George Washington Riggs

George Washington Riggs
Born	Georgetown, D.C., United States
Died	24 August 1881(1881-08-24) (aged 68) Green Hill, Prince George's County, Maryland, United States
Occupation(s)	Entrepreneur, financier, banker
Known for	Founder of Riggs Bank, trustee of Corcoran Gallery of Art and Peabody Education Fund

George Washington Riggs (July 4, 1813 – August 24, 1881) was a prominent American entrepreneur and financier, often referred to as "The President's Banker." He held trustee positions at both the Corcoran Gallery of Art and the Peabody Education Fund.

Early life

Riggs was born in Georgetown, D.C., the son of Elisha Riggs and Alice (Lawrason) Riggs. Following his mother's passing in 1817, his father remarried Mary Ann Karrick. Raised primarily in Baltimore, his father entered into a business partnership with George Peabody to establish Riggs & Peabody. George attended the Round Hill School in Massachusetts before enrolling at Yale College in 1829; however, he left during his junior year. After traveling overseas, he joined his father’s trading firm, Riggs, Taylor & Company, based in New York City.

Career

In 1840, William W. Corcoran invited Riggs to become a partner at Corcoran & Riggs in Washington, D.C. The firm rapidly secured significant federal loans, including financing for the Mexican–American War, which yielded considerable earnings. Although Riggs departed from the company in 1848, he later purchased Corcoran’s stake upon Corcoran’s retirement in 1854. The firm was subsequently renamed Riggs & Company (later known as Riggs Bank), with Riggs at its helm until his passing.

Between 1855 and 1862, Riggs held a position on the Levy Court of Washington County, functioning as a county commissioner for Washington, D.C. Additionally, he served on the board of aldermen and led a committee in 1873 that petitioned Congress to investigate the board of public works. He advocated for reforms that eventually resulted in Congress assuming control over D.C.’s government structure in 1934.

Riggs also developed and owned the notable Riggs House hotel and played a key role in founding the Washington and Georgetown Railroad Company. During the Civil War, as treasurer of the Mount Vernon Ladies' Association, he provided financial support to preserve Mount Vernon until fundraising efforts could be renewed.

Personal life

On June 23, 1840, Riggs married Janet Madeleine Cecilia Shedden, daughter of Thomas Shedden from Glasgow, Scotland. Together they had nine children:

• Alice Lawrason Riggs (1841–1927), who remained unmarried.
• Catherine Shedden Riggs (1842–1881), wife of Louis de Geofroy, French Ambassador to China and Minister to Japan.
• Cecilia Dowdall Riggs (1844–1907), who wed British diplomat Sir Henry Howard in 1867.
• Janet Madeleine Riggs (1845–1861), who died in childhood.
• Mary Griffith Riggs (1847–1849), who died young.
• George Shedden Riggs (1849–1856), who died young.
• Elisha Francis Riggs (1851–1910), married Medora Thayer, daughter of James Smith Thayer, in 1879.
• Jane Agnes Riggs (1853–1930), who never married.
• Thomas Lawrason Riggs (1858–1888).

Death

Riggs passed away at his residence named Green Hill located in Prince George's County, Maryland. The Green Hill estate encompassed suburban areas northeast of Washington, D.C., including Adelphi, Chillum, and Lewisdale. Though raised within the Episcopal Protestant tradition, he received Catholic last rites before his death. He was interred at Rock Creek Cemetery near Riggs Road in Washington, D.C.

Family connections and descendants

His grandniece, Kate Cheeseman Riggs, was wed to Edward Newton Perkins, who was the grandson of U.S. Secretary of State and Senator William M. Evarts and sibling to editor Maxwell Perkins; they were also uncles to Watergate special prosecutor Archibald Cox.

In literature

George Riggs is portrayed as a figure in the historical novel Forty-Ninth, authored by Boris Pronsky and Craig Britton.

Additional reading

Correspondence housed in the Library of Congress; details provided by his son, Rev. T. Lawrason Riggs, and Riggs National Bank; Third Record of Yale College Class of 1833 (1870); Reports from the Mount Vernon Ladies' Association (1866, 1882); Grace King's Mount Vernon (1929); A History of Washington published by The Washington Post (1903); W. B. Bryan's A History of the National Capital, volume II (1916); H. W. Crew's Centennial History of Washington, D.C. (1892); J. H. Wallace's Genealogy of the Riggs Family, volume II (1901); Evening Star (Washington), August 24, 1881.

External links

• Guide to the Riggs family papers, 1839-1959 and undated at Duke University