The Sun.
London, England, 1828-09-24 00:00:00

PANIC AMONGST THE JEWELLERS.

A serious alarm has been raised within these few
days amongst the jewellers of the metropolis, by
the extraordinary conduct of a young man, who
was a very few years ago no more than a journey-
man to one of the fraternity. This ingenious gen-
tleman has contrived to dispose of about 50,000/.
worth ofdiamonds, emeralds, rubies, and splendid
gold and silver articles, and some of the most ex-
perienced and eminent men in the trade have been
sufferers by his mode of dealing. About five years
ago the adventurer appeared, but by what means
nobody knew, as master, at the west end of the
town, of a shop which was pretty well stocked with
articles of jewellery. He was remarkable for the
first two years for the punctuality with which he
paid all demands upon him, and he of course ex-
tended his credit as he proceeded. By the most
artful means imaginable he gained the confidence of
the trade, and when it was supposed that his coun-
tenance would be a treasure to any beginner, he WAS
suddenly found to be " wanting." He happened
to reside in the immediate neighbourhood of a
distinguished Nobleman, who, he made it ap-
pear to his acquaintances, had been greatly
obliged by his closing up a window Which
looked in upon his Lordship's premises, and he
also made it appear that his Lordship's gratitude was
worthy 6f his rank, for the nobility poured in upon
the shop from all quarters. This extraordinary ac-
cession of business made a more extensive credit ne-
cessary. One diamond merchant supplied an order
of jewellery to the amount of 4,000/. ; and another
did not hesitate to credit him for as much more; a
third sent in diamonds to the value of 3,5001.; and a
fourth was happy to receive an order for some splendid
articles, to the amount of upwards of 5,000/. The
trade were allured by the immense business which
the adventurer had so suddenly acquired, and numbers
were anxious for a " turn," which, to say the truth,
he was not at all backward in giving. The moment,
however, he received a quantity of diamonds, or other
precious stones, he immediately broke them up, and
disposed of them at a low rate in a different
form. And all the plate he purchased he put
into the crucible, so that not a single article
was to be seen in the market in a shape in which
i sNsvheiii:oltgimelauriehneet x tbNely,tai ssbi
indebtedr e d,,i tN,
oas, dosilaa.imdsoebnned:
it could be recognised. Upon one occasion, when
he
a
ills.
is.icli,hianasireasfot establishing
to
" I have more bills now out than I wish to have,
but I'll tell you what I will do—l will give you half.
the amount in two months if you call on me, and ;I,
will give you the other half in two months more.
The diamond merchant consented, but scarcely had
one month elapsed when the diamond merchant re-
ceived 400/. from his debtor, and before die conclu-
sionthemouth,This was the way to do
re-
ceiving the remainder.
customer, for he
business. The diamond merchant was not only
of the third he was surprised at
determined to follow up his success by dealing
with so excellent a customer, but he was loud in
conversation with his young man. In a That's the s s"
upon the matter, he said,man for
him, Bob ;" meaning, no doubt,
us ; stick it into
u can for his tells
praise of so industrious and honourable a
sell him as much as yo ..• Thus en-
stick it into the
couritgeJ,
got an order flout him to the amount of about
3,000/., which was executed with wonderful dis-
patch,The articles thus supplied '
were either
broken up and newly cased, or melted down along
with others which were obtained
upon the
same
liberal terms. After having gone on for two years,
with the reputation of having supplied the Aristo-
cracyßob did
of the country, this active and ingenious young
man met with the fate of several other clever fel- ,

lows, and was " smashed." The creditor thus par-
ticularly alluded to• has been called nothing but
" Stick it into him, Bob," by those of the trade who
escaped. The stopping up of the window, to which
he owed a great part of his elevation in the rank of
Jewellers, procured him but a very indifferent por-
tion of his noble neighbour's money, and apparently
none of his patronage. He was, indeed, an honest
man in his mode of selling, for he disposed of all the
goods for less than their intrinsic value. It is the
practice of great Jewellers to keep their most va-
luable articles in cases, and to send them round, in
the care of confidential persons, to the Nobility and
Gentry. The able and industrious gentleman,
whose exploits we have been recording, did his busi-
ness Himself; and he never returned home without
completing the sale;
at least, he never brought back
what he had taken out with him. The sensation
which the knowledge of his insolvency caused
amongst the trade has a parallel only in that (cer-
tainly of much greater trsagnitude) occasioned by the
calamities amongst the Bankers in 182.5-6.