Sir Thomas Gresham (approx. 1519 - November 21st, 1579) was an English merchant and especially a financier who worked for the king Edouard VI of England and his half-sister the queen Elisabeth I {{Re}} of England. Its know-how in the field of the management of the currencies and financial balances did of it one of the first experts of the monetary questions.
Biography
Born with London and descendant from an old family from the Norfolk, Gresham was the only son to sir Richard Gresham, a famous London merchant, who was some time Lord Mayor of London, and which, to have negotiated for the benefit of Henry VIII of the loans of foreign merchants, was anobli. Though his/her father intended to make his successor of it, it was sent for some time to Caius College to Cambridge.
It made then its training during eight years near his uncle sir John Gresham, him also a trader, who created the Gresham' S School in Holt, Norfolk in 1555. In 1543, Mercers Company admitted in its Gresham center at the 24 years age. The same year, it from went away to the Netherlands, where, in its proper name, that of his/her father or his uncle, it carried out his business while continuing multiple activities as an agent of Henry VIII. In 1544, he married the widow of William Read, a merchant of London, but he continued to reside mainly at the Netherlands, with his principal center of activity to Antwerp, or he met much success in his business.
When in 1551, bad management to sir William Dansell, merchant of the king in the Netherlands, had placed the English government in a great pecuniary difficulty, the authorities required of Gresham its opinion, then chose it to implement its proposals. It called upon methods varied - very clever, although enough arbitrary and unjust - to increase the value of the Pound sterling to the Stock Exchange of Antwerp. They met such a success that in a few years the king Edouard VI audited practically all his debts. The government then requested the opinion of Gresham in all its pecuniary difficulties, and also employed it in many diplomatic missions. If it did not perceive wages of the State, it accepted from king Edouard, in reward of his services, many grounds; their annual value reaching nearly 400 pounds.
With the accession with the throne of the queen Marie in 1553, Gresham was in disgrace for one short period, and Alderman William Dauntsey replaced it in her station. But the financial transactions of Dauntsey did not appear very not succeeded and Gresham was quickly pointed out. As it gave a report on its burning desire to serve the queen, and expressed much address by negotiating loans and while passing in smuggling, money, weapons and goods foreign, not only its services were retained throughout its reign (1553 - 1558), but in addition to one daily wages of twenty shillings, it received grounds of church for an annual value of 200 pounds. Under the queen Elisabeth I {{Re}} (1558 - 1603), beside its functions of financial agent of the Crown, Gresham became some time ambassador at the court of the duchess of Parma, becoming knight in 1559. Disturbed times preceding the Dutch revolt forced it to leave Antwerp on March 10th, 1567; but, although living henceforth in London, it continued its business like previously. It became one of the richest men of England.
The Queen Elizabeth found it extremely useful to many tasks, as geôlier of lady Mary Grey (sister of lady Jane Grey), who, to punish it to be itself married with Thomas Keys the Master geôlier, was imprisoned in his house of 1569 to 1572.
In 1565, Gresham made a proposal at the municipal council of London build on its own sums of money a Stock Exchange - which became the royal Stock Exchange, on the model of that of Antwerp - in the condition which they buy for that a ground. With this proposal, he did not forget his own interests by obtaining for an annual rent of 700 pounds the gravers in the upper part of the building.
Gresham died suddenly in November 1579.
Except for some sums given to works, Gresham left the essence of its goods (properties in various parts of England for a value of almost 2300 pounds) to its widow and her descendants, under the condition that with its death, its residence of Bishopsgate, like the rents of the Stock Exchange, were to be transmitted to the Corporation of London and Mercers Company, in order to create a college where seven professors were to teach - one per day - the Astronomie, the Géométrie, the Physique, the Droit, the Spiritualité, the Rhétorique and the Musique. The Gresham College, first institution of higher education in London (if one excludes the pseudo-university of the Inns off Short ), opened in 1597.
The law of Gresham
See also: Law of Gresham
The Loi of Gresham was baptized of its name (although others, including the astronomer Nicolas Copernicus, had recognized this concept since years) because it pressed the queen Elisabeth to restore the depreciated currency of the England.
See too
Internal bonds
External bonds
- Sir Thomas GRESHAM, Knight
- Thomas Gresham: Definition and Much More
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