THE 
MONTHLY MAGAZINE. 
[ Price 2s. 
No. 493. ] 
TOPIC OF THE MONTH. 
._Mr. Fauntireroy, Punisument by 
Deatu, and the BANKING SYSTEM. 
NHE stoppage and ultimate bank- 
ruptcy of Messrs. Marsh and Co, 
in Berner’s-street was w circumstance, in 
itself, sufficient to produce a more than 
nine-days’ sensation. Though not bankers 
of the first order, with respect to the 
gross amount of capital entrusted to 
their care, the customers of the firm, 
in point of number, were perhaps more 
numerous than those of several of the 
banking-houses, which stand foremost in 
the ranks of wholesale estimation. A 
large proportion, also, of those whose 
interests were affected were probably of 
those descriptions to whom the loss, 
or the temporary privation even, of their 
hundreds, or their thousands, was of 
more consequence, both to their present 
eredit, and their future prospects, than 
the tens of thousands, and hundreds of 
thousands, of those great capitalists and 
proprietors, whose securities and rent- 
rolls are vested in the hands, and trusted 
to the management of the supposed Cree- 
suses of the banking trade. They were 
bankers, in fact, in whose hands what 
monied men would call “small sums” 
were kept: that is to say, with whom 
tradespeople, and others of the middle 
orders of society, were in the habit of 
entrusting’ the whole of that floating 
eapital which their credit or their con- 
cerns rendered it necessary should: be 
always at command; but which it was nei- 
ther safe nor convenient to keep in their 
own bureaus. The number of families, 
therefore, whom the sudden stagnation 
of these resources must have thrown into 
perplexing difficulties, or overwhelmed 
with dismay, could not but be very con- 
siderable; as the dejected and anxious 
countenances of the multitude gathered 
around the doors, the day after the sus- 
pension of payment was declared, suffi- 
ciently evinced: and: when the second- 
ary and remote action upon those who, 
in the complicated chain of trading con- 
nexion, were implicated with the imme- 
diate sufferers, is considered, it cannot 
be at all surprising, that a very exten- 
sive emotion should have been awaken- 
ed. Nor, when it is recollected how 
many banking-houses there are in this 
Montuty Mac. No. 403. 
DECEMBER 1, 1824. 
metropolis similarly situated, with re- 
spect to the description of their tran- 
sactions, and standing in no respect 
upon any higher grounds of credit and 
reputation, than the, firm of Marsh and 
Co. had, for several, years maintained, 
will it seem other than in the course of 
things, that an eager run of alarm and 
apprehension should be made upon the 
minor banking-houses, in general; and 
that one in particular (though deficient, 
perhaps, in nothing but immediately- 
availing resources to answer such unex- 
pected demands), should have been obli- 
ged, a few days after, to follow the omi- 
nous example of avowing a temporary 
inability to answer such importunate 
claims. The wonder is rather, that more 
were not reduced to the same dilemma. 
But these were, in reality, the slight- 
est of the causes, which excited the ge- 
neral interest and discussion “ The ex- 
traordinary conduct of the partner, Mr. 
Fauntleroy” (to adopt the language of 
the firm itself, in the public announce- 
ment of their temporary suspension of 
payments), which was the immediate, 
and, for a while, supposed to be the 
only, cause of failure, gave a direction 
to the general sympathy, more honour- 
able perhaps to the social character of 
the public, than consoling to the con- 
scious feelings of those to whom it 
was directed. “ It was the crime of 
an individual,” it was said, “ not 
the default of the general firm, that had 
produced the calamity, whatever might be 
its extent; and the partners were joint 
victims, not principals. or voluntary 
agents, in the ruin.” Nor were there 
wanting among the suffering creditors 
themselves, those, who expressed more 
compassion. for three. respectable: fami- 
lies, hurled from esteem and affluence 
to. distress and degradation, than. for 
their own pecuniary embarrassments and, 
losses. his 
The part that was taken, through the, 
medium of the public press, to extend, 
this feeling, is so fresh in remembrance, 
that it need not here be noticed, if it, 
werenot for the importance of warning 
the public against the uses that may be, 
made, as-they are attempted to be made,, 
of every discrepancy of that important 
organ, of its conduct ia this partietilar. 
3D The 
