A Fall from Grace

Speculation in stocks is a very old practice, often one which produces bad results.  Such turned out to be the case for Thomas, the 10^th Lord Cochrane, an admired Naval commander, who placed a profitable trade on February 21^st, 1814.  The story is told in a footnote by editor Rowland Prothero, in “The Works of Lord Byron, Letters and Journals, Volume II.

‘During the days February 8-26, 1814, it seemed possible that Napoleon might defeat the Allied Armies, and the Funds were sensitive to every rumour. At midnight on Sunday, February 20, a man calling himself Du Bourg brought news to Admiral Foley, at Dover, that Napoleon had been killed by a party of Cossacks. Hurrying towards London, Du Bourg, whose real name was Berenger, spread the news as he went. Arrived in London soon after daybreak, he went to Cochrane's house, and there changed his uniform. When the Stock Exchange opened at ten on February 21, 1814, the Funds rose rapidly, and among those who sold on the rise was Cochrane. The next day, when the swindle had been discovered, the Stocks fell.

A Stock Exchange Committee sat to investigate the case, and their report (March 7) threw grave suspicion on Cochrane. He, his uncle, Cochrane Johnstone, a Mr. Butt, and Berenger, were indicted for a conspiracy, tried before Lord Ellenborough, June 8-9, and convicted. Cochrane was sentenced to a year's imprisonment and a fine of £1000. On the back of the note for £1000 (still kept in the Bank of England) with which he paid his fine on July 3, 1815, he wrote:

  "My health having suffered by long and close confinement, and my   oppressors being resolved to deprive me of property or life, I submit   to robbery to protect myself from murder, in the hope that I shall   live to bring the delinquents to justice."

Cochrane was also expelled from the House of Commons and from the Order of the Bath…’

It was quite a fall from grace for Lord Cochrane.  Convicted of fraud (reversed posthumously, in 1876), Cochrane lost his post with the British Royal Navy, and subsequently served with the navies of Chile and Brazil, during their wars of independence.  Returning to Britain in 1825, Cochrane was greeted favorably by the public, including an incident in 1826 that inspired Walter Scott’s pen.  The incident is related in “The Life of Thomas, Lord Cochrane, Tenth Earl of Dundonald…” by Thomas Cochrane , the Eleventh Earl of Dundonald.

One incident in that visit was noteworthy. On the 3rd of October, Lord and Lady Cochrane, being in Edinburgh, went to the theatre, where an eager crowd assembled to do them honour. Into the after-piece an allusion to South America was specially introduced. Upon that the whole audience rose and, turning to the seats occupied by the visitors, showed their admiration by plaudits so long and so vehement that Lady Cochrane, overpowered by her feelings, burst into tears. Thereupon Sir Walter Scott, who was in the theatre, wrote the following verses:--

"I knew thee, lady, by that glorious eye,
By that pure brow and those dark locks of thine,
I knew thee for a soldier's bride, and high
My full heart bounded: for the golden mine
Of heavenly thought kindled at sight of thee,
Radiant with all the stars of memory.

"I knew thee, and, albeit, myself unknown,
I called on Heaven to bless thee for thy love,
The strength, the constancy thou long hast shown,
Each selfish aim, each womanish fear above:
And, lady, Heaven is with thee; thou art blest,
Blest in whatever thy immortal soul loves best.

"Thy name, ask Brazil, for she knows it well;
It is a name a hero gave to thee;
In every letter lurks there not a spell,--
The mighty spell of immortality?
Ye sail together down time's glittering stream;
Around your heads two glittering haloes gleam.

"Even now, as through the air the plaudits rung,
I marked the smiles that in her features came;
She caught the word that fell from every tongue,
And her eye brightened at her Cochrane's name;
And brighter yet became her bright eyes' blaze;
It was his country, and she felt the praise,--

"Ay, even as a woman, and his bride, should feel,
With all the warmth of an o'erflowing soul:
Unshaken she had seen the ensanguined steel,
Unshaken she had heard war's thunders roll,
But now her noble heart could find relief
In tears alone, though not the tears of grief.

"May the gods guard thee, lady, whereso'er
Thou wanderest in thy love and loveliness!
For thee may every scene and sky be fair,
Each hour instinct with more than happiness!
May all thou valuest be good and great,
And be thy wishes thy own future fate!"

Battle of Basque Roads

The Battle of Basque Roads took place this day, April 11, in the year 1809.  Basque Roads is a bay on the west coast of France where the British and French were facing off during the Napoleonic Wars.  The British under Admiral James Gambier and Captain Thomas Cochrane won this affair.  A precurser to the battle involved a number of French ships that Gambier chased into the Basque Roads, after they escaped from Brest.  This event was reported in The Edinburgh Annual Register (ed. Walter Scott) dated March 9, 1809.  It was Captain Cochrane that successfully led the attack on the ships once in Basque Roads.

'ESCAPE OF A SQUADRON FROM BREST, INTO BASQUE ROADS.—Intelligence has been received at the Admiralty, of a squadron of the enemy's ships having lately eluded the vigilance of our blockading force, and got out of Brest. The force which thus escaped is understood to have consisted of eight sail. Their object is said to have been to surprise our small squadron off Rochefort, and then to proceed to the West Indies. The enemy has along his coast signal stations, or telegraphs, by which intelligence is quickly communicated from north to south; and it is believed that they had been informed in this manner that our small squadron off Rochefort was in the habit of lying at anchor with its sails down. Accordingly, when our fleet was blown off Brest, they slipped out, and ran directly for Rochefort. Meanwhile the Naiad, our look-out frigate off Rochefort, descrying the enemy, made the signal to Admiral Stopford, who instantly shifted his station into another part of the bay. The enemy, as soon as they arrived off Rochefort, ran for the position in which their telegraph had taught them to expect our squadron; and not finding it there, conceived it had quitted its station. They then put into Basque Roads, between Rochefort and Rochelle. The promptitude with which our naval affairs are administered soon reinforced Admiral Stopford with three more sail of the line ; and these heroes, who came with eight sail of the line to attack four, did not venture out with eleven sail of the line, because Admiral Stopford was before Rochefort with seven. Lord Gambier had dispatched Admiral Duckworth after the enemy. His lordship is arrived at Plymouth.




Enemy's force in Basque Roads ---


One 3-decker, ten 2-deckers, one 50 gun ship, and four frigates.


At Sable D'Olonne—Three frigates.


British force with Admiral Stopford—Three sail of the line, four frigates, and one brig.


With Captain Beresford, and nearly in sight of Admiral Stopford— Four sail of the line and one frigate.


It is expected that an attempt will be made to destroy these ships in Basque Roads. All the line of battle ships in the Downs were ordered on Monday to sail with all possible expedition to Plymouth ; and an order was received at Plymouth on Saturday, for all the line of battle skips there to put to sea immediately. The Black Joke lugger, Parthian, and Weazle schooner, sailed lately from Plymouth, to warn all the vessels they might meet with of the sailing of the above squadron from, Brest. They may now return quietly into port.'