Monument of George Washington with Haym Salomon (L) and Robert Morris (R)
My friend Douglas Carmel shared an amazing story in his monthly newsletter. I am reposting it here with his permission.
July 4th is the “birthday” of America, but we may have never celebrated that date without the contribution of a long-forgotten Jewish man in American history. His name was Haym Salomon.
Haym Salomon’s life was brief (1740–1785), but his impact on America was substantial. A Polish-born Jewish businessman, Salomon advanced from a penniless refugee to become one of the most important financiers of the American Revolution.
Risking his personal fortune, he helped fund General Washington’s army by securing loans. Records show Haym Salomon’s fundraising and personal lending helped provide over $650,000 (over $17 million in today’s dollars) in financing to help George Washington in his war effort.
In August 1781, the Continental Army had trapped British Lieutenant General Charles Cornwallis in the Virginian coastal town of Yorktown. George Washington decided to march to Yorktown and deliver the final blow. But Washington’s war chest was completely empty, as was that of Congress. Without food, uniforms, and supplies, Washington’s troops were close to mutiny.
When he was told there were no more funds and no more credit available, George Washington gave a simple but eloquent order: “Send for Haym Salomon.” Salomon lent even more personal funds and raised even more money for the cause. Washington conducted the Yorktown campaign, which proved to be the final battle. The British were finally defeated. America was now a free country. The war was won!
Even after the war was won, Salomon used his own money to help finance America’s newly formed but impoverished government. Sadly, his generosity was not repaid. It seemed that Congress did not recognize their debt to Salomon, refusing to repay the money they borrowed. Salomon died in poverty in 1785, at the age of just 44. His family was left penniless, unable to reclaim their debt from the government. In 1975, the U.S. Postal Service issued a stamp hailing Salomon as a Financial Hero of the American Revolution.
In 1941, the City of Chicago erected the statue of George Washington, flanked by Haym Salomon and Robert Morris. It stands today at the intersection of Wabash and Wacker Drive. Under the image of Salomon it says, “Haym Salomon—Gentlemen, Scholar, Patriot. A banker whose only interest was the interest of his country.”
Craig T. Owens 