Jeremiah Harman

Jeremiah Harman was chief of a family known in the commercial world for nearly a century, and highly esteemed both in England and abroad. He may himself be said to have stood at the head of London city, both as to mercantile and private character; liberal in his dealings, and inspiring confidence by his honor and integrity, as well as love for his personal qualities.[2] As a public character Mr. Harman was known to all the ministers of the day, from William Pitt Jr downwards.

Jeremiah Harman
Born	19 August 1763[1] London, England
Died	7 February 1844 (aged 81) London, England
Occupation	Banker

Mercantile and banking career

Harman was the principal partner of the very old standing family business, Harman and Co., in which his father was also a principal partner. The business originated with the Lisbon trade and was in extensive transactions with Portugal at the time of the Great Lisbon earthquake of 1755. To the Russian court, the house has been bankers for half a century.[2]

Harman was director of the Bank of England from 1794 to 1827; embracing the eventful period of the restriction of cash payments,[3] and all the great financial and political difficulties of England. He was much consulted by William Pitt the Younger and Lord Liverpool[4] on all questions of moment; and also gave evidence of the most important character before the Bullion Committee of 1810; before the Committees on the resumption of Cash Payments, in 1819; on the Bank Charter Committee, in 1832 which formed the basis for the Bank of England's Bank Charter Act of 1833;[2] and on other investigations of similar character and importance.[4]

He was Governor of the Bank of England between 1816 and 1818,[5] and in his first year; an addition of 25%, was made to the capital of Bankstock. Three years afterward, in 1819, the thanks of the Court were voted to him for his share in the labors of a commission which had been appointed by the Crown for the prevention of forgery.[2]

Role in financial crisis

Harman was a key figure in history for his sound judgment in implementing policy changes for dealing with financial crises. His role in the Restriction of Cash Payment, Resumption of Cash Payments and Bank Charter of 1833, along with his daily dealings in his role of Director and Governor all helped to form an understanding of what a financial crisis is.[6] He retired shortly after the Panic of 1825 in 1827 from the position of Director. His efforts were so valued that the thanks of the General Court were unanimously voted to him for his long and valuable services.[2]

Role in the slave trade

Harman is listed as a subscriber to the London Committee, so it seems he supported abolition as early as 1788, whilst continuing to finance the slave trade itself through the provision of mortgages and indeed benefiting from the compensation scheme for slavers established as part of the Slavery Abolition Act 1833.[7] In June 2020 the Bank of England issued a public apology for the involvement of Harman, amongst other employees, in the slave trade following the investigation by the Centre for the Study of the Legacies of British Slave-ownership at UCL.[8]

Love for artwork and aesthetics

In 1797 the most famous Orleans collection of pictures was acquired by Harman from Walter Boyd, of whom he had previously conducted extensive business with. The collection was sold in the following year to the 3rd Duke of Bridgwater.[9] Much of the collection still remains within the Duke's family. Harman was well distinguished for his love and knowledge of the best works of the ancient masters; he was also a kind friend to many modern artists. So much so in fact that the renowned painter and collector Charles Lock Eastlake dedicated the translation of Goethe's Theory of Colours to Jeremiah. A work that was so well-loved that it ended up landing Eastlake the titles of secretary of the Fine Arts Commission and Keeper of the National Gallery of London.[10] Being a friend and supporter of Eastlake; Harman commissioned Eastlake's first painting,[11] a trend that would continue for many years.

After his father's death in 1817,[12] Harman inherited Higham House in Woodford, to the north of London, which had considerably more wall space; this, in turn, led to his collection increasing in size.[13] Hingham House is currently the Woodford County High School. Harman kept nearly two miles of pleasure gardens there "upon which the most fastidious eye might have satisfactorily gazed" (Gentleman's Magazine vol 175).

Charitable pursuits

Harman was present at almost all the councils connected with charitable institutions in London, and his father and himself were amongst the founders and chief patrons of the Philanthropic Society in St. George's Fields, c. 1789.[14] In acts of private charity, also, no one was more ready and liberal in relieving distress.[2] In fact, Harman was a member and trustee of the Society of Friends of Foreigners In Distress. An organization that was well-funded and aimed at providing relief for those who were most at need in London.[15]

References

1. Geni Jeremiah Harman Genealogy
2. The Gentleman's Magazine (London, England), Volume 175, 1844
3. Report from the Secret Committee on the Expediency of the Bank Resuming Cash Payments 1819
4. 30 May 1839 House of Commons Sitting on the Exportation of Gold
5. The British Museum's Biographical details of Jeremiah Harman
6. British Financial Crises Since 1825
7. The City of London and slavery: evidence from the first dock companies, 1795–1800
8. Jolly, Jasper (18 June 2020). "Bank of England apologises for role of former directors in slave trade". The Guardian. ISSN 0261-3077. Retrieved 19 June 2020.
9. Widening circles in finance, philanthropy and the arts 1735–1823
10. Goethe's Theory of Colours Translators Dedication
11. Descriptive and Historical Catalogue of the Collection of Pictures at Woburn Abbey
12. A History of Higham House
13. Catalogue of the very celebrated collection of pictures of Jeremiah Harman, Esq. 1844
14. Address to the Public from the Philanthropic Society
15. Metropolitan Charities