The midland journal. (Rising Sun, Md.) 1885-1947, 1930-11-28
Lower Wall Street in 1877


a rope If the British had suspected
what he was about. Then suddenly in
August, ITS, Sir Henry Clinton re-
ceived word that Washington was plot
ting to burn the city, and Solomon
was arrested as the chief agent in the
Details Of this Imprisonment are lack
ing, but it is believed that he was con-
demned to death but managed to es-
cape from the prison shortly before
the day Of his execution. How he did
it is unknown, but it is believed that
he bought his way out of the prison
and then used his familiarity with
British posts and British guard meth
DDS to escape from the city.
At any rate he next appeared in
Philadelphia and there the most i'm
portant part of his career began. AL
though he was penniless, he still had
his native energy and his knowledge
Of commerce and finance. So he i'm
mediately opened an Office and began
to deal in bills of exchange and other
securities. By this time France had
come into the war on the side of the
Americans and French money was
coming into the country. Philadelphia
was not only the capital of the newly
created United States but it became
prosperous business and shipping CEN
ter. In its prosperity Solomon shared.
But this prosperity was not shared
by the infant government, for the finan-
cial policy Of the Continental congress
had been a laundering one from the
start By ITO it was having serious
financial difficulties. BY 1870 the sit
uation was even more critical. By
1881, with treasury deficit of $1,000
600, it was desperate. It was desper-
ate because the Revolution seemed
near to collapse. On the first day Of
the new year the entire Pennsylvania
line mutinied and started from Norris
town for Philadelphia to force con-
gress to relieve their distress. They
had not been paid for months, they
were in rags and they were half
starved. Two weeks later the New
Jersey lluG also TGFOlJeu.
Congress managed to head off the
revolt and soon afterwards took steps
to salvage what seemed to be a lost
cause. Robert Morris, whose financial
genius Washington had discovered
early and upon whom that leader had
leaned heavily in more than one crisis,
was called to lead congress out Of the
financial morass. 1t was formidable
task which faced Morris in his newly
created post Of superintendent of
finance and a part of our admiration
for the men who faced the bullets and
bayonets of the British on the battle
field in the struggle for liberty should
be reserved for this man who fought
his fight far from the firing line and
fought it with what must have seemed
overwhelming odds against him.
He was "beset with thousand diff
ficulties and perils," writes Russell.
HE used up all his own credit; always
he was at the end of his resources,
often he was at the end of his wits.
Help from abroad came in fragments
and slowly. When it arrived it was in
the form of bills on Paris, chiefly on
the great French banking house of La
Coulteulx and company. These reached
Morris (sometimes) from various
sources, and he must needs turn them
into current money before they could
be of use to him. In other words he
must sell these bills for what he could
get for them, gather up deprecated
state currency and try to keep 60
ing. His position was virtually
at the mercy of brokers and yet set
against them. The government and
the governments officers could never
60 huckstering the governments bills
up and down the Coffee House. Brok->
ers were indispensable, but they were
reputed, probably not without reason,
to be cormorants; all except one."
That one was Haym Solomon. Nor
ris' unpublished Diary, upon which
Salomon's biographer draws heavily
for his information, is filled with ref
erences to his dealings with Solomon,
and all of them reflect the highest cred
it upon him as patriot and man.
"One thing is made by the Diary as
plain as daylight" writes Russell.
"Haym Solomon is the pivot of the
whole business. He stands in the
breach; he keeps back the massed at
tacks that make for bankruptcy; ev-
erything depends upon him. 1t Is
Haym Solomon this and Haym Sa:o-
mon that. On some days he makes six
or seven visits TO consult with the SUI