Jewish People Instrumental in the victory and Independence of the United States - 1776
Haym Solomon - is a Jewish businessman instrumental in the victory and Independence of the United States - 1776
Revolutionary activity
Sympathizing with the
Patriot cause, Solomon joined the
New York branch of the
Sons of Liberty. In September 1776, he was arrested as a
spy but the British pardoned him, only after serving 18 months of his sentence and claims of torture on a British boat, in order to use his abilities as an interpreter for their
Hessian mercenaries. Solomon 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, but he managed to escape, whereupon he made his way with his family to the rebel capital in
Philadelphia.
[2]
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.
[3] Often working out of the "London Coffee House" in
Philadelphia, Solomon sold about $600,000 in Bills of Exchange to his clients, netting about 2.5% per sale. During this period he had to turn to Morris for help when one sale of over $50,000 nearly sent him to prison. Morris used his position and influence to sue the defrauder and saved Solomon from default and disaster.
In August of 1781, the continental army had trapped Lieutenant General Charles Cornwallis in the little
Virginia coastal town of
Yorktown. George Washington and the main army and the
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.
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". Haym again came through, and the $20,000 was raised.
Washington conducted the
Yorktown campaign, which proved to be the final battle of the Revolution, thanks to Haym Salomon.
[4]
Salomon negotiated the sale of a majority of the war aid from
France and
Holland, selling bills of exchange to American merchants. Solomon also personally supported various members of the
Continental Congress during their stay in
Philadelphia, including
James Madison and
James Wilson. Acting as the patriot he was, he requested below market interest rates, and he never asked for repayment.
[5]
The Treaty of Paris, signed on September 3, 1783, ended the Revolutionary War but not the financial problems of the newly established nation. It was Haym Salomon who managed, time-after-time, to raise the money to bailout the debt-ridden government.
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