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)
But now that I make good the charge, viz., that the whole art and
mystery is a mere original system of cheat and delusion, I must let
you see, too, that this part of the comedy may be very well called,
“A Bite for the Biter,” for which I must go back to the broker and
his gudgeon; the moneyed gentleman finding himself let into the
secret, indeed, and that he was bitten to the tune of £300,000 worse
than nothing. After he had, unhappily, paid as far as his ready
money would go, of which piece of honesty they say he has heartily
repented, and is in hopes all that come after him will forgive him
for the sake of what followed, stopped short, as he might well,
you’ll say, when his money was all gone, and bethinks himself, What
am I doing! I have paid away all this money like a fool; I was drawn
in like an ass, by the eager desire of biting my neighbours to a
vast sum, and I have been fool enough in that; but I have been ten
thousand times a worse fool to pay a groat of the money, especially
since I knew I could not pay it all. Besides, who but I would have
forgot the nature of the thing I was dealing in, and of the people
I was dealing with? Why, is it not all a mere body of knavery? Is
not the whole system of stock-jobbing a science of fraud? and are
not all the dealers original thieves and pickpockets? Nay, do they
not own it themselves? Have not I heard T. W., B. O., and F. S., a
thousand times say they know their employment was a branch of highway
robbing, and only differed in two things; first, in degree, viz.,
that it was ten thousand times worse, more remorseless, more void
of humanity, done without necessity, and committed upon fathers,
brothers, widows, orphans, and intimate friends; in all which cases,
highwaymen, generally touched with remorse, and affected with
principles of humanity and generosity, stopped short, and chose to
prey upon strangers only. Secondly, in danger, viz., that these rob
securely; the other, with the utmost risk that the highwayman run,
at the hazard of their lives, being sure to be hanged first or last,
whereas these rob only at the hazard of their reputation, which is
generally lost before they begin, and of their souls, which trifle
is not worth the mentioning. Have not I, I say, heard my broker, Mr.
——, say all this and much more, “That no man was obliged to make good
any of their Exchange Alley bargains, unless he pleased, and unless
he was in haste to part with his money, which, indeed, I am not; and
have not all the brokers and jobbers, when they have been bitten too
hard, said the same thing, and refused to pay?
“Pray, how much did old Cudworth, Ph. C—p—m, and Mr. G——g, eminent
jobbers, monarchs in their days of Exchange Alley, break for? And how
much did they ever pay? One, if I mistake not, compounded at last for
one penny per pound, and the other two for something less.
Public-domain text, read in full here on John Shaqi.
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