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)
The next trick they tried, and which was, indeed, the masterpiece of
their knavery, was the getting an assignment of the forfeited estates
in Ireland into their hands. Indeed, they began the world upon this
prospect, and expected to have had the whole kingdom of Ireland
mortgaged to them. But here, too, they were disappointed, and had
they not found a man that had as much money as themselves, and more
honesty, that bargain of the forfeited estates had been the last they
had made in the world.
The endeavours they use to cheat that gentleman, after he had
delivered them from a blow that would have blown them up, is
another black part of their story that remains to be told, for the
illustration of their character, at another time; but in the interim,
’t is enough to say, that he who delivered them as fools, knew how to
deliver himself from them as knaves; and so they were dropped out of
the Irish bargain, to their great mortification.
Now they stand ready, as occasion offers, and profit presents, to
stock-job the nation, cozen the Parliament, ruffle the Bank, run up
and down stocks, and put the dice upon the whole town.
They had another flap with a Fox-tail, to the scandal of their
politics, in the late vote about the tickets of the lottery which
I mentioned above. What market they will make of it is well enough
known. But the plot was never the less cunning, and ’t is certain the
knavery is not the less visible for the miscarriage. I come next to
their more modern management.
Whenever they call in their money, the stock-jobbers must sell; the
bear-skin men must commute, and pay differences money; then down
come the stocks, tumbling two or three per cent.; then the tools
must sell and their masters buy; the next week they take in stocks
again, then the jobbers buy, and the managers sell. Thus the jobbers
bite their friends, and these men bite the jobbers, _qui sarpat
sharpabitur_,—Exchange Alley Latin: they that are let into the secret
will understand it.
The truth is, it has been foretold by cunning men, who often see
what can’t be hid, that these men, by a mass of money which they
command of other people’s, as well as their own, will, in time, ruin
the jobbing trade. But ’t will be only like a general visitation,
where all distempers are swallowed up in the plague, like a common
calamity, that makes enemies turn friends, and drowns lesser
grievance in the general deluge. For if the reprisal trade should
adjourn from Exchange Alley to Birchin Lane, it may seem to be like
the banishing usury from the city of Rome, which transferred it to
a Jew at Genoa, a monk at Naples, and a banker at Venice, who, it
was said, had no less than seven-and-twenty principalities in Italy
mortgaged to them at a time, besides two kingdoms, seven duchies, and
the jewels of the crown of France.
Public-domain text, read in full here on John Shaqi.
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