Papurau Newydd Cymru

Chwiliwch 15 miliwn o erthyglau papurau newydd Cymru

Cuddio Rhestr Erthyglau

12 erthygl ar y dudalen hon

MR. PEABODY AND THE BANK OF…

Newyddion
Dyfynnu
Rhannu

MR. PEABODY AND THE BANK OF ENGLAND. The following interesting account of the celebrated trans- action between Mr. Peabody and the Bank of England in 1857, is from an article, entitled" Secret Bank History," in the City of London:— There is no doubting that the assistance rendered to Mr. Peabody by the Bank of England in 1857 has been the occasion of much misunderstanding in banking and commercial circles, and of serious and ungenerous prejudice to the Bank of England. For ever since the assistance rendered to Mr. Peabody, everybody has felt warranted in applying to the Bank of England for help, when help was needed, and, being in ignorance of the terms exacted from Mr. Peabody, the Bank of England has been denounced, when insisting on ad- hesion to its rule of lending on securities which it ap- proved, although the philanthropic American scrupu- lously complied with the rule. With the view of protecting the Bank of England from unjust aspersion in this matter, and of showing the terms on which it lends its money in a time of pressure, we shall trace the outline of that chapter in the Bank's history, with this word of preface, that our information has been derived directly from one of rr the principals in the transaction. And that those con- cerned may be in no way prejudiced, we shall close with a brief digression which will show, first, that the business relations which led to the application to the Bank of England are still cherished, and second, that Mr. Peabody, in addition to possessing those genial qualities which has endeared him to us all, is one of that sort who always will conduct their business in a manner that even in exceptional and trying circum- stances must render them independent of the sup- port of others. The revulsion had done its work over the length and breadth of the United States, and one day while walking to his office at the corner of Pine and Nassau Streets, it occurred to Mr. Duncan, sen., of the firm cf Duncan, Sherman, & Co., that probably serious trouble would occur in London and elsewhere as the consequence of that revulsion. Turning the matter over in his thoughts as he proceeded, the necessity for prompt action appeared so reasonable, that on entering his office he called his son, and asked the amount of available securities at the instant in hand. The reply was :OO,OOOl. By twelve o'clock the same day his son was steaming out of New York harbour in the Cunard steamer, with the 300,0002. securely packed in a portmanteau. Arriving in due course in London, Mr. Duncan, jun., and Mr. Peabody, proceeded to the Bank of England, and a conversation of this kind ensued I want to arrange for the assistance of the Bank, in case it should be necessary to protect the drafts of my New York correspondents." "Certainly, Mr. Peabody, whatever assistance you require shallbe given with pleasure." "But I desire the contro 1 of a specific sum, which I am to send for if I need it, and which I am not to send for if I do not need it." We can only re- peat, Mr. Peabody, thatwhtttever assistance yourequire shallbe given with pleasure." "You misunderstand me, I must know what I can trust in." Well, what sum do you want, and for what period do you want it." Mr. Peabody repeated that he wanted nothing he merely desired a credit that he might or might not use at pleasure. Then, turning to Mr. Duncan, jun., he asked the amount of the securities he had bought. We want 800,0001. here are securities for 300,000/. I hall at once furnish securities for the remainder." "Very good, Mr. Peabody but if you will consider the matter it is not in business form. If you want money you must take it, and take it for a period. We cannot tie our hands and leave yours untied. You must take 200,0001. at least, and pay us for it." Mr. Peabody demurred—took the 200,000?., with the option of the 600,000?.—and in a fortnight after return- ing the 200,0001., he withdrew the whole amount of the securities. And for the accommodation the Bamc charged tne minimum rate on 200, 0001. for six months. Such, concisely told, was the celebrated transaction with Mr. Peabody in 1857. In America it was thought, and indeed is still thought, that the Bank of England drove a hard bar- gain with Mr. Peabody; that the 200,000?. should not have been forced on him that the additional 500,0001. in securities should not have been received and that in- terest for six months should not have been charged for money, which was only held a fortnight. On the other hand, among ourselves, it has been thought, and to some extent is still thought, that the Bank of England hav- ing helped American, it is D-iorally bound to carry thiough" English men and that it is monstrous for Englishmen to be refused after what has been done for lVfr. Peabody. The facts which we have adduced will, we hope, satisfy English grumblers and that there are English grumblers, should, we think, be satisfactory to our cousins across the water. Englishmen have positively been refused; Mr. Peabody was merely charged roundly by the Bank of England. The reception of the additional securities was obviously in terms of Mr. Peabody's proposition, and on the assumption that the further sum of 500,0001. would be asked. The securi- ties secured this additional 500,0001. to the order of Mr. Peabody and, although the Bank of England continued to hold the 500,0001., it was precluded from lending it to other people. Mr. Peabody's travelling companion from this country to America, on the 21st April of the last year, was the same Mr. Duncan, sen., on whose behalf Mr. Peabody chiefly negotiated with the Bank of England in 1857. The voyage, as all know, ended, without the adventure, and progressed without incident for at no period of its duration was there ever present to the mind of any but the most nervous, the sense of danger. Only on one day did the elements rise to the dignity of a storm the other days corresponded with the latitude in the spring of the year. There were days of moderate wind-others of strong swell, and of easy swell-some were intensely cold, and some middling cold. On the whole the voyage was a good one; although it must be owned that not many of the passengers were quite equal to the occa- sion. Probably, because of the cold, there was more than an average sum of misery passengers finding the saloon-deck settles untenable, and not being all provided with chairs of their own to take advantage of unexposed corners, sought refuge in the greasy waist, upon the hot flags of the two funnels, in the close saloons, or in the closer berths, and therefore suffered from the absence of that best of all antidotes to unaccustomed and unnatural motion on the sea— untainted air. The old gentleman is a fine sailor, not a whit sick, nor a sufferer from the accumulation of unwholesome juices in the stomach, which produces nausea, but a genuine Neptune, who enjoys himself, pleases other people, and takes his meals regularly. Every morning, from first to last, Mr. Peabody was in his seat for breakfast by eight oclock, every noon for luncheon, every four o'clock for dinner, every six o'clock for tea, and every ten o'clock for supper. And he partook heartily. Indeed, it might with truth be said that he was in his seat constantly from morning till night gouty tendencies in the feet being as for- bidding as cold on deck. Only on two occasions did he venture from the main-deck to the saloon deck above, and his stay extended to a single turn round the funnel. The other days were days of immolation of sitting on the right, at the head of Captain Judkin's table, of gossipping, of reading, of cracking nuts and jokes, and of playing whist. Of whist-playing the old gentleman is fond. He even claims to be an authority in the game. Differing, on one occasion, with the saloon players, the fore saloon was jocularly scoured for players, but the measure of success was not gratifying. Among the passengers there were two stories current of Mr. Peabody, which, whether true or untrue, may be taken as illustrating the sort of character which is never likely to conduct business so as at any time to be dependent on the Bank of England, or any other bank. One day Mr. Peabody was in conversation at the Palace Hotel, Westminster, and a gentleman pro- posed the hiring of a cab to the City. "What," said Mr. Peabody, when an omnibus will carry you for sixpence The other story is of the same sort-of the save-all kind which has built up so many fortunes. Mr. Peabody was in the neighbourhood of Limerick, where he had been ordered by his physician, with hunt- ing or fishing for a prescription. Hunting, of course, was out of the question, and fishing became tlfe choice. At once Mr. Peabody set to work, and one day landed four salmon. Proceeding to the hotel with the spoil, It was produced before the landlady, when a close ex- amination of the fish was undertaken by Mr. Peabody. The two best were at length selected by him, and turning to the landlady, he remarked that it would be well to have fish to-day for dinner. The landlady hesitated, and Mr. Peabody, meanwhile musing over the two leaner fish, selected a third and placed it with the others. While this was passing the landlord entered, and Mr. Peabody, addressing him, said, that it would perhaps be well to have fish for dinner." Well," said the landlord, "we have this, that, and the other thing to-day and some excellent trout have been already dressed." "All right," said Mr. Peabody the four of them will do. Boy, take them across the street to the fishmonger," Whether the trout afflicted Mr. Peabody with indigestion in the evening, or with nightmare in the night, is perhaps unknown. He is once more in Ireland fishing, and it would not be sur- prising were that country to be the next recipient of his benefactions.

MEMENTOS OF A DECEASED ARTIST.

ADVICE TO BATHERS.

[No title]

GARDENING OPERATIONS FOR THE…

ENGLISHMEN IN PARIS IN 1817.

THE HARVEST AND THE REAPER,

[No title]

HORRIBLE BUTCHERY BY AN AFRICAN…

THE SULTAN AND THE "GREAT…

WRECKING IN GREAT BRITAIN.

THE HOUSE OF LORDS.