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COLPITTS’ LETTER, SUGGESTING 
hotwithstanding, that a bargain really com- 
pieted on the day when such false rumours 
arise and are refuted is good, and cannot 
afterwards be impeached. | 
* Others again contend, and with greater 
appearance of reason, that all such bargains, 
whether completed or not, where the party 
claiming the benefit of them is ready, and 
does ali in his power to fulfil his part of the 
agreement, are valid and binding upon the 
other party. 
«© Nay, some have gone so far as to hold 
such bargains good, when one of the parties 
was aware of the fallacy of the reports at the 
time of making his contract. 
«It is clear that some of these opinions 
must be ill founded. 
 *€ To establish the principles on which the 
‘question ought to be determined, it may be 
proper to advert to the real nature of the 
subject. Stock, itis well known, is perpe- 
‘tually fluctuating in price. Its value at all 
_ times depends on the state of public opinion, 
_ which is affected as well by false shicalllgetdec 
as by true; by changes, real or projected, in 
out domestic or foreign affairs ; by victories 
or defeats ; and by innumerable other causes 
which operate upon it! In ordinary cases, 
we never hear of doubts as te the validity of 
contracts, where the price of stock alters be- 
fore they can be completel¥ carried into ef- 
fect. Bren in what are called time bargains, 
no dispute is made on account of an unfore- 
seen or miaterial change in price, because 
both parties, in truth, may be said to specu- 
late on a change, or, at least, to anticipate it 
in one way or another: and it will not be 
ontended, that s2ch changes invariably take 
place on circumstances always evident, but 
on those only that gre generally credited at 
the time ; for men argue differently, from 
natural phenomena and political appear- 
: they have different capacities, different 
grees of knowledge, and different intelli- 
“gence. But the meaas of information and 
judging being open to both, each professes 
to act un his own skill and sagacity ; so 
that, at the most, it will amount to no more, 
on this view of the question, than the setting 
up of one opinion in opposition to another. 
e find, then, an uninterrupted and ac- 
Knowledged assent by all parties to what 
may be termed the usual and ordinary flue- 
tuation in the price of stock, which, it is 
presumed, will establish the law on the sub- 
t 
IMPROVEMENTS IN THE POLICE. 
887 
ject ; and till the late barefaced imposition 
upon the public, in the notified peace, or 
seitlement of differences with France (which 
may be called an extreme case), no dgubt 
whatever appears to have arisen upon the 
mind of any one conversant in stock trans- 
actions, that bargains were ftivalid, because 
the intelligence, on which depended the price 
of the day, was false. Unless actual fraud 
can be charged upon one of the parties, as 
that he was a party to the deception practised 
on the public, in such cases, it seems ev 
dent that bargains so made are good, though 
not completed in all respects, provided the 
party claiming thé advantage of them does 
all that is requisite on his part to carry them 
into effect.” 
Tt is a common remark, and we believe 
there is truth in it, that the worshippers 
of fortune are commonly lucky. The 
dabblers, the occasional buyers are mostly 
bit, we should say maimed; but the 
dabs, the persevering jobbers, seldom 
walk off lame. Probably chance has 
its general laws; there are seasons of 
the year, states of the money-markets, 
which bring on a rise and a fall foresee- 
able by that sort of vague instinct, 
which habit of business may tend to 
form. ‘The practice of risking, may 
evolve a delicacy of observation, to 
which bystanders never attain ; and thus 
success may be a species of sagacitys 
This would form an excuse the more for 
learning to bea player. The proportion 
is smatl who sink in consequence of 
launching their skiffs on the Evripus of 
funds and actions. 
Servius Tullius built at Rome the first 
temple to Fortuna publica. Our temple 
to public fortune is the stock exchange : 
the goddess stands not on a wheel, but 
on the bank transfer books, which she 
does not open: her eyes are not ban- 
daged, but occupied with the columns 
of a newspaper: her crest is a weather- 
cock: a bull and a bear are pictured on 
the standards of her hostile sects of 
worshippers : a lame duck isthe emblem 
of the excommunicated. 
Agr. LXI. A Letter addressed to the Citizens of London and Westminster, suggesting 
Improvements in the Police 3 congenial with the Principles of Freedom and the Comtitution.. 
By T.Corpitrs. Svo. pp. 34. 
THE subject which employs these 
pages is of the highest consequence, and 
ot be too severely investigated : it 
a well-known proverb, ‘ Set a thief to 
' catch a thief,’ and it is pretty generally 
understood, that the subordinate officers 
justice in the metropolis, runners, 
constables, &c. &c., are not remarkable 
for the purity of their morals, or for any 
disinterested exertions in fayour of pub- 
lic tranquillity. They have their little 
arrangements, and exercise vigilance tog 
frequently in proportion to their fee ; 
of which, if their employer disappoints 
