THE HAWARDEN ESTATE
(1847)
It is no Baseness for the Greatest to descend and looke into their owne Estate. Some forbeare it, not upon Negligence alone, But doubting to bring themselves into Melancholy in respect they shall finde it Broken. But wounds cannot be cured without Searching. Hee that cleareth by Degrees induceth a habit of Frugalitie, and gaineth as well upon his Minde, as upon his Estate.—Bacon.
I must here pause for material affairs of money and business, with which, as a rule, in the case of its heroes the public is considered to have little concern. They can no more be altogether omitted here than the bills, acceptances, renewals, notes of hand, and all the other financial apparatus of his printers and publishers can be left out of the story of Sir Walter Scott. Not many pages will be needed, though this brevity will give the reader little idea of the pre-occupations with which they beset a not inconsiderable proportion of Mr. Gladstone's days. A few sentences in a biography many a time mean long chapters in a life, and what looked like an incident turns out to be an epoch.
Sir Stephen Glynne possessed a small property in Staffordshire of something less than a hundred acres of land, named the Oak Farm, near Stourbridge, and under these acres were valuable seams of coal and ironstone. For this he refused an offer of five-and-thirty thousand pounds in 1835, and under the advice of an energetic and sanguine agent proceeded to its rapid development. On the double marriage in 1839, Sir Stephen associated his two brothers-in-law with himself to the modest extent of one-tenth share each in an enterprise that seemed of high prospective value. Their interests were acquired through their wives, and it is to be presumed that they had no opportunity of making a personal examination of the concern. The adventurous agent, now manager-in-chief of the business, rapidly extended operations, setting up furnaces, forges, rolling-mills, and all the machinery for producing tools and hardware for which he foresaw a roaring foreign market. The agent's confidence and enthusiasm mastered his principal, and large capital was raised solely on the security of the Hawarden fortune and credit. Whether Oak Farm was irrationally inflated or not, we cannot say, though the impression is that it had the material of a sound property if carefully worked; but it was evidently pushed in excess of its realisable capital. The whole basis of its credit was the Hawarden estate, and a forced stoppage of Oak Farm would be the death-blow to Hawarden. As early as 1844 clouds rose on the horizon. The position of Sir Stephen Glynne had become seriously compromised, while under the system of unlimited partnership the liability of his two brothers-in-law extended in proportion. In 1845 the three brothers-in-law by agreement retired, each retaining an equitable mortgage on the concern. Two years later, one of our historic panics shook the money-market, and in its course brought down Oak Farm.[203] A great accountant reported, a meeting was held at Freshfield's, the company was found hopelessly insolvent, and it was determined to wind up. The court directed a sale. In April 1849, at Birmingham, Mr. Gladstone purchased the concern on behalf of himself and his two brothers-in-law, subject to certain existing interests; and in May Sir Stephen Glynne resumed legal possession of the wreck of Oak Farm. The burden on Hawarden was over £250,000, leaving its owner with no margin to live upon.
Into this far-spreading entanglement Mr. Gladstone for several years threw himself with the whole weight of his untiring tenacity and force. He plunged into masses of accounts, mastered the coil of interests and parties, studied legal intricacies, did daily battle with human unreason, and year after year carried on a voluminous correspondence.
OAK FARM
There are a hundred and forty of his letters to Mr. Freshfield on Oak Farm alone. Let us note in passing what is, I think, a not unimportant biographic fact. These circumstances brought him into close and responsible contact with a side of the material interests of the country that was new to him. At home he had been bred in the atmosphere of commerce. At the board of trade, in the reform of the tariff, in connection with the Bank act and in the growth of the railway system, he had been well trained in high economics. Now he came to serve an arduous apprenticeship in the motions and machinery of industrial life. The labour was immense, prolonged, uncongenial; but it completed his knowledge of the customs, rules, maxims, and currents of trade and it bore good fruit in future days at the exchequer. He manfully and deliberately took up the burden as if the errors had been his own, and as if the financial sacrifice that he was called to make both now and later were matter of direct and inexorable obligation. These, indeed, are the things in life that test whether a man be made of gold or clay. 'The weight,' he writes to his father (June 16, 1849), 'of the private demands upon my mind has been such, since the Oak Farm broke down, as frequently to disqualify me for my duties in the House of Commons.' The load even tempted him, along with the working of other considerations, to think of total withdrawal from parliament and public life. Yet without a trace of the frozen stoicism or cynical apathy that sometimes passes muster for true resignation, he kept himself nobly free from vexation, murmur, repining, and complaint. Here is a moving passage from a letter of the time to Mrs. Gladstone:—
Fasque, Jan. 20, 1849.—Do not suppose for a moment that if I could by waving my hand strike out for ever from my cares and occupations those which relate to the Oak Farm and Stephen's affairs, I would do so; I have never felt that, have never asked it; and if my language seems to look that way, it is the mere impatience of weakness comforting itself by finding a vent. It has evidently come to me by the ordinance of God; and I am rather frightened to think how light my lot would be, were it removed, so light that something else would surely come in its place. I do not confound it with visitations and afflictions; it is merely a drain on strength and a peculiar one, because it asks for a kind of strength and skill and habits which I have not, but it falls altogether short of the category of high trials. Least of all suppose that the subject can ever associate itself painfully with the idea of you. No persons who have been in contact with it can be so absolutely blameless as you and Mary, nor can our relation together be rendered in the very smallest degree less or more a blessing by the addition or the subtraction of worldly wealth. I have abundant comfort now in the thought that at any rate I am the means of keeping a load off the minds of others; and I shall have much more hereafter when Stephen is brought through, and once more firmly planted in the place of his fathers, provided I can conscientiously feel that the restoration of his affairs has at any rate not been impeded by indolence, obstinacy, or blunders on my part. Nor can anything be more generous than the confidence placed in me by all concerned. Indeed, I can only regret that it is too free and absolute.