George Washington Riggs was an American businessman and banker.
Background
George Washington Riggs was born on July 4, 1813 in Georgetown, now a part of Washington, D. C. , the son of Elisha and Alice (Lawrason) Riggs and the great-grandson of John Riggs who was mentioned in a will in Anne Arundel County, Maryland, as early as 1716. The boy was brought up in Baltimore, to which his father removed after he took George Peabody into partnership and established the firm of Riggs & Peabody there.
Education
He went to the Round Hill School kept by George Bancroft and Joseph Green Cogswell at Northampton, Massachussets, and entered Yale College in 1829 but left some time in his junior year.
Career
He went abroad, and, returning to America, worked for his father in the mercantile firm of Riggs, Taylor & Company in New York City.
In 1840 William W. Corcoran took him into partnership in the banking firm of Corcoran & Riggs at Washington, D. C. The firm was immediately successful; it was able to obtain a major share of the loans required by the federal government, acquired a reputation in financing the Mexican War, and made large profits.
In 1848 he gave up his connection with the firm, to which, however, his younger half-brother Elisha succeeded so that the firm name remained the same. When Corcoran retired in 1854 Riggs bought his interest and, under the firm name of Riggs & Company (since 1896 The Riggs National Bank), directed the business until his death.
He was a member of the board of aldermen of the District of Columbia, in 1873 was chairman of a committee to present to Congress a petition asking for an investigation into the conduct of the board of public works, helped to obtain a committee report favorable to the abolition of the existing territorial form of government, and was active in the establishment of the present (1934) form of government that vests all authority in Congress.
In 1864 he advanced the money to maintain Mount Vernon until the return of peace should make it possible for the society again to raise funds. He died at his home "Green Hill" in Prince George's County, Maryland.
Achievements
Membership
Although a Protestant in early life he received the last rites of the Roman Catholic Church and was buried from St. Aloysius Church in Washington.
Connections
On June 23, 1840, he was married to Janet Madeleine Cecilia Shedden, the daughter of Thomas Shedden of Glasgow, Scotland. They had nine children.