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The Virginia Gazette
Richmond, Williamsburg, Richmond County, Virginia
What is this article about?
Letter from Scotland dated July 2 reports that resolutions to stop paying Douglas, Heron, and Company notes have had minimal impact on their credit. At recent South Country fairs, initial hesitation gave way to acceptance, with merchants and gentlemen nationwide resolving to continue using them. Support from Bank of England could avert threatened ruin.
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"I hear from every Quarter that the Resolution to discontinue Payment of the Notes of Douglas, Heron, and Company, here, has had little or no Effect upon the Credit of their Circulation. At four of the South Country Fairs, which have been the End of last and Beginning of this Week, the People hesitated about an Hour in the Morning to receive the Notes of that Company ; but before Night the monied Men were desiring to have them in Exchange for other Notes, and even for Specie.
"The Resolutions of the principal Merchants and Gentlemen, in all Corners of the Country, to continue to receive and pay away the Notes of this Bank in their Money Transactions, are so numerous, that I am told the Newswriters have not Room in their Papers to insert them ; so that if the Bank of England countenance their Credit in London, they will certainly have it in their Power to save this Country from the Ruin which has threatened us for some Weeks past."
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Where did it happen?
Foreign News Details
Primary Location
Scotland
Event Date
July 2
Key Persons
Outcome
resolutions to discontinue notes had little effect; initial hesitation at fairs resolved by evening with demand for the notes; numerous merchant resolutions to continue use; potential salvation from ruin if bank of england supports credit in london.
Event Details
Reports indicate widespread resolution to stop payment of Douglas, Heron, and Company notes has minimally impacted their credit. At four South Country fairs last week and this, people hesitated briefly in the morning but accepted them by night, with monied men seeking exchanges for other notes or specie. Principal merchants and gentlemen across the country have issued numerous resolutions to keep receiving and paying the notes, overwhelming newswriters' space. Bank of England support in London could prevent threatened ruin.