Showing posts with label bankrupt. Show all posts
Showing posts with label bankrupt. Show all posts

Thursday, January 16, 2014

Bobby Morris Declaration Signer Imprisoned for Debt

Robert Morris (1734-1806) was a signer of the Declaration of Independence, Articles of Confederation, and the U.S. Constitution. He is best known for his role as financier of the Continental Congress. With the national government virtually bankrupt, Morris risked his own personal fortune by purchasing supplies for the army, pressuring the states for cash contributions and securing a major French loan to finance the Bank of North America. In 1789, President George Washington (debtor and debt collector) appointed Morris Secretary of the Treasury, but he declined the office and suggested Alexander Hamilton instead. He spent his remaining years in various public positions, including U.S. Senator from Pennsylvania, but was imprisoned for debt in 1798 after his involvement in several failed speculative schemes. His wife was able to use an annuity to eventually get him out of prison, but he never rebuilt his fortune.





Tuesday, November 05, 2013

Mark Twain - Bust

Mark Twain filed for bankruptcy in 1894. His debts were absolved. He paid his creditors back however. He went on an extended lecture tour in Europe for the next four years. He earned enough money from these speeches to pay back his "former" creditors. 

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