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MORRIS, ROBERT (1734–1806)

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Originally appearing in Volume V18, Page 871 of the 1911 Encyclopedia Britannica.
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MORRIS, See also:ROBERT (1734–1806) , See also:American financier, a signer of the See also:Declaration of See also:Independence, was See also:born in See also:Liverpool, See also:England, on the 31st of See also:January 1734. He emigrated to See also:America in 1747, entered a See also:mercantile See also:house, and in 1754 became a member of a prosperous See also:firm, which was known successively as Willing, Morris & Co., Willing, Morris & See also:Inglis and Willing, Morris & See also:Swanwick. In the conflict with the See also:mother See also:country Morris took the See also:side of the colonists, but associated himself with the conservative See also:group of See also:Pennsylvania Whigs who followed the See also:lead of See also:John See also:Dickinson and See also:James See also:Wilson, rather than with the more See also:radical See also:faction represented by See also:Thomas See also:Paine. He was See also:vice-See also:president of the Pennsylvania See also:Committee of Safety (1775–1776), and a member of the See also:Continental See also:Congress (1975-1778). At first he disapproved of the Declaration of Independence, but he joined the other members in See also:signing it on the 2nd of See also:August. He retired from Congress in 1778, and was at once sent to the legislature, serving in 1778–1779 and in 1780-1781. His greatest public service was the financing of the See also:War of Independence. As chairman or member of various committees he practically controlled the See also:financial operations of Congress from 1776 to 1778, and when the See also:board See also:system was superseded in 1781 by single-headed executive departments he was chosen See also:superintendent of See also:finance. With the able co-operation of his assistant, Gouverneur Morris—who was in no way related to him—he filled this position with See also:great efficiency during the trying years from 1781 to 1784. For the same See also:period he was also See also:agent of marine, and hence See also:head of the See also:navy See also:department. Through requisitions on the states and loans from the See also:French, and in large measure through See also:money advanced out of his own See also:pocket or borrowed on his private See also:credit, he furnished the means to See also:transfer See also:Washington's See also:army from Dobbs See also:Ferry to See also:Yorktown (1781). In 1781 he established in See also:Philadelphia the See also:Bank of See also:North America, chartered first by Congress and later by Pennsylvania, the See also:oldest financial institution in the See also:United States, and the first which had even partially a See also:national See also:character.

A confusion of public and private accounts, due primarily to the fact that his own credit was See also:

superior to that of the United States, gave rise to charges of dishonesty, of which he was acquitted by a See also:vote of Congress. He was a member of the Federal See also:Convention of 1787, but took little See also:part in its deliberations beyond making the speech which placed Washington in nomination for the See also:presidency of the See also:body. On the formation of the new See also:government he was offered, but declined, the secretaryship of the See also:treasury, and urged See also:Hamilton's See also:appointment in his See also:stead. As United States senator, 1789-1795, he supported the Federalist policies and gave Hamilton considerable assistance in carrying out his financial plans, taking part, according to tradition, in arranging a bargain by which certain See also:Virginia representatives were induced to vote for the funding of the See also:state debts in return for the location of the Federal See also:capital on the See also:Potomac. After the war he gradually disposed of his mercantile and bankinginterests and engaged extensively in western See also:land See also:speculation. At one See also:time or another he owned wholly or in See also:major part nearly the entire western See also:half of New See also:York state, two million acres in See also:Georgia and about one million each in Pennsylvania, Virginia and See also:South Carolina. The slow development of this See also:property, the failure of a See also:London bank in which he had funds invested, the erection of a palatial See also:residence in Philadelphia, and the dishonesty of one of his partners, finally drove him into See also:bankruptcy, and he was confined in a debtors' See also:prison for more than three years (1798-1801). He died in Philadelphia on the 7th of May 18o6. The best See also:biography is E. P. Oberholtzer's Robert Morris, Patriot and Financier (New York, 1903), based upon the Robert Morris papers in the Library of Congress; see also W. G.

See also:

Sumner's The Financier and the Finances of the American Revolution (New York, 1891).

End of Article: MORRIS, ROBERT (1734–1806)

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