George Washington Riggs
Encyclopedia
George Washington Riggs was an American
businessman and banker. He was known as "The President's Banker."
(now part of Washington), the son of Elisha Riggs
and Alice Lawrason. His great-grandfather was John Riggs, who was mentioned in a will in Anne Arundel County
, Maryland
, as early as 1716. George was brought up in Baltimore, to which his father removed after he took George Peabody
into partnership and established the firm of Riggs & Peabody there. He went to the Round Hill School
kept by George Bancroft
and Joseph Green Cogswell at Northampton, Massachusetts
, and entered Yale College
in 1829, but left some time in his junior year. He traveled abroad, and, returning to America, worked for his father in the mercantile firm of Riggs, Taylor & Company in New York City
.
On June 23, 1840, he was married to Janet Madeleine Cecilia Shedden, the daughter of Thomas Shedden of Glasgow, Scotland
. They had nine children. The same year William W. Corcoran
took him into partnership in the banking firm of Corcoran & Riggs at Washington, D.C. The firm was immediately successful; it was able to obtain a major share of the loans required by the federal government, acquired a reputation in financing the Mexican-American War, and made large profits. In 1848 he gave up his connection with the firm, to which, however, his younger half-brother Elisha succeeded so that the firm name remained the same. When Corcoran retired in 1854, Riggs bought his interest. Under the firm name of Riggs & Company (since 1896 Riggs Bank
), he directed the business until his death.
He was a member of the board of aldermen of the District of Columbia, in 1873 was chairman of a committee to present to Congress a petition asking for an investigation into the conduct of the board of public works, helped to obtain a committee report favorable to the abolition of the existing territorial form of government, and was active in the establishment of the present (1934) form of government that vests all authority in Congress. He built and owned the Riggs House, a famous hotel
of his time, and was one of the organizers of the Washington and Georgetown Railroad Company. He was a trustee of the Corcoran Gallery of Art
and of the Peabody Education Fund
. He was for many years the treasurer of the Mt. Vernon Ladies' Association of the Union. In 1864 he advanced the money to maintain Mount Vernon
until the return of peace should make it possible for the society again to raise funds.
George Washington Riggs died at his home, Green Hill, in Prince George's County, Maryland
. The Green Hill estate included much of the nearby Maryland suburbs northeast of Washington including Adelphi
, Chillum
, and Lewisdale. Although a Protestant in early life, he received the last rites
of the Roman Catholic Church
. He is buried at Rock Creek Cemetery
, near Riggs Road in Washington, D.C.
His granddaughter, Kate Cheeseman Riggs, married Edward Newton Perkins, the grandson of U.S. Secretary of State, U.S. Attorney General and U.S. Senator William M. Evarts
and the brother of famed editor Maxwell Perkins
; uncles of Watergate Scandal special prosecutor Archibald Cox
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman and banker. He was known as "The President's Banker."
Life and work
Riggs was born in Georgetown, D.C.Georgetown, Washington, D.C.
Georgetown is a neighborhood located in northwest Washington, D.C., situated along the Potomac River. Founded in 1751, the port of Georgetown predated the establishment of the federal district and the City of Washington by 40 years...
(now part of Washington), the son of Elisha Riggs
Elisha Riggs
Elisha Riggs was the founder of the Riggs National Bank.- Early career :...
and Alice Lawrason. His great-grandfather was John Riggs, who was mentioned in a will in Anne Arundel County
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...
, Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
, as early as 1716. George was brought up in Baltimore, to which his father removed after he took George Peabody
George Peabody
George Peabody was an American-British entrepreneur and philanthropist who founded the Peabody Trust in Britain and the Peabody Institute in Baltimore, and was responsible for many other charitable initiatives.-Biography:...
into partnership and established the firm of Riggs & Peabody there. He went to the Round Hill School
Round Hill School
The Round Hill School for Boys in Northampton, Massachusetts, founded by George Bancroft and Joseph Cogswell in 1823, though it failed as a viable venture — it closed in 1834 — was an early effort to elevate secondary education in the United States for the sons of the New England elite...
kept by George Bancroft
George Bancroft
George Bancroft was an American historian and statesman who was prominent in promoting secondary education both in his home state and at the national level. During his tenure as U.S. Secretary of the Navy, he established the United States Naval Academy at Annapolis in 1845...
and Joseph Green Cogswell at Northampton, Massachusetts
Northampton, Massachusetts
The city of Northampton is the county seat of Hampshire County, Massachusetts, United States. As of the 2010 census, the population of Northampton's central neighborhoods, was 28,549...
, and entered Yale College
Yale College
Yale College was the official name of Yale University from 1718 to 1887. The name now refers to the undergraduate part of the university. Each undergraduate student is assigned to one of 12 residential colleges.-Residential colleges:...
in 1829, but left some time in his junior year. He traveled abroad, and, returning to America, worked for his father in the mercantile firm of Riggs, Taylor & Company 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...
.
On June 23, 1840, he was married to Janet Madeleine Cecilia Shedden, the daughter of Thomas Shedden of Glasgow, Scotland
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
. They had nine children. The same year William W. Corcoran
William Wilson Corcoran
William Wilson Corcoran was an American banker, philanthropist, and art collector.-Early life:Corcoran was born in Georgetown in the District of Columbia, the son of a well-to-do father whom the electors of Georgetown twice chose as mayor. His father, Thomas Corcoran, came to Georgetown in 1788...
took him into partnership in the banking firm of Corcoran & Riggs at Washington, D.C. The firm was immediately successful; it was able to obtain a major share of the loans required by the federal government, acquired a reputation in financing the Mexican-American War, and made large profits. In 1848 he gave up his connection with the firm, to which, however, his younger half-brother Elisha succeeded so that the firm name remained the same. When Corcoran retired in 1854, Riggs bought his interest. Under the firm name of Riggs & Company (since 1896 Riggs Bank
Riggs Bank
Riggs Bank was a Washington, D.C.-based commercial bank with branches located in the surrounding metropolitan area and offices around the world. For most of its history, it was the largest bank in the nation's capital. Riggs had been controlled by the Albritton family since the 1980s, but they lost...
), he directed the business until his death.
Hotel
A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
of his time, and was one of the organizers of the Washington and Georgetown Railroad Company. He was a trustee of the Corcoran Gallery of Art
Corcoran Gallery of Art
The Corcoran Gallery of Art is the largest privately supported cultural institution in Washington, DC. The museum's main focus is American art. The permanent collection includes works by Rembrandt, Eugène Delacroix, Edgar Degas, Thomas Gainsborough, John Singer Sargent, Claude Monet, Pablo...
and of the Peabody Education Fund
Peabody Education Fund
Founded of necessity due to damage caused largely by the American Civil War, the Peabody Education Fund was established by George Peabody in 1867 for the purpose of promoting "intellectual, moral, and industrial education in the most destitute portion of the Southern States." The gift of...
. He was for many years the treasurer of the Mt. Vernon Ladies' Association of the Union. In 1864 he advanced the money to maintain Mount Vernon
Mount Vernon
The name Mount Vernon is a dedication to the English Vice-Admiral Edward Vernon. It was first applied to Mount Vernon, the Virginia estate of George Washington, the first President of the United States...
until the return of peace should make it possible for the society again to raise funds.
George Washington Riggs died at his home, Green Hill, in Prince George's County, Maryland
Prince George's County, Maryland
Prince George's County is a county located in the U.S. state of Maryland, immediately north, east, and south of Washington, DC. As of 2010, it has a population of 863,420 and is the wealthiest African-American majority county in the nation....
. The Green Hill estate included much of the nearby Maryland suburbs northeast of Washington including Adelphi
Adelphi, Maryland
Adelphi is an unincorporated area and census-designated place in Prince George's County, Maryland, United States. The population was 14,998 at the 2000 census...
, Chillum
Chillum, Maryland
Chillum is an unincorporated area and census-designated place in Prince George's County, Maryland, United States. The population was 34,252 at the 2000 census...
, and Lewisdale. Although a Protestant in early life, he received the last rites
Last Rites
The Last Rites are the very last prayers and ministrations given to many Christians before death. The last rites go by various names and include different practices in different Christian traditions...
of the Roman Catholic Church
Roman Catholic Church
The Catholic Church, also known as the Roman Catholic Church, is the world's largest Christian church, with over a billion members. Led by the Pope, it defines its mission as spreading the gospel of Jesus Christ, administering the sacraments and exercising charity...
. He is buried at Rock Creek Cemetery
Rock Creek Cemetery
Rock Creek Cemetery — also Rock Creek Church Yard and Cemetery — is an cemetery with a natural rolling landscape located at Rock Creek Church Road, NW, and Webster Street, NW, off Hawaii Avenue, NE in Washington, D.C.'s Michigan Park neighborhood, near Washington's Petworth neighborhood...
, near Riggs Road in Washington, D.C.
His granddaughter, Kate Cheeseman Riggs, married Edward Newton Perkins, the grandson of U.S. Secretary of State, U.S. Attorney General and U.S. Senator William M. Evarts
William M. Evarts
William Maxwell Evarts was an American lawyer and statesman who served as U.S. Secretary of State, U.S. Attorney General and U.S. Senator from New York...
and the brother of famed editor Maxwell Perkins
Maxwell Perkins
William Maxwell Evarts Perkins , was the editor for Ernest Hemingway, F. Scott Fitzgerald and Thomas Wolfe. He has been described as the most famous literary editor.-Career:...
; uncles of Watergate Scandal special prosecutor Archibald Cox
Archibald Cox
Archibald Cox, Jr., was an American lawyer and law professor who served as U.S. Solicitor General under President John F. Kennedy. He became known as the first special prosecutor for the Watergate scandal. During his career, he was a pioneering expert on labor law and also an authority on...
.
Further reading
A few letters in the Lib. of Cong.; information from his son, the Rev. T. Lawrason Riggs, New Haven, Conn., and from the Riggs National Bank, Washington; Third Record of the Class of 1833 in Yale College (1870); Report of the Mount Vernon Ladies' Association, 1866, 1882; Grace King, Mount Vernon (1929); A Hist. of . . . Washington . . . by The Washington Post (1903), ed. by A. B. Slauson; W. B. Bryan, A Hist. of the National Capital, vol. II (1916); H. W. Crew, Centennial Hist. of . . . Washington, D. C. (1892); J. H. Wallace, Geneal. of the Riggs Family, vol. II (1901); Evening Star (Washington), Aug. 24, 1881.Sources
- "George Washington Riggs." Dictionary of American Biography Base Set. American Council of Learned Societies, 1928-1936.
- Reproduced in Biography Resource Center. Farmington Hills, Mich.: Thomson Gale. 2007.