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)
Brokers rid night and day from one end of the kingdom to the other,
to engage gentlemen to bribe corporations, to buy off competitors,
and to manage the elections. You will see the state of things at that
time, and the danger this stock-jobbing wickedness had brought the
public to, if you please to read the following exclamation of the
honest freeholders at that time, which was presented to the public
by way of complaint. The thing was laid before the king first, and
before the Parliament afterwards; and it was his Majesty’s sense of
the consequence, that made him resolve to bring the two East India
Companies to unite their stocks; for, in a word, the stock-jobbers
embroiled the whole nation.
There was a book published some years ago, and when the stock-jobbing
people were thought as willing, yet not quite so daring or so
cunning, as they are now; it was entitled, “The Villany of the
Stock-jobbers.” Indeed, it set them out in their true colors, and for
some time gave them a little shock; for the truth was, they jobbed
King William and the government at that time at such a rate, that,
in spite of the invincible valor and resolution of the soldiery,
in spite of the most glorious prince and most vigilant general the
world had ever seen, yet the enemy gained upon us every year; the
funds were run down, the credit jobbed away in Exchange Alley,
the king and his troops devoured by mechanics, and sold to usury;
tallies lay bundled up like Bath faggots in the hands of brokers and
stock-jobbers; the Parliament gave taxes, laid funds, but the loans
were at the mercy of those men; and they showed their mercy, indeed,
by devouring the king and the army, the Parliament, and, indeed, the
whole nation, bringing that great prince sometimes to that exigence,
through unexpressible extortions that were put upon him, that he has
even gone into the field without his equipage, nay, even without his
army; the regiments have been unclothed when the king has been in the
field, and the willing, brave English spirit, eager to honor their
country, and follow such a king, have marched even to battle without
either stockings or shoes, while his servants have been every day
working in Exchange Alley, to get his own money of the Stock-jobbers,
even after all the horrible demands of discount have been allowed;
and, at last, scarce fifty per cent. of the money granted by
Parliament has come into the Exchequer, and that late, too late for
that service, and by driblets, till the king has been tired of the
delay, and been even ready to give up the cause.
We have just now had a test of their cunning on the subject of the
invasion. These were the men that made the first advantage of the
news; immediately those that were to put stock upon any man at a high
price tendered it, the accepters, forced by the demand, call in their
money on their hand, pay the difference, the price falls, a general
run upon the Bank follows, and stock-jobbing began it.
Public-domain text, read in full here on John Shaqi.
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