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Robert Morris's FollyThe Architectural and Financial Failures of an American Founder$
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Ryan K. Smith

Print publication date: 2014

Print ISBN-13: 9780300196047

Published to Yale Scholarship Online: January 2015

DOI: 10.12987/yale/9780300196047.001.0001

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His Entreaties

His Entreaties

Chapter:
(p.128) 7. His Entreaties
Source:
Robert Morris's Folly
Author(s):

Ryan K. Smith

Publisher:
Yale University Press
DOI:10.12987/yale/9780300196047.003.0008

This chapter focuses on Morris's efforts to stave off financial ruin. Morris owed British capitalist John B. Church nearly $100,000 from a 1793 loan. To London banking firm Bourdieu Chollet & Bourdieu, Morris had accumulated debts of nearly $400,000. He owed a total of hundreds of thousands more to London firms J. Henry Cazenove Nephew & Co., Bird Savage & Bird, and the Pulteney Associates, as well as to Paris's Le Couteulx and Amsterdam's Willink brothers, in addition to outstanding title obligations to the Holland Land Company and smaller land purchasers. The interest payments alone on these debts threatened to sink him in 1796. Morris sought domestic lenders to help him meet these interest payments. This move had the unfortunate effect of essentially compounding his debts.

Keywords:   Robert Morris, debts, loans, interest payments

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