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)
And let any one tell me what is the difference between two dealers
in Paris credit in the time of a French invasion, and three dealers
in paper credit in the time of a Spanish invasion, or what sanctity
in Birchin Lane more than in Fleet Street, that one should be a
protection for the same practice that was resented so justly in
another.
Were those stock-jobbers sincerely and heartily in the interest of
King George and his government, as they pretend loudly, what run
could there be upon the Bank, what ebb of credit, what sinking of
stock? The honest Whigs, who were friends to the government at that
time, mentioned above, who not only knew their duty, but how to make
it seasonable and useful, acted after another manner. When others
ran upon the Bank with all the fury possible, they carried all the
money thither they could gather up; nay, I could name a man in this
city, who, having but £500 in the world, carried it all into the Bank
to support the credit of the public; and the story being told to
her Majesty by the late Lord Treasurer Godolphin, the sense of such
fidelity so moved the queen, that she sent him a hundred pounds as
a gift, a royal token of her accepting such an act of loyalty; and
caused my Lord to give him an obligation from the Treasury to repay
him the whole £500 if any disaster to the Bank should have made it
doubtful.
Where ’s the like courage and conduct to be found now? Is it in
being? Are the gentlemen less able? Or is it that they have not the
same zeal for King George as that honest citizen had for the queen?
Or do they doubt the king being as sensible of the service? Or what
is the matter that the public credit had rather met with injurious
juggling and jobbing upon it, than real support, either from Exchange
Alley, Birchin Lane, or some other places less noted?
Let those men reflect a little upon the circumstances the public
credit must have been in by such mismanagement, if the Spanish
attempt had been made, and if these easterly Protestant winds had not
chopped in, by which Providence has given the government time to put
itself in a posture of defence, so as now not to be afraid of them;
and if the capital stock of the persons interested in the funds is
now sunk a million in the real value of them as they stood before
even at the market, which is nothing but what the matter of fact will
justify, to what degree would the same current, if it had gone on,
have sunk the estates of all the moneyed men in England?
In what manner would money have been raised upon a new credit for
any immediate exigencies that might have happened? And should the
government have been supported,—nay, though the Parliament had
granted funds,—while these men had made all credit ebb, perhaps, to
twenty-five or thirty per cent. discount? And is not this, then, a
species of treason and rebellion?
Public-domain text, read in full here on John Shaqi.
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