Appendix H. Remington & Co (see **132163)

From "Dictionary of Dates" (Haydn/Vincent), s.v. "Bank":

"Rowland Stephenson, M.P., banker and treasurer of St Bartholomew's hospital,

absconds: defaulter to the amount of 200,000 l: 70,000 l in exchequer bills: (caused

a great depression among bankers)...27 Dec 1828."

This caused the immediate suspension of payments and bankruptcy (31 Dec 1828) of

Remington, Stephenson, Remington, and Toulmin, and PRO B3/4342 to 4349 contain the

detailed records. It is not easy to make out exactly what Stephenson did: he told

his son he was ruined and, after attempting to shoot himself (B3/4343 f.146), he

apparently got away to New York (various items in Bill of Costs, B3/4344 f.238 and

the story in B3/4346 f.44 on), leaving the firm (who were the Hospital's bankers)

owing £495,833 18s 1d and with under £25,000 of assets (B3/4349 f.590). The

"separate estates" of the two Remingtons (William and David Robert) and Joseph Petty

Toulmin, however, paid 20s in the £, and they seem to have been quite innocent

parties, though they may have been negligent. (Stephenson had been caught

"abstracting" a £1000 note in April 1826, and apparently was told off but allowed to

remain an active partner! - B3/4349 f.131 & following.)

There is a touching item about a Mr Butler, "Oporto dealer", who had £4000

deposited with Remington, Stephenson, Remington, and Toulmin; withdrew it when there

were rumours about the firm earlier (had Stephenson had been losing money on horses

or cards?); and replaced it on being reassured. He turned up a couple of hours

after payments had been suspended, understandably "distracted and saying he was

ruined", and Remington senior, "against his better judgement", gave him his £4000.

(B3/4343 f.154-155.) I don't know whether he was allowed to keep it.

A little personal information about Joseph can be extracted. "Samuel Barlow,

exor of William Toulmin decd" is listed (B3/4243 f.201) as a creditor of J.P.Toulmin

as "Trustee of Deed of Separation between William Chauncey & Sarah his wife" (Sarah

was Joseph's sister, **132161: see under **13214); the connection goes to confirm

that J.P.Toulmin was the "cousin Joseph" of William Toulmin of Southwark (**132133)

named as a Trustee in his will, and so that both were grandsons of the Rev. Thomas

Toulmin. There are a few sheets of accounts of J.P.Toulmin's separate estate

(B3/4344 f.268,274, B3/4345 f.11,40, B3/4348 f.40). He had a house on Clapham

Common, insured for £1500, and wages of 3 male and 2 female servants were paid by

the Administrators; it seems he had to sell the house in July 1830 to clear his

personal debts (B3/4349, f.58,59). Henry Bayent was paid £6.0.0 "for 6 weeks

labour in the garden at Clapham", which seems a good rate for a gardener at that

time (B3/4349 f.246). As a partner Joseph received £14431 9s 8p profits for the

period 26 Dec 1823 to 6 Jan 1829 , and his average annual expenditure was given as

£2345 (B3/4345 f.40). He received a small amount of income from an Ann Toulmin (£159

7s 6d over the above 5 years, B3/4345 f.40); almost certainly this was his mother,

in her 80s, still renting his father's old house in Knightsbridge from him, in

accordance with the latter's will. See note under **13216 and App.D,6. (The rent

should have been only £20 per year, but perhaps she had agreed to pay a little

more.)

B3/4348 f.40 and a few other papers have his signature: very spidery and shaky,

suggesting more than his 65 years: probably he was ill (he died in 1839 of "brain

disease" (GRO)). An item in a Bill of Costs is for "writing a letter to Mr Toulmin

requesting his attendance [for examination] tomorrow ... if his health would not

permit his attendance, to get a medical certificate" (B3/4344 f.249). But he seems

to have escaped examination (though he had to make a personal Appearance and

surrendered £21 in cash and a Gold Watch, B3/4349 f.41). He attended to the

concerns of the Bank (B3/4349 f.144) and usually left the office at about quarter

past 4 (the two Remingtons left at 4) (B/4349, f.137).

The probate of the will of Samuel Toulmin, Joseph's father, shows that he banked

with "Stephensons Batsons Remington and Smith", clearly an earlier form of the same

bank; the senior partner in 1803 was probably Rowland Stephenson's father.

Stephenson Batson Remington and Smith are listed as Bankers at 69 Lombard-str in

Kal/1797 (p.243).

David Robert Remington, then of 76 Old Bond St, turned up in 1839 to swear to

Joseph's handwriting and signature on his will, made on 24 Nov 1829; by 1839 Joseph

was living at High St Clapham, not Clapham Common (GRO).