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)
Among the companies which sprung up daily was one to make gold; and
success was declared to be undoubted. The shares were all greedily
taken; and it was then advertised, that, as the expense of producing
one ounce of gold would cost double the value of the produce, the
company would be dissolved, and the deposits kept to pay expenses.
The capital of a mining company was divided between fifty
proprietors, whose advertisements and puffs were disgraceful. The
meanest utensils of the peasantry were declared to be silver; and,
although there were but ninety-nine mines in the whole district,
the company professed to have purchased 360. In a place containing
5,000 inhabitants, it was affirmed the projector possessed 3,000
mines; and, although they had been previously abandoned after a loss
of £170,000, they were purchased at a high price, and puffed to an
enormous premium.
The Equitable Loan Company was another specimen. In paragraphs
calculated to excite the sympathy of the public, the directors
denounced the profits of the pawnbroker, arraigned his evil
practices, and delicately concluded by hinting that a company formed
upon the most philanthropic principles, and paying forty per cent.,
would soon be formed. The philanthropy might have been proclaimed for
centuries, but forty per cent. was irresistible. The Duke of York
good-naturedly lent his name; members of Parliament were bribed with
shares; and when it was honestly said by one, that the bill would
never pass the House, the triumphant reply given was, “O, we have so
many on the ministerial, and so many on the opposition side, and _we
are sure of the saints_!” The shares, however, went to a discount;
both opposition and ministerial members lost all interest in the
nefarious doings of the pawnbrokers, and the philanthropy of the
saints faded with the fading vision of forty per cent.
The Bolivar Mining Company boasted of “mountains, not mines,” of
metals. A railroad was projected to cross from Dover to Calais. A
loan of £225,000 was proposed for Patagonia; another in derision
advertised for the Lilliputians and Houyhnhnms of Swift’s political
satire; and, to assist them all, a parliamentary steam company
announced to pass more rapidly the bills before the House.
Public-domain text, read in full here on John Shaqi.
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