Alexander Baring, 1st Baron Ashburton
Encyclopedia
Alexander Baring, 1st Baron Ashburton PC (27 October 1774 – 13 May 1848) was a British politician and financier.
, emigrated from Germany and established the family in England.
He was sent to the United States
for various land deals, and formed wide connections with American houses. In 1810, by his father's will, he became head of the family firm. A year later when Henry Hope
died, he merged the London offices of Hope & Co.
into Baring Brothers & Co.
.
between 1806 and 1826, for Callington
between 1826 and 1831, for Thetford
between 1831 and 1832 and North Essex
between 1832 and 1835. He regarded politics from the point of view of the business man and opposed the orders-in-council for "the restrictions on trade with the United States in 1812," and, in 1826, the act for the suppression of small banknotes as well as other reform. He accepted the post Chancellor of the Exchequer
in the Duke of Wellington
's projected ministry of 1832; but afterwards, alarmed at the men in parliament, declared "he would face a thousand devils rather than such a House of Commons."
Baring was Master of the Mint
in Robert Peel
's government and, on Peel's retirement, was created Baron Ashburton
on 10 April 1835, a title previously held by John Dunning, 1st Baron Ashburton
. In 1842 he was again sent to America, and the same year concluded the Webster-Ashburton Treaty
. A compromise was settled concerning the north-east boundary of Maine
, the extradition of certain criminals was arranged, each state agreed to maintain a squadron of at least eighty guns on the coast of Africa
for the suppression of the slave trade, and the two governments agreed to unite in an effort to persuade other powers to close all slave markets within their territories. Despite his earlier attitude, Lord Ashburton disapproved of Peel's free trade and opposed the Bank Charter Act of 1844
.
Ashburton was a trustee of the British Museum
and of the National Gallery
, a privy councillor and D.C.L. He published, besides several speeches, An Enquiry into the Causes and Consequences of ... Orders in Council (1808), and The Financial and Commercial Crisis Considered (1847).
, of Philadelphia, on 23 August 1798. They had nine children:
wittily remarked; "There are six main powers in Europe; Britain, France, Austria-Hungary, Russia, Prussia and Baring-Brothers!"
(Vicary Gibbs, from the "Complete Peerage" 1910).
Background
Baring was the second son of Sir Francis Baring, 1st Baronet, and of Harriet, daughter of William Herring. His grandfather, John Baring (1697–1748)John Baring (1697–1748)
John Baring came to England in 1717 as a German immigrant, apprenticed to a wool merchant. His decision to settle permanently in England started the Baring family on the road to becoming one of the leading family banking firms in the world....
, emigrated from Germany and established the family in England.
Business career
He was brought up in his father's business, and became a partner at Hope & Co.Hope & Co.
Hope & Co. is the name of a famous Dutch bank that spanned two and a half centuries. Though the founders were Scotsmen, the bank was located in Amsterdam, and at the close of the 18th century it had offices in London as well.-Early days:...
He was sent to the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
for various land deals, and formed wide connections with American houses. In 1810, by his father's will, he became head of the family firm. A year later when Henry Hope
Henry Hope
Henry Hope was an Amsterdam merchant banker born in Boston, in Britain's Massachusetts Bay Colony in North America.-Early years:...
died, he merged the London offices of Hope & Co.
Hope & Co.
Hope & Co. is the name of a famous Dutch bank that spanned two and a half centuries. Though the founders were Scotsmen, the bank was located in Amsterdam, and at the close of the 18th century it had offices in London as well.-Early days:...
into Baring Brothers & Co.
Barings Bank
Barings Bank was the oldest merchant bank in London until its collapse in 1995 after one of the bank's employees, Nick Leeson, lost £827 million due to speculative investing, primarily in futures contracts, at the bank's Singapore office.-History:-1762–1890:Barings Bank was founded in 1762 as the...
.
Political career
Baring sat in parliament for TauntonTaunton (UK Parliament constituency)
Taunton was a constituency represented in the House of Commons of the Parliament of the United Kingdom and its predecessors from 1295 to 2010, taking its name from the town of Taunton in Somerset...
between 1806 and 1826, for Callington
Callington (UK Parliament constituency)
Callington was a rotten borough in Cornwall which returned two Members of Parliament to the House of Commons in the English and later British Parliament from 1585 to 1832, when it was abolished by the Reform Act 1832.-History:...
between 1826 and 1831, for Thetford
Thetford (UK Parliament constituency)
Thetford was a constituency of the British House of Commons. It elected two Members of Parliament by the bloc vote system of election until it was disenfranchised in 1868...
between 1831 and 1832 and North Essex
North Essex (UK Parliament constituency)
North Essex was a parliamentary constituency represented in the House of Commons of the Parliament of the United Kingdom between 1997 and 2010...
between 1832 and 1835. He regarded politics from the point of view of the business man and opposed the orders-in-council for "the restrictions on trade with the United States in 1812," and, in 1826, the act for the suppression of small banknotes as well as other reform. He accepted the post Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
in the Duke of Wellington
Arthur Wellesley, 1st Duke of Wellington
Field Marshal Arthur Wellesley, 1st Duke of Wellington, KG, GCB, GCH, PC, FRS , was an Irish-born British soldier and statesman, and one of the leading military and political figures of the 19th century...
's projected ministry of 1832; but afterwards, alarmed at the men in parliament, declared "he would face a thousand devils rather than such a House of Commons."
Baring was Master of the Mint
Royal Mint
The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. The Mint originated over 1,100 years ago, but since 2009 it operates as Royal Mint Ltd, a company which has an exclusive contract with HM Treasury to supply all coinage for the UK...
in Robert Peel
Robert Peel
Sir Robert Peel, 2nd Baronet was a British Conservative statesman who served as Prime Minister of the United Kingdom from 10 December 1834 to 8 April 1835, and again from 30 August 1841 to 29 June 1846...
's government and, on Peel's retirement, was created Baron Ashburton
Baron Ashburton
Baron Ashburton, of Ashburton in the County of Devon, is a title that has been created twice, once in the Peerage of Great Britain and once in the Peerage of the United Kingdom.-History:...
on 10 April 1835, a title previously held by John Dunning, 1st Baron Ashburton
John Dunning, 1st Baron Ashburton
John Dunning, 1st Baron Ashburton was an English lawyer and politician.He was first noticed in English politics when he wrote a notice in 1762 defending the British East India Company merchants against their Dutch rivals. He was a Member of Parliament from 1768 onward...
. In 1842 he was again sent to America, and the same year concluded the Webster-Ashburton Treaty
Webster-Ashburton Treaty
The Webster–Ashburton Treaty, signed August 9, 1842, was a treaty resolving several border issues between the United States and the British North American colonies...
. A compromise was settled concerning the north-east boundary of Maine
Maine
Maine is a state in the New England region of the northeastern United States, bordered by the Atlantic Ocean to the east and south, New Hampshire to the west, and the Canadian provinces of Quebec to the northwest and New Brunswick to the northeast. Maine is both the northernmost and easternmost...
, the extradition of certain criminals was arranged, each state agreed to maintain a squadron of at least eighty guns on the coast of Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
for the suppression of the slave trade, and the two governments agreed to unite in an effort to persuade other powers to close all slave markets within their territories. Despite his earlier attitude, Lord Ashburton disapproved of Peel's free trade and opposed the Bank Charter Act of 1844
Bank Charter Act 1844
The Bank Charter Act 1844 was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England....
.
Ashburton was a trustee of the British Museum
British Museum
The British Museum is a museum of human history and culture in London. Its collections, which number more than seven million objects, are amongst the largest and most comprehensive in the world and originate from all continents, illustrating and documenting the story of human culture from its...
and of the National Gallery
National Gallery, London
The National Gallery is an art museum on Trafalgar Square, London, United Kingdom. Founded in 1824, it houses a collection of over 2,300 paintings dating from the mid-13th century to 1900. The gallery is an exempt charity, and a non-departmental public body of the Department for Culture, Media...
, a privy councillor and D.C.L. He published, besides several speeches, An Enquiry into the Causes and Consequences of ... Orders in Council (1808), and The Financial and Commercial Crisis Considered (1847).
Family
Ashburton married Anne Louisa, daughter of the American statesman William BinghamWilliam Bingham
William Bingham was an American statesman from Philadelphia, Pennsylvania. He was a delegate for Pennsylvania to the Continental Congress from 1786 to 1788 and served in the United States Senate from 1795 to 1801...
, of Philadelphia, on 23 August 1798. They had nine children:
- Bingham Baring, 2nd Baron Ashburton (1799–1864)
- Francis Baring, 3rd Baron AshburtonFrancis Baring, 3rd Baron AshburtonFrancis Baring, 3rd Baron Ashburton was a British peer Whig and later Tory politician.He was elected at the 1830 general election as a Whig Member of Parliament for the borough of Thetford in Norfolk,...
(1800–1868) - Hon. Harriet Baring (3 May 1804 – 2 January 1892), married Henry Thynne, 3rd Marquess of BathHenry Thynne, 3rd Marquess of BathHenry Frederick Thynne, 3rd Marquess of Bath , styled Lord Henry Thynne until January 1837 and Viscount Weymouth between January and March 1837, was a British naval commander and politician....
- Hon. Rev. Frederick Baring (31 January 1806 – 4 June 1868), married on 24 April 1831 Frederica Ashton and had issue
- Hon. Anne Eugenia Baring (d. 8 March 1839), married Humphrey St John Mildmay
- Alexander Baring (2 May 1810 – 12 March 1832)
- Hon. Arthur Baring (8 October 1818 – 16 February 1838)
- Hon. Louisa Emily Baring (d. 23 March 1888)
- Hon. Lydia Emily Baring (d. 28 December 1868)
Quotes
Of this great mercantile family the Duc de RichelieuArmand-Emmanuel du Plessis, Duc de Richelieu
Armand Emmanuel Sophie Septimanie de Vignerot du Plessis, 5th Duke of Richelieu was a prominent French statesman during the Bourbon Restoration...
wittily remarked; "There are six main powers in Europe; Britain, France, Austria-Hungary, Russia, Prussia and Baring-Brothers!"
(Vicary Gibbs, from the "Complete Peerage" 1910).