Again in Threadneedle Street, and turning to the left, we reach, at the termination of the Bank-front, Bartholomew Lane, famous for nothing that I am aware of, save Capel Court, situate at about the centre, on the right-hand side. At the end of Capel Court is the Stock-Exchange, within whose sacred precincts subscribers only, and their clerks, may entera regulation strictly enforced by the liveried guardian at the door. But you can hear enough of the stentorian gabble going on within where we now are. Hark! 'A thousand pounds' consols at 96¾-96½.' 'Take 'em at 96¼,' is the vociferous reply of a buyer. 'Mexican at 27½-27; Portuguese fours at 32-7/8-32½; Spanish fives at 21; Dutch two-and-halfs at 50½-50¼:' and so roars on the distracting Babel till the hour for closing strikes. Much of this business is no doubt legitimatethe bonâ fide sale and purchase of stock by the brokers, for which they charge their clients the very moderate commission of 2s. 6d. per L.100. The ruinous gambling of the Stock-Exchange is another matter, and is chiefly carried on by 'time' bargainsa sham-business, managed in this way:A nominally buys of B L.100,000 worth of stock in consols, to be delivered at a fixed price, say 96, on the next settling-day. It is plain that if the market-price of consols shall have fallen, by the day named, to 94, B wins L.2000the difference between L.100,000 estimated at 96 and 94 per cent. A must pay these L.2000, or, which amounts to the same
thing, receive from B consols to the amount of L.100,000 at 96, that in reality are procurable at 94. It is simply and entirely a gambling bet upon what the price of funds will be on the next settling-day. These transactions have been pronounced fraudulent by the superior courts, and liabilities so contracted cannot be legally recovered. It is, for all that, quite certain that these 'debts of honour' entail misery, ruin, often death, on the madmen who habitually peril everything upon the turn of the Stock-Exchange dicedice loaded, too, by every fraudulent device that the ingenuity of the two parties engaged in the struggle can discover or invent. To the 'Bears,' who speculate for a fall, national calamity is a God-send. Especially a failure of the harvest, or a great military disaster like that which befell the Cabool expedition, is an almost priceless blessinga cause of jubilant thanksgiving and joy. The 'Bulls,' on the other hand, whose gains depend upon a rise in the funds, are ever brimful of boasts, and paint all things couleur de rose . If the facts bear out the assertions of these bands of speculators we prefer a mild termwhy so much the better for the facts; but if not, sham-facts will answer the purpose, and to manufacture them 'is as easy as lying.' It is a remarkable fact, by the way, that out of the multitude of British fundholders there are not more than about 25,000 persons who are liable from that source to the income-taxthat is, who receive dividends to the amount of L.150 and upwards annually. The most numerous class of the national creditors eleven years agoand there has, we believe, been no later returnwere those whose annual dividends did not exceed L.50. These numbered 98,946: the next largest class, 85,069, were creditors whose yearly dividends did not exceed L.5; whilst only 192 persons were in the receipt of annual dividends exceeding L.2000.
But leaving these haunts of money-dealers, let us pass over to Leadenhall Street, turn down Billiter Street, and walk on till we reach Mark Lane and the plain, spacious, substantial, Doric-fronted building on the left hand, in which the great London Corn Market is held every Monday, Wednesday, and Fridaythe chief market, however, being that of Monday. There are no clamorous shoutings here. These crowds of staid, well-dressed, respectable people fly no kites, deal in no flimsy paper-schemes and shares. Their commerce is in corn, flour, seedsthe sustenance of man, in short. There are sober traders in realities, and the busy hum of voices has a smack of healthy traffic in it. It would so appear at all events, if we care not to look beneath the surface; and, in sooth, since the abolition of the sliding-scale has rendered the corn-supply continuous and regular as other staples, gambling to any ruinous extent has become almost impossible.
There is another great change apparent here; albeit this has been a very gradual one. A stranger will have remarked with surprise that there are but few, very few, of the knee-breeched, top-booted, double-chinned, jolly, old-class farmers amongst the numerous groups who are either watching their sample-bags and waiting for customers, or chewing and smelling handfuls of wheat and barley, and casting what they do not swallow on the flags, already carpeted with grain. Still in addition to a strong sprinkling of 'Friends,' there are, he perceives, a goodly number of stalwart, handsomely-dressed individuals, many of them wearing kid gloves, and carrying silk umbrellas neatly ensconced in oil-skin cases. There is a group, one of whom has just refused 45s. per quarter for a sample of prime white wheat. If we approach nearer to them, we shall perhaps discover their quality. As I guessed! These gentlemen are distressed agriculturists, who prefer selling their own corn to sending it to any of the numerous highly-respectable salesmen who occupy the offices round the two markets. There are scores here of these well-attired, healthy-faced, hearty-looking, stout-limbed, but distressed individuals present, with not one of whom I should have the slightest objection to dine to-day, or on any other day, for that matter. But we must beware of rash judgments. Appearances are often deceitful, and we know, besides, from high authority, that grief is apt to puff up and swell a man sadly at times.