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Stocks, into the origin and progress of million of pounds shall, out of the rates which we are now going to inquire ; and duties imposed by the Act, receive and an inquiry it is worthy of the undi- a certain interest, or annual payınent, vided attention of every true English- for the use of the money so advanced. man ; every man who wishes to see the They were to have, and they had, their country of his forefathers preserved money secured to them by way of anfrom ruin and subjugation,
nuity for life or lives ; and, they were Soon after the English Revolu- to have certain advantages in cases of TIX ; that is to say, soon after our an- survivorship ; and the annuities were to cestors had driven away King James be redeemed upon certain conditions the Second, and had brought over the and at certain times. But, it will be Prince of Orange and made him king in quite useless for us to load our subject his stead, and had, at the same time, with a multitude of words, and to ring taken measures for stripping the fa- the changes upon all the quaint terms, mily of Stuart of the crown for ever, which, as appertaining to these matters, aod putting it upon the heads of His have, one would think, been made use present Majesty's family ; soon after of for no other purpose than that of ibis Revolution, the existence of Funds, confusing the understandings of plain Stocks, and a National Debt, began, men. The light wherein to view the under the auspices of that same Prince transaction is this : The Government of Orange, who was then become our was (no matter how, or from what King William III., and who appears to cause) got into a war with France; and, have lost but very little time in disco- for the alleged purpose of pushing on vering the effectual way of obtaining mo- this war with "vigour" (it is odd enough ney from the English, without resorting, that the very word was made use of, as the Scuarts had, to those means, the just as it is now) they borrowed a miluse of which had, ever and anon, excited lion of pounds of individuals, and, at the commotions against them: which had same time, imposed taxes upon the brought fone of them to the scaffold ; whole nation for the purpose of paying and which, at last, after driving another the interest of the money so borrowed ; from the land, had for ever stripped or, in other words, the nation's taxes them of their crown. The real motives were mortgaged to the lenders of this for creating a National Debt we shall, million of pounds. by-and-by, perhaps, have occasion to The lenders of the money, who, in notice; but, at present, our business is time, became to be called fund-holders to get at a clear notion of the way or stock-holders, did, as the work of in which it was created.
lending and fund-making advanced, William the Third was hardly seated make their loans in various ways, and upon the throne before a war was begun the bargains between them and the against France, and, in the 4th year of Government were of great variety in his reign, being the year 1692, án Act their terms, and in 'the denominations of Parliament was passed imposing made use of ; but, it was always the “ Certain Rates and Duties upon Beer, same thing in effect: the Government Ale, and other Liquors, for securing borrowed the money of individuais, it certain Recompenses and Advantages in mortgaged taxes for the payment of the said Act mentioned, to such Persons the interest; and those individuals reas shall voluntarily advance the sum of ceived for their money, promises, or Ta Hundred Thousand Pounds towards engagements, no matter in what shape, carrying on the War against France." which enabled them to demand annually, This is the title of the Act, being Chap-half-yearly, or quarterly, the share of ter 3rd of the 4th year of William and interest due to each of them; and any Mary. These are the very words; and single parcel of interest, so received, is fatal words they were to England. what is, in the queer language of the
In the body of this Act it is enacted, I funding trade, called a dividend." that the persons who shall advance the No matter, however, what the thing is
called; no matter how many nick the Stocks (they are made use of indisnames they choose to give to the several criminately) is a PLACE, where money branches of the Debt. We daily see, is kept. A place, indeed, of a sort of in the newspapers, what is called the mysterious existence; a sort of financial “ PRICE OF STOCKS,” as in the fol- Ark; a place not, perhaps, to be lowing statement, which is in all the touched, or even seen ; but, still the newspapers of this day:
notion is, that of a place, and a place, Bank Stock 257 51
tuo, of more than mortal security. 3 per Cent. Red. 68} $
Alas! the Funds are no place at all! 3 per Cept. Con. 675 87%
and, indeed, how should they, seeing 4 per Cent. 85 47 53 43
that they are, in fact, one and the same 5 per cent. Navy 99% If
thing with the Nationał Debt? But, to Long Annuities 18 Omnium 2f $ dis.
remove, from the mind of every creaExcheq. Bills 1 dis. 5 prem.
ture, all doubt upon this point ; to disBank Stock for open 257$
sipate the mists in which we have so Consols for 68 II
long been wandering, to the infinite These are names, which the dealers, amusement of those who invented these or jobbers, in Stocks give to the several terms, let us ke a plain commonclasses of them. But, as I said before, sense view of one of these loaning let us avoid confusing our heads with transactions. Let us suppose, then, this worse than Babylonish collection that the Government wants a loan, that of names, or sounds, and keep fully and is, wants to borrow money, to the amount clearly and constantly in our sight of a million of pounds. It gives out its these plain facts: First, that the Funds, wishes to this effect, and, after the usual the Slocks, and the National Debt, all ceremony upon such occasions, the loan mean one and the same thing ; Se- is made, that is, the money is lent, by CONDLY, that this Debt is made up of the Messrs. Muckworm and Company. We Principal money lent to the Govern- shall see, by-and-by, when we come to ment at different times since the begin- talk more fully upon the subject of ning of the thing in 1692 ; THIRDLY, Ioans, what sort of a way it is, in which that the Interest upon this principal Muckworm pays in the money so lent, money is paid out of the taxes; and, and in what sort of money it is that he FOURTHLY, that those persons who are pays. But, for the sake of simplicity entitled to receive this interest, are what in our illustration, we will suppose we call fund-holders, or stock-holders, him to pay in real good money, and or, according to the more coinmon no- to pay the whole million himself at tion and saying, have “ money in the once. Well: what does Muckworm Funds."
get in return? Why, his name is Being here in the elementary, the written in a book; against his name mere horn-book part of our subject, we is written, that he is entitled to recannot make the matter too clear to our ceive interest for a million of money ; comprehension ; and, we ought, by no which book is kept at the Bank Commeans, to go a step further till we have pany's house, or shop, in Threadneedleinquired into the sense of this saying street, London. And thus it is that about people's “having money in the Muckworm“ puts a million of money Funds;" from which any one, who did into the Funds.'” Well," you will not understand the thing, would natu- say,
“ but what becomes of the money?" rally conclude, that the person who Why, the Government expends it, to be made use of the saying, looked upon sure: what should become of it ? Very the Funds, as a place, where a great few people borrow money for the purquantity of gold and silver was kept pose of locking it up in their drawers or locked up in safety. Nor would such chests.” “What? then the money all conclusion be very erroneous ; for, ge- vanishes; and nothing remains in lieu nerally speaking, the notion of the peo- of it but the lender's name written in a ple of this country is, that the Funds or “ book ?" Even so : and this, my good neighbours, is the way, that “ money" put two thousand pounds in the is put into the funds."
funds;" and thus his daughter (poor But, the most interesting part of the girl!) is said to “ have her money in the transaction remains to be described. funds;" when the plain fact is, that Muckworm, who is as wise as he is rich, Muckworm's money has been spent by takes special care not to be a fundholder the Government, that Muckworm has himself; and, as is always the case, he now the two thousand pounds of poor loses no time in selling his stock, that Grizzle Greenhorn, and that she, in is to say, bis right to receive the interest return for it, has her name written in a of the million of pounds. These Funds, book, at the Bank Company's house in or Stock, as we have seen, have no Threadneedle-street, London, in conbodily existence, either in the shape of sequence of which she is entitled to money or of bonds or of certificates or receive the interest of the two thousand of any thing else that can be seen or pounds ; which brings us back to the touched. They have a being merely in point whence we started, and explains name. They mean, in fact, a right to the whole art and mystery of making receive interest ; and a man, who is said loans and funds and stocks and national to possess, or to have a thousand pounds' debts. worth of stock, possesses in reality no- It will be very useful to show the thing but the right of receiving the inte effect of this " putting money in the Test of a thousand pounds. When therc- funds," with respect to the party who is fore Muckworm sells his million's worth said to put it in. I do not know of any of stock, he sells the right of receiving duty more pressing upon me, than that of the interest upon the million of pounds showing, in this plain and practical way, which he lent to the Government. But what have been, what are, and what must the way in which sales of this sort are be, the consequences to those, who thus effected is by parcelling the stock out to dispose of their property; especially if little purchasers, every one of whom they have no property of any other sort. boys as much as he likes; he has his But, this will be found to belong to annane written in the book for so much, other part of our subject; and as we instead of the name of Muckworm and have now seen what the funds and the Company; and, when Muckworm has stocks really are ; as we have blown sold the whole, his name is crossed out, away the mist in which we had so long and the names of the persons, to whom been wandering; as the financial ark is he has sold, remain in the book. now no more in our sight than any ve
And here it is that the thing comes ritable box made of deal boards and home to our very bosoms; for our neigh- nails; as we are now satisfied, that there bour, farmer Greenhorn, who has all is nothing mystical in the words funds his life been working like a horse, in and stocks, and that so far from meanorder to secure his children from the ing a place where a great quantity of perils of poverty, having first bequeathed money is kept, they are not the name of his farm to his son, sells the rest of his any place at all, nor of anything which property (amounting to a couple of has a corporal existence, and are the thousands of pounds), and, with the real mere denominations, or names, of the good money, the fruit of his incessant several classes, or parcels of debt, which toil and care, purchases two thousand the Government owes to individuals ; pounds' worth of Muckworm's Funds, in short as we have now, let us hope, or Stocks, and leaves the said purchase arrived at a complete knowledge of the to his daughter. And why does he do so? nature and origin of the funds and stocks The reason is, that, as he believes, his and the National Debt, which, as was bedaughter will always receive the interest fore said, are, in fact, all one and the of the two thousand pounds, without same thing, it is time that we proceed any of the risk, or trouble, belonging to to inquire into their progress, and to see the rents of house or land. Thus how that progress is connected with the neighbour Greenhorn is said to have increase of the bank.notes and with the
60 GAZETTE AND MARKETS. 59 stoppage of the payment of those notes in MARSHALL, W. and J. E., Horton, Yorkgold and silver. To do justice, however, PEARCE, H., Bishopsgate-st., tavern-keeper.
shire, worsted-spinners. to this copious and interesting theme, POCOCK, S., Brighton, builder. especially when coupled with what it WEBSTER, J., Lancaster, scrivener. will be necessary to say as
MARK-LANE, CORN-EXCHANGE, Oct. 1.-
Having a very large supply of wboat this
morning from Essex, Kent, and Suffolk, and State Prison, Newgate,
a cousiderable quantity remaining over from Thursday, 6th Sep. 1810.
last week's arrivals, together with the price of
four being lowered 5s. a sack, caused an (To be continued.)
exceedingly heavy trade for all descriptions of wheat, at a declive of full 4s. per qr. from the quotations of last Monday; for at that abatement very litile progress could be made in sales.
The supply of barley was very large from
all the above counties, and as but few malto From the LONDON GAZETTE, sters have as yet begun to purchase, even the
finest malting samples were taken off slowly FRIDAY, Sept. 28, 1832.
at a reduction of 3s. per qr.; but the stained
and grown sorts were nearly unsaleable at a BANKRUPTS.
decline of 4s. per qr.; a few superfine parcels ASTON, S. sen., Nottingham, iron-founder.
of bright that were secured without any wet CRIPPS, R., Aldersgate-st., wine-merchant.
upon them obtained 35s. to 36s. The best DEMPSEY, J., King-street, Whitehall, porter - description of stained sold to the distillers at merchant.
from 20s. to 30s., and the damp and grown FLIGHT, B., and J. Robson, St. Martin's- sorts were offered for grinding purposes at lane, organ-builders.
from 24s. to 26s. PRIMER, H., Southampton, dealer in china.
White peas continuing in demand, sold REIFFEŃSTEIN, J. C., Langport-place, readily at a further advance of 2s. per qr. Camberwell, and Quebec, merchant.
The oat trade continues in a depressed SHEARN, C., Widcombe and Lyncombe, So- state, the demand at this time being to a very merset, soap.manufacturer.
limited extent, and the prices of this day week SCHNELLE, H., and W. Prehn, Tower- were with difficulty obtained for fine fresh street, merchants.
corn, whilst the ordinary qualities were offered WIDDOWSON, J., Fleet-street, goldsmith.
from 6d. to ls. per qr. cheaper, without effect.
ing sales to any extent. SCOTCH SEQUESTRATIONS.
56s. to 58s, DAVIE, J., Paisley, grocer.
32s. to 34s. GILLESPIE, G., Cupar, Fifeshire, filesher and
26s, to 28s. · cattle-dealer.
35s. to 365. MELDRUM, R., Cleish, Kinross, potato- Peas,
385. to 40s merchant.
42s. to 44s. Grey
34s. to 305, Beans, Small
38s. to 405, Tick
32s. to 319 Oats, Potato....
21s. to 32s, TUESDAY, Oct. 2, 1832.
19s. to 20s, Flour, per sack
250s. to 55 BANKRUPTS. BEWLEY, B., Wroughton, Wilts, corn-dealer.
PROVISIONS. CLOVER, W. G., Holborn, linen-draper. COLLINS, J., Pulborough, Sussex, grocer. Bacon, Middles, new, 425. to 463. per cut. COOKE, T., Birmingham, brass-founder.
Sides, new... 50s, to 54s. FEARS, J. S., Cambridge, cordwainer.
Pork, India, new.... 132s. Od. to s. HOYLE, W., and R. Eastham, Lee-mill, Pork, Mess, new ...775. Od. to -s. per barl. Lancashire, woollen-manufacturers.
Butter, Belfast ....--. to s. per cwto HUNTON, W., Leeds, Yorksh., linen-manuf.
Carlow .....80s, to -S. JONES, C., Birmingham, jeweller.
- Cork ......76s, to 80s,
Butter, Limerick ..76s. to 78s.
1. ENGLISH GRAMMAR.-Of this Waterford..74s, to 76s.
work sixty thousand copies have now been Dublin ....76s. to 78s.
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2. An ITALIAN GRAMMAR, by
Mr. JAMES PAUL COBBETT.-Being a Plain Hams, Irish.... ....55s. to 80s.
and Compendious Introduction to the Study SMITHFIELD.-Oct. 1.
of Italian. Price 6s. This day's supply of beasts was great of sheep and lambs good; of calves and
3. COTTAGE ECONOMY.-I wrote porkers rather limited. The trade with veal and pork was somewhat brisk, with lamb this Work professedly for the use of the lavery dall; with the two former at an advance bouring and middling classes of the English of from 4d. to 6d., the latter at a depression of nation. I made myself acquainted with the full 20. per stone. Beef and muttou went off bread, and these I made it as plain as, I believe,
best and simplest modes of making beer and A full moiety of the beasts were Irish; Cows, Pigs, Bees, and Poultry, matters which principally oxen, steers, and heifers, mostly I understood as well as any body could, and from Northamptonshire, Huntingdonshire; in all their details. It includes my writings Leicestershire, and the western and midland also on the Straw Plait. A Duodécimo Vodistricts; about a fourth short-borved ditto, lume. Price
28. 6d. principally Lincolns, mostly from the lower Lincolnshire marshes; the remaining fourth about equal numbers of Hereford, Devons, 4. THE EMIGRANT'S GUIDE. Welch runts, and Town's-end cows, with a few Scots, &c., principally from the midland Just now Published, under this Title, a little districts and London marshes. Full two
Volume, containing Ten Letters, addressed to thirds of the sheep and lambs were about English Tax-payers. A new edition, with a equal numbers of Downs, Leicesters, and Postscript, containing an account of the Prices Leicester half-breds; the remainder about
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5. The ENGLISH GARDENER; or, deepers, &c.
Beasts, 3,012; sheep and lambs, 22,710; a Treatise on the situation, soil, enclosing and calves, 131; pigs, 210.
laying out, of Kitchen Gardens; on the making and managing of Hot-beds and Green
houses; and on the propagation and cultivaMARK-LANE.-Friday, Oct. 5. tion of all sorts of Kitchen Garden Plants, and The arrivals this week are rather large. The of Fruit Trees, whether of the Garden or the market dull, but without any alteration in Shrubberies and Flower Gardens. Price 6s.
Orchard. And also, on the formation of prices. THE FUNDS.
6. THE WOODLANDS; or, a Trea3 per cent.
Fri. Sat. Mon. (Tues. Wed. Thur. tise on the preparing of the ground for plantCons. Ann. 834) 841
the pruning, and on the cutting down, of Fo. rest Trees and Underwoods. Price 14s. bound
in boards. COBBETT-LIBRARY.
7. YEAR'S RESIDENCE IN AMENew Edition.
RICA.—The Price of this book, in good print | COBBETT'S Spelling-Book; and on fine paper, is 5s.
(Price 2s.) Containing, besides all the usual matter of 8. FRENCH GRAMMAR; or, Plain Fuck a book, a clear and concise
Instructions for the Learning of French. Price INTRODUCTION TO ENGLISH GRAMMAR. bound in boards, 5s.
This I have written by way of
9. TULL'S HORSE-HOEING Grammar;
HUSBANDRY; or, a Treatise on the Prinsoca - thing having been frequently sug- ciples of Tillage and Vegetation. With an logested to me by Teachers as necessary. troduction, by WM, Cobbert. 8vo. Price 158,