Revolutionary War Patriot. He was a Jewish banker and broker whose monetary contribution helped pay for Revolutionary troops, buy food and guns and was essential to the cause. The Revolution lived, in great part, because He and a few others believed in it, because they stood as security for a nation that had no security. When he came to Philadelphia from New York, the Continental Congress was struggling with finding enough money to support the war. Congress had no power to directly tax the states, and had to rely heavily on loans from the French and the Dutch. Superintendent of Finances Robert Morris started the Bank of North America, but in order for it to be successful, required men like Salomon to subscribe to the bank, find purchasers for government bills of exchange, and lend their own money to the government. When Haym Salomon died in January 1785, he held $353,000, largely in depreciated certificates of indebtedness and continental currency, all which were virtually worthless. The Pennsylvania Packet wrote "He was remarkable for his skill and integrity in his profession and for his generous and humane deportment."
Revolutionary War Patriot. He was a Jewish banker and broker whose monetary contribution helped pay for Revolutionary troops, buy food and guns and was essential to the cause. The Revolution lived, in great part, because He and a few others believed in it, because they stood as security for a nation that had no security. When he came to Philadelphia from New York, the Continental Congress was struggling with finding enough money to support the war. Congress had no power to directly tax the states, and had to rely heavily on loans from the French and the Dutch. Superintendent of Finances Robert Morris started the Bank of North America, but in order for it to be successful, required men like Salomon to subscribe to the bank, find purchasers for government bills of exchange, and lend their own money to the government. When Haym Salomon died in January 1785, he held $353,000, largely in depreciated certificates of indebtedness and continental currency, all which were virtually worthless. The Pennsylvania Packet wrote "He was remarkable for his skill and integrity in his profession and for his generous and humane deportment."
Bio by: Maude
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