Abel Smith (1717–1788)
Abel Smith | |
|---|---|
| Born | Template:Birth date Nottingham, England |
| Died | 12 July 1788 (aged 71) Wilford, England |
| Occupation(s) | Banker, politician |
| Years active | c.1732–1788 |
| Known for | Founder of Smith & Payne bank; Member of Parliament for Aldborough, St Ives, and St Germans |
Abel Smith (baptised 14 March 1717 – 12 July 1788) of Wilford House near Nottingham, England, was a distinguished banker and held a seat as a Member of Parliament on three occasions.
Origins
Baptised in Nottingham in 1717, he was the third son and heir of Abel Smith (died 1756), a banker based in Nottingham and the second son of Thomas Smith (1631–1699), who established Smith's Bank in 1658. His mother was Jane Beaumont, daughter of George Beaumont from Yorkshire.
Career
At the age of fifteen, Smith began an apprenticeship with William Wilberforce, a merchant adventurer from Hull and grandfather to the abolitionist William Wilberforce. He advanced to become both partner and managing partner in Wilberforce and Smith, while continuing his involvement with his father's banking enterprise. Following his father's passing in 1756, he joined as partner alongside his eldest brother Sir George Smith, 1st Baronet. By 1760, he had taken full control of the business. In 1758, he launched the London-based bank Smith & Payne and later expanded by founding provincial banks in Lincoln (1775) and Hull (1784).
In 1774, Smith secured election as MP for Aldborough, a pocket borough under the influence of Henry Pelham-Clinton, 2nd Duke of Newcastle-under-Lyne. He later represented St Ives and St Germans in Cornwall upon political recommendation. The family invested part of their fortune to purchase pocket boroughs, which allowed his son Robert Smith, 1st Baron Carrington, to appoint MPs for Midhurst and Wendover by the early nineteenth century.
Smith regarded his parliamentary position as advantageous for advancing business interests. Prior to his initial election, he remarked on the benefits for his family, particularly the franking privilege that lowered postal costs vital for managing his widespread operations. While generally supportive of the government, his early speeches criticized the government's allocation of loan subscriptions that had excluded his firm.
Marriage and issue
In 1745, he wed Mary Bird (1724–1780), daughter of Thomas Bird from Coventry. Mary's sister Elizabeth Bird was the mother of the abolitionist William Wilberforce.
Together they had nine children, five of whom served in Parliament:
- Thomas Smith (1746–1769)
- Abel Smith (1748–1779), MP for Nottingham
- Robert Smith, 1st Baron Carrington (1752–1838), MP for Nottingham and raised to the peerage in 1796
- Samuel Smith (1754–1834), MP for Leicester, Malmesbury, Midhurst, St Germans, and Wendover
- William Smith (born 1756)
- George Smith (1765–1836), MP for Lostwithiel, Midhurst, and Wendover
- John Smith (1767–1842), MP for Nottingham, Wendover, Midhurst, and Buckinghamshire
- Lucy Smith (c.1760–1835)
- Elizabeth Smith (died 1789), married to MP William Manning
According to historian Lewis Namier, from 1770 until 1910 at least twenty-four descendants served in the House of Commons, collectively accumulating 364 years of parliamentary service.
Death and burial
He passed away at Wilford on 12 July 1788 at the age of seventy-one and was interred at St. Peter's Church in Nottingham.
See also
Sources
- John Brooke, The House of Commons 1754–1790: Introductory Survey (Oxford University Press, 1968).
- Abel Smith Last Will and Testament, Public Record Office Reference: Prob 11/1168.