The Royal Exchange : $b a note on the occasion of the bicentenary of the Royal Exchange AssuranceMason, A. E. W. (Alfred Edward Woodley)
History
The Royal Exchange : $b a note on the occasion of the bicentenary of the Royal Exchange Assurance
Mason, A. E. W. (Alfred Edward Woodley)
Royal Exchange (London, England) -- History; Royal Exchange Assurance (Firm) -- History
Here are a few of the proposals: a scheme for furnishing funerals to
any part of Great Britain; another for making looking glasses and coach
glasses, with a capital of £2,000,000; a third for the transmutation
of quicksilver into malleable fine metal; a fourth for ensuring and
increasing children’s fortunes; a fifth for building and rebuilding
houses throughout all England, with a capital of £3,000,000 (this, by
the way, is a scheme which might have a chance to-day). Yet a further
philanthropic set of gentlemen floated a scheme for supplying the
town of Deal with fresh water. Another set, this time more ingenious
than philanthropic, proposed to make deal boards out of sawdust. And
all these schemes obtained their votaries. The cry went up “Give us
something to buy,” and the response was not inadequate.
Two schemes stand out especially through the grandeur of their
simplicity. The longer one lives, the more clearly it is proved to one
that the old and simple dodges never fail. If you want to practice
that amiable form of robbery known as the confidence trick, be sure to
practice it in its most primæval form. An old man named Le Brun knew
the ropes. He had been suitably educated, for as a boy he had sailed
with Sir Henry Morgan when Morgan devastated Panama. He had been with
Patterson in Darien. He had owned a privateer himself in the days when
a privateer was a polite name for a pirate, but like the men of his
class he had lived like a fighting cock when he had the money, and in
his old age he was poor. The fame of Law in Paris attracted him over
the Channel. The fame of the South Sea Company and the doings in Change
Alley brought him hot-foot back again. He was, as it were, in his own
country. He set out a wonderful project. You had only to possess £5
to reap the full benefit of it. He had an office in Change Alley. It
was called simply, broadly, sympathetically--“Office of Insurance and
Annuity for Everybody.” “Anybody,” Mr. Le Brun announced, “who paid him
five pounds was to be assured of receiving a life income of £100 per
annum, as soon as a sufficient number had subscribed!” A great number
subscribed--but not a sufficient number. The number had to be ever so
great before Mr. Le Brun could be able to put his wonderful scheme into
operation.
Public-domain text, read in full here on John Shaqi.
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