On the 20th of February, 1781, Mr. Morris was unanimously elected by congress to the office of Superintendant of Finance, then first created. This gentleman arranged, in the spring following[[273]], the system of the present Bank of North-America; whereupon, many of the subscribers to the first-formed bank transferred their subscriptions to this institution. These were incorporated by an ordinance of congress[[274]], passed the 31st of December, 1781; and in the beginning of the succeeding year, this Bank commenced its operations in Philadelphia. By the incorporating ordinance, the following gentlemen were nominated by congress to be the president and directors of the institution, until a choice of a new direction should be made by the stockholders; namely, Thomas Willing, Thomas Fitzsimons, John Maxwell Nesbitt, James Wilson, Henry Hill, Samuel Osgood, Cadwalader Morris, Andrew Caldwell, Samuel Inglis, Samuel Meredith, William Bingham, and Timothy Matlack, Esquires. Mr. Willing, a merchant of high credit and respectability, was president of the board.

Some doubts having arisen, respecting the right of congress, under the then existing confederation, to exercise the power of erecting any corporate body, an act was passed by the general assembly of Pennsylvania, the 1st of April, 1782, to incorporate this Bank, in order to obviate such doubts. That act was repealed, the 13th of September, 1785; but on the 18th of March, 1787, the charter was renewed for the term of fourteen years, and has been since further continued.

It was by means of this establishment, that Mr. Morris, the superintendant of the finances, was enabled to support the public credit, and, in the words of Dr. Gordon, “to keep things in motion,” at a most critical period of the American affairs, and when the national credit was in the lowest possible state of depression.[[275]]

The establishment of a Mint seems to be a necessary appendage to that of a national Bank. Accordingly, Mr. Morris, in his capacity of superintendant of the finances, addressed a letter to congress, on the 15th of January 1782, “touching the establishment of a Mint.” On the 21st of the succeeding month, they approved his proposal,—directing him, at the same time, “to prepare and report to congress a plan:” But nothing further appears to have been done in this business, until the 16th of October 1786, when congress passed “An Ordinance for the establishment of the Mint of the United States,” &c.

About two years, however, after the commencement of the present federal government (viz. March 3. 1791,) a resolution of congress was passed, concerning the establishing of a Mint, under such regulations as should be directed by law. Previously to this, the late Alexander Hamilton, Esq. had communicated to the house of representatives, by their order, the result of his enquiries and reflexions on the subject, in a diffuse and masterly official report. In his report, this able financier, alike distinguished as a statesman and a soldier,[[276]] remarked, that “the unequal values allowed in different parts of the Union to coins of the same intrinsic worth; the defective species of them, which embarrass the circulation of them in some of the states; and the dissimilarity in their several monies of account, are inconveniences, which if not to be ascribed to the want of a national coinage, will at least be most effectually remedied by the establishment of one; a measure that will at the same time give additional security against impositions, by counterfeit as well as by base currencies.”—“It was with great reason, therefore,” continues the Secretary, “that the attention of congress, under the late confederation, was repeatedly drawn to the establishment of a Mint; and it is with equal reason that the subject has been resumed; now that the favourable change which has taken place in the situation of public affairs, admits of its being carried into execution.”

The Mint has been continued in Philadelphia, ever since its establishment,—a great commercial city being very properly considered the most suitable situation for such an institution; its operations have been conducted, for many years past, with activity; and there are few coins superior in beauty, to those of the American Mint.

In less than a year after Dr. Rittenhouse had engaged himself in the duties appertaining to the Directorship of the Mint, he was again called upon to assist his countrymen, by the aid of his talents, in effecting an important water-communication, inland, which was then contemplated. An association, called “The Conewago-Canal Company,” was formed in Philadelphia, in pursuance of a law enacted the 13th of April, 1791; by which the sum of fourteen thousand dollars was appropriated, for the purpose of improving the navigation of the river Susquehanna, between Wright’s Ferry (now the thriving town of Columbia) and the mouth of the Swatara. This company consisted of seventeen members, of whom Dr. Rittenhouse was one: and they were incorporated by an act of assembly, passed the 10th of April, 1793.

Just about this period, an occurrence took place at Philadelphia, then the seat of the national government, which excited much public feeling at the time, and—contrary to the expectations of some good men of sanguine dispositions—became the source of many political evils, afterwards. This was the formation of what was called the Democratic Society; a political association, produced by the effervescences of the French revolution, while that all-important event was yet viewed in a favourable light by free nations: and of this society, Dr. Rittenhouse was elected President.

That Dr. Rittenhouse should have been selected as the President of the Democratic Society, and chosen for that station, can be readily accounted for. This gentleman had evinced, from the commencement of the troubles between the American colonies of Great-Britain and the parent country, an ardent attachment to the cause of his native land. The benevolence of his disposition rendered him the well-wisher of all mankind: hence every thing that, in his view, bore the semblance of oppression, was odious to him. But the wrongs which the country of his nativity, more particularly, experienced, from the unconstitutional claims of the British Parliament, roused those feelings of patriotism, with which his virtuous breast was animated, at the beginning of the American discontents: he was, therefore, an early and decided Whig; and the same principles that induced him to become such, continued to actuate him throughout the contest between the two countries.

The benignity of his temper must, nevertheless, have induced him to be truly rejoiced at the return of peace. When that happy event took place, he had too much goodness of heart to remember past injuries, too much understanding to be influenced by unworthy and mischievous prejudices; he had not a particle of malignity in his nature. At the period of the Declaration of American Independence by Congress, he believed, with a great majority of his countrymen, that necessity justified the separation: and from that epocha, he was heartily disposed to hold the mother-country, as his compatriots then declared they did the rest of mankind,—“enemies in war, in peace friends.”