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EMMA DARWIN
A CENTURY OF FAMILY LETTERS
1792-1896
VOLUME I
CHAPTER VII
1816
The crisis in Davison's Bank—Its failure averted—The loss of the John Wedgwoods" fortune—Their move to Betley.
IN the summer of 1816 a crisis occurred in the fortunes of the John Wedgwoods. Davison's Bank, in which he was a partner, had apparently been in an unsound state for some time, and there was now imminent danger of bankruptcy. He had sunk nearly the whole of his property in the concern.
Mrs John Wedgwood to her brother-in-law Josiah Wedgwood.
[LONDON], August 14 [1816].
MY DEAR JOS,
I have no doubt that John has thanked you for your letter of the 10th, but I am anxious to add my thanks to his, for what was indeed a type of yourself, in its wisdom and kindness. I can also give you the only reward in my power (but which you will not think trifling), in the assurance that poor John has found considerable relief in acting on your advice. He had last night a quiet comfortable night, and awakened to-day refreshed and with quiet nerves. The confidence you urged him to make to me and the children was indeed suspected by me long, tho" I believe it was proved by the immediate shock it gave me that I had feared more than expected it. All my four children have borne it as I could have wished them, with entire resignation if the blow does fall on us, and with renewed tenderness to their father and myself. Tom I mention particularly, because he has hitherto seen life more in its holiday dress than the rest, but who, I am convinced, will concur without a moment's hesitation in every regulation of economy it may be necessary to adopt. How poor John has been able to endure as well as he has, what has been his lot for the last few months, I cannot tell, but I have the comfort of thinking that his health is not hurt by it, and for the future, whatever may betide us, I am sure his load will be the lighter for our participation. If reserve were not incurable, I should hope he would lose the habit of being so from his late sufferings, and the relief I am sure he has had from opening his mind; at the same time I must bear testimony to the beauty of his temper, which with such a load on his heart has never for an instant been betrayed into the slightest irritation, nor indeed has it made him withdraw from general sympathy in what was happening round him.
Yesterday was a day of dreadful anxiety to us, but towards the evening money, in the course of business, flowed in, and when they shut shop their spirits were a good deal revived. This however is only temporary, and I will keep this open to tell you the result of to-day: if we are at last to fall, I grieve over these delays, but I am anxious to assure you, and my dear and anxious Bessy, that all our spirits are suffering much less than you may imagine them to do. The idea of ruin has so often been present to my mind, that it comes at last without a shock. Indeed a chance call from Mr Parke yesterday presented us with schemes as a resource for our future life, if the worst befalls us. His daughter is now at Boulogne, where the houses and articles of life are so cheap that I don't know that we could do better than in going there. One of its greatest advantages is the ease and cheapness of getting there. It is not so far as Exeter from hence, and then, my dear Jos, I should not feel as if I was going to quit you for ever, as I am sure our best friends would not fail to seek us out. Sometimes the society of my friends is dearer to me "than gold, yea, than much fine gold," therefore, I will not if I can help it, go beyond their reach. Till post-time farewell.
To-morrow will seal our doom either for good or for bad.
Mrs Josiah Wedgwood to her sisters.
[LONDON] 22 August, 1816.
I am now at liberty, my dear girls, to tell you the true reason of my coming up to town in this violent hurry. Secrecy is no longer necessary, as last night the whole affairs here were transferred to Coutts's. This is no longer a Bank, but all the old customers are referred to Coutts. It is a most desirable arrangement to this house, which must otherwise have stopt. Your balance and everybody else's is now at Coutts's, and everybody must be very glad to find their money there. If this had not happened they must have stopt this week, though they had property enough to pay 40s. in the pound, but there was no time. They therefore laid their whole accounts open to Coutts's lawyers, who verified everything with the most scrupulous exactness, and this whole week has been passed in the different negotiations, and in a state of anxiety on our parts difficult to describe. The definitive deeds were not signed till 4 o'clock this morning, and the partners of both houses were here up all night; and several times during the investigation they were nearly off. Thank God however it is now settled, and will be announced in to-morrow's papers.
Jos and I came up last Friday sennight upon hearing that the Bank could not go on another day. We travelled nearly all night and got here to breakfast. Our design was to bring Jenny and her children all down to Etruria. We found them, all but John, very much distressed, and he was very firm. We had no hope, and I was only here to enable Jenny to support the shock when it came. Mr Vizard thought of this scheme, and it was proposed to Sir W. Paston's bank, who declined. It was then offered to Coutts's, who from their being above all fear of a run were induced to take it, and they suppose they will get 3 or 4000 a year by it. We have been like drowning persons rescued from death. The Bank now finishes in an honourable way at least, and all the horrors of bankruptcy are escaped.
This was the thing that affected Jenny and Sally most, and they feel themselves quite in high spirits to-day, at having escaped; and for my own part I feel just the same. I will enter upon another sheet because I think you had so much rather pay a little more than have this interesting subject curtailed. We were obliged to be very cautious all the week, for if a breath of suspicion had gone out while it was pending, there would have been a run, and all would have been over. Happily dear Jenny's health has stood it wonderfully. The circular letters all go out to-morrow, and we are going to dine upon a haunch of venison from Dr Darwin, and on Tuesday we all go out of town in our gimcrack for Etruria, and I trust we never shall spend so anxious and unhappy a week as the last. I took Jenny out to Hampton Court yesterday, as well to be out of the way as to see the Philippses. We had a delightful drive, and dear Jenny's elastic spirits rose to a very pleasant pitch. It is wonderful to see the composure with which they all bear the wreck of their fortunes, now they are secure of not being in the Gazette. That evil appeared so enormous, that everything else is thought light in the comparison. They will now stay with us till some arrangement can be made as to their future plans....
John was largely helped in his difficulties by his brother Jos, his sisters Kitty and Sarah, and his brother-in-law, Dr Darwin. It was soon after this time that their friend Mr Tollet let them have a small house at Betley at a low rent, for the pleasure of their society, and also to be of service to them in their changed fortunes. Bessy mentions his great kindness to Jane with enthusiasm. "I almost worship Mr Tollet," she wrote. This arrangement continued for eight years, I think the longest time they ever stayed in one house. This was a pleasure to both families and a great delight to Bessy to have her beloved sister so near her.
