How Did a London Merchant Firm Become the U.S. Government's Banker in Britain?

💡 The Answer

• Bird, Savage & Bird started as London merchants trading with North America around 1782.
• They exported manufactured goods to America and imported semi-tropical crops like those from South Carolina.
• Later, they expanded to become banking agents for the U.S. government in Britain.
• This role meant they handled payments on behalf of the United States in British currency.
• Their failure in 1803 left the U.S. government as a major creditor.