Financial History Issue 130 (Summer 2019) | Page 8

THE TICKER  CONNEC TING TO COLLEC TIONS Museum Acquires Two Aaron Burr Documents By Sarah Poole, Collections Manager The Museum of American Finance recently purchased for its permanent col- lection two compelling original documents related to Aaron Burr and the Manhat- tan Company: an 1802 account of Burr’s debts to the Manhattan Company and an 1803 real estate indenture. Together, these pieces help tell the story of Burr’s impact on early New York City finance and sig- nificantly expand the Museum’s collection of documents detailing Burr’s life. In the 18th and 19th century, New York City suffered from numerous epidemics of deadly diseases, the most significant of which included yellow fever and cholera. In 1799, Aaron Burr founded the Man- hattan Company under the auspices of building a water system to bring clean water to the city, which would create a more sanitary environment and curb dis- ease. However, Burr included a clause in the company’s charter that allowed it to engage in any legal business with its sur- plus capital, which enabled the opening of the Bank of the Manhattan Company. The Manhattan Company only used $100,000 of its $2 million capital for a largely inadequate water system, while the remaining 95% was engaged in banking operations that competed with the city’s only two other banks: Alexander Hamil- ton’s Bank of New York and the New York branch of the Bank of the United States. Although Burr had a lucrative career as a lawyer, he was a notorious over spender. In 1800, Hamilton wrote than then Vice President-elect Burr was “bank- rupt beyond redemption except by the plunder of his country.” The 1802 docu- ment recently acquired by the Museum illustrates Burr’s financial problems by detailing all of his debts to the Manhat- tan Company at the time. His debts to the company totaled $64,908.63. Against this, Burr had assigned nine mortgages and a promissory note, but the total of the security was still $7,000 less than his debt. The 1803 real estate indenture, which Burr signed, further exemplifies the Man- hattan Company’s banking endeavors. The indenture shows that he resold 20 lots in present-day Greenwich Village after the original buyer, Timothy Green, could not pay his mortgage to the Manhattan Com- pany. After Green missed his first annual payment, Burr made the payment in his stead, and then 10 days later sold the same 20 lots to David Gelston. Gelston was a merchant from Long Island who represented Suffolk County in the New York Provincial Congress (1775– 1777) and the New York General Assembly (1777–1785). After moving to New York City in 1787, he worked as the Collector of the Port of New York from 1801 to 1821. The Museum intends to feature both of these documents in its upcoming exhibit on New York water, in collaboration with the New York City Municipal Archives, which is set to open this fall.  MUSEUM OF AMERICAN FINANCE 2019 DONORS The Museum deeply appreciates the support received from the following generous donors: PLATINUM • • BlackRock • • Citadel • • Citadel Securities GOLD • • Charles Schwab & Co., Inc. • • Katherine Farley & Jerry I. Speyer • • John Herzog • • OppenheimerFunds • • S&P Global • • Tishman Speyer SILVER • • CIT Group • • Citi • • Con Edison • • William H. and Jane P. Donaldson • • Fitch Group • • Adam Goldstein • • Houlihan Lokey • • Carol Kaimowitz • • Glenn Kaufman • • Moody’s • • Protiviti • • The Ricketts Family • • Shenkman Capital • • The Starr Foundation • • Richard Sylla SPONSORS • • American Express • • Anonymous • • Barclay’s • • Bloomberg Philanthropies • • BNP Paribas • • Capgemini • • Brooke & Peter Cohen • • Crystal Financial Institutions, div. of Alliant • • Mario J. Gabelli • • Goldman Sachs • • Martha Clark Goss • • ING Financial Holdings Corporation • • Morgan Le Fay Dreams Foundation • • Dr. Dambisa Moyo • • NYSE • • Karen Seitz • • Saul Van Buerden • • VanEck • • Charles V. Wait 6    FINANCIAL HISTORY  |  Summer 2019  | www.MoAF.org DONORS • • Barrett Asset Management, LLC • • Broadridge Financial Solutions Inc. • • Carter Ledyard & Millburn LLP • • Andrea de Cholnoky • • ENY Holdings, LLC • • Flooring Solutions Group LLC • • Steve Friedman • • George Gero • • William Harrison • • Healey Family Foundation • • Hutchins Family Foundation • • Sandra Jarmuth • • Myron Kandel • • Ann Kaplan • • Mitti Liebersohn • • Consuelo Mack • • Marge Magner • • Elizabeth P. Munson • • Ed Murphy • • Rodger Riney • • Saybrook Capital • • Tim Schantz • • Dan Simon • • Robert G. Smith, Ph.D. • • Taylor Wagenseil • • Barbara Yastine