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 advertisements which blazoned the pretensions of the company, the
puffing to which they resorted, the declaration that they had taken
£40,000 in one year, together with the terms they offered, attracted
that numerous class determined to get every thing cheap. Premiums to
a large amount were procured by them, and they prospered.
The attention of the established assurance offices had long been
drawn to these transactions; and it was known that a great crash
must one day come; but they had not sufficient courage to declare
the iniquity. It was left, therefore, to individual energy to
expose their doings, and to individual resources to support the
consequences. In March, 1839, Mr. Peter Mackenzie, editor and
proprietor of the _Scotch Reformers’ Gazette_, having investigated
the question, and made careful inquiries which satisfied him of the
nature of the company, commenced a series of articles in that paper,
warning the public against transacting business with them. The task
was difficult and dangerous; but it was boldly met, and skilfully
supported. The following extracts from the journal of Mr. Mackenzie
will show the earnest spirit in which he grappled with his task:—
“In a word, we raise our voice and warn the public to beware of this
so-called Independent West Middlesex Insurance Company.” “It is a
false and fictitious company.” “No better than a parcel of tricksters
in London, disowned, repudiated, or condemned by every respectable
person.” “Will the mere statement of a parcel of swindlers in their
own favor entitle them to public favor, or secure public confidence?”
“Nor shall we rest contented till we chase them out of every town
and city in her Majesty’s dominions, or till they are fairly seized
by the strong arm of justice.” “We defy the confederated band of
swindlers, from the highest to the lowest.”
Public-domain text, read in full here on John Shaqi.
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