Economics -- Early works to 1800; Finance -- Great Britain; Great Britain -- Economic conditions -- 18th century
There are, and that too many, fair pretences of fine discoveries, new
inventions, engines, and I know not what, which—being advanced in notion,
and talked up to great things to be performed when such and such sums of
money shall be advanced, and such and such engines are made—have raised
the fancies of credulous people to such a height that, merely on the
shadow of expectation, they have formed companies, chose committees,
appointed officers, shares, and books, raised great stocks, and cried up
an empty notion to that degree that people have been betrayed to part
with their money for shares in a new nothing; and when the inventors have
carried on the jest till they have sold all their own interest, they
leave the cloud to vanish of itself, and the poor purchasers to quarrel
with one another, and go to law about settlements, transferrings, and
some bone or other thrown among them by the subtlety of the author to lay
the blame of the miscarriage upon themselves. Thus the shares at first
begin to fall by degrees, and happy is he that sells in time; till, like
brass money, it will go at last for nothing at all. So have I seen
shares in joint-stocks, patents, engines, and undertakings, blown up by
the air of great words, and the name of some man of credit concerned, to
£100 for a five-hundredth part or share (some more), and at last dwindle
away till it has been stock-jobbed down to £10, £12, £9, £8 a share, and
at last no buyer (that is, in short, the fine new word for
nothing-worth), and many families ruined by the purchase. If I should
name linen manufactures, saltpetre-works, copper mines, diving engines,
dipping, and the like, for instances of this, I should, I believe, do no
wrong to truth, or to some persons too visibly guilty.
I might go on upon this subject to expose the frauds and tricks of
stock-jobbers, engineers, patentees, committees, with those Exchange
mountebanks we very properly call brokers, but I have not gaul enough for
such a work; but as a general rule of caution to those who would not be
tricked out of their estates by such pretenders to new inventions, let
them observe that all such people who may be suspected of design have
assuredly this in their proposal: your money to the author must go before
the experiment. And here I could give a very diverting history of a
patent-monger whose cully was nobody but myself, but I refer it to
another occasion.
Public-domain text, read in full here on John Shaqi.
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