“The engineers who were examined in favour of particular lines, promised all and everything in their evidence. It was humourously said of them, ‘they plunge through the bowels of mountains; they undertake to drain lakes; they bridge valleys with viaducts; their steepest gradients are gentle undulations; their curves are lines of beauty; they interrupt no traffic; they touch no prejudice.’
“Labour of all kinds increased in demand. The price of iron rose from sixty-eight shillings to one-hundred-and-twenty
per ton. Money remained abundant. Promoters received their tens and twenties of thousands. Rumours of sudden fortunes were very plentiful. Estates were purchased by those who were content with their gains; and, to crown the whole, a grave report was circulated, that Northumberland House, with its princely reminiscences, and palatial grandeur, was to be bought by the South Western. Many of the railways attained prices which staggered reasonable men. The more worthless the article, the greater seemed the struggle to obtain it. Premiums of £5 and £6 were matters of course, even where there were four or five competitors for the road. One company, which contained a clause to lease it at three-and-a-half per Cent., for 999 years, rose to twenty premium, so mad were the many to speculate.
“Every branch of commerce participated in the advantages of an increased circulation. The chief articles of trade met with large returns; profits were regular; and all luxuries which suited an affluent community, procured an augmented sale. Banking credit remained facile; interest still kept low; money, speaking as they of the City speak, could be had for next to nothing. It was advanced on everything which bore a value, whether readily convertible, or not. Bill brokers would only allow one-and-a-half per cent. for cash; and what is one-and-a-half to men who revelled in the thought of two hundred? The exchanges remained remarkably steady. The employment of the labourer on the new lines, of the operative in the factory, of the skilled artisan in the workshop, of the clerk at the desk, tended to add to the delusive feeling, and was one of the forms in which, for a time, the population was benefitted. But, when the strength of the Kingdom is wasted in gambling, temporary, indeed, is the good, compared with the cost. Many, whose money was safely invested, sold at any price, to enter the share market. Servants withdrew their hoards from the savings banks. The tradesman crippled his business. The legitimate love of money became a fierce lust. The peer came from his club to his brokers; the clergyman came from his pulpit to the mart; the country gentleman forsook the calmness of his rural domain for the feverish excitement
of Threadneedle Street. Voluptuous tastes were indulged in by those who were previously starving. The new men vied with the old, in the luxurious adornments of their houses. Everyone smiled with contentment; every face wore a pleased expression. Some, who, by virtue of their unabashed impudence, became provisional committee-men, supported the dignity of their position in a style which raised the mirth of many, and moved the envy of more. Trustees, who had no money of their own, or who had lost it, used that which was confided to them; brothers speculated with the money of sisters; sons gambled with the money of their widowed mothers; children risked their patrimony; and it is no exaggeration to say, that the funds of hundreds were surreptitiously endangered by those in whose control they were placed.”
But Railways had been projected, and, in order to carry them through, the plans must, by law, be deposited with the Board of Trade, before, or on 30 Nov.; and, on this occasion, there was a scene, which is very well told in the Annual Register:
“An extraordinary scene occurred at the office of the Railway Department of the Board of Trade on this day (Sunday, 30 Nov.), being the last day on which the plans of the new projects could be deposited with the Railway Board, in order to enable Bills to authorise them to be brought before Parliament, in compliance with the Standing Orders.
“Last year, the number of projects, in respect of which plans were lodged with the Board of Trade, was 248; the number, this year, is stated to be 815. The projectors of the Scotch lines were mostly in advance, and had their plans duly lodged on Saturday. The Irish projectors, too, and the old-established companies, seeking powers to construct branches, were among the more punctual. But upwards of 600 plans remained to be deposited. Towards the last, the utmost exertions were made to forward them. The efforts of the lithographic draughtsmen and printers in London were excessive; people remained at work, night after night, snatching a hasty repose for a couple of hours, on lockers, benches, or the floor.
Some found it impossible to execute their contracts; others did their work imperfectly. One of the most eminent was compelled to bring over four hundred lithographers from Belgium, and failed, nevertheless, with this reinforcement, in completing some of his plans. Post horses and express trains, to bring to town plans prepared in the country, were sought in all parts. Horses were engaged days before, and kept, by persons specially appointed, under lock and key. Some railway companies exercised their power of refusing express trains for rival projects, and clerks were obliged to make sudden and embarrassing changes of route, in order to travel by less hostile ways. A large establishment of clerks
were in attendance to register the deposits; and this arrangement went on very well, until eleven o’clock, when the delivery grew so rapid, that the clerks were quite unable to keep pace with the arrivals. The entrance hall soon became inconveniently crowded, considerable anxiety being expressed lest twelve o’clock should arrive ’ere the requisite formalities should have been gone through. This anxiety was allayed by the assurance that admission into the hall before that hour, would be sufficient to warrant the reception of the documents.