Thomas Gresham
Encyclopedia
Sir Thomas Gresham was an English merchant
and financier
who worked for King Edward VI of England
and for Edward's half-sisters, Queens Mary I
and Elizabeth I
.
and descended from an old Norfolk
family, Gresham was one of two sons and two daughters of Sir Richard Gresham
, a leading London merchant, who for some time held the office of Lord Mayor
, and who for his services as agent of Henry VIII
in negotiating loans with foreign merchants received the honour of knight
hood. Though his father intended him to follow his own profession, he nevertheless sent him for some time to Gonville and Caius College, Cambridge
, but no information survives as to the duration of his residence. Either before or after this he became apprentice to his uncle Sir John Gresham
, also a merchant, who founded Gresham's School
in Holt, Norfolk
in 1555: we have his own testimony that he served an apprenticeship
of eight years.
admitted the 24-year-old Gresham as a liveryman
, and in the same year he went to the Low Countries
, where, either on his own account or on that of his father or uncle, he both carried on business as a merchant and acted in various matters as an agent for King Henry VIII
. In 1544 he married Anne Fernley, the widow of William Read, a London merchant, but he still continued to reside principally in the Low Countries
, having his headquarters at Antwerp in present-day Belgium
, where he played the market skillfully.
on the bourse
of Antwerp, and this proved so successful that in a few years King Edward VI
discharged almost all of his debts. The government sought Gresham's advice in all their money difficulties, and also frequently employed him in various diplomatic missions. He had no stated salary, but in reward of his services received from King Edward various grants of lands, the annual value of which at that time amounted ultimately to about 400 pounds
a year.
in 1553 Gresham went out of favour for a short time and Alderman William Dauntsey displaced him in his post. But Dauntsey's financial operations proved unsuccessful and Gresham was soon re-instated; and as he professed his zealous desire to serve the Queen, and manifested great adroitness both in negotiating loans and in smuggling money, arms and foreign goods, not only were his services retained throughout her reign (1553 - 1558), but besides his salary of twenty shillings per diem he received grants of church lands to the yearly value of 200 pounds. Under Queen Elizabeth (reigned 1558 - 1603), besides continuing in his post as financial agent of the crown, Gresham acted temporarily as ambassador
at the court of Margaret of Parma
, receiving a knighthood in 1559 prior to his departure. The unsettled times preceding the Dutch Revolt
compelled him to leave Antwerp on 10 March 1567; but, though he spent the remainder of his life in London
, he continued his business as merchant and financial agent of the government in much the same way as formerly. Overall he made himself one of the richest men in England.
Queen Elizabeth also found Gresham useful in a great variety of other ways, including acting as jailer to Lady Mary Grey (sister of Lady Jane Grey
), who, as a punishment for marrying Thomas Keyes
the sergeant porter, remained a prisoner in his house from June 1569 to the end of 1572.
to build at his own expense a bourse or exchange — what became the Royal Exchange
, modelled on the Antwerp bourse — on condition that they purchased for this purpose a piece of suitable ground. In this proposal he seems to have had an eye to his own interest as well as to the general good of the merchants, for by a yearly rental of £700 obtained for the shops in the upper part of the building he received a sufficient return for his trouble and expense.
The foundation of the Royal Exchange is the background of Thomas Heywood
's play: If You Know Not Me, You Know Nobody
part 2, in which a Lord extols the quality of the building when asked if he has ever seen "a goodlier frame":
, on 21 November 1579. His only son predeceased him, and his illegitimate daughter Anne, whom he married to Sir Nathaniel Bacon (1546?–1622), local politician, half-brother of Francis Bacon,1st Viscount St Alban
.
and around England
giving an income of more than 2,300 pounds a year) to his widow and her heirs, with the stipulation that after her death his own house in Bishopsgate Street and the rents from the Royal Exchange
should be vested in the Corporation of London and the Mercers Company
, for the purpose of instituting a college
in which seven professors should read lectures, one each day of the week, in astronomy
, geometry
, physic
, law
, divinity
, rhetoric
and music. Thus, Gresham College
, the first institution of higher learning in London, came to be established in 1597.
takes its name from him (although others, including the astronomer Nicolaus Copernicus
, had recognized the concept for years) because he urged Queen Elizabeth to restore the debased currency of England. However, Sir Thomas never formulated anything like Gresham's Law, which was the 1857 invention of Henry Dunning Macleod
, an economist with a knack for reading into a text that was not written.
, which he founded, and can also be seen as the weathervane on the Royal Exchange
in the City of London
, which he also founded in 1565. The famous Faneuil Hall
in Boston
, Massachusetts
, later borrowed the device.
According to an ancient legend of the Greshams, the founder of the family, Roger de Gresham, was a foundling abandoned as a new-born baby in long grass in North Norfolk
in the 13th century and found there by a woman whose attention was drawn to the child by a grasshopper. A beautiful story, it is more likely that the grasshopper is simply an heraldic
rebus
on the name Gresham, with gres being a Middle English form of grass (Old English
grœs). The Gresham family motto
is Fiat voluntas tua ('Thy will be done').
Merchant
A merchant is a businessperson who trades in commodities that were produced by others, in order to earn a profit.Merchants can be one of two types:# A wholesale merchant operates in the chain between producer and retail merchant...
and financier
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
who worked for King Edward VI of England
Edward VI of England
Edward VI was the King of England and Ireland from 28 January 1547 until his death. He was crowned on 20 February at the age of nine. The son of Henry VIII and Jane Seymour, Edward was the third monarch of the Tudor dynasty and England's first monarch who was raised as a Protestant...
and for Edward's half-sisters, Queens Mary I
Mary I of England
Mary I was queen regnant of England and Ireland from July 1553 until her death.She was the only surviving child born of the ill-fated marriage of Henry VIII and his first wife Catherine of Aragon. Her younger half-brother, Edward VI, succeeded Henry in 1547...
and Elizabeth I
Elizabeth I of England
Elizabeth I was queen regnant of England and Ireland from 17 November 1558 until her death. Sometimes called The Virgin Queen, Gloriana, or Good Queen Bess, Elizabeth was the fifth and last monarch of the Tudor dynasty...
.
Family and childhood
Born in LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and descended from an old Norfolk
Norfolk
Norfolk is a low-lying county in the East of England. It has borders with Lincolnshire to the west, Cambridgeshire to the west and southwest and Suffolk to the south. Its northern and eastern boundaries are the North Sea coast and to the north-west the county is bordered by The Wash. The county...
family, Gresham was one of two sons and two daughters of Sir Richard Gresham
Richard Gresham
Sir Richard Gresham was an English merchant, Lord Mayor of London, and member of parliament. He was the father of Sir Thomas Gresham.-Family:...
, a leading London merchant, who for some time held the office of Lord Mayor
Lord Mayor
The Lord Mayor is the title of the Mayor of a major city, with special recognition.-Commonwealth of Nations:* In Australia it is a political position. Australian cities with Lord Mayors: Adelaide, Brisbane, Darwin, Hobart, Melbourne, Newcastle, Parramatta, Perth, Sydney, and Wollongong...
, and who for his services as agent of Henry VIII
Henry VIII of England
Henry VIII was King of England from 21 April 1509 until his death. He was Lord, and later King, of Ireland, as well as continuing the nominal claim by the English monarchs to the Kingdom of France...
in negotiating loans with foreign merchants received the honour of knight
Knight
A knight was a member of a class of lower nobility in the High Middle Ages.By the Late Middle Ages, the rank had become associated with the ideals of chivalry, a code of conduct for the perfect courtly Christian warrior....
hood. Though his father intended him to follow his own profession, he nevertheless sent him for some time to Gonville and Caius College, Cambridge
Gonville and Caius College, Cambridge
Gonville and Caius College is a constituent college of the University of Cambridge in Cambridge, England. The college is often referred to simply as "Caius" , after its second founder, John Keys, who fashionably latinised the spelling of his name after studying in Italy.- Outline :Gonville and...
, but no information survives as to the duration of his residence. Either before or after this he became apprentice to his uncle Sir John Gresham
John Gresham
Sir John Gresham was an English merchant, courtier and financier who worked for King Henry VIII of England, Cardinal Wolsey and Thomas Cromwell. He was Lord Mayor of London and founded Gresham's School.-Life:...
, also a merchant, who founded Gresham's School
Gresham's School
Gresham’s School is an independent coeducational boarding school in Holt in North Norfolk, England, a member of the HMC.The school was founded in 1555 by Sir John Gresham as a free grammar school for forty boys, following King Henry VIII's dissolution of the Augustinian priory at Beeston Regis...
in Holt, Norfolk
Holt, Norfolk
Holt is a market town and civil parish in the English county of Norfolk. The town is north of the city of Norwich, west of Cromer and east of King's Lynn. The town is on the route of the A148 King's Lynn to Cromer road. The nearest railway station is in the town of Sheringham where access to the...
in 1555: we have his own testimony that he served an apprenticeship
Apprenticeship
Apprenticeship is a system of training a new generation of practitioners of a skill. Apprentices or protégés build their careers from apprenticeships...
of eight years.
Agent in the Low Countries
In 1543 the Mercers CompanyWorshipful Company of Mercers
The Worshipful Company of Mercers is the premier Livery Company of the City of London and ranks first in order of precedence. It is the first of the so-called "Great Twelve City Livery Companies". It was incorporated under a Royal Charter in 1394...
admitted the 24-year-old Gresham as a liveryman
Liveryman
For Livery Companies in the City of London, a Liveryman is a full member of their respective Company.Livery Company members fall into two basic categories: Freemen and Liverymen. One may join as a Freeman, and thereby acquire the "Freedom of the Company", upon fulfilling the Company's criteria...
, and in the same year he went to the Low Countries
Low Countries
The Low Countries are the historical lands around the low-lying delta of the Rhine, Scheldt, and Meuse rivers, including the modern countries of Belgium, the Netherlands, Luxembourg and parts of northern France and western Germany....
, where, either on his own account or on that of his father or uncle, he both carried on business as a merchant and acted in various matters as an agent for King Henry VIII
Henry VIII of England
Henry VIII was King of England from 21 April 1509 until his death. He was Lord, and later King, of Ireland, as well as continuing the nominal claim by the English monarchs to the Kingdom of France...
. In 1544 he married Anne Fernley, the widow of William Read, a London merchant, but he still continued to reside principally in the Low Countries
Low Countries
The Low Countries are the historical lands around the low-lying delta of the Rhine, Scheldt, and Meuse rivers, including the modern countries of Belgium, the Netherlands, Luxembourg and parts of northern France and western Germany....
, having his headquarters at Antwerp in present-day Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
, where he played the market skillfully.
Rescuing the pound
When in 1551 the mismanagement of Sir William Dansell, king's merchant in the Low Countries, had brought the English government into great financial embarrassment, the authorities called in Gresham to give his advice, and then chose him to carry out his own proposals. He called for the adoption of various methods — highly ingenious, but quite arbitrary and unfair — for raising the value of the pound sterlingPound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
on the bourse
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
of Antwerp, and this proved so successful that in a few years King Edward VI
Edward VI of England
Edward VI was the King of England and Ireland from 28 January 1547 until his death. He was crowned on 20 February at the age of nine. The son of Henry VIII and Jane Seymour, Edward was the third monarch of the Tudor dynasty and England's first monarch who was raised as a Protestant...
discharged almost all of his debts. The government sought Gresham's advice in all their money difficulties, and also frequently employed him in various diplomatic missions. He had no stated salary, but in reward of his services received from King Edward various grants of lands, the annual value of which at that time amounted ultimately to about 400 pounds
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
a year.
Later services to the crown
On the accession of Queen MaryMary I of England
Mary I was queen regnant of England and Ireland from July 1553 until her death.She was the only surviving child born of the ill-fated marriage of Henry VIII and his first wife Catherine of Aragon. Her younger half-brother, Edward VI, succeeded Henry in 1547...
in 1553 Gresham went out of favour for a short time and Alderman William Dauntsey displaced him in his post. But Dauntsey's financial operations proved unsuccessful and Gresham was soon re-instated; and as he professed his zealous desire to serve the Queen, and manifested great adroitness both in negotiating loans and in smuggling money, arms and foreign goods, not only were his services retained throughout her reign (1553 - 1558), but besides his salary of twenty shillings per diem he received grants of church lands to the yearly value of 200 pounds. Under Queen Elizabeth (reigned 1558 - 1603), besides continuing in his post as financial agent of the crown, Gresham acted temporarily as ambassador
Ambassador
An ambassador is the highest ranking diplomat who represents a nation and is usually accredited to a foreign sovereign or government, or to an international organization....
at the court of Margaret of Parma
Margaret of Parma
Margaret, Duchess of Parma , Governor of the Netherlands from 1559 to 1567 and from 1578 to 1582, was the illegitimate daughter of Charles V and Johanna Maria van der Gheynst...
, receiving a knighthood in 1559 prior to his departure. The unsettled times preceding the Dutch Revolt
Dutch Revolt
The Dutch Revolt or the Revolt of the Netherlands This article adopts 1568 as the starting date of the war, as this was the year of the first battles between armies. However, since there is a long period of Protestant vs...
compelled him to leave Antwerp on 10 March 1567; but, though he spent the remainder of his life in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, he continued his business as merchant and financial agent of the government in much the same way as formerly. Overall he made himself one of the richest men in England.
Queen Elizabeth also found Gresham useful in a great variety of other ways, including acting as jailer to Lady Mary Grey (sister of Lady Jane Grey
Lady Jane Grey
Lady Jane Grey , also known as The Nine Days' Queen, was an English noblewoman who was de facto monarch of England from 10 July until 19 July 1553 and was subsequently executed...
), who, as a punishment for marrying Thomas Keyes
Thomas Keyes
Thomas Keyes was the Royal Gatekeeper to the Queen regnant, Elizabeth I of England. He married her Majesty's cousin, Lady Mary Grey in 1564 without her consent. Upon hearing the ill-advised ceremony had taken place, Elizabeth is said to have declared with great wrath, ".....
the sergeant porter, remained a prisoner in his house from June 1569 to the end of 1572.
Foundation of the Royal Exchange
In 1565 Gresham made a proposal to the court of aldermen of LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
to build at his own expense a bourse or exchange — what became the Royal Exchange
Royal Exchange (London)
The Royal Exchange in the City of London was founded in 1565 by Sir Thomas Gresham to act as a centre of commerce for the city. The site was provided by the City of London Corporation and the Worshipful Company of Mercers, and is trapezoidal, flanked by the converging streets of Cornhill and...
, modelled on the Antwerp bourse — on condition that they purchased for this purpose a piece of suitable ground. In this proposal he seems to have had an eye to his own interest as well as to the general good of the merchants, for by a yearly rental of £700 obtained for the shops in the upper part of the building he received a sufficient return for his trouble and expense.
The foundation of the Royal Exchange is the background of Thomas Heywood
Thomas Heywood
Thomas Heywood was a prominent English playwright, actor, and author whose peak period of activity falls between late Elizabethan and early Jacobean theatre.-Early years:...
's play: If You Know Not Me, You Know Nobody
If You Know Not Me, You Know Nobody
If You Know Not Me, You Know Nobody is a two-part play by Thomas Heywood, depicting the life and reign of Elizabeth I of England, written very soon after the latter's death. The title deliberately echoes that of Samuel Rowley's 1605 play When You See Me You Know Me.Part 1 is a chronicle history of...
part 2, in which a Lord extols the quality of the building when asked if he has ever seen "a goodlier frame":
"Not in my life; yet I have been in VeniceVeniceVenice is a city in northern Italy which is renowned for the beauty of its setting, its architecture and its artworks. It is the capital of the Veneto region...
,
In the RialtoRialtoThe Rialto is and has been for many centuries the financial and commercial centre of Venice. It is an area of the San Polo sestiere of Venice, Italy, also known for its markets and for the Rialto Bridge across the Grand Canal....
there, called Saint Mark's;
'Tis but a bauble, if compared to this.
The nearest, that which most resembles this,
Is the great Burse in Antwerp, yet no comparable
Either in height or wildeness, the fair cellarage,
Or goodly shops above. Oh my Lord MayorLord MayorThe Lord Mayor is the title of the Mayor of a major city, with special recognition.-Commonwealth of Nations:* In Australia it is a political position. Australian cities with Lord Mayors: Adelaide, Brisbane, Darwin, Hobart, Melbourne, Newcastle, Parramatta, Perth, Sydney, and Wollongong...
,
This Gresham hath much graced your city of London;
His fame will long outlive him.
Death
Gresham died suddenly, apparently of apoplexyApoplexy
Apoplexy is a medical term, which can be used to describe 'bleeding' in a stroke . Without further specification, it is rather outdated in use. Today it is used only for specific conditions, such as pituitary apoplexy and ovarian apoplexy. In common speech, it is used non-medically to mean a state...
, on 21 November 1579. His only son predeceased him, and his illegitimate daughter Anne, whom he married to Sir Nathaniel Bacon (1546?–1622), local politician, half-brother of Francis Bacon,1st Viscount St Alban
Francis Bacon
Francis Bacon, 1st Viscount St Albans, KC was an English philosopher, statesman, scientist, lawyer, jurist, author and pioneer of the scientific method. He served both as Attorney General and Lord Chancellor of England...
.
Bequest for the foundation of Gresham College
Apart from some small sums to various charities, Gresham bequeathed the bulk of his property (consisting of estates in LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and around England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
giving an income of more than 2,300 pounds a year) to his widow and her heirs, with the stipulation that after her death his own house in Bishopsgate Street and the rents from the Royal Exchange
Royal Exchange (London)
The Royal Exchange in the City of London was founded in 1565 by Sir Thomas Gresham to act as a centre of commerce for the city. The site was provided by the City of London Corporation and the Worshipful Company of Mercers, and is trapezoidal, flanked by the converging streets of Cornhill and...
should be vested in the Corporation of London and the Mercers Company
Worshipful Company of Mercers
The Worshipful Company of Mercers is the premier Livery Company of the City of London and ranks first in order of precedence. It is the first of the so-called "Great Twelve City Livery Companies". It was incorporated under a Royal Charter in 1394...
, for the purpose of instituting a college
College
A college is an educational institution or a constituent part of an educational institution. Usage varies in English-speaking nations...
in which seven professors should read lectures, one each day of the week, in astronomy
Astronomy
Astronomy is a natural science that deals with the study of celestial objects and phenomena that originate outside the atmosphere of Earth...
, geometry
Geometry
Geometry arose as the field of knowledge dealing with spatial relationships. Geometry was one of the two fields of pre-modern mathematics, the other being the study of numbers ....
, physic
Medicine
Medicine is the science and art of healing. It encompasses a variety of health care practices evolved to maintain and restore health by the prevention and treatment of illness....
, law
Law
Law is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...
, divinity
Divinity
Divinity and divine are broadly applied but loosely defined terms, used variously within different faiths and belief systems — and even by different individuals within a given faith — to refer to some transcendent or transcendental power or deity, or its attributes or manifestations in...
, rhetoric
Rhetoric
Rhetoric is the art of discourse, an art that aims to improve the facility of speakers or writers who attempt to inform, persuade, or motivate particular audiences in specific situations. As a subject of formal study and a productive civic practice, rhetoric has played a central role in the Western...
and music. Thus, Gresham College
Gresham College
Gresham College is an institution of higher learning located at Barnard's Inn Hall off Holborn in central London, England. It was founded in 1597 under the will of Sir Thomas Gresham and today it hosts over 140 free public lectures every year within the City of London.-History:Sir Thomas Gresham,...
, the first institution of higher learning in London, came to be established in 1597.
Gresham's Law
Gresham's lawGresham's Law
Gresham's law is an economic principle that states: "When a government compulsorily overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation." It is commonly...
takes its name from him (although others, including the astronomer Nicolaus Copernicus
Nicolaus Copernicus
Nicolaus Copernicus was a Renaissance astronomer and the first person to formulate a comprehensive heliocentric cosmology which displaced the Earth from the center of the universe....
, had recognized the concept for years) because he urged Queen Elizabeth to restore the debased currency of England. However, Sir Thomas never formulated anything like Gresham's Law, which was the 1857 invention of Henry Dunning Macleod
Henry Dunning Macleod
-Life:Henry Dunning Macleod was born in Edinburgh, and educated at Eton, Edinburgh University, and Trinity College, Cambridge, where he graduated in 1843. Macleod traveled in Europe, and in 1849 was called to the English bar. He was employed in Scotland on the work of poor-law reform, and devoted...
, an economist with a knack for reading into a text that was not written.
The Gresham grasshopper
The grasshopper is the crest above Gresham's coat of arms. It is used by Gresham CollegeGresham College
Gresham College is an institution of higher learning located at Barnard's Inn Hall off Holborn in central London, England. It was founded in 1597 under the will of Sir Thomas Gresham and today it hosts over 140 free public lectures every year within the City of London.-History:Sir Thomas Gresham,...
, which he founded, and can also be seen as the weathervane on the Royal Exchange
Royal Exchange (London)
The Royal Exchange in the City of London was founded in 1565 by Sir Thomas Gresham to act as a centre of commerce for the city. The site was provided by the City of London Corporation and the Worshipful Company of Mercers, and is trapezoidal, flanked by the converging streets of Cornhill and...
in the City of London
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
, which he also founded in 1565. The famous Faneuil Hall
Faneuil Hall
Faneuil Hall , located near the waterfront and today's Government Center, in Boston, Massachusetts, has been a marketplace and a meeting hall since 1742. It was the site of several speeches by Samuel Adams, James Otis, and others encouraging independence from Great Britain, and is now part of...
in Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
, Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, later borrowed the device.
According to an ancient legend of the Greshams, the founder of the family, Roger de Gresham, was a foundling abandoned as a new-born baby in long grass in North Norfolk
North Norfolk
North Norfolk is a local government district in Norfolk, United Kingdom. Its council is based in Cromer. The council headquarters can be found approximately out of the town of Cromer on the Holt Road.-History:...
in the 13th century and found there by a woman whose attention was drawn to the child by a grasshopper. A beautiful story, it is more likely that the grasshopper is simply an heraldic
Heraldry
Heraldry is the profession, study, or art of creating, granting, and blazoning arms and ruling on questions of rank or protocol, as exercised by an officer of arms. Heraldry comes from Anglo-Norman herald, from the Germanic compound harja-waldaz, "army commander"...
rebus
Rebus
A rebus is an allusional device that uses pictures to represent words or parts of words. It was a favourite form of heraldic expression used in the Middle Ages to denote surnames, for example in its basic form 3 salmon fish to denote the name "Salmon"...
on the name Gresham, with gres being a Middle English form of grass (Old English
Old English language
Old English or Anglo-Saxon is an early form of the English language that was spoken and written by the Anglo-Saxons and their descendants in parts of what are now England and southeastern Scotland between at least the mid-5th century and the mid-12th century...
grœs). The Gresham family motto
Motto
A motto is a phrase meant to formally summarize the general motivation or intention of a social group or organization. A motto may be in any language, but Latin is the most used. The local language is usual in the mottoes of governments...
is Fiat voluntas tua ('Thy will be done').
Legacy
- Gresham's lawGresham's LawGresham's law is an economic principle that states: "When a government compulsorily overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation." It is commonly...
- The Royal ExchangeRoyal Exchange (London)The Royal Exchange in the City of London was founded in 1565 by Sir Thomas Gresham to act as a centre of commerce for the city. The site was provided by the City of London Corporation and the Worshipful Company of Mercers, and is trapezoidal, flanked by the converging streets of Cornhill and...
, which he founded in 1565 and was opened in 1571. - Gresham CollegeGresham CollegeGresham College is an institution of higher learning located at Barnard's Inn Hall off Holborn in central London, England. It was founded in 1597 under the will of Sir Thomas Gresham and today it hosts over 140 free public lectures every year within the City of London.-History:Sir Thomas Gresham,...
, which he founded by his Will of 1571, was opened in 1597. - Gresham StreetGresham StreetGresham Street, in the City of London, is named after Thomas Gresham and runs from St. Martin's Le Grand near St Paul's Cathedral in the west, past Guildhall, to Lothbury in the east...
in the City of LondonCity of LondonThe City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
running east from St Martin's Le Grand near St Paul's CathedralSt Paul's CathedralSt Paul's Cathedral, London, is a Church of England cathedral and seat of the Bishop of London. Its dedication to Paul the Apostle dates back to the original church on this site, founded in AD 604. St Paul's sits at the top of Ludgate Hill, the highest point in the City of London, and is the mother...
, past the GuildhallGuildhall, LondonThe Guildhall is a building in the City of London, off Gresham and Basinghall streets, in the wards of Bassishaw and Cheap. It has been used as a town hall for several hundred years, and is still the ceremonial and administrative centre of the City of London and its Corporation...
and the Bank of EnglandBank of EnglandThe Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
is named after him. Its eastern end is close to Gresham's house in BishopsgateBishopsgateBishopsgate is a road and ward in the northeast part of the City of London, extending north from Gracechurch Street to Norton Folgate. It is named after one of the original seven gates in London Wall...
, now the site of Tower 42Tower 42Tower 42 is the second tallest skyscraper in the City of London and the fifth tallest in London overall. The original name was the National Westminster Tower, having been built to house the National Westminster Bank's International Division. Seen from above, the tower closely resembles the NatWest...
. - The Gresham PalaceGresham PalaceGresham Palace or Gresham-palota, located in Budapest, Hungary, is an example of Art Nouveau architecture in Central Europe. Built during the early 1900s, it is now owned by an Irish company, Quinlan Private, and managed by Four Seasons Hotels....
in BudapestBudapestBudapest is the capital of Hungary. As the largest city of Hungary, it is the country's principal political, cultural, commercial, industrial, and transportation centre. In 2011, Budapest had 1,733,685 inhabitants, down from its 1989 peak of 2,113,645 due to suburbanization. The Budapest Commuter...
is named after him. - London's Gresham ClubGresham ClubThe Gresham Club was a City of London gentlemen's club, founded in 1843 and dissolved in 1991.-Formation and membership:The Club was founded in 1843 as a dining club for the professional classes of the City of London, and named after Sir Thomas Gresham, a celebrated Elizabethan merchant who founded...
was also named in his honour. - The Gresham HotelGresham HotelThe Gresham Hotel is a hotel in Dublin, Republic of Ireland. Located on O'Connell Street, the hotel is a Dublin institution. This landmark building has recently been refurbished.-History:...
in Dublin is indirectly named after Gresham. It was established in 1817 by another Thomas Gresham, who was given that name as he was a foundlingChild abandonmentChild abandonment is the practice of relinquishing interests and claims over one's offspring with the intent of never again resuming or reasserting them. Causes include many social and cultural factors as well as mental illness. An abandoned child is called a foundling .-Causes:Poverty is often a...
abandoned on the steps of the Royal Exchange. - Gresham Road, built near to the mansion Gresham built in Hounslow, Osterley ParkOsterley ParkOsterley Park is a mansion set in a large park of the same name. It is in the London Borough of Hounslow, part of the western suburbs of London. When the house was built it was surrounded by rural countryside. It was one of a group of large houses close to London which served as country retreats...
.
In fiction
- Gresham appears as a background figure in a series of fictional mystery novels by the British author Valerie AnandValerie Anand-Fiction:Under the pen name Fiona Buckley she writes the series of historical mysteries, set in the reign of Elizabeth I of England, featuring "Ursula Blanchard"...
writing under the pen-namePen nameA pen name, nom de plume, or literary double, is a pseudonym adopted by an author. A pen name may be used to make the author's name more distinctive, to disguise his or her gender, to distance an author from some or all of his or her works, to protect the author from retribution for his or her...
of Fiona Buckley. The fictional heroine of the stories, Ursula Blanchard, lived in Antwerp with her first husband while he worked as one of Gresham's agents.
- Gresham also features as the central character of Herbert StrangHerbert StrangHerbert Strang was the pseudonym of two English authors, George Herbert Ely and Charles James L'Estrange . They specialized in writing adventure stories for boys....
's book On London River: A Story of the Days of Queen Elizabeth (Oxford University PressOxford University PressOxford University Press is the largest university press in the world. It is a department of the University of Oxford and is governed by a group of 15 academics appointed by the Vice-Chancellor known as the Delegates of the Press. They are headed by the Secretary to the Delegates, who serves as...
, 1936).
External links
- The Life and Times of Sir Thomas Gresham (1839) — full text from google.com
- "Gresham and Antwerp", Gresham College