Ffrench's Bank of Tuam and Dublin
Connacht Tribune, Friday, November 22, 1985.
Ffrench's Bank of Tuam and Dublin
By Paul Duffy
A French's Bank note.
Ffrench's Bank was probably, the most famous of the provincial private banks in Ireland. The bank was founded in late 1803 by the, then, Sir Thomas Ffrench and William Keary.
In 1805, Sir Thomas succeeded to the peerage conferred on his mother, and the bank was called 'The Right Hon. Lord Ffrench & Co.' Sir Thomas was the son of Sir Charles Ffrench of Castle Ffrench who was created a baronet in 1779. Sir Charles, a Catholic, was active in the cause of Catholic Emancipation. He was also active in the service of Lord Westmorland who promised to get him a peerage for his services. However George III could not bestow this honour on a Catholic, but in 1798, the title Baroness was conferred on. Ffrench's wife, a Protestant, with succession of title to her male heirs. So on her death in 1805 Sir Thomas became Lord Thomas.
By this time the bank had a discounting house in Galway city and had opened a branch at 21, Lower Dominick Street, Dublin. This office was later relocated at 12, Upper Ormond Quay.
The bank expanded its partners over this next few years. In 1805 the Hon. Charles Ffrench became a partner, in 1806 Henry E. Taaffe, in 1807 the Hon. Thomas Ffrench. In 1811 Lord Ffrench retired and his third son the Hon. Martin Ffrench became a partner. The other two partners were William Keary who managed the Tuam Office and Michael Morris who managed the Dublin Office.
Keary and Morris were both Tuam business men. Keary owned the land in front of the present St. Jarlath's College. The bank building in Bishop Street, Tuam, later became the home of St. Jarlath's for many years before it was relocated to its present position.
Charles Ffrench was born in 1786 and died in 1860. He was married to Maria, daughter of John Brown of the Moyne. Thomas Ffrench was born in 1790 and died unmarried in 1846. He lived in Galway and visited the various branches. Martin Ffrench was born in 1793 and died in 1871. He was married to Margaret, daughter of Major Thomas Bodkin of Rahoon. Henry Edward Taaffe was from Woodfield, Co. Mayo. His mother was Julia Bellew of Mount Bellew he married Eleanor Lynch—Athy of Renville.
The bank prospered in its early days. Partners visited every major air and market in Co. Galway issuing their notes in exchange for Bank of Ireland notes. In fact so great was the public confidence in the bank that Ffrench bank notes were preferred to those of the Bank of Ireland. Virtually all the bank notes in Connacht were Ffrench notes by 1814. Bank notes were issued in the following denominations: £1; 1 guinea; 25, shillings; 30 shillings; £3; 3 guineas; £4; £10; 10 guineas. The bank were authorised to issue notes to the value of £300,000. The bank notes were in sterling and at this period, 12 pence English was equal to 13 pence Irish. Hence the guinea note is 21 shillings English or £l—2s—9d Irish.
In 1814 the Post Office renumbered the Ormond Quay addresses and No.12 became No. l3 — an unlucky change. On June 27th, the bank stopped payment and a commission of bankruptcy followed. The bank has liabilities of £239,000, £175,000 being in respect of issued banknotes. The bank was owed £180,000 by its creditors. Virtually all of this was swallowed up by legal fees. The estates of Keary and Morris were sold to pay some of the bank debts. Both later emigrated to America. It transpired that some of the junior partners never, paid their, qualifying £5,000 to join the company. One of the Directors was overdrawn to the tune of £15,000. On December 9th, 1814, Lord Ffrench shot himself in the head, in despair over the bank's failure.
The collapse of Ffrenchs brought ruin to many in County Galway both landlords and tenants alike in the farming community. Many business families also suffered. Indeed the decline of several East Galway estates can be traced to the collapse of Ffrenchs rather than the famine some thirty years later. Needless to say the creditors got very little and most of the bank notes were never redeemed.
References:
C. M. Tennison "The Old Dublin Bankers" Journal of the Cork Historical and Archaeological Society Vol. 1 (2nd series);1893.
Richard J. Kelly 'A Bank Note of the Tuam or Ffrench's Bank' Journal of the Galway Archaeological and. Historical Society V61. 4 (1905—'06).
F. G. Hall 'The Bank of Ireland 1789—1946 Dublin 1949.
Paul Duffy "A Numismatic Pot—Pourri from Co. Galway" Numismatic Society of Ireland Occasional Papers (in the press).