James Craggs the Elder
|
|
James Craggs the Elder (10 June 1657 - 16 March 1721), English politician, father of James Craggs the Younger, was a son of Anthony Craggs of Holbeck, Durham, and was baptized on the 10th of June 1657. After following various callings in London, Craggs, who was a person of considerable financial ability, entered the service of the Duchess of Marlborough, and through her influence became in 1702 member of parliament for Grampound, retaining his seat until 1713. He was in business as an army clothier and held several official positions, becoming joint Postmaster-General in 1715; and, making the most of his opportunities in all these capacities, he amassed a great deal of money. Craggs also increased his wealth by mixing in the affairs of the South Sea Company, but after his death an act of parliament confiscated all the property which he had acquired since December 1719. He left an enormous fortune when he died on the 16 March 1721, in disgrace for his involvement in the South Sea Bubble. It is possible that Craggs committed suicide.