John Hanger (banker)

John Hanger
Born	c. 1656
Died	1733
Occupation(s)	Merchant, Banker
Known for	Governor of the Bank of England (1719–1721)

John Hanger (circa 1656 – 1733) was a prominent merchant operating out of Trinity Minories who held the position of Governor of the Bank of England between 1719 and 1721. During his tenure, the Bank was instrumental in providing financial support to the South Sea Company. His lineage maintained significant connections to the hundred of Bray, commemorated by a family monument housed in St Michael's Church.

Early life and family

Hanger was born around 1656 into a family linked with the Bray hundred.

He married Mary Coles, and their eldest daughter, Anne (died 1754), entered into marriage with Henry Hare, 3rd Baron Coleraine in 1718, bringing a dowry approaching £100,000. The marriage ended in separation after two years without producing offspring, leading to the extinction of the barony upon Hare’s death in 1749. Subsequently, the title was revived in 1762 for Hanger’s nephew, Gabriel Hanger. His other daughters included Mary (who died in 1739 at age 35) and Elizabeth (who passed away around 1744–45 at age 38). The memorial dedicated to Mary was crafted by sculptor Peter Scheemakers.

Career

Operating as a merchant from Trinity Minories, an area just beyond London’s city limits but within the Tower liberties, Hanger advanced to become Deputy Governor of the Bank of England from 1717 to 1719, before succeeding Gerard Conyers as governor until 1721 when Thomas Scawen assumed the role.

His period as governor coincided with a pivotal phase during which the Bank played a crucial role in funding the South Sea Company, which later became notorious for the South Sea Bubble. In November 1720, Hanger and other Bank officials evaluated the company’s financial security and declared that the Bank would contribute only £400,000 of its initially pledged £3 million rescue subscription—the remainder having been used to prop up artificially high share prices. This decision triggered a sharp decline in stock values and widespread economic distress, largely attributed to the Bank’s cautious approach rather than solely to actions by company directors. Hanger was later fictionalized as a character in W. Harrison Ainsworth's literary portrayal of these events.

Death and legacy

Hanger passed away in 1733 at approximately 77 years old. A marble memorial honoring his family is located at St Michael's Church, Bray, as recorded by architectural historian Peter Spokes in the Berkshire Archaeological Journal (1939).