The death of Russell Sage and the problem of the distribution of his millions were the subject of much comment, some of which led naturally to editorial reminiscence. The Saint Louis Globe-Democrat reverts to the case of Stephen Girard, who, proportionately to the amount of his possessions, was probably his country’s greatest benefactor in the way of public bequests.
When Stephen Girard died in Philadelphia, in 1831, he was easily the richest man in the United States, the estate he disposed of amounting to seven million dollars. By will, he gave one hundred and forty thousand dollars to relatives (he was a childless widower), a number of bequests to employees, ninety-six thousand dollars to organized charities, three hundred thousand dollars to the State of Pennsylvania for internal improvements, and certain property in Louisiana to the city of New Orleans for public improvements.
The residue, amounting to over six million dollars, was bestowed on the city of Philadelphia, chiefly for the erection and maintenance of a college to accommodate not fewer than three hundred white male orphans, and the courts have construed a fatherless boy to be an orphan.
Put City in Charge of Work.
Mr. Girard put the city in charge of this work, and since 1869 it has been managed by a board of trustees appointed by the courts. Under its care the value of the Girard estate has increased to thirty-two million five hundred and fifty thousand dollars, three-fourths of which is productive real estate, with the remainder in choice cash assets.
Girard College, with its seventeen buildings, occupies forty acres. Its pupils at present number one thousand four hundred and eighty-three, and up to the present time it has fed, clothed, and educated seven thousand seven hundred boys, fitting them to step at once into active pursuits. This work will go on through the centuries with increasing resources.
Girard had a striking version of what wealth is for. He was a natural money-maker from his first commercial venture. He enjoyed the shaping of business and making it pay. He was no easy mark, but, giving others their due, exacted his own. His public spirit was highly developed, an inborn trait.
As a banker in the period of the second war with England, Girard personally saved the credit of the national credit more than once. He served Philadelphia many years in various official capacities, including that of councilman. Large internal improvements appealed to him strongly, and he was among the foremost in advocating and subscribing to them.
Set No Value on Wealth.
Girard set no value upon wealth, except as a means to accomplish worthy ends, and these were more to him than his money, or even his life.