William Duer (Continental congressman)

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William Duer (March 18, 1743 – May 7, 1799)<ref name="Jones1992"/> was a British-born American jurist, developer, and financial speculator from New York City. A Federalist, Duer wrote in support of ratifying the United States Constitution as "Philo-Publius". He had earlier served in the Continental Congress and the convention that framed the New York Constitution. In 1778, Duer signed the United States Articles of Confederation and is one of the Founding Fathers of the United States.

Duer owned 10 slaves.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Duer spent most of his life as a financial speculator. In 1792, following his involvement in one of the nation's first financial panics, Duer went bankrupt and was confined to debtors' prison, where he died seven years later.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Early life

Duer was born in Devonshire, Great Britain, in 1743.<ref name="Jones1992">Template:Cite book</ref> He was the son of John Duer, a planter in Antigua in the West Indies, who kept a villa in Devon, and Frances Frye. She was the daughter of Sir Frederick Frye, who held a command in the West Indies, where she met and married Duer.<ref name="Weeks1898"/>

Duer was educated at Eton College, and while still under age, was put into the army as ensign. He accompanied Robert Clive as aide-de-camp on his return to India as governor general in 1762. He suffered severely from the climate, so Lord Clive sent him back to England, where he remained five years until his father's death,<ref name=appletons>{{#invoke:template wrapper|{{#if:|list|wrap}}|_template=cite Appletons' 

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Career

Coat of Arms of William Duer

Having left the army, Duer went to Antigua. He traveled to New York State for the first time in 1768, to arrange for a regular and constant supply of lumber for his plantations in Antigua and Dominica.<ref name=appletons/> As a planter, he traded extensively with Philip Schuyler, who persuaded him to move to New York early in the 1770s. On a previous trip to the area, Duer had purchased tracts of land on the upper Hudson River near Albany. The area, known as Fort Miller, served both as Duer's first residence and as the site of his early financial ventures.<ref name="Wright2006"/> Duer set up sawmills, warehouses, and a store.

In 1773 he returned to England, where he obtained a contract to supply the Royal Navy with timber for masts and spars.<ref name=appletons/> By 1776, had built a moderately successful mercantile business based primarily on lumber production.<ref name="Jones1992"/>

American Revolution

Duer was originally a moderate Whig, somewhat reluctant to become involved in active resistance to the British government. But he became a member of the Provincial Congress in 1775; he was one of the committee which drafted the original New York Constitution the next year.<ref name="Jones1992"/>

Duer was a member of the 1st New York State Legislature, serving in the New York State Senate for the Eastern District from September 9, 1777 to June 30, 1778.Template:Refn He served as a member of the Continental Congress in 1778 and 1779.<ref name="Hough1858">Template:Cite book</ref> While in Congress, he reportedly impressed future president John Adams and financier Robert Morris from Philadelphia, with whom he served on the finance committees as well as the "Board of War," the precursor to the War Department.<ref name="Wright2006"/>

In 1779, Duer returned to private business, in partnership with John Holker, the French commercial agent. He also did well in his business of supplying the American army, under contracts arranged for him by Robert Morris.<ref name="Jones1992"/>

Later life

Duer became a prominent speculator after the war; he was also elected to the New York General Assembly in 1786. When Alexander Hamilton, Schuyler's son-in-law, became first Secretary of the Treasury in 1789, Duer became the first Assistant Secretary. He continued to speculate in American bonds, including the failed Scioto Company scheme to buy up the American debt to France at a discount.<ref name="Jones1992"/>

Duer went bankrupt as a result of the Panic of 1792, and was held in debtors' prison for the rest of his life.<ref>Cowan, David J. (2009, Spring). "William Duer and America's First Financial Scandal", Financial History, 97, 20–35.</ref> His failure has been cited as a cause of the panic, reportedly the first in New York caused by speculation.<ref name=appletons/> The loss was estimated at 3 million dollars and impoverished many in all classes.<ref name="Jones1992"/><ref name="Wright2006">Template:Cite book</ref>

Personal life

Catherine Duer

In 1779, Duer married Lady Catherine Alexander (1755–1826), second daughter of Sarah (née Livingston) Alexander and Lord Stirling, a major general in the Continental Army.<ref name="Duer1847">Template:Cite book</ref> The marriage took place at Stirling's country seat, "The Buildings," near Basking Ridge, New Jersey. It was designed in the style of a residence of an English nobleman, with all the appointments of an English country seat. Catherine's paternal grandparents were New Jersey Attorney General James Alexander and merchant Mary Spratt Provoost Alexander, and her maternal grandparents were Catherine Van Brugh Livingston and Philip Livingston, 2nd Lord of Livingston Manor.<ref name="Weeks1898"/> She was, descended from the De Peysters, Livingstons, and Schuylers, and occupied a prominent place in the society of the period.<ref name=appletons/>

Together, they were the parents of eight children, including:<ref name="Weeks1898"/>

Duer died in New York City on April 18, 1799 at age 57. He was buried in the family vault under the old church of St. Thomas and was later reinterred in Jamaica, Long Island, New York.<ref name="Jones1992"/> After his death, his widow remarried to William Neilson on September 15, 1801.<ref name="Greene1880"/>

Descendants

Through his eldest son William, he was the grandfather of Denning Duer,Template:Refn great-grandfather of James Gore King Duer,<ref name="Weeks1898">Template:Cite book</ref> and the great-great-grandfather of Alice Duer Miller (1874–1942), the feminist poet and writer.<ref name=Burstyn>Burstyn, Joan N. Past and promise: lives of New Jersey women, Syracuse University Press, 1997; Template:ISBN. Pg. 171-173</ref><ref>Robert F. Jones, "The King of the Alley": William Duer; Politician, Entrepreneur, and Speculator, 1768–1799 (1992), p. 1; Jonathan J. Bean. "Duer, William"; American National Biography Online, February 2000. Older sources give Duer's year of birth as 1747.</ref> Through his son John, he was the grandfather of William Duer (1805–1879) who served in the U.S. Congress representing New York.<ref name="WDbioguide">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Notes

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References

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Further reading

  • Cowan, David J. "William Duer and America's First Financial Scandal." Financial History 97 (2009): 20-35.
  • Matson, Cathy. "Flimsy Fortunes: Americans' old relationship with paper speculation and panic" Common-place 10#4 (2010) online free summarizes Duer's speculations in the context of the national economy.
  • Matson, Cathy. "Public Vices, Private Benefit: William Duer and His Circle, 1776-1792," in Conrad Edick Wright, ed., New York and the Rise of American Capitalism: Economic Development and the Social and Political History of an American State, 1780-1870 (New York, 1989), 72-123.
  • Sylla, Richard, Robert E. Wright, and David J. Cowen. "Alexander Hamilton, central banker: crisis management during the US financial panic of 1792." Business History Review 83#1 (2009): 61-86.

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