New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-30
4 FAILURE ONE HUNDRED YEARS AGO.

BY THE EXAMPLE OF INDIAN NABOBS-DUsINEss
CAREER OF ALEXANDER FoRDYCE.
the Editor Of The Tribune.
SIR: In the Chronicles and Characters of the
Stock Exchange Qondon), by John Francis, IND the
following history Of Of hundred years ago
It reads as II written Of our own time:
Tho crisis of l772 has been entirely overlooked by
those VITO have bestowed their thoughts upon sih ABB
tcts. II had its origin in variety OF clTcuniSssiIes
Douglass, Heron & Co., established in 1863. hwas the
period when the aeesss9f adventl,Ts ID on5
surns accumulated In few months. Largo pu
clases OF land made ut higA prices Al t: e a
a a, o,ne. ,s u o Wss ostcnisy dis
played oontcnpt FOR tho slow gains OF trade. rover
r Mn rc tne s n si nc we're not Disposed
to hide their wealth under q hushsl They limit magni
cent mansions, aAd In5tOck ostentaon for taste; Iey
raised tho prices OF all ARTICLES Of consumption; ty
wcrs bUwed to before their faces and drended beiInd
tbcir backs Dark deeds were told OF tLem; anu We
sbrrwd peasGnry sluddered as the massive ciffihRo
roied by which held tie whose wealth iiad boon %,
tanned at s expense of his humanity The cpHenhi'ss
literature 0f the day is filled wild, the popar opinion o,
tie character; and the nabob commonly repfeSrhtea
D WITH bad liver and bacS heart. ScOs', WIZ
his exquisite conception Of the ludcrous iakes ore oi
bis char1ctsrs dehne nabon AS one WHO Jo.eo ,a
ei9n parts, with mair sier thnn his pouches can "aa;
cote"
sions OF their wealth. and crimes; and 50 late rs twenty
years ago. Lord Chve was desci1pcl 10 ua liz hd
ad haying destroyed hi%lI because MS pa CA" 3n
too grca. for his conscience 20 Dclr: pc
drama the snry and the poem colored with Their
ecctnt!icihs while newspapers ocs2sonaly Iceoiu.a'
s,ty was Inixed with their ros5ncss Tie effect how
ever. OF these things was to maze money penIi,u AZ
non 10 ,hi4 The 6ankn,,-horse Douglass Heron d Co.
crcuired is paper with freedom wbch pau a rn'ct
Ont nv DiSromn.s for zine were rIcniiul Bills pre-
s.Htr,l Ivy farmers, and accepted by powmsh, wgie
oaracter maintained by tiie bank attracted those who
HhDud have known better; anal Innpy oi th"se "9 40
I77I tie rcfllt II the reckless trading was apparent;
ard DUnala>s Heron " Co. failed The siosk wis i1g
throughnu the empire The Royal Bank OF Scotian!
t0tterei % lis base The banking boases ~ lEhu 3noo
with welyronnded faar; and the great eorior'.on ..
tia Bk OF England i,set all sies FOR ASSIST
~ rj,ce 81 me Iouse OF Neal FOi,!yec & Co.. finn
Which, rom its position, the mportce assumed ~ rs
partners. ad the known Success 81 some OF lts spc
tons, was generally sGpond 10 ne ndyoi ryoa
somewhat out OF the ordinary way OF hs craft ana may
n9ra h u hs' power i to make o. mar the ortnn
hin and asa Us specimen OF the moe III
SamEers ~, Wit, 3,G the haanres Of thSs customers
Drei a hosisr at Aberdecn Alexander forfyee iouni
rnoiy@ o London AZ ths Oily place worthy his genus,
obtained employment clerS TO - cry Ehhlig dOHae
Here no ;,sitys, great facility for figures wa great
nttonnn 70 sness and rose the post OF junior part
ner IN the irIn i,oty, Neal James scarcely mad c
bern thus established he began to speculate in the
Xey and Generally with marked good fsrtune The
Dyi empts yoig sinners WIN s.tccss .hn ny t ~"
,s Which involved Ills ci4cGeg and his pa.ineES
fortune. The game with hin the fnris were coz
sautly the rise; and fortunai" as daring he wac en-
ab.d 70 plrcbase large estate, to support Il sf'ld
app aIpnce to surpass n1ho5s IN eS''tsfg NE '.h Wv"
venues IN folly re marked the m;shle with MS name
mon a church which he Qstcnatiously buit Ills amli-
ton We'd with his extravaganza, az" his c;raVa-ahcc
;eot mace with his ambition The Aberdeen hoser spent
thousands in attempting to become Sena.or ana openly
ayowed hi hope Of dyng peer ne e pSn 1c n
chased ost ltes III Scotland at iaycy value; puli ho
pital and founded charities IN The place y ipel he hoped
~ ,ccoDe tiie representative BHt chahSe cane over
81, fortunes. some Doiac;l events ilf,l sho9S INN. a
sensible blow wa, given 10 Us caee oy te arm ., tne
Falkland Island, and re had reco'iiFe 70 us ialihrS
private FUNDS ,os,ipply ;sctcicGces Like many wo are
tmpeJ to appropriate he noney Of others ne rStII 70
hi. sDecilatons tie stock Exchange keI9rts reached
his partners who gre" a.armed' Iney nat Ti.;,S
and partahcn oi bis good fortune ana they hi rel9ccd
in tne ,r ken which had obtained te ol 'Ocle!er
person but when they saw h;t the CHANCES were soius
afaSt him, hey demonstrated WIN az ue ehsrs9 Vi
nien fortunes hang on the success OF tneir h"h
stTances cool and ii'csnt contempt OF thSi opdon,
coupled with the remark aV i.c vac Iuo ' ~; 80
leave them to manage the concern 10 whcn tney 80
sery incompetent, aif for .n, tbnc IN enormous
OF bank notes which toiHy.. - .oi1"eu ;vs
returned with the possession OF ne ac pa1r ai t
is doubtful whether TIE paj7ihty OI rs ntinrI i ~
tlrd to pursue Mr.. F0rdyce Hs combinations were -
inc his plans skiin as ever lis mind was IS per
st mia theories ard the price OF tie ln's woId not
Weld TO his combinations Every one sad as deserved 20
"5,tIon: and Il is gcuiara!e that with AL his great
and continued losses Ge retained 30 he last hour cool
nrssb,e c1lice his partners surprised b. his al
srnng himself from tie banhnS-house rms, WIN IIhef
causes, .cai,i1ued inline,at. StJppagc, ana DdhH
r.y,y which spread Jar AMI wide But Mr. toiiice E's
not absent long He returned al the FISK OF as me We
IbiIe feeling icing violent tat 1t was necessary 10
sa h him nom the pOpgaee while he detailed ;isso OF
sed fraud ana folly lie manfiiiy took TIE Ddic
upvu himself and r,ted Ills partners rOAl all save
an uuGcscrycd confidence
We have the Wild specuation the same con-
tonpt for the gains OF hon st and legitimate trade the
same osentaous display %" shOjiyltes" and OF course
AZ Il
Nc Foriyce Coz because they are the result Of such
state OF things. d'p D.
Bej.e!cy Springs, West 70, August. 1878.