England -- Social life and customs; Gambling -- Great Britain
_Weights_, _Bon[60] lace_, _Mowstraps_, new, new, _Corporation_,
_Rattles_, _Seadans_,[61] of rare invented fashion.
_Silke_, _Tallow_, _Hobby-horses_, _Wood_, _Red herring_,
_Law_, _Conscience_, _Justice_, _Swearing_, and _For-swearing_.
All these thou broughtst to me, and still I thought
That every thing was good that profit brought,
But now all’s found to be ill gotten pelfe,
I’le shift for one, doe thou shift for thyselfe.
The first loans to Government, in a regular form, took the form of
Tontines, so called from their inventor Lorenzo Tonti. A Tontine is a
loan raised on life annuities. A number of persons subscribe the loan,
and, in return, the Government pay an annuity to every subscriber. At
the death of any annuitant, his annuity was divided among the others,
until the sole survivor enjoyed the whole income, and at his death, the
annuity lapsed. As an example, a Mr Jennings, who died in 1798, aged
103—leaving behind him a fortune of over two millions—was an original
subscriber for £100 in a Tontine: he was the last survivor, and his
income derived for his £100 was £3000 per annum. Our National Debt
began in 1689—by that, I mean that debt that has never been repaid,
and dealings in which, virtually founded Stockbroking as a business.
The Bank of England started business on 1st Jan. 1695, and, from that
time, we may date the methodical dealing in Stocks and Shares. Of
course there were intermediaries between buyer and seller, and these
were termed “Stock brokers.” They first of all did business at the
Exchange, but as they increased in number their presence there was not
desirable, and they migrated to ‘Change Alley, close by. These gentry
are described in a little book, published in 1703, called, _Mirth and
Wisdom in a miscellany of different characters_.[62]
“_A Stock Jobber_
Public-domain text, read in full here on John Shaqi.
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