James Swan (financier)

rdf:langString James Swan (financier)

rdf:langString James Swan (1754 – 31 July 1830) was an early American patriot and financier based in Boston in the 18th and 19th centuries. He was a member of the Sons of Liberty and participated in the Boston Tea Party. Swan was twice wounded at the Battle of Bunker Hill, he next became secretary of the Massachusetts Board of War and the legislature. During the time he held that office, he drew heavily on his private funds to aid the Continental Army, which was then in dire need of funds to arm and equip the soldiers who were arriving in Boston from all parts of New England. After the American Revolution Swan privately assumed the entire United States French debts at a slightly higher interest rate. Swan then resold these debts at a profit on domestic U.S. markets. On July 9, 1795, the entire debt of $2,024,899 was paid in full. The United States no longer owed money to foreign governments, although it continued to owe money to private investors both in the United States and in Europe. This allowed the young United States to place itself on a sound financial footing. On principles of loyalty, he spent 22 years—more than a quarter of his life—in the Paris Sainte-Pélagie Prison.