Charles Duncombe

Sir Charles Duncombe (November 1648 – 9 April 1711) of Teddington, Middlesex and Barford, Wiltshire, was an English banker and Tory politician who sat in the English and British House of Commons between 1685 and 1711. He served as Lord Mayor of London from 1708 to 1709. He made a fortune in banking and was said to be worth £400,000 later in life, and the richest commoner in England on his death. Early life Duncombe was baptized on 16 November 1648, the second son of Alexander Duncombe of Drayton Beauchamp, Buckinghamshire, and his wife Mary Pawley, daughter of Richard Pawley of Whitchurch, Buckinghamshire. He was apprenticed to the London goldsmith Edward Backwell in 1665 and became in 1672 a member of the Goldsmiths' Company. He was tipped off by Lord Shaftesbury to withdraw a large sum of money from the Treasury before the Government suspended payment, and when Backwell was ruined because of the suspension, Duncombe took over his premises in Lombard Street at the sign of the Grasshopper. Banker and official In 1680, Duncombe was appointed Cashier of excise at an annual salary of £600 p.a, holding the post until 1697 and Commissioner for the Mint, holding the post until 1686. He was six clerk in Chancery from 1682 to 1683. On the basis of the public income from all these posts he helped found a new type of credit agency. He was also able to make additional money by rigging the market in Exchequer tallies. He also served as alderman for Broad Street ward in the City of London from 1683 to 1686 (from which he was discharged by Royal Commission). In 1684 he was appointed Commissioner for tin coinage 1684 until 1687, and Cashier of hearth-tax at a salary of £400 p.a. in return for a £50,000 loan to the King at five per cent interest, holding the post until November 1688. When James II fled the country in 1688, Duncombe refused him a loan of £1,500 to aid his escape. Political career At the 1685 English general election, Duncombe was returned unopposed as Member of Parliament for Hedon as a Court supporter. He was very active in Parliament and served on 14 committees, including the committee of elections and privileges. At the 1690 English general election he transferred to Yarmouth (Isle of Wight) where he was again returned unopposed. At the 1695 English general election he transferred again to Downton, supporting the Tories. During this period he opposed the establishment of the Bank of England.