Haym Salomon (ca. 1740 - 1785)

Haym Salomon: The
rest of the story







http://www.jewishworldreview.com -- IN the pantheon of American Jewish heroes, Haym Salomon (1740-1785) has attained legendary status. His life was brief and tumultuous, but his impact on the American imagination was great. The U.S. Postal Service issued a stamp hailing Salomon as a "Financial Hero of the American Revolution." A monument to Salomon, George Washington and Robert Morris graces East Wacker Drive in Chicago and Beverly Hills, California, is home to an organization called the American Jewish Patriots and Friends of Haym Salomon.

However, Salomon's life was not all triumph. A successful financier in the early 1780s, he died in 1785 leaving a wife and four young children with debts larger than his estate. When his son petitioned Congress to recover money he claimed his father was owed by the government, various committees refused to recognize the family's claims. In 1936, Congress did vote to erect a monument to Salomon in the District of Columbia, but funds for the actual construction were never appropriated.

Born in Lissa, Poland, in 1740, Salomon spent several years moving around western Europe and England, developing fluency in several languages that served him well for the remainder of his life. Reaching New York City in 1772, he swiftly established himself as a successful merchant and dealer in foreign securities. Striking up an acquaintance with Alexander MacDougall, leader of the New York Sons of Liberty, Salomon became active in the patriot cause. When war broke out in 1776, Salomon got a contract to supply American troops in central New York. In 1777, he married Rachel Franks, whose brother Isaac was a lieutenant colonel on George Washington's staff. Their ketubah resides at the American Jewish Historical Society.







In the wake of a fire that destroyed much of New York City, British occupation forces arrested and imprisoned Salomon. He gained release because the British hoped to use his language skills to communicate with their German mercenaries. Instead, Salomon covertly encouraged the Hessians to desert. Arrested again in early 1778, Salomon had his property confiscated. A drum-head court martial sentenced him to hang. Salomon escaped � probably with the help of other Sons of Liberty � and fled penniless to Philadelphia. His wife and child joined him soon afterward.

In Philadelphia, Salomon resumed his brokerage business. The French Minister appointed him paymaster general of the French forces fighting for the American cause. The Dutch, and Spanish governments also engaged him to sell the securities that supported their loans to the Continental Congress.

In 1781, Congress established the Office of Finance to save the United States from fiscal ruin. Salomon allied himself with Superintendent of Finance William Morris and became one of the most effective brokers of bills of exchange to meet federal government expenses. Salomon also personally advanced funds to members of the Continental Congress and other federal officers, charging interest and commissions well below the market rates. James Madison confessed that "I have for some time ... been a pensioner on the favor of Haym Salomon, a Jew broker."

While supporting the national cause, Salomon also played a prominent role in the Philadelphia and national Jewish community affairs. He served as a member of he governing council of Philadelphia's Congregation Mikveh Israel. He was treasurer of Philadelphia's society for indigent travelers, and participated in the nation's first known rabbinic court of arbitration. Salomon helped lead the successful fight to repeal the test oath which barred Jews and other non-Christians from holding public office in Pennsylvania.

He operated within the context of a society, and an age, that considered all Jews as Shylocks and money grubbers. In 1784, writing as "A Jew Broker,' Salomon protested charges that Jewish merchants were profiteering. Salomon thought it unjust that such charges were "cast so indiscriminately on the Jews of this city at large . . . for the faults of a few." His impassioned defense of his fellow Jews brought him national approbation.

Within five years of his arrival in Philadelphia, Salomon advanced from penniless fugitive to respected businessman, philanthropist and defender of his people. He risked his fortune, pledged his good name and credit on behalf of the Revolution, and stood up for religious liberty. Despite financial setbacks at the end of his life, Salomon's name is forever linked to the idealism and success of the American Revolution, and to the contributions Jews have made to the cause of American freedom.

Haym Salomon (ca. 1740 - 1785)

Haym Salomon (ca. 1740 - 1785)

by Bob Blythe

Salomon (sometimes written as Solomon and Solomons in period documents) was a Polish-born Jewish immigrant to America who played an important role in financing the Revolution. When the war began, Salomon was operating as a financial broker in New York City. He seems to have been drawn early to the Patriot side and was arrested by the British as a spy in 1776. He was pardoned and used by the British as an interpreter with their German troops. Salomon, however, continued to help prisoners of the British escape and encouraged German soldiers to desert. Arrested again in 1778, he was sentenced to death, but managed to escape to the rebel capital of Philadelphia, where he resumed his career as a broker and dealer in securities. He soon became broker to the French consul and paymaster to French troops in America.

Salomon arrived in Philadelphia as the Continental Congress was struggling to raise money to support the war. Congress had no powers of direct taxation and had to rely on requests for money directed to the states, which were mostly refused. The government had no choice but to borrow money and was ultimately bailed out only by loans from the French and Dutch governments. Government finances were in a chaotic state in 1781 when Congress appointed former Congressman Robert Morris superintendent of finances. Morris established the Bank of North America and proceeded to finance the Yorktown campaign of Washington and Rochambeau. Morris relied on public-spirited financiers like Salomon to subscribe to the bank, find purchasers for government bills of exchange, and lend their own money to the government.

From 1781 on, Salomon brokered bills of exchange for the American government and extended interest-free personal loans to members of Congress, including James Madison. Salomon married Rachel Franks in 1777 and had four children with her. He was an influential member of Philadelphia’s Mikveh Israel congregation, founded in 1740. He helped lead the fight to overturn restrictive Pennsylvania laws barring non-Christians from holding public office. Like many elite citizens of Philadelphia, he owned at least one slave, a man named Joe, who ran away in 1780. Possibly as a result of his purchases of government debt, Salomon died penniless in 1785. His descendants in the nineteenth century attempted to obtain compensation from Congress, but were unsuccessful. The extent of Salomon’s claim on the government cannot be determined, because the documentation disappeared long ago.

In 1941, the George Washington-Robert Morris-Haym Salomon Memorial was erected along Wacker Drive in downtown Chicago. The bronze and stone memorial was conceived by sculptor Lorado Taft and finished by his student, Leonard Crunelle. Although Salomon’s role in financing the Revolution has at times been exaggerated, his willingness to take financial risks for the Patriot cause helped establish the new nation.