It must be evident from the brief record of the war just given, that business in the funds had increased greatly. Prior to 1801, the market of ’Change Alley, in the coffee-house where the brokers met, was, as a public place, open to any who chose to make it his resort. The jobber who reckoned his transactions by hundreds of thousands was jostled by the man who was disposed, either morally or materially, to pick pockets; while the loans which had increased the national debt to 550 millions, the exchequer-bills, which were circulated as freely as the government dared, and the companies, which were augmented in proportion, formed an amount of business that, in the opinion of the principal persons, demanded a building to bear some proportion to the importance of its transactions. It was resolved, therefore, to choose a plot of ground as near the Bank as possible, and to meet the required expenses by private subscription. Whatever errors may be indigenous to the Stock Exchange, illiberality can scarcely be classed among them; and so successful were the proceedings, that, on the 18th of May, 1801, Mr. William Hammond, chairman of the committee of management, laid the first stone of the first building erected exclusively for the business of the Stock Exchange. Beneath the stone the following inscription, engraved on copper, was placed:— “On the 18th of May, in the year 1801, and forty-one of George III., the first stone of this building, erected by private subscription, for the transaction of business in the public funds, was laid in the presence of the proprietors, and under the direction of William Hammond, William Steer, Thomas Roberts, Griffith Jones, William Grey, Isaac Hensley, Jo. Brackshaw, John Capel, and John Barnes, managers; James Peacock, architect. At this era, the first of the Union between Great Britain and Ireland, the public funded debt had accumulated in five successive reigns to £552,730,924. The inviolate faith of the British nation, and the principles of the constitution, sanction and secure the property embarked in this undertaking. May the blessing of that constitution be secured to the latest posterity!” To secure respectability in the members, vote by ballot was adopted, and ten guineas per annum fixed on as the subscription. The peace of 1801 was a welcome respite to all save the members of the Stock Exchange; where it was said, “There were not commissions sufficient to pay for summer excursions, nor confidence enough to make a bankrupt.” Great efforts had been made to reduce the price, which continued to ascend; although Goldsmid was said to have stood in the market and sold to any amount at the lowest price of the time. The attempt proved vain; and the endeavour to control public opinion was paid for by this house to the amount of £180,000.