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)
Up to the year 1780, although these many evils were well known,
insurances, and every species of gambling connected with the lottery,
were legal. But the malady grew so violent, that, after much urging,
a step was taken in the right direction. Insurances were declared
illegal, and prohibited under very heavy penalties. So many, however,
were imprisoned,—and perjury was not wanting for the sake of the
penalty,—that some check was necessary. A law, therefore, was
made, preventing any one from suing save the Attorney-General; and
some idea may be formed of the extent of the evil from the fact,
that, between 1793 and 1802, upwards of one thousand were punished
with imprisonment. But the determination to insure surpassed the
determination to punish. The officers of government were absolutely
defied. Blood, in defence of that which the law declared illegal,
was freely shed. So organized was the system, that two thousand
clerks, and seven thousand five hundred persons known as “Morocco
men,” with a numerous staff of armed ruffians, were attached to the
insurance-offices. Committees were held three times a week; measures
were invented to defeat the magistrates; money to an enormous extent
was used to bribe the constabulary; while to those who refused to be
bribed, a bold and insolent defiance was offered, with threats, which
the officers well knew would be executed at the risk, or even the
certain sacrifice, of life.
In 1805, Parliament again took cognizance of the evil. The reiterated
declarations of the press, the repeated assertion of members of
the senate, the universal voice of the country, coupled with the
notorious fact, that crime continued to follow the system, compelled
government to appoint a committee of the House to report upon it. The
attendance of all who could give any information upon the subject was
required, and a volume of evidence printed, which, though it must
have opened the eyes, could not open the hearts, of the ministers.
Public-domain text, read in full here on John Shaqi.
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