Stephen Girard was Once America’s Financial Savior

Stephen Girard was a naturalized American banker and philanthropist. During the War of 1812, he saved the US government from an imminent financial collapse out of his personal wealth. He was known as one of the wealthiest Americans, placing fourth in the all-time list based on his fortunes in proportion to the GDP. He remained childless in his entire lifetime. He devoted his time and wealth in philanthropic activities, especially charities that pertain to education and the orphans.

Girard was born as Étienne Girard on May 20, 1750 in Bordeaux, France. When he was eight, he lost the sight on his right eye so that he had little education. His father was a sea captain. His father used to accompany him cruising to and fro the Caribbean. At 23, he was a licensed captain and was able to visit California in 1774 at the age of 24. With the help of a merchant from New York, Girard was able to trade from New Orleans to Port au Prince and vice versa. A British fleet drove him into a port in Philadelphia in May 1776. He settled in Philadelphia as a merchant.

In 1776, Girard married Mary Lum. Mary was diagnosed with an incurable mental instability in 1785. He committed his wife to the Pennsylvania Hospital as an incurable lunatic and took Sally Bickham as a mistress. While he lived with his mistress, Girard continued to provide Mary with luxury. She gave birth to a baby girl named Mary, but later on died.

A yellow fever epidemic broke into Philadelphia in 1793. While most wealthy citizens left the city, Girard chose to stay to take care of the sick and the dying. He converted a mansion outside the city into a hospital and hired volunteers to take care of the patients. After the outbreak, he was treated as a local hero. Another yellow fever outbreak occurred between 1797 and 1797 where Girard was a prominent supporter.

At the expiration of the charter of First Bank of the United States in 1811, Girard purchased its stocks and opened his own bank. During the War of 1812, Girard’s bank offered credit to the US government. The federal government’s financial credit was at its lowest and Girard placed almost all his resources to the US government’s disposal. Girard’s Bank enabled the US to carry on with the war.