Chaym Solomon committed his fortune and his life to the establishment of the United States of America.
“Descended from Jewish refugees from Portugal, Solomon was born in Leszno, Poland. He studied Hebrew and had basic education, but he did not know how to write in Yiddish. In the 18th century, he journeyed throughout Western Europe, during which time he acquired a knowledge of finance as well as fluency in several languages. He returned to Poland in 1770 but left two years later during the Partitions of Poland. After traveling to England, Solomon immigrated to New York City in 1775, where he established himself as a financial broker for merchants engaged in overseas trade.”
“Sympathizing with the Patriot cause, Salomon joined the New York branch of the Sons of Liberty. In September 1776, he was arrested as a spy but the British pardoned him, only after serving 18 months of his sentence and claims of torture on a British boat, in order to use his abilities as an interpreter for their Hessian mercenaries. Solomon used his position to help prisoners of the British escape and encouraged the Hessians to desert the war effort. In 1778 Salomon was arrested again and sentenced to death, but he managed to escape, whereupon he made his way with his family to the rebel capital in Philadelphia.[4]
“Once resettled, Salomon resumed his activities as a broker. He became the agent to the French consul, as well as the paymaster for the French forces in North America. In 1781, he began working extensively with Robert Morris, the newly appointed Superintendent for Finance for the Thirteen Colonies.[5] Often working out of the "London Coffee House" in Philadelphia, Solomon sold about $600,000 in Bills of Exchange to his clients, netting about 2.5% per sale. During this period he had to turn to Morris for help when one sale of over $50,000 nearly sent him to prison. Morris used his position and influences to sue the defrauder and saved Solomon from default and disaster.
“In August of 1781, the Continental Army had trapped Lieutenant General Charles Cornwallis in the little Virginia coastal town of Yorktown. George Washington and the main army and the Count de Rochambeau with his French army decided to march from the Hudson Highlands to Yorktown and deliver the final blow. But Washington's war chest was completely empty, as was that of Congress. Washington determined that he needed at least $20,000 to finance the campaign. When Morris told him there were no funds and no credit available, Washington gave him a simple but eloquent order: "Send for Haym Salomon". Haym again came through, and the $20,000 was raised. Washington conducted the Yorktown campaign, which proved to be the final battle of the Revolution, thanks to Haym Salomon.[6]
“Salomon negotiated the sale of a majority of the war aid from France and Holland, selling bills of exchange to American merchants. Solomon also personally supported various members of the Continental Congress during their stay in Philadelphia, including James Madison and James Wilson. Acting as the patriot he was, he requested below market interest rates, and he never asked for repayment.[7]
“The Treaty of Paris, signed on September 3, 1783, ended the Revolutionary War but not the financial problems of the newly established nation. It was Haym Salomon who managed, time-after-time, to raise the money to bailout the debt-ridden government.”
Eric Cantor has bet his personal wealth on the economic default of the United States. Cantor will grow wealthier if default occurs.
Rep. Eric Cantor will profit if US suffers credit default
“Wall Street Journal profiled Eric Cantor’s investment
“Last summer, the Wall Street Journal ran a story that revealed Eric Cantor had as much as $15,000 invested in ProShares Trust Ultrashort 20-plus Year Treasury ETF. As the name implies, this mutual fund “aggressively shorts” long-term U.S. Treasury bonds. That means when the U.S. debt load is at its worst, the ProShares EFT produces maximum ROI.
“Rep. Cantor’s financial records, which are publicly available via sources like OpenSecrets.org, indicate that he still has as much as $15,000 invested in the ProShares fund. According to government insiders, if the U.S. government is unable to raise the debt ceiling by Aug. 2, the nation will begin to default on its debt payments to creditors. According to Bloomberg, this will also force a government shutdown that will furlough 800,000 federal workers.”
Cassi Creek: Thank you, Mr. Cantor, for betting against the United States while you are in a position to personally aid in causing its economic default. You, the GOP, and the teavangelists are attempting to destroy a government that has remained stable and functional since its 1776 founding. You are attempting to destroy a government that has championed the cause of civil rights, religious freedom, opposed slavery, and welcomed in millions of legal immigrants who have joined our founding fathers in committing their lives, fortunes, and sacred honors to this nation.
You and your minions have trumpeted your false patriotism while working for the establishment of an oligarchy that values only wealth. You are quite willing to beggar the nation and its citizens in search of financial backers who will reward you for destroying the nation that provided your ancestors with safe haven.
Chaym Solomon understood patriotism and honor. You, Mr. Cantor, understand neither.
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