Worcestershire in the Nineteenth Century / A Complete Digest of Facts Occuring in the County since the Commencement of the year 1800

by T. C. Turberville

1825.

Never in so short a period of time did a nation experience such a transition from the confidence of commercial prosperity, to the despair and panic of general bankruptcy, as did Britain in the twelve months of 1825. The year opened with a flow of trade and ease in making money which had never been equalled, and the Chancellor of the Exchequer declared that the prosperity of the country was fixed on a firm and immutable basis—for which speech, Mr. Cobbett nicknamed him Mr. Prosperity Robinson. Yet before the year closed all was in confusion: a run upon all the banks throughout the kingdom took place—seventy three country banks were totally insolvent—the Bank of England itself was only saved from a complete drain of its gold, which was reduced to under £1,300,000, by the fortunate discovery of a box of one pound notes—bankruptcy and ruin spread amongst traders of every class—and the country was within forty-eight hours of barter. To account for this disastrous state of things is not difficult. The enhancement of prices, and the recklessness of the country bankers in pushing their paper money, had begot a spirit of speculation and gambling, not equalled since the South Sea Bubble. Between 1822 and 1825, twenty-six foreign loans were negociated, of which only ten are now paying dividends; and companies were started for all imaginable purposes, the nominal capital of which amounted in the whole to more than four hundred millions sterling. Soon after midsummer, this year, the tables began to turn—foreign markets were glutted with British fabrics, and a drain of gold took place to pay for the imports, as foreigners would no longer take our goods. Besides this, gold and silver coin chained down to a certain standard of value, while all other things had enormously risen in price, was of course a profitable speculation for the foreigners; and in 1822–3 and 4, thirty-three millions and a half of ounces of silver were exported, and the known export of gold exceeded 1,270,000 ounces. It will be seen that, to the credit of this county, not a single bank here was actually insolvent, and only one closed its doors even for a short period. Three per Cents. averaged 89; wheat averaged 68s. 6d.

January 25—The lady of Sir Edward Mostyn, Bart., then residing at Spring Bank, Red Hill, near Worcester, was returning home in her carriage, when the horses took fright and set off at a gallop. She jumped out, and received such severe contusions on the head that she died in two days afterwards. Her remains were interred in the parish church of Llannas, Flintshire, in which county Talacre, Sir Edward’s paternal seat, was situated.

September—The long brass French six-pounder and nine suits of black armour which now adorn the walls of the lower hall, in the Guildhall, Worcester, presented to the Corporation by Colonel Wall of Hallow Park. They all belonged to Charles II, and were left by him after the fatal battle of 1651.

October 26—The Worcestershire Militia inspected upon Pitchcroft. At the dinner of the officers in the evening, a handsome silver salver was presented to Colonel Newport Charlett as a tribute of the respect and esteem in which he was held by the regiment.

October 11—The Worcestershire Fox Hounds, lately reorganised under Mr. Parker, had their first run. The pack consisted of about thirty couples of hounds.

December 19—At a public meeting at the Guildhall, of tradesmen and others, with the Mayor in the chair, a resolution of confidence in the different banks of the city was passed, and afterwards published with upwards of 500 signatures.

At a public meeting at Kidderminster, a similar vote of confidence was passed as to Messrs. Wakeman and Turner’s bank. At Bewdley, the inhabitants also met and expressed their reliance in the banking establishment of Messrs. Pardoe, Nichols, and Baker. Bromsgrove—in the house of Messrs. Rufford and Biggs. Stourbridge—Messrs. Hill, Bate, and Robins, and Messrs. Rufford and Biggs. Dudley—in the houses of Messrs. Dixon, Dalton, and Co., and Messrs. Hordern, Molineux, and Co. The bank of Messrs. Hartland, having branches at Tewkesbury, Cheltenham, and Evesham, was compelled to suspend payment; but this was the only concern, connected with this county, unable to sustain the run which the terrible panic of this year caused on every bank throughout the kingdom.

Local Acts—Stourbridge Commissioners Act; for making and maintaining a road from Birmingham to Pershore; for repair of Upton roads; to amend the Stratford and Moreton Tramroad Act; for enclosure of land at Stock and Bradley.