Financier of freedom: when Robert Morris pledged his fortune as he signed the Declaration of Independence, he meant it. His resources and financial skills helped win America's freedom. (History - Greatness of the Founders).

Wealthy Philadelphia businessman Robert Morris probably didn't expect that so quickly he would have to lay his considerable "fortune" on the line to defend the Declaration of Independence he had signed. But as the Declaration's first winter loomed, the War for American Independence had fallen to its lowest ebb. American forces had failed to win a single battle against the British invaders since the Redcoats had invaded New York several days before the pivotal document was written. The British had inflicted an embarrassing defeat on the Americans at Long Island, and they destroyed American forces that had invaded Canada. Washington's army had also lost most of its supplies to the British invaders. Consequently, American credit abroad had become nonexistent and few expected to see the Declaration of Independence survive another year.

In December 1776, Thomas Paine penned his pamphlet, The American Crisis, correctly asserting that, "These are the times that try men's souls: The summer soldier and the sunshine patriot, will, in this crisis, shrink from the service of his country; but he that stands it now, deserves the love and thanks of man and woman." Commander-in-Chief George Washington read the pamphlet to his troops in Morristown, New Jersey, on Christmas Day.

Congressman Robert Morris wrote to Washington a little earlier in the month, enclosing a little more than five hundred dollars along with his letter for Washington to use in obtaining intelligence on the British encampments. Much more money was needed, the commander-in-chief wrote back with a clear tone of urgency. "If it be possible, sir, to give us assistance, do it; borrow money while it can be done; we are doing it upon our private credit. Every lover of his country must strain his credit upon such an occasion. No time is to be lost." General Washington implored the wealthy businessman to find $10,000 for his ragtag army so they could obtain supplies for a counteroffensive against the British, who had halted their advance as winter began. Washington had reported to Congress that credit for supplies to equip his army had disappeared, and that some of his troops were "entirely naked and most [were] so thinly clad as to be unfit for service." The Americans were losing the war on both the military and the eco nomic fronts, and they were doing worse on the economic front than on the field of battle.

Morris immediately pleaded with a wealthy Philadelphia Quaker to loan him the money and forwarded it to Washington shortly before Christmas Day. Washington crossed the Delaware River Christmas night to launch a surprise attack on the Hessians at Trenton. By the end of the following day, the garrison's 900 Hessians were dead or taken prisoner.

Morris did not rest on his financial laurels after the victory at Trenton. Historian George Bancroft recorded Morris' next move: "On New Year's morning Robert Morris went from house to house in Philadelphia, rousing people from their beds to borrow money of them; and early in the day he sent Washington fifty thousand dollars, with the message: 'Whatever I can do shall be done for the good of the service; if further occasional supplies of money are necessary, you may depend upon my exertions either in a public or private capacity.'" The day after Morris sent his letter, Washington advanced into Princeton, winning a second dramatic victory over British troops.

The victories of Trenton and Princeton reversed much of the British conquest of the previous summer and fall, and caused British General William Howe to abandon completely his forts in New Jersey. More importantly, these military victories boosted troop morale and the position of American independence with congressional ambassadors abroad, laboring to win creditors and allies in the war effort.

Morris Goes to Congress

The English-born Robert Morris had moved to Philadelphia as a child and had become a very successful businessman, despite a humble birth and little formal education. He began to actively participate in politics when the Stamp Act and the resulting boycotts injured his businesses. He was elected to represent Pennsylvania in the Second Continental Congress in 1775. Once he arrived in Congress, he took an active role in preparing the Continental Army for defense. Though Morris and fellow Pennsylvanian John Dickinson opposed an American Declaration of Independence when Virginia's Richard Henry Lee introduced a resolution for independence on July 1, 1776, both saw the handwriting on the wall that a majority of the states would adopt such a resolution. Since both men were ardent patriots who merely disagreed about the timing of the Declaration, Morris and Dickinson both stayed away from Congress on July 2nd to allow Pennsylvania a majority vote in favor of independence, thereby avoiding the undesirable outcome of h aving Pennsylvania be the only colony to oppose independence. Morris ended up signing the Declaration during the August 2nd signing ceremony, later reputedly explaining, "I am not one of those politicians that run testy when my own plans are not adopted. I think it is the duty of a good citizen to follow when he cannot lead."

Morris' ability to raise money from his own considerable bank account and from his many acquaintances soon led to increasing leadership over congressional finances, via his position in the Ways and Means Committee. Though political rivals charged Morris with improper financial transactions during the war, a congressional investigation in 1779 exonerated Morris of all charges. Morris proposed the Bank of North America to finance the war effort in 1780, and personally pledged the first $10,000 of the $300,000 in initial capital for the bank after Congress approved the idea in 1781.

Though Morris also provided the Continental Congress funds from his personal credit for lead, flour, and other necessities at other times during the war, including using his personal credit toward the Yorktown campaign, his other main contribution was the service he rendered in Congress as financial officer of the United States. Appointed "Superintendent of Finance" by Congress in February 1781, Morris accepted the position after extracting from Congress the power to dismiss unnecessary or inefficient civilian national officers. "Superintendent of Finance" was the economic counterpart to George Washington's position as commander-in-chief of the military. Since the national confederacy had no executive body, Morris and Washington served as de facto executives.

As Superintendent of Finance, Morris insisted that the states pay their requisitions in specie rather than in paper, reduced expenses by dismissing numerous unnecessary national officeholders, engaged in creative financing for restructuring existing debt to improve cash flow, and worked actively with American agents abroad toward securing new foreign loans for the war effort. James Madison explained that Morris "carried on the war to more effect, paid and clothed a large army and rendered more services than his predecessors in office had done for four times the amount [of funding]."

Morris' financial management saved the new nation from bankruptcy and, as peace negotiations dragged on from 1781 to 1783, prevented the very real prospect that America's independence won on the battlefield would be undone by economics.

The lack of steady revenue coming into the Congress continually frustrated Morris. His proposals for national taxation on imports had fallen on deaf ears. Morris, therefore, had to deal with the constant pressure to pay Out in expenses more than was coming into the national treasury from the states. He became an expert in creating the impetus for states to pay their national requisitions. For example, Morris applied "general funds" to obligations the state legislatures would find no urgency to pay, such as the salaries of American ambassadors abroad. But by the time funding was needed to pay the salaries of Continental Army officers, Morris noted that there was no money left in the treasury to pay them, correctly guessing that state legislatures could not ignore the outcry that would have occurred if the brave officers were denied their meager pay.

Morris resigned the year after the Paris Peace Treaty guaranteeing American independence was signed. By that time, Morris realized there was a need for a stronger American national government. Morris turned to his friends Alexander Hamilton and James Madison for a new central government. Morris became a delegate to the 1787 Constitutional Convention, participated in the debates, and signed the new Constitution. He then served a six-year term as senator after being elected to the First Congress of the United States under the new Constitution. Washington offered Morris appointment as the first Secretary of the Treasury in 1789, recalling his exemplary service during the confederate period. But the new senator refused the appointment -- suggesting Hamilton instead.

Tragic Ending

Morris' life ended in tragic obscurity. Though he survived the war financially, he went bankrupt in 1797 when his colossal land speculation plans went awry. Unable to pay his debts, the law required that the former financier of the War of Independence -- like all debtors -- serve time in debtor's prison. Morris was placed in a Philadelphia prison from 1798 through 1801. While in prison, Morris was allowed to collect his papers and diaries, which the University of Pittsburgh Press republished in part in 1973. Morris lived another five years, largely on the generosity his faithful wife Mary was able to secure from friends.

Morris had explained to Congress upon his appointment as Superintendent of Finance that "the contest we are engaged in, appeared to me in the first instance just and necessary, therefore I took an active part in it. As it became dangerous, I thought it the more glorious, and was stimulated to the greatest exertions in my power, when the affairs of this country were at the worst." Morris wasn't bragging. It was simply a candid -- and accurate -- summary of the facts by one of America's most distinguished patriots. Despite his later personal financial difficulties, Morris was not -- as Thomas Paine had so eloquently written -- a "summer soldier" or "sunshine patriot" who will "shrink from the service of his country," but rather one who "deserves the love and thanks of man and woman."