The Sun.
London, England, 1856-05-22 00:00:00

THE TRIAL OF PALMER.

( From the Times.)
The evidence of one witness on the trial of Win.
Palmer is of especial interest to the community,
and, as any comment upon it can have no effect
upon the case, we call attention to it at once. The
pecuniary troubles of the prisoner for many months
previous to the death of his companion Ceok are
detailed at great length by Mr. Thomas Pratt,
solicitor, of Queen-street, Mayfair. The history is
instructive for those who may at any time feel in-
clined to begin the seductive practice of borrowing
money on their own personal security. It certainly
requires no great arithmetical genius to calculate
what 1,0001., at 60 per cent. payable monthly, will
amount to in a given term of years, nor is there
much forethought necessary to show a man, with the
most unceasing arid fortunate exertions, he is hardly
likely to extricate himself from debt which increases
with such terrible rapidity. Tho evidence of Mr.
Pratt is an old tale, and often told—the first small
loan duly repaid, then a larger sum, then the bor-
rower's acceptances, then those presumed to be his
mother's bills renewed, interest payable monthly,
threatening letters, entreaties for delay, falsehood,
forgery, appropriation, of another man's money,
and then the final crash. It is worthy of attention
lin all its naked simplicity.
About two years and a half since the acquaint-
ance between Palmer and Mr. Pratt began,
Palmer borrowed 1,0001., which he repaid. More
seems to have been borrowed during the ensuing
year from Pratt or other persons, for when Anne
Palmer, the prisoner's wife, died, and Mr. Pratt
received 8,0001. from the offices on account of the
policies on her life, 6,5001. was at once applied in
payment of bills due. In April, 1855, Mr. Pratt
was again applied to for a loan of 2,0001., on a bill
purporting to be accepted by Mrs. Sarah Palmer,
and by November last there were eight bills held.
by Mr. Pratt or his clients, the total amount being
12,5001. " The interest," says the witness, " was
paid monthly. With two exceptions, these bills
were discounted at the rate of 60 per cent." Thus
the interest to be paid by Palmer for money bor-
rowed within seven months was probably upwards
of 6,0001. a-year, the income of a leading barrister
or physician. If the prisoner had become possessed.
of an annuity equal to the salary of a Judge or a
Minister of State, it must have been swept away
yearly during his whole life in merely paying the
interest of this temporary " accommodation." No
wonder there are soon urgent letters on the part of
Mr. Pratt and evasive answers from bis client.
Walter Palmer is dead, but, even if the Prince of
Wales Insurance-office will way the 13,0001., it can-
not be received directly; so Mr. Pratt writes, "Do
pray think about your three bills so shortly becoming
due. If Ido not get a positive appointment from
the office to pay, which I do not expect, you must
he prepared to meet them, as agreed. You told me
your mother was coming up this month, and would
settle them." Again, on the 2d of October, "Bear
in mind that you must be prepared to cover your
.tiother's acceptances due at. the end of the month."
On the 18th, " I send copies of two letters I have
received. As regards the first, it shows how im-
portant it is that you or your mother should pre-
pare for the payment of the 4,0001. due in a few
days." What is the position, then, of Palmer ? He
has 4,0001. to pay, and can only pay 2501., and pro-
mise 2501. more. " Forltgoodness sake, do not
think of writs. . . . I will get you the money, even
if i pay 1,0001. for it." The two sums of 2501.
-eem to have mollified Mr. Pratt for a few days. On
the 31st of October he writes—" The 2501. in regis-
tered letter duly received to-day. With it I have
been enabled to obtain consent to the following."
And then he tells Palmer that, with the exception
of issuing writs against his mother, no proceeding
as to service shall be made until the morning
of Saturday, the 10th, " when you are to
send up the 1,0001. or 1,5001. You will be
debited with a month's interest of the whole 4,0001.
out of the money sent up." On Nov. 11 Palmer
was not ready with the 1,0601., but he brought
3)01., making in all 8001. paid--2001. " was de-
ducted for interest, leaving 6001." Thus, out of
the money which Palmer had scraped. together in
the course of the past month, a fourth, 2001., went
as the month's interest of the 4,0001. Of course
Mr. Pratt was still pressing for his balance of
3,4001. On the 17th Palmer is able to send a
check for 2001. ; on the 19th he pays in 501., and
promises 4501., which accordingly was liquidated
out of Cook's money. But even then the call was
for more. On the very day of Cook's death
Palmer writes, " I will send you the 751. to-mor-
row." This 751. it afterwards appears was for the
renewal of a bill for 1,5001. for one month, being
at the same reasonable rate of 60 per cent. On the
21th of November Palmer paid as small a sum as
251. on account of a 2,0001. bill, due a month
before.

Such are the transactions at this present day
between borrower and lender. A mai involves
himself in debt, of which the interest every
eighteen months equals the principal, and another
is found to lend him the- money, with,-we must
presume, a knowledge that he has no settled occu-
pation, and that his resources are only derived from
the betting-ring, or contingent on what he may
inherit from his relatives. These are not transac-
tions between a youth at the University and a
wine merchant acquainted with his prospects. They
seem the ordinary dealings between two grown-up
men, each of whom has had considerable experi-
ence of the world, and especially of that shrewd
class with which Cook and Palmer associated.
One man forges his mother's name, and pays 60
per cent. to have the bills renewed ; the other
takes his 60 per cent., which Mrs. Palmer is sup-
posed to allow her son to pay for the accommoda-
tion. It cannot be doubted that, although
commercial pursuits are highly honourable, such
a trade as that of Mr. Pratt and his " clients,"
of whom he " obtains consent" when a bill is to be
renewed, is hardly calculated to improve the public
morality. The wonder to a reflecting man is, how
any one should give way to such madness as to in-
volve himself in meshes from which he must in
reason be convinced there is no escape. The sud-
den pressure of some " debt of honour" leads,
probably, to the first application, and once fairly
entangled, there is no escape. One who trusts so
much to fortune as the betting man no doubt thinks
that the next " event" will bring deliverance from
all his troubles, and first in confidence, and at last
in desperation, he continues his terrible course.
It may be beyond the power of law to pre vent such
dealings, but we may certainly say that the man
who supplies money to one thus rushing to ruin
deserves any loss he may sustain, and that any-
thing which may lessen the gainfulness of his trade
will be a benefit to society.