Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1892 edition. Excerpt: ... CHAPTER IX. Morris's Embarrassments.--Bankruptcy. -- His Imprisonment. -- His Death. -- His Family.-- His Estate. In 1796 the affairs of Robert Morris became entangled and embarrassed. His account books which are now within reach show that his transactions were suspended, and there were scarcely any accounts to be kept. At the end of his life there were those who said that he never had been rich. There is a story which is often repeated, that he was bankrupt when the Revolution broke out. John Adams says that that is why he joined the whigs. But against that is the fact that he opposed the Declaration of Independence, and occupied a conservative position at the beginning of the war, so that he was by no means that sort of whig who had an interest in promoting social disorder. During the Revolutionary War everybody supposed that he had become very rich by privateering, by speculating in paper money, by trade, and by dealing in exchange. The profits on all those transactions were very great, and the risks were very great. The man who could operate with success was the one who was in a position to obtain the information which would lessen the risk. Morris undoubtedly occupied such a position. He spoke of himself, in 1781, when he was asked to become Superintendent of Finance, as a rich man. Whether his China enterprises were profitable or not we do not know; but as he did not continue them, we must infer that they were not. His tobacco contract was not profitable. His establishment at Morrisville is not spoken of as having produced profits, although the Due de Liancourt thought that Morris might have made good profits from it, if he had devoted his attention to it, abandoning his speculations in land. We find references to Morris's affairs...