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 was very remarkable, that, in the juncture of those things, the
Jacobites could not refrain taking notice how easy it was to set
the citizens plundering the Bank, and even the Exchequer, too; for,
had this gone on, the funds, which are, in effect, the Exchequer
itself, would have gone down hill hand in hand with the Bank; credit
would have borne equal pace in one as well as in the other; and the
government would no more have been able to borrow, than the Bank
would have been able to pay.
It is scarce fit to enter into a description of all the mischievous
consequences which necessarily follow running down the public credit,
in case of such dangers as I have mentioned above. If I should fully
describe them, it would appear incredible. Every one will allow that
this practice of the jobbers, carried on a little farther, would
indeed appear to be the worst kind of treason.
But it is needful, after having said thus much of the crime, to say
something of the place, and then a little of the persons, too. The
centre of the jobbing is in the kingdom of Exchange Alley, and its
adjacencies. The limits are easily surrounded in about a minute and a
half, viz., stepping out of Jonathan’s into the Alley, you turn your
face full south; moving on a few paces, and then turning due east,
you advance to Garraway’s; from thence, going out at the other door,
you go on still east into Birchin Lane; and then halting a little
at the Sword-blade Bank, to do much mischief in fewest words, you
immediately face to the north, enter Cornhill, visit two or three
petty provinces there in your way west, and thus having boxed your
compass, and sailed round the whole stock-jobbing globe, you turn
into Jonathan’s again; and so, as most of the great follies of life
oblige us to do, you end just where you began.
But this is by way of digression; and even still, before I come to
the main case, I am obliged to tell you that, though this is the
sphere of the jobbers’ motion, the orb to which they are confined,
and out of which they cannot well act in their way, yet it does not
follow but that men of foreign situation (I mean foreign as to them,
I do not mean foreign as to nation); nay, some whose lustre is said
to be too bright for the hemisphere of a coffee-house, have yet their
influence there, and act by substitutes and representatives. But
first I must speak to originals.
Public-domain text, read in full here on John Shaqi.
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