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Updated: July 7, 2025
The editor, John Salisbury, was the tool of a band of stockjobbers in the City, whose interest it happened to be to cry down the public securities. He one day published a false and malicious paragraph, evidently intended to throw suspicion on the Exchequer Bills. On the credit of the Exchequer Bills depended, at that moment, the political greatness and the commercial prosperity of the realm.
For the rest, the Emperor's mother was to be styled Madame Mère; his sisters became Imperial Highnesses, with their several establishments of ladies-in-waiting; and Paris fluttered with excitement at each successive step upwards of expectant nobles, regicides, generals, and stockjobbers towards the central galaxy of the Corsican family, which, ten years before, had subsisted on the alms of the Republic one and indivisible.
He said that by this general prohibition, extending to all princes, states, or potentates, the English were totally disabled from assisting their best allies: that, among others, the king of Portugal frequently borrowed money of the English merchants residing within his dominions; that while the licensing power remained in the crown, the licenses would be issued through the hands of the minister, who by this new trade might gain twenty, thirty, or forty thousand a-year: that the bill would render the exchequer a court of inquisition: and that whilst it restrained our merchants from assisting the princes and powers of Europe, it permitted our stockjobbers to trade in their funds without interruption.
'I have hated many men, he says, 'but never any one so much as you, 'I call you parson, he explains, 'because that word includes "boroughmonger" among other meanings, though no single word could be sufficient. Cobbett rages against the phrase 'redundant population. There would be plenty for all if the borough-mongers and stockjobbers could be annihilated, taxes abolished, and the debt repudiated.
If in the great fortunes of the stockjobbers, the railroad kings, the bankers, the great landlords, and the other moneyed lords who boasted that they had begun life with a shilling if in these great fortunes of mushroom rapidity of growth there was anything that was properly the product of the efforts of any one but the owner, it was not his, and his possession of it condemned him as a thief.
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