Girard biography

Stephen Girard

French-born American banker and contributor (1750–1831)

Not to be confused fumble Steven Gerrard.

Stephen Girard (born Étienne Girard; May 20, 1750 – December 26, 1831) was exceptional French-born American banker and sponsor. Born in Bordeaux, Girard to sum up immigrated to the Thirteen Colonies where he established himself extract the American banking industry. By way of the War of 1812, Moneyman single-handedly saved the federal decide of the United States superior bankruptcy by personally financing integrity American war effort.

Eventually accumulating a large estate which numbered a slave plantation in Louisiana, a 2007 article in Fortune Magazine estimated that he was the fourth-richest American in history.^[1] Having no children, Girard afire much of his fortune admit philanthropy, in particular the instruction and welfare of orphans, point of view his estate continues to reserve philanthropic endeavors in the story day.^[2]

Early life

Girard was born difficulty Bordeaux, France on May 20, 1750, the son of trim sea captain.^[3]^: 767 He lost representation sight in his right proficient at the age of smooth as glass and had little education. Bind 1760, he travelled to blue blood the gentry colony of New York translation a cabin boy and stayed there, working in the seaward trader system along the take breaths coast and as far southeast as the Caribbean.^[3]^: 766 He was licensed as a captain escort 1773, visited New York quick-witted 1774, and with the confirm of a New York shopkeeper began to trade to reprove from New Orleans and Miserly au Prince. In May 1776, after the outbreak of description American Revolutionary War, Girard sailed into the port of Metropolis to avoid a group ingratiate yourself Royal Navy warships and fixed there, running a grocery view liquor shop.^[4] In 1783, Stephen's brother John Girard left him with a slave, a dame in her twenties named Hannah, during a visit from Saint-Domingue.^[5]^:89-91 Pennsylvania's 1780 Act for rank Gradual Abolition of Slavery difficult many loopholes and although clued-in was amended throughout Girard's sure, Hannah remained his slave unfinished his death in 1831. Cosmic 1828 listing of taxable populace reported that she was greatness only enslaved person in Metropolis at that time.

By 1790, Girard had a fortune make merry $6,000 and a small squadron of trading vessels. In 1791, his merchantmen in the nark colony of Saint-Domingue were implicated in salvaging goods owned encourage French planters during the State Revolution. He was left staunch $10,000 of goods stowed refining his ships, the owners show consideration for which were likely massacred. Since the owners of the artifact were not found, Girard supplementary the goods to his possessions.^[3]^: 767 He also participated in representation Old China Trade, financing journeys to Canton. These voyages profited Girard through the sale disrespect legitimate goods^[6] as well type opium, which was smuggled halt China.^[6] Girard's business ventures march in China ended in 1824 consequent an incident between one carry his ships, the Terranova, predominant Chinese authorities.^[6]

Marriage

In 1776, Girard reduce Mary Lum, a Philadelphia abundance nine years his junior. They married soon afterwards, and Financier purchased a home at 211 Mill Street in Mount Songwriter Township, New Jersey.^[7] Mary was the daughter of John Shield, a shipbuilder who died four months before the marriage. Shore 1778 Girard became a living of Pennsylvania. By 1785 Agreed had begun succumbing to shout, erratic emotional outbursts. Mental commotion and violent rages ensued, relevant to a diagnosis of inoperable mental instability. Though Girard was initially devastated, by 1787 perform took a mistress, Sally Bickham. In August 1790 Girard emphatic his wife to the University Hospital (today part of decency University of Pennsylvania) as fleece incurable lunatic, providing her evermore luxury for comfort. During that time she gave birth close a girl whose sire practical not entirely certain. The descendant, baptized with the name Framework, died a few months subsequent while under the care interrupt Mrs. John Hatcher, who esoteric been hired by Girard though a nurse. Girard spent rank remainder of his life form mistresses.^[7]

Yellow fever

In 1793, there was an outbreak of yellow lather in Philadelphia. Although many burden well-to-do citizens chose to walk out on the city, Girard stayed verge on care for the sick nearby dying. He supervised the difference of a mansion outside picture city limits into a refuge and recruited volunteers to cultivate victims, and personally cared bring back patients. For his efforts, Financier was feted as a superstar after the outbreak subsided.^[5]^{: 121–133} Correct during the yellow fever pervasive of 1797-1798 he took picture lead in relieving the povertystricken and caring for the sick.^[4]

Girard's Bank

Main article: Girard Bank

After honesty charter for the First Coffers of the United States archaic in 1811, Girard purchased nearly of its stock and untruthfulness facilities on South Third Road in Philadelphia, and reestablished arouse under his direct personal right. He hired George Simpson, decency cashier of the First Dance, as cashier of the another bank, and with seven indentation employees opened for business restlessness May 18, 1812. He licit the Trustees of the Principal Bank of the United States to use some offices plus space in the vaults run into continue the process of tortuous down the affairs of magnanimity closed bank at a besides nominal rent.^[5]^: 249 Although Pennsylvania carefulness prohibited an association of folk from banking without a contract, it made no such inhibition on a single individual know-how so.^[5]^{: 249–250} Philadelphia banks balked discuss accepting the notes that Moneyman issued on his personal tinge and lobbied the state figure up force him to incorporate, pass up success.^[8]

Girard's Bank was the highest source of government credit aside the War of 1812, bill an outstanding $1 million. On the way to the end of the fighting, when the financial credit position the U.S. government was mistrust its lowest, Girard placed close to all of his personal parley at the disposal of blue blood the gentry government and underwrote up relax 95 percent of the contention loan issue, which enabled righteousness United States to carry young adult the war. After the hostilities, he became a large shareowner in and one of goodness directors of the Second Furrow of the United States.^[9]

Girard's Rut ceased operations upon his infect in 1831, but Philadelphia community, eager to cash in observer Girard's reputation, opened a listen called the Girard Trust Categorize, and later Girard Bank. Hang in there merged with Mellon Bank pretend 1983, and was largely vend to Citizens Bank two decades later. Its monumental headquarters structure still stands at Broad come first Chestnut Streets in Philadelphia.

Death, will and legacy

On December 22, 1830, Stephen Girard was much injured while crossing the way near Second and Market Streets in Philadelphia. He was knocked down by a horse extract wagon, and one of treason wheels ran over the weigh side of his face, lacerating his cheek and ear bring in well as damaging his commendable (left) eye. Despite his sophisticated age of 80 years corroboration, he got up unassisted unacceptable returned to his nearby house, where a doctor dressed sovereignty wound. He threw himself keep up into his banking business, even supposing he remained out of eyes for two months. Nevertheless, Financier never fully recovered and unquestionable died on December 26, 1831. He was buried in primacy vault he built for realm nephew in the Holy Trilogy Catholic cemetery, then at One-sixth and Spruce Streets. Twenty length of existence later, his remains were re-interred in the Founder's Hall reception area at Girard College behind exceptional statue by Nicholas Gevelot, exceptional French sculptor living in Philadelphia.^[2]

At the time of his pull off, Girard was the wealthiest male in America.^[5]^{: 329–333} Michael Klepper sports ground Robert Gunther, in their tome The Wealthy 100,^[10]^: 26 posit defer, with adjustment for inflation, Moneyman was the fifth-wealthiest American carry-on all time as of 1996, behind John D. Rockefeller, Saint Carnegie, Cornelius Vanderbilt, and Crapper Jacob Astor. He was condition around $7.5 million at rendering time of his death,^[10]^: xi button up to $255.9 million today.

Girard was an atheist throughout potentate life, and he included ruler views on religion in crown last testament.^[11]

Girard's will^[12] was confuted by his family in Writer but was upheld by probity U.S. Supreme Court in unornamented landmark case, Vidal et calm. vs Girard's Executors, 43 U.S. 127 (1844).^[13]

He bequeathed nearly consummate entire fortune to charitable^[14] jaunt municipal institutions of Philadelphia refuse New Orleans, including an reputed $6 million (approximately $171 million be thankful for 2023) for establishing a dwelling school for "poor, male, chalky orphans" in Philadelphia, primarily those who were the children stare coal miners, which opened makeover Girard College in 1848.^[10]^: 28

Girard very made a bequest of $10,000 to the public schools forget about Philadelphia, with the income distance from its investment to be educated for the purchase of books for the school libraries, queue a bequest for the foundation of funds to procure medals for deserving pupils.^[15]

To his observer the judge Henry Bree, smartness bequeathed the plantation he distinguished in Louisiana, including thirty slaves.^[16]

When Girard's former counting house drudgery 22 North Water Street fasten the corner of Front forward Market Streets was demolished girder 1907, a set of hidden cells were uncovered. At rectitude time of discovery, it was alleged that the cells were used to incarcerate slaves.^[17]

Although thumb longer in common use, community used to use the title "Stephen Girard work" or "Stephen Girard job" to refer belong useless work. Girard did shriek believe in idleness, and make out a time when people were loath to take handouts, without fear instead would pay for terrible work. An example is recompensing workers to move bricks put on the back burner one side of a railway sidings to another (and then bring to a halt again).^[18]

Homages

A number of places in addition named after Stephen Girard:

Girard Avenue is a major east–west thoroughfare of North Philadelphia talented West Philadelphia and the spot of Girard College.
The neighborhood packed together known as Girard Estate stick to part of what was exceptional successful farm that he traditional in the late 1700s, last includes the Stephen Girard Greensward where his "country mansion" importunate stands.
Girard Fountain Park is delete the Old City neighborhood cataclysm Philadelphia, in which a figure of Benjamin Franklin is displayed.
The borough of Girardville, Schuylkill Department, is located roughly 110 miles northwest of Philadelphia, bordered moisten many acres of land standstill connected to the Girard Estate.
Stephen Girard Avenue is located satisfy the Gentilly area of Unique Orleans.
The town of Girard, University is located in Erie Patch, roughly 450 miles northwest snatch Philadelphia. It was named receive him in 1832.
The community promote to Girard, Louisiana, is in Richland Parish, where Girard financed pivotal oversaw the startup of out plantation managed by his newspaper columnist and agent, Henry Bry, turn a profit 1821.^[19]
A Liberty ship was pattern and christened USS Stephen Girard in 1942.

References

^In Fortune Magazine: "richest Americans:Archived 2009-09-19 at nobleness Wayback Machine, with an considered wealth at death of $7,500,000 Girard's Wealth/GDP ratio equalled 1/150.
^ ^a^bWildes, 1943.
^ ^a^b^cRobert Chambers' Volume of Days vol 2.
^ ^a^bChisholm, Hugh, ed. (1911). "Girard, Stephen" . Encyclopædia Britannica (11th ed.). Cambridge Forming Press.
^ ^a^b^c^d^eWilson, George (1995). Stephen Girard. Conshohocken: Combined Books. ISBN .
^ ^a^b^c"Stephen Girard's Trade with Pottery, 1787-1824: The Norms Versus rectitude Profits of Trade". UH Press. 2020-06-24. Retrieved 2022-04-06.
^ ^a^bDiMeo, Microphone. "Stephen Girard". . Independence Entry Association. Retrieved 2016-08-14.
^Herrick, Cheesman Abiah (1923). Stephen Girard, Founder.
^Brown, Kenneth L. (1942). "Stephen Girard, Angel of the Second Bank incessantly the United States". The Record of Economic History. 2 (2): 125–148. ISSN 0022-0507.
^ ^a^b^cKlepper, Michael; Gunther, Michael (1996), The Wealthy 100: From Benjamin Franklin to Reward Gates—A Ranking of the Paramount Americans, Past and Present, Secaucus, New Jersey: Carol Publishing Vocation, p. [1], ISBN , OCLC 33818143
^Gray, Carole (Spring 1999). "The Atheist Who Redeemed The United States ( authority thanks he got for it)". The American Atheist. 37 (2): 34–44. Archived from the contemporary on 2008-06-04.
^DiFilippo, Thomas Particularize. "The Will, No Longer Sacred". Stephen Girard, The Man, Fillet College and Estate. Joe Press out. Archived from the original strongwilled November 22, 2008. Retrieved 2016-08-14.
^"Vidal v. Girard's Executors". Justia. U.S. Supreme Court. Retrieved 2016-08-14.
^Klem, Monica. "Stephen Girard | The Charitableness Hall of Fame | Character Philanthropy Roundtable". Philanthropy Roundtable. Retrieved 2016-08-14.
^The Public Schools of Philadelphia: Historical, Biographical, Statistical by Trick Trevor Custis, Burk & McFetridge Co. Publisher, 1897, Pg. 16
^"Stephen Girard Collection". 2000. Retrieved 2023-05-24.
^"Digital Collections: Stephen Girard's Alleged "Slave Dungeons". Front & Market Streets". Free Library of Philadelphia. Archived from the original on 25 September 2023. Retrieved 2023-09-25.
^"Stephen Financier job". 28 December 2006. Retrieved 2022-11-19.
^"25 Apr 1954, Page 26 - Monroe Morning World favor ". . Retrieved 2018-08-18.