Chronicles and characters of the Stock exchange

General Books publication date: 2009
Original publication date: 1849
Original Publisher: Willoughby Subjects: Speculation

Stock exchanges Notes: This is a black and white OCR reprint of the original. It has no illustrations and there may be typos or missing text.
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Excerpt: CHAPTER II. THE EARLIEST NATIONAL DEBT -- HISTORY OF TONTINES OF THE MONEY INTEREST, ITS ORIGIN, EXTRAVAGANCE, AND FOLLY -- ROYAL EXCHANGE -- FIRST IRREDEEMABLE DEBT -- TRICKS OF THE BROKERS -- JOBBING IN LAST INDIA STOCK -- FALSE REPORTS -- IMPORTANCE OF THE ENGLISH FUNDS PICTURE OF THE ALLEY -- SYSTEMATIC JOBBING OF SIR HENRY FURNE8K, MEDINA, AND MARLBOROUGH -- THOMAS GUY, A DEALER IN THE ALLEY. The creation of a national debt has been attributed to the Dutch, but is really due to the Venetians. The immediate treasury of the Doge was exhausted; money was necessary; and the most eminent citizens of that great republic were called upon to redeem the credit of their country. A Chamber of Loans was established, the contributors were made creditors, 4 per cent. was allowed as interest; and she " Who oucc held the gorgeous East in fee, And was the safeguard of the West,'' resumed her credit, and increased her power. So fruitful a source of wealth was not allowed to fallinto desuetude. The Florentine republic, experiencing a deficiency in her revenue, established a mount, allowed 5 per cent. interest, and, says Sir William Blackstone, these laid the foundation of our national debt. The Dutch were not long following the example. When that great persecution occurred which forced the Spanish Jew -- the aristocracy of the chosen race -- from the place of his nativity, he brought with him to Holland the craft and the cunning of the people. He taught the Dutch to create an artificial wealth; and the people of that republic, by its ai...