Thomas Coutts

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For the Scottish-Australian colonist, see Thomas Coutts (colonist).

Thomas Coutts
Portrait, Thomas Coutts, banker Wellcome L0038428.jpg
Portrait of Thomas Coutts by William Beechey
Born(1735-09-07)7 September 1735
Died24 February 1822(1822-02-24) (aged 86)
EducationRoyal High School
Known forFounder of Coutts & Co
Spouse(s)
Elizabeth Starkey
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​
(died 1815)​

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​
(his death 1822)​
Children3
Parent(s)John Coutts
Jean Steuart Coutts
RelativesJames Coutts (brother)
Angela Burdett-Coutts (granddaughter)

Thomas Coutts (7 September 1735 – 24 February 1822) was a British banker. He was the founder of the banking house Coutts & Co.[1]

Early life[]

Coutts was the fourth son of Jean (née Steuart) Coutts and John Coutts (1699–1751), whose business in Edinburgh was as a corn factor and negotiator of bills of exchange, and in 1742 was elected lord provost of the city.[1] The family was originally of Montrose, but in about 1696 one of its members settled in Edinburgh, where in due course Thomas was educated at the Royal High School.[2]

Career[]

Soon after the death of John Coutts the business was divided into two branches, with one continuing in Edinburgh, the other in London. The London banking business was in the hands of Thomas and his brother James, an MP. Following the death of his brother in 1778, as surviving partner Thomas became sole head of the firm, and it was under his direction the banking house rose to the highest distinction. His ambition was to establish his character as a man of business and make a fortune, and he lived to succeed and enjoy his reputation and wealth. A gentleman in manners, hospitable and benevolent, he counted amongst his friends some of the literary men and the actors of his day. Of the enormous wealth which came into his hands he made munificent use.[1]

Personal life[]

Not long after he settled in London he married Elizabeth Starkey, a young woman whose origins were humble. She was in attendance on the daughter of his brother James. They appear to have had a happy marriage, and had three daughters:[1]

  • Susan Coutts (c. 1765–1837), who married George Augustus North, 3rd Earl of Guilford in 1796.[3]
  • Frances Coutts (1773–1832),[4] who married John Crichton-Stuart, 1st Marquess of Bute in 1800.[5]
  • Sophia Coutts (1775–1844), who married Sir Francis Burdett, 5th Baronet, a "zealous and courageous advocate of reform who more than once endured imprisonment for his radical views" in 1793.[6]

Coutts's wife Elizabeth died in 1815. Aged 80, he soon married the popular actress, Harriet Mellon.[7] She was 38, he was 42 years older.

He died in London on 24 February 1822, leaving his entire fortune to his widow.[7] In 1827, she remarried William Beauclerk, 9th Duke of St Albans, who was 23 years her junior.[8] She died ten years later, bequeathing her property to Thomas's granddaughter, her step-granddaughter Angela, the youngest daughter of Sir Francis Burdett. Angela then assumed the additional name and arms of Coutts. In 1871, Angela was created Baroness Burdett-Coutts.[1]

Legacy[]

A 19th century merchant ship, the Thomas Coutts, bore his name.[9]

References[]

  1. ^ Jump up to: a b c d e  One or more of the preceding sentences incorporates text from a publication now in the public domain: Chisholm, Hugh, ed. (1911). "Coutts, Thomas". Encyclopædia Britannica. 7 (11th ed.). Cambridge University Press. p. 337.
  2. ^ C. Rogers, Genealogical Memoirs of the Families of Colt and Coutts (1879); and R. Richardson, Coutts & Co. (1900).
  3. ^ "Guilford, Earl of (GB, 1752)". cracroftspeerage.co.uk. Heraldic Media Limited. Retrieved 5 May 2020.
  4. ^ Lodge, Edmund (1833). The Peerage of the British Empire as at Present Existing: Arranged and Printed from the Personal Communications of the Nobility. Saunders and Otley. p. 75. Retrieved 5 May 2020.
  5. ^ "Bute, Marquess of (GB, 1796)". cracroftspeerage.co.uk. Heraldic Media Limited. Retrieved 5 May 2020.
  6. ^ "Sir Francis Burdett, 5th Baronet | British politician". britannica.com. Encyclopedia Britannica. Retrieved 5 May 2020.
  7. ^ Jump up to: a b Perkin, Joan. From Strolling Player to Banker-Duchess History Today Volume 50 Issue 10 (October 2000).
  8. ^ "St Albans, Duke of (E, 1683/4)". cracroftspeerage.co.uk. Heraldic Media Limited. Retrieved 5 May 2020.
  9. ^ Frank, Sanello (1 January 2007). The Opium Wars : the addiction of one empire and the corruption of another. Sourcebooks. ISBN 978-1402201493. OCLC 77257394.

External links[]

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