Jeremiah Harman
Jeremiah Harman | |
|---|---|
| Born | 1763 |
| Died | 1844 |
| Occupation(s) | Banker, businessman |
| Known for | Governor of the Bank of England (1816–1818), head of Harman and Co., abolitionist supporter |
Jeremiah Harman (1763–1844) was the head of a distinguished commercial family active for nearly one hundred years, earning widespread respect both in England and abroad. He played a leading role within London's financial and trading communities, recognized for his honorable conduct, progressive business practices, and solid personal esteem. His influence reached prominent government officials beginning with William Pitt the Younger and continuing thereafter.
Banking and commercial endeavors
As the chief partner of the established family enterprise, Harman and Co., Harman managed a firm that originated in the Lisbon trade and maintained substantial commercial ties with Portugal throughout the mid-18th century. Additionally, the company acted as bankers to the Russian imperial court for more than five decades.[1]
Between 1794 and 1827, he held a directorship at the Bank of England, a tenure coinciding with the suspension of specie payments and considerable economic difficulties within England.[2] Harman provided counsel to influential statesmen such as Pitt and Lord Liverpool, and contributed essential evidence before key financial committees including the Bullion Committee (1810), inquiries on resuming cash payments (1819), and the Bank Charter Committee (1832), which shaped the legislation culminating in the Bank Charter Act 1833.[1][3]
During his term as Governor of the Bank of England from 1816 to 1818,[4] he supervised a 25% augmentation in Bank stock capital within his initial year. In 1819, he was officially acknowledged for his contributions to a royal commission focused on combating forgery.[1]
Involvement in economic crises
Harman significantly influenced policy development amid financial turmoil, particularly regarding the Restriction of Cash Payments, Resumption of Cash Payments, and enactment of the Bank Charter Act 1833. His daily functions as both director and governor enhanced early comprehension of economic downturns. He stepped down in 1827 shortly after the Panic of 1825, receiving unanimous commendation from the General Court for his dedicated service.
Involvement in the slave trade
Harman was an advocate for abolition, subscribing to the London Committee of the Society for Effecting the Abolition of the Slave Trade and maintaining a close partnership with the abolitionist Samuel Hoare Jr., who was also his longtime business associate. The Quaker-established enterprise he participated in took an early and firm position supporting abolition and charitable causes. Nevertheless, Harman’s commercial activities indirectly profited from slavery by accepting collateral tied to slave-operated assets and benefiting from compensation payments following the enactment of the Slavery Abolition Act 1833. In June 2020, the Bank of England issued a formal apology acknowledging Harman’s and other former employees’ connections to the slave trade, a revelation that emerged from research conducted by the Centre for the Study of the Legacies of British Slave-ownership.
Passion for art and design
In 1797, Harman purchased the distinguished Orleans collection of artworks from financier Walter Boyd, subsequently selling it to the 3rd Duke of Bridgewater in 1798. Renowned for his expertise in classical art and his patronage of contemporary painters, Harman maintained a close friendship with artist and collector Charles Lock Eastlake, who dedicated his translation of Goethe's Theory of Colours to him. This relationship aided Eastlake in obtaining prestigious roles within the art world, including his appointment as Keeper of the National Gallery.
Following his inheritance of Higham House in Woodford in 1817, Harman considerably expanded his collection of artworks, utilizing the ample wall space provided by the estate. Today, Higham House functions as Woodford County High School. Additionally, Harman cultivated nearly two miles of well-regarded pleasure gardens on the grounds.
Philanthropic activities
Harman was actively involved in governance roles within various London charitable organizations and collaborated with his father to establish and support the Philanthropic Society in St. George's Fields around 1789, an institution that continues its work to this day. He also served as a member and trustee of the well-endowed Society of Friends of Foreigners In Distress, which focused on assisting vulnerable individuals in London. Harman earned recognition for his substantial private charitable contributions and dedication to social welfare initiatives.
- ↑ 1.0 1.1 1.2 Cite error: Invalid
<ref>tag; no text was provided for refs namedobit - ↑ Report from the Secret Committee on the Expediency of the Bank Resuming Cash Payments 1819
- ↑ 30 May 1839 House of Commons Sitting on the Exportation of Gold
- ↑ The British Museum's Biographical details of Jeremiah Harman