24 Facts About Condy Raguet

Condy Raguet was the first charge d'affaires from the United States to Brazil and a noted politician and free trade advocate from Philadelphia, Pennsylvania.

Condy Raguet briefly worked as supercargo for a counting house, before going into business for himself.

Condy Raguet later worked as manager or president for several companies, the most notable being the Philadelphia Savings Fund Society.

In 1816 Condy Raguet read about the growth of savings banks in Great Britain and liked the idea; he approached other Philadelphia business associates and together they created the Society, the first savings bank in the United States.

Condy Raguet edited numerous journals relating to free trade and wrote and published works on the subject.

Condy Raguet had to give up his studies after the death of his father and became a merchant for a counting house.

Condy Raguet spent four months there and on his return he wrote and published A Short Account of the Present State of Affairs in St Domingo.

Condy Raguet returned for eight months in 1805 and again published a book about events on the island.

On December 23,1807, Raguet was married to Catherine S Simmons.

In 1806, Condy Raguet went into business and soon became the president and manager of several companies.

In 1815 Condy Raguet went into politics when he was elected to the Pennsylvania House of Representatives as a member of the Federalist Party.

Condy Raguet was elected to the American Philosophical Society in 1822.

In 1816, while president of the Pennsylvania Company for Insurances on Lives and Granting Annuities, Condy Raguet read journals and pamphlets about the growth of savings banks in Great Britain.

Condy Raguet was active in the early workings of the Philadelphia Savings Fund Society, working on committees to set up company operations, drafting by-laws, and creating a charter.

At other points in his life Condy Raguet was president of the Chamber of Commerce and a member of the American Philosophical Society.

In 1821 President James Monroe appointed Condy Raguet the United States consul in Rio de Janeiro.

Condy Raguet became the first charge d'affaires from the United States to Brazil on October 29,1825.

Condy Raguet became exhausted with how the Brazilian government never followed up its promises to investigate the complaints.

Condy Raguet didn't believe the Brazilians actually believed the Spark was a privateer, and felt that what he called "the most deliberate and high handed insult" against the United States was planned days in advance.

Condy Raguet died in Philadelphia on March 22,1842, and was interred at Lower Burial Ground in Philadelphia.

Since the end of the War of 1812, Condy Raguet was a leading inflationist, supporting deliberate inflation through increasing the available supply of currency and credit.

Condy Raguet concluded that the depression was a result of bank credit expansion and the subsequent contraction as physical money was drained from the bank's vaults.

Condy Raguet promoted restrictions on banks and of granting bank charters.

Condy Raguet edited several journals relating to free trade, including The Free-Trade Advocate, The Examiner and The Financial Register.