins, theNova Constellatiopatterns, which illustrated his plan for a national decimal coinage; although the plan was not adopted, his coins were examined by bothAlexander HamiltonandThomas Jefferson, influencing both men in their creation of the decimal monetary system that is used by the United States today[3]. In 1787, he was elected as a delegate to thePhiladelphia Convention, which created a more powerful federal government.

Morris declined Washington\'s offer to serve as the nation\'s first Treasury Secretary, instead suggesting that Washington appoint Hamilton to the position. Morris represented Pennsylvania in theSenatefrom 1789 to 1795, during which time he aligned with theFederalist Partyand supported Hamilton\'s economic policies. Morris invested a considerable portion of his fortune in land shortly before thePanic of 1796–1797, which led to his bankruptcy in 1798, and he spent several years indebtors\' prison, until theUnited States Congresspassed a bankruptcy act to release him. After he left prison in 1801, he lived a quiet, private life in a modest home inPhiladelphiauntil his death in 1806.

Contents[hide]

1Early life
2Personal and family life
- 2.1Shipping and slavery
- 2.2Conflict with Britain
3Continental Congress
- 3.1Financed the war
- 3.2Superintendent of Finance of the United States
- 3.3Morris House
- 3.4Later political career
4Later life
- 4.1Land speculation and bankruptcy
5Legacy
6See also
7References
8Further reading
- 8.1Primary sources
9External links

Early life[edit]

Morris was born to Robert Morris, Sr. and Elizabeth Murphet inLiverpool,Lancashire,England, on January 20, 1734. At the age of 13, Morris immigrated toOxford, Maryland, to live with his father, who was a Tobaccofactor. As a youth, Morris was provided a tutor and was a quick learner.[4]

His father sent him toPhiladelphiato study where he stayed with Charles Greenway, a family friend. Greenway arranged for young Robert to become an apprentice at the shipping and banking firm of the Philadelphia merchant (and then mayor)Charles Willing. A year later, Robert\'s father died after being wounded in an accident when hit by thewaddingof a ship\'s gun that was fired in his honor.[5]

When Charles Willing died in 1754, his sonThomas Willingmade Morris his partner at the age 24. They established the prominent shipping-banking firm of Willing, Morris & Co. on May 1, 1757. The partnership lasted until about 1779.[6]

Personal and family life[edit]

On March 2, 1769, at age 35, Morris married 20-year-old Mary White. White was the daughter of a wealthy and prestigious Maryland landholder, but was residing inPhiladelphia. Together they had five sons and two daughters. White came from a prominent family in Maryland; her brother was the well-known AnglicanBishop William White.[7]

Morris worshiped in Philadelphia atSt. Peter\'s Churchon Pine Street andChrist Churchon 2nd Street, both of which were run by his brother-in-law, BishopWilliam White (Bishop of Pennsylvania). Morris remained a constant worshipper and supporter at this Anglican Church for his entire life. Both Morris and his brother-in-law William White are buried atChrist Church, Philadelphiain the churchyard located at Second and Market.[8]Because of the locations and reputations of Christ Church and St. Peter’s Church in Philadelphia, they served as places of worship for a number of the notable members of the Continental Congress, sometimes including George Washington.

Shipping and slavery[edit]

In 1757 Morris became a business partner withThomas Willing. Their partnership was a merchant firm with interests in shipping, real estate, and other lines of business. The partnership was forged just after theSeven Years\' Warbegan (1754–1763), which hindered attracting the usual supply of new indentured servants to the colony.[9]Potential immigrants were conscripted in England to fight in Europe, and the contracts for those already in the colonies in America were expiring.[10]Indentured servants could legally break their contracts to join the British forces to fight against the French and their Indian allies.

At the same time, the British Crown wanted to encourage theslave tradewhich was profitable for the King\'s political allies in theAfrican Company of Merchants. While Morris was a junior partner and Willing was pursuing a political career, the company Willing, Morris & Co. co-signed a petition calling for the repeal of Pennsylvania\'s tariff on imported slaves. (About 200 slaves were imported into Philadelphia in 1762, the height of the trade; most of whom were brought in by the Rhode Islanders D’Wolf,Aaron Lopez, and Jacob Rivera.)[11]

Willing, Morris & Co funded its own slave-trading voyage. The ship did not carry enough to be profitable and, during a second trip, was captured by Frenchprivateers. The firm handled two slave sales for other importers, offering a total of 23 slaves.[12]In 1762 the firm advertised an agency sale in Wilmington, Delaware for over 100 Gold Coast slaves. The ship had docked in Wilmington to avoid the tariff.[13]In 1765 on their last reported agency deal (out of a total of eight), the firm advertised 70 slaves who were brought in from Africa on the shipMarquis de Granby.[14]The slaves were not sold in Philadelphia, as the owner took the ship and all the slaves to Jamaica.[15]

Both partners supported the non-importation agreements that marked the end of all trade with Britain, including the importation of slaves. They became advocates for free trade, which would end the kind of trade restrictions that gave rise to the business. As a government official, Morris tried to tax the domestic slave trade, and to lay a head tax on the slaves payable by the owner. His efforts were resisted by the Southerners who fought all his measures. Pennsylvania passed a law for gradual abolition of slavery in 1780 at his lead. Philadelphia County at the time had no slave registrations making it impossible to determine who in Philadelphia owned slaves in 1780. Western farmers petitioned the Assembly for relief from the abolition law, but Morris\' allies in the state government resisted these attempts.[16]Morris commented that slave trade was not profitable and would prefer blankets and the speed of trips to England over slave trade to Africa and virtually eliminated the slave trade to the northern colonies. Morris\' efforts led to the virtual end of slavery in the north before the revolutionary war.

Willing, Morris & Co. ships traded with India, theLevant, theWest Indies, SpanishCuba, Spain, and Italy. The firm\'s business of import, export, and general agency made it one of the most prosperous in Pennsylvania. In 1784 Morris, with other investors, underwrote the voyage of the shipEmpress of China, the first American vessel to visit the Chinese mainland. Among the investors wereSamuel Miles, who built a sugar refinery in Philadelphia; John Holker, French Agent; and Daniel Parker, merchant. The ship embarked from New York harbor for China onWashington\'s birthday, February 22, 1784.

In 1786 Washington wrote to Morris discussing his hopes for the democratic process bringing an end to slavery. His reference to how escaped slaves made their way to the North is taken as the first reference to theUnderground Railroad.[17]The 1790 census is the first in Philadelphia County that lists slaveholders by name.

Conflict with Britain[edit]

TheStamp Actof 1765–1766 was a tax on all legal documents. The merchants banded together to end what they saw as an unconstitutional tax. Morris began his public career in 1765 by serving on a local committee of merchants organized to protest the Stamp Act. He mediated between a mass meeting of protesters and the Stamp Tax collector, whose house they threatened to pull down \"brick by brick\" unless the collector did not carry out his job. Morris remained loyal to Britain, but he believed that the new laws constituted taxation without representation and violated the colonists\' rights as British citizens. In the end, Britain lifted the stamp tax.

After Britain passed the Tea Tax, the tea shipPollyreached the lower Delaware Bay. Philadelphia ordered the bay pilots not to bring it to port. Morris was a warden of the port at that time. Captain Ayers brought thePollyinto port by following another ship up the bay which set off a protest. At least 20% of the population filled the street as Ayers was escorted to the State House. A meeting with Ayers and the port wardens, including Morris, was held. Ayers agreed to leave Philadelphia without delivering any taxed tea.

Continental Congress[edit]An engraving by Ole Erekson,c. 1876, of Robert MorrisUSS Alfred

Morris was elected to the Pennsylvania Council of Safety (1775–1776), theCommittee of Correspondence, theProvincial Assembly(1775–1776), and thePennsylvania legislature(1776–1778). He was also elected to represent Pennsylvania in theSecond Continental Congressfrom 1775 to 1778.

In 1775 the Continental Congress contracted with Morris\' company to work with the Secret Committee of Trade after March 14, 1776. He devised a system to smuggle war supplies from France a year before independence was declared. He handled much of the financial transactions, contracting with merchants and business firms to obtain needed war material and purchasing commodities for export to pay for it.[18]

He served withJohn Adamson the committee that wrote theModel Treaty. The Model Treaty incorporated his long held belief infree trade. It was an outgrowth of his trading system, and acted as the basis for the1778 Treaty with France.

He served on the Marine and Maritime Committees and gave his best ship,The Black Prince,to the Continental Congress. It was renamed as theUSSAlfred, the first ship in the Mid-Atlantic area Second Squadron of ships Continental Navy.John Barry, a captain who sailed for his company, became the captain of theAlfred.The first Continental Navy ship, the Hannah, was commissioned on September 2, 1775 in Marblehead, Massachusetts, and was one of the seven \"Washington Cruisers\" commissioned by Commander in Chief George Washington to attack British supply ships at sea headed for Boston. The Hannah was named for the wife of Colonel, later General,John Glover, its owner, who was key in the evacuation of the Continental Army atBrooklyn Heightsin August 1776, and in Crossing the Delaware to attackTrentonon the morning of December 26, 1776.

Morris used his extensive international trading network as a spy network and gathered intelligence on British troop movements. One of his spies sent the information that allowed the Americans to defendFort MoultrienearCharleston, South Carolina.

On July 1, 1776, Morris voted against the Congressional motion for independence. The Pennsylvania delegation, which was split 4–3, cast its vote in the negative. The following day, Morris andJohn Dickinsonagreed to abstain, allowing the other Pennsylvania delegates to vote for independence. Robert Morris vote of abstention is considered the most pivotal in the process as he was a needed entity for the revolution. The final vote was 12 states in favor and no states opposed. (New York\'s delegates voted later.) On August 2, Morris signed theDeclaration of Independencesaying, \"I am not one of those politicians that run testy when my own plans are not adopted. I think it is the duty of a good citizen to follow when he cannot lead.\"[19]

Financed the war[edit]A scene fromThe Apotheosis of Washingtonshows Morris receiving a bag of gold fromMercury, commemorating his financial services during the Revolutionary War

Morris personally paid £10,000,000 to pay the Continental troops under Washington. This helped to keep the Army together just before theBattle of Princeton. He subsequently paid from his own funds the troops via \"Morris Notes\" to continue Washington\'s ability to wage war as the US currency had no value.[citation needed]

In March 1778 Morris signed theArticles of Confederationas a representative of style=\"font-size: 14px; margin: 0.5em 0px; line-height: inherit; color: rgb(34, 34, 34); font-family: sans-serif; background-color: rgb(255, 255, 255);\">During the war,privateersseized the cargo of English ships. Morris owned an interest in many of the privateers and his firm helped sell the English spoils as they came into port. In addition to owning ships that carried cargo to Cuba, France, and Spain, he was accused ofprofiteering, but these accusations were proven to be false. John Jay, the President of Congress even wrote him an apology[21]. Morris wrote a friend that his firm had had over 250 ships during the war and so came out \"about even.\" He had lost one of the largest private navies in the world during the War, but he never asked for reimbursement from the new government. Morris also personally supplied the funding for ninety percent of all bullets fired during the war and almost ninety five percent of all other expenses for the fledgling government, though he also never asked to be reimbursed for these expenses. He used his remaining money to buy shares in a variety of ships that waged an economic war on Britain. During this period he acted as a commercial agent for John Holker, a French national who was one of many military contractors who dealt with the French and American forces.[citation needed]

While many in popular culture often make reference to the size of John Hancock\'s signature on the Declaration of Independence, it was the Rob Morris that led the King to refer to as the \"most damming name of all\".

During this timeThomas Paine,Henry Laurens, and others criticized him and his firm for alleged war profiteering. In 1779, a congressional committee acquitted Morris and his firm on charges of engaging in improper financial transactions, but his reputation was damaged after this incident.[22]

Immediately after serving in the Congress, Morris served two more terms in the state legislature, from 1778 to 1781. While he was in the Pennsylvania Assembly, Morris worked on the constitution and legislation to restore checks and balances, and to overturn thereligious testlaws. These had excluded from voting 40% of the state\'s citizens, including Quakers, Jews, and Mennonites.[23]

On October 4, 1779, an angry mob, who supported the \"Constitutionalist\" faction in opposition to Morris and his allies, tried to chaseJames Wilsonfrom his home in Philadelphia. The mob was in the process of aiming a cannon at Wilson\'s home when theFirst City Troopcame to his rescue. Five men were killed in the battle of \"Fort Wilson.\" Constitutionalists in Pennsylvania ran off their political opposites and confiscated their property. James Wilson went on to argue against slavery, defendHaym Solomonfrom fraud, sign the Constitution, and become a Supreme Court justice.[24]Morris supplied the majority of war materials to the troops when the state failed to act. Pennsylvania went bankrupt in 1780 due to Constitutionalist policies which mandated state-controlled markets and self-imposed embargoes. Ultimately the state called on Morris to restore the economy. He did so by opening the ports to trade, and allowing the market to set the value of goods and the currency.[25]

Superintendent of Finance of the United States[edit]This sectionneeds additional citations forverification.Please helpimprove this articlebyadding citations to reliable sources. Unsourced material may be challenged and removed.(February 2014)(Learn how and when to remove this template message)

In 1781 the US was in a crisis. The British controlled the coast line from the sea, two major cities, and the western frontier. The treasury was in debt by $25 million (about $353million today) and publiccredithad collapsed, of which he again paid this debt from his personal funds. With the failure of their own policies, Congress changed from the committee systems they had used for years and created the first executive offices in American history. Morris held the offices of Finance and Marine. His detractors worried he was gaining \"dictatorial powers.\" In a unanimous vote, Congress appointed Morris to beSuperintendent of Finance of the United Statesfrom 1781 to 1784. In defending himself from would-be critics, Morris insisted Congress allow him to continue his private endeavors while serving in a related public office. He was not active in private business during this term but remained a silent partner in various companies.[26]

Three days after becoming Superintendent of Finance, Morris proposed to establish a national bank, as urged byAlexander Hamilton. The first financial institution chartered by the United States, theBank of North America, was founded in 1782. The bank was funded in part by a significant loan Morris had obtained from France in 1781. The initial role of the bank was to finance the war against Britain.[26]

As Superintendent of Finance, Morris instituted several reforms, including reducing the civil list, significantly cutting government spending by using competitive offerding for contracts, tightening accounting procedures, and demanding the federal government\'s full share of support (money and supplies) from the States.[26]Morris obtained supplies for the army ofNathanael Greenein 1779, and from 1781–1783.

He took an active role in helping move Washington and his army from New York State toYorktown, Virginia. He was in Washington\'s camp the day the move was initiated. He acted as quartermaster for the trip and supplied over $14 million (about $198million today) in his own credit to supply the Army. He was also Agent of Marine and coordinated with the French Navy to get Washington\'s Army to theBattle of Yorktown (1781). After Yorktown, Morris noted the war had changed from a war of bullets to a war of finances.[27]

During his tenure as Superintendent, Morris was assisted by his friend and assistantGouverneur Morris(no relation). He proposed a national economic system in a document called \"On Public Credit\". This was the basis for Hamilton\'s plan of the same name submitted much later to Congress. The Morrises proposed to make the American currency adecimal currency, a progressive idea at the time.[28]

In 1783, Morris was believed to be one of the main conspirators in theNewburgh Conspiracy.[29]Morris\' lifelong enemyArthur Leespread rumors about his participation. The author of the Newburgh letter was Major Armstrong, a partisan for the faction that opposed Morris\' policies in the Pennsylvania state house. Its members were often allied with Lee.[30]

On January 15, 1782 Morris drafted a proposal that he later presented to theContinental Congressto recommend the establishment of a nationalmintand decimalcoinage. However, theUnited States Mintwas not established until 1792, after further proposals byHamiltonandJefferson.[28][citation needed]

Morris House[edit]President\'s House,Philadelphiaat 190 High Street [later 524–30 Market Street]. Morris\'s Philadelphia city house served as theExecutive Mansionfor presidents George Washington and John Adams, 1790–1800. He sold it in 1795,[31]using the proceeds to fund construction of the L\'Enfant mansion.

In 1781 Robert Morris purchased a house at 190 High Street in Philadelphia from John Holker. He rebuilt it and lived while he was Superintendent of Finance, and Agent of Marine. When the Federal Government moved from New York, he offered his home to his friendGeorge Washington. Washington was familiar with the place, since he had stayed there with Morris during the Constitutional Convention.John Adamsoccupied it in turn. Morris initially offered his city home to Washington for free, but to avoid the appearance of improper influence, he rented the house for $1 a year to the city of Philadelphia to be used as the presidential residence. Philadelphia was the temporary US capital from 1790–1800 during the construction ofWashington, D.C.. Morris moved next door, into another house he owned on the corner of 6th and High (Market) St.

The last remaining wall ofPresident\'s Housewas taken down for redevelopment when Independence Mall was created. In the late twentieth century, the foundations of the President\'s House were rediscovered duringarcheologicalwork related to construction of the Liberty Center. The site, a few steps away from theLiberty Bell, has been designated a national memorial. It is commemorated with an outline of the house indicated above ground and exhibits about the early federal period. Its interpretation focuses on the first twoPresidents, their families, and the nine enslaved Africans who worked in Washington\'s presidential household.

Later political career[edit]

In 1787 Morris was elected to theConstitutional Convention. He arranged to haveGouverneur Morrisappointed to the Pennsylvania delegation. Although Robert Morris said little at the Convention, Gouverneur and his lawyer,James Wilson, were two of the three most talkative men there. Both opposed slavery during the Convention. Gouverneur Morris wrote the polished draft of the Constitution. While it was widely known at the time that Morris was active behind the scenes, his only significant public role of record during the Convention was to nominate his friend George Washington as its President. His nomination of Washington was done to end any questions as he was the only other person considered for that role by the leaders of the new country.

Washington wanted to appoint Morris as the firstSecretary of the Treasuryin 1789, but Morris declined and suggestedAlexander Hamiltonfor the position, who supported his policies. Morris waselectedby the Pennsylvania legislature to serve as aUnited States Senatorfrom 1789 to 1795. Morris was on 41 Senatorial committees and reported for many of them. He supported the Federalist economic program, which includedinternal improvementssuch as canals and lighthouses to aid commerce. As senator he generally supported theFederalistparty and backed Hamilton\'s economic proposals. Hamilton used principles similar to those in Morris\'s report \"On Public Credit\", submitted some 10 years earlier.

Later life[edit]L\'Enfant designed mansion aka \"Morris\'s folly\" on Walnut St. between 7th and 8th Streets in 1800. Engraving byWilliam Russell Birch.Map ofPhelps and Gorham Purchasesouth of Lake Ontario circa 1802–1806.Map showing Phelps & Gorham\'s Purchase, TheHolland Purchase, and the Morris Reserve.

Morris founded several canal companies, a steam engine company, and launched a hot air balloon from his garden on Market Street. He had the first iron rolling mill in America. His icehouse was the model for one Washington installed at Mount Vernon. He backed the new Chestnut Street Theater, and had a green house where his staff cultivated lemon trees.[28][citation needed]

On March 12, 1791 he contracted with Massachusetts to purchase a portion ofWestern New Yorkwest of theGenesee River[32][33]for $666,666.66.[34]The land, which had been a substantial portion of thePhelps and Gorham Purchase, was conveyed to Morris in five deeds on May 11, 1791. A partner of Morris in the Phelps and Gorham Purchase was land speculatorJames Greenleaf.

His sonThomassettled the peace with theSix Nationsof the Iroquois Confederacy, four of whom had sided with the British during the Revolution. Then Morris sold most of the vast tract of property to theHolland Land Companyin 1792–1793 for redevelopment in parcels;[35][citation needed]another source identifies the sale date as being approximately five years later, in 1797–1798.[32]

In 1794 he began construction of a mansion on Chestnut Street in Philadelphia designed byPierre Charles L\'Enfant. The unfinished mansion became known as \"Morris\'s folly\",[36]and the land eventually becameSansom Street. Marble from this house was purchased byLatrobe; he used it to adorn buildings and monuments fromRhode IslandtoCharlestown, SC.

Land speculation and bankruptcy[edit]

As part of the effort to repay France for loans that financed the war, Morris contracted to supply 20,000 hogsheads of Tobacco annually to France beginning in 1785. Shortly after these contracts were signed, Ambassador Thomas Jefferson took it upon himself to interfere with these arrangements and that brought about the collapse of the Tobacco market. This not only harmed Morris, but it forced the French Crown to look elsewhere for tax revenue, and that was the genesis for the French revolution.[37]

When England and the Dutch declared war on Revolutionary France, an expected loan from Holland never materialized. The subsequentNapoleonic Warsruined the market for American land and Morris\'s highly leveraged company collapsed. Lastly, the financial markets of England, the United States, and the Caribbean suffered from deflation related with thePanic of 1797. Morris was left \"land rich and cash poor.\" Heownedmore land than any other American at any time, but didn\'t have enoughliquid capitalto pay his creditors.[38]Morris was deeply involved in land speculation, especially after the Revolutionary War. However, Morris severely overextended himself financially. He had borrowed to speculate in real estate in the new national capitol,District of Columbia, but signed a contract with a syndicate of Philadelphia investors to take over his obligations there. After that, he took the options to purchase over 6,000,000 acres (24,000km²) in the rural south. In 1795 Morris and two of his partners, James Greenleaf and John Nicholson, pooled their land and formed a land company called theNorth American Land Company. The purpose of this company was to raise money by selling stock secured by the real estate.
Unfortunately for Morris, that syndicate reneged on their commitment, leaving him once again liable, but this time with more exposure.[38]

He attempted to avoid creditors by staying outside the city at his country estate \"The Hills\", located on theSchuylkill River, but his creditors literally pursued him to his gate. Morris was sued by a former partner,James Greenleaf, who had been imprisoned for fraud and was serving time in debtor\'s prison. Unable to dodge his creditors and their lawyers, Morris was finally arrested. He wasimprisonedfor debt in Prune Street prison in Philadelphia from February 1798 to August 1801.[39]

Morris\'s economic failure reduced the fortunes of many other prominent Federalists who had invested in his ventures (e.g.,Henry Lee). Morris\'s political adversaries used his bankruptcy to gain political power in Pennsylvania. A Republican GovernorThomas McKeanwas elected and refined the art of political patronage in America. McKean’s party picked the Pennsylvania members of theelectoral collegefor the election of 1800, which contributed to votes forThomas Jeffersonas president.[40][citation needed]

The US Congress passed its first bankruptcy legislation, the temporaryBankruptcy Act of 1800, in part to get Morris out of prison.[41]

After his release, Morris continued to suffer poor health and spent the rest of his life in retirement. He was assisted by his wife who had supported him throughout his misfortune. Morris died on May 8, 1806 in Philadelphia. He is buried in the family vault of Bishop William White, his brother-in-law, atChrist Church.[42]A plaque installed later reads: \"ROBERT MORRIS signer of the Constitution of the United States of America. Deputy from Pennsylvania to Federal Constitutional Convention May 25, 1787 – September 17, 1787 Erected by the Pennsylvania Constitution Commemorative Committee\"[8]

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