29:
151:
166:
41:
1031:
244:. Fordyce had been speculating successfully and managed to deceive his partners for a while; according to one biographer, "It is said he succeeded in quieting their fears by the simple expedient of showing them a pile of bank notes which he had borrowed for the purpose for a few hours." The tide of fortune then turned; he lost heavily at the beginning of 1771 in the fluctuations of the market caused by the dispute with Spain about the
257:
174:
284:
began on its
Edinburgh branch. As this information became public within two weeks eight banks in London collapsed. According to Paul Kosmetatos "lurid tales abounded in the press for a time of merchants cutting their throats, shooting or hanging themselves". On 24 June 1772 his goods, stocks and
867:
348:. A sermon by Thomas Toller, minister sharing a church with James Fordyce, published in London in 1775, describes Fordyce's fall. Fordyce was again the defeated candidate at Colchester in 1780. He died after a long illness on 8 September 1789, at Mr. Mead's in George Street, near
264:
On Monday 8 June 1772, it became clear
Fordyce failed. The next day he disappeared to avoid debt repayment. His bank stopped payment on 10 June; meanwhile Fordyce absconded to France. Fordyce lost £300,000
1016:
A Poll for
Members of Parliament for the Borough of Colchester, on Friday 8th of September 1780. Candidates. Isaac Martin Rebow Martin, Esq. Alexander Fordyce, Esq. Robert Mayne, Esq. and Sir Robert Smyth,
126:. The interloper had spent money to build a chapel, a hospital and otherwise cultivate the borough. In June 1770, at the age of 42, he married Lady Margaret Lindsay, a 17-years-old daughter of
317:
came close. On 25 July
Fordyce was given seven weeks to appear for his creditors and come to an agreement. Around 20 banks across Scotland and the Dutch Republic collapsed in the aftermath.
846:
Paul
Kosmetatos, ‘Financial Contagion and Market Intervention in the 1772–3 Credit Crisis’, Cambridge Working Papers in Economic and Social History, Working Paper No. 21 (2014), p. 18.
1044:
940:
772:
376:
332:
and declared personal bankruptcy. His debt was about £100,000. In
December he agreed a repay scheme with his creditors. His sister-in-law published the ballad
213:
794:
1068:
1113:
1098:
547:
248:. In 1771/1772 Fordyce bet heavily against EIC share price, which went awfully awry. In May 1772 the EIC stock price rose significantly.
209:, where he lived magnificently. He entered a series of fêtes, banquets and entertainment, which threw those of the royalty in the shade.
189:. Under his guidance the firm speculated freely, and gained by obtaining early intelligence of the signature of the preliminaries of the
647:
277:. On 13 June – in an advertisement – he was required to surrender himself and to make a full discovery of his estates and effects.
694:
994:
714:
306:
111:
983:
1063:
807:
611:
567:
536:
269:
East India
Company stock, leaving his partners liable for an estimated £243,000 in debts. He had speculated away the bank's
683:
600:
418:
127:
59:. He fled abroad and was declared bankrupt, but in time he used the profits from other investments to cover the losses.
142:
in the same year. Then
Fordyce's gold watch was stolen somewhere on the highway; the robbers were executed early 1771.
855:
225:
407:
Gambling on Empire: Colonial India and the
Rhetoric of "Speculation" in British Literature and Culture, c. 1769–1830
1049:
926:
509:
483:
460:
337:
103:
trade at
Aberdeen. In 1757, he left and found a situation as outdoor clerk to a banker named Boldero & Co at
660:"1772 two Hundred and Twenty-five Years Ago. Tea and Antipathy by Frederic D. Schwarz. October 1997, Volume 48"
229:
20:
28:
1103:
659:
430:
115:
920:
449:
280:
On 12 June the news of the failure of Neale, James, Fordyce and Down reached Scotland. After the weekend a
237:
123:
92:
72:
903:
503:
139:
695:
The Perreaus and Mrs. Rudd: Forgery and Betrayal in Eighteenth-Century London by Donna T. Andrew, p. 150
477:
454:
241:
1093:
369:
150:
107:. In 1759 his brother James arrived in London and became minister of the presbyterian congregation.
1005:
40:
1064:
Koudijs, Peter and Hans-Joachim Voth (2011) Optimal delay: distressed trading in 18th c. Amsterdam
971:"Turtles to Roehampton (And the Crisis of 1772) | on the archival trail of William Macintosh"
730:
245:
206:
783:
165:
672:
589:
353:
190:
104:
970:
498:
314:
56:
99:
at Marischal College and who became his brother-in-law in 1751. For some time he was in the
1108:
1088:
1083:
75:
who was married twice, had many children but only a few survived. He was (half)-brother to
8:
759:
673:
Anglo-Dutch Commerce and Finance in the Eighteenth Century by Charles Wilson, pp. 170–173
310:
186:
919:
590:
Anglo-Dutch Commerce and Finance in the Eighteenth Century by Charles Wilson, p. 170–173
198:
88:
33:
502:
634:
329:
298:
201:
stock rose greatly in 1764–65. With the proceeds of these and other speculations in
833:
476:
453:
51:(7 August 1729 – 8 September 1789) was a Scottish banker, centrally involved in the
892:
Legislating Instability: Adam Smith, Free Banking, and the Financial Crisis of 1772
748:
Legislating Instability: Adam Smith, Free Banking, and the Financial Crisis of 1772
578:
325:
321:
178:
185:
From 1757 he was a partner in the banking house Neale, James, Fordyce and Down on
887:
743:
333:
274:
266:
158:
131:
84:
71:
as the youngest son of George Fordyce of Broadford (1663–Eggie, 1733), six times
622:
349:
345:
290:
233:
305:. Also the Ayr bank collapsed on 24 June. The stoppage precipitated a crisis.
1077:
1035:
718:
221:
194:
80:
76:
808:"The East India Company: The original corporate raiders | William Dalrymple"
1040:
915:
202:
548:
Religion, Revolution and English Radicalism by James E. Bradley, p. 300
341:
302:
96:
684:
Family record of the name of Dingwall Fordyce in Aberdeenshire., p. 93
256:
601:
Family record of the name of Dingwall Fordyce in Aberdeenshire, p. 93
431:"Alexander Fordyce – the Macaroni Gambler | James Boswell .info"
419:
Family record of the name of Dingwall Fordyce in Aberdeenshire, p. 93
286:
68:
1034: This article incorporates text from a publication now in the
294:
281:
154:
52:
635:"June in review | on the archival trail of William Macintosh"
236:
were involved. Hope had undertaken commissions for Fordyce on the
118:, but four people announced their endorsement in a newspaper. The
648:
At Spes non Fracta: Hope & Co. 1770–1815 by M.G. Buist, p. 21
217:
119:
100:
297:. Neale, James, Fordyce and Down, the largest buyer of Scottish
173:
579:
Archief van de Firma Hope & Co. met verwante archiefvormers
270:
212:
In July 1770 Fordyce collaborated with two planters John and
135:
44:
Balcarres mansion in the trees – geograph.org.uk – 1465362
623:
Amsterdam City Archives on 3 July 1770, NA 5075, nr. 426
612:
Stories of Banks and Bankers by Frederick Martin, p. 110
320:
On request he was extradited by France and sailed from
169:
The Amsterdam Stock Exchange by P. Fouquet (1729–1800)
122:
spent nearly £14,000; but was defeated by 43 votes by
36:
Gambler with puns on Fordyce's last name (Four-Dice).
328:
in September. He went through an examination at the
240:
involving dealings for the account in shares of the
220:and borrowed 240,000 guilders in bearer bonds from
55:on Neale, James, Fordyce and Down which led to the
19:For the British naval officer and politician, see
1075:
251:
110:In 1768 he stood as a radical candidate for the
795:A History of Banking in All the Leading Nations
313:stopped payment temporarily, and a stoppage by
205:Fordyce purchased an estate near Wimbledon now
525:The Life and Work of David Fordyce (1711–1751)
336:. In 1774 he was forced to sell his estate to
1069:English Bankrupts 1732–1831: A Social Account
834:"The Credit Crisis of 1772 – Recession Tips"
32:Print of Alexander Fordyce, dressed as the
193:in 1763. In 1764 Fordyce cooperated with
293:was in uproar when Fordyce was declared
255:
172:
164:
149:
145:
39:
27:
960:Oprechte Haerlemsche courant 15-09-1772
858:(1944) The Bank of England, pp. 246–247
497:
474:
1076:
1039:
914:
448:
1114:Rectors of the University of Aberdeen
995:The Town and Country Magazine, p. 669
444:
442:
440:
377:Rector of Marischal College, Aberdeen
1099:18th-century Scottish businesspeople
705:Wilson, C. (1941/1966?), pp. 120–121
568:A Handbook of London Bankers, p. 120
537:A Handbook of London Bankers, p. 120
13:
1057:
558:Colchester People, Volume 1, p. 40
437:
138:). He was appointed rector of the
14:
1125:
1053:. Vol. 19. pp. 431–432.
930:. Vol. 19. pp. 431–432.
464:. Vol. 19. pp. 433–435.
1050:Dictionary of National Biography
1029:
927:Dictionary of National Biography
510:Dictionary of National Biography
484:Dictionary of National Biography
461:Dictionary of National Biography
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999:
988:
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941:The Scots Magazine, pp. 473–479
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338:Sir Joshua Vanneck, 1st Baronet
232:, Samuel Hoare (1716–1796) and
91:. He was educated by his uncle
784:History of Banking in Scotland
541:
530:
517:
491:
468:
423:
412:
400:
87:. In 1746 he travelled in the
21:Alexander Fordyce (politician)
1:
951:Haerlemse courante 04-08-1772
285:country house were seized by
252:Financial crash and aftermath
62:
868:Haerlemse Courant 27-06-1772
513:. Vol. 19. p. 435.
487:. Vol. 19. p. 432.
352:. His widow married in 1812
273:and lost the backing of the
7:
715:The papers of Henry Laurens
140:Marischal College, Aberdeen
16:Scottish banker (1729–1789)
10:
1130:
921:"Fordyce, Alexander"
523:William T. Steven (1978).
242:British East India Company
181:, Leadenhall Street (1766)
95:, principle and lecturing
67:Alexander was baptized in
18:
878:Clapham, J (1944), p. 163
731:"The American Revolution"
383:
374:
366:
361:
301:, were forced to declare
504:"Fordyce, William"
475:Goodwin, Gordon (1889).
393:
238:Amsterdam stock exchange
984:Information 1794, p. 64
344:were Hope & Co and
207:Grove House, Roehampton
760:"Bankrupt Biographies"
499:Bettany, George Thomas
478:"Fordyce, David"
455:"Fordyce, James"
354:Sir James Bland Burges
261:
197:bankers in Amsterdam.
182:
170:
162:
105:Lombard Street, London
45:
37:
315:Sir George Colebrooke
259:
176:
168:
153:
146:Banker and speculator
112:borough of Colchester
57:credit crisis of 1772
43:
31:
1104:People from Aberdeen
226:Sir William Pulteney
836:. 26 November 2021.
311:Sir Thomas Hallifax
187:Threadneedle Street
73:Provost of Aberdeen
1045:Fordyce, Alexander
1006:Frank Brady, p. 37
904:Douglas-Heron Bank
262:
199:East India Company
183:
171:
163:
89:Scottish Highlands
46:
38:
450:Gordon, Alexander
409:by John C. Leffel
391:
390:
384:Succeeded by
362:Academic offices
299:bills of exchange
214:William Macintosh
49:Alexander Fordyce
1121:
1094:Scottish bankers
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367:Preceded by
359:
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326:Rye, East Sussex
322:Boulogne-sur-Mer
307:Sir Richard Glyn
246:Falkland Islands
179:East India House
116:general election
93:Thomas Blackwell
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1058:Further reading
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334:Auld Robin Gray
275:Bank of England
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159:Bank of England
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132:Balcarres House
85:William Fordyce
65:
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814:. 4 March 2015
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350:Portman Square
291:City of London
260:Portman square
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222:Hope & Co.
195:Hope & Co.
191:Peace of Paris
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1041:Cannan, Edwin
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719:Henry Laurens
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230:Samuel Hannay
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177:Engraving of
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289:; the whole
279:
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203:Change Alley
184:
124:Charles Gray
109:
66:
48:
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25:
1109:Speculators
1089:1789 deaths
1084:1729 births
856:Clapham, J.
818:8 September
234:John Harman
157:Day at the
1078:Categories
342:plaintiffs
303:insolvency
97:common law
63:Early life
1043:(1889). "
386:No record
370:John Gray
330:Guildhall
287:The Crown
79:, Agnes,
69:Belhelvie
918:(1889).
797:, p. 190
527:, p. 92
501:(1889).
452:(1889).
295:bankrupt
282:bank run
267:shorting
155:Dividend
53:bank run
34:Macaroni
1038::
381:1770–?
218:Grenada
120:esquire
114:at the
101:hosiery
1025:Source
894:, p. 4
340:; the
271:assets
161:, 1770
83:, and
394:Notes
346:Hoare
224:Also
81:James
77:David
1017:Bart
820:2020
309:and
136:Fife
1047:".
324:to
216:on
130:at
1080::
924:.
890::
810:.
746::
507:.
481:.
458:.
439:^
356:.
228:,
973:.
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762:.
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637:.
433:.
134:(
23:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
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_1.463_-_Dividend_Day_at_the_Bank,_1770.jpg)
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