Old times

"The late considerable failures in the City are no longer to be concealed; public credit cannot therefore, suffer the more by our publishing the fact. Four very considerable mercantile Houses have stopped payment within the last ten days: they are principally engaged in American West India Brokerage, and Insurance concerns. One house, alone, has failed for £800,000, and another for £500,000. It is feared that many more persons will become involved in these failures—as there has been a very extensive circulation of paper. The failures already known, are estimated at three millions, and it is conjectured that they will extend to two millions more. They have, naturally, created a great scarcity of cash in the City, and the Bank, as well as the Bankers, are extremely shy of discounting."—(Times, Feb. 28, 1793.)

"Some more very considerable failures have taken place in the City, within the last two or three days. A very large African house, at Bristol, has likewise stopped payment, and the letters from thence advise, that it is feared many more will follow."—(Times, March 10, 1793.)

"The Bankers, in the City, have refused to discount any more paper, for the present. The alarm on the Royal Exchange, is beyond conception to those who are not in business."—(Times, March 26, 1793.)

"At the Meeting, on Monday, of the Noblemen, and Gentlemen, belonging to the County of Northumberland, we understand that £340,000 was subscribed, to support the Newcastle Banks, the Proprietors of which, are gentlemen of the first landed property, and known to be worth many hundred thousand pounds.

"The commercial stoppages, we are sorry to learn, have at length reached Manchester, and the most serious inconveniencies are to be dreaded, if some effectual support is not given to that town. The mischief is so much dreaded, that a committee of Gentlemen, of that town, have come to London, to offer securities to the Bank, provided it will afford a temporary relief to the manufacturers who reside there."—(Times, April 18, 1793.)

"Public Credit.

"The very depressed state of the public credit of the country, is now so universally known, and felt, that it cannot suffer any additional injury by our stating the fact, and the means which are about to be carried into effect, as an experiment of relief. We daily hear of new stoppages among persons, many of whom have ever been considered as men of large real property: on a very minute, and fair, enquiry into the truth of this supposition, we have the best reason to believe that the fact is so; and that a very large proportion of mercantile houses, which have been, lately, obliged to suspend their payments, is still solvent, and well able to pay every demand, in the course of time. At Manchester, Liverpool, and other large trading towns, particularly at the former, this fact is well authenticated; but the failures at the country banks have stopped the circulation of money so suddenly, that present engagements have not been able to be fulfilled. To adopt a remedy, if possible, at this very alarming state of public credit, a meeting was held at Mr. Pitt's house, in Downing Street, on Monday last, to consult on the business. The grievance being explained to Mr. Pitt, he assured the Gentlemen of his anxiety, and readiness to give every assistance, in his power, to the mercantile interest, and he requested they would consult among themselves, and form some specific proposition, for his consideration. A meeting was accordingly held, yesterday morning, at the Mansion-house, to consider of the plan which should be proposed to Mr. Pitt. The number of gentlemen was reduced to 11, as being more convenient: and, at nine o'clock last night, they waited on the Minister, to obtain his approbation.

"We do not take upon us to state, OFFICIALLY, the nature of the plan which has been proposed, but we are led to believe that the outlines of it are as follows: 'That four millions of Exchequer Bills should be issued for the support of public credit, as a loan to the mercantile interest; that the security required, should be on goods actually warehoused, and the advance to be made on two-thirds of their value. Commissioners to be appointed to superintend the securities, and the value of the merchandise. The Exchequer Bills to be called in as they become redeemed. The borrowers to be answerable for any loss in the discount of them.' The plan was left for Mr. Pitt's consideration, who is to give his answer this morning. Should he approve of it, it is probable he will propose some resolution upon it, this day, in the House of Commons, to the end that the relief may be as speedy as possible."—(Times, April 24, 1793.)

"The Funds continued falling yesterday, and Consols were below 60, for money. We shall be very much surprised if there were not some very considerable failures before the next settling day. Some persons connected with French Houses are known to be great losers."—(Times, July 15, 1796.)

"We yesterday mentioned our expectation that there would be considerable failures among persons connected with French Houses, before the next settling day. A principal Stockbroker, immediately connected with a Gentleman, formerly a Member of the Legislative Assembly, in France, was, yesterday declared a defaulter at the Stock Exchange. His differences are upon near half a million of Stock, which he had purchased at 67 and 68. This failure is the commencement of exposing that destructive system of gambling, called continuations. The Consols were done yesterday at 59, for money."—(Times, July 16, 1796.)

"Notwithstanding the enormous failures of two Stock brokers, whose differences amount to full £100,000, the desperate game of Continuation still continues nearly as strong as ever. Bargains for time, in Stock, were yesterday made for the next settling day, at a rate of 20 per cent., Interest."—(Times, July 20, 1796.)

"A very extraordinary fluctuation took place, yesterday, in the Funds, which, after having fallen in the early part of the day, to 53-1/4, rose, towards the close of the market, to 56-7/8 for the October settling. The reason alleged, for this sudden rise, was, that Mr. Hammond having been unsuccessful at Berlin, had gone from thence to Paris. Such was the report!"—(Times, Sept. 7, 1798.)

"The Chancellor (Irish) has declared from the Bench, that, in the present period of distress, no person shall be made a Bankrupt."—(Times, June 12, 1796.)

"Canal Shares, which at one time rose to £180, are now down to £40. The Mania is over; and this earth-cutting business, in a great measure, at a stand."—(Times, Aug. 16, 1796.)

"So great is the scarcity, and high price of silver, that the silver smiths give 5s. 3d. for a crown piece, and a premium is given for shillings."—(Times, Jan. 7, 1796.)

"Silver is so exceedingly scarce, that there is not a sufficient quantity, for exchange, in the channels of business, either good, or bad, and yet we are sorry to observe (which we have repeatedly) the number of unfortunate victims who are, every Session, brought to trial, for coining. Surely the wisdom of the Legislature might prevent this evil, by issuing a sufficient quantity for the purposes of circulation."—(Times, Sept. 15, 1796.)

"The distress for want of Silver, is daily, more and more felt among the trading parts of the Metropolis. These are put to the greatest inconvenience, for want of a greater circulation; and, we understand that those who have many men in their employ, are obliged to give one per cent., to procure it. The many complaints which are made, on this subject, induces us to hope that the issue of a fresh coinage, from the Mint, will speedily take place. The want of it has another bad effect, as it increases the coining of base half-pence."—(Times, Sept. 29, 1796.)

"Yesterday, the Committee of Bankers had another Meeting at Mr. Pitt's, to request his interference in procuring them a certain quantity of specie, for the demands of their business. The Minister returned for answer, that he could only assist them, at present, with 50,000 guineas: which, being divided among all the Bankers, will not amount to 1000 guineas for each House.

"We hope that the Bank, instead of issuing dollars at 4s. 6d., will place a value of 5s. on them, in order that they may not become an object of traffic: their intrinsic worth is above 4s. 6d., and they should, therefore, be issued at some higher price, in order that they may not be hoarded.

"There can be no doubt whatever, but that large sums of specie have been drawn out of the Bank, and concealed in the houses, or gardens, of private persons. As this stoppage of general circulation is highly prejudicial to the Public Weal, we have only to observe to such persons, that their extreme, and foolish timidity, may produce, to themselves, the very consequences they seek to avert: and that, instead of being richer, they may fall the first victims of their alarms. Wherever large sums of money are privately deposited, except it is with those whose occupation it is to hold it, such persons are likely to be the first objects of popular revenge. The Bank, or the houses of Bankers, are the only secure places of deposits."—(Times, March 3, 1797.)

"According to letters received, on Wednesday, in town, the Banks at Norwich, and at Bath, have stopped payment in specie. Since the news reached the country, of the Bank of England stopping payment, not a guinea is to be had, in exchange for Bank-notes, on any of the Public roads."—(Times, March 3, 1797.)

"On Saturday, a small quantity of one, and two, Pound Notes were issued from the Bank, principally for the use of the country. A very large issue will be made in the course of this day, and to-morrow."—(Times, March 6, 1797.)

"This day, the Governors of the Bank will issue a quantity of dollars, to which the Tower Stamp is affixed, in order to relieve the present embarrassment arising from scarcity of specie."—(Times, March 6, 1797.)

"Sterling Silver was done, on Saturday, as high as 5s. 8d. per ounce, and Gold at £4, 8s. The price of Silver, is 5d. per ounce, above the rate at which coined silver passes, and the price of Gold 10s. per ounce, above the current price of the Guinea!"—(Times, March 8, 1797.)

"Yesterday, the Bank began to issue Dollars at 4s. 9d. each. There is the Mint Stamp affixed to each, which consists of the King's Head, marked on the King of Spain's neck. We trust that this issue of Dollars is intended to make room for a new importation from some rich Spanish prizes, which we hope to see in some of our ports."—(Times, March 10, 1797.)

"Several German Hard Dollars, or four-gold-pieces, nominally worth 4s. 8d. have been issued from the Bank, in the same manner as the Spanish Dollar."—(Times, March 27, 1797.)

"The Dollars now issuing at the Bank, are those which were taken on board the St. Jago prize ship."—(Times, March 17, 1797.)

"A very serious inconvenience has occurred to many people, from the multiplicity of forgeries in the stamps on the dollars, which, from being issued by the Bank, at a price so far above their real value, has tempted the coiners to forge the Mint Stamp, which it is impossible for a common observer to detect. Since their first issue, many chests of dollars have been imported into this country, for the sole purpose of forging the stamp. As they are circulated at 4s. 9d., and their value is only 4s. 2d., it has afforded too great a temptation to be resisted. Besides the vast number of copper dollars coined, it is supposed that more than half of those in circulation, are counterfeited in the stamp, though the dollars are good. When taken to the Bank they are refused, which has caused a deal of ill humour."—(Times, Sept. 4, 1797.)

"In consequence of the great quantity of bad Dollars, in circulation, the Bank Directors gave notice, in the Gazette of last night; that they mean to issue Gold coin, to the amount of the Dollars now in circulation, and which have been stamped at the Tower."—(Times, Sept. 27, 1797.)

"The Dollars having been taken out of circulation, there is now such a scarcity of silver, as to impede the ordinary negotiation of business very materially. It would be a public convenience if the new 7s. gold coin was put in circulation."—(Times, Oct. 5, 1797.)

"The new gold coinage of seven shilling pieces is to be issued from the Bank, this day."—(Times, Dec. 1, 1797.)

"Last week a man was apprehended at Manchester, on a charge of forging Bank of England notes. On searching his house, was found a plate, with a one pound note engraved, on one side of it, and a two pound note, on the other; together with a number of notes just struck off, but not filled up. On his examination he confessed the fact, and thereby impeached his brother, who, he said, was then in Yorkshire: and acknowledged that they had practised it about six months, during which time they had disposed of about 200."—(Times, March 30, 1798.)

"A small delivery of Mr. Boulton's 2d. pieces, was, on Friday, made at the Treasury; the likeness of the King is much better executed than in the 1d. pieces: they are full twice their thickness, weighing rather better than two ounces each."—(Times, Feby. 12, 1798.)

"The trade of counterfeit halfpence, though it got a temporary check within the last five weeks, is again getting forward. The turnpike men, coffee-house waiters, haberdashers' shops, fruit women, and porter houses, are at their old work. The turnpike men will give bad, but not take them at present. If the traveller objects, he is abused and kept waiting, perhaps ten minutes, for change of 6d.: the coffee-house waiters say they have no others, and that they give and take; the haberdashers fold the change up in a clean bit of paper, which when opened, contains the worst of counterfeit halfpence: and the fruit women and porter houses say 'they give what they take.'"—(Times, Oct. 2, 1794.)

"Bad shillings are sold to chandlers shops, turnpike men, and waiters at coffee-houses and taverns, at the rate of twenty shillings for five and sixpence. No wonder they are in such general circulation."—(Times, Nov. 29, 1794.)

"At this season the Jew fruitmen should be particularly guarded against. They care not at how small a price they sell, so the quantum reaches to silver. In that case it is their custom 'to hope you will give them good silver, as the gardeners are very particular.' They then rub it with both thumbs, dexterously contriving to fillip up your shilling, and drop down another, which they beg you to change, protesting that they believed it good but are not certain. Serving you the same a second or third time, and you are induced through an appearance of great civility, and apparent ignorance, to indulge them. The silver you receive as your own is speciously good: but it changes black in a few hours. The writer of this bought his experience at the price of three succeeding shillings."—(Times, July, 30, 1795.)

"BAD HALFPENCE.

"To the Master of the Mint—

"The Petition of more than Ten Millions of bad Halfpence,

"Most humbly showeth,

"That your Petitioners, for a number of years, have given bread to thousands of his Majesty's subjects, called Coiners: and that they have been long in uncontrouled circulation:

"That your Petitioners have enabled Waiters at Taverns, and other houses, to wear hair-powder, to the manifest increase of his Majesty's Stamp-duties.

"That your Petitioners have been the means of the Turnpike Tolls increasing in value, on account of the Toll-takers being obliged to put off a certain quantity of your Petitioners, each week, at a stipulated price from the Renters.

"That your Petitioners have long been a fine bonus to the Paymaster Serjeants of the different Regiments, who bought your Petitioners at the rate of 30s. for 20s., thereby making those brave fellows to live more comfortably, than their regular pay would allow them to do:

"That your Petitioners have, for a series of time, been of infinite service to those industrious men, the Tribes of Levi, and Manassa, who distributed your Petitioners, in the most plentiful manner, to their own great advantage:

"That your Petitioners have, in some manner, been the means of peopling Botany Bay, as numbers of persons, who were first in the habit of forming your Petitioners, afterwards mounted to the honour of making shillings, and sixpences:

"That your Petitioners, with great sorrow, perceive, by the effect of a new coinage of Penny, and Twopenny Pieces, that their existence is rapidly on the decline:

"Your Petitioners therefore pray that their grievances may be taken into consideration: and they will, as in duty bound, ever pray.

Bad Halfpence."

—(Times, Aug. 17, 1795.)

"FALSE COINAGE.

"The numerous evils arising from the now general circulation of Base Money, are too well known, to make it necessary that they should be dwelt on by us. We have always considered the different Administrations of this Country, as highly blameable for not paying more attention, than they have done, to prevent the nefarious practices which are introduced in the introduction of almost every species of Counterfeit Coin into the circulation of the country, because it certainly has the means in its own power, of lessening the mischief, by issuing a new coinage, particularly of Halfpence, which are, now, so generally bad, and so profligately circulated, that scarce a good halfpenny is to be seen.... The vast increase, and the extensive circulation, of base Money, particularly of late years, ... almost exceeds credibility, and the dexterity, and ingenuity, of these criminal people have enabled them to finish the different kinds of counterfeit Money, in so masterly a manner, that it has become extremely difficult, for the common observer, to distinguish the base Coin, now in circulation, from the worn out Silver, from the Mint. And, so systematic has this nefarious traffic become, that the great dealers, who in most instances are the employers of the Coiners, execute orders for the Town, and Country, with the same regularity as other manufacturers in fair branches of trade. Scarce a waggon, or coach, departs from the metropolis, that does not carry boxes, and parcels, of base coin, to the camps, seaports, and manufacturing towns, insomuch, that the country is deluged with counterfeit Money. In London, regular markets, in various public, and private, houses, are held by the principal Dealers, where Hawkers, Pedlars, fraudulent Horse-dealers, Unlicensed Lottery Office Keepers, Gamblers at Fairs, Itinerant Jews, Irish Labourers, Servants of Toll Gatherers, and Hackney-Coach Owners, fraudulent Publicans, Market Women, Rabbit Sellers, Fish Cryers, Barrow Women, and many who would not be suspected, are regularly supplied with counterfeit Copper, and Silver, with the advantages of nearly 100 per cent. in their favour: and thus it happens, that through these various channels, immense quantities of base Money get into circulation, while an evident diminution of the Mint Coinage, is apparent to every common observer.... Discoveries have been recently made, of no less than 120 persons, in the metropolis, and the country, who are employed, principally, in coining, and selling, Base Money: and this, independent of the numerous horde of utterers, who chiefly support themselves by passing it at its full value.

"It will scarcely be credited, that of these criminal people who have either been detected, prosecuted, or convicted, within the last seven years, there stand upon the register of the Solicitor of the Mint, no less than 608 names! and yet the evil increases rapidly. And when it is known, that two persons can finish from £200, to £300, in base silver, in six days, and that three people, within the same period will stamp the like amount, in Copper, and when the number of known coiners are taken into the calculation, the aggregate in the course of the year must be immense!"—(Times, Oct. 5, 1796.)