Chronicles and characters of the stock exchangeFrancis, John, of the Bank of England
History
Chronicles and characters of the stock exchange
Francis, John, of the Bank of England
Speculation; Stock Exchange (London, England)
The readiness with which shares were attainable first created a
class of speculators that has ever since formed a marked feature in
periods of excitement, in the dabblers in shares and loans with which
the courts and crannies of the parent establishment were crowded.
The scene was worthy the pencil of an artist. With huge pocketbook
containing worthless scrip; with crafty countenance and cunning eye;
with showy jewelry and threadbare coat; with well-greased locks and
unpolished boots; with knavery in every curl of the lip, and villany
in every thought of the heart; the stag, as he was afterwards termed,
was a prominent portrait in the foreground. Grouped together in
one corner might be seen a knot of boys eagerly buying and selling
at a profit which bore no comparison to the loss of honesty they
each day experienced. Day after day were elderly men, with shabby
faces and huge umbrellas, witnessed in the same spot, doing business
with those whose characters might be judged from their company. At
another point, the youth, just rising into manhood, conscious of a
few guineas in his purse, with a resolute determination to increase
them at any price, gathered a group around, while he delivered his
invention to the listening throng, who regarded him as a superior
spirit. In every corner, and in every vacant space, might be seen
men eagerly discussing the premium of a new company, the rate of a
new loan, the rumored profit of some lucky speculator, the rumored
failure of some great financier, or wrangling with savage eagerness
over the fate of a shilling. The scene has been appropriated by a
novelist as not unworthy his pen. “There I found myself,” he writes,
“in such company as I had never seen before. Gay sparks, with
their hats placed on one side, and their hands in their breeches
pockets, walked up and down with a magnificent strut, whistling
most harmoniously, or occasionally humming an Italian air. Several
grave personages stood in close consultation, scowling on all who
approached, and seeming to reprehend my intrusion. Some lads, whose
faces announced their Hebrew origin, and whose miscellaneous finery
was finely emblematical of Rag-fair, passed in and out; and besides
these, there attended a strangely varied rabble, exhibiting, in all
sorts of forms and ages, dirty habiliments, calamitous poverty, and
grim-visaged villany. It was curious to me to hear with what apparent
intelligence they discussed all the concerns of the nation. Every
wretch was a statesman; and each could explain, not only all that had
been hinted at in Parliament, but all that was at that moment passing
in the bosom of the Chancellor of the Exchequer.”
The entrance to the Stock Exchange became at last so choked up, that
nothing but a fine of £5 on those who stopped the way had any effect
in dispersing the nuisance.
Public-domain text, read in full here on John Shaqi.
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