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The one to listen unto all I heard,
Wherein your Worship's profit was prefer'd,
The other to tast all things, good or bad,

(As Hogs will doe) where profit may be had.
Soape, Starch, Tobacco, Pipes, Pens, Butter, Haye
Wine, Coales, Cards, Dice, and all came in my way
I brought your Worship, every day and houre,
And hope to be defended by your power.

Sir Thomas Dodgers' Answer.

Alas good Tenter-hooke, I tell thee plaine,
To seeke for helpe of me 'tis but in vaine :
My Patent, which I stood upon of late,

Is like an Almanacke that's out of Date.

'T had force and vertue once, strange things to doe,
But, now, it wants both force and vertue too.
This was the turne of whirling Fortune's wheele,
When we least dream'd we should her changing feele.
Then Time, and fortune, both with joynt consent,
Brought us to ruine by a Parliament;

I doe confesse thou broughtst me sweet conceits,
Which, now, I find, were but alluring baits,
And I, (too much an Asse) did lend mine eare,
To credit all thou saydst, as well as heare.
Thou in the Project of the Soape didst toyle,
But 'twas so slippery, and too full of oyle,
That people wondered how we held it fast
But now it is quite slipp'd from us at last.
The Project for the Starch thy wit found out,
Was stiffe a while, now, limber as a Clout,

The Pagan weed (Tobacco) was our hope,

In Leafe, Pricke, Role, Ball, Pudding, Pipe, or Rope.
Brasseele, Varina, Meavis, Trinidado,

Saint Christophers, Virginia, or Barvaao;
Bermudas, Providentia, Shallowcongo,
And the most part of all the rest (Mundungo1)
That Patent, with a whiffe, is spent and broke,
And all our hopes (in fumo) turn'd to smoake,
Thou framdst the Butter Patent in thy braines,
(A Rope and Butter take thee for thy paines).
I had forgot Tobacco Pipes, which are

Now like to thou and I, but brittle ware.

1 Trashy Tobacco-from the Spanish Mondóngo, paunch, tripes, black pudding.

Dice run against us, we at Cards are crost,
We both are turn'd up Noddies,1 and all's lost.
Thus from Sice-sinke, we'r sunke below Dewce-ace,
And both of us are Impes of blacke disgrace.
Pins pricke us, and Wine frets our very hearts,
That we have rais'd the price of Pints and Quarts.
Thou (in mine eares) thy lyes and tales didst foyst,
And mad'st me up the price of Sea-coales hoyst.
Corne, Leather, Partrick, Pheasant, Rags, Gold-twist,
Thou brought'st all to my Mill; what was't we mist?
Weights, Bon lace, Mowstraps, new, new, Corporation,
Rattles, Seadans,3 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

1 Fools: but there was also a game at Cards called Noddy, supposed to have been the same as Cribbage.

2 Bone lace.

* Sedan Chairs; said to have been introduced into England in 1581, and first used in London in 1623.

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.1

"A Stock Jobber

"Is a Rational Animal, with a sensitive Understanding. He rises and falls like the ebbing and flowing of the Sea; and his paths are as unsearchable as hers are. He is one of Pharaoh's lean kine in the midst of plenty; and, to dream of him is, almost, an Indication of approaching Famine. He is ten times more changeable than the Weather; and the living Insect from which the Grasshopper on the Royal Bourse was drawn, never leap'd from one Place to another, as he from one Number to another; sometimes a Hundred and a half is too little for him; sometimes Half a hundred is too much; and he falls seven times a Day, but not like David, on his knees, to beg pardon for former Sins, but to be made capable of sinning again. He came in with the Dutch, and he had freed us from as great a Plague as they were, had he been so kind as to have went out with them. He lives on the Exchange, but his Dwelling cannot be said to be the Place of his Abode, for he abides no where, he is so unconstant and uncertain. Ask him what Religion he professes, he cries, He'll sell you as cheap as any Body; and what Value such an Article of Faith is of, his Answer is, I'll give you as much for a Debenture, as the best Chapman thereabout shall. He is fam'd for Injustice, yet he is a Master of Equity in one particular to perfection, for he cheats every Body alike, and is Equal in all his Undertakings. The Den from which this Beast of Prey bolts out is Jonathan's Coffee House, or Garraway's; and a Man that

1 Also published in 1708 as Hicklety Picklety.

goes into either, ought to be as circumspect as if in an Enemy's country. A Dish of tea there, may be as dear to him as a good Purchase, and a Man that is over reach'd in either, tho' no Drunkard, may be said to have drank away his Estate. He may be call'd a true Unbeliever, and out of the Pale of the Church, for he has no Faith. Is a meer Tolandist in secular Concerns, at the very minute that he is ready to take up any Goods upon Trust that shall belong to his Neighbour. St Paul's Cathedral would be a MansionHouse fit for a Deity indeed, in his Opinion, did but the Merchants meet there; and he can give you no subtantialler a Reason for liking Salter's Hall better than the Church, than because of its being a House of Traffick and Commerce, and the Sale being often held there. He is the Child of God in one Sense only, and that is by reason of his bearing His Image, but the Devil in many, for he fights under his Standard. To make an end of a Subject that is endless; he has the Figure of a Man, but the Nature of a Beast; and either triumphs over his Fellow Adventurers, as he eats the Bread of other People's Carefulness, and drinks the Tears of Orphans or Widows, or being made himself Food for others, grows, at last, constant to one place, which is the Compter, and the fittest House for such an unaccountable Fellow to make up his Accounts in."

Jonathan's was, especially, the Coffee House which stock jobbers frequented. Addison, in the first number of the Spectator, says, "I sometimes pass for a Jew in the assembly of Stock Jobbers at Jonathan's "; and Mrs Centlivre has laid one of the scenes in her Bold Stroke for a Wife, at Jonathan's: where, also, was subscribed the first foreign loan, in 1706.

There was a Stock Exchange hoax in the reign of Queen Anne. A man appeared, galloping from Kensington to the City, ordering the turnpikes to be thrown open for him, and shouting loudly that he bore the news of the Queen's death. This sad message flew far and wide, and dire was its effects in the City. The funds fell at once, but Manasseh Lopez

and the Jews bought all they could, and reaped the benefit when the fraud was discovered. In 1715, too, a false report that the Pretender had been taken, sent the Funds bounding up, to the great profit of those who were in the secret of the hoax.

About this time the demon of gambling was rampant, every one wanted to find a short road to wealth; naturally, there were plenty of rogues to ease them of their money, but the most colossal stroke of gambling was the South Sea Bubble, the only parallel to which, in modern times, is the Railway Mania, in 1846.

The South Sea Company was started in 1711, to have the monopoly of trade to the South Seas, or South Coast of America, a region which was, even then, believed to be an El Dorado. As a trading company it was not successful, but, having a large capital, it dealt with finance. On 22nd Jan. 1720, a proposal was laid before Parliament that the Company should take upon themselves the National Debt, of £30,981,712, 6s. 6d. at 5 per cent. per annum, secured until 1727, when the whole was to be redeemable, if Parliament so chose, and the interest to be reduced to 4 per cent., and "That for the liberty of increasing their Capital Stock, as aforesaid, the Company will give, and pay into his Majesty's Exchequer, for the purpose of the Public, and to be applied for paying off the public debt provided for by Parliament, before Christmas, 1716, the sum of three millions and a half, by four equal quarterly payments, whereof the first payment to be at Lady Day 1721." On April 7, the South Sea Company's Bill received the Royal Assent, the £100 shares being then about £300.

On April 12, the directors opened their books for a subscription of a Million, at the rate of £300 for every £100 Capital, which was immediately taken up, twice over. It was to be repaid in five instalments of £60. Up went the shares with a bound; yet, to raise them still higher, the Midsummer dividend was to be declared at 10 per cent., and all subscriptions were to be entitled to the same. This plan

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