James Coutts (MP)
James Coutts | |
|---|---|
| Born | Template:Birth date Edinburgh, Scotland |
| Died | February 15, 1778 (aged 44) Gibraltar |
| Occupation(s) | Merchant, politician, banker |
| Known for | Founder of Coutts & Co. banking institution; Member of Parliament for Edinburgh |
James Coutts (10 March 1733 – 15 February 1778) was a Scottish merchant, politician, and the original founder of the Coutts & Co. banking institution.
Early life
Coutts was born in Edinburgh, Scotland, as the third son of Jean Steuart and John Coutts, who had served as Lord Provost of Edinburgh. His brothers and sisters included Patrick, John, Thomas Coutts, Steuart, and Margaret.
On his mother's side, he descended from distinguished individuals such as Sir John Steuart, 2nd Baronet of Allanbank and Archibald Stewart, another former Lord Provost of Edinburgh. His education took place at the Royal High School, Edinburgh.
Career
After marrying Mary Peagrum in 1755, Coutts entered the banking business through his wife's uncle, George Campbell. He joined Campbell’s Whig-affiliated bank located in the Strand, which counted clients like John Stuart, 3rd Earl of Bute among its patrons. Following Campbell’s passing in 1761, James formed a partnership with his brother Thomas Coutts. Utilizing Lord Bute’s role as Keeper of the Privy Purse to King George III, the royal account was transferred to their bank. In 1762, Coutts received an allocation amounting to £76,000.
On 27 February 1762, he was elected Member of Parliament for Edinburgh during a by-election that supported Lord Bute’s government. He endorsed the subsequent Grenville administration on matters including general warrants. Despite this support, his speeches in Parliament were described as "strange and incoherent," leading friends to advise him to refrain from further speaking in the House. Subsequently, he remained active on committees but did not deliver additional speeches. In the general election of 1768, he was replaced by Whig candidate Sir Lawrence Dundas.
Later life
When their twelve-year partnership ended in 1774, Thomas Coutts took steps to safeguard the bank’s reputation against what he viewed as James’ "irresponsible conduct." A formal declaration condemning James as "an improper person to be connected with such a business" was signed by influential figures including Lord Bute and Sir John Pringle. This led to a financial settlement that James disputed. By June 1775, he was forced to sever all connections with the bank.
Coutts traveled abroad twice—once in July 1775 and again in November 1776. Between 1777 and 1778, while in Turin, his behavior became so erratic that military supervision was necessary. He was sent back home on a ship but died while confined at Gibraltar on 15 February 1778.
Personal life
In April 1755, Coutts wed Mary "Polly" Peagrum at St George's Hanover Square Church in London. Polly was both niece and heiress to London banker George Campbell and had ties to prominent Scottish aristocracy such as John Campbell, 1st Earl of Breadalbane and Holland. The couple had one daughter:
- Frances Coutts (died 1809), who married Sir John Steuart of Allanbank, 4th Baronet (1754–1817).
James Coutts passed away on 15 February 1778 in Gibraltar during his return journey to England.
Descendants
Through his sole offspring Frances, James was grandfather to Sir John James Stuart, 5th Baronet of Allanbank. Sir John married twice but left no heirs, causing the baronetcy to become extinct upon his death in 1849. Before his own death in 1776, James secretly married Isabell Low on 21 May 1770 in Dundee, Angus, Scotland. They had a son named James James Coutts who was born on 9 September 1776 and baptized on 12 September 1776 at Edinburgh Parish.