Chambers's Edinburgh Journal, No. 460: Volume 18, New Series, October 23, 1852Various
History
Chambers's Edinburgh Journal, No. 460: Volume 18, New Series, October 23, 1852
Various
Periodicals
Meanwhile, the managers went on working an unprofitable business,
borrowing money on the credit of the joint proprietors; and in the
face of all the advantages upon which they plumed themselves, plunged
deeper and deeper into debt, until, being forced to borrow at a high
rate of interest to pay for the use of former loans, they found their
credit, in the thirteenth year of their existence, completely
exhausted; and then the bubble burst at once in ruin, utter and
complete, overwhelming all who were legally connected with it, either
by original purchase, by transfer, or by inheritance. Independent
country gentlemen, west-country manufacturers, and merchants of
substantial capital, were summarily pounced upon by the fangs of the
law, and all simultaneously stripped of everything they possessed in
the world. Professional men, the fathers of families genteelly bred
and educated, were summarily bereft of every farthing, and condemned
in the decline of life to begin the world afresh. Not a few, seized
with mortal chagrin at the horrible consummation of an affair which
had never been anything but a source of loss and annoyance, sunk at
once into the grave. Others--accustomed perhaps for half a century to
the appliances of ease and luxury, and who were the owners of
hospitable mansions, the centres of genteel resort--at the present
moment hide their heads in cottages, and huts, and eleemosynary
chambers, where they wither in silence and neglect under the cold
breath of alien charity. Some, at threescore, are driven forth from a
life of indulgence and inactivity, to earn their daily bread. Young
and rising tradesmen, who had had the misfortune to inherit from a
relative or a patron but a few shares, or even a single one, saw
themselves at once precipitated into bankruptcy. One case, for which
we can personally vouch, is beyond measure distressing: a gentleman of
good fortune dying, had bequeathed to each of a large family of
daughters a handsome provision; shortly before the bursting of the
fearful bubble, the mother also died, dividing by will her own fortune
among the young ladies, and leaving to each one a few shares in the
Romantic Valley Brewery. The transference of these shares to the
several children made the whole of them liable to the extent of their
entire property; and the whole six unfortunates were actually beggared
to the last farthing, and cast upon the world to shift as they might.
To detail the domestic desolation caused by this iniquitous affair,
would require the space of a large volume. It has wrought nothing but
wretchedness and ruin to those to whom it promised unexampled
prosperity, and it is yet working still more--nor is it likely to
stop, for aught that we can see, so long as it presents a mark for
legal cupidity. All that could be got for the creditors has been
extorted long ago from the wealthier portion of the victims; but the
loans are not yet all liquidated, and the claim yet remaining
Public-domain text, read in full here on John Shaqi.
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