page_title: Christopher Gore
section_title: Legislator, banker, and speculator
hierarchical_section_title: Christopher Gore / Legislator, banker, and speculator
caption_attribution_description: William Duer (1747-1799)
context_page_description: Christopher Gore was a prominent Massachusetts lawyer, Federalist politician, and U.S. diplomat. Born into a family divided by the American Revolution, Gore sided with the victorious Patriots, established a successful law practice in Boston, and built a fortune by purchasing Revolutionary government debts at a discount and receiving full value for them from the government.
  Gore entered politics in 1788, serving briefly in the Massachusetts legislature before being appointed U.S. District Attorney for Massachusetts. He was then appointed by President George Washington to a diplomatic commission dealing with maritime claims in Great Britain. He returned to Massachusetts in 1804 and reentered state politics, running unsuccessfully for governor several times before winning in 1809. He served one term, losing to Democratic-Republican Elbridge Gerry in 1810. He was appointed to the US Senate by Governor Caleb Strong in 1813, where he led opposition to the War of 1812.
  Gore invested his fortune in a variety of businesses, including important infrastructure projects such as the Middlesex Canal and a bridge across the Charles River.
context_section_description: In 1788 Gore was elected to the Massachusetts House of Representatives. He took a leading role in adopting the state's rules for actions required of it by the new federal constitution. By his proposal the legislature decided that presidential electors would be chosen by a joint session. He also proposed that the state House and Senate agree by separate votes on choices for the United States Senate, a process that would significantly reduce popular input to the choice. His choice was ultimately rejected in favor of a process whereby the House selected a slate of candidates, from which the Senate would choose one.  In 1789 Gore decided to stand for reelection, but lost, owing to strong anti-nationalist fervor in Boston at the time. He managed to win a seat later, when a special election was held after resignations opened several seats.
  Gore's financial speculations in the late 1780s significantly multiplied his wealth. In 1788 he and Andrew Craigie, a Boston businessman who had retained Gore for legal services, entered into a secret agreement to purchase Continental securities with a face value of $100,000 in a speculative bid that their value would rise. By late October of that year, the pair had met this goal: Gore had purchased $90,000 worth of paper for about $20,000, and encouraged Craigie to purchase more than the $11,000 he had acquired if his funding would allow for it. Gore also purchased Massachusetts war-related debts, and lobbied Massachusetts Congressmen for the U.S. government to assume those as well.
  Gore's windfall was realized when in 1790 the United States Congress, acting on a proposal made by Alexander Hamilton and supported by Gore's friend Rufus King, passed legislation that exchanged Continental and state paper for new U.S. paper at face value. Not only did Gore win on this exchange, but the paper he received appreciated in value before he sold it. The exact amount he made is unclear from the surviving documents: John Quincy Adams wrote that Gore's speculations made him the wealthiest lawyer in the country.
  The success of Gore's speculations prompted him to enter a partnership with Craigie, William Duer and Daniel Parker in an attempt to acquire U.S. foreign debt obligations on favorable terms. Parker was a business partner of Craigie's, and Duer was an influential New York businessman and Treasury Department official whose lavish lifestyle impressed Gore.  The partnership promoted sales of U.S. lands in Europe, and sought to acquire U.S. obligations to France. Although Gore sank $10,000 into this venture, it failed: more powerful and experienced Dutch bankers outmaneuvered the Americans.  Gore also engaged in other ventures with these partners, but apparently carefully stayed with financial speculations, and avoided the partners' less successful land ventures.
  Much of Gore's financial activity was mediated through the Bank of Massachusetts, where his father-in-law was a director. Gore himself was elected to its board in 1785, when he also became a shareholder. During his time on the board the bank tightened its regulations on loan repayments, a move that improved the stability of its capital. Gore used the bank for most of his personal deposits, but also drew on lines of credit for as much as several thousand dollars. The bank shares he held paid relatively high dividends until 1791, when the bank received serious competition from the First Bank of the United States.
  The Bank of the United States was established by Alexander Hamilton to provide stable banking services on a national scale, and sought to open a branch in Boston. Hamilton recruited heavily in the Bank of Massachusetts, and Gore decided to make the move. He sold his shares in the Massachusetts bank, and became a director of the Boston branch of the U.S. Bank. He also purchased 200 shares in the new bank, a relatively large investment. Gore was influential in making hiring decisions for the branch, and sought to merge state-chartered banks into the organization, arguing that only a nationally chartered bank could provide consistent and s
caption: Gore's business partner William Duer
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