Why Did Bird, Savage & Bird's Failure Leave the U.S. Government as Creditor?

💡 The Answer

• Bird, Savage & Bird were banking agents for the U.S. Government in Britain.
• In 1802, ambassador Rufus King asked them to make a payment but they were reluctant.
• King worried their affairs were embarrassed, and in 1803 the firm collapsed.
• The U.S. Government was a major creditor when the firm failed.