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Perhaps the term GANG is not quite properly applied to the persons whose fortunes we are now about to follow; rather they were independent malefactors, socially intimate, and occasionally joining together for some serious operation just as modern stockjobbers form a syndicate for an important loan. Nor were they at all particular to any branch of misdoing.
Cardsharpers and stockjobbers, disreputable adventurers and public functionaries were intimate friends. No one, able to insult modest industry by lavish ostentation, was asked how he had acquired his wealth. Honour and honesty were prejudices of the past. What has been the consequence?
From the time of Sir Robert Walpole, money has seldom been worth, in England, over five per cent., and larger dividends on vested property have generally been succeeded by heavy losses, however plausible the promises and clear the statements of stockjobbers and speculators. After the explosion of the South Sea Company, Walpole became possessed of almost unlimited power.
The more acute stockjobbers imagined justly that prices could not continue to rise for ever. Bourdon and La Richardiere, renowned for their extensive operations in the funds, quietly and in small quantities at a time, converted their notes into specie, and sent it away to foreign countries.
The directors were ordered to lay before the House a full account of all their proceedings. Resolutions were passed to the effect that the calamity was mainly owing to the vile arts of stockjobbers, and that nothing could tend more to the re-establishment of public credit than a law to prevent this infamous practice. Mr.
It was in the last drama of Shadwell that the hypocrisy and knavery of these speculators was, for the first time, exposed to public ridicule. He died in November 1692, just before his Stockjobbers came on the stage; and the epilogue was spoken by an actor dressed in deep mourning.
The Radicals, who had watched on one side the growth of debt and pauperism, and, on the other hand, the profits made by stockjobbers, landlords, and manufacturers, ascribed all the terrible sufferings to the selfish designs of the upper classes. A bitter disappointment followed. The war was followed by widespread misery.
Calcutta became the capital of a great empire, and the East India Company, a mere assemblage of merchants and stockjobbers, by their system of perfidy, craft and violence, became the rulers and disposers of provinces which Alexander had coveted in vain. The servants of this company made their fortunes, and untold wealth was transported to England.
Perhaps the term gang is not quite properly applied to the persons whose fortunes we are now about to follow; rather they were independent malefactors, socially intimate, and occasionally joining together for some serious operation, just as modern stockjobbers form a syndicate for an important loan. Nor were they at all particular to any branch of misdoing.
In this public delusion, the directors were wise enough to convert their shares into silver and gold. A great part of the current coin in the kingdom was locked up in the houses or banks of a few stockjobbers and speculators.
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