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Stephen Girard

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Stephen Girard
Born
Étienne Girard

Template:Birth date
Bordeaux, France
DiedDecember 26, 1831(1831-12-26) (aged 81)
Philadelphia, Pennsylvania, U.S.
Occupation(s)Banker, philanthropist, merchant
Years active1773–1831
Known forFounding Girard's Bank; funding War of 1812; philanthropy including founding Girard College

Stephen Girard (originally named Étienne Girard; May 20, 1750 – December 26, 1831) was a banker and philanthropist born in France who later became a prominent figure in America. Originating from Bordeaux, he emigrated to the Thirteen Colonies and made a name for himself within the U.S. banking sector. During the War of 1812, Girard personally funded much of the American military campaign, playing a crucial role in preventing the federal government of the United States from financial collapse.

He built a substantial fortune that included ownership of a slave plantation located in Louisiana. According to a 2007 Fortune Magazine report, Girard ranked as the fourth wealthiest American ever, with his net worth estimated at $7.5 million at the time of his passing.[1] Having no children, he allocated a significant portion of his wealth to charitable causes, particularly focusing on aiding orphans; his legacy continues to support philanthropic initiatives to this day.[2]

Early life

Born on May 20, 1750, in Bordeaux, Girard was the son of a sea captain.[3] At the age of eight, he lost vision in his right eye and received limited formal schooling. In 1760, he embarked for the colony of New York as a cabin boy and later engaged in coastal trading along the eastern seaboard and Caribbean.[3] By 1773, after obtaining his captain’s license, he began conducting trade routes between New York, New Orleans, and Port au Prince. Following the outbreak of the American Revolutionary War in May 1776, Girard settled in Philadelphia where he ran a grocery and liquor business.[4]

In 1783, during a visit from Saint-Domingue, Girard inherited an enslaved woman named Hannah from his brother John.[5]:89-91 Although Pennsylvania had initiated gradual abolition laws starting in 1780, Hannah remained enslaved until Girard’s death in 1831; she was reportedly the only enslaved individual recorded in Philadelphia’s 1828 tax documents.

By the year 1790, Girard had accumulated $6,000 and owned several trading vessels. In 1791, his ships recovered abandoned property left behind by French planters fleeing during the Haitian Revolution; as owners could not be identified—likely casualties of the 1804 Haiti massacre—Girard added these goods to his holdings.[3] He also financed expeditions to Canton as part of the Old China Trade, earning profits through both legitimate merchandise[6] and illicit opium shipments.[6] His involvement in Chinese trade concluded in 1824 after an incident involving his vessel Terranova and Chinese officials.[6]

Marriage

In 1776, Girard married Mary Lum, who was born in Philadelphia and was the daughter of shipbuilder John Lum. He acquired property in Mount Holly Township, New Jersey. By 1785, Mary suffered from serious mental health issues that led to her institutionalization at Pennsylvania Hospital in 1790; Girard ensured she was well cared for during her stay. During this time, she gave birth to a daughter who died shortly after birth. Subsequently, Girard maintained relationships with mistresses for the remainder of his life.[7]

Yellow fever

During the 1793 yellow fever outbreak in Philadelphia, Girard chose to stay in the city while many others evacuated. He transformed a mansion into a makeshift hospital, enlisted volunteers, and personally attended to the sick, earning acclaim as a dedicated humanitarian. He once again spearheaded relief operations during the 1797–1798 epidemic.

Girard's Bank

Following the expiration of the First Bank of the United States' charter in 1811, Girard acquired the majority of its shares and physical assets located in Philadelphia. He reopened the bank under his sole proprietorship on May 18, 1812. Although Pennsylvania law prohibited banking institutions without a charter, Girard operated independently and issued banknotes that initially faced opposition from local financial institutions. His bank became the principal source of government credit during the War of 1812, underwriting up to 95% of war-related loans and extending nearly $1 million in credit. After the war, Girard emerged as a significant shareholder and board member of the Second Bank of the United States.

Upon Girard’s death in 1831, his bank ceased operations. Later, Philadelphia entrepreneurs established the Girard Trust Company and subsequently Girard Bank, both drawing on his enduring reputation. In 1983, Girard Bank merged with Mellon Bank and was mostly acquired by Citizens Bank about twenty years later. The original bank building remains a notable landmark at Broad and Chestnut Streets in Philadelphia.

Death, will and legacy

On December 22, 1830, Stephen Girard sustained severe injuries when a horse-drawn wagon struck the left side of his face in Philadelphia. Despite being eighty years old, he managed to return home unaided and continued managing his banking affairs, though he withdrew from public life for two months. He never fully recovered from his injuries and passed away on December 26, 1831. Initially interred at Holy Trinity Catholic Cemetery, his remains were later transferred to the vestibule of Founder's Hall at Girard College, accompanied by a statue crafted by French sculptor Nicholas Gevelot.

At the time of his death, Girard was recognized as America’s wealthiest individual. Adjusted for inflation as of 1996, he ranked as the fifth richest American ever, following John D. Rockefeller, Andrew Carnegie, Cornelius Vanderbilt, and John Jacob Astor. His estate was valued at roughly $7.5 million then—equivalent to about $255.9 million today.

An atheist throughout his lifetime, Girard articulated his religious beliefs in his final will. Although challenged by relatives in France, his testament was ultimately affirmed by the U.S. Supreme Court in Vidal et al. vs Girard's Executors (1844).

Girard donated nearly all of his fortune to charitable organizations and municipal entities in Philadelphia and New Orleans. Most notably, he dedicated approximately $6 million (equivalent to about $ today) to found a boarding school for "poor, male, white orphans," primarily children of coal miners. This institution opened its doors as Girard College in 1848.

Additionally, he bequeathed $10,000 to Philadelphia public schools to support library book acquisitions and award medals to meritorious students.

To his friend Judge Henry Bree, Girard left a plantation in Louisiana along with thirty slaves.

When Girard’s former counting house was demolished in 1907, hidden underground cells were uncovered that were purportedly used for holding slaves.

The expression "Stephen Girard work" or "Stephen Girard job" historically referred to futile labor. Girard opposed idleness and would compensate workers for seemingly meaningless tasks—such as repeatedly moving bricks—to provide them with income instead of direct charity.

Homages

Numerous sites bear Stephen Girard's name, symbolizing his enduring influence in commerce and charity:

See also

Further reading

  • Adams, Donald. Finance and Enterprise in Early America: A Study of Stephen Girard’s Bank, 1812–1831 (1978)
  • McMaster, John Bach. The Life and Times of Stephen Girard, Mariner and Merchant (2 vol.) (1918)
  • Wildes, Harry E. Lonely Midas: The Story of Stephen Girard (1943)
  • Wilson, George. Stephen Girard: The Life and Times of America's First Tycoon (1996)
  • Raciti, James J. Stephen Girard: America's Colonial Olympian, 1750-1831 (2015)

External links

  1. ↑ Fortune Magazine
  2. ↑ Wildes, 1943.
  3. ↑ 3.0 3.1 3.2 Robert Chambers' Book of Days vol 2.
  4. ↑ Template:Cite EB1911
  5. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named wilson
  6. ↑ 6.0 6.1 6.2 Cite error: Invalid <ref> tag; no text was provided for refs named :1
  7. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named :0
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