L’Enfant’s Sacred Design
In July of 1790 Congress passed the Residence Act. The passage of the bill ended one of hardest fought and most fiercely negotiated compromised yet seen in the new United States Congress. The bill did not deal with the economy. It was not concerned with slavery. It didn’t mention the military, education, or human rights. For seven years, Congressmen had been debating the simple question of where the new government should be located.
The popular choice was Philadelphia. It had been serving as the de facto headquarters for some time, and it made the most sense to simply stay there. New York garnered attention as a potential location due to its prominence. In the end, Congress did the smart thing. In a move largely to appease southern states who feared the north was already becoming too powerful, they chose a swampy marshland straddling the border between Virginia and Maryland.
The man charged with turning this raw land into the shining beacon of freedom it was meant to be, was a friend of George Washington, the French born Pierra L’Enfant. Laying out a city is by no means an easy task. Laying out a national capital is another task in and of itself. L’Enfant took his task seriously. His designed was centered around the Capitol Building. From there he used the golden ratio of 1:1.618 to lay out a series of concentric circles. When divided into five equal parts those circles resulted in a series of cascading stars which were used to determine the location of various government buildings and monuments. This layout, steeped in symbolism and mysticism became known as Pierre’s sacred design.
In 1833 a group of citizens formed the Washington National Monument Society, and ruined Pierre’s sacred design. Their goal was to construct a privately funded monument to George Washington. It was to be built directly south of the Whitehouse, and directly west of the Capitol Building, becoming the focal point of the national mall. They held a public competition for the design of the monument and landed on a 600-foot-tall marble obelisk designed by Robert Mills. Marble is heavy. 600-foot marble obelisks are extremely heavy. Initial surveying of the land came to a disheartening conclusion. The predetermined position for the monument was too unstable to support such a structure. Rather than opting for a different design, the society decided to move the structure 390 feet East Southeast, and Pierre L’Enfant turned over in his grave.
If you visit the Washington, you will find a small non-descript monument 390 away from the Washington monument. It is called Jefferson’s Pier, and it is where the Washington Monument was intended to stand. It is the spot directly in line with both the Capitol Building and the Whitehouse. In an effort that will remind you of many a home DIY renovation effort, the society tried to cover up the mistake. If you stand at the steps of the US Capitol Building and look out, you will see the Washington Monument, and the Lincoln Memorial perfectly aligned. But you are not looking directly West. You are looking one degree south of true west. The entire National Mall was turned, ever so slightly, to create the illusion that everything was still perfectly aligned.
The monument itself was by no means a small task. Construction began in 1848 with the excavation of the site, and the laying of the foundation. The obelisk moved along at a steady pace until funding ran dry in 1854 with the monument at a height of only 152 feet. Funding continued to wane, and the project was all but forgotten during the civil war. The incomplete monument stayed stagnant until 1880 when finally, another stone was laid atop the unfinished stump. By the time construction resumed the original quarry from which marble had been drawn had run dry. As a result, stone was sourced from an alternate quarry, and the result is a visible difference in the color of the obelisk marking the two periods of construction.
In 1884 the building was complete all but for one final piece. The apex. Upon its completion, it was the tallest building in the world. It was the focal point of the nation’s headquarters. It would become a symbol of freedom all over the world. The crown of this magnificent structure would have to be special. Perhaps it could be made of silver, or even gold. In the end congress made the decision to spare no expense for the apex piece. Silver, gold, and platinum were not enough for this monument. They determined that the apex would be made, of aluminum.
At 100 ounces, the apex was the largest piece of aluminum in the world. It was also the most expensive piece of metal in the world. In 1884, aluminum traded for about $1200 a kilo, more than the price of silver, gold, or platinum. Before affixing it to the top of the monument, the apex resided for two days in the window of Tiffany’s New York to be gawked at by onlookers.
In the early 1880’s aluminum was still an extremely difficult metal to mine. Thus, it was rare, and incredibly valuable. In 1888 however, scientists discovered a way to extract aluminum from common bauxite. By the early 1900’s the price had plummeted to about 60 cent per kilo, a decline of over 99.9%.
We never know what tomorrow holds. In 1884 aluminum was so precious that it was chosen to adorn the most impressive building in the world. When congress chose aluminum, they of course did not expect that only ten years later, it would be reduced to a common industrial metal.
In that same light, we must all remember that things which we perceive to be valuable today, may be worthless tomorrow. It is because of this uncertainty, that financial advisors around the world preach the concept of diversification to their clients. The hottest stock, the newest crypto, or the most sure thing real estate deal, may turn sour at any time. We simply just never know. The only way to protect yourself is to never put all your eggs into any one basket, no matter how appealing the basket may be.