The country seems to have been almost drained of cash, and paper money had taken its place. William Cobbett was at this time a prisoner in Newgate, and spent his time in writing his famous letters on “Paper v. Gold.” These letters were addressed to the “people of Salisbury, because those people were suffering severely from the failures of country banks.” He therein traces the history of paper money from the outset to the day wen the people of Salisbury became all in a moment destitute of the means of getting a dinner. Not only were the people of Salisbury put to trouble, but Oldham people suffered severely. Country banks had sprung up like mushrooms. In a very few years they had increased throughout the country from 230 to 721 in number. Banking was a profitable business when money could be made out of paper, and the issue was almost unlimited. The “guineas” were nearly all bought up and sent abroad, and “people in trade purchased at a premium with bank notes the things called shillings and six-pences from the keepers of turnpike gates.” The Bank of England had not recovered its position since its suspension of payment in l797. It had no branches outside London. The trade of the country was, therefore, in the hands of the country bankers, who it appears were a sorry lot. Many of them failed during this crisis. Cobbett estimates that country bank notes were afloat in 1809 representing £70,000,000 of money, and implies that it would be stupid to believe that country bankers have, or ever will have, gold or silver sufficient to pay off a thousandth part of the notes that they have issued. I know not what local banks we had in Oldham at that time, but I know that an uncle of mine would not trust any bank, and lent his money to old John Travis, who seems to have stood in the place of banker to many of our earlier cotton spinners. I need hardly remark that an amount expressed in bank notes by no means corresponds in value with the same amount expressed in gold and silver. Moreover the danger of forged bank notes was serious and ever present. The question was often asked what had become of the guineas. Well I think it is Cobbett, who tells us of a ship that had a number of guineas hid in the folds of its timbers, ready to sail away to some foreign country, and there seems to have been a general idea that our guineas were being smuggled away to other countries, hence the old child rhyme, I wonder who remembers it :- A guinea’s sure to sink, and a note it will float, August 9th – At the sessions at Mr. Joseph Taylor’s Spread Eagle, Taylor, a young woman from Hollins, for stealing 1-1/4 yards of lace for caps, and one Davenport, from near Cowhill, for illtreating his wife, where commited to the New Bayley. August 2nd – A lamentable misfortune happened at Knutsford. Thomas Day, riding Lord Grey’s colt, by St. Aliver, for the 10 gineas sweepstakes; the colt fell, and Day was killed on the spot. He was a promising young man, only l5 years old.
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August 7th – This day the San Domingo sailed from Plymouth for Portsmouth. July 24th – The 43rd, 52nd and 95th regiments of foot, and l4th Lyght Horse, some Artillery, some of the German Legeon, were attacted on the right of the river Coa; in Portugal, by a superior French force, and were forced to give way, with a loss of 270 killed and wounded and prisoners. August 8th – Deal : Arrived the San Domingo. These skirmishes in Portugal were but the prelude to greater contests. Wellington was too wily to give battle till he saw his point of vantage, though he seems to have been sorely tempted to leave his mountain fastnesses, but all in vain. Lieutenant John Winterbottom, of the 52nd Light Infantry, whose monument is in Saddleworth Church, was in this engagement on the river Coa. See the inscription on the monument. Failures in London, Manchester, and other places. The house of Messrs. Longsden as stoped this day for a very large sum, and it will materially affect the manufacturers in Royton. The state of the currency was such as to place the trade of the country in a perilous position. No one knew what he was really worth, nor indeed whether he was worth anything. The bills and bank notes in the hands of country manufacturers in many cases not being worth the paper they were inscribed on. August 15th –The following ships are in the Downs: - Princess of Orange, San Domingo,Monarch, Audacious, Pompee, and Owen Glendower; Thebau, Nymph, and Clyde, frigates. August 25th was Oldham rushbearing Saturday. An uncomon fine day. A deal of company and rushcarts from Chadderton, North-moor, Priest Hill, Bent, Cowhill, Fog-lane, Hollinwood, Greenacres Moor, and Lower Moor, in all nine rushcarts – the greatest number for a deal of years last past. It was exalent weather all the days. Highspending and much fighting. What a graphic description of Oldham Wakes ! “Nine rushcarts, high spending, and much fighting.” Though there was great poverty, there was great growth of new wealth. Our cotton industry must have been flourishing, as regards factory labour, but the manual workers seem to have suffered greatly. This will appear more clearly from a note made in the November of this year. |
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ANNALS OF OLDHAM No. LIX 1810 August 27 – The lots were drawn at Rochdale for the division of Midleton, wich were upwards of 200 men, 6 for Chadderton, 10 for Oldham, for Royton, and for Cromton. The rest were for Ashton-under-Lyne, Rochdale, and Midleton parishes. On the 31st of August was the swearing in day at Rochdale for the militia, when substitutes went as high as 45 guineas a man, but few swore in. Substitutes could not be obtained for any price. There is no better criterion of the improved condition of the people than the price obtained for substitutes in the militia. We have the price as low as seven or eight guineas in these annals. Now we see the price increased to forty-five guineas. I know of a man in Lees who paid forty guineas about this time. Of course, this was what was called the press-gang, hence the casting of lots. What Oldhamer’s ears have not tingled with old grandmother’s tales of the press-gang? We have a saying in Oldham today that “One volunteer is worth six press men,” alluding to this press-gang business. September 1st – Last night uncomon lightning, such as was never seen before. The element seemed in all quarters in one blaze. September 2nd – Being Sunday; betwixt 5 and 6, afternoon, such thundering was heard in the ellement as was never heard before. It was one continual crack for 40 minutes, without intermission. It greatly alarmed the country. A cloud arose in the western quarter. A severe shower fell at Prestwich, Midleton, &c.; in it came frozen ice, wich broke several windows at Midleton. September 3rd – Died, Jenny Taylor, wife of James Taylor, late of New-road, Oldham: consumption; age, about 45. A few days since died: Hannah Knot, of Nim Nook; disorder, consumption; age, don’t know. September 5th – Died, Joseph Ogden, comonly cald Old Dodey, of Busk; age 61 years.
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September 3rd – Died, Sarah, daughter of Joshua Taylor, of Hudson Fold; disorder, consumption; age, about 20 years. September 8th – This day, at Manchester, Sir William Sidney Smith, knight, dined with the Burrow reefe constables, &c., and was highly greeted. Admiral Sir Sidney Smith was a man of great popularity. He was afterwards made G.C.B., and died in l840. September 21st – Was interred at Oldham, wife of John Whitehad, keeper of the Farmers’ Arms public house, Northmoor. September 22nd – John Cryer, of Royal Marines, was married at Oldham, to Miss Mary Ogden. September 19th – Two troops of Scotch Greys arrived in Rochdale to prevent riots amongst the weavers. The weavers could not tell whom to blame for the bad state of their trade. The number of power-looms kept increasing, and they thought this was the cause of their distress, and, as we shall see, they eventually wreaked their vengeance on the power-looms by smashing them up and burning the houses of those who owned them. September l8th – Deal: This day sailed the San Domingo, Vice-Admiral Sir Richard Strachan, and the Bellona, on a cruise off Flushing. September 23rd – Last afternoon, about four o’clock, and lasted till six, one of the most tremendous thunderstorms ever remembered. The flashes of lightning were most terafic, and the thunder shaked the very houses. A horse was killed on the Manchester-road, and two children were killed near Manchester. September 24th – A man, for being drunk, was set six hours in the stocks in Oldham. The old way of dealing with dipsomanics by putting them in the stocks was not a very bad one after all. Of course the old church stocks got blamed for many things they were never guilty of. I am not sure that certain offences now-a-days would not be better met by a little corporal punishment of the old sort, especially in cases where the magistrates are fast what to do with the offenders. |
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William Rowbottom's Diary as published in the Oldham Standard |
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