A Sheet from James Madison’s 1783 Accounts Ledger Illustrates Salomon’s Role as a Primary Financier of the Fledgling Republic
After a Decade of National Exhibition, This Document is Offered for Sale at Raab
The Raab Collection today announced that it has acquired and is offering for sale a sheet from James Madison’s lost Revolutionary War ledgers, documenting Haym Salomon’s contributions to the Revolutionary cause. Salomon, a Jew who had immigrated to America in the 1770s and supported the Patriots, used an estimated $600,000 of his personal funds to finance the war, that sum being a vast fortune at the time. Long on loan to the Weitzman National Museum of American Jewish History in Philadelphia, this rare document is valued at $50,000.
“Jews in early America were strong patriots and fought for freedom alongside their Christian friends and neighbors. This meant that our Founding Fathers had Jewish friends, supporters, and allies at the dawn of our nation. This document shows that vividly,” said Nathan Raab, president of The Raab Collection and author of The Hunt for History.
Who was Haym Salomon?
Haym Salomon (1740-1785) was born in Poland to a Sephardic Jewish family but moved to New York in 1772, where he found success as a financial broker for merchants. When the Revolutionary War broke out in 1775, he joined the Sons of Liberty and was arrested by the British. He spent more than a year as a prisoner of war, during which time he contracted tuberculosis. Upon release, he was arrested a second time and sentenced to death as a spy, but in another twist of fate, he escaped to Philadelphia.
While in Philadelphia, Salomon resumed his trade as a broker, later working for Robert Morris, the newly appointed Superintendent of Finance for the Colonies. During that time, he also made numerous private loans both to the wartime government and to prominent statesmen including James Madison, Thomas Jefferson, and James Monroe.
Salomon was also one of the principal donors to and founders of Mikveh Israel in Philadelphia, known as the “Synagogue of the American Revolution.” However, he died in poverty at the age of 44, having loaned his vast fortune to fund the Revolution and to keep the newly formed country financially solvent.
“When any member was in need, all that was necessary was to call upon Salomon.” –James Madison
James Madison entered the Continental Congress in March 1780 as a delegate from Virginia. He drew up ledger sheets showing the delegation’s expenses and receipts, and used these figures to document salaries, identify the sources of funds, and also to seek reimbursement of expenditures for members of the Virginia delegation. We know of just one such sheet that has survived with all of this information, and it, providentially, documents Salomon’s support of Congress.
The Document
Dated Philadelphia, February 13, 1783 – May 1, 1783. The hand-ruled ledger sheet shows transactions wherein Madison and others receive funds from various financiers and merchants. “H. Solomons” is listed twice (at the time, the spelling of his surname was just as likely to be “Solomon” or “Solomons” – Madison spelled it “Salomon” in two letters to Salomon’s son in the Library of Congress, as well as “Solomons” in another document). He is both a “drawer” and a “payer” for 500 dollars to “J. Jones.”
On Exhibit
While on loan to the Weitzman National Museum of American Jewish History, this document spent more than a decade on display alongside a few other surviving historical items related to Salomon.
To learn more about this remarkable historical document, Nathan Raab is available for interviews.
