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)
All that the wisdom of the senate could devise was attempted to
mitigate the evil. The revenge of the losers was appeased by several
members being expelled the house; their fear of loss was reduced by
the confiscation of the estates of the offending parties; a lottery
was granted for the advantage of the sufferers; and though a dividend
of nearly ten shillings was eventually paid, the fraud of the
Charitable Corporation was remembered long after the evils caused by
it had ceased to exist.
The next great increase of debt was through the War of Succession in
Spain, to the crown of which several princes laid claim. According
to the ordinary rule of inheritance, the Dauphin, by virtue of the
marriage of Louis XIV. with the eldest sister of the king, should
have succeeded; but as all right to the throne had been solemnly
renounced on the marriage, it was supposed that the claim was
vacated; and the principal powers of Europe, knowing the necessity
that so great an inheritance should not descend to any state
possessed of territorial importance, formed the celebrated partition
treaty.
By this, France, England, and Holland agreed that Spain, the Indies,
and the Netherlands should descend to the Archduke Charles, and,
in return, that France should be possessed of the rich province of
Lorraine. There is no doubt that governments regard treaties in
proportion to the physical rather than the moral necessity to abide
by them; and France, under Louis Quatorze, was no exception to the
rule. A succession of cabals in Spain gave the latter the influence
he required. His ambassador won the court and city; the Archbishop of
Toledo was of his party, and gained the Spanish king, who, sick body
and soul, priest-ridden, a prey to mental and physical agony, was,
after a succession of intrigues, induced to fix his name to that will
which annexed the splendid possession of the empire of Spain to the
grandeur of France.
At once Louis violated the partition treaty, accepted the noble
legacy for his grandson, and sent the whole court of France to
accompany him to the Pyrenees, that frontier which he said in his
pride had ceased to exist. When the news reached William, he was at
the Hague, but instantly returned to London. Vigorous preparations
were made; but he did not live to see the declaration of the war,
which began in 1782, agitated Europe for thirteen years, and added so
much to the great debt of which this volume treats.
Public-domain text, read in full here on John Shaqi.
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