'Napoleon is Dead'

Lord Cochrane and the Great Stock Exchange Scandal

Richard Dale

• Publisher: The History Press
• Year: 2007
• Print ISBN: 9780750943819, 9780750943819
• eBook ISBN: 9780752496016
• Topic: History
• Subtopic: Historical Biographies
• Index: History

Early on 21 February 1814, an army officer revealed that the French had been defeated and Napoleon killed. When the London Stock Exchange opened at 10.00 am, the City was full of rumours of an allied victory. This work offers a tale of one of the earliest stock market scams; a tale of greed, deceit and the public humiliation of Lord Cochrane.

APPENDIX

Exhibits

EXHIBIT 1: COCHRANE’S AFFIDAVIT OF 11 MARCH 1814

March 11, 1814
13 Green Street

I, Sir Thomas Cochrane, commonly called Lord Cochrane having been appointed by the Lords Commissions of the Admiralty, to active service (at the request, I believe, of Sir Alexander Cochrane) when I had no expectation of being called on, I obtained leave of absence to settle my private affairs previous to quitting this country, and chiefly with a view to lodge a specification to a patent to a discovery for increasing the intensity of light. That in pursuance of my daily practice of superintending work that was executing for me, and knowing that my uncle, Mr Cochrane Johnstone, went to the city every morning in a coach.

I do swear, on the morning of the 21^st February (which day was impressed on my mind by circumstances which afterwards occurred) I breakfasted with him at his residence in Cumberland Street, about half past eight o’clock, and I was put down by him (and Mr Butt was in the coach) on Snow Hill, about ten o’clock: that I had been about three quarters of an hour at Mr King’s manufactory, at No. 1, Cock Lane, when I received a few lines on a small bit of paper, requesting me to come immediately to my house: the name affixed, from being written close to the bottom, I could not read. The servant told me it was from an army officer, and concluding that he might be an officer from Spain, and that some accident had befallen to my brother; I hastened back, and I found Captain Berenger, who in great seeming uneasiness, made many apologies for the freedom he had used, which nothing but the distressed state of his mind, arising from difficulties, could have induced him to do. All his prospects, he said, had failed, and his last hope had vanished of obtaining an appointment in America. He was unpleasantly circumstanced, on account of a sum which he could not pay, and if he could, that others would fall upon him for full £8,000. He had no hope of benefiting his creditors in his present situation, or of assisting himself. That if I would take him with me he would immediately go on board and exercise the sharpshooters, (which plan Sir Alexander Cochrane, I know had approved of). That he had left his lodgings and prepared himself in the best way his means allowed. He had brought the sword with him which had been his father’s, and to that and to Sir Alexander, he would trust for obtaining an honourable appointment.

I felt very uneasy at the distress he was in, and knowing him to be a man of great talent and science, I told him I would do every thing in my power to relieve him: but as to his going immediately to the Tonnant [the ship of which Lord Cochrane had been appointed Captain], with any comfort to himself, it was quite impossible, my cabin was without furniture, I had not even a servant on board. He said he would willingly mess anywhere. I told him that the wardroom was already crowded, and besides I could not with propriety take him, he being a foreigner, without leave from the Admiralty. He seemed greatly hurt at this and recalled to my recollection certificates which he had formerly shown me, from persons in official situations, Lord Yarmouth, General Jenkinson, and Mr Reeves, I think, were among the number. I recommended him to use his endeavour to get them or any other friends, to exert their influence, for I had none, adding that when the Tonnant went to Portsmouth, I should be happy to receive him: and I knew from Sir Alexander Cochrane, that he would be pleased if he accomplished that object.

Captain Berenger said, that not anticipating any objection on my part from the conversation he had formerly had with me, he had come away with intention to go on board and make himself useful in his military capacity;– he could not go to Lord Yarmouth, or to any other of his friends, in this dress, (alluding to that which he had on) or return to his lodgings where it would excite suspicion (as he was at that time in the Rules of the King’s Bench) but that if I refused to let him join the ship now, he would do so at Portsmouth. Under present circumstances, however, he must use a great liberty, and request the favour of me to lend him a hat to wear instead of his military cap. I gave him one which was in a back room with some things that had not been packed up, and having tried it on, his uniform appeared under his greatcoat; I therefore offered him a black coat that was lying on a chair, and which I did not intend to take with me. He put up his uniform in a towel, and shortly afterwards went away in great apparent uneasiness of mind; and having asked my leave, he took the coach I came in, and which I had forgotten to discharge in the haste I was in.

I do further depose, that the above conversation is the substance of all that passed with Captain Berenger, which, from the circumstances attending it, was strongly impressed upon my mind, that no other person in uniform was seen by me, at my house, on Monday 21^st February, though possibly other officers may have called (as many have done since my appointment;) of this, however, I cannot speak of my own knowledge, having been almost constantly from home, arranging my private affairs. I have understood that many persons have called under the above circumstances, and have written notes in the parlour, and others have waited there in expectation of seeing me, and then gone away, but I most positively swear that I never saw any person at my house resembling the description, and in the dress stated in the printed advertisement of the members of the Stock Exchange.

I further aver that I had no concern, directly or indirectly, in the late imposition and that the above is all that I know relative to any person who came to my house in uniform on the 21^st day of February, before alluded to. Captain Berenger wore a grey greatcoat, a green uniform, and a military cap. From the manner in which my character has been attempted to be defamed, it is indispensably necessary to state that my connection in any way with the funds, arose from an impression that in the present favourable aspect of affairs, it was only necessary to hold stock in order to become a gainer without prejudice to anybody: that I did so openly, considering it in no degree improper, far less dishonourable; that I had no secret information of any kind, and that had my expectation of the success of affairs been disappointed, I should have been the only sufferer.

Further I do most solemnly swear that the whole of the Omnium on account, which I possessed on the 21^st day of February 1814, amounted to £139,000 which I bought by Mr Fearn (I think) on the 12^th ultimo at a premium of 28¼, that I did not hold on that day any other sum on account in any other stock directly or indirectly, and that I had given orders when it was bought to dispose of it on a rise of one per cent, and it actually was sold on an average at 29½ premium, though on the day of the fraud it might have been disposed of at 33½. I further swear, that the above is the only stock which I sold of any kind on the 21^st day of February, except £2000 in money which I had occasion for, the profit of which was about £10. Further, I do solemnly depose, that I had no connexion or dealing with any one, save the above mentioned, and that I did not at any time, directly or indirectly, by myself or by any other, take or procure any office or apartment for any broker or other person for the transaction of stock affairs.

Cochrane

EXHIBIT 2: JAMES LE MARCHANT’S CORRESPONDENCE WITH COCHRANE, APRIL 1814

Glo’ster Hotel, Piccadilly
6^th April 1814

My Lord,

Although I have not the honour of your acquaintance, I beg leave to address you, to solicit an interview with your lordship, for the purpose of explaining a conversation I had with Mr de Berenger, a few days prior to the hoax of the 21^st February last, and which must be interesting to you. If your lordship will condescend to appoint an hour, I will not fail attending punctually at your house, or elsewhere.

I have the honour to be my Lord,
your Lordship’s most obedient and
humble servant,

Js. Le Marchant

Rt Hon Lord Cochrane

Glo’ster Hotel, Piccadilly, London,
7^th April 1814

My Lord,

I had the honour yesterday to address your Lordship, for the sole purpose of giving you that information you are not aware of; and knowing my letter was delivered (your lordship being at home when it was presented at the door), I beg to say, that I am now justified from your silent contempt and defiance thereof, to make my information public and which I should not have done before consulting you on that head, my sole wish being to state facts and not be considered acting underhand. As I feel exonerated from the last charge, and being in a certain degree called on to give my evidence relative to 21^st February last; and as the rank I hold in society will give weight to my testimony, with the witnesses I shall bring forward on the occasion, I feel justified in the steps I am about to take, nor can your lordship blame me for doing so, understanding the business in question will be brought before Parliament on a future day. I am sorry to have intruded myself on your lordship’s notice, by addressing you yesterday: but, to be correct, I thought it my duty to inform you by this, what have been and are my intentions.

I have the honour to be, my Lord,
Your Lordship’s most obedient
Humble servant,

J. le Marchant

Rt Hon Lord Cochrane, MP

No. 13 Green Street, Grosvenor Square

13 Green Street
April 8^th 1814

Sir,

I should have hoped, circumstanced as I am, and attacked by scoundrels of all descriptions, that a gentleman of your understanding might have discovered some better reason than that of ‘silent contempt’, to account for the delay of a few hours in answering a note; and more particularly as your note of the 6^th led me to conclude, that the information offered to me was meant as a mark of civility and attention, and was not on a subject in which you felt any personal interest.

I am, Sir,

Your obedient servant,

Cochrane

Colonel le Marchant

Glocester Hotel

Glo’ster Hotel, Piccadilly,
8^th April 1814

My Lord,

I ask your Lordship’s pardon for my letter of yesterday, and which was written under the supposition of being treated with silent contempt. To convince you of the high respect I have for your Lordship, I have the honour to enclose to you a statement of what I know relative to the 21^st February; and I also now declare solemnly, that no power of consideration shall ever induce me to come forward as evidence against you, and that all I know on the subject shall be buried for ever in oblivion. Thus much I hope will convince you I am more your friend than enemy; as my testimony, corroborated by the two officers, would be of great importance, not (believe me) that I myself doubt in any wise your Lordship’s affidavit; but de Berenger’s conversation with me would to your enemies be positive proof; as for my part, I now consider all that man told me to be diabolically false. If my conduct meets your approbation, can I ask for a reciprocal favour, as a temporary loan, on security being given. – I am just appointed to a situation of about £1,200 a year, but for the moment am in the greatest distress, with a large family; you can without risk, and have the means to relieve us, and I believe, the will of doing good. Necessity has driven me to ask your Lordship this favour. Whether granted or not, be assured of my keeping my oath now pledged, of secrecy; and that I am with the greatest respect,

My Lord,
Your Lordship’s most
Obedient, humble servant.

J. le Marchant

Right Hon Lord Cochrane

[Enclosed with the letter was the following statemen...

Table of contents

• Cover
• Half Title
• Title
• Copyright
• Dedication
• Contents
• Preface
• Acknowledgements
• Author’s Note
• One February 1814
• Two The Officer in Red
• Three The Stock Exchange Investigation
• Four Protestations of Innocence
• Five The Case for the Prosecution
• Six The Case for the Defence
• Seven Downfall
• Eight Counter-Attack
• Nine Was he Guilty?
• Ten How it Happened
• Eleven Recovery
• Twelve Vindication
• Postscript
• Appendix: Exhibits
• Bibliography