Edward Backwell facts for kids
Edward Backwell (born around 1618, died 1683) was a very important English goldsmith-banker and a Member of Parliament. He is often called the "founder of the banking system in England" because he helped create how banks work today. He was also one of the most well-known bankers of his time.
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Edward Backwell: A Pioneer Banker
Edward Backwell was a key figure in the early days of banking. He helped shape how money was handled in England. His work as a goldsmith and banker made him very influential.
Early Life and Training
Edward Backwell was born in Leighton Buzzard around 1618. He later moved to the big city of London. There, he became an apprentice to Thomas Vyner. Vyner was a famous goldsmith-banker. In 1651, Edward became a full member of the Goldsmith's Company. His own goldsmith's shop was located on Lombard Street.
Working with the Government
Like other goldsmith-bankers, Edward Backwell also worked with the government. During the time of the English Republic (1649-1660), he helped with money matters. He even bought land that used to belong to the King. He then resold it to the government for a profit.
After England captured Dunkirk in 1658, Edward was made its Treasurer. This meant he managed the money for the English forces there. He kept this job even after the King returned to power. In 1662, he helped with the talks to sell Dunkirk back to France.
He also helped handle gold and silver, known as bullion. This metal was used to make coins at the Royal Mint. Edward worked with Thomas Vyner to provide money to the royal family.
A Well-Known Banker
In 1660, Edward Backwell was chosen as an alderman for the City of London. An alderman was a senior leader in the city government. He later paid a fee to be excused from this role.
Edward was a very important banker. He is mentioned often in the diary of Samuel Pepys. Pepys was a famous writer and one of Backwell's customers. Edward's shop on Lombard Street was a busy place. He was known as the greatest banker in the early years after the King returned.
He continued his finance work during the rule of King Charles II. In 1667, he signed a document that helped expand the Royal African Company. This company was involved in trade.
Challenges and Later Life
Edward Backwell was one of the most important financiers of his time. He took deposits from people, lent money, and helped with foreign money exchange. However, he faced a big challenge in 1672. This was called the Stop of the Exchequer. It was a time when the government stopped paying its debts. This event almost ruined him.
Despite this, he continued to work. In 1671, he and his son John became customs controllers in London. They also worked as commissioners for customs revenue.
Edward owned land in Buckinghamshire and Huntingdonshire. In 1671, he was elected as a Member of Parliament for Wendover. He was re-elected in 1679 and again in 1681.
In 1682, Edward Backwell went bankrupt. He then moved to the Netherlands. He died there, and his body was brought back to London for burial on June 13, 1683.
Family Life
Edward Backwell married twice. In 1657, he married Sarah Brett. They had one son named John Backwell. In 1662, he married Mary Leigh. She passed away in 1669. With Mary, he had three sons and two daughters.
