Rowland Stephenson (banker)
Rowland Stephenson | |
|---|---|
| Born | 1782-05-19 At sea (en route from Florida) |
| Died | 1856-07-02 |
| Occupation(s) | Financier, parliamentarian |
| Years active | Early 19th century |
| Known for | Banking scandal and flight to the United States |
Rowland Stephenson (19 May 1782 – 2 July 1856) was a British financier and parliamentarian whose misconduct precipitated the downfall of a banking institution, prompting his flight to the United States.
Born during a sea voyage returning from Florida amid his family’s commercial collapse following the American War of Independence, he was the son of banker John Stephenson and the great-nephew of Rowland Stephenson, who served as MP for Carlisle between 1787 and 1790. Educated at Eton College, he entered the firm Remington, Stephenson & Company. His real estate portfolio in Essex included several estates such as the manor of Cockermouth and How Hatch in Dagenham; in 1816, he further expanded his assets by acquiring Marshalls in Romford.
Family life
John Stephenson wed Mary Broadley in 1771 and worked as a merchant and supplier in Pensacola, Florida during British rule. Following the failure of his business during the American Revolutionary War, he returned to London to join his uncle’s banking enterprise. Rowland was born en route and received baptism in Camden Town.
In 1807, Rowland married his cousin Mary Eliza. Their firstborn, Rowland Macdonald Stephenson (1808–1895), distinguished himself as a civil engineer and led the East India Railway Company as managing director, receiving a knighthood in 1856.
Banking career
From 1824 until 1829, Stephenson held the position of treasurer at St Bartholomew's Hospital, where he also maintained a private residence.
Parliamentary career
After multiple attempts, he secured election as Member of Parliament for the Leominster seat from February 1827 to February 1830, taking office after the disqualification of the candidate who had previously defeated him in 1826.
Banking scandal
Stephenson was heavily invested in Thomas Hornor’s London Colosseum project and faced speculation that his bank intended to remove him from partnership. On 27 December 1828, he allegedly absconded with several hundred thousand pounds worth of securities and cash from Remington, Stephenson & Coleman. After liquidating these assets, he purchased loaded pistols from a pawnbroker before vanishing. The incident attracted widespread attention; his escape through Clovelly was extensively depicted, and American author James Fenimore Cooper documented inquiries regarding why Stephenson was permitted to remain in America after arriving in Savannah, Georgia. Despite bounty hunters transporting him to New York, he was granted habeas corpus rather than being extradited to England for prosecution.
See also
- Kerr, Ian J. Engines of Change: The Railroads that Made India (London: Praeger, 2007), pp. 28, 105
- The Spectator Archive. "Rowland Stephenson" (25 April 1829), p. 10
- Obituary of Mrs. Hannah Wilson, aged 103, who served as housekeeper for 75 years with the Stephenson families. The Athenæum. 1807