January 26th Rare Autograph & Book Auction
This lot is closed for bidding. Bidding ended on 1/26/2023
Pay receipt from the Delaware and Schuylkill Canal Navigation Company. Philadelphia: November 10, 1794. Matted, framed and glazed; document 5 x 3.25 in. visible. Partially printed DS by Robert Morris as President and Tench Francis (Jr.) (1730-1800) as Treasurer. It is a payment for William P. Beatty in the sum of eleven Hundred and sixty two dollars and 17 cents. Tastefully framed to a size of 15”x19”.
Robert Morris (1734-1806) was a merchant and signer of the Declaration of Independence (as well as the Articles of Confederation and Constitution). He served as Superintendent of Finance from 1781-1784, earning him the label "Financier of the Revolution." Because of his "fame" and the confidence people had in him from the war, he was elected President of the Delaware and Schuylkill Canal Company and its stock was greatly over-subscribed. At one point the company was described as the "leading canal enterprise of the country." Morris also served as head of the fledgling navy (before there was a separate Department), a position he held without pay. Unwise, or maybe too ambitious, land speculation led to his bankruptcy in 1798, for which he spent several years in debtor's prison. After his release (1801) he lived quietly until his death.
Tench Francis, while not a "household name" as is the case with Morris, was a Philadelphia merchant and lawyer, and served as a representative and agent for William Penn. He did almost as much to further the financial stability of the fledgling country, but apparently, he was not as "flamboyant" as Morris. Francis was the first cashier of the Bank of North America (retaining that position until his death). He contributed substantial funds for the Revolutionary army (on the order of £5,000), and, thus, it is not surprising that he and Morris were associates. After the war, he helped organize the supply department of the Navy, and laid out the city of Pittsburgh (PA).
Robert Morris as treasurer of Delaware and Schuylkill canal navigation
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