Famous Givers and Their GiftsBolton, Sarah Knowles
History
Famous Givers and Their Gifts
Bolton, Sarah Knowles
Philanthropists
In January, 1799, he wrote to a friend in France: "During all this
frightful time I have constantly remained in the city, and without
neglecting my public duties, I have played a part which will make you
smile. Would you believe it, my friend, that I have visited as many as
fifteen sick people in one day, and what will surprise you still more,
I have lost only one patient, an Irishman, who would drink a little."
Busy, as a mariner, merchant, and helper of the sick and the poor, Mr.
Girard found time to aid the Republic, to which he had become ardently
attached. Besides serving for several terms in the City Council, and as
Warden of the Port for twenty-two years, during the war of 1812 he
rendered valuable financial aid. In 1810 Mr. Girard, having about one
million dollars in the hands of Baring Bros. & Co., London, ordered the
whole of it to be used in buying stock and shares of the Bank of the
United States. When the charter of the bank expired in 1811, Mr. Girard
purchased the whole outfit, and opened "The Bank of Stephen Girard,"
with a capital of one million two hundred thousand dollars. About this
time, 1811, an attempt was made by two men to kidnap Mr. Girard by
enticing him into a house to buy goods, then seize him, and carry him to
a small ship in the Delaware, where he would be confined till he had
paid the money which they demanded. The plot was discovered. After the
men were arrested, and in prison for several months, one was declared
insane, and the other was acquitted on the ground of comparative
ignorance of the plot.
Everybody believed in Mr. Girard's honesty, and in the safety of his
bank. He made temporary loans to the Government, never refusing his aid.
When near the close of the war the Government endeavored to float a loan
of five million dollars, the bonds to bear interest at seven per cent
per annum, and a bonus offered to capitalists, there was so much
indifference or fear of future payment, or opposition to the war with
Great Britain, that only $20,000 were subscribed for. Mr. Girard
determined to stake his whole fortune to save the credit of his adopted
country. He put his name opposite the whole of the loan still
unsubscribed for.
The effect was magical. People at once had faith in the Government,
professed themselves true patriots, and persisted in taking shares from
Mr. Girard, which he gave them on the original terms. "The sinews of war
were thus furnished," says Mr. Arey, "public confidence was restored,
and a series of brilliant victories resulted in a peace, to which he
thus referred in a letter written in 1815 to his friend Morton of
Bordeaux: 'The peace which has taken place between this country and
England will consolidate forever our independence, and insure our
tranquillity.'"
Public-domain text, read in full here on John Shaqi.
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