1816] Fear of Bankruptcy 101 



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 405. 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. 



