Along with the publication of Robinson Crusoe in April 1719 and A Journal of the Plague Year in March 1722 Daniel Defoe published this piece, 1719:
Here is the version at Oxford's Text Archive, keeping in mind that this was a year before the South Sea Bubble, in which Defoe also played a part:
THE
ANATOMY
OF
Exchange-Alley:
OR,
A Syſtem of STOCK-JOBBING.
Proving that Scandalous Trade, as it is now carry'd
on, to be Knaviſh in its Private Practice, and
Treaſon in its Publick:
Being a clear DetectionTo which is added, Some Characters of the moſt Eminent Perſons concern'd now, and for ſome Years paſt, in Carrying on this Pernicious Trade.
- I. Of the Private Cheats uſed to Deceive one another.
- II. Of their Arts to draw Innocent Families into their Snares, underſtood by their New Term of Art (viz.) (being let into the Secret.)
- III. Of their Raiſing and Spreading Falſe News to Ground the Riſe or Fall of Stocks upon.
- IV. Of their Joyning with Traytors in Raiſing and Propagating Treaſonable Rumours to Terrify and Diſcourage the People with Apprehenſions of the Enemies to the Government.
- V. Of their Improving thoſe Rumours, to make a Run upon the Bank, and Ruin publick Credit.
- VI. Of the dangerous Conſequences of their Practices to the Government, and the Neceſſity there is to Regulate or Suppreſs them.
By a JOBBER.
The Second Edition Corrected.
LONDON: Printed for E. Smith near Exchange-Alley. 1719. Price One Shilling.
1. THE ANATOMY OF Exchange-Alley, &c.
[Page 1] THE General Cry againſt Stock-Jobbing has been ſuch, and People have been ſo long, and ſo juſtly Complaining of it as a publick Nuſance; and which is ſtill worſe, have complained ſo long without a Remedy, that the Jobbers, harden'd in Crime, are at laſt come to exceed all
[Page 2] bounds, and now, if ever, ſleeping Juſtice will awake, and take ſome Notice of them, and if it ſhould not now, yet the diligem Creatures are ſo ſteddy to themſelves, that they will ſome time or other, make it abſolutely neceſſary to the Government to demoliſh them.
I know they upon all Occaſions laugh at the Suggeſtion, and have the Pride to think it impracticable to reſtrain them; and one of the top of the Function the other Day, when I caſually told him, That if they went on, they wou'd make it abſolutely neceſſary to the Legiſlature, to ſuppreſs them, return'd, That he believ'd it was as abſolutely neceſſary for 'em to do it now, as ever it could be; But how will they do it? 'Tis impoſſible, ſaid he, but if the Government takes Credit, their Funds ſhould come to Market; and while there is a Market we will buy and ſell; there is no effectual way in the World, ſays he, to ſuppreſs us but this, viz. That the Government ſhould firſt pay all the publick Debts, redeem all the Funds, and diſſolve all the Charters, viz. Bank, South-Sea, and Eaſt-India, and buy nothing upon Truſt, and then, indeed, ſays he, they need not hang the Stock-Jobbers, for they will be apt to hang them ſelves.
[Page 3] I muſt confeſs, I in part agree that this is an effectual way, but I am far from thinking it the only way to deal with a Confederation of Uſurers, who having ſold the whole Nation to Uſury, keep the Purſe-Strings of Poor and Rich in their Hands, which they open and ſhut as they pleaſe.
But before I come to the needful ways for reſtraining thoſe People, I think 'twill be of ſome Service to expoſe their Practices to common view, that the People may ſee a little what kind of Dealers they are.
And firſt, they have this peculiar to 'em, and in which they out-do all the particular pieces of publick Knavery that ever I met with in the World, viz. That they have nothing to ſay for it themſelves; they have, indeed a particular Stock of hard Ware, as the Braziers call it, in their Faces, to bear them out in it; but if you talk to them of their Occupation, there is not a Man but will own, 'tis a compleat Syſtem of Knavery; that 'tis a Trade founded in Fraud, born of Deceit, and nouriſhed by Trick, Cheat, Wheedle, Forgeries, Falſhoods, and all ſorts of Deluſions; Coining falſe News, this way good, that way bad; whiſpering imaginary...MORE
[Page 4] Terrors, Frights, Hopes, Expectations, and then preying upon the Weakneſs of thoſe, whoſe Imaginations they have wrought upon, whom they have either elevated or depreſs'd. If they meet with a Cull, a young Dealer that has Money to lay out, they catch him at the Door, whiſper to him, Sir, here is a great piece of News, it is not yet publick, it is worth a Thouſand Guineas but to mention it: I am heartily glad I met you, but it muſt be as ſecret as the black ſide of your Soul, for they know nothing of it yet in the Coffee-Houſe, if they ſhould, Stock would riſe 10 per Cent. in a moment, and I warrant you South-Sea will be 130 in a Week's Time, after it is known. Well, ſays the weak Creature, prethee dear Tom what is it? Why really Sir I will let you into the Secret, upon your Honour to keep it till you hear it from other Hands; why 'tis this, The Pretender is certainly taken and is carried Priſoner to the Caſtle of Millan, there they have him faſt; I aſſure you, the Government had an Expreſs of it from my Lord St----s within this Hour. Are you ſure of it, ſays the Fiſh, who jumps eagerly into the Net? Sure of it! why if you will take your Coach and go up to the Secretaries-Office, you may be ſatisfied of it your ſelf, and be down again in Two Hours, and in
[Page 5] the mean time I will be doing ſomething, tho' it is but little, till you return.
Away goes the Gudgeon with his Head full of Wildfire, and a Squib in his Brain, and coming to the Place, meets a Croney at the Door, who ignorantly confirms the Report, and ſo ſets fire to the Mine; for indeed the Cheat came too far to be baulkt at home: So that without giving himſelf Time to conſider, he hurries back full of the Deluſions, dreaming of nothing but of getting a Hundred Thouſand Pounds, or purchaſe Two; and even this Money was to be gotten only upon the Views of his being before-hand with other People.
In this Elevation, he meets his Broker, who throws more Fire-works into the Mine, and blows him up to ſo fierce an Inflamation, that he employs him inſtantly to take Guineas to accept Stock of any Kind, and almoſt at any Price; for the News being now publick, the Artiſt made their Price upon him. In a Word, having accepted them for Fifty Thouſand Pounds more than he is able to pay, the Jobber has got an Eſtate, the Broker 2 or 300 Guineas, and the Eſquire remains at Leiſure to ſell his Coach and Horſes, his fine Seat and rich Furniture, to make good the Deficiency
[Page 6] of his Bear-Skins, and at laſt, when all will not go through it, he muſt give them a Bruſh for the reſt....
