Stephen Girard (1750–1831) businessman and entrepreneur

Born in Bordeaux, France, Girard came to America in 1776. Leaving school at an early age, he became a cabin boy on a ship when he was 14. At age 20, he became a seaman and owner of several merchant ships. After an unsuccessful venture as a commercial seaman, he settled in Britain’s American colonies, working for the firm of Thomas Randall & Son. A rough voyage from Europe caused his ship to drop anchor in Philadelphia as the Revolutionary War broke out. When the British departed the city, he took an oath of allegiance to Pennsylvania. During the war, Girard became a merchant in Mt. Holly, New Jersey, outside Philadelphia. He became a citizen in 1778 and settled in the United States permanently. When the war ended, he moved to Philadelphia and continued his career as a merchant and owner of a small fleet of ships.

Using money he made in his ventures, he established an office in Philadelphia and began trading sugar with Santo Domingo and financing American privateers against the British. He eventually developed his own fleet of 18 ships, many of which were named after French philosophers. Using his profits, he then branched into banking and real estate. He became an avid supporter of the BANK OF THE UNITED STATES. When the first bank was closed after Congress refused to renew its charter, he bought the premises and turned it into the Bank of Stephen Girard, which had capital of more than $1.3 million, one of the few banks in the country so highly capitalized. Although initially he encountered resistance from other Philadelphia bankers, the bank became successful very quickly. By buying the bank, Girard quickly became Philadelphia’s best-known banker.

In his role as banker he became one of the major subscribers to a war loan to the U.S. Treasury in 1812 that helped raise desperately needed cash to fight the war against the British. In 1813, he joined with John Jacob ASTOR and David Parrish and subscribed to $10 million of the $16 million loan at a sharp discount. The support helped to arouse public opinion during the war, helping to contribute to eventual victory.

Later in life, Girard invested in coal mining lands in Pennsylvania and the early RAILROADS. He gave generously to Philadelphia to establish a trust for the education of orphans. He died in 1831. His legacy was that of banker and lender to the Treasury at a particularly difficult time in relations with Great Britain.

See also BARING BROTHERS.

Further reading

• Adams, Donald R. Finance and Enterprise in Early America: A Study of Stephen Girard’s Bank, 1812–1831. Philadelphia: University of Pennsylvania Press, 1978. 
• Arey, Henry. The Girard College and Its Founder. Philadelphia: C. Sherman, 1856. 
• Wildes, Henry Emerson. Lonely Midas: The Story of Stephen Girard. New York: Farrar & Rinehart, 1943.