Edward Backwell
Edward Backwell | |
|---|---|
| Born | c.1618 |
| Died | 1683 |
| Occupation(s) | Goldsmith-banker, parliamentarian |
| Years active | 1635–1683 |
| Known for | Chief architect of the banking system in England; funding the administration of Charles II |
Edward Backwell (circa 1618–1683) was an English goldsmith-banker and parliamentarian who held a seat in the House of Commons from 1673 until 1683. Recognized as "the chief architect of the banking system in England" and "the most thoroughly recorded banker of his era," Backwell was instrumental in funding the administration of Charles II of England.
Life
The son of Barnaby Backwell from Leighton Buzzard, Edward relocated to the City of London where, in 1635, he undertook an apprenticeship with the distinguished goldsmith-banker Sir Thomas Vyner, 1st Baronet. He achieved membership in the Goldsmith's Company by 1651 and operated a goldsmith business on Lombard Street, London. Throughout the English Republic period (1649–1660), he engaged actively in credit financing and dealt in former Crown assets, notably profiting from dealings involving Hampton Court.
As a prosperous merchant within the City, Backwell was appointed Treasurer of Dunkirk following its 1658 capture. He maintained this position after the Restoration until Dunkirk's sale to France in 1662. Collaborating with Vyner, he oversaw bullion transactions and royal finances, providing funds to the monarchy and managing bullion for the Royal Mint.
In 1660, Backwell was chosen as an alderman for the City but soon paid a fine to be excused from this role. Based at Lombard Street, he emerged as a prominent banker during the early Restoration era and served as alderman for Bishopsgate. Among his clientele was Samuel Pepys.
Backwell sustained his financial support to Charles II’s government, endorsing The Several Declarations of The Company of Royal Adventurers of England Trading into Africa in 1667, which facilitated expansion of the Royal African Company. His services included deposit-taking, lending, and foreign exchange prior to the financial upheaval known as the Stop of the Exchequer in 1672, an event that nearly led to his financial collapse.
In 1671, both he and his son John were appointed comptrollers of customs in London; additionally, from 1671 to 1675, he acted as commissioner and farmer of customs revenue alongside Vyner. Backwell also held estates in Buckinghamshire and Huntingdonshire.
He was elected Member of Parliament for Wendover during a by-election in 1671 and subsequently re-elected in both 1679 and 1681. After declaring bankruptcy in 1682, Backwell relocated to the Netherlands where he passed away; his remains were transported back to London and interred on 13 June 1683.
In 1657, Backwell married Sarah Brett; they had one son, John Backwell. His second marriage was to Mary Leigh in 1662, with whom he fathered three sons and two daughters before her death in 1669.