The history of lotteries is one of those anomalies which it is the duty rather than the pleasure of the annalist to record. A minute picture, however, of the progress of these institutions, is as necessary to the financial annals of the Stock Exchange as it is to the development of the social history of a people. Invented by the Romans to enliven their festivities, they were to that luxurious people a new excitement; and the prizes distributed to their guests were in proportion to the grandeur of the giver. Fine estates, magnificent vases, and beautiful slaves, with other and less expensive prizes, gratified at once the pride of the founder and the cupidity of the guest. The application, however, of lotteries to the service of a state originated at Genoa, the government of which established the principle for its own benefit. The Church was not long in following the example at Rome, where the inhabitants deprived themselves of necessaries to share the chances which their excited imaginations magnified a hundredfold. The first on record in England was drawn in 1569. The harbors and havens of the whole line of coast were out of repair, and the only mode of procuring money was by lottery. The prizes were partly in money and partly in silver plate, and the profits to be applied to the above purpose. But the drawing was a very important task; and, as 400,000 lots were to be drawn, night and day for nearly four months were the people kept in a state of excitement. The time occupied must have been somewhat tedious; and, as this was the first lottery, and there were but three offices in London, it is to be supposed that the drawing of that period bore the same proportion to the drawing at a later time, that the coaches then bore to the railroads now. In 1612, another lottery was allowed for the benefit of the Virginia colonies, in which a tailor gained the largest prize of 4,000 crowns. But thus early was it found that lotteries and demoralization went hand in hand. Sanctioned by the state as a source of gain, they were found equally profitable to private individuals; and the town teemed with schemes which brought wretchedness and ruin in their train. In March, 1620, however, they were suspended by an Order in Council; but it was only a suspension, and the evil was once more revived by Charles I., who, to assist a project of conveying water to London, granted a lottery towards its expenses. That which the first Charles allowed for so great a purpose, the second of the name allowed as a boon to those whom he could reward in no other way. It was in vain for censors to preach, divines to sermonize, or the House of Commons to legislate. While there was the chance of a great gain for a small risk, men ran in crowds to subscribe. Those who could not pay a large sum found plenty of opportunities to gamble for a small amount, and penny lotteries became common.[4] In 1694 they were again employed by the state, William III.