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)
Every thing which could inflate the hopes of the schemer was brought
into operation by the brokers. If shares were dull, they jobbed in
the funds, or tried exchequer bills; and if these failed, rather
than remain idle, they dealt in bank-notes at 40 per cent. discount.
These new modes of gambling seized upon the town with a violence
which sober citizens could scarcely understand. Their first impulse
was to laugh at the stories currently circulated of fortunes lost and
won; but when they saw men who were yesterday threadbare pass them
to-day in their carriages,—when they saw wealth, which it took their
plodding industry years of patient labor to acquire, won by others
in a few weeks,—unable to resist the temptation, the greatest of the
city merchants deserted their regular vocations and speculated in the
newly-produced stocks. “The poor English nation,” says a writer, “run
a madding after new inventions, whims, and projects; and this unhappy
ingredient my dear countrymen have in their temper,—they are violent,
and prosecute their projects eagerly.”
No sooner had the members of the jobbing community taken their
quarter in ’Change Alley, than the city of London was seized with
alarm, and tried to keep the brokers at the Royal Exchange. They
grew indignant at their deserting so time-honored a place, and bound
them in pains and penalties not to appear in ’Change Alley. Pocket,
however, triumphed over prerogative; brokers resorted where bargains
were plentiful; ’Change Alley grew famous throughout England; but
it was not till nearly a century and a quarter after its first
transaction, and a quarter of a century after ’Change Alley ceased to
exist as a sphere for the stock-jobbers, that the ancient and useless
provision not to assemble in ’Change Alley was expunged from the
broker’s bond.
Public-domain text, read in full here on John Shaqi.
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