The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-08-03
sCoTCu BANKING.
"RIaeIs Monday,


II, Dinety years ago, somebody had inquired at
the Exchange, or the Bank OF England, who was
the most successful man Of the day, the unf ill
ing answer would bave been alexander For
dyce." His success in life, indeed, bordcred on
the arvellous IL a sort of poetry OF success
up 10 certain timo-fOr the prose followed
1t. There Is much prose, unfortunately, at the
bottom of all poetry in life, as well as in bank
ing Alexander Fordyce was bred a hOsier at
Aberdeen, bus finding this place too narrow for
his abilities, he came to London, and, after
short while, succeeded in Obtaining employment
as an outdoor clerk in the banking-house
Of BOdero & Co. A handsome, dashing man,
possessed of considerable energy of character,
with great flow of natural eloquence, and much
suayity of manner, he soon attracted the atten-
tOn not only of his masters, hut of other gentle
men, ard hefore long obtained an introduction
to the family circle of Messrs Rofey & Neale,
formerly brewers, and subsequently, heads of the
banking firm OF RUffey, Neile & James. At
the private residence Of these gentlemen the
young Aberdeen draper captivated all hearts,
particularly the supposed soft ones of the fair
sex and the upshot of these conquests was that
Mr. Fordyce was offered partnership in the
banking g-huuse of ROffey, Neale & Co., In
ThTeadnted street, which offer, It is need
less TO Say, was accepted. AleXander-we might
call him Alexander the Great-had no sooner
been thus comfortably established when he
began 20 speculate in the public funds, hazarding
large sums upon conjectural gains. Fortune, ,wbtch
Is said 20 favor the bold-the proverb, like most
proverbs, is of doubtful truth-smiled upon
Alexander, showering the golden guineas into
his lap by thousands and tens Of thousands. His
courage rose With his good luck, and his stakes
-doub ed day after day. AT last, in l766, he made
tremendous haul in speculation in East India
stock. He calculated upon slight rise, and had
no soontr invested his-that is his partners -
for une than there took place an extraordinary
upward movement, leaving him in the possess
sion of profits amounting TO near hundred
thousand pounds. Mr.. Alexander Fordyce now
started fairly in the great race Of life. He pur-
chased large estate with splendid mansion,
at Roebamp on, and entered upon q series of
.fefes. bar quets, and entertainments which threw
those of no, atty in the shade. To show his
zeal for religion he built q church adjoining
his mansion, supporting it entirely himself, aud
"woTkhipping God" on 4 sort of velvet throne
suTounded.by glittering posse of tall footmon
and bedizened lackeys. Alexander Fordyce next
started as a candidate for a seat in Parliament,
which attempt, though he was not returned, cost
him fourteen Thousand pounds. To secure his
future election, he erected an hospital and esttb-
bshed other charities at the borough of his
choice, leaving no means untried TO become
Ser atOr, and openly avowing his hope to die a
peer as beginning of this great end, he married
q peeress, the Lady Margaret Lindsay daughter
Of the Earl Of Bacarres, and sister of that Lady
Anne rnaTd, whose name is so well known as
writer of "Auld Robin Gray" This was the
highest sfroke of good fortune that befell the
handsome draper of Aberdeen.
Contemporary writers can scarcely find words
to praise The beauty and grace Of Lady Margaret;
Always sweet, always entertaining, always
instructive" wrote Sheridan; while another
added, "Her eloQuence was remarkable, and her
singing frequently left the wnole room in tears"
No wonder that to please such a wife, as far
above him by birth as by accomplishments,
AlexandeI FoTdycc redouhled speed in his wild
career OF extravaganza. He purchased estates in
Scotland nc a fancy value, opened his mansion to
the elite of rank and wealth, whom he enter
tanned at sumptuous festivals, and grew inSolent
almost, in the possession of his newly
acquired wealth. But the fatal period now
approached when there came a turn in
laiioDs turned out badly, and his first
losses brought whole host OF visible
and invisible enemies against him. The stocks
have got vino of this secret" said Horace Wal.
pole "aDd their heart is fallen into their brooches
where the heart of the stocks is apt 20 lie"
Then came the affair of Falkland Island, which
drove the funds down rapidly, leaving Mr.. Fur
dyce, who had speculat OH q rise, loser TO tue
eXtenr of about q hundred thousand pounds. To
supply his Deficiencies he now had recourse 20 his
partLers' privae funds. Discovery followed in
the wake of this step, aud the alarmed banker
brewers, as suddenly trembling as they had pre-
Viously been elated, Threatened exposure and
punishment.
Messrs. RofFey, Neale & Co. had freely par
taken of Mr. Fordycc's extreme good Ia K, and
rejoiced in the far ken which had attained them
the services of so clever person bat When they
saw that the chances were going against him, they
demonstrated with all the energy of men whose
fortunes lay on the success of their remon.
strRnces. Probably they felt like Carlye's heroes
of the French Revolution, thut the Millennium
was struggling on the threshold, and yet not SC
much as groceries could be hGd-owing tC
traitors. With what impetus will not hungry
men strike traitors in such u case?
AltXsndcr FOrdyce showed himself q grea
genius even in adversely. He treated the rcmJn
strance of his partners with the most mortifyinS
contempt, telling them that he vas quite willinl
20 leave a concern which they themselves were
utterly incOmTetent TO manage. AT the SAM
time he showed them a thick pile OF bank note
which be had borrowed for the purpose; and tn
Iustle OF the hank notes, pied with the magi
of their insolent partners el0queuce, at ouci
brought Messrs. Rofey & Neaie dOwn upjV
their knees. But, although secure OF the g1oC
will of his associates, the career OF the youni
banker was fast drawing 10 a close. Getting des
perate, he lost himself more and more IN will
speculations, TO cover which all his own aud hi
friends resources were wholly insufficient. II
next went about raising money by loans bu
with very Indifferent success. The Bank OF Eng
land refused assistance, and most of the privat
bankers declined likewise. Among those whom
Alexander visited on his borrowing erTand was
shTewd Quaker. "Friend Fordyce," was th
reply of the latter, Il have known many me-
ruined by two dice, but will not be ruined b
Four-dice." The Quaker was right; for, fe'
days after, the storm, no longer 10 be prevented
burst forth over the city. Mr.. Fordyce absente,
himself from the banking house in Threadneedl
street; his terrified partners for the first tim
investigated their accounts, aud found they werj
hopelessly bankrupt The news created panic
and the panic increased when IL became know
that the name of Alexander fordyce was attachet
60 bills in circulation TO the amOunt Of four mil
lions sterling Such Monday as this Sth day
of June, 1872, had not been known in the mer
camille world of ERgland within che memory oi
man, and the people universally called II "Blacl
Monday"
This i'Blaek Monday" was q great calamity II
England, but II proved almost fatal 70 the bank
ing interest in Scotland. The news of the failure
of Fordyce was brought 10 Edinburgh accord
ing 20 ScOFs Maqasine, OF June, i772), "by q
gentleman who posted from London Ia forty.
three hours;" and i had the Immediate effect OF
breaking nearly all the banks in the northern
Kingdom. The houses Of Douglas, Heron g. Co.,
Malc0m & Co., Johnston & Smith, William
Alexander & Sons, Gibson & Balfour, Anthony
Ferguson, and many others, stopped pay
ment one after another, and the panic at
Edinburgh and Glasgow was such as 10 threaten
a revolution, Besides the Bank Of Scotland,
Royal Bank, and British Linen Company, which
wero established by public authority, the only
.l.lnla laIl-a fhal rnInnlnnd aOIYenl MeTe lOulls