After Scott’s death the debt still amounted to £54,000; his life was insured for £22,000, there was £2000 in hand, and now Cadell most handsomely advanced £30,000 in order that the remaining debt might be liquidated, taking as his only security the right to the profit that might accrue from the copyright property. The family, dreading that the term of copyright might expire before the sum could be returned, endeavoured to obtain a special additional term, and on more than one occasion Serjeant Talfourd introduced a bill into the House of Commons to this effect, but without success. Fortunately, however, the event showed that Cadell was commercially fully justified in his generosity, for before his death not only had he been reimbursed his £30,000, but a handsome profit had been earned “for the benefit of all whom it might concern.”
According to Mr. James Mylne, one of Cadell’s executors, the following is the total sale of Scott’s works from the time they came into Cadell’s hands until his death:—
| Circulation. | ||
| Waverley Novels | 78,270 | sets |
| Poetical Works | 41,340 | ” |
| Prose Works | 8,260 | ” |
| Life by Lockhart | 26,060 | ” |
| Tales of a Grandfather (as a separate work) | 22,190 | ” |
| Selections | 7,550 | ” |
and, as a test of the popularity of the People’s Edition of the writings and Life, he states that the following numbers originally printed in weekly sheets were issued:
| Novels | 7,115,197 |
| Poetry | 674,955 |
| Prose | 269,406 |
| Life | 459,291 |
| Total Sheets | 8,518,849 |
Robert Cadell died on January 21st, 1849, after a long career rendered prosperous by this splendid property, and on March 26th, 1851, the novels, poems, prose works, and the “Life” by Lockhart were put up to auction at the London Coffee House by Mr. Hodgson. The sale brought together the largest “trade” gathering that has ever been witnessed; there were publishers from the “Row” and Albemarle Street, booksellers from Ave Maria and Ivy Lanes, and speculators from every corner of the kingdom. The stock had been valued at £10,193 3s., a very low figure, and it was announced that this would be sold only with the copyrights, and that the trustees retained the right of bidding. After much disputing as to these restrictions £5000 was offered, and quickly rose by leaps of £500 to £10,500, when Mr. Bohn and the “Row” retired, and the struggle lay between Mr. Virtue and some imaginary bidder, visible only to the eyes of the auctioneer. At £13,500 the copyright was “bought in” making the price, including the stock, £23,693 3s.
This afforded a wonderful contrast to the former sale at £8500, more especially when we consider that the copyright of the earlier novels had only five or six years more to run.
In a few weeks after this it was announced in the Scotsman that the whole of the copyrights were transferred to the hands of another eminent publishing firm in Edinburgh—Messrs. A. and C. Black, who, in conjunction with their friends, Messrs. Richardson Brothers, became the possessors at the price of £27,000.
Leaving the Waverley Novels for a time, it will be necessary to bring up the narrative of the career of Mr. Adam Black to the period when he was able to become the owner of the most valuable literary property that has ever existed.
Adam Black, the son of Charles Black, a builder of Edinburgh, was born in that town in the year 1784, and was educated primarily at the High School, on his entrance as a pupil at which, tradition says, he was accompanied by his father, who, having just left his employment for the purpose, appeared in full working garb, the mason’s white leathern apron included. At the University his talents speedily procured him admittance into that clique of young Liberals who were afterwards to effect such a change in Edinburgh, indeed in cosmopolitan politics. After serving his apprenticeship to the book trade, in partnership with his nephew, the bookselling business of Adam and Charles Black was founded. In 1817 he married Isabella, only daughter of James Tait, architect (sister of William Tait, the well-known originator of Tait’s Magazine), and at the time of Constable’s failure was in a steady and prosperous way of business. This disaster was the means of making many fortunes, and in 1826 the Edinburgh Review appeared under the joint proprietorship of Thomas Norton Longman and Adam and Charles Black. As we have followed the career of the Review in our history of the Longman family, it will be unnecessary to enter fully into the changes of management and the success of later numbers.