"We do not take upon us to state, OFFICIALLY, the nature of the plan which has been proposed, but we are led to believe that the outlines of it are as follows: 'That four millions of Exchequer Bills should be issued for the support of public credit, as a loan to the mercantile interest; that the security required, should be on goods actually warehoused, and the advance to be made on two-thirds of their value. Commissioners to be appointed to superintend the securities, and the value of the merchandise. The Exchequer Bills to be called in as they become redeemed. The borrowers to be answerable for any loss in the discount of them.' The plan was left for Mr. Pitt's consideration, who is to give his answer this morning. Should he approve of it, it is probable he will propose some resolution upon it, this day, in the House of Commons, to the end that the relief may be as speedy as possible."—(Times, April 24, 1793.)
"The Funds continued falling yesterday, and Consols were below 60, for money. We shall be very much surprised if there were not some very considerable failures before the next settling day. Some persons connected with French Houses are known to be great losers."—(Times, July 15, 1796.)
"We yesterday mentioned our expectation that there would be considerable failures among persons connected with French Houses, before the next settling day. A principal Stockbroker, immediately connected with a Gentleman, formerly a Member of the Legislative Assembly, in France, was, yesterday declared a defaulter at the Stock Exchange. His differences are upon near half a million of Stock, which he had purchased at 67 and 68. This failure is the commencement of exposing that destructive system of gambling, called continuations. The Consols were done yesterday at 59, for money."—(Times, July 16, 1796.)
"Notwithstanding the enormous failures of two Stock brokers, whose differences amount to full £100,000, the desperate game of Continuation still continues nearly as strong as ever. Bargains for time, in Stock, were yesterday made for the next settling day, at a rate of 20 per cent., Interest."—(Times, July 20, 1796.)
"A very extraordinary fluctuation took place, yesterday, in the Funds, which, after having fallen in the early part of the day, to 53-1/4, rose, towards the close of the market, to 56-7/8 for the October settling. The reason alleged, for this sudden rise, was, that Mr. Hammond having been unsuccessful at Berlin, had gone from thence to Paris. Such was the report!"—(Times, Sept. 7, 1798.)
"The Chancellor (Irish) has declared from the Bench, that, in the present period of distress, no person shall be made a Bankrupt."—(Times, June 12, 1796.)
The following is but a foreshadowing of our Railway Mania:—
"Canal Shares, which at one time rose to £180, are now down to £40. The Mania is over; and this earth-cutting business, in a great measure, at a stand."—(Times, Aug. 16, 1796.)
In 1796, there was an extraordinary scarcity of silver, which taxed severely, the resources of the Government to meet. The difficulty was met, to some extent, by the issue of Spanish Dollars, taken from Prizes, and stamped at the Tower, where the Mint then was, with a small head of the King.—These were issued at 4s. 9d. each—The same scarcity arose in 1803-4, and the same expedient was resorted to—only then the dollars were issued at a price over their value, so as to offer no premium for their destruction.
"So great is the scarcity, and high price of silver, that the silver smiths give 5s. 3d. for a crown piece, and a premium is given for shillings."—(Times, Jan. 7, 1796.)