CHAPTEE XXXvn.
 

<1800,)

History of Wall Street—Specnlative Instinct of Onr Forefathers—Erection

of First FresbTterian Chnroh—Coffee Honse—The Sank

of New York—GompantiTe Values,

Few persons, if asked where The Clngel was In old New York, would
answer Wall street. Yet tbat was tbe common Dutch name of tbe principal
financial thoroughfare of tho present day. It signified "ramparts" In tbe
language of the flrst settlers. What an Interesting and curious history
surrounds this mart of flnance of the Western continent, where Mammon
reigns uncurbed!

The purchasers of the Island of Manhattan, according to a Dutch his¬
torian, wero liberal In allotting to settlers suitable parcels of land for their
habitations, gardens and farms, but bolow the present Wall street no cou'
Biderable tract for farming purposes was granted. This part was appropri¬
ated to the city proper. When occasion oCFered for the establishing ot some
small business to enhance tho comfort of the settlers, and tho applicant for
land could guarantee to Improve It. a suitable plot was given to him within
the so-called city Hmlta, hut he bad to live up to his contract In order to
hold It. For twcnty-flve years these building sites were confined to a few
lanes or thoroughfares adjacent to the fort on the south point or the island
and along tho East River, in the same vicinity, the uugranted land lying
In common, under tbe name of T'Schaape Waytle, or Sheep Pasture, wltb
boundaries according to the present streets as follows: New street, on the
vcsst; Beaver stroet, from New to William, on the south; William, from
Beaver to Wall, ou tbe east, and Wall, from William to New. on tbe north.
Its extent was about fifteen acres. This parcel of land was reserved for
many years as pasturage, even aftor tbe growth of tho settlement fore¬
shadowed Its appropriation for Improvement purposes.

During the administration of Governor Stuyvesant the Sheep Pasture
began to lose Its Identity as such. Along the lino of tbe present Broad stroet
tanneries were established, which took in the meadow land of swampy char¬
acter, and to persons of Influence was granted the remaining ground. To
Dominie Drlsclus was given the lion's share, apparently, for It was a great
part Of tbe northerly portion, extending along the line of Wall street and
from the preaent line of Hew street to William street. It lay "south of tbo
land of Jan Jansen Damen, wblch ran parallel with the present northerly
line of Wall street, from Broadway to William street, and formed an oblong
proiectlon extending along the easterly bounds of the present William
street, to near Beaver street, then eastward some distance along the latter.

i&>