Introduction

This is part 2 of a series of articles about Dr. David Rittenhouse, the first Director of theUnited States Mint. Over the last few decades, multiple incorrect statements andtheories about events during his lifetime and after his death have been published innumerous numismatic articles and publications. These falsities have been perpetuatedsimply because they were put in print, without any contemporary evidence to validatethem. They have become accepted as being factual. They are not.

Falsity #2 - David Rittenhouse Was Bankrupt or Near Bankrupt When He Died

In Part 1, it was stated that a few researchers theorized that David Rittenhouse wasincarcerated in the Pruan Street (or Prune Street) debtor's prison during 1796, 1797 and1798, and that he, in fact, did not die in 1796. His June 26th death, June 27th burial, andDecember 17th Eulogium was suggested to have been a massive cover up to maintainthe integrity of his image and to protect his reputation.

In order for David Rittenhouse to have been incarcerated in debtors' prison, his debtshad to have been greater than his assets, he had to have been the defendant in abankruptcy court case, and he had to have been sentenced to debtors' prison by ajudge. At the time of his death, David Rittenhouse owned multiple real estateproperties; including land in Norriton, PA that was deeded to him by his father in 1770.In addition, he had a significant holding of personal property and stock, and he mademultiple interest bearing loans to others. Had David Rittenhouse been incarcerated indebtors' prison any time after 1770, the Norriton property that he owned since 1770would have been sold prior to his incarceration. See below.

David Rittenhouse's Last Will and Testament

Daniel K. Cassel, in his 1893 book titled Genea-Biographical History Of TheRittenhouse Family And All Its Branches In America, With Sketches Of TheirDescendants, reprinted David Rittenhouse's last will and testament on pages 164, 165and 166. Cassel identified Rittenhouse's will as being "taken from the records, which isfound recorded in Book X, page 475, No 66, at Philadelphia, in the year 1796". Assetsidentified in David Rittenhouse's last will and testament included:

David's father, Matthias, deeded him the Norriton property on January 12, 1770. Casselreprinted the deed on pages 169, 170 and 171 of his book. Note that Rittenhouse's firstastronomical observatory was built in 1769 on the Norriton property. His secondobservatory was built on his property near Arch and Seventh Streets.

Isaac Snowden was identified in the 1791, 1794, 1795 and 1796 PhiladelphiaDirectories as a gentleman, located at 141 South Second Street. In 1796, one U. S.dollar was the equivalent of 0.2333 pounds, therefore the 500 pound interest bearingloan was the equivalent of $2,143.00.

Inventory of David Rittenhouse's Personal Property

Andrew Ellicott and David Evans itemized David Rittenhouse's personal property onSeptember 16, 1796. Their document was affirmed, also on September 16th, before "I.Wampole, Dep. Reg.". Rittenhouse's itemized personal property was reprinted onpages 167 and 168 of Cassel's book.

David Rittenhouse's personal property, included (but was not limited to):

Each share of capital stock of the Bank of the United States initially sold for $400.00 in1792. Shortly thereafter, the value of each share rose to $600.00. At the time ofRittenhouse's death, the 10 shares were valued at 1500 pounds (or $6,429.00). Eachshare of capital stock of the Bank of North America initially sold for $400.00. At the timeof Rittenhouse's death, the stock was valued at 750 pounds (or $3,215.00).

David Rittenhouse's personal property was valued at 8,941 pounds ($38,324.00). AsDirector of the Mint, Rittenhouse was paid a salary of $2,000.00 per year. His salaryranged from 4 to 10 times that of the Mint workmen that were in his employ. As formerchief executive officer of the United States Mint, the value of Rittenhouse's personalproperty at the time of his death was valued at more than 19 times his annual salary.

Today, any executive that has 19 times his annual salary in personal property,excluding his real estate, would be a multi-millionaire.

The Rittenhouse Observatory

David Rittenhouse's primary residence, near Arch and Seventh Streets, included realestate (69 c feet in front on Arch Street and 112 feet in length on Seventh Street), hishome, and an Observatory. On September 16, 1796, the American PhilosophicalSociety (APS) formed a committee to meet with Hannah Rittenhouse, David's widow,regarding the Rittenhouse Observatory. Per page 241 of Early Proceedings of theAmerican Philosophical Society for the Promotion of Useful Knowledge, Compiled byone of the Secretaries, From the Manuscript Minutes of its Meetings, From 1744 to1838:

On October 7, 1796, an agreement was made between the APS and Mrs. Rittenhouse:

On March 10, 1797, the deed for the land and the Rittenhouse Observatory wasprovided to the APS by Hannah Rittenhouse.

Conclusions

Since David Rittenhouse owned real estate and personal property at the time of hisdeath, he could not have died in debtors' prison. Had he been incarcerated in debtors'prison after January, 1770, he would not have owned the 72 acres 148 perches inNorriton, PA that was part of his estate in 1796. Likewise, had he been incarcerated indebtors' prison after May, 1786, his widow could not have deeded land and theRittenhouse Observatory near Arch and Seventh Streets to the APS.David Rittenhouse was not bankrupt or near bankruptcy at the time of his death. On thecontrary, he was a very wealthy individual; the equivalent of a 21st century multimillionaire.David Rittenhouse did, in fact, die on June 26, 1796.

To be continued...

To read the earlier E-Sylum article, see:
FINKELSTEIN ON DR. DAVID RITTENHOUSE - PART 1(www.coinbooks.org/esylum_v18n41a11.html)