William Duer | |
|---|---|
.jpg) Etching of William Duer byMax Rosenthal | |
| 1stAssistant Secretary of the Treasury | |
| In office 1789–1792 | |
| Member of the Continental Congress | |
| In office 1778–1779 | |
| Preceded by | Inaugural holder |
| Succeeded by | Ebenezer Russell |
| Member of theNew York State Senate for the Eastern District | |
| In office September 9, 1777 – June 30, 1778 | |
| Member of the Provincial Congress | |
| In office 1775–1775 | |
| Personal details | |
| Born | March 18, 1743 Devon, Great Britain |
| Died | May 7, 1799(1799-05-07) (aged 56) New York City, U.S. |
| Party | Federalist |
| Spouse | |
| Relations | William Duer (grandson) |
| Children | 8, includingWilliam,John |
| Parent(s) | John Duer Frances Frye |
| Education | Eton College |
William Duer (March 18, 1743 – May 7, 1799)[1] was a British-born American jurist, developer, and financial speculator fromNew York City. AFederalist, Duer wrote in support of ratifying theUnited States Constitution as "Philo-Publius". He had earlier served in theContinental Congress and the convention that framed the New York Constitution. In 1778, Duer signed the United StatesArticles of Confederation and is one of theFounding Fathers of the United States.
Duer owned 10 slaves.[2]
Duer spent most of his life as a financial speculator. In 1792, following his involvement in one of the nation'sfirst financial panics, Duer went bankrupt and was confined to debtors' prison, where he died seven years later.[3]
Duer was born inDevonshire,Great Britain, in 1743.[1] He was the son of John Duer, a planter inAntigua in theWest 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.[4]
Duer was educated atEton College, and while still under age, was put into the army as ensign. He accompaniedRobert Clive asaide-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,[5] upon which he inherited his father's estates inDominica.[6]
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.[5] As a planter, he traded extensively withPhilip 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 upperHudson River nearAlbany. The area, known as Fort Miller, served both as Duer's first residence and as the site of his early financial ventures.[6] Duer set up sawmills, warehouses, and a store.
In 1773 he returned to England, where he obtained a contract to supply theRoyal Navy with timber for masts and spars.[5] By 1776, had built a moderately successful mercantile business based primarily on lumber production.[1]
Duer was originally a moderateWhig, somewhat reluctant to become involved in active resistance to the British government. But he became a member of theProvincial Congress in 1775; he was one of the committee which drafted the originalNew York Constitution the next year.[1]
Duer was a member of the1st New York State Legislature, serving in theNew York State Senate for the Eastern District from September 9, 1777 to June 30, 1778.[a] He served as a member of theContinental Congress in 1778 and 1779.[7] While in Congress, he reportedly impressed future presidentJohn Adams and financierRobert Morris from Philadelphia, with whom he served on the finance committees as well as the "Board of War," the precursor to theWar Department.[6]
In 1779, Duer returned to private business, in partnership withJohn 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.[1]
Duer became a prominent speculator after the war; he was also elected to the New York General Assembly in 1786. WhenAlexander Hamilton, Schuyler's son-in-law, became firstSecretary of the Treasury in 1789, Duer became the firstAssistant Secretary. He continued to speculate in American bonds, including the failedScioto Company scheme to buy up the American debt to France at a discount.[1]
Duer went bankrupt as a result of thePanic of 1792, and was held indebtors' prison for the rest of his life.[8] His failure has been cited as a cause of the panic, reportedly the first in New York caused by speculation.[5] The loss was estimated at 3 million dollars and impoverished many in all classes.[1][6]
In 1779, Duer married LadyCatherine Alexander (1755–1826), second daughter of Sarah (néeLivingston) Alexander andLord Stirling, a major general in theContinental Army.[9] The marriage took place at Stirling's country seat, "The Buildings," nearBasking 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 wereNew Jersey Attorney GeneralJames Alexander and merchantMary Spratt Provoost Alexander, and her maternal grandparents were Catherine Van Brugh Livingston andPhilip Livingston, 2nd Lord ofLivingston Manor.[4] She was, descended from theDe Peysters,Livingstons, andSchuylers, and occupied a prominent place in the society of the period.[5]
Together, they were the parents of eight children, including:[4]
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 inJamaica,Long Island, New York.[1] After his death, his widow remarried to William Neilson on September 15, 1801.[14]
Through his eldest son William, he was the grandfather of Denning Duer,[b] great-grandfather of James Gore King Duer,[4] and the great-great-grandfather ofAlice Duer Miller (1874–1942), thefeminist poet and writer.[19][20] Through his son John, he was the grandfather ofWilliam Duer (1805–1879) who served in theU.S. Congress representing New York.[21]
William Duer.
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