He opened his own bank on May 18, Later that same year, the United States government was on the brink of financial collapse from funding the war of Girard became their principal source of credit as he placed nearly all of his resources at the disposal of the government. On December 22, , Stephen Girard was hit by a horse and wagon while crossing the street at Second and Market Streets.
At 81 years old, he got up unassisted, went home and had a doctor dress his wound. Although he remained out of sight for two months afterward, Girard fully immersed himself back into the banking business. Sadly, he never recovered. Some of his ventures were complete losses, but on the whole, by dint of unusual business acumen and foresight, coupled with industry and persistency that would not be denied, he recouped himself by altogether extraordinary profits from others.
At one time or another, he was the owner of eighteen vessels, though six was the largest number he owned at any one time. Characteristically, he named the finest after the philosophers of his native France: Montesquieu, Rousseau, Voltaire. Partly through capital acquired in trade he gradually became interested in real estate, insurance, and banking.
In his banking business as in commerce, he rapidly built up a remarkable system of credit not only in other cities of the United States but also abroad. Business contacts with many small banks and with the federal treasury were established and his relations with Baring Brothers of London greatly expanded. As a result, he found himself in a position to render valuable patriotic service at the outbreak of the War of , and presently became a man of prominence in national affairs.
The government loan was a dismal failure, when Girard with David Parish, and John Jacob Astor of New York, arranged with Secretary Gallatin to take over the unsubscribed portion and dispose of it to the public. Although they acted mainly as intermediaries on a percentage basis, their action at the critical moment had a powerful effect in restoring the public confidence, and a dangerous financial crisis was averted. In the depression that followed the war, the plan for a national bank was revived, and A.
Dallas, the secretary of the treasury, naturally turned to Girard for counsel. He was appointed by the Treasury Department one of the five commissioners to receive subscriptions for the bank stock and elected president of the commission. Again, however, the public was in a doubtful mood. Girard was sent his commission as one of the five government directors of the Bank by President Madison, but he soon became dissatisfied with the management, withdrew from the Board, gradually sold his stock, and again turned his attention to his own private bank.
During the terrible yellow- fever epidemic of , in which 4, persons died between the 1st of August and the 9th of November, he not only gave liberally of his time and money to the suffering and dying, but with Peter Helm, he volunteered to act as superintendent at the fever hospital at Bush Hill. Girard took charge of the interior of the hospital. In the subsequent outbreaks of the epidemic, he very naturally assumed a leading part in the preventive measures.
Later in life, he bought a farm in South Philadelphia, which, although agriculture was quite foreign to his earlier interests, became a source of great satisfaction to him. He gave to it the same practical and scientific attention that he did to his other business. As his commercial activities decreased he became more and more interested in his farm.
Standard dictionaries on agriculture which he used constantly stood side by side with the works of Voltaire on the shelves of his small library. An accident in December made it difficult for him to take up his routine work, but he managed it again during the following summer, only to succumb to an attack of pneumonia of which he died in December The newspapers of the day paid glowing tribute to his life and work. The city officials, charitable and other societies, and thousands of citizens attended the funeral.
He was buried in the cemetery of Holy Trinity Parish but the body was later removed and placed in the sarcophagus in the main building of Girard College.
In addition to his important activities in the commercial and financial life of the nation, Girard played a remarkable role as a citizen of his adopted city. He served the city officially in various capacities. His business expanded worldwide, and his ships traded in China and South America as well as Europe and the Caribbean.
The timing was fortuitous. Over the next few years, the newly established financier effectively saved the U. As the War of ground on, confidence in American credit collapsed. Girard and Astor consented, on the condition that the Madison administration agree to re-charter the Bank of the United States.
It was not philanthropy in the strict sense—Girard ultimately turned a tidy profit—but it was nevertheless a saving grace to the American people, undertaken largely from patriotic motives, with a high likelihood of costing Girard his fortune. During his lifetime, Girard supported a wide variety of civic associations in his adopted hometown of Philadelphia.
He joined the Masons, and donated his time and money to its various charitable activities. Such close, personal involvement was evident in the charitable efforts for which Girard was best known during his lifetime. Girard was a tireless leader in the efforts to contain and combat the yellow fever epidemics that hit Philadelphia in , , , and Nineteenth-century medicine was all but helpless against the terrifying disease, which killed 5, city residents in alone.
Those who could afford to, simply fled the city.
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