to its fall. With what feelings the "Jew" himself regarded the adventurous conduct of his new and unexpected rival, no one had an opportunity of knowing; for in nothing was Rothschild more remarkable than in the reserve he maintained on all matters relating to the money market. The rivalry of Mr. H was, however, of short duration: he very soon fell a victim to an enterprise which, both in conception and execution evinced much more of the quality of boldness than of judgment. In about two years after the above extensive "operation," he attempted another on a scale of corresponding magnitude; but in this case Rothschild, anticipating the tactics he would adopt, laid a trap for him into which he fell and became a ruined man. He was declared a defaulter, and his name stuck up on the black board. It was only now that the discovery was made, that the £50,000 money stock supposed to be his own, was in reality his father's and that it had been re-transferred in his name. A deputation from the committee waited upon Mr. H― immediately after his failure, at his own house in the neighborhood of Regent's Park, when one of the most rapacious of the number suggested a sale of his furniture, and a mortgage of an annuity settled on his wife. He received the suggestion with the utmost indignation, and ringing the bell for his servant, desired him to show the deputation down stairs, adding that he would be—I shall not say what-before he would pay a sixpence after the treatment he had met with from them. "As for you, you vagabond, My son Jack," who have had the audacity to make such a proposal to me; as for you, sir, if you don't make haste out of the room I'll pitch you out of the window." It is scarcely necessary to say that "My son Jack" was the first who reached the bottom of the stairs.

6

But though no person during the last twelve or fifteen years of Rothschild's life was ever able for any length of time to compete with him in the money market, he on several occasions was, in single transactions, outwitted by the superior tactics of others. I will give one instance. In that instance Rothschild had to contend not only with a man of more than ordinary ability, but one in the soundness of whose judgment all who were acquainted intimately with him reposed the most implicit reliance. Hence they, and especially his monied connexions, were ready to follow him in any operation. The gentleman to whom [ allude was then and is now the head of one of the largest private banking establishments in town. Abraham Montefiore, Rothschild's brotherin-law, was the principal broker to the great capitalist, and in that capacity was commissioned by the latter to negotiate with Mr. — a loan of £1,500,000. The security offered by Rothschild was a proportionate amount of stock in consols, which were at that time 84. This stock was of course to be transferred to the name of the party advancing the money, Rothschild's object being to raise the price of consols by carrying so large a quantity out of the market. The money was lent and the conditions of the loan were these-that the interest on the sum advanced should be at the rate of 4 per cent., and that if the price of con

• The designation by which one of the members always went, his father having been accustomed to speak of him as his "son Jack."

sols should chance to go down to 74, Mr. should have the right of claiming the stock at 70. The Jew, no doubt, laughed at what he conceived his own commercial dexterity in the transaction; but ere long he had abundant reason to laugh on the wrong side of his mouth; for no sooner was the stock pawned in the hand of the banker, than the latter sold it, along with an immensely large sum which had been previously standing in his name, amounting altogether to little short of £3,000,000. But even this was not all: Mr. also held powers of attorney from several of the leading Scotch and English banks, as well as from various private individuals who had large property in the funds, to sell stock on their account. On these powers of attorney he acted, and at the same time advised his friends to follow his example. They at once did so; and the consequence was that the aggregate amount of stock sold by himself and his friends conjointly, exceeded £10,000,000. So unusual an extent of sales, all effected in the shortest possible time, necessarily drove down the prices. In an incredibly short time they fell to 74,-immediately on which Mr. claimed of Rothschild his stock at 70. The Jew could not refuse; it was in the bond. This climax being reached, the banker bought in again all the stock he had previously sold out, and advised his friends to re-purchase also. They did so, and the result was that in a few weeks consols reached 84 again, their original price, and from that to 86. Rothschild's losses were very great by this transaction; but they were by no means equal to the banker's gains which could not have been less than £300,000 or £400,000.

Since Rothschild's death no one can be said to have taken his place on the Stock Exchange. There are several gentlemen who engage in very large transactions, but they can scarcely be said to approximate in amount to his. Neither do they stand out, as capitalists, with any very great pre-eminence. Rothschild's sons are, of course, severally rich even compared with those who are regarded among the most affluent; but, then compared with him, they can only be considered poor, his wealth being divided amongst them. But independently of this, they have neither the spirit of enterprise nor the financial knowledge or skill of their late father.

It is to the transactions of speculators in the funds, such as those I have described in the case of Rothschild, and to others of a smaller amount by less affluent parties, and not to any purchases effected or sales made by the public, that the sudden rise or fall of consols is to be ascribed. Were the funds left to the operation of the public alone, there would be scarcely any fluctuation in them at all.

The late Abraham Goldsmid, who unfortunately shot himself a good many years ago, used to carry on business to an immense extent on the Stock Exchange. Perhaps the amount of his transactions were never exceeded by that of any man excepting Rothschild himself. He always did his business on the most liberal and honorable terms, and was greatly respected by all who knew him; but his good qualities did not prevent his becoming the victim to a league. I will not call it a conspiracy, entered into by a party against him,-which party some persons have conjectured included some of his own relations, since dead. At the period alluded to, which is more than a quarter of a century since,

a practice obtained as it did for some years afterwards, of allowing the King's money as it is called, to accumulate in the hands of the different collectors and receivers throughout the kingdom, till the end of the half year or quarter, when they had to account for it, sometimes in the funds, but more frequently in what are called floating securities, viz. Exchequer Bills and India Bonds. Goldsmid had on one occasion taken in conjunction with a well-known banking establishment, a large government loan. The party who had combined against poor Goldsmid contrived to produce from these collectors and receivers of the revenue and others so large an amount of these floating securities, that the omnium fell to 18 discount. The results as far as regarded Goldsmid, were in the first instance his failure, and eventually his death by his own hand. The banking house was affected to such an extent by its share of the loss, as to occasion for a time doubts of its solvency. The party referred to took care to purchase largely of omnium when at its greatest discount. On the following day it went up to 3 premium, which was the greatest fluctuation ever known in so short a time. The party were supposed to have cleared among them at least £2,000,000 by the transaction.

It can scarcely be necessary to say, that during the time of the war the fluctuations of the funds were much greater than they have been since the peace. The news of every succeeding battle sent them up, or drove them down, according as the result of such battle was supposed likely to affect this country. As might have been expected, all sorts of rumors as to new battles were got up to serve the purposes of individuals. Many a battle was fought and many a victory gained and lost on the Stock Exchange, which were never heard of anywhere else. So accustomed, indeed, had the members become to false intelligence in one or two of the leading papers given with all the solemnity and positiveness of truth, that they frequently found themselves in the predicament of the persons who had been so often groundlessly alarmed by the cry of 'Wolf' from the shepherd's boy, that they did not believe it when true. On one occasion a blunt honest member, who had an immense stake depending on the aspect of the war on the continent, having heard a rumor that a certain battle had taken place, but not knowing whether to credit it or not, determined on waiting personally on Lord Castlereagh, then foreign minister, with the view of endeavoring to get at the truth. He sent up his name to his lordship, with a note stating the liberty he had taken in consequence of the amount he had at stake, and begging as a favor to be informed whether the news of the battle in question was true. The noble lord desired the gentleman to be sent up stairs. He was shown into his lordship's room. "Well, sir," said his lordship, "I am happy to inform you that it is perfectly true this great battle has been fought, and that the British troops have been again victorious."

"I am exceedingly obliged to your lordship for your kindness in giving me the information: I am a ruined man," said the Stock Exchange speculator, making a low bow and withdrawing. He had calculated on

the triumph, at the next conflict, of Napoleon's army. He had speculated accordingly; a contrary issue at once rendered him a beggar.

The members of the Stock Exchange are for the most part exceedingly ignorant of all other matters except those which immediately bear on their own business. This may be accounted for, partly from the fact, of many of them being of an humble origin, and but very imperfectly educated; and partly from the fact, that when they have once entered the place their minds, as in the case of the gamblers at the west end, become so engrossed with the everlasting subject of "stock," that they not only never talk but scarcely ever think of anything else. As for doing, again, the only actions a great many of them are ever known to perform are those of smoking tobacco and playing at billiards at night. There are some most inveterate smokers among them: the cigar is scarcely ever out of their mouths. It is an article which must cost many of them a very handsome something in the course of a year.

I have said that there are some excellent men on the Stock Exchange who would be incapable of anything oppressive or vindictive towards a fallen member. I could mention the names of persons in the house who are an honor to their species. The late Mr. Goldsmid had many admirable moral qualities about him. For many years he had been accustomed to dine in a plain and simple way, at the London Tavern, or City of London Tavern-I am not certain which-when he was usually served by the same waiter. The waiter had always been remarkable for his civility and attention. One day Mr. Goldsmid observed that he was very inattentive and seemingly absent-minded. "What's the matter with you to-day, John?" inquired Mr. Goldsmid, just as he was about to quit the house.

"Nothing sir; that is to say, sir, nothing very particular," observed John, in faltering accents.

Mr. Goldsmid was strengthened in his conviction by the waiter's confused manner of speaking, that something particular was the matter. "Come, come, John, do tell me what makes you so absent-minded and unhappy like?" said Mr. Goldsmid.

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Well, Mr. Goldsmid, since you are so pressing in your kind inquiries, I am sorry to say that about half an hour ago I was arrested for debt, and must go to prison this evening if I cannot pay the money."

"Arrested for debt, John! What induces you to get into debt?" "Why, sir, to tell the truth, I am not able to support my wife and five children with what I can make in this house," said the waiter, in very touching tones.

"And what may be the amount for which you are arrested ?" "I am ashamed to mention it, sir."

"Let me hear it," said Mr. Goldsmid.

"Why, sir, it's for £55," stammered out the waiter, in broken accents, looking steadfastly on the floor as if ashamed to hold up his head. "Bring me a pen and ink," said Mr. Goldsmid. A pen and ink was immediately brought, when Mr. Goldsmid drew from his pocket his check-book, and having written a check for £100, put it into the poor fellow's hands, saying, "Here, go with that, John, to my banker's, and

you will get as much for it as will pay your debt, and be a few pounds to your family beside."

I may mention another short anecdote illustrative of the excellence of Mr. Goldsmid's heart. It must make every one regret the unhappy end to which he came. Being on one occasion travelling in Somersetshire, his carriage was violently upset, owing to the horses taking fright, and he himself seriously hurt by the accident. He was taken to the house of a poor curate, at no great distance from the place at which the disaster occurred. There he was confined to his bed, from the injuries he had received, for a fortnight, during which time the curate was most marked and unremitting in his attentions. On recovering so far as to be able to undertake a journey to London, he asked the curate how much he was indebted to him for the very great kindness he had received at his hand. The curate begged him not to mention such a thing; the idea of remuneration in such a case never entered his mind. Mr. Goldsmid, thinking after this that to press money on the good Samaritan's acceptance, would only hurt his feelings-happy were it for the church were all her clergy like him-quitted his humble and hospitable abode, assuring him that his humanity would not be forgotten. In six weeks afterwards the poor curate received a letter from Mr. Goldsmid, telling him that he had become the contractor for a large government loan, and that he had put down his (the curate's) name for £20,000 omnium, which he hoped would turn out for his advantage. The simple minded curate, who knew nothing more of the funds or of omnium, than he did of the Stock Exchange of the Georgium Sidus, if there be such a place in that planet,-fancied that as his name had been put down for a £20,000 slice of the loan, it would be indispensable that that amount of money should be forthcoming. He immediately wrote back to Mr. Goldsmid, thanking him for the kindness of his intentions, but adding, that instead of being able to raise £20,000 he could not command £20 in the world. Mr. Goldsmid answered the virtuous curate's letter by the post of next day, saying, that the £20,000 could be dispensed with, and enclosing him £1,500 as the amount of profit which he had received for the £20,000 omnium, on selling it out,—the premium having risen since he had put down the curate's name, to an extent which cleared that sum.

Most of the leading men in the Stock Exchange go by nick-names. The way in which these names sometimes originate is curious. "My son Jack," a member already referred to, is a cognomen which dates its origin from the circumstance of the party's father having always called him by that name. Another member is dubbed "The Lady's Broker," in consequence of having been employed, on one occasion, by Mrs. R., the lady of a deceased capitalist, in a speculation into which she entered on her own account, and without the knowledge of her husband. The speculation turned out so unfavorably that neither the lady nor her broker could discharge their obligations; and hence, as in other cases where the broker cannot meet the engagements he has entered into for any other party, he must, to save himself from the black board, give up the name of his principal,-the broker was compelled to divulge the name of the lady speculator. From that day to this he has gone under