TH E H STO RY OF A BAN K N O H O U S E M ITH PAYN E AN D SM lTHS . (S , ) H A Y T CK A TO RR U ER E S N , ‘ sss s sa t ns tz tu te o k s t/I : l f B an er . LO N DON PRINT E D A N D PUBLIS H E D B Y B LA DE S E AS T B LA DE , S , 2 ABC URC LANE 3 , H H , B LADE S E AS T B LADE S , , Printers , AB H UR AN E N D N 2 C C E . C . 3 , H L , LO O , C ON T E N T S . P A GE INTRODUCTION FAMILY H ISTOR Y N OTTINGHAM LINCOLN H ULL A N D DERB Y M ESSRS SMIT PAY NE SMIT S . H , H LONDON PREMISES GOV ERNMENT LOANS N OTE ISSUES LONDON CLEARING H OUSE CONCLUSIO N GE N EALO GICAL TREE I N DE! LIST OF SU B SCRI B ERS LIS T OF ILLUSTRATIONS . PAGE O B 1 : L M ARD STREET, 7 5 A B EL SMITH OF N OTTINGHAM B FO I OF M . P Y A EL SMITH , UNDER ESSRS SM TH , A NE SMITHS HULL B ANK OB F O C O R ERT SMITH , IRST L RD ARRINGT N SAMUEL SMITH OF WOODHALL PARK B M . P A EL SMITH , . J OHN A B EL SMITH SCENE IN THE H OUSE OF COMMONS MARTIN TUCKER SMITH OSWALD AUGUSTUS SMITH DUDLEY ROB ERT SMITH O B OLD P N TTINGHAM ANK, REMISES O B W B N TTINGHAM ANK , NE UILDING MANSFIELD B ANK LIN COLN B ANK V A . LESLIE MEL ILLE CO B B Y OC LIN LN ANK , GRIMS D KS WILLIAM WILB ERFORCE WILB ERFORCE H OUSE DER B Y B ANK B ILL OF E! CHANGE DATED 1 740 OSWALD SMITH OF B LENDON HALL GEORGE SMITH OF S E LSDON O M . P . J HN SMITH , O M . P . SAMUEL GE RGE SMITH, R OB ERT SMITH P Y O B E . C . SMITH , A NE SMITHS, I , L M ARD STREET, WILLIAM P ITT REGINALD A B EL SMITH ' CHEQ UE DATED I 7 c 5 B O P C OF ANK N TES, S E IMENS J E R VOISE SMITH PR E FA C E. ' H pu rpose o f this volume isfiot only to write the o of k hou s e hist ry an eminent ban i ng , but also to give some particulars respecting the early history of banking in this country . T he S mith fa mily have an unique ex ' A s o u o the irv C s s k m a cr se . e i l i s an tc me of suQ as ban ers , ‘ - i e d e o . t e fi o L J ta n a well known r putati n in { h nancial w rld . ' ' a rto k me n tof b n They ppea een usi ess , imbued i f m nd com li w a : m er than bril ant ability, a quality which re importance . We might attribu te Ai w i r to a marvellous insight into the me thods o f bu s i nes s : a bank which has subscribed for the of a C o w rnme nt loan must i n itself be possessed of mmIgAma tion of private ba nks with j oint i i 5h mm is to o the t o f . t rem ve iden ity banking PR E FA C E . H E purpose of this volume is not only to write Of k the history an eminent ban ing house, but also to give some particulars respecting the o f early history banking in this country . T he Smith family have an unique ex pe rie nce ; their banking career began more than tw o centuries ago , and during that period successfully passed through great Of commercial crises . As an outcome their success as bankers , - n o they obtained a well k own reputation i n the financial w rld . T en Of hey appear to have be keen men business , imbued With sound common sense rather than brilliant ability, a of quality which possibly is more importance . We might attribute their great success to a marvellous insight into the methods of business ; a bank which has subscribed for the whole of a G o ve rhme n t l oan must i n itself be possessed of great resources . T he recent amalgamation o f private banks with j oi n t stock instituti ons tends to remove the identity of banking houses which have contributed i n some degree towards ’ building up the nation s prosperity ; the author thinks that some permanent record S hould be made Of private firms which have in many ways been associated with the com me rcial o f success this country . T he o Smith family were not nly successful bankers , but al s o took their part in the affairs Of the natio n in o n e H ouse o f T Commons they held no less than five seats . hey were - connected by marriage with some well known families , and we t have ypical examples in Lord Carrington , Lord Rosebery , William Wilberforce , the great philanthropist, and Lord Pau nce fote , the late Ambassador to the U nited States . I t was thought that the paper read by the author before the I n stitute Of B ankers might be enlarged S O as to give more T details respecting the family history . his , however, could not have been accomplished without the cordial co - Operation o n the part of various members of the family w ho have kindly assisted hi m with various details . Amongst them he Wishes Chatfie ld o f especially to thank M r . Frederic Smith , o n o f N ottingham , for many valuable notes the early history O f I Lom the N ottingham bank ; M r . Lindsay E ric Smith , , n bard Street , has ki dly supplied many particulars respecting Messrs . Smith , Payne Smiths . t n n Wi h regard to the Li col bank , Mr . E ustace Abel Smith has practically furnished all the information respecting that i n sti tutio n . P r ef a ce . Some interesting particulars respecting the co n n ectio n of the Smith family with the great philanthropist , William H Wilberforce , and his association with the ull bank , have been furnished by M r . Alwyn Dudley Smith , and incidents of the political career of some members of the firm are due to M r . Gerald Dudley Smith . T he author has been able to reproduce portraits of Abel o f n r S mith , the founder the London ba k , and othe part n k ers , through the indness of Lord Carrington , who has also furn ished interesting details as to the Parliamentary o f career the family . M abe rl M r . y Phillips , of the Bank of E ngland , has allowed the author to reprod u ce specimens of ban k n otes which “ ” Con n oi ss e u r appeared in his paper on Note Collecting in the , the editor of that magaz ine having kindly given permission for their publication . T he early history of the family was written by M r . T Is le s Augustus Smith , of resco Abbey , i n the of Scilly , T 1 8 — 1 8 6 o f M . P. for ruro , 5 7 5 , a descendant the eldest son f k o f the founder o the ban . “ H is work , Stemmata Smithiana Ferraria , has been of great assistance ; in fact , most of the particulars respecting the 1 6 1 1 86 family from 3 to 0 are taken from this book . o k M r . Leopold de R thschild has indly allowed the author to of H of reproduce a copy of the painting the ouse Commons , P r ef ace . on the occasion w hen Baron Rothschild was introduced by M r . j ohn Abel Smith as the first J ewish Member of the H ouse . T he author hopes that the account of this banking house is worthy of record it has been a source of great pleasure to write its history , and he trusts that banking in the future may be conducted on the same high principles which , no doubt , has contributed i n some degree towards making ou r country the financial centre of the world . INTRODUCTION . H E R E are two reasons fo r a record of the banking house : in the first place it was the oldest provincial firm in the U nited Kingdom in existence , and the business had practically been carried on by the Smith family for over 2 00 n al s o years , thei r i fluence , not only in the M idlands , but of C in the M etropolis , has always been a powerful haracter . T he of . London firm Messrs Smith , Payne Smiths , 1 8 however , was founded in 7 5 , but there are several private of banks now in existence an earlier date . f T B a r . 8: Co . o Messrs Child , emple , have the great distinction of being the oldest London bankers ; the business of that firm has been carried on in Fleet Street prior to the e a r 1 600 y , and they have occupied the same premises since 1 6 — 3 0 40 .