love with a young damsel called Miss Polly Peagrim, niece of George Campbell, banker in the Strand. After but a few weeks' courtship, Polly got wedded to James, and the event was followed by the entrance of the bridegroom into the firm of Campbell, henceforth called Campbell and Coutts. His London experience soon showed James Coutts that banking was better than corn dealing, even when taken in connexion with smuggling tea and brandy, and he advised his friends in Scotland accordingly. Perhaps the advice would not have been so quickly taken, but for some simultaneous warnings in the shape of mercantile disasters.

The partners of the Scotch firm of Coutts and Co., among whom was now Sir William Forbes and Mr. Hunter, the latter a very enterprising man, undertook various operations which they did not understand, with the consequence-to use an expressive colloquial phrase-to "burn their fingers." They set up a large paper-mill at Melville at very considerable cost; but, when all was ready, discovered that they could not make paper, and had to consign their imperfect produce to America, from whence they learnt, through their agent, "that the printers of the newspapers had bought some of the paper,

because they could not find any of a better quality, and the apothecaries had bought the rest because they could not find any that was worse." Not more fortunate than in papermaking were the partners in a lead-mine speculation. They sunk gold, but got no lead in return; and though the phenomenon might have been explained, in a physical sense, by the fact that gold is much heavier than lead, and has consequently a much greater tendency to sink, the adventurers had but little comfort from it. But they took the wise resolution of keeping henceforth to banking, giving up all other branch occupations, even smuggling. This was about the year 1770; and the movement was followed by a number of other Scotch houses, previously devoted to trading speculations as well as banking. Probably, the number thus starting into existence, all at once, was too great, for after a little while there came a tremendous catastrophe. The disastrous event, as sudden as an earthquake, is still well remembered in Scotland, and generally spoken of as "the Black Monday"namely, Monday, the 8th of June, 1772. It will be necessary to return for a moment to London bankers and banking to understand the history of the Scotch "Black Monday."

XI. BLACK MONDAY.

IF, ninety years ago, somebody had inquired at the Exchange, or the Bank of England, who was the most successful man of the day, the unfailing answer would have been, " Alexander Fordyce." His success in life, indeed, bordered on the marvellous; it was a sort of poetry of success-up to a certain time, for the prose followed soon after. There is much prose, unfortunately, at the bottom of all poetry, in life as well as in banking. Alexander Fordyce was bred a hosier, at Aberdeen; but finding this place too narrow for his abilities, he came to London, and after a short while succeeded in obtaining employment as an out-door clerk in the banking-house of Boldero and Co. A handsome, dashing man, possessed of considerable energy of character, with a great flow of natural eloquence, and much suavity of manner, he soon attracted the attention not only of his masters, but of other gentlemen, and before long ob

tained an introduction to the family circle of Messrs. Roffey and Neale, formerly brewers, and subsequently heads of the banking firm of Roffey, Neale, and James. At the private residence of these gentlemen, the young Aberdeen draper captivated all hearts, particularly the supposed soft ones of the fair sex; and the upshot of these conquests was, that Mr. Fordyce was offered a partnership in the banking-house of Roffey, Neale, and Co., in Threadneedle Street; which offer, it is needless to say, was accepted. Mr. Alexander Fordyce had no sooner been thus comfortably established, when he began to speculate in the public funds, hazarding large sums upon conjectural gains. Fortune, which is said to favour the bold-the proverb, like most proverbs, is of doubtful truth-smiled upon Alexander, showering the golden guineas into his lap by thousands and tens of thousands. His courage rose with his good luck, and his stakes doubled day after day. At last, in 1766, he had a great stroke of good luck in a speculation in East India Stock. He calculated upon a slight rise, and had no sooner invested histhat is his partners'-fortune, when there took place an extraordinary upward movement, leaving him in the possession of profits amounting to

near a hundred thousand pounds. Mr. Alexander Fordyce now started fairly in the great race of life. He purchased a large estate, with splendid mansion, at Roehampton, and entered upon a series of fêtes, banquets, and entertainments, which threw those of royalty in the shade. To show his zeal for religion, he built a church adjoining his mansion, supporting it by himself, and "worshipping" on a sort of velvet throne, surrounded by a glittering posse of tall footmen and bedizened lackeys. Alexander Fordyce next started as candidate for a seat in Parliament, which attempt, though he was not returned, cost him fourteen thousand pounds. To secure his future election, he erected a hospital, and established other charities at the borough of his choice, leaving no means untried to become a senator, and openly avowing his hope to die a peer. As a beginning to this great end, he married a peeress, the Lady Margaret Lindsay, a daughter of the Earl of Balcarras, and sister of that Lady Anne Barnard whose name is so well-known as writer of " Auld Robin Gray." This was the highest stroke of good fortune that befell the handsome draper of Aberdeen.

Contemporary writers can scarcely find words