Could a London Merchant Firm Become the U.S. Government's Banking Agent?

💡 The Answer

• Bird, Savage & Bird were London merchants trading with North America from around 1782.
• They later became the banking agents in Britain for the U.S. Government.
• This role involved handling routine payments for the American government abroad.
• In 1802, they were reluctant to make a routine payment as instructed by Ambassador Rufus King.
• King expressed concern that their affairs might be embarrassed, and the firm failed in early 1803.