Change Alley

Change Alley

South out of Cornhill at Nos. 23 and 28 to Lombard Street, with a passage east to Birchin Lane (P.O. Directory). In Cornhill and Langbourne Wards.

First mention: Lockie, 1810.

Former name: "Exchange Alley" (1666, Leake).

Garaway's, Jonathan's, and other celebrated coffee houses were in this Alley.

After the Fire, it was enlarged and rebuilt out of a house belonging to Alderman Backwell.

The Canal Office was at No. 9 in 1810 (Lockie).

So called, being opposite to the Royal Exchange. The present name is of course merely an abbreviation of the original name "Exchange."

Change-Alley, Cornhill,—is situate between 24, Cornhill, and 70, Lombard-st. leading also to 10, Birchin-lane.

Change-Alley, Cornhill, is situated between No. 24, Cornhill, and No. 70, Lombard-street; it also leads into Birchin-lane.

Exchange Alley, Cornhill, now called Change Alley (which see [below]), was enlarged, if not altogether built after the Great Fire, when "a corner shop at the south end of the new alley, called Exchange Alley, next Lumbard Street," was taken down.¹ The shop belonged to Alderman Edward Backwell, an eminent banker and goldsmith, ruined by the shutting up of the Exchequer in the reign of Charles II.

April 12, 1669.—This evening, coming home, we overtook Alderman Backwell's coach and his lady, and followed them to their house, and there made them the first visit. ... Here he showed me the model of his houses that he is going to build in Cornhill and Lombard Street; but he hath purchased so much there that it looks like a little town and must have cost him a great deal of money.—Pepys.

It appears from a passage in Pepys's Diary that Backwell had the intention of making this improvement before the Fire.

July 3, 1663.—Thence to the 'Change, and meeting Sir J. Minnes there he and I walked to look upon Backwell's design of making another alley from his shop over against the Exchange door, which will be very noble and quite put down the other two.

It is a large place vastly improved, chiefly out of an house of Alderman Backwel's, a goldsmith before the Great Fire, well built, inhabited by Tradesmen; especially that Passage into Lombard Street against the Exchange, and is a place of a very considerable concourse of Merchants, Sea-faring Men, and other Traders, occasioned by the great coffee-houses (Jonathan's and Garway's) that stand there. Chiefly now Brokers, and such as deal in buying and selling of Stocks, frequent it. The Alley is broad and well paved with Free Stones, neatly kept.—Strype, B. ii. p. 149.

There are two or three varieties of a trade token of a coffee-house of still earlier date and fame in this alley. On it is the head of Morat [Amurath] the Great, and the inscription

          Morat ^e Great men did mee call
          Where eare I came I conqver'd all;¹

and an advertisement in the Mercurius Publicus of March 19, 1663, announces "Coffees, Sherbets, made in Turkie, of lemons, roses and violets perfumed; Tea, according to its goodness from six to sixty shillings a pound, for sale at the Coffee-house in Exchange Alley, the sign Morat the Great." In other advertisements it is stated that "The right coffee-powder" is "sold by retail" at the Morat the Great coffee-house at "from four shillings to six shillings and eightpence per pound, as in goodness; that pounded in a mortar at two shillings per pound."

'Change Alley, Cornhill, properly Exchange Alley.

Before the Great Fire this place was a narrow passage, but afterwards it was enlarged and chiefly rebuilt out of a house belonging to Alderman Backwell.

Originally the dealing in stocks took place in Jonathan's Coffeehouse in 'Change Alley, but by the rapid accumulation of the National Debt, together with the introduction of other investments—particularly the South Sea Stock—it quickly extended into the Alley itself, and led to scenes frequently referred to by contemporary dramatists and essayists. To lessen the public grievance and scandal a committee was formed, and the best business removed to the Exchange Coffeehouse, when a charge of sixpence was levied on each person entering during business hours. This, however, did not cure the evil, and some of the independent members formed themselves into a body, built a house, or Stock Exchange, for themselves, and admitted members on the principles of a club. The first house was opened in March 1802, the second in 1854. [See Stock Exchange.] Pope is the author of "A strange but true Relation how Edmund Curll of Fleet Street, Stationer, out of an extraordinary desire of lucre, went into Change Alley and was converted from the Christian Religion by certain eminent Jews. And how he was circumcised and initiated with their mysteries."

Why did 'Change Alley waste thy precious hours,
Among the fools who gap'd for golden show'rs?
No wonder if we found some poets there,
Who live on fancy and can feed on air;
No wonder they were caught by South Sea schemes,
Who ne'er enjoy'd a guinea but in dreams.
Gay to Mr. Thomas Snow, goldsmith, near Temple Bar.

Gay himself was one who "wasted precious hours" there.

Pray, if it is possible to remember a mere word of course in such a place as Exchange Alley, remember me there to Gay; for anywhere else (I deem) you will not see him as yet.—Pope to Fortescue, June 24, 1720 (South Sea year).

There is a gulf where thousands fell,
     Here all the bold adventurers came,
A narrow Sound, though deep as Hell;
     'Change Alley is the dreadful name.
Swift, The South Sea Project, 1721.

[See Exchange Alley and Garraway's.]

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¹ Fire of London Papers, in British Museum, vol. xvi. Art. 59.