Before that, he had established himself as a dry goods merchant and hired George Peabody as his office boy.
They were mainly concerned with restoring the credit of Maryland abroad after the depression of 1841 to 1842 and disposed a bond issue of $8 million.
When the United States sought a loan to finance the Mexican–American War, the Riggs bank was the only institution to bid for the full amount and lent the government $34 million in 1847 and 1848.
It was successfully run as such until July 1896 when it assumed its present name as the Riggs National Bank.
Together, they were the parents of several children who lived abroad in Paris, including:[7] Riggs died on August 3, 1853, in New York City,[15] where he was buried.