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)
In a word, I appeal to all the world, whether a man that is
intrusted with other men’s money (whether public or private is not
the question) ought to be seen in Exchange Alley. Would it not be
a sufficient objection to any gentleman or merchant, not to employ
any man to keep his cash, or look after his estate, to say of him he
plays, he is a gamester, or he is given to gaming and stock-jobbing,
which is still worse, gives the same, or a stronger ground of
objection in like cases.
Again, are there fewer sharpers and setters in Exchange Alley than
at the Groom Porters? Is there less cheating in stock-jobbing than
at play? Or, rather, is there not fifty times more? An unentered
youth coming to deal in Exchange Alley is immediately surrounded with
bites, setters, pointers, and the worst set of cheats, just as a
young country gentleman is with bawds, pimps, and spongers, when he
first comes to town. It is ten thousand to one, when a forward young
tradesman steps out of his shop into Exchange Alley, I say ’t is ten
thousand to one but he is undone: if you see him once but enter the
fatal door, never discount his bills afterwards, never trust him with
goods at six months’ pay any more.
If it be thus dangerous to the mean, what is it to the great? I see
only this difference, that in the first the danger is private, in the
latter public.
It has not been many years since elections for members of —— came
to market in Exchange Alley, as current as lottery-tickets now,
and at a price, like these, much above what any Parliament allowed
them to go at. While this was carried on, a great many honest men
exclaimed against it, and exposed it; nay, several Acts of Parliament
were proposed for regulating elections, and preventing bribery and
corruption; but all this would not do, and this, indeed, was one of
the happy consequences of that otherwise necessary act for triennial
Parliaments; and I firmly believe, that it is owing very much to the
late suspending that act for a time, that these things are not come
to market again.
It may easily be remembered, that the first occasion of the Exchange
Alley men engaging in the case of elections of members was in King
William’s time, on the famous disputes which happened between the Old
East India Company and the New; which, having held a great while,
and having embarrassed, not the city only, but the whole nation, and
even made itself dangerous to the public business, it was expected
it should be fully decided by the House of Commons. To this end, the
members of both companies, with all the trick, artifice, cunning, and
corruption, that money and interest could arm them with, bestirred
themselves to be chosen members.
Public-domain text, read in full here on John Shaqi.
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