James Swan

During the time he held that office, he drew heavily on his private funds to aid the Continental Army, which was then in dire need of funds to arm and equip the soldiers who were arriving in Boston from all parts of New England. In 1795, Swan, acting as agent for France, helped refinance the United States’ debt to France, which amounted to 2,024,900 dollars. The US government gave him, as agent for France, newly issued US Government interest-bearing shares equal in value to the amount due on the French debt. Swan then arranged the sale of the shares to investors and the payment of the proceeds to France. In effect, the US replaced its debt to France with the US’s obligations under the new shares owned by private investors. The United States no longer owed money to foreign governments, although it continued to owe money to private investors both in the United States and in Europe. This allowed the young United States to place itself on a sound financial footing. On principles of loyalty, he spent 22 years - more than a quarter of his life - in the Paris Sainte-Pélagie Prison.