Elisha Riggs
Encyclopedia
Elisha Riggs was the founder of the Riggs National Bank.
as an ensign in the 32nd regiment of militia in Anne Arundel County, Maryland
. Before that, he had established himself as a dry goods merchant and hired George Peabody as his office-boy.
in 1816. By 1821, they had offices in New York City
and Philadelphia. In 1822 the firm’s name was changed to Riggs, Peabody & Co. with the main office in Baltimore. In 1829 the partnership was dissolved and Riggs retired to New York City. His estate is now part of the United States customs house.
and financed by Elisha. When the United States sought a loan to finance the Mexican-American War, the Riggs bank was the only institution to bid for the full amount and lent the government $34 million in 1847 and 1848. After the retirement of William Corcoran, Elisha's son George Washington Riggs and his grandson Elisha Francis Riggs took over the business as Riggs & Co. in Washington. It was successfully run as such until July 1896 when it assumed its present name as the Riggs National Bank. The bank still stands at its original location.
Early career
After his education, Riggs moved to Georgetown, DC, where he was employed as a merchant. He fought in the War of 1812War of 1812
The War of 1812 was a military conflict fought between the forces of the United States of America and those of the British Empire. The Americans declared war in 1812 for several reasons, including trade restrictions because of Britain's ongoing war with France, impressment of American merchant...
as an ensign in the 32nd regiment of militia in Anne Arundel County, Maryland
Anne Arundel County, Maryland
Anne Arundel County is a county located in the U.S. state of Maryland. It is named for Anne Arundell , a member of the ancient family of Arundells in Cornwall, England and the wife of Cæcilius Calvert, 2nd Baron Baltimore. Its county seat is Annapolis, which is also the capital of the state...
. Before that, he had established himself as a dry goods merchant and hired George Peabody as his office-boy.
Business Success
By 1815, Riggs and Peabody entered into a partnership under the firm name of Riggs & Peabody, dry goods merchant. Business flourished and soon they expanded to BaltimoreBaltimore
Baltimore is the largest independent city in the United States and the largest city and cultural center of the US state of Maryland. The city is located in central Maryland along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. Baltimore is sometimes referred to as Baltimore...
in 1816. By 1821, they had offices in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
and Philadelphia. In 1822 the firm’s name was changed to Riggs, Peabody & Co. with the main office in Baltimore. In 1829 the partnership was dissolved and Riggs retired to New York City. His estate is now part of the United States customs house.
Banking
Riggs and Peabody continued their business ventures and engaged in international finance. They were mainly concerned with restoring the credit of Maryland abroad after the depression of 1841-1842 and disposed a bond issue of $8 million. Before moving to New York, Elisha established the bank of Corcoran & Riggs in Washington, DC, which was organized by his son George Washington RiggsGeorge Washington Riggs
George Washington Riggs was an American businessman and banker. He was known as "The President's Banker."- Life and work :...
and financed by Elisha. When the United States sought a loan to finance the Mexican-American War, the Riggs bank was the only institution to bid for the full amount and lent the government $34 million in 1847 and 1848. After the retirement of William Corcoran, Elisha's son George Washington Riggs and his grandson Elisha Francis Riggs took over the business as Riggs & Co. in Washington. It was successfully run as such until July 1896 when it assumed its present name as the Riggs National Bank. The bank still stands at its original location.