February 15 (1826).—...Poor James Hogg, the Ettrick Shepherd, came to advise with me about his affairs,—he is sinking under the times; having no assistance to give him, my advice, I fear, will be of little service. I am sorry for him if that would help him, especially as, by his own account, a couple of hundred pounds would carry him on.
From Scott's Journal.
Like Scott, James Hogg was caught up in the financial meltdown of 1825/26. Hogg had debt outstanding, though not to the same extent as Scott. In a letter dated March 19, 1826, Hogg writes to William Blackwood about getting work published in Maga, a Tory publication.
"...I would send you plenty of things to Maga provided they were either inserted or returned which they never are. Worse encouragement cannot be than that...I think it is high time you were beginning some publication of mine to liquidate my debt...