Six Years in the Prisons of England | Page 3

after the deputation had made two visits to Paris, they were finally overcome. It was universally acknowledged that if it had not been for the presence of practical men in Paris on that occasion, the treaty would have been completely inoperative, so far as concerned the important manufactures which I as one of the deputation represented. For my share in these transactions I received the thanks of the Lords of the Committee of Privy Council for Trade, also the commemorative medal from the French Government, with accompanying letter,[1] acknowledging my services, from M. Rouher, then Minister of Commerce and Agriculture at Paris.
[1] See Appendix.
During my second visit to Paris, in 1860, on public duty, I formed the resolution of breaking off my connection with the partner previously referred to, and of starting a business in Paris. I entered into negotiations with a gentleman highly recommended to me with a view to partnership, and received from my father the promise of cash to assist me in my new undertaking. Once fairly clear of the losing branch of my business I hoped very speedily to make up my previous losses, and the spring of 1861 was fixed upon for the opening of my Paris establishment. But my hopes were not destined to be realised. On looking into my affairs at the close of the year, I found, notwithstanding the satisfactory character and position of the legitimate branch of my business, and notwithstanding that my private expenditure did not amount to a tenth part of the profits on that branch, I had otherwise become almost hopelessly involved, and I accordingly resolved to stop payment. With this view, I disclosed to my principal creditor my position and intentions. Taking the manager of the firm into my confidence, I informed him of the assistance I expected to receive from my father, and the hopes I entertained of the results of my Paris business when once in operation. The consequencewas that the firm offered to forego 1000l. of their claim against me, and to give me occasional assistance in cash to meet any other engagements if I would continue to carry on my business. At this time I owed them about 10,000l., covered to a considerable extent by the accommodation bills I have already referred to; I must, however, explain that the character of these bills was known to the manager of the firm, and any banker or discounter could have readily satisfied himself as to their value by simply writing to the house in London where they were domiciled.
There were many considerations urging me to accept the offer now made to me. The present of 1000l., the probable success of my Paris business, the approach of my money making season, joined to my horror of bankruptcy, all combined to induce me to alter my resolution to stop payment, and to inspire me with the hope that I would yet be able to retrieve my position and retain my good name. In a fatal hour I yielded to the temptation and closed with the proposals made to me, with the additional obligation that I was to pay off the 10,000l. due to the firm I have mentioned during the approaching season, and to give them good bills in exchange for the accommodation paper held by them. No sooner was this arrangement completed than I set about preparations for opening my Paris house. I refused to send any more goods to my old partner, and ordered him to wind up the business by the following May. I moreover resolved to having nothing more to do with accommodation bills, tore out all the leaves in my private letter book referring to these documents--a very fatal error, as I afterwards found--and exerted myself to pay off the claims of those of my creditors who knew my position. So well did I succeed, that by the end of April I had reduced the 10,000l. claim to rather less than 5000l., or rather to 4000l., taking into account the 1000l. conceded by the firm previously mentioned. But before this I had began to suspect that my friends did not mean to adhere to the arrangement I had entered into with them, one part of which was, that they were to retire and return me the accommodation bills, on getting good paper in their place. I had at this time placed good bills in their hands to the extent of 3500l., but they refused to give up those they were intended to replace until they arrived at maturity.
I began to fear that they would now compel me to stop payment just when they supposed I should be in possession of fresh funds for my Paris partnership, and at a time when (with the bills in their possession, which ought, according to agreement,