of Sir Stephen Glynne had become seriously compromised, while under the system of unlimited partnership the liability of his two brothers-in-law extended in proportion. In 1845 the three brothers-in-law by agreement retired, each retaining an equitable mortgage on the concern. Two years later, one of our historic panics shook the money-market, and in its course brought down Oak Farm.203 A great accountant reported, a meeting was held at Freshfield's, the company was found hopelessly insolvent, and it was determined to wind up. The court directed a sale. In April 1849, at Birmingham, Mr. Gladstone purchased the concern on behalf of himself and his two brothers-in-law, subject to certain existing interests; and in May Sir Stephen Glynne resumed legal possession of the wreck of Oak Farm. The burden on Hawarden was over £250,000, leaving its owner with no margin to live upon.
Into this far-spreading entanglement Mr. Gladstone for several years threw himself with the whole weight of his untiring tenacity and force. He plunged into masses of accounts, mastered the coil of interests and parties, studied legal intricacies, did daily battle with human unreason, and year after year carried on a voluminous correspondence.
OAK FARM
There are a hundred and forty of his letters to Mr. Freshfield on Oak Farm alone. Let us note in passing what is, I think, a not unimportant biographic fact. These circumstances brought him into close and responsible contact with a side of the material interests of the country that was new to him. At home he had been bred in the atmosphere of commerce. At the board of trade, in the reform of the tariff, in connection with the Bank act and in the growth of the railway system, he had been well trained in high economics. Now he came to serve an arduous apprenticeship in the motions and machinery of industrial life. The labour was immense, prolonged, uncongenial; but it completed his knowledge of the customs, rules, maxims, and currents of trade and it bore good fruit in future days at the exchequer. He manfully and deliberately took up the burden as if the errors had been his own, and as if the financial sacrifice that he was called to make both now and later were matter of direct and inexorable obligation. These, indeed, are the things in life that test whether a man be made of gold or clay. 'The weight,' he writes to his father (June 16, 1849), 'of the private demands upon my mind has been such, since the Oak Farm broke down, as frequently to disqualify me for my duties in the House of Commons.' The load even tempted him, along with the working of other considerations, to think of total withdrawal from parliament and public life. Yet without a trace of the frozen stoicism or cynical apathy that sometimes passes muster for true resignation, he kept himself nobly free from vexation, murmur, repining, and complaint. Here is a moving passage from a letter of the time to Mrs. Gladstone:—
Fasque, Jan. 20, 1849.—Do not suppose for a moment that if I could by waving my hand strike out for ever from my cares and occupations those which relate to the Oak Farm and Stephen's affairs, I would do so; I have never felt that, have never asked it; and if my language seems to look that way, it is the mere impatience of weakness comforting itself by finding a vent. It has evidently come to me by the ordinance of God; and I am rather frightened to think how light my lot would be, were it removed, so light that something else would surely come in its place. I do not confound it with visitations and afflictions; it is merely a drain on strength and a peculiar one, because it asks for a kind of strength and skill and habits which I have not, but it falls altogether short of the category of high trials. Least of all suppose that the subject can ever associate itself painfully with the idea of you. No persons who have been in contact with it can be so absolutely blameless as you and Mary, nor can our relation together be rendered in the very smallest degree less or more a blessing by the addition or the subtraction of worldly wealth. I have abundant comfort now in the thought that at any rate I am the means of keeping a load off the minds of others; and I shall have much more hereafter when Stephen is brought through, and once more firmly planted in the place of his fathers, provided I can conscientiously feel that the restoration of his affairs has at any rate not been impeded by indolence, obstinacy, or blunders on my part. Nor can anything be more generous than the confidence placed in me by all concerned. Indeed, I can only regret that it is too free and absolute.
LETTER TO HIS SON
I may as well now tell the story to the end, though in anticipation of remote dates, for in truth it held a marked place in Mr. Gladstone's whole life, and made a standing background amid the vast throng of varying interests and transient commotions of his great career. Here is his own narrative as told in a letter written to his eldest son for a definite purpose in 1885:—
To W. H. Gladstone.
Hawarden, Oct. 3, 1885.—Down to the latter part of that year (1847), your uncle Stephen was regarded by all as a wealthy country gentleman with say £10,000 a year or more (subject, however, to his mother's jointure) to spend, and great prospects from iron in a Midland estate. In the bank crisis of that year the whole truth was revealed; and it came out that his agent at the Oak Farm (and formerly also at Hawarden) had involved him to the extent of £250,000; to say nothing of minor blows to your uncle Lyttelton and myself.
At a conversation in the library of 13 Carlton House Terrace, it was considered whether Hawarden should be sold. Every obvious argument was in favour of it, for example the comparison between the income and the liabilities I have named. How was Lady Glynne's jointure (£2500) to be paid? How was Sir Stephen to be supported? There was no income, even less than none. Oak Farm, the iron property, was under lease to an insolvent company, and could not be relied on. Your grandfather, who had in some degree surveyed the state of affairs, thought the case was hopeless. But the family were unanimously set upon making any and every effort and sacrifice to avoid the necessity of sale. Mr. Barker, their lawyer, and Mr. Burnett, the land agent, entirely sympathised; and it was resolved to persevere. But the first effect was that Sir Stephen had to close the house (which it was hoped, but hoped in vain, to let); to give up carriages, horses, and I think for several years his personal servant; and to take an allowance of £700 a year out of which, I believe, he continued to pay the heavy subvention of the family to the schools of the parish, which was certainly counted by hundreds. Had the estate been sold, it was estimated that he would have come out a wealthy bachelor, possessed of from a hundred to a hundred and twenty thousands pounds free from all encumbrance but the jointure.
In order to give effect to the nearly hopeless resolution thus taken at the meeting in London, it was determined to clip the estate by selling £200,000 worth of land. Of this, nearly one-half was to be taken by your uncle Lyttelton and myself, in the proportion of about two parts for me and one for him. Neither of us had the power to buy this, but my father enabled me, and Lord Spencer took over his portion. The rest of the sales were effected, a number of fortunate secondary incidents occurred, and the great business of recovering and realising from the Oak Farm was laboriously set about.
Considerable relief was obtained by these and other measures. By 1852, there was a partial but perceptible improvement in the position. The house was reopened in a very quiet way by arrangement, and the allowance for Sir Stephen's expenditure was rather more than doubled. But there was nothing like ease for him until the purchase of the reversion was effected by me in 1865. I paid £57,000 for the bulk of the property, subject to debts not exceeding £150,000, and after the lives of the two brothers, the table value of which was, I think, twenty-two and a-half years. From this time your uncle had an income to spend of, I think, £2200, or not more than half what he probably would have had since 1847 had the estate been sold, which it would only have been through the grievous fault of others.
The full process of recovery was still incomplete, but the means of carrying it forward were now comparatively simple. Since the reversion came in, I have, as you know, forwarded that process; but it has been retarded by agricultural depression and by the disastrous condition through so many years of coal-mining; so that there still remains a considerable work to be done before the end can be attained, which I hope will never be lost sight of, namely, that of extinguishing the debt upon the property, though for family purposes the estate may still remain subject to charges in the way of annuity.
The full history of the Hawarden estate from 1847 would run to a volume. For some years after 1847, it and the Oak Farm supplied my principal employment204;