Mr. Murray’s worries were increased by the commercial crisis then prevailing, and by the downfall of many large publishing houses.  It was feared that Mr. Murray might be implicated in the failures.  At the end of January, the great firm of Archibald Constable & Co., of Edinburgh publishers of Sir Walter Scott’s novels, was declared bankrupt; shortly after, the failure was announced of James Ballantyne & Co., in which Sir Walter Scott was a partner; and with these houses, that of Hurst, Kobinson & Co., of London, was hopelessly involved.  The market was flooded with the dishonoured paper of all these concerns, and mercantile confidence in the great publishing houses was almost at an end.  We find Washington Irving communicating the following intelligence to A.H.  Everett, United States Minister at Madrid (January 31, 1826): 

“You will perceive by the papers the failure of Constable & Co., at Edinburgh, and Hurst, Robinson & Co., at London.  These are severe shocks in the trading world of literature.  Pray Heaven, Murray may stand unmoved, and not go into the Gazette, instead of publishing one!”

Mr. Murray held his ground.  He was not only able to pay his way, but to assist some of the best-known London publishers through the pressure of their difficulties.  One of these was Mr. Robert Baldwin, of Paternoster Row, who expressed his repeated obligations to Mr. Murray for his help in time of need.  The events of this crisis clearly demonstrated the wisdom and foresight of Murray in breaking loose from the Ballantyne and Constable connection, in spite of the promising advantages which it had offered him.

Murray still went on with the Representative, though the result was increasing annoyance and vexation.  Mr. Milman wrote to him, “Do get a new editor for the lighter part of your paper, and look well to the Quarterly.”  The advice was taken, and Dr. Maginn was brought over from Paris to take charge of the lighter part of the paper at a salary of L700 a year, with a house.  The result was, that a number of clever jeux d’esprit were inserted by him, but these were intermingled with some biting articles, which gave considerable offence.

At length the strain became more than he could bear, and he sought the first opportunity for stopping the further publication of the paper.  This occurred at the end of the general election, and the Representative ceased to exist on July 29, 1826, after a career of only six months, during which brief period it had involved Mr. Murray in a loss of not less than L26,000. [Footnote:  The Representative was afterwards incorporated with the New Times, another unfortunate paper.]

Mr. Murray bore his loss with much equanimity, and found it an inexpressible relief to be rid of the Representative even at such a sacrifice.  To Washington Irving he wrote: 

John Murray to Mr. Irving.

“One cause of my not writing to you during one whole year was my ‘entanglement,’ as Lady G——­ says, with a newspaper, which absorbed my money, and distracted and depressed my mind; but I have cut the knot of evil, which I could not untie, and am now, by the blessing of God, again returned to reason and the shop.”