Which Major Bank Replaced Bird, Savage & Bird as US Government Bankers?

💡 The Answer

• After Bird, Savage & Bird failed in early 1803, the U.S. needed a new banker.
• They appointed Francis Baring & Co., a prominent merchant bank.
• Baring & Co. had a reputation for stability and reliability.
• This switch happened because the previous firm left the U.S. as creditors.
• The appointment by the U.S. Government was official.