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)
Others were more fortunate. The fine mansion of Sir Gregory Page, at
Blackheath, was made out of the profit made by his guardians; and two
maiden sisters, who sold the stock at 970, reinvested their money in
navy-bills, at a discount of 25 per cent., which in a very short time
were paid off at par.
The wags of the day were not idle. A pretended office was opened
in ’Change Alley to receive subscriptions for raising one million.
The people flocked in, paid five shillings for every thousand they
subscribed, fully believing they would make their fortunes. After a
large sum had been subscribed, an advertisement was published, that
the people might have their money without any deduction, as it was
only a trial to see how many fools might be caught in one day.
Similar anecdotes to these are scattered over the private and the
public histories of the period; but they have been rendered too
familiar by recent works to narrate them in the present volume.
CHAPTER V.
_Life of Thomas Guy.—Imposition in Sailors’ Tickets.—Foreign Loan
attempted.—Sir John Barnard.—Expresses of the Jobbers.—Foreign
Commissions.—Origin of Time-Bargains.—Attempt to stop them.—Its
Inadequacy.—Proposal to reduce the Interest on the National
Debt.—Opposition of Sir Robert Walpole.—New Mode of raising
Loans.—Comparative Interest in Land and Funds.—Punishment of
Manasseh Lopez.—The first Reduction of Interest.—Life of Sir John
Barnard._
In 1724 died the founder of Guy’s Hospital, and a sketch of this
remarkable man’s career is a curious picture of the period. The son
of a lighterman and member of the senate,—one year the penurious
diner on a shop-counter, with a newspaper for a table-cloth, and
the next the founder of the finest hospital in England,—at one time
a usurious speculator, and at another the dispenser of princely
charities,—the wearer of patched garments, but the largest dealer in
the Alley,—beginning life with hundreds, and ending it with hundreds
of thousands,—Thomas Guy was one of the many remarkable men who,
tempted from their legitimate pursuit, entered into competition with
the jobbers of the Stock Exchange, and one of the few who devoted
their profits to the benefit of a future generation.
Public-domain text, read in full here on John Shaqi.
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