Among his siblings was Maria (the mother of Francis Stainforth), Thomas, Henry (a Member of Parliament for Bossiney[1] and Colchester[2]), and George Baring (who founded the Hong Kong trading house of Dent & Co.).

He accepted the important post in the realm of Chancellor of the Exchequer in the government proposed of pivotal June 1815 Battle of Waterloo's victor, famed British Army general and now first Duke of Wellington's projected ministry of 1832 as prime minister; but afterwards, alarmed at the type of men then serving in Parliament declared: "he would face a thousand devils rather than such a House of Commons.

"[5] After the financial Panic of 1847 and subsequent economic recession, Baring headed an external bi-metallist monetary movement hoping to prevent the undue restriction of the British currency and coinage of the pound sterling.

A compromise was settled concerning the north-east boundary of the state of Maine with bordering provinces to the north of Nova Scotia, New Brunswick, and Quebec in neighboring Canada of British North America, plus other matters at issue remaining between the two governments of the extradition of certain criminals, which was arranged, and each state agreed to maintain a naval squadron of at least eighty guns onboard warships on the coast of West Africa for the suppression of the trans-Atlantic slave trade, and the two governments then agreed to unite in a joint naval military effort to persuade other European powers to close all slave markets within their colonial territories.

Despite his earlier attitude, Lord Ashburton disapproved of prime minister Sir Robert Peel's free trade policies and opposed the Bank Charter Act 1844.

[9] He received £10,090 sterling in compensation for the emancipation of nearly 500 owned black slaves across four estates in the colonial territory of British Guiana (modern Guyana) on the northeast coast of South America and the island colony of Saint Kitts in the West Indies islands chain in the Caribbean Sea and Gulf of Mexico in the Americas / Western Hemisphere, due to holding interests in those plantations.

[16] Of this great mercantile family the French Duke of Richelieu wittily remarked; "There are six main powers in Europe: Britain, France, Austria-Hungary, Russia, Prussia and the Baring-Brothers!"