The Virginia Gazette

It is beyond the Power of Words to describe the general Consternation yesterday. No Event, for these thirty Years past, has been remembered to have given so fatal a Blow both to our Trade and Credit as a Nation. An universal Bankruptcy was expected; the Stoppage of every Banker's House in London was looked for. This melancholy Scene began with a Rumour of one of the greatest Bankers in London having stopped, which afterwards proved true. A Report at the same Time was also current, of an Expectation of an immediate Stop of the greatest. The Confidence with which the last Report was propagated, and the Certainty, if the last House failed, no One could stand, induced every Person to draw his Whole out of his Banker's Hands. The Acceptance and Discount of Scotch Bills, to the Amount of near a Hundred Thousand Pounds, was the unhappy Occasion of the temporary Stop of the former; and on the non-Acceptance of these Bills, by the latter, was founded the Report that it had stopped. It is conjectured, by this Time, that a certain Bank northwards is gone. This accounts for the Multiplicity of Scotch Notes brought for Acceptance to these two eminent Bankers yesterday. The former House wanting in Intelligence or Precaution, by accepting them, distressed itself; the latter, by the Refusal, provoked the Scotch to propagate the Report of its having stopped.

The Diffidence occasioned by the present Bankruptcies in the City of London has thrown many Families, lately in affluent Circumstances, into inextricable Misfortunes. The Ruin now is become more general, and has extended itself to the inferior Class. It is certain, that by the Failure of some capital Houses, in which the Messieurs Adams of the Adelphi are unfortunately involved, upwards of two Thousand valuable Artificers and Workmen, supported by their spirited Undertakings in different Parts of the Kingdom, are thrown out of Employment, and their Families deprived of Subsistence.

So general is the Desolation spread among Trade, by the late Failure of the Bankers, that we are assured no less than twenty Carriages of Merchants were sent to Long Acre last Saturday to be sold.

The Crown got the Priority only by the Extents against Mr. Fordyce's Estate at Rochampton bearing Date the Day before the Execution of the Assignment under his Commission of Bankruptcy.

If the Sheriff of Surry levies to the full Amount of the Debt to the Revenue, under the Extent against Mr. Fordyce's Estate, his clear Poundage will amount to at least five Hundred Pounds.