€ Public Deposited
PART 2
FINKELSTEIN ON DR. DAVID RITTENHOUSE â
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- David Finkelstein submitted this article about the first U.S. Mint Director, David Rittenhouse. Thanks! It's the second in an ongoing series. Look for more in subsequent issues. -Editor
Dr. David Rittenhouse – Part 2
By David FinkelsteinIntroduction
This is part 2 of a series of articles about Dr. David Rittenhouse, the first Director of the United States Mint. Over the last few decades, multiple incorrect statements and theories about events during his lifetime and after his death have been published in numerous numismatic articles and publications. These falsities have been perpetuated simply because they were put in print, without any contemporary evidence to validate them. They have become accepted as being factual. They are not.
Falsity #2 – David Rittenhouse Was Bankrupt or Near Bankrupt When He Died
In Part 1, it was stated that a few researchers theorized that David Rittenhouse was incarcerated in the Pruan Street (or Prune Street) debtor’s prison during 1796, 1797 and 1798, and that he, in fact, did not die in 1796. His June 26th death, June 27th burial, and December 17th Eulogium was suggested to have been a massive cover up to maintain the integrity of his image and to protect his reputation.
In order for David Rittenhouse to have been incarcerated in debtors’ prison, his debts had to have been greater than his assets, he had to have been the defendant in a bankruptcy court case, and he had to have been sentenced to debtors’ prison by a judge. At the time of his death, David Rittenhouse owned multiple real estate properties; including land in Norriton, PA that was deeded to him by his father in 1770. In addition, he had a significant holding of personal property and stock, and he made multiple interest bearing loans to others. Had David Rittenhouse been incarcerated in debtors’ prison any time after 1770, the Norriton property that he owned since 1770 would have been sold prior to his incarceration. See below.
David Rittenhouse’s Last Will and Testament
Daniel K. Cassel, in his 1893 book titled Genea-Biographical History Of The Rittenhouse Family And All Its Branches In America, With Sketches Of Their Descendants, reprinted David Rittenhouse’s last will and testament on pages 164, 165 and 166. Cassel identified Rittenhouse’s will as being “taken from the records, which is found recorded in Book X, page 475, No 66, at Philadelphia, in the year 1796â€. Assets identified in David Rittenhouse’s last will and testament included:
- 72 acres 148 perches of land and a messuage (dwelling house with outbuildings) in Norriton, PA, that, at the time of his death, was being utilized by his sister, Eleanor Evans,
- His primary residence; a messuage near Mulberry (or Arch) and Seventh Streets in Philadelphia (that was purchased from John Bull on May 27, 1786),
- a 500 pound interest bearing loan to Isaac Snowden of Philadelphia,
- 10 shares of capital stock of the Bank of the United States, and
- 5 shares of capital stock of the Bank of North America.
David’s father, Matthias, deeded him the Norriton property on January 12, 1770. Cassel reprinted the deed on pages 169, 170 and 171 of his book. Note that Rittenhouse’s first astronomical observatory was built in 1769 on the Norriton property. His second observatory was built on his property near Arch and Seventh Streets.
Isaac Snowden was identified in the 1791, 1794, 1795 and 1796 Philadelphia Directories as a gentleman, located at 141 South Second Street. In 1796, one U. S. dollar was the equivalent of 0.2333 pounds, therefore the 500 pound interest bearing loan was the equivalent of $2,143.00.
Inventory of David Rittenhouse’s Personal Property
Andrew Ellicott and David Evans itemized David Rittenhouse’s personal property on September 16, 1796. Their document was affirmed, also on September 16th, before “I. Wampole, Dep. Reg.â€. Rittenhouse’s itemized personal property was reprinted on pages 167 and 168 of Cassel’s book.
- Andrew Ellicott was identified in the 1796 Philadelphia Directory as Geographer General of the United States, and a Councillor of the American Philosophical Society (APS). When he died, David Rittenhouse was President of the APS. Rittenhouse and Ellicott were most likely very close friends.
- Although there were three David Evans identified in the 1796 Philadelphia Directory, David Evans above was most likely David Rittenhouse’s nephew; the son of his sister – Eleanor Rittenhouse Evans.
- Isaac Wampole was identified in the 1796 Philadelphia Directory as a scrivener (a scribe and/or notary).
David Rittenhouse’s personal property, included (but was not limited to):
- A 1,500 pound (or $6,430.00) bond and warrant from Robert Smock dated February 9, 1792. Robert Smock was identified in the 1794 Philadelphia Directory as a merchant, located at 145 High Street.
- A 1,000 pound (or $4,286.00) bond from Thomas Ketland Jr. dated March 6, 1794. Thomas Ketland was identified in the 1794 Philadelphia Directory as a merchant, located at 3 Walnut Street. In 1795, he was identified as a compting house (or an accountant), located at 5 Walnut Street.
- A 500 pound (or $2,143.00) bond from Joseph Watkins dated May 5, 1795. Joseph Watkins was identified in the 1794 Philadelphia Directory as a cabinet and chair maker, located at 121 Mulberry (or Arch) Street. In 1795 and 1796, he was identified as a gentleman.
- A 200 pound (or $857.00) bond, also from Joseph Watkins, dated August 6, 1795.
- A 100 pound (or $428.00) bond from Jacob Driesbach and Michael Reiver, payable May 27, 1797. Neither of these individuals were identified in the 1794 through 1799 Philadelphia Directories.
- A second 100 pound (or $428.00) bond from Jacob Driesbach and Michael Reiver, payable May 27, 1798.
- A 31 pound (or $133.00) bond from Jacob Driesbach and Michael Reiver, payable May 27, 1799.
- 2,625 pounds (or $11,252.00) in 6% stock. (The specifics of the stock were not specified.)
- 203 pounds (or $870.00) in 3% stock. (The specifics of the stock were not specified.)
- 10 shares of capital stock of the Bank of the United States,
- 5 shares of capital stock of the Bank of North America, and
- 1 share in the Delaware & Schuylkill Canal (that had no value in 1796).
Each share of capital stock of the Bank of the United States initially sold for $400.00 in 1792. Shortly thereafter, the value of each share rose to $600.00. At the time of Rittenhouse’s death, the 10 shares were valued at 1500 pounds (or $6,429.00). Each share of capital stock of the Bank of North America initially sold for $400.00. At the time of Rittenhouse’s death, the stock was valued at 750 pounds (or $3,215.00).
David Rittenhouse’s personal property was valued at 8,941 pounds ($38,324.00). As Director of the Mint, Rittenhouse was paid a salary of $2,000.00 per year. His salary ranged from 4 to 10 times that of the Mint workmen that were in his employ. As former chief executive officer of the United States Mint, the value of Rittenhouse’s personal property at the time of his death was valued at more than 19 times his annual salary.
Today, any executive that has 19 times his annual salary in personal property, excluding his real estate, would be a multi-millionaire.
The Rittenhouse Observatory
David Rittenhouse’s primary residence, near Arch and Seventh Streets, included real estate (69 ½ feet in front on Arch Street and 112 feet in length on Seventh Street), his home, and an Observatory. On September 16, 1796, the American Philosophical Society (APS) formed a committee to meet with Hannah Rittenhouse, David’s widow, regarding the Rittenhouse Observatory. Per page 241 of Early Proceedings of the American Philosophical Society for the Promotion of Useful Knowledge, Compiled by one of the Secretaries, From the Manuscript Minutes of its Meetings, From 1744 to 1838:
Coxe, W. Barton, Bleakley, Patterson, Committee to "confer with Mrs. Rittenhouse on a proposal made by her through Dr. Barton relative to investing the Observatory of the late President in the Society."
On October 7, 1796, an agreement was made between the APS and Mrs. Rittenhouse:
Mrs. Rittenhouse having expressed to the Committee "a desire to invest in the Society the Observatory, with a certain quantity of ground leading thereto,
"Resolved that this Society will with the greatest pleasure accept of the trust."
On March 10, 1797, the deed for the land and the Rittenhouse Observatory was provided to the APS by Hannah Rittenhouse.
Conclusions
Since David Rittenhouse owned real estate and personal property at the time of his death, he could not have died in debtors’ prison. Had he been incarcerated in debtors’ prison after January, 1770, he would not have owned the 72 acres 148 perches in Norriton, PA that was part of his estate in 1796. Likewise, had he been incarcerated in debtors’ prison after May, 1786, his widow could not have deeded land and the Rittenhouse Observatory near Arch and Seventh Streets to the APS. David Rittenhouse was not bankrupt or near bankruptcy at the time of his death. On the contrary, he was a very wealthy individual; the equivalent of a 21st century multimillionaire. David Rittenhouse did, in fact, die on June 26, 1796.
To be continued…
To read the earlier E-Sylum article, see:
FINKELSTEIN ON DR. DAVID RITTENHOUSE – PART 1 (www.coinbooks.org/esylum_v18n41a11.html) - 2015-10-25
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