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Title: William Montgomery, Manchester to Joseph [Searight?] Philadelphia
CollectionIrish Emigration Database
FileMontgomery, William/62
SenderMontgomery, William
Sender Gendermale
Sender Occupationlinen merchant
Sender ReligionProtestant
OriginManchester, England
DestinationPhiladelphia, Penn., USA
RecipientSearight, Joseph
Recipient Gendermale
SourceD2794/1/2106: Presented by H.H. Montgomery, 4 Kensington Gardens, Belfast 5.
ArchiveThe Public Record Office, N. Ireland.
Doc. No.305016
Partial Date
Doc. TypeLET
LogDocument added by LT, 07:05:03.
Word Count778

My dear Joseph,

Some time since I received a Newspaper from
you in which I was very much gratified to see
a statement of the affairs of L.J. Levy & Co and
hope that as Commercial Matters on your side of
the Atlantic are improving their prospects may
also improve. I do not remember much of the
money panic of 1847 as when it was at its height
[I am----which -----k.?] I do remember the
panic in the Corn trade that year which had
about subsided before you and I started for
the United States. The panic of this year differs
from that inasmuch as it altogether commanded
in the States and has opened from [that?] [N East?]
I hope we have now seen the worst of it although
it has left a miserable wreck behind There
[can?] be no doubt but [a system?] of accommodation.
[This?] has obtained in this country which it [was?]
light [---?] should cease and of this [--?] the daily
[receiving?] privy by the [various?] disclosure at the
several Bankrupt examinations. I send you a paper
in which you will find a fair sample. The only
failure of any magnitude which in [have has?]
in this city in that of [Thornton Huggins?] [---][---]
of which I am sure you have heard as they were
largely engaged in the American trade. London
Liverpool and Glasgow have suffered [much?] [already?]
in the way of failures than any other places. The
[resources?] of the Bank of England are daily [augmenting?]
at not a [inpi--?] rate that it is generally expected
we will be treated to a reduction in the Bank
rate of Discount on Christmas Eve and that with
the New Year we will have a revival of business -
No person here unconnected with America could
foresee what was coming and [consequently?] the
men engaged in Business having no connection
or correspondance [correspondence?] and most of
those who had with your side of the Atlantic were
entirely unprepared for such a crash - In addition
to this it took place at a season of the year when
most people had made arrangements and engagements for
the winter trade - The Bank rate of Discount
stood at 5 ½ % on the 7th Oct. and on the 9th
Nov. it was raised to 10 % - Buying ceased almost
at once and as ever Material declined in price
there has been a consequent depreciation in the
value of stocks so that if the Yankees want
goods and can afford to pay for them they
are likely to get them cheap - And now having
given you some outline of the panic here it is
time to ask you about yourself What you are about
and how you managed during the crisis. I hope
both you and the children are well - I [arrived?]
here in May last with my family and had it not been
for the panic I would have been very well satisfied
With my first year - as it is I must only hope
for better times - I had done very well up to October -
I am thankful so far I have not made any bad
debts but hold [ensher?] a heavy stock of Linen Yarns
Could you do anything with a small consignment
of linen shipments? If you can let me know and [I will?]
endeavour to send you a small lot or if there is
anything in which I could assist you I would be glad to do
it. Let me know your views about Business with you and
what you think the prospects are for sale of
Linen and Cotton goods. Is there any manufacture in
which we might do something for our material
advantage? I think the American shipping [lines?]
here will try and [respect?] credit on goods sold
to your Importers within the nearest possible
limits say 4 months - I was in [Portadown?] about
3 weeks since and saw Robt. & Anne Jane. Robt.
had been poorly for some time past with cold
caught at a [air?] in a [Turf?] [---?] of the P----?]
He is now engaged in the grain trade and I am
afraid not likely to make much money in the
speculation. Wednesday. I intended sending
this by the "Atlantic" but neglected to post it in
time - Money matters here continue daily to
improve and we expect the first reduction
of discount will be to 8% -
Hoping to hear from you soon
Miss Bamber is Yours affectionately
quite well - she William Montgomery
will I think spend
Xmas with us -

Transcribed by Jim Buchanan