The Citizens ADELAIDE AND VICINITY 8 J The distress of the inhabitants at the end of the year 1841 contrasted acutely with the; apparent prosperity with which it was ushered in. It had its counterpart in the gala day at Port Adelaide— it began with hope, and it ended in storm. The delay of the Imperial Government in deciding what was to be done with Governor Gawler's bills was fatal. Mr. Bull, who experienced the bitter fruits of the calamity, writes that " the ruin reached every class, and most of those who had invested the whole of their capital in legitimate pursuits, never afterwards recovered their lost position or property." Trading companies (se'eral had been formed), societies, storekeepers, land agents, contractors, speculators, agriculturists, pastoralists, mechanics, and laborers all felt the sudden set back. Each week the situation became more critical. Captain Grey had to retrench, and, despite threats or cajolery, he did not budge. It is said that an outbreak was narrowly averted, and that "at one time several hundred men, in an organised body, marched to Government House and threatened the Governor with personal violence, but his firmness and coolness had the effect of quelling the disturbance." In the middle of 1841 the fear as to the future sometimes assumed the character of a panic. First one and then several merchants and others were declared bankrupt, and presently there was a drifting to the Insolvency Court. Fraudulent and reckless transactions were brought to light, for the unlimited credit given by merchants in previous years had been used as a means to effect them. The defaulters quickly left the Province, and they were followed by nvmierous unscrupulous debtors. The clipper Dorset, which carried many of them, was facetiously christened " the bolters' clipper." Writes Mr. H. Hussey : — " Merchants and tradesmen failed, mechanics had to lay down their tools, and laborers to cease their labors. A number who had sufficient capital took ship and cleared out, mostly for New Zealand : while others, who had determined to defraud their creditors if possible, made a 'bolt' in any vessel that would take them away." In a .short space of time, Hindley Street, the most populous centre, bore a forsaken appearance, and few people could be seen walking about. Shops were dismantled and left empty ; works in progress were left uncompleted until better news from London gave a little relief. In England, the persons who were interested in South Australia — and there were many who had invested capital or had friends and relatives among the colonists — viewed with concern the preliminary action of the Commissioners in regard to the bills. The Directors of the South Australian Company shared in the consternation. Mr. G. F. Angas first took up the case for the Province, and addressed a letter to the Secretary of State for the Colonies, Lord Russell. He protested that South Australia was " in a state of advancement and completeness in the fourth year of its existence without a parallel in the history of the Empire." And yet, by dishonoring the drafts, "in an instant the public credit of the Colony has been destroyed, and, if not restored by a timely interposition of the Government, must end in anarchy, confusion, and ruin." He confessed, because of the splendid position of the Province, that he could not understand why the drafts .should have been refu.sed acceptance. " Here," he warmly decLyed, " is a colony raised up within G2
