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)
It had, also, one particular in it for which it was very remarkable.
Sham reports, false news, foreign letters, &c., are things that have
been often trumped upon us, as above; and the town have been, not
long ago, cheated to a good round sum that way; but then they have
been soon detected, the morning news has been set to rights in the
afternoon, or the evening’s heat has cooled by morning. But this
trick had a fatal duration, for it held us near a fortnight in a firm
persuasion of the thing; and even then it continued but suspected
only for some time longer, and was yet longer before it was fully
detected; and even at last it was hardly conquered till the Jacobites
laughed us out of it, and the Pretender was looked for nearer home.
The assurance with which it was carried about the several places from
whence it was written, made it so effectually be swallowed down,
that really people saw no room to question the truth of it for a
great while. It was written from Rome, from Leghorn, from Genoa, from
Turin, and from Paris. Nay, it was even believed at court, and almost
everywhere else.
Exquisite fraud! Who could have believed that this had been born in
Exchange Alley, sent over to Rome, agreed to there, and executed in
such a manner as to cheat, not the town only, but all Europe!
The authority that every one found attended the report, supported it
so that it possessed us all; even those whose concern for the fact
extorted tears from them, were not undeceived. Thus the hucksters
had time to play their game, and they made hay while the sun shone;
for, if we may believe common fame, bargains, contracts, and
agreements for stocks, bear-skins included, amounted in that time to
some hundred thousands of pounds; nay, some say to two millions and
better, most of which was to the loss of the believing party.
But what tricking, what fraud, what laying plots as deep as hell, and
as far as the ends of the earth, is here! What cheating of fathers,
and mothers, and brothers, gulling widows, orphans, cozening the most
wary, and plundering the unwary! And how much meaner robberies than
these bring the friendless even to the gallows every sessions!
But I must not stop here. The story of the Pretender is over; that
trump is played; and the artful gamester is wanting a new trick,
after having played so many already that one would think invention
was at an end; yet they have found it out, and we are just let into
the secret.
Hitherto, craft and knavery appears to be their method; but we shall
trace them now a little farther; and, like true hussars, who plunder
not the enemy only, but their own army, as the opportunity presents,
so these men are now come to prey upon the government itself.
Public-domain text, read in full here on John Shaqi.
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