Humphry Morice (Governor of the Bank of England)
Humphry Morice | |
|---|---|
| Born | c. 1671 |
| Died | 16 November 1731 (aged 59–60) |
| Occupation(s) | Merchant, politician, slave trader |
| Years active | Early 1690s–1731 |
| Known for | Governor of the Bank of England (1727–1729), Member of Parliament |
Humphry Morice (– 16 November 1731) was an English merchant, politician, and slave trader who held the position of governor of the Bank of England. Around the age of eighteen, he took over his father's trading enterprise and gained expertise in finance and speculative ventures from an uncle. He entered Parliament in 1713 through the influence of a cousin. However, his Whig allegiance caused friction with his Tory cousin, which led to securing a different parliamentary seat in 1722 under the administration of Robert Walpole. Morice advanced to become Deputy Governor and subsequently Governor of the Bank of England in 1727. Unknown to his peers, much of his wealth was illusory, as he misappropriated funds from both the Bank and his daughters' trust. His sudden death in 1731 was possibly a suicide to avoid exposure, leaving behind substantial debts.
Antecedents and trade
Humphry was the sole male heir of Humphry Morice (c. 1640–1696), a London-based merchant with extensive trade links across Africa, America, Holland, and Russia, and Alice Trollope, daughter of Sir Thomas Trollope, 1st Baronet. After losing his mother at an early age, he was raised at Werrington, the estate owned by his uncle Sir William Morice, 1st Baronet. He inherited his father’s mercantile operations in 1689. His guardians included uncles John and Nicholas Morice; Nicholas played a key role in instructing him on financial speculation. On 26 June 1704, he married Judith Sandes (deceased 1720), daughter of a London merchant; they had three daughters who survived childhood: Elizabeth (who married her stepbrother Paggen Hale) and Judith (who wed George Lee).
Morice’s commercial interests were broad: he was one of four creditors owed £18,000 by a bankrupt trader in 1707 and owned more than £4,000 in Bank of England shares by 1710, qualifying him for directorship—a role he assumed from 1716 onward. He also played a part in founding the South Sea Company, serving as commissioner for subscriptions in 1711. Morice provided testimony before Parliament on trade matters: in 1707 regarding losses in West Indian commerce due to insufficient convoy protection, and in both 1710 and 1713 advocating for ending the Royal African Company’s monopoly over West African trade. His commercial ventures and accumulated wealth fueled his political aspirations.
In 1715, Morice commissioned the merchant ship Whydah Gally, appointing Dutch privateer Lawrence Prince as its captain in 1716. The vessel operated within the triangular trade connecting Europe, Africa, and the Americas. In 1717, while passing through the Windward Passage, it was seized by pirates under Samuel Bellamy, who made it his flagship. Following several attacks on merchant ships, Bellamy navigated to Cape Cod, where the Whydah Gally ran aground on shoals near Wellfleet on 26 April 1717. The Massachusetts Bay Colony governor authorized salvage operations for valuables from the wreck; however, storms combined with local resistance thwarted these efforts.
Parliamentary career
Humphry's cousin, Sir Nicholas Morice, 2nd Baronet, inherited the Werrington estate along with its significant electoral influence over Launceston and Newport boroughs in 1690. Humphry sought Nicholas's backing to enter Parliament in 1710 but was unsuccessful due to all seats being allocated; he finally secured election in 1713 as Newport’s representative alongside Nicholas.
While Nicholas identified as a Tory, Humphry supported the Whigs and voted against expelling Sir Richard Steele in 1714 for endorsing the Hanoverian succession. His parliamentary efforts largely focused on African trade interests. Humphry’s conspicuous participation in court celebrations honoring the new Prince of Wales in 1714 irritated Nicholas; nevertheless, Humphry retained his Newport seat during the 1715 election.
Their relationship deteriorated in 1716 when Humphry privately opposed but publicly voted for the Septennial Act. He aligned with Robert Walpole’s opposition faction in 1717 against the government. Upon Walpole’s return to power in 1720, Humphry was appointed whip for London Whigs. Feeling alienated, Nicholas withdrew his support for Humphry’s position at Newport.
Consequently, Walpole arranged for Humphry to represent Grampound during the elections of 1722 and 1727 through Lord Falmouth’s patronage. Following the death of his first wife in 1720, Humphry remarried Catherine Paggen—widow of William Hale—on 5 June 1722. They had two sons: Humphry (1723–1785) and Nicholas (died 1748).
Embezzlement and death
Morice held the position of Deputy Governor of the Bank of England from 1725 to 1726 and subsequently served as Governor between 1727 and 1729. Throughout his leadership, he illicitly obtained £29,000 from the Bank by submitting counterfeit bills of exchange for discounting. His death on 16 November 1731 was abrupt; although gout was a possible cause, many suspected he took his own life to prevent his fraud from being uncovered. Following his passing, it emerged that he had misappropriated funds not only from the Bank but also from a trust established for his daughters, accumulating liabilities close to £150,000. The Bank sought restitution from his widow and, after protracted legal proceedings spanning 43 years, accepted a settlement of £12,000.