Banks and banking -- France -- History -- 19th -- Fiction
There have been, I believe, over 2,200 applicants for relief to
the fund which has been raised for the benefit of the sufferers of
so-called Philanthropic Finance, and among the number it appears
there are nearly 1,400 single women and widows. Some of the victims
have committed suicide, others have gone mad. Thousands, moreover,
who are too proud to beg, find themselves either starving or in sadly
straitened circumstances, with nothing but a pittance left them of
their former little comforts. This is a specimen of the work done by
the brigand of Finance.
Of course there are reforms urgently needed in the very organisation of
the Stock Exchange; and reforms needed with regard to the conditions
under which public companies may be launched. Why should men be allowed
to ask the public to subscribe millions of money for the purchase
of properties which are literally valueless? Why, moreover, should
directors be allowed to proceed to 'allotment,' when but a tithe of
the shares placed on the market have been taken up? And surely the
time has come for the proper auditing of accounts under Government
supervision. The neglectful auditor and the fraudulent promoter are
as much in need of abolition as the ornamental 'guinea-pig.' And such
abolition, and the enforcement of many reforms, might be secured by a
self-supporting Ministry of Commercial Finance. Some institution of
the kind will doubtless be founded in time to come; and, meanwhile, if
all that is told us of the purity of our public life be true, I fail to
see why a series of measures directed against the brigands of Finance
should not promptly receive the assent of both Houses of Parliament and
become law. Surely no member of the Lords or the Commons would dare to
stand up and plead the cause of the negligent director who imperils the
safety of other people's money? Surely not one of our legislators would
dare to take the fraudulent promoter and the rogue of the 'bucket-shop'
under his protecting wing? And, as such measures must of necessity be
non-contentious, why do not some of our social reformers initiate them,
instead of for ever and ever harping upon 'Bills' which are not likely
to be included in the Statute-book for another score of years?
Public-domain text, read in full here on John Shaqi.
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