18. Responsible for the survival of the United States during the War of 1812, Stephen Girard – the wealthiest man in America – risked his fortune to aid the federal government in the fight against the British.
Stephen Girard, born 1750 as Étienne Girard, was a naturalized American banker who emigrated from France at the age of 26. The son of a sea captain, Girard established himself professionally as a competent trader in Philadelphia. Loyal to his new home city, Girard refused to abandon Philadelphia during the Yellow Fever Epidemic of 1793 and even opened his home as a makeshift hospital for the poor. Opening the “Bank of Girard” in 1812 after the closure of the First Bank of the United States, employing many of the same staff and using the same office space, Girard became instrumental to America’s survival in the War of 1812.
Starved of capital, the United States, low on credit, was almost bankrupt. Just days from being forced to capitulate due to a lack of funds, Girard, by then the richest man in America, selflessly placed his considerable fortune at the disposal of the federal government. Underwriting ninety-five percent of the loans made on behalf of the government, Girard enabled the United States to continue borrowing to carry on the conflict. Dying in 1830 after a carriage accident, Girard remained the wealthiest person in America with an estimated total fortune in excess of $120 billion in today’s value.