Underwriters, but they were considerably multiplied by the villainy and
depravity of Mankind. In the year 1776, at a time when they received
only peace premiums, American privateers swarmed on the seas, drove
to desperation by the Boston port act passing at the close of the
preceding year, to prohibit their fisheries, and our trade fell a
rapid prey before government had notice to apply the least protection.
Flushed with success, it increased the number of their armed vessels,
and proved such a source of riches as enabled them to open a trade with
France, who had, hitherto, been only a silent spectator, and produced
the sinews of a war which then unhappily commenced.’
He then details the causes which led to his bankruptcy--how the
wars with the French, Spaniards, and Dutch, all of whom had their
men-of-war and privateers, which preyed upon our commerce, ruined the
underwriters, and continues,
‘In two years only of the war I lost, on a balance, thirty-one thousand
pounds, which obliged me, in 1781, to quit the Coal Trade, after
carrying it on so many years, when I had returned’ (? turned over)
‘above a Million of money, the profits of which have been sunk as an
Underwriter, that I might have the use of my capital employed in it,
to pay my unfortunate losses.... Last year, I was obliged to make a
sacrifice of my desirable habitation at Battersea Rise, where I had
resided ten years, and expended a considerable sum of money, the fruits
of many years of industry, before I became acquainted with Lloyd’s
Rooms.
‘These reserves, however, proved ineffectual, and I found it necessary,
on examining the state of my accounts early in January last, to call
my Creditors together; for, though some months preceding I found my
fortune rapidly on the decline, I never suspected my being insolvent
till that view of my affairs, when I found a balance in my favour of
only nine thousand pounds, from which was to be deducted a fourth part
owing me by brokers, who, unfortunately for me as well as themselves,
were become bankrupts. This surplus, it was clear, would not bear me
through known, though unsettled, losses, besides what might arise on
unexpired risques. I therefore, without attempting to borrow a shilling
from a friend, resorting to false Credit, or using any subterfuge
whatever, after depositing what money remained in my hands, the
property of others, laid the state of my affairs before my Creditors.
‘This upright conduct made them my friends; they immediately invested
me with full power to settle my own affairs, and have acted with
liberality and kindness. They were indebted for the early knowledge I
gave them of my affairs to the regularity of my accounts; for, had I
rested my inquiry till after the broker’s yearly accounts were chequed,
in all probability a very trifling dividend would have ensued. Had the
merchant been obliged to stand his own risque during the late war, few
concerned on the seas would have been able to withstand the magnitude
of their losses.
‘The only alleviation to comfort me in this affliction has arose from
the consideration that I have acted honourably by all men; that,
neither in prosperity nor adversity, have I ever been influenced
by mean or mercenary motives in my connections with the world, of
which I can give the most satisfactory proofs; that, when in my
power, benevolence ever attended my steps; the deserving and needy
never resorted to me in vain, nor has gratitude ever been wanting to
express any obligations or kindnesses received from those I have had
transactions with by every return in my power. I have the further
consolation of declaring that, in winding up my affairs, I have acted
with the strictest impartiality in every demand both for and against my
estate; that I have (unsolicited) attended every meeting at Guildhall
to protect it against plunder. A dividend was made as soon as the
bankrupt laws would permit, and the surplus laid out in interest for
the benefit of the estate, till a fair time is allowed to know what
demands may come against it. I am fully convinced that it will not be
£15,000 deficient; above double that sum I have left in Lloyd’s Rooms
as a profit among the brokers.
‘No prospect opening of embarking again in business for want of
Capital to carry it on, I was advised to make my case known to the
administration, which has been done both by public and private
application of my friends, who kindly interceded in my behalf for some
respectable post under Government, and met with that kind reception
from the Minister which gave me every prospect of success, which I
flatter myself I have some natural claim to, from the consideration
that, as trade is the support of the nation, it could not be carried on
without Underwriters.
‘And as the want of protection to the trade of the Country, from
the host of enemies we had to combat, occasioned by misfortunes,
whom could I fly to with more propriety than to Government? as, by
endeavouring to protect commerce, I fell a martyr on the conclusion
of an unfortunate war. I was flattered with hopes that my pretensions
to an appointment were not visionary, and that I was not wanting in
ability to discharge the duties of any place I might have the honour to
fill. The change of administration[41] which happened soon after was
death to my hopes, and, as I had little expectation of making equal
interest with the Minister who succeeded, I have turned my thoughts to
a matter which appeared capable of being a most essential improvement
in the conduct of the Press;[42] and, by great attention and assiduity
for a year past, it is now reduced from a very voluminous state and
great incorrectness to a system which, I hope, will meet the public
approbation and countenance.
‘Such is the brief state of a Case which I trust humanity will consider
deserving a better fate. Judge what must be my sensations on this
trying occasion: twenty-six years in the prime of life passed away,
all the fortune I had acquired by a studious attention to business
sunk by hasty strides, and the world to begin afresh, with the daily
introduction to my view of a wife and six children unprovided for,
and dependent on me for support. Feeling hearts may sympathise at the
relation, none but parents can conceive the anxiety of my mind in such
a state of uncertainty and suspense.’
From an unprejudiced perusal of this ‘case,’ the reader can but come
to the conclusion that Mr. John Walter was not overburdened with that
inconvenient commodity--modesty; and that his logic--judged by ordinary
rules--is decidedly faulty. But that he did try to help himself, is
evidenced by the following advertisement in the _Morning Post_ of July
21, 1784:
_‘To the Right Hon. the Lord Mayor, Aldermen, and
Common-councilmen of the City of London._
‘MY LORD AND GENTLEMEN,
‘The Office of Principal Land Coal Meter of this City being at present
vacant by the death of Mr. John Evans, permit me to solicit the honour
of succeeding him. My pretensions to your countenance on this occasion
are the misfortunes in which (in common with many other respectable
Citizens) I have been involved by the calamities of the late war, and
an unblemished reputation, which has survived the wreck of my fortune.
Having been a Liveryman twenty-four years, during which time I carried
on an extensive branch of the coal trade, my fellow-citizens cannot
well be unacquainted with my character; and my having been greatly
instrumental in establishing the very office which I solicit your
interest to fill, will, I hope, be deemed an additional recommendation
to your patronage.
‘If my pretensions should meet your approbation, and be crowned with
success, I shall ever retain a lively sense of so signal an obligation
on,
‘My Lord and Gentlemen,
‘Your most obedient, devoted, humble servant,
‘JOHN WALTER.
‘Printing House Square, Blackfriars.’
We hear of him again in connection with this situation, which he did
not succeed in obtaining, in an advertisement in the _Morning Post_,
30th of July, 1784.
‘_To the Right Hon. the Lord Mayor, &c._
‘The Report, which a few days ago was credited by few, is now confirmed
by many, and believed by all men, that a Coalition has been formed for
the purpose of forcing you to bestow the emoluments of the Principal
Land Coal Meter Office on two Aldermen, and it has been agreed that,
on the day of the Election, one of them shall decline the Contest,
and make a transfer to the other of the votes which some of you were
pleased to engage to him....
‘My pretensions I submit to the Corporation at large, and I strongly
solicit the assistance of the merchants and traders of the Metropolis
to join their efforts, and endeavour to wrest the power of appointment
from the hands of a Junto, and restore the freedom of Election. Assert
your independence, and consequence, in time; with your breath you can
blast the Coalition in its infancy; but, if you suffer it to conquer
you in its present state, it will become a Hydra that will swallow up
your Franchises, and leave you, like a Cathedral Chapter, the liberty
of obeying a _congé d’èlire_ sent to you by a self-constituted faction.
‘I am, &c., &c.,
‘JOHN WALTER.
‘Printing House Square, Blackfriars.’
How did he come to this (to us) familiar address? It was by a chance
which came in his way, and he seized it. In 1782 he, somehow, became
acquainted with a compositor named Henry Johnson, who pointed out the
trouble and loss of time occasioned by setting up words with types of
a single letter, and proposed that at all events those words mostly
in use should be cast in one. These were called ‘Logotypes’ (or word
types), and printing, therefore, was called ‘Logography.’ Caslon at
first made the types--but there is evidence that they quarrelled, for
in a letter of August 12, 1785, in the _Daily Universal Register_ of
that date, which he reprinted in broadside form, he says, ‘Mr. Caslon,
the founder (whom I at first employed to cast my types), calumniated my
plan, he censured what he did not understand, wantonly disappointed me
in the work he engaged to execute, and would meanly have sacrificed me,
to establish the fallacious opinion he had promulgated.’
People had their little jokes about the ‘Logotypes,’ and Mr. Knight
Hunt, in his ‘Fourth Estate,’ writes, ‘It was said that the orders to
the type-founder ran after this fashion, “Send me a hundred-weight
of heat, cold, wet, dry, murder, fire, dreadful robbery, atrocious
outrage, fearful calamity, and alarming explosion.”’ That he obtained
not only literary, but royal recognition of his pet type, is shown by a
foot-note to the letter above quoted (respecting Mr. Caslon),
‘Any gentleman who chuses may inspect the Logographic Founts and Types,
at the Printing-office, or at the British Museum, to which place they
have been removed from the Queen’s Palace.’
Where he got his money from he does not say, but on the 17th of May,
1784, he advertised that ‘Mr. Walter begs to inform the public that
he has purchased the printing-house formerly occupied by Mr. Basket
near Apothecaries Hall, which will be opened on the first day of next
month for printing words entire, under his Majesty’s Patent;’ and he
commenced business June 1, 1784.
Printing House Square stands on the site of the old Monastery of
Blackfriars. After the dissolution of the monasteries, in Henry the
Eighth’s time, it passed through several hands, until it became the
workshop of the royal printer. Here was printed, in 1666, the _London
Gazette_, the oldest surviving paper in England; and, the same year,
the all-devouring Great Fire completely destroyed it. Phœnix-like, it
arose from its ashes, more beautiful than before--for the writer of ‘A
New View of London,’ published in 1708, thus describes it: _Printing
House Lane_, on the E side of Blackfryars: a passage to the _Queen’s
Printing House_ (which is a stately building).’
‘Formerly occupied by Mr. Basket,’ a printer, under the royal
patent, of Bibles and Prayer-books. To him succeeded other royal and
privileged printers. Eyre and Strahan, afterwards Eyre, Strahan, and
Spottiswoode, now Spottiswoode and Co., who, in 1770, left Printing
House Square, and moved to New Street, Fleet Street, a neighbourhood of
which, now, that firm have a virtual monopoly.
John Walter could not have dreamed of the palace now built at Bearwood;
for, like most mercantile men of his day, he was quite content to
‘live over the shop’; and there, in Printing House Square, his son,
and successor, John (who lived to build Bearwood), was born, and there
James Carden, Esq., received his bride, John Walter’s eldest daughter,
who was the mother of the present venerable alderman, Sir Robert
Carden. There, too, died his wife, the partner of his successes and his
failures, in the year 1798.
The first work printed at this logographic printing establishment
was a little story called, ‘Gabriel, the Outcast.’ Many other slight
works followed; but these were not enough to satisfy the ambitions
of John Walter, who, six months after he commenced business, started
a newspaper, the _Daily Universal Register_, on the 1st of January,
1785.[43] Even at that date there was no lack of newspapers, although
our grandfathers were lucky to have escaped the infliction of the
plague of periodicals under which we groan; for there were the _Morning
Post_, the _Morning Chronicle_, the _General Advertiser_, _London
Gazette_, _London Chronicle_, _Gazetteer_, _Morning Herald_, _St.
James’s Chronicle_, _London Recorder_, _General Evening Post_, _Public
Advertiser_, _Lounger_, _Parker’s General Advertiser_, &c. So we must
conclude that John Walter’s far-seeing intelligence foretold that a
good daily paper, ably edited, would pay. It was logographically
printed, and was made the vehicle of puffs of the proprietor’s hobby.
The _Times_ was also so printed for a short period, but, eventually,
it proved so cumbersome in practice, as absolutely to hinder the
compositors, instead of aiding them.
On the 1st of January, 1788, was born a baby that has since grown into
a mighty giant. On that day was published the first number of THE
TIMES, _or Daily Universal Register_, for it had a dual surname, and
the reasons for the alteration are given in the following ‘editorial.’
‘THE TIMES.
‘Why change the head?
‘This question will naturally come from the Public--and _we_, the
_Times_, being the PUBLIC’S most humble and obedient Servants, think
ourselves bound to answer:--
‘All things have _heads_--and all _heads_ are liable to _change_.
‘Every sentence and opinion advanced by Mr. _Shandy_ on the influence
and utility of a well-chosen surname may be properly applied in showing
the recommendations and advantages which result from placing a striking
title-page before a book, or an inviting HEAD on the front page of a
_Newspaper_.
‘A HEAD so placed, like those _heads_ which once ornamented _Temple
Bar_, or those of the _great Attorney_, or _great Contractor_,
which, not long since, were conspicuously elevated for their _great
actions_, and were exhibited, in wooden frames, at the _East_ and
_West_ Ends of this Metropolis, never fails of attracting the eyes of
passengers--though, indeed, we do not expect to experience the lenity
shown to these _great exhibitors_, for probably the TIMES will be
pelted without mercy.
‘But then, a _head_ with a _good face_ is a harbinger, a
gentleman-usher, that often strongly recommends even DULNESS, FOLLY,
IMMORALITY, or VICE. The immortal Locke gives evidence to the truth
of this observation. That great philosopher has declared that, though
repeatedly taken in, he never could withstand the solicitations of
a well-drawn title-page--authority sufficient to justify _us_ in
assuming a _new head_ and a _new set of features_, but not with a
design to impose; for we flatter ourselves the HEAD of the TIMES will
not be found deficient in _intellect_, but, by putting a _new face_ on
affairs, will be admired for the _light of its countenance_, whenever
it appears.
‘To advert to our first position.
‘The UNIVERSAL REGISTER has been a name as injurious to the
_Logographic Newspaper_, as TRISTRAM was to MR. SHANDY’S SON. But OLD
SHANDY forgot he might have rectified by _confirmation_ the mistakes of
the _parson_ at _baptism_--with the touch of a _Bishop_ have changed
TRISTRAM to Trismegistus.
‘The UNIVERSAL REGISTER, from the day of its first appearance to the
day of its _confirmation_, has, like TRISTRAM, suffered from unusual
casualties, both laughable and serious, arising from its name, which,
on its introduction, was immediately curtailed of its fair proportion
by all who called for it--the word _Universal_ being _Universally_
omitted, and the word _Register_ being only retained.
‘“Boy, bring me the _Register_.”
‘The waiter answers: “Sir, we have not a library, but you may see it at
the _New Exchange Coffee House_.”
‘“Then I’ll see it there,” answers the disappointed politician; and he
goes to the _New Exchange_, and calls for the _Register_; upon which
the waiter tells him he cannot have it, as he is not a subscriber,
and presents him with the _Court and City Register_, the _Old Annual
Register_, or, if the Coffee-house be within the Purlieus of Covent
Garden, or the hundreds of Drury, slips into the politician’s hand
_Harris’s Register_ of Ladies.
‘For these and other reasons the parents of the UNIVERSAL REGISTER have
added to its original name that of the
TIMES,
Which, being a _monosyllable_, bids defiance to _corrupters_ and
_mutilaters_ of the language.
‘THE TIMES! What a monstrous name! Granted, for THE TIMES _is_ a
many-headed monster, that speaks with an hundred tongues, and displays
a thousand characters, and, in the course of _its_ transformations in
life, assumes innumerable shapes and humours.
‘The critical reader will observe we personify our _new name_; but as
we give it no distinction of sex, and though _it_ will be _active_ in
_its_ vocations, yet we apply to _it_ the _neuter gender_.
‘THE TIMES, being formed of materials, and possessing qualities of
opposite and heterogeneous natures, cannot be classed either in the
animal or vegetable _genus_; but, like the _Polypus_, is doubtful,
and in the discussion, description, dissection, and illustration will
employ the pens of the most celebrated among the _Literati_.
‘The HEADS OF THE TIMES, as has been said, are many; they will,
however, not always appear at the same time, but casually, as public
or private affairs may call them forth.
‘The principal, or leading heads are--
The Literary;
Political;
Commercial;
Philosophical;
Critical;
Theatrical;
Fashionable;
Humorous;
Witty, &c.
‘Each of which are supplied with a competent share of intellects for
the pursuit of their several functions; an endowment which is not in
_all times_ to be found even in the HEADS of the _State_, the _heads_
of the _Church_, the _heads_ of the _Law_, the _heads_ of the _Navy_,
the _heads_ of the _Army_, and though _last_, not least, the great
_heads_ of the _Universities_.
‘The _Political Head_ of THE TIMES, like that of _Janus_, the Roman
Deity, is doubly faced; with one countenance it will smile continually
on the friends of _Old England_, and with the other will frown
incessantly on her _enemies_.
‘The alteration we have made in our _head_ is not without precedents.
The WORLD has parted with half its CAPUT MORTUUM, and a moiety of
its brains. The HERALD has cut off half its head, and has lost its
original humour. The POST, it is true, retains its whole head and
its old features; and, as to the other public prints, they appear as
having neither _heads_ nor _tails_. On the PARLIAMENTARY HEAD every
communication that ability and industry can produce may be expected.
To this great _National object_, THE TIMES will be most sedulously
attentive, most accurately correct, and strictly impartial in its
_reports_.’
The early career of the _Times_ was not all prosperity, and Mr.
Walter was soon taught a practical lesson in keeping his pen within
due bounds, for, on July 11th, 1788, he was tried for two libellous
paragraphs published in the _Times_, reflecting on the characters
of the Duke of York, Gloucester, and Cumberland, stating them to be
‘insincere’ in their profession of joy at his Majesty’s recovery. It
might have been an absolute fact, but it was impolitic to print it, and
so he found it, for a jury found him guilty.
He came up for judgment at the King’s Bench on the 23rd of November
next, when he was sentenced by the Court to pay a fine of fifty pounds,
to be imprisoned twelve months in Newgate, to stand in the pillory at
Charing Cross, when his punishment should have come to an end, and to
find security for his good behaviour.
He seems to have ridden a-tilt at all the royal princes, for we next
hear of him under date of 3rd of February, 1790, being brought from
Newgate to the Court of King’s Bench to receive sentence for the
following libels:
For charging their Royal Highnesses the Prince of Wales and Duke of
York with having demeaned themselves so as to incur the displeasure
of his Majesty. This, doubtless, was strictly true, but it cost the
luckless Walter one hundred pounds as a fine, and another twelve
months’ imprisonment in Newgate.
This, however, was not all; he was arraigned on another indictment
for asserting that His Royal Highness the Duke of Clarence returned
from his station without leave of the Admiralty, or of his commanding
officer, and for this he was found guilty, and sentenced to pay another
hundred pounds.
Whether he made due submission, or had powerful friends to assist him,
I know not,--but it is said that it was at the request of the Prince of
Wales--at all events, he received the king’s pardon, and was released
from confinement on 7th of March, 1791, after which time he never wrote
about the king’s sons in a way likely to bring him within the grip of
the Law.
From time to time we get little _avisos_ as to the progress of the
paper, for John Walter was not one of those who hide their light
under a bushel. Contrast the printing power then with the magnificent
‘Walter’ machines of the present day, which, in their turn, will
assuredly be superseded by some greater improvement.
The _Times_, 7th of February, 1794. ‘The Proprietors have for some
time past been engaged in making alterations which they trust will be
adequate to remedy the inconvenience of the late delivery complained
of; and after Monday next the TIMES will be worked off with three
Presses, and occasionally with four, instead of TWO, as is done in
all other Printing-offices, by which mode two hours will be saved
in printing the Paper, which, notwithstanding the lateness of the
delivery, is now upwards of FOUR THOUSAND THREE HUNDRED in sale, daily.’
The following statement is curious, as showing us some of the interior
economy of the newspaper in its early days. From the _Times_, April 19,
1794:
‘TO THE PUBLIC.
‘It is with very great regret that the Proprietors of this Paper,
in Common with those of other Newspapers, find themselves obliged to
increase the daily price of it ONE HALFPENNY, a measure which they have
been forced to adopt in consequence of the Tax laid by the _Minister_
on _Paper_, during the present Session of Parliament, and which took
place on the 5th instant.
‘While the Bill was still pending, we not only stated in our Newspaper,
but the Minister was himself informed by a Committee of Proprietors,
that the new Duty would be so extremely oppressive as to amount to a
necessity of raising the price, which it was not only their earnest
Wish, but also their Interest, to avoid. The Bill, however, passed,
after a long consideration and delay occasioned by the great doubts
that were entertained of its efficacy. We wish a still longer time
had been taken to consider it; for we entertain the same opinion as
formerly, that the late Duty on Paper will not be productive to the
Revenue, while it is extremely injurious to a particular class of
Individuals, whose property was very heavily taxed before.