By
Andrew DeMarco
With the release of “The American Revolution” the upcoming documentary by Ken Burns for the 250th Anniversary of our nation, I thought I would write about one of our lesser-known Founding Fathers. I would like to tell you about Hyam Salomon, a Polish-born Sephardic Jew. In his twenties, he traveled widely across Europe as a merchant and broker. These experiences broadened his worldview and gave him a deep understanding of international finance as he also became fluent in several languages, and eventually he made his way to the Colonies.
When Salomon arrived in America in 1775, he immediately embraced the Patriot cause and joined that city’s branch of the Sons of Liberty. He was arrested twice by the British on charges of espionage. The first time he was pardoned and the second time he managed to escape to Philadelphia. Not long thereafter, he established a brokerage house for international trade. For much of the war, he worked alongside Robert Morris, who was the Superintendent of Finance, to help fund the Patriot cause. Morris often referred to Salomon as “The Financier of the Revolution.” Without this, the Revolution might have failed. He said about his new country:
“To serve my adopted country is to serve humanity. Freedom, once gained, must be guarded by all who cherish it.”
Morris’ diary records show that between 1781 and 1784 Salomon had lent more than $200,000 dollars to the American cause. Salomon also lent the sum of $20,000 to General George Washington for the decisive Yorktown campaign. With the treasury empty, it was Salomon who raised the money to pay and provision the troops for the march south and to victory.
In addition, Salomon lent money to statesmen such as James Madison, Thomas Jefferson and James Monroe, Presidents who unlike politicians today left office in very dire financial conditions. It is said that in total Salomon had loaned and was owed $600,000 dollars (about 15 million in today’s money), though the exact amount is unknown.
When Hyam Salomon died in January 1785, he held $353,000, largely in depreciated certificates of indebtedness and continental currency, which were virtually worthless. The additional debts and loans were never repaid and he died destitute and in debtors’ prison. The grave site of Hyam Salomon is located in the Mikveh Israel Cemetery in Philadelphia and although it is unmarked, there are two plaque memorials. One has the simple inscription Hyam Salomon “American Patriot” and the other lists him as a Founding Father. The government and country he helped establish could never repay the debt that was truly owed to him.
So, as we embark on the 250th Anniversary or Semi-quincentennial, maybe we should all make an effort to occasionally take some time and learn more about what made this country what it is today. Look at the good and bad, the myths and legends and maybe we will all have a different perspective and outlook as to what our Founders had hoped and dreamed for us in the future. I am sure that if we did, we would realize that if we follow their examples, it will give us all that feeling that Cousin Bob would call that….. Rosy Glow!

