Mr. Cadell, then Constable's partner, says in his Memoranda,—"Prior to this time the reputation of John Ballantyne and Co. had been decidedly on the decline. It was notorious in the trade that their general speculations had been unsuccessful; they were known to be grievously in want of money. These rumors were realized to the full by an application which Messrs. B. made to Mr. Constable in May, 1813, for pecuniary aid, accompanied by an offer of some of the books they had published since 1809, as a purchase, along with various shares in Mr. Scott's own poems. Their difficulties were admitted, and the negotiation was pressed urgently; so much so, that a pledge was given, that if the terms asked were acceded to, John Ballantyne and Co. would endeavor to wind up their concerns, and cease as soon as possible to be publishers." Mr. Cadell adds: "I need hardly remind you that this was a period of very great general difficulty in the money market. It was the crisis of the war. The public expenditure had reached an enormous height; and even the most prosperous mercantile houses were often pinched to sustain their credit. It may easily, therefore, be supposed that the Messrs. Ballantyne had during many months besieged every banker's door in Edinburgh, and that their agents had done the like in London."
The most important of the requests which the laboring house made to Constable was that he should forthwith take entirely to himself the stock, copyright, and future management of the Edinburgh Annual Register. Upon examining the state of this book, however, Constable found that the loss on it had never been less than £1000 per annum, and he therefore declined that matter for the present. He promised, however, to consider seriously the means he might have of ultimately relieving them from the pressure of the Register, and, in the mean time, offered to take 300 sets of the stock on hand. The other purchases he finally made on the 18th of May were considerable portions of Weber's unhappy Beaumont and Fletcher—of an edition of De Foe's novels in twelve volumes—of a collection entitled Tales of the East in three large volumes, 8vo, double-columned—and of another in one volume, called Popular Tales—about 800 copies of The Vision of Don Roderick—and a fourth of the remaining copyright of Rokeby, price £700. The immediate accommodation thus received amounted to £2000; and Scott, who had personally conducted the latter part of the negotiation, writes thus to his junior partner, who had gone a week or two earlier to London in quest of some similar assistance there:—
TO MR. JOHN BALLANTYNE, CARE OF MESSRS. LONGMAN & CO., LONDON.
Printing-Office, May 18, 1813.
Dear John,—After many offs and ons, and as many projets and contre-projets as the treaty of Amiens, I have at length concluded a treaty with Constable, in which I am sensible he has gained a great advantage;[24] but what could I do amidst the disorder and pressure of so many demands? The arrival of your long-dated bills decided my giving in, for what could James or I do with them? I trust this sacrifice has cleared our way, but many rubs remain; nor am I, after these hard skirmishes, so able to meet them by my proper credit. Constable, however, will be a zealous ally; and for the first time these many weeks I shall lay my head on a quiet pillow, for now I do think that, by our joint exertions, we shall get well through the storm, save Beaumont from depreciation, get a partner in our heavy concerns, reef our topsails, and move on securely under an easy sail. And if, on the one hand, I have sold my gold too cheap, I have, on the other, turned my lead to gold. Brewster[25] and Singers[26] are the only heavy things to which I have not given a blue eye. Had your news of Cadell's sale[27] reached us here, I could not have harpooned my grampus so deeply as I have done, as nothing but Rokeby would have barbed the hook.
Adieu, my dear John. I have the most sincere regard for you, and you may depend on my considering your interest with quite as much attention as my own. If I have ever expressed myself with irritation in speaking of this business, you must impute it to the sudden, extensive, and unexpected embarrassments in which I found myself involved all at once. If to your real goodness of heart and integrity, and to the quickness and acuteness of your talents, you added habits of more universal circumspection, and, above all, the courage to tell disagreeable truths to those whom you hold in regard, I pronounce that the world never held such a man of business. These it must be your study to add to your other good qualities. Meantime, as some one says to Swift, I love you with all your failings. Pray make an effort and love me with all mine. Yours truly,
W. S.
Three days afterwards Scott resumes the subject as follows:—
TO MR. JOHN BALLANTYNE, LONDON.
Edinburgh, 21st May, 1813.