Bagehot
Page 38
Stuckey’s Banking Company:
and Bagehot family, 2, 5, 24, 46, 64
cash in, 274n
as country bank, 235, 238
demand deposits in, 137–38
dividends of, 50, 55, 82, 153, 169
employees’ facial hair in, 56
and employee theft, 23
expansion of, xxx, 30
gold reserves of, 274
and Kingsbury church loan, 36
notes issued by, xix, 26, 71, 73, 120–21, 123
operations of, 50–51
and Panic of 1825, xxxi, 2
and Peel’s Act, 26
profitability of (1850s), 50–56, 82, 139, 153–54, 268n, 279
run on (1847), 29–30
sold to Parr’s Bank, 280
stockholders of, 53–54, 64, 169, 284
and Stuckey family, 1, 3, 5, 36; see also Stuckey, Vincent
Walter’s career in, xxxi, 1, 46–47, 70n, 82, 85, 106, 113, 137, 153, 180, 279
Walter’s investment in, 283
Suez Canal, opening of, 249n, 254–55
Suez Canal Company, investment in, 259–62
Taylor, Richard, 45n
telegraph, 27, 68
Tennyson, Alfred, Lord, 103, 228
Thackeray, William Makepeace, 97
Vanity Fair, 25
Theory of the Foreign Exchanges, The (Goschen), 140
Thiers, Adolphe, 39
Thompson, George, 217
Thomson, C. Poulett, 172
Thomson Hankey & Co., 163
Ticknor, George, 83
Times, The (London):
on Bagehot’s death, 291
de Tocqueville’s letter in, 40, 42
on economic cycles, 67, 68, 70n, 176–77
on foreign investment, 255
on Hankey’s book, 175–78
influence of, 238
and Lowe, 194–95
on Overend Gurney, 152, 159
on Panic of 1825, xxiii, xxviiin
on Panic of 1857, 76–77, 78n
and the telegraph, 27
on U.S. Civil War, 125, 129, 130
and voting reform, 203, 204n
Tita (servant), 222
Tocqueville, Alexis de, 40, 41, 42, 83, 187
Tooke, Thomas, 154
History of Prices, 32
Torrens, Colonel Robert, 32
Townsend, Meredith White, 114
Travelers Insurance Company, Hartford, Connecticut, 292
Treasury bills, 289–90
Treating Act (1696), 209
Treaty of Berlin, 227
Trevelyan, Charles, 110
Trollope, Anthony, 184, 218n
The Way We Live Now, 144
Turin, Antonio Gallenga, 125n
Turkey, investments in, 255–56, 258–59, 261
Turner, James Aspinall, 205
Tussaud, Madame, 223n
Union Bank of London, 138
United States:
cabinet officials in, 187–88
Civil War in, 120, 124–36, 153, 162, 181, 183, 202
Confederate States, 127–29, 130, 132–35, 141, 183, 202
and cotton, 129, 130, 132–34, 141, 202
currency-emitting banks of, 264–65
democracy in, 96, 126–27, 201
Emancipation Proclamation, 129–32
Federal Reserve Bank, xiv
financial cycles in, 68, 75, 132, 134, 135
Fourteenth Amendment to Constitution of, 134
and junk bonds, 133–34
and Panic of 1857, 75, 76, 80, 165, 265
and Panic of 1873, 254
slavery in, 124, 126–32, 181, 183
voting rights in, 191
University College London, 14–18, 22n, 23–28, 32n, 37, 46, 65, 185
Parliament seat of, 219, 229–32, 238
University of London, 34, 56, 116, 229
Vanderby, Philip, 215
Victoria, queen of England, 27, 38, 107, 220, 260–61
Victorian age:
economy (1850s), 48–50, 71, 76, 123
economy (1866), 161
imagination and curiosity in, 48, 101–2, 240
life and letters in, 103–4, 106
and Peel’s Act, 26, 72
Villiers, Charles, 235
Von Mohl, Robert, The History and Literature of Political Science, 101n
voting franchise, 189–93
electoral bribery, 199, 209–19, 231, 233
eligibility for, 95
expansion of, 96, 141, 180, 181–82, 185, 192–93, 202–4, 207, 224n, 229, 231, 289
Gladstone on, 192–93, 198, 201–3, 223–24
and “money power,” 182, 231
and party discipline, 189
reform legislation, 19, 95–96, 141, 182, 184, 189, 197–204, 223–24, 229
and social classes, 192, 199, 208, 229
universal suffrage, 96, 185
Walpole, Horace, 101
Ward, Lord, steam looms of, 196
Ward, Samuel, 129
Waterloo, Battle of, xx
Watkin, Sir Edward, 166
Wealth of Nations, The (Smith), 276, 287
Webb, Beatrice and Sidney, 99
Welby, R. E., 289–90, 291
Wellington, Arthur Wellesley, 1st Duke of, xxvii
Western Bank, Glasgow, 75–76
How to Mismanage a Bank (case study), 75
Westropp, Henry, 208, 209, 211, 213, 214
Whiggish Club, 234–35
Whigs, issues addressed by, 62–63
Wilkins, William, 15
Wilson, E. D. J., 291
Wilson, Eliza (daughter), 66, 83–94
headaches of, 86, 89
marriage of Walter and, see Bagehot, Eliza Wilson
social life of, 85
Wilson, Elizabeth Preston (wife), 20, 83, 113
Wilson, Emilie (daughter), 66, 83
see also Barrington, Emilie Wilson
Wilson, James, 19–22, 139, 176, 234
death of, 110–11, 283
and Economist, 22, 29, 30, 33, 66, 88, 99–101, 283
estate of, 283–84, 286
family of, 65–66, 85, 88, 92, 283
on free trade, 22, 49, 99
and Great Exhibition (1851), 38
illness of, 84, 86
in India, 107–11, 113
and Panic of 1857, 69–70, 76
and Peel’s Act, 71, 78, 170
political career of, 107–11
and Walter, 66, 85–86, 97, 98–99, 107, 108–9, 180, 196, 206
Wilson, Sophie (daughter), 88, 108, 110
Wilson family:
and Eliza-Walter courtship and marriage, 83–86, 93
financial position of, 283–84, 285
and India assignment, 107–11
and James’s death, 110–11, 113
social life of, 83–84, 105–6, 236
Windham Club, 234, 235n
Wood, R. W., 205, 208
Woodland, Reynolds, 55
Wordsworth, William, 23
World War I (Great War), 277
Xenos, Stefanos, 147, 148
ALSO BY JAMES GRANT
Bernard M. Baruch: The Adventures of a Wall Street Legend
Money of the Mind
Minding Mr. Market
The Trouble with Prosperity
John Adams: Party of One
Mr. Market Miscalculates
Mr. Speaker! The Life and Times of Thomas B. Reed
The Forgotten Depression
Copyright © 2019 by James Grant
All rights reserved
First Edition
Photographs © National Portrait Gallery, London, unless noted otherwise. Cartoon of “The Old Lady of Threadneedle Street” and photograph of Richard Holt Hutton are in the public domain. Material relating to Stuckey’s Bank, including directors’ minutes, financials, and the data used to create the “Victorian Money Machine” chart, from the Royal Bank of Scotland Archives. Endpapers: London from the Mon
ument, William Wyllie c. 1870 (private collection).
Excerpts from Till Time’s Last Sand © David Kynaston, 2017, Till Time’s Last Sand: A History of the Bank of England 1694-2013, Bloomsbury Publishing Plc.
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The Library of Congress has cataloged the printed edition as follows:
Names: Grant, James, 1946- author.
Title: Bagehot : the life and times of the greatest Victorian / James Grant.
Description: First edition. | New York : W.W. Norton & Company, [2019] |
Includes bibliographical references and index.
Identifiers: LCCN 2019004287 | ISBN 9780393609196 (hardcover)
Subjects: LCSH: Bagehot, Walter, 1826-1877. | Bankers—Great
Britain—Biography. | Essayists—Great Britain—Biography. |
Journalists—Great Britain—Biography. | Economist (London, England :
1843)—History. | Great Britain—Politics and government—1837-1901. |
Great Britain—Economic conditions—19th century.
Classification: LCC HB103.B2 G73 2019 | DDC 330.092 [B]—dc23
LC record available at https://lccn.loc.gov/2019004287
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