July 10, 1772

Credit Crisis Deepens

A growing number of bankruptcies among them causes an "almost general shock of most of the trading Scots Companys in London" and begin to impact English merchant house. Dozens of merchants fail over the next several months, which puts severe pressure on Chesapeake planters to pay their debts. One Scots merchant who trades to Virginia proclaims in November that "the Trade and manufactures of this Kingdom never received such a Blow."