The Swan Circle

A story of Georgian networking

Totnes Bank Crash of 1841

19th Century Digressions, Family History No Comments »

Oxford Arms, Fore Street, Totnes

 

This description of the failure of two Totnes banks is strangely reminiscent of the scenes outside the branches of British bank Northern Rock in 2007/8!

Western Times
Saturday 24 July 1841
Totnes

'The utmost consternation and gloom were spread through this town by the failure of these Banks. Many an honest yeoman, who came to market comfortable in mind and pocket, went away almost broken-hearted. On Saturday afternoon, and during Monday, the town was crowded by people, who came in to enquire, in most cases, after their lost all. It was painful to hear the numerous cases of sudden distress into which hundreds of honest and industrious persons of all the classes have been thrown. In many cases this has been rendered more severe from this being the time when the dividends on the funds are paid'.

 

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