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his favourite character of Othello, but with.' part, and in the second aćt, previous to his out success ; indeed it may be said, it was saying, the only part he ever failed in ; yet I have

• Is this a dagger that I see before me ?" heard it said by those who were reputed good judges, that he struck out many new

“ At this moment the house was all eyes beauties in it, never before hit upon ;-his and ears, all silence, all attention ; I supnet succeeding might, in a great measure, the “ very cunning of the scene" had oba

pose no one thought they were in a theatre; be attributed to his want of height, being tained the deception which it aims at, and much below Barry's; he also dressed it in a shape which was not then the custom. It wholly engrossed all their faculties. At this was, tos, the fashion of those days for ladies critical moment, unfortunately, poor Cer

vetto awoke with an uncommon gape ; a et quality to have a little black boy, in a faney dress and turban, to wait on them such a one ne'er heard before! The howling

loud, long, uncouth, tremendous gape ! bzated actor Quin, being in one of these of a dog, compared to it, was harmony? parties, was asked what he thought of Gar. Had a loaded gun been fired among the rick's Othello ? — Why,' says he, the boy alarmed they were electrified,-then, in a

audience, they could not have been more plays it well enough ; but confound it, whenever he came on, he put me in mind few seconds, went into a general laugh;

indeed 'twas irresistible. of little Pompey there with the tea-kettle.'

However, they This ludicrous remark hurt him more than restored themselves to order, and Garrick his want of figure ;-he immediately gave it when once he got into his room, after the

became composed as soon as possible ; but up, and soon

was universally admired in the same tragedy, by his judicious acting in play was over, the storm broke out. He lago. In King Lear, Jaffier, and many that infernal noise from the orchestra. On

demanded to know who it was that made other parts, they were likewise powerful being told, Cervetto was brought up to him; rivals. Their opposition in the first occasioned some remarks, which I remember and perhaps no criminal ever came before a

judge with more anxiety and trepidation reading in a paper with the following lines :

than he did to Garrick. “ The town has found two different ways “ On his entering, the enraged Roscius To praise the different Lears;

incoherently exclaimed, · What! is it posTo Barry they give loud huzzas,

sible ? can it be you, sir ? is it you, who To Garrick only tears !"

have been in the house with me so many Which had the greater compliment, I sub- years ? is it you that made that cursed outmit to the judicious reader."

landish noise from the orchestra, and set the The jealous irascibility of the tema whole audience in a roar of laughter ?" He per of Mr Garrick is well illustrated went on, till poor Cervetto could just get an by the next anecdote we shall lay be opening to say, “ Sir, I am extremely sorry.' fóre our readers.

•Confound your sorrow, sir! what's your • As Garrick advanced in life, and still could not recover myself the whole night;

sorrow to me? You have ruined me; I increasing reputation, so he still, if possible, all the reputation I have gained in forty became more and more tenacious of it, and more easily disconcerted ; therefore, during years, I have lost in two hours by your exethe last two years of his acting, he requested you've been hired to destroy me; you have

crable noise. You must have been suborned; the musicians not to leave the orchestra for joined with assassins, to stab me in the vul. the future when he played tragedy, as their nerable part. No, sir, I assure you I going in and out, and the doors opening was not hired; I abhor the idea, and toand shutting, caught his eye and ear, and

morrow you will do me the justice to believe distressed him. Till this time, after play, ing the music between the acts, the band me, but you are now in a passion. • Ay, used to bob under the stage, and in their fall asleep? Did my acting displease you ?

sir, and no wonder ; but how came you to music-room enjoy themselves quietly at a

was it so tiresome as to make you go to game of whist or drafts, till the prompter's sleep?" "No, sir ; but the house was so bell gave them warning that the act was just attentive, so very silent, and your acting over: this in future they were obliged to

was so wonderfully great, so much beyond, forego when he performed tragedy. His I thought, what I have often seen you do in first part after this order was Macbeth; and,

the same part, that I was overcome, quite conformably to the same, all the musicians overpowered with sensations that I cannot reluctantly kept their seats. But a Mr Cervetto, well known to the galleries by the I know not how to account for it, but i

express, and involuntarily dropt into sleep. appellation of . Nosey,' who had belonged always do so when I am very highly to the theatre above forty years, and re

pleased.'” peatedly seen Garrick in all his characters,

Perhaps no theatrical occurrence ever now deprived of his customary indulgence, found it difficult to keep awake during the excited a greater sensation in the pubfirst act; after playing the music to which, lic than the farewell appearance of the he profoundly fell asleep! The longest great Roscius on the stage. The folpause that Garrick ever made was in this lowing account of his last performance

is extremely well given, and will carry the house ; till then it seemed as if they with it greater authority, as coming had quite forgot that this was positively the from the pen of one of the few re- last night of his ever appearing. An awmaining eye-witnesses of that affec- ful profound silence ensued. He addressed ting scene Mr Everard appears to

them in prose, seemingly without any study, think that Mr Garrick's character was

saying, that “ The jingle of rhyme, and

the language of fiction would but ill suit not so unfeeling as it has generally his feelings.” After expressing his most been represented. On the present oc- grateful acknowledgments for their kindness casion he certainly both excited and so many years bestowed on him, he took displayed extraordinary emotion ; and his final leave, and quitted the stage on the we think his farewell was his proud- 10th of June 1776. The applause he reest, as it was his last triumph.

ceived at the conclusion of the play was “ The first tragedy their Majesties ever

very different to what was given now ; it commanded, I believe, was to see him play then was long, loud, unanimous, rapturous ; Richard, being intended for the last night now, it was “ Not loud, but deep”-not of his performing. Had the theatre then rapturous, but like a muffled drum-200 been five times larger than it is now, it unanimous, for the hands that a minute would have been full ; persons numberless before were together beating, in rapture, were at the pit and gallery doors soon after especially the ladies, were now employed in ten o'clock in the morning, the places in the using their white handkerchiefs ;boxes taken, and might have been let ten

* And tears are honest, when the hands are times over. In the evening, after their Ma

not.' jesties arrival and being seated, the play, as

His universality has been acknowledged customary, immediately began ; but the by his cotemporaries ; such or such an aetor noise made without doors with people press in their respective fortes have been allowed ing to get in, the confusion which prevailed to play such or such a part equally well as among those who were in, and could not him; but could theyperform Archer and Scrub squeeze themselves into a seat, was such, like him, and Abél Drugger, Ranger and that, notwithstanding the presence of Ma. Lusignan, Bayes and Benedick-speak his jesty itself, not a single syllable was heard

own prologue to “ Barbarossa," in the chatill the first act was nearly over, and Gar

racter of a Country-boy, and in a few mi. rick had to make his appearance ; the au

nutes transform himself in the same play to dience, for the most part, knowing this ;

Sclim? Nay, in the samne night he has the people without doors finding in vain played Sir John Brute and the Guardian their efforts to get in, and those who were

Romeo and Lord Chalkstone-Hamlet and in, having crammed themselves together as

Sharp-King Lear and Fribble- King comfortably as they could, in a minute all Richard and the School-boy! Could any was silence; but in the next moment all was one but himself attempt such a wonderful noise again and uproar ; the galleries insisted variety, such an amazing contrast of chaon the play beginning again, for, as I have racters, and be equally great in all ! No, said, not a word had been heard; his Ma. no, no !" Garrick take the chair !" Or jesty, on being asked, consented to this, allow me to bid farewell to him in his loved and moreover, knowing Mr Garrick's dis: author's lines :position, sent Lord Harcourt to him, telling

• He was a man, take him for all in all, him to make himself perfectly easy, and by We ne'er shall look upon his like again.” no means to hurry or distress himself, but

It is now several years since this take his time, for they would patiently stay aged adventurer visited our northern till he was collected. After this compli- metropolis. He was refused, and inment, the play, strange to say, began a- deed could not well expect, an engain! Determined as he was to finish still gagement by Mr Murray, and he has with Richard, he was prevailed on to per- since had little else to support him form it again ; previous to which, by strong than the small produce of an annual solicitations from many of the nobility, he benefit allowed him by the charity of consented to play one night more, assuring them positively

that it should be the last, the manager. That support also, we as indeed it was. He played Don Felir in understand, has been now withdrawn, the “Wonder;" I am not ashamed to say, and the attempt to attract an audience that on that evening I played the little part to his own performances has repeatedof Vasquez. He spoke the last time as ly failed. The lovers of light reading Don Felix ; I can give but a very poor de will derive from this volume a far scription of the loud plaudits that ensued from all parts of the house, and, I believe, find in the vile trash they devour from

more harmless amusement than they from every one in it, ladies as well as gen- the circulating library, and the purMr Smith, Mr King, Mrs

Abington, Miss chasers of the work will have the saPope, &c. kept retiring to the back of the tisfaction of knowing, that they are stage ; Garrick then slowly advanced, leave contributing to sooth the declining ing the rest standing in a circle behind. In years of an infirm and destitute old an instant a different sensation ran through man.

ON THE STOCKS, OR PUBLIC FUNDS. terest of 5 per cent. On paying down

the money, the lender receives a bill, XR EDITOR,

bond, or acknowledgment, for the sAs I have no doubt of your desire to mount; by which acknowledgment, contribute to the instruction, as well he is entitled to draw yearly from the as the amusement, of every individual public revenue £5 of interest, but among your readers, who paysdown re- on the express condition, that he is not gularly his half-crown for your month- to demand repayment of the principal, ly bill of fare, I shall make no apology or sum lent, unless government is willfor troubling you with a few remarks ing to repay it. The person who thus on the subject that stands at the head possesses the bill or acknowledgment, of this paper. There are few topics of is said to be a holder of £100 of 6 per conversation perhaps more frequently cent. stock, and the money lent upon introduced, and, at the same time, less that bill constitutes a part of what is generally understood, than that of the called the national debt, because it is Public Funds, and I know few subjects in fact borrowed by the nation, and on which the uninstructed can derive the interest is paid out of the taxes. so little information from books. Sys. It is obvious, however, that few pertems of political economy, and pro- sons would be disposed to lend money found disquisitions on the national on the condition of never being allowdebt, are indeed every day issuing from ed to demand repayment, even though the press; but in none of these that I they were quite certain of receiving have met with, not even in the lumi- annual interest, and of transmitting nous pages of the Edinburgh Review, the right to that interest to their poswhich, of all other works, is supposed terity. To remedy this inconvenience, by its admirers to go to the bottom of therefore, the lender who wishes to every subject, will ordinary readers find employ the sum which he lent to goanyexplanation of the first simple prin- vernment in any other way, though he ciples of the Public Funds ? It is for cannot directly demand repayment, is the instruction of such readers, then, at liberty to sell his bill to any body that I would now beg leave to occupy who will purchase it, and for any sum a page or two of your Magazine; and that another may be willing to pay for though I am quite aware, that my ob- it. In doing so, he merely sells to a Servations will cut a very sorry figure second person the right which he himbeside the nervous declamation of Ido- self possessed to the annual interest of loclastes, or the sarcastic humour of £5, and that second person is of course Timothy Tickler, I am nevertheless at liberty to dispose of his right to ancertain, that I will render a very ac- other in the same way. This transacceptable service to many, and these tion, in general, is called a transfer of not the least respectable of your read. stock ; and in the particular case which ers, if I can throw so much light up- I have supposed, the one is said to sell, on the subject as may enable them to and the other to buy, a £100 of 5 per understand the prices of the Stocks, as cent. stock. If 5 per cent. be considergiven in the public papers.

ed as a fair and equitable interest for It is perhaps hardly necessary to re- money lent, it is obvious, that such a mark, that in every war in which this bill as I have now been speaking of, or, country has been engaged since the Re- in other words, that £100 of 5 per cent. volation, the amount of the annual stock, is just worth £100 sterling. It taxes has been found inadequate to de- is possible, however, that in certain fray the expenses of government. , To circumstances, the holder of that bill supply the deficiency, our rulers have may receive more, or be obliged to take generally had recourse to loans, that is less for it than £100. If two or three to say, they have borrowed money from individuals, for example, have each a such individuals as were able and wille sum of money which they are anxious ing to lend it, giving these individuals to lay out at interest, but find it diffia security for the payment of a certain cult to do so, a competition will naannual interest. To explain the na- turally take place among them to beture of this transaction, I shall take a come the purchaser of the bill in quesvery simple case. Suppose, then, that tion, which will always secure to the £100 is the sum which government holder £5 of yearly interest. The wishes to borrow, and that an indivi- possessor of the bill will of course take dual offers to lend that sum at an inc advantage of this competition, and r*

his price, say, to £105. The purchaser, will gain or lose by the transaction, therefore, pays £105 for £100 of 5 per according as they can dispose of these cent. stock, or he lays out his money bills, for more or less than £100. If at an interest of £5 for every £105, the buyers are numerous, compared which is at the rate of something more with the quantity of bills; that is, if than 4 per cent. If, on the other there be a great number who are anxihand, however, the possessor of the ous to have their money laid out at inbill or stock is anxious to dispose of it, terest, they will be tempted perhaps to while few are willing to buy it, he will give, as was before supposed, £105 for be forced to offer it for less than £100, every bill; for though, by doing so, say, £95. The purchaser, in this case, they will have only 4 per cent. for their pays £95 for £100 of 5 per cent. stock, money, still it may possibly be more or he lays out his money at an interest than they can draw for it in any other of £5 for every £95, which is at the way, while the security is better than rate of something more than 54 per if they lent their money to private incent. For simplicity of illustration, dividuals or companies. In this case, I have supposed, that £100 is the sum the contractors would gain 5 per cent. borrowed by government, and that of upon the loan, or £50,000 on the whole course there is just one bill to be dis- ten millions. If, on the other hand, posed of, or transferred by, the lender. however, comparatively few persons If it be supposed, however, as is really are found disposed to lay out their the fact, that the loans generally a- money at 5 per cent., the contractors mount to several millions, the necessi- may be obliged to offer their bills for ty which the lenders are under of sell- less than £100, say, as before, £95. In ing their bills, or, in other words, this case, the contractors lose 5 per transferring their stock, will be more cent. on the loan, or £50,000 on the apparent. The transaction between whole ten millions. It is easy to see, government and the lenders, is pre- from this view of the subject, how the cisely the same in the case of millions price of stock is liable to fluctuation, as in that of a hundred, and it is un- from accidental circumstances. I shall necessary, therefore, again to illustrate not attempt to enumerate these ; but the general principle of that transac- it may be worth while to point out tion. It is evident, however, that even how it is affected by peace and war, as the most opulent merchants, who are these two states of the country are gegenerally the lenders, cannot be sup- nerally found to have the greatest inposed to have such a command of fluence in raising or depressing the money as to be able to advance ten or value of stock. In the time of war, twelve millions to government at once. then, the price of stock is comparativeWhen they contract for a loan, there- ly low, because, in such a state of fore ; that is, when they agree to lend things, it is likely that government to government the sum required, they will be under the necessity of borrowgenerally. pay the money by instal- ing; and as every loan produces new ments, or partial payments, at certain bills, the quantity of those to be disintervals, say one million a-month, posed of, or, in other words, the supe till the whole is advanced. In the ply of the market, will be increased. mean time they sell, or transfer the bills The price, therefore, will fall, for the or securities which they receive from same reason that the price of corn falls government, to those who may have after a plentiful harvest. In time of money to lay out at interest, and who peace, again, the price of stock is comof course will be disposed to purchase paratively high, because, in such a such bills, so that the sale of the bills state of things, the taxes are likely to of the first instalment may enable them be sufficient to defray the expenses of to pay the second. In this way, go- government without any loans, and vernment securities or bills become ar- consequently no new bills are to be ticles of commerce, and their price is disposed of, or the supply, though not regulated like that of any other article, positively diminished, ceases to be augaccording to the supply and demand. mented. For the same reason, the If we suppose, as before, that the con- price of stock in the time of war is tractors for the loan, that is, the ori, materially affected by the nature of the ginal lenders, receive from government intelligence that comes from the scene a £100 bill for every £100 sterling that of action. If that intelligence be unthey lend, bearing 5 per eent., they favourable, stock will fåll, because

there is a prospect either of protracted ing the stock, the bargain is generally warfare, or of the necessity of more vi- implemented by A paying to B, or regorous exertions on the part of govern- ceiving from him, the £2, or whatever ment; in both which cases, new loans may be the sum of loss or gain. In may be necessary, and consequently a such a case as this, it is obviously A's new supply of bills will be thrown in- interest that the price of stock should to the money market. On the other fall, and as obviously B's interest that hand, should the intelligence be fa- it should rise, between the day of the vourable, the price of stock will rise, bargain and that of settling, and hence because the prospect of a successful the

temptation held out to both to cirtermination of the war renders it prob- culate reports favourable to their own able that there will be no new loan, particular views. B, or the buyer, is and consequently no new supply of usually denominated a Bull, as expresstock. It is this variation in the price sive of his desire to toss up; and Ā, or of stock that gives room for the nefa- seller, a Bear, from his wish to tramrious praetice of stock-jobbing. That ple upon, or tread down. The law, of practice consists in raising and circu- course, does not recognise a transaction lating reports, calculated to raise or which proceeds on a principle of gamdepress the price of stock, according to bling; but a sense of honour, or, what the particular views of the individual. is perhaps nearer the truth, self-inIf he wishes, for example, to sell his terest, generally secures the payment stock or bills, he endeavours to propa- of the difference, as the person who regate some report or other, favourable fuses to pay his loss, is exhibited in to the issue of the war, and the esta- the Stock Exchange under the desigblishment of peace, in order, if pos- nation of a lame duck, a disgrace which sible, to raise the price of stock; and is considered as the sentence of banishif he wishes to buy, he propagates re- ment from that scene of bustle and ports of a contrary tendency. It is business.* painful to think, that this abominable I have, in the preceding remarks, system is sometimes carried on by men, for the sake of simplicity, represented whose rank and station in society, to the transfer of stock, as carried on in say nothing of the obligations of mo- a way somewhat different from that in rality and religion, might be expected which it is really conducted. I have to place them far above any such dis- considered the securities which governgraceful acts; but, in general, I be- ment gives to those from whom money lieve it is confined to men of desperate is borrowed as consisting of bills, and fortune and little character, who sub- these bills as uniformly bearing interest sist by a species of gambling, to which at 5 per cent. Neither of these statethe finance system of this country has ments, however, is, strictly speaking, opened a wide and extensive field. I correct, as I shall have occasion more allude to those men who make a prac- particularly to explain in a future comtice of buying and selling stock, with- munication ; but as my object in this out actually possessing any; and whose introductory paper was to simplify the transactions, therefore, are nothing subject as much as possible, for the more than wagers about the price of sake of those who are unacquainted stock on a certain day. To explain with it, I have chosen an illustration the nature of the transaction by an ex- that appeared to me most elementary, ample, I shall suppose, that A sells to and which, if well understood, will B a government bill of £100, or å enable ordinary readers to comprehend £100 of 5 per cent. stock, to be de- with little difficulty, the more intricate livered on a certain future day, and parts of the subject, to which I shall that the price is fixed at £102. If, take the liberty hereafter to direct their when the day arrives, the price of stock attention. To many, I have no doubt, shall have fallen to £100, A would be my observations will appear not only able to purchase the bill in question sufficiently simple, but abundantly silfor £100, while, in consequence of his ly, and as containing nothing but what bargain, B would be obliged to pay every body knew before. Now, I do him £102 for it, so that A would gain boldly aver, that every body does not £2. If, however, stock had risen to know what I haveaboveexplained, and I £104, B would still be obliged to give only £102, so that A would lose £2; See Hamilton on the National Debt but instead of actually buying and selle Botes, p. 182, first edition. VOL. IV.


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