Mr. Walpole was almost the only statesman in the House who spoke out boldly against it. He warned them, in eloquent and solemn language, of the evils… - Charles Mackay

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Mr. Walpole was almost the only statesman in the House who spoke out boldly against it. He warned them, in eloquent and solemn language, of the evils that would ensue. It countenanced, he said, “the dangerous practice of stockjobbing, and would divert the genius of the nation from trade and industry. It would hold out a dangerous lure to decoy the unwary to their ruin, by making them part with the earnings of their labour for a prospect of imaginary wealth. The great principle of the project was an evil of first-rate magnitude; it was to raise artificially the value of the stock, by exciting and keeping up a general infatuation, and by promising dividends out of funds which could never be adequate to the purpose. In a prophetic spirit he added, that if the plan succeeded, the directors would become masters of the government, form a new and absolute aristocracy in the kingdom, and control the resolutions of the legislature.

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About Charles Mackay

Charles Mackay (27 March 1814 – 24 December 1889) was a Scottish poet, journalist, and song writer.

Biography information from Wikiquote

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the dangerous practice of stockjobbing, and would divert the genius of the nation from trade and industry. It would hold out a dangerous lure to decoy the unwary to their ruin, by making them part with the earnings of their labour for a prospect of imaginary wealth.

the dangerous practice of stock-jobbing, and would divert the genius of the nation from trade and industry. It would hold out a dangerous lure to decoy the unwary to their ruin, by making them part with the earnings of their labour for a prospect of imaginary wealth. The great principle of the project was an evil of first-rate magnitude; it was to raise artificially the value of the stock, by exciting and keeping up a general infatuation, and by promising dividends out of funds which could never be adequate to the purpose.

Additional quotes by Charles Mackay

He was also a poet, but of less merit than pretensions. His Chrysopeia, in which he pretended to teach the art of making gold, he dedicated to Pope Leo X., in the hope that the pontiff would reward him handsomely for the compliment; but the pope was too good a judge of poetry to be pleased with the worse than mediocrity of his poem, and too good a philosopher to approve of the strange doctrines which it inculcated; he was, therefore, far from gratified at the dedication. It is said, that when Augurello applied to him for a reward, the pope, with great ceremony and much apparent kindness and cordiality, drew an empty purse from his pocket, and presented it to the alchymist, saying, that since he was able to make gold, the most appropriate present that could be made him, was a purse to put it in. This scurvy reward was all that the poor alchymist ever got either for his poetry or his alchymy. He died in a state of extreme poverty, in the eighty-third year of his age.

During seasons of great pestilence men have often believed the prophecies of crazed fanatics, that the end of the world was come. Credulity is always greatest in times of calamity. Prophecies of all sorts are rife on such occasions, and are readily believed, whether for good or evil. During the great plague, which ravaged all Europe, between the years 1345 and 1350, it was generally considered that the end of the world was at hand. Pretended prophets were to be found in all the principal cities of Germany, France, and Italy, predicting that within ten years the trump of the Archangel would sound, and the Saviour appear in the clouds to call the earth to judgment.

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Three causes especially have excited the discontent of mankind; and, by impelling us to seek for remedies for the irremediable, have bewildered us in a maze of madness and error. These are death, toil, and ignorance of the future — the doom of man upon this sphere, and for which he shews his antipathy by his love of life, his longing for abundance, and his craving curiosity to pierce the secrets of the days to come. The first has led many to imagine that they might find means to avoid death, or, failing in this, that they might, nevertheless, so prolong existence as to reckon it by centuries instead of units. From this sprang the search, so long continued and still pursued, for the elixir vitæ, or water of life, which has led thousands to pretend to it and millions to believe in it. From the second sprang the absurd search for the philosopher's stone, which was to create plenty by changing all metals into gold; and from the third, the false sciences of astrology, divination, and their divisions of necromancy, chiromancy, augury, with all their train of signs, portents, and omens.

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