What Happened When Bird, Savage & Bird Failed in 1803?

💡 The Answer

• The House of Bird, Savage & Bird failed in early 1803.
• The United States was left as a major creditor of the failed firm.
• To replace them, the U.S. Government appointed merchant bankers Francis Baring & Co.
• This failure occurred after Ambassador Rufus King had warned of possible financial embarrassment.
• It ended their role as the U.S. government's banking agents in Britain.