Thomas Raikes ("the Elder") (28 March 1741 – 29 December 1813) was a British merchant particularly trading from London with Russia,[1] a banker and newspaper proprietor. Notably, he was Governor of the Bank of England during the 1797 currency crisis, when the Bank was prohibited by the British Government from paying out in gold.

Biography[edit]

Raikes was born at Gloucester in 1741, third son of the elder Robert Raikes and Mary Drew. His brothers included Robert Raikes, the founder and promoter of Sunday schools, and William Raikes, a director of the South Sea Company.

On 8 December 1774 at St George's, Bloomsbury, London, Raikes married Charlotte, daughter of Henry Finch, and grand-daughter of Daniel Earl of Winchilsea.[2] With Charlotte he had four sons and five daughters. Their eldest son Thomas became a noted London diarist; another son, Henry, became a churchman, eventually Chancellor of the Diocese of Chester.

Governor of the Bank of England 1797–1799]

Thomas Raikes was Governor of the Bank of England from 1797 to 1799, during the crisis of 1797 when war had so diminished gold reserves that the Government prohibited the Bank from paying out in gold and ordered the use of banknotes instead.

Thomas Raikes was a personal friend of Prime Minister William Pitt the Younger, and of William Wilberforce, the leader of the campaign against the slave trade.

Raikes died at Stanwell House, Middlesex 29 December 1813.