, 1841-04-17

how tar Il was lawful 10 play on credulIty |
and ignorance, and the extent to which de
ception might he carried without constitutin
4 fraud. In short, | could see my way clea' !
in the darkest transaction, and split Il hai ]
with my eyes shut.
| was gradually, though not actually i
partner, admitted sometimes 10 a share ii
the profits when | had made a good hit, and:
soon found mvselfi in possession of 4 snug lit
tie sum. Width this. having the approbarionl
Of my master, | commenced business on my
own account. and considered my fortune as
good as made, when, by his influence. | was
admitted a member of the Board of Brokers
which. under The present severe laws against
every other species Of play, enjoys Il monopo-'
iy of gambling.
In truth. it was carried on upon 4 great
scale. Not a day passed THAT some one OF
US, who. perhaps, was not worth One-fitleti
part Of the money. did not play stakes for
thousands, and buy or sell what neither pos
sessed, or what in fact, had no existence
But every thing was done in the most gen
tlemanly manner, and all the members were
strictly governed by the point Of honor,
which consisted in taking every possible ad-
vantage Of each other.
The entire process was a war between
buyer and seller. One member would. f"r.
example, offer thousand shares of some
fancy stock; that is, a stock which had n"
definite value, and another accept the offer.
although the former had not a single share.
and the latter not a single dollar TO pay for
one. The stock was TO be delivered ut n GER
tain specified time. and here commenced n
great struggle on the part of the buyer and
seller, one to depress, the other 10 raise the
price of the stock, by rumors calculated 10
affect it one way or the other. II was on
one occasion of this kind that | made my
first great speculation.
Happening 10 overhear a bargain of this
kind, for a vast number of shares in n certain
contemplated railroad, a lucky thought came
into my mind. Without losing a moment. ]
went and purchased. one time. every share
OF this stock in the market, and of conse-
quence, the person who had contracted 10
deliver the amount of shares. which WAS very
large. was under the absolute necessity Of
applying TO me when the period of delivery
arrived. You NAV depend made him pay
handsomely, knowing that he would ever at
ter lose the chance of diddlin- others. if he
forfeited his honor on this occasion. by being
expelled the Board. By this operation he
lost, and | gained. a little fortune. and what
was of no less consequence. n great acces-
sion of reputation. on account Of my supe-
rior sagacity and foresight.
The affair recommended me to n certain
bank, which soon after installed me in the
office o. IFS chief broker, that is. furnished
me with money to shave all the gnnd Notes
which the directors refused To discount ut
legal interest. In this situation II II was that
Invented the famous mode OF lodging tie
law against usury, by charging all premiums
above the legal interest as a commission for
my services.
Being now in Il prosperous and honorable
situation, | began 10 sigh for the enjoyment
Of domestic f~eciliiv, as | could now Afford
myself that expensive luxury. ! according
ly sought a partner, and being guided by
prudence, as we'll as inclination, married a
lady of certain age, who had great family
interest. Her father was president OF n
bank, and three of her uncles bank directors.
This at once initiated me into the mysteries
OF the "Credit SYSTEM" as it existed at that
time.
at once saw its defects. and my mind
again reverted, with increasing force and
vigour, TO the question of a currency found
ed exclusively on public credulity. 1t is
true, the banks, as they then existed, pos
sessed great advantages in furnishing cur
rency, two-thirds, or three-fourths of which
was not represented by real value. Still.
this was not the beau ideal of my magma
ton. | reflected, and believed in the pos
sibility of perfecting the Credit System, so
that it should consist solely of credit, with
out being adulterated by 4 single particle of
real value.
The period was now come for realizing
this long cherished vision o: my Imagination.
| was rich in credit and paper money; the
great city Of Ragamuffinville was turning
wild with visions of what was going to hap
pen a hundred years hence; and there was
such demand for money, as all the gold and
silver mines of the universe could not sup
ply. ! had also bank influence. and now set
about acquiring political distinction as iniis-
pensable TO my purposes. Turned 4 furious.
democrat, that party being then uppermost;
attended every ward meeting, and made
speeches in favor of Equal Rights; until, by
degrees, l rose to be a member of the gen.
eral committee for nominating members Of