Stephen Girard, Resident of Philadelphia by Accident, Born May 21, 1750

Stephen Girard was born near Bordeaux, France, May 21, 1750, the son of a sea captain. At the age of eight a little playmate threw an oyster shell into the open fire, it cracked, a piece struck Stephen and put out his right eye. The other boys of the neighborhood made fun of the one-eyed lad, which, with the sternness of his parents soured Stephen’s disposition, and he became sullen and gloomy.

His mother died, and Stephen could no longer bear to live at home. Although but fourteen he sailed as cabin boy on the ship Pelerin for St. Domingo, and then for nine years sailed between Bordeaux and the French West Indies, during which time he studied navigation, until October 4, 1773, a license was issued “to Stephen Girard, of Bordeaux, full authority to act as captain, master and patron of a merchant vessel.”

His attention now turned to commercial affairs in connection with the pursuit of the sea. His journal contains records of invoices and sales of goods suited to a West Indian market. These goods, amounting in value to $3000 Federal money, were disposed of in St. Domingo, February, 1774.

From the West Indies he sailed to New York, arrived there July, 1774. Here his business tact and shrewdness in trade attracted the notice of Thomas Randall, a prosperous merchant, and for more than two years Girard traded with New York, New Orleans and Port au Prince, on his own account and jointly with Mr. Randall.

One night in May, 1776, Stephen Girard’s vessel was overtaken by a storm and the ship was driven before the gale, until Captain Girard could hear the waves upon the shore. He cast anchor and waited for the morning. When daylight dawned the fog was too heavy for him to locate his position.

Girard fired a cannon as a signal of distress, which was soon answered by the approach of a pilot. “Where are we?” asked Captain Girard. “You are in Delaware Bay,” answered the pilot. “I wish to go to New York,” said Girard. “It can’t be done,” was the reply, “the British ships are swarming outside. You escaped them because of the 355fog but as soon as it disappears they will see and capture you. You must sail up to Philadelphia.”

Captain Stephen Girard saw that the advice was good, went to Philadelphia, sold his vessel and cargo, and made the city his home.

He set up a small store on Water Street, a short distance from the spot where he afterward located. He had no friends, and could speak English but poorly, but his business ability was so pronounced that he succeeded from the very beginning.

In July, 1777, he married Mary Lumm, of Philadelphia, the daughter of a shipbuilder, but the union was unhappy. Mr. Girard applied for a divorce, but his wife died of insanity in a hospital.

The approach of the British troops to Philadelphia drove Mr. Girard to Mount Holly, N. J., where he enjoyed a profitable trade with the American sailors, until the evacuation of Philadelphia, when he returned and for a few years was associated in business with his brother, John. This connection was dissolved in 1780, by which time Stephen had gained a fortune of $30,000.

During the next ten years he acquired a number of vessels, and had secured the lease on a range of stores at a time when rents were low, which he underlet at a large profit. He began to build a splendid fleet of ships, and soon every ocean saw Girard’s vessels.

Once when the United States was again troubled by the British, a ship owned by Girard, carrying a rich cargo from the East, almost in sight of Delaware Bay, was captured. Girard drove a bargain with the British captain and bought back his vessel for $180,000. Then he brought her to Philadelphia and sold the cargo for $500,000. It was difficult to beat Stephen Girard.

He was very frugal in private life, but generous in public affairs. During the yellow fever epidemic in 1793, Girard personally devoted several hours each day serving in the hospital. Of all his benefactions for the poor of his adopted country, this was really his noblest work.

His mercantile business had grown so profitable and his fortune had increased so rapidly that in June, 1812, he determined to devote his attention to banking. To this end he purchased the bank-house of the Bank of the United States and opened “The Bank of Stephen Girard,” with a capital of $1,200,000, which was increased afterward to $4,000,000.

Just as Robert Morris was the financier of the Revolution, so Stephen Girard was the financier of the War of 1812. In 1814 it looked as though the American cause must fail for lack of funds, and the heads of the national Government were in despair. A loan was offered in the money market, but so low was the credit of the Nation that only $200,000 was subscribed. Thereupon Stephen Girard took the whole issue of bonds, amounting to $5,000,000, and saved us from defeat and a disgraceful peace with England.

356Girard contributed liberally to public improvements, and adorned Philadelphia with many handsome buildings.

At the age of eighty Girard was the richest man in America. The same year he was knocked down by a carriage and badly injured. “Go on, doctor, I am an old sailor; I can bear a great deal,” he said to his physician. He lived two years afterward.

When he died, December 26, 1831, his estate was valued at $9,000,000. Besides large bequests to public institutions, he gave $500,000 to improve the water front of Philadelphia. He gave $2,000,000 and a plot of ground for the erection and support of a college for orphans, which was opened January 1, 1848.

At his death he was buried in the vault of the Holy Trinity Roman Catholic Church, but on the completion of Girard College his remains were reinterred in a sarcophagus beneath the statue of the donor in the vestibule of the main building of the college.

Girard College is the most richly endowed educational institution in the world, and its founder was one of the most remarkable men who ever lived, and his accidental residence in Philadelphia was one of the most fortunate incidents in the history of Pennsylvania.