"Four thousand and seventy three Novels are now in the Press, from the pens of young Ladies of Fashion. At Mrs. D——'s School all the young Ladies write Novels, in the fourth class!! and those whose parents are rich, or honourable, are at the expense of printing them. Lady L. G. and Lady C. C. are busily employed upon two rival Novels, which are the favourite work for Young Ladies at present: and the lawful successors of bell-ropes, coronet cushions, and painted flower-pots. Lady G.'s is entitled—'Duke or no Duke,' Lady Charlotte's 'All for Nothing.' Those who have seen the latter, are loud in the praise of its beauties: the plot of the former is not thought to have been well laid."—(Times, April 18, 1796.)
MONETARY.
We are apt to think that among the other advantages of progressive Civilisation which we possess in this latter part of the 19th Century, Commercial failures and stoppage of Banks are peculiarly our own, but it was not so; the years 1793 and 1796—the former especially—were times of severe mercantile depression—the tale of which is best told in the language of the 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.