Broachers on Wall Street

I was recently stirred by reading about the history of Wall Street in the book Becoming a Millionaire God’s Way by C. Thomas Anderson. What struck me was that the original folks who started to trade on Wall Street were just normal people like you and I selling war bonds. Everyone starts somewhere. Here is a quote from the book.

      Throughout history the wealthy got that way in the same manner that they do today. They invested. They watched for opportunities and took calculated risk based on their knowledge of how money works.

      In 1789, the United States government had just emerged from the Revolutionary War and was completely broke. To raise some capital, it sold eighty million dollars of government bonds. The government desperately needed money and those who were aware could invest in the government and earn substantial dividends.

      The men who sold these bonds were called broachers. The term originally referred to those who broached or tapped a keg of wine. They punched a hole in the keg so that its contents could be poured out. The government broachers were tapping the finances of people and bringing them into the government. In time the “a” was dropped and they became known as “brokers.” 

   These broachers worked largely in the capital, which was New York at that time. To avoid inclement weather they often worked out of a place called the Turvine Café. This gathering was the beginning of what became known as the New York Stock Exchange. The café was located on a little four block street called Wall Street. When the Dutch first settled New York in 1644, they put brush wood around their complex to keep cattle and Indians out. The governor later built a nine foot high wall, turning the area into a fortress. The street that ran along the wall became known as Wall Street.

      I mention this little bit of history because it shows that there have always been opportunities for investments and there have always been investors. There is no reason why you cannot be one. 1

I agree with Dr. Anderson…there is no reason why we cannot become financially literate, develop financial courage and start to prosper. Desire is one of God’s focusing points. He uses it to get people moving. We have read previously that God gives us the desires of our hearts. The very fact that you have an interest in this book and are reading it indicates that you desire to change and learn.

1 Dr. C. Thomas Anderson, Becoming a Millionaire God’s Way, (New York: New York, Faith Words, Hachette Book Group USA, 2006), p.

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