In 1707, this, which was for ten years, expired; and although various petitions, according to the interest of the petitioner, were presented, it was not renewed. A new act was then brought in, by which a yearly tax of forty shillings was levied against all brokers; and it is doubtful whether this would have been passed, had not a deficiency been created by the repeal of one concerning specie.
In 1711, a committee of the House was appointed to consider the acts relative to brokers; and a recommendation ensued to revive the act of 1697. In compliance with this, a bill was brought in, read a first and second time, but was not passed; and in the reign of Queen Anne, the charge for brokerage of 10s. per cent. was reduced to 2s. 9d. It is now 2s. 6d.
In 1746, and in 1756, new bills were brought in, but rejected, which materially affected stock-jobbers; and in 1765 it was ordered that a bill be brought in to restrain the ill practices of brokers; but this, like the others, was not passed.
The ground of defence occupied by Mr. Baily was somewhat subtle. In 1806, this gentleman published a pamphlet, called “The Rights of Stock-jobbers defended,” in which he explained his principles of action, and detailed the course which had been taken. He says:—“The right of the city of London to call upon stock-brokers to be sworn in before the Court of Aldermen, has long been contested and opposed by that body. It is resisted by them, in the first instance, under the impression that they are merely agents, and ought not to be considered as brokers more than many other persons, who, under the name of tailors, merchants, and tradesmen, act by commission in the purchase and sale of goods.”
With these ideas Mr. Baily contested the right, not, as those who knew him will readily credit, from narrow views or confined notions, but because he believed he was supporting a principle founded in justice. These views, however, he found it impossible to maintain. A case was produced by the city, in which it was decided that a person buying and selling stock came within the meaning of the act; and the efforts of Mr. Baily proved futile.
For those who feel disposed to investigate the subject, a list of acts relating to brokers will be found in the Appendix.
In 1807, Lord Henry Petty proposed a new plan for a sinking fund; which, however, was only a revival of the principle of borrowing with one hand and spending with the other; and, as the ministry which planned it were not long in office, it was not continued after the first year.
CHAPTER XI.
Unfounded Charge.—Joint-Stock Companies.—Speculators.—Mark Sprot.—Sketch of the House of Baring.—Policies on the Life of Bonaparte.—Rumors of his Death.—David Ricardo.—Forgery of Benjamin Walsh.—Excitement of the Nation.—Increase of the National Debt.—Sinking Fund.—Unclaimed Dividends.—Francis Baily.