page_title: Samuel Howell
section_title: Financier
hierarchical_section_title: Samuel Howell / Financier
caption_attribution_description: English: On March 19, 1791, Samuel Howell of Philadelphia was appointed by President Washington a Commissioner of the First Bank of the United States.
context_page_description: Samuel Howell was a Quaker who became a prominent merchant in colonial Philadelphia and a leading patriot, proponent, leader and financier for American independence.
  When Samuel Howell married Sarah Stretch in 1745, he was a hatter, but became a merchant and importer, and rose to prominence becoming one of the leading and wealthiest merchants of his time. Typical advertisements Samuel Howell placed in the Pennsylvania Gazette show the wide variety of goods and services he offered, examples being on October 24, 1751, page 2 and October 18, 1753, page 3 announcing a large variety of goods, which he had just imported from London, for sale in his shop at the "Sign of the Beaver in Chestnut Street", located at the corner of Chestnut Street and Strawberry Alley.
  A Quaker, Samuel was disowned by his meeting on 12 September 1762 for "fitting out his ships in a warlike manner"; his wife was disowned four years later.
context_section_description: Samuel Howell, sensing problems at the outset of the Revolutionary War, adroitly conveying his property for safekeeping to Hope & Company, the Amsterdam banking house of Henry Hope, the richest man in Europe at the time. Baring Brothers, the English merchant banking house, acted as agent for Hope & Company after the war purchasing large amounts of American land and discounted securities.
  When the British occupied Philadelphia early in the war, Howell was taken prisoner even though he was a Quaker.
  Important Revolutionary War financial instruments made to Samuel Howell and some signed by him include Continental Bills of Exchange used to pay interest on the United States debt in French Francs loaned to the fledgling United States by Louis XVI for that express purpose.
  In 1781, as a Director of the Bank of North America, Howell was called upon to save the country's finances. The Bank, issued a charter by the Continental Congress and the State of Pennsylvania, made loans from its capital and supplied the need for a circulating medium by issuing notes on the credit of its stock.
  After the Revolutionary War, his property still safe in the hands of Hope & Company, and armed with letters of credit from Hope, some men seemed jealous that Howell was thought to have more money than he really had.  When the first bank in this country, the Bank of North America (est. 1782) refused to discount some prominent Philadelphian's notes, a group of those excluded tried to start a new bank to compete with the exclusive Bank of North America in 1784-5.
  In a letter to Alexander Hamilton dated January 17, 1784, Gouverneur Morris explained:
  Howell transferred his Property to the House of Hopes (House of Hope, a Dutch banking house founded by Henry Hope) in Amsterdam at the beginning of the American Revolution. With them it remained during the War and in return, several Dutch men have brought him Letters of Recommendation from that House. This circumstance has raised the Idea that he possesses great Credit abroad, which Credit will, it is supposed give Stability to the Bank. Be this as it may, he is said to be an honest Man, which is no bad thing in any Case.
  On March 19, 1791, Howell was appointed by President Washington a commissioner of the First Bank of the United States.
  Transcription:
  To all who shall see these Presents, Greeting.
  Know Ye, that reposing special Trust and Confidence in the Integrity and Ability of Samuel Howell of Pennsylvania, I do appoint him one of the Commissioners for opening subscriptions to the Bank of the United States, and do authorize and empower him to execute and fulfill the Duties of that Office according to Law, and to have and to hold the said Office, with all the Powers, Privileges and Authorities to the same of right appointment . . . Pleasure of the President of the United States for the time being.
  In Testimony whereof, I have caused these Letters to be made patent, and the Seal of the United States to be hereto affixed. Given under my hand at the City of Philadelphia the Nineteenth day of March in the Year of our Lord one thousand and seven hundred and ninety one, and of the Independence of the United States of America the fifteenth.
  G. Washington
  By the President.
  
  Th. Jefferson
  Alexander Hamilton arranging for the commissions to be signed by President Washington:
  To Tobias Lear, March 23, 1791.
  I find it necessary to request of you the Commissions of the several gentlemen, whom the President was pleased to appoint as Commissioners to receive subscriptions to the Bank of the United States. The persons appointed are: Thomas Willing, David Rittenhouse, Samuel Howell of Pennsylvania.
  Howell was one of three commissioners chosen by George Washington for the taking of subscriptions for this new bank. Nothing came of this first freedom of competition movement when a compromise solution was reached between the two rival banking groups and those originally denied banking privileges were allowed to buy into the Bank of North America at the same price as the original stockholders ($400/share), a considerable sum fo
caption: President George Washington's Commission appointing Samuel Howell a Commissioner of the Bank of the United States dated March 19, 1791
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