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 wild fury of Mr. Mackenzie’s opponents may be conceived. They
declared him to be a false and malicious calumniator. They published
counter-statements, assumed the aspect of injured and of innocent
men, and instituted separate actions against him for £12,000 damages.
One of the agents had been in London, and had the audacity to state,
on his return, that the deputy-governor of the Bank of England had
personally assured him of the respectability of the association.
Mr. Mackenzie, however, procured and published a denial from that
gentleman; and this increased the hatred of the accomplices. Two
thousand pounds were placed at the disposal of their law agents, to
destroy Mr. Mackenzie, who appears to have been one of those not
easily moved from a righteous purpose. He continued his articles, he
continued to warn the public; and though, when the actions brought
against him in 1839 were dismissed in 1840, they raised new suits,
he persisted in his bold defiance, and did not hesitate one moment
in the task he had undertaken. They could not, however, long conceal
their practices; and one fine morning, the entire gang absconded,
taking with them from the premises every article of furniture, after
having realized, in four years, a booty of £250,000.
The distress which pervaded the middle and the lower classes was
great. Applications to magistrates were frequent. Aged men, who had
invested their all, went to the workhouse; servants, who had bought
annuities with the savings of a life, were obliged to commence anew.
Parents, who imagined they had provided for their children, were half
broken-hearted. Day by day brought some new case, and day by day
evinced the importance of being contented with a fair and legitimate
percentage.
There is no knowing to what extent the evil might have reached
had not the boldness of Mr. Mackenzie induced him to attack the
Independent West Middlesex Company. The longer such an association
lasts, the more numerous are its constituents; and to the above
gentleman the thanks of the entire country are due, for performing,
at a personal risk, and at a personal sacrifice of £700, a great
public service.
The following extract from a letter, evincing the amenity of
disposition and choice of language of the person who conducted the
delusion, may prove an interesting close to the above narrative:—
“Thou art a scoundrel, and thy son no better. I give you and your
lying rascal of a ——— notice, that if you or he should dare to
publish any slander relative to my character, I shall instruct my
solicitor to prosecute you, perjured scoundrel. You base wretch,
swear against your own handwriting! What! swear you never borrowed
any money of me for the office. O wicked wretch! I have your
signature, and my solicitor has seen it. Base, base, base, base!
Hang thyself with thy friend!
“P. S. I have heard you have again plundered the office. O, how
many times, you wretch!”
FOOTNOTES:
Public-domain text, read in full here on John Shaqi.
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