Moses Michael Hayes

Merchant
Moses Michael Hays was American merchant, banker and philanthropist. He was among the first merchants in Boston to underwrite shipbuilding, trade and insurance to newly opened Far Eastern markets and was the founder of the Massachusetts Bank.

Moses Michael Hays was born in New York City in 1739 to Dutch immigrants Judah Hays and Rebecca Michaels. His father had a shipping and retail business, in which Moses helped him, and, upon his death in 1764, left him the business and largest share of his assets. Besides in business, Moses continued in his father’s steps in regard to commitment to Congregation Shearith Israel, where he served as second parnas (vice-president) in 1766 and parnas in 1767.

Moses moved to Newport, Rhode Island in 1769, where he continued his shipping business. Business reverses landed Hays in debtor’s prison but, under a 1771 reform law, he liquidated his assets, repaid his creditors and was set free. He immediately reestablished himself in the trans-Atlantic trade.

In 1775 Hays was asked to sign a declaration of loyalty to the American colonies that included the phrase, "upon the true faith of a Christian." He publicly objected to the phrase and refused to sign, instead offering a letter affirming his belief that the Revolution was a just cause. He signed when the Christian portion of the oath was omitted.

In 1776 Hays moved to Boston where he opened a shipping office and was among the first merchants there to underwrite shipbuilding, trade and insurance to newly opened Far Eastern markets. In 1784, Hays became a founder and the first depositor of the Massachusetts Bank. His philanthropic activities included financial support to beautify Boston Common, establishing theaters and endowments to Harvard College.