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Haym Salomon was a Polish-born American businessman who was a principal financier of the American republic and a founder of the first Philadelphia synagogue, Mikveh Israel.
How did Haym Salomon make his money?
Salomon was a successful merchant and financier in Revolutionary-era New York.
What role did Haym Salomon play during the American Revolution?
Salomon supported the patriotic cause, acted as a financial agent for the French, subscribed to government loans, endorsed notes, and gave generously to soldiers.
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Haym Salomon.
The National Archives, Washington, D.C.
Haym Salomon was a Polish-born American businessman who was a principal financier of the fledgling American republic and a founder of the first Philadelphia synagogue, Mikveh Israel.
Open full sized image
A bronze sculpture that stands in Chicago, Illinois, showing George Washington (center), Robert Morris (left), and Haym Salomon (right).
In 1772, probably because of his revolutionary activities for Polish liberty, Salomon fled to New York City, where he established himself as a commission merchant. He soon became a successful financier and supported the patriotic cause on the outbreak of the American Revolution. In 1776 the British, who controlled New York City, charged Salomon with espionage and arrested him; exposure suffered in prison later contributed to his early death. He was paroled but was arrested again in 1778 on more serious charges; he escaped and went to Philadelphia. There he established a brokerage office and acted without salary as the financial agent of the French, doing all in his power to facilitate the Franco-American Alliance.
Among his many other contributions to the colonies, Salomon subscribed heavily to government loans, endorsed notes, gave generously to soldiers, and equipped several military units with his own money. Robert Morris, the superintendent of finance from 1781 to 1784, appointed Salomon as broker to his office. Morris records in his diary that between 1781 and 1784 Salomon lent more than $200,000. In addition, he made private loans to prominent statesmen such as James Madison, Thomas Jefferson, and James Monroe, from whom he would not take interest. According to some reports, the government owed Salomon more than $600,000, though the exact amount is unknown. At the time of his death in 1785, Salomon was penniless. Generations of his descendants tried in vain to collect some portion of these loans.
