Robert Morris, War Finance, and Early Bankruptcy Law in the U.S.

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Feb 26, 2025

Dive into the fascinating story of Robert Morris, the overlooked founding father and financial architect of the Revolutionary War. Discover his crucial role in funding the war while navigating controversies and accusations of profiteering. Explore the impact of the Stamp Act on colonial resistance and how Morris's banking innovations sought to stabilize the early American economy. Finally, learn about his dramatic rise and fall, culminating in a congressional investigation and imprisonment for debt, painting a complex portrait of early American finance.

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ANECDOTE

Morris's Early Life and Wealth

Robert Morris, born in England in 1734, became a wealthy merchant in colonial America through his firm, Willing Morris & Company.
This company participated in the triangle of trade, which included slavery, contributing to Morris's fortune.

ANECDOTE

Stamp Act Protests

The 1765 Stamp Act, a direct tax on colonial businesses, sparked widespread protests and unrest.
Morris joined these protests, highlighting his early involvement in colonial resistance.

ANECDOTE

Continental Congress and Secret Committee

In 1775, Morris joined the Continental Congress and served on its Secret Committee.
This committee procured weapons and ammunition for the Continental Army from overseas.

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Robert Morris is one of the lesser-mentioned founding fathers of the U.S. When he is mentioned, he is called the financier of the Revolutionary War. But his story is more complicated than that.

Research:

“18th Century Currency.” Valley Forge National Historical Park. National Park Service. https://www.nps.gov/media/photo/gallery.htm?id=42877E64-155D-451F-67DACC05A2515349
Bill of Rights Institute. “Stamp Act Resistance.” https://billofrightsinstitute.org/essays/stamp-act-resistance
Currot, Nicholas A, and Tyler A. Watts. “WHAT CAUSED THE RECESSION OF 1797?” Studies in Applied Economics, No.48. February 2016. Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise. https://sites.krieger.jhu.edu/iae/files/2017/04/Curott_Watts_Recession_of_1797.pdf
Dencklau, Jason. “Robert Morris.” George Washington’s Mount Vernon. https://www.mountvernon.org/library/digitalhistory/digital-encyclopedia/article/robert-morris
The Editors of Encyclopaedia Britannica. "Robert Morris". Encyclopedia Britannica, 27 Jan. 2025, https://www.britannica.com/biography/Robert-Morris-American-statesman
The Editors of Encyclopaedia Britannica. "Stamp Act". Encyclopedia Britannica, 24 Dec. 2024, https://www.britannica.com/event/Stamp-Act-Great-Britain-1765
The Editors of Encyclopaedia Britannica. "Constitutional Convention". Encyclopedia Britannica, 24 Jan. 2025, https://www.britannica.com/event/Constitutional-Convention
Ferguson, E. James. “Business, Government, and Congressional Investigation in the Revolution.” The William and Mary Quarterly, vol. 16, no. 3, 1959, pp. 294–318. JSTOR, https://doi.org/10.2307/1916947
“Money in Colonial Times.” Federal Reserve Bank of Philadelphia. https://www.philadelphiafed.org/education/money-in-colonial-times
Rappleye, Charles. “Robert Morris: Financier of the American Revolution.” New York. Simon & Schuster. 2010.
“Robert Morris.” American Battlefield Trust. https://www.battlefields.org/learn/biographies/robert-morris
Rosenwald, Michael. “‘Grand inquisitors of the realm’: How Congress got its power to investigate and subpoena.” Washington Post. March 11, 2019. https://www.washingtonpost.com/history/2019/03/11/grand-inquisitors-realm-how-congress-got-its-power-investigate-subpoena/
“The Stamp Act and the American colonies 1763-67.” UK parliament. https://www.parliament.uk/about/living-heritage/evolutionofparliament/legislativescrutiny/parliament-and-empire/parliament-and-the-american-colonies-before-1765/the-stamp-act-and-the-american-colonies-1763-67/#:~:text=The%20British%20needed%20to%20station,publications%20circulating%20in%20the%20colonies.
“To George Washington from Robert Morris, 2 July 1781.” National Archives. Founders Online. https://founders.archives.gov/documents/Washington/99-01-02-06271
“To George Washington from Robert Morris, 8 February 1790.” National Archives. Founders Online. https://founders.archives.gov/documents/Washington/05-05-02-0062
“Stamp Act of 1765.” American Battlefield Trust. https://www.battlefields.org/learn/primary-sources/stamp-act-1765?ms=nav&ms=qr

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