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325© The Author(s) 2018P. Kosmetatos, The 1772–73 British Credit Crisis, Palgrave Studies in the History of Finance, https://doi.org/10.1007/978-3-319-70908-6

1

1 Note: Page numbers followed by ‘n’ refer to notes.

Index

NUMBERS AND SYMBOLS1763 crisis

BOE discounting during, 182, 240contagion claims, 177impact, 277interference with economic

displacement, 62potential significance, viii, 23, 181,

298progress and timeline, 25reported losses, 211rescues, 199, 201

1772 crisisand the American colonies, 7, 28,

175, 247Ayr bank failure (see Ayr Bank

(Douglas, Heron & Co.))containment (see Lender of Last

Resort (LOLR))event risk, 153, 172–173impact, contemporary perceptions

of, 6, 257

impact on financial system, 272–278, 293

impact on regulatory framework, 291–293

impact on wider economy, 258–271, 292

in the Netherlands, 7, 175, 187, 196, 200, 215, 247

progress and timeline, 8propagation (see Financial

contagion)reported European losses, 211reports of panic, 223–225traditional bubble narrative, 11, 128

1774 recoinage, 2591778 crisis, 26, 341793 crisis, 2331797 crisis, 2331825–1826 crisis, x, 22, 189, 249, 2971857 crisis, 2491866 crisis, 13, 178, 2491929 Crash, viii, 298

326 INDEX

AAberdeen Banking Company

assets, 82capital, 73credit retrenchment, 220post-crisis, 273surviving sources, 38

Abraham ter Borch & Sonsbills exposure, 216, 228failure, 7, 175, 232, 277

Acceptance loanprinciple, 106

Accommodation bills, 90, 106Act of Union (1707), 286Adam brothers (architects), 5, 155,

200American War of Independence,

26–28, 63, 182, 212, 255, 259, 260, 268, 298

Annuities, 78Ayr Bank annuities, (see Ayr Bank

(Douglas, Heron & Co.))Arbuthnot & Guthrie (Bank), 113,

227, 277Archibald Stewart &Co. (Firm), 187Argyll, Duke of, 201Arms Bank, 100Ayr Bank (Douglas, Heron & Co.)

abortive BOE rescue, 178, 188–189, 202, 240, 246

alleged reckless lending, 11, 63, 102, 124, 170

annuities, 189, 192, 200, 204–206, 245, 248, 287, 291

arguments for establishing, 20, 103, 121

assets, 83, 91–95asset sales, 217–219bad debts, 154, 283banknotes, 109, 111, 169, 201,

205, 219, 240, 249, 276bank run, 225

branch banking, 21, 102, 170capital, 158Committee of Inquiry, 29, 165,

168, 205, 291–292controversial practices, 29, 164–168costs of swivelling, 112credit exposure, 210, 214end as going concern, 27, 205fate of its ledgers, 39inability to roll over short-term

debts, 222land bank, 30, 158–165, 180leverage, 90, 170losses, 285–287modern allusions to, 31partner “contributions”, 280–287partner demographics, 128, 158,

197partner liability, 180, 248, 291–292in Scottish banknote exchange

system, 22, 170stoppage, 6, 175, 204, 231surviving sources, 40systemic importance, 119, 173,

240–245in traditional crisis account, 11, 17,

29, 154transferrable bonds, 199, 204,

278–285weakness of business model, 171winding-up, 192, 198, 283

Ayr Bank Act (1774), 199, 206, 291, 297

BBagehot, Walter, 178, 191Balcarres, Earl of, 198Balfour, John, 271, 289Bank Charter Act (1844), 22n96, 179Bank co-partnerships, Scotland

legal status, 22, 32, 69

327 INDEX

Bank Notes (Scotland) Act (1765), 32, 111, 139, 172, 296

Bank of Amsterdam, 24Bank of England (BOE)

banknotes, 109, 240bullion reserves, 240credit exposure to Alexander

Fordyce, 215discount policy, 112, 122, 133, 172,

191–193, 196, 227, 276, 296EIC rescue loan (1773), 199functions, 79–80loans to the EIC, 7, 199, 297LOLR role in 1772, 8, 18, 122,

182–189, 196, 233–248, 295, 298

motives for intervening, 181, 191, 193, 195–199, 246–248

size and resources, 95, 106, 117–119, 181, 206, 246

status as corporation, 69surviving sources, 252–253

Bank of England Monopoly Act (1708), 22, 68, 69, 132

Bank of Scotlandaid to Carron Company, 201attitude to Ayr Bank bonds,

278–283branch banking, 102, 278capital increase, 75credit retrenchment, 220establishment, 80helps retire Ayr banknotes, 205position, 22refusal to support Ayr Bank,

188–189, 202surviving sources, 38unsuitability as LOLR, 195

Bankruptcy laws, 135–139Barclays Bank (Barclay, Bevan and

Bening)assets, 82

business line, 80capital, 73post-crisis, 272–275profitability, 155

Baring, Sir Francis, 178Bengal famine, 152Bills of exchange

credit risk, 105, 122, 124discredit, 297and the EIC, 7“fictitious”, 19, 113inflationary impact, 17, 67moral hazard, 161network, 10, 21principles and functions, 68, 80, 90,

97, 104–109, 136, 143size and limits of market, 233swivelling, 109–115, 122, 128, 215,

242in traditional crisis account, 11, 19,

33, 57–61, 121vectors of financial contagion,

215–217, 233–245, 296Bogle, Robert, 225Bogle & Scott, 213, 215, 225Boldero, Grant, Barnston & Co., 229Boston Tea Party, 28Boswell, James, 27, 176, 231Bristol Old Bank (Lloyd, Elton, Miller,

Tyndall, Gillam & Edye)assets, 97bad debts, 154capital, 73cash ratio, 91

British Linen Bank, 188, 273credit retrenchment, 219–220, 229establishment, 80links with failed bankers, 226–227,

277surviving sources, 38

Bubble Act (1720), 22, 68–70, 78, 132

328 INDEX

Bubble Companies (1719–1720), 67Buccleuch, Duke of, 29, 158, 165,

166, 280, 291Buccleuch papers, 40Burke, William, 144

CCadell, William, 49Calvert, James, 202Canals

financing of, 70“mania”, 52–57

Carron Companyassistance from Edinburgh banks,

201association with James Watt, 20capital, 76, 77fears over survival, 6founding, 49

Cash accounts, 100–102Charles Ferguson & Co. (Bank), 113,

214, 231Cheadle Brass, 77Childs Bank

assets, 82, 97business line, 80, 225cash ratio, 91credit retrenchment, 219EIC share bubble role, 151post-crisis, 273profitability, 155surviving sources, 38

Clifford & Sonsabortive rescue, 201failure, 7, 175, 225, 232, 277links to Dreyers, 215support for EIC speculators, 151, 153systemic importance, 177

Clive, Robert (Lord), 10, 80, 142, 149

alliance with Ministry, 152

insider trading, 144, 149jaghir, 143

Coalbrookdale foundry, 77Cockburne, Sir James, 145Colebrooke, Sir George

connections, 139failure and later career, 8, 198immunity from prosecution, 79insider trading, 144–149investments in the West Indies, 169memoirs, 127press attacks over Scottish

connections, 230speculations, 3, 139–140, 144, 151,

153systemic importance, 3, 119,

195–198Commutation Act (1784), 60Consols, 62Corporate bonds, 79Corporations, 69–70, 75Coutts Bank

assets, 82capital, 73credit exposure to Dreyers, 215post-crisis, 273profitability, 155

Crichton, William, 144–147Crowding-out, 62–63, 78Curries Bank (Mason, Currie, James

and Yallonby), 73, 76

DDarien Disaster, 26, 171, 248, 285Dealing in differences, 128, 141De Neufville, Gebroeders (Bank), 25,

182, 201, 233–240Diamond Pitt, 80Dimsdale, Archer, and Byde (Bank)

assets, 97post-crisis, 273

329 INDEX

Douglas, Archibald (Stewart), 158, 197

Drummond, Adam, 291Drummonds Bank

BOE loan, 187, 246business line, 80, 225part of speculator syndicate, 144,

151surviving sources, 38

Dumfries, Earl of, 158Dundas, Henry, 166, 195, 205, 278Dundee Banking Company

assets, 100capital, 73growth, 83post-crisis, 273profitability, 155

EEast India Company (EIC)

diwani, 2, 17, 32, 142, 150, 172General Court of Proprietors, 3,

133, 140, 145, 153, 288, 296government rescue loan (1773), 8,

178, 199, 246objects to Ayr Bank Act, 200share bubble, 3, 140–143, 149–154share cost, 128status as corporation, 69struggle for control over, 25, 140,

142–150, 296, 298subject of market rumours, 232threat of parliamentary intervention,

151–154, 172, 297vector of financial contagion, 7,

218, 222, 247, 297East India Company Acts (1767), 135,

143, 153, 172, 288Economic growth

as background to crisis, 46–57

Edinburgh chartered banks, see Bank of Scotland; Royal Bank of Scotland

Efficient Markets Theory (EMT), 14applicability in the 18th century, 21

English banking partnerships, 68

FFalkland Islands dispute (1770), 153Ferguson, Sir Adam, 230Financial contagion

claims for 1772, 17, 33, 176–180, 256

definition, 35, 206–210, 271justification for last resort lending,

17, 181, 195, 206, 233, 295in Kindleberger narrative, 17, 176mechanisms in 1772, 209–245and nature of financial crises, 67,

297Financial crises

Abolafia narrative, 129–132, 141behavioural explanations, 126–127Bordo-Eichengreen definition, 15Financial Instability Hypothesis, 15Kindleberger narrative, vii, 17, 124,

125, 129, 295, 298revisionist approaches, 13Schwartz pseudo-crises, 13, 33,

181, 233, 295, 297, 298suicide trope, 225traditional bubble narratives, 12

Financial regulation, 296in Abolafia narrative, 130–132blamed as excessive, 32, 125, 139calls for strengthening, 257–258pre-crisis framework, 132–140

Financial Revolution, 20, 23, 104Food riots (Leicester and Tayside,

1773), 6

330 INDEX

Forbes, Sir William, 31Fordyce, Alexander

connections, 2, 139, 160, 198connection to Ayr Bank, 214, 242failure, 231flight and later career, 4, 175, 239,

255as focus for anti-Scottish London

press, 230immunity from prosecution, 79liabilities, 214losses, 210speculations, 2, 133, 135, 141,

144–149, 151, 153, 232systemic importance, 172, 197, 217,

227Fordyce, Grant, & Co. (Bank), 113Fordyce, John

connections, 74, 198credit exposure, 229failure, 231links with Alexander Fordyce, 214origins of banking business, 74transaction with Ayr Bank, 240–242

Fordyce, Malcolm & Co. (Bank), 113Foreign trade

growth of in 1763–1772, 57–61Forth & Clyde canal, 55, 70, 154Forty-Five (Jacobite rebellion,

1745–1746), 35, 49, 75France

financial system advocated by Hume, 161

as part of 18th century financial network, 21

reported impact of crisis on, 7, 175, 177

Francis Garbett & Co.bills exposure, 216surviving sources, 39winding-up, 35, 285

Franklin, Benjamin, 193

Frederick II, King of Prussia, 24, 199

Free Banking theory, xiii, 249absence from contemporary Scottish

debate, 195claims for Scotland, 23, 33, 179and the LOLR (see Lender of last

resort (LOLR))

GGarbett, Samuel, 49Gascoigne, Sir Charles, 52Gee, Joshua, 8Genoa, 175, 177George III (King of Great Britain),

197Gibbon, Edward, 80Gilbert, Ambrose Lynch, 145Glyn & Halifax (Bank)

bills connections, 5bills exposure, 216business line, 80credit exposure, 214origin of partners, 74rescue, 8, 202–204, 246, 297stoppage, 175, 202surviving sources, 39temporary stoppage, 5

Glyn, Sir Richard, 5, 74Gordon, Duke of, 198, 229Goslings Bank

assets, 82, 99business line, 80capital, 73cash ratio, 91EIC share bubble role, 151leverage, 83post-crisis, 273profitability, 155

Gosling, Sir Francis, 80Gotzkowsky (banker), 199, 277

331 INDEX

HHallifax, Thomas, 5, 202Hamburg, 25, 175, 189, 201, 277Harman, Jeremiah, 189Heritable bonds, 100Hoares Bank, 80Hodson, Peter, 202Home, George

acknowledges Colebrooke’s systemic importance, 197

conflicts of interest, 165–170criticism of BOE, 119, 195–196and last resort lending, 195leads liquidation of Ayr Bank, 218,

278–285likely author of Precipitation, 166literary efforts, 127plan for unwinding Ayr Bank, 167,

205, 278–280, 289–290unable to raise funds in London,

232value as source, 39, 201, 271

Home, Patrick, 40, 166Hope & Co., 155, 210, 215, 225Horneca, Hogger and Co., 201Hume, David, 6, 29, 115, 161, 192,

197, 201, 204, 227, 271Hunters & Co., 278

IIndustrial Revolution, viii, 20

debate and sources, 42–46Inflation, 46Insider trading

allegations in 1772, 3in Kindleberger narrative, 17legal status, 148

JJames, William, 197John Daniel & Maurice Dreyer (Firm)

bills exposure, 216, 228credit links, 215failure, 175leverage, 90recovery rate, 210surviving sources, 39

John Glassford & Co., 67John Norton & Sons, 39, 213, 271Johnson, Joshua, 127, 228, 229, 231,

271Jolly, Thomas William, 227

LLaw, John

advocacy of land banks, 163System (Mississipi Bubble), 12, 23,

27, 171Law of Reflux, 30, 169Lender of last resort (LOLR)

BOE actions in 1772 (see Bank of England (BOE))

claims for 1772, 18, 24, 33, 176–179, 182

in Free Banking theory, 22, 32, 180, 247–249

in Kindleberger narrative, 17, 34, 176, 178

principles, 191–195, 200, 206, 247in Schwartz crisis definition, 13, 1781772 alternatives to BOE, 200–206

Limited Liability Act (1855), 69Liquidity Preference Theory (LPT),

15London Clearing House, 288London Stock Exchange, 288

MMackay, Charles, 12Mann, Sir Horace, 230March & Ruglen, Earl of, 158Martins Bank, 80, 215

332 INDEX

Minsky bubble, vii, 23, 41–122, 295, 298

Monkland canal, 55, 70, 154Moral hazard, 160, 192, 248Mortimer, Thomas, 138

NNavigation Acts (1651–1673), 212Neale, James, Fordyce, and Down

(NJFD), 289business line, 80capital, 73failure, 2founding partners, 74leverage, 87–90speculations in EIC stock, 151surviving sources, 39

Newcastle Old Bank, 73Newton, Sir Isaac, 11New Town (Edinburgh), 102, 154North, Frederick (Lord, Prime

Minister), 8Norton, John, 127, 231

OOpportunism

blamed for crisis, 10, 17, 33, 124–126

cause of 1772 crisis, 173, 180, 296contemporary attitudes to,

137–139, 152definition, 129–130

Optional Clause, 111, 139Overend, Gurney, 13, 178

PPanchaud & Foley (Bank), 151Paper money, 298

associated with financial crises, 19, 33, 109, 121, 231

and colonial American land banks, 163

nature and limitations, 108–112Parliamentary enclosure, 70–72, 268Partition of Poland (1772), 298Partnerships (England)

legal status, 68–69Payne, Edward, 8Peace of Paris, 123, 140, 150, 234,

260as potential Minsky displacement,

24–25, 34, 41, 49, 62, 262Perth United Banking Company

assets, 82–83capital, 73post-crisis, 273

Playfair, William, 255, 260, 268, 271Precipitation and Fall of Messrs

Douglas, Heron, and Companyinfluence as source, 29, 31integrity as source, 165–168, 204

Prescott, Grote & Co. (Bank)assets, 97business line, 80cash ratio, 91post-crisis, 273

Prussian currency revaluation, 25, 62Pye, Rich & Wilkinson (Bank), 201,

228

QQueensberry, Duke of, 55, 158, 192,

277, 291

RReal Bills Doctrine, see Smith, AdamReform Act (1832), 285

333 INDEX

Regulating Acts (1773), 28, 199, 288, 297

Roebuck, John, 49Royal Bank of Scotland

aid to Carron Company, 201attitude to Ayr Bank bonds, 280capital increase, 75establishment, 80helps retire Ayr banknotes, 205position, 22refusal to support Ayr Bank, 188,

202support of tobacco trade, 100surviving sources, 33unsuitability as LOLR, 195

Russo-Turkish War (1768–1774), 298

SSt. Petersburg, 175, 177Saratoga, Battle of, 268Scotland

English distrust of Scottish finance, 230–232

growth narrative as crisis cause, 11, 20

impact of crisis on, 7, 298restriction of bank credit, 102–103,

120Scottish banknote exchange system,

22, 111Seppenwolde, Johann and Hermann

vanbills exposure, 216failure, 7, 175, 277

Seven Years War, viii, 10, 17, 23, 44, 62, 63, 106, 182

Shelburne, William (Lord, Prime Minister), 144

Ship Bank, 100Simpson, Baird & Co., 215Sir George Colebrooke & Co. (Bank)

BOE loan, 187, 246business line, 80credit exposure to Alexander

Fordyce, 214failure, 34, 175, 198

Sir John Barnard’s Act (1737)efforts to strengthen, 135, 172,

287–288ineffectiveness, 139, 141provisions, 132–133

Smith, Adamacknowledges tight credit in

Scotland, 103association with the Duke of

Buccleuch, 29, 158and bills contagion, 228–229the BOE as a “great engine of

state”, 22, 179influence of crisis on theory, 30, 33,

298LOLR anecdote, 179, 180, 189,

233“overtrading”, 9, 168and the Real Bills Doctrine, 18, 30,

113references to the Ayr Bank, viii, x,

29, 166, 168–170, 257and the scarcity of specie, 19and Scottish creditworthiness, 232as a source for the crisis, 31, 37views on financial regulation, 32,

257Smith, John (banker), 202Smuggling, 44, 60–61South Sea Bubble, vii, 1, 12, 23, 26,

125, 171, 298South Sea Company, 69, 125Speculation, see OpportunismSteuart, Sir James, 30, 162–163, 278Stockholm, 175Stock splitting, 133–135, 141,

149–154

334 INDEX

Sulivan, Laurence, 149, 152Swivelling, see Bills of exchange

TTea Act (1773), 28n116Thistle Bank, 100Thornton, Henry, 17, 178, 233, 239Time bargains, 132, 141Tobacco trade

growth of Scottish share in, 10, 57–61impact of American war, 268role in crisis propagation, 7, 28,

112, 212–214, 220–222structure and capital needs, 63–67

Townshend Acts (repeal of, 1770), 25Truman, Hanbury & Buxton, 77Trusts, 70Tulipmania, vii, 12, 27, 298Turnpikes

financing of, 70–72“mania”, 55

UUsury laws, 78, 113, 133, 192, 205,

248

VVanneck, Sir Joshua, 200, 206Verney, Ralph (Lord), 139, 149

WWalker & Co., 77Wallace, Davidson & Johnson,

39Walpole and Ellison (Bank), 188,

240Walpole, Clarke and Bourne (Bank)

BOE loan, 188, 240EIC bubble role, 151

Walpole, Horace, 27, 197, 214, 230, 277

Walpole, Robert, 197Walpole, Thomas, 197, 200

EIC share bubble role, 151Watt, James, 20W. Cunninghame & Co., 39, 67, 226,

271William Alexander & Sons, 200

and Ayr Bank annuities, 204BOE loan, 187, 240–242customers of the Ayr Bank, 100failure, 277Grenada plantations, 169, 188, 193,

213monopoly contract with French

Farmers-General, 60winding-up, 192

Woodhouse, John, 202

YYoung, Arthur, 163, 255, 271