The Sun.
London, England, 1845-10-23 00:00:00

fit arnin

LONDON, THURSDAY, OCTOBER 23, 1845.

It is gratifying to perceive that hitherto the railway share
market for bond fide transactions has sustained itself in a
manner not merely to justify the favourable prepossessions of
those who have embarked very large investments in it, but to
remove the alarms and misgivings of many intelligent lookers-
on, who had anticipated some serious disorganisation from at-
tempts that have been made to found disastrous auguries
upon the aspect of the commercial world in general, and the
recent notice of the Bank of England's intention to
raise its rate of interest, especially. In our last
paper on this subject we pointed out what we con-
ceive to be the permanent principles that now impart,
and are likely to communicate, stability and safety to rail-
way speculation. We have already shown that vast as are
the ramifications into which it has branched—stupendous as
is the capital which it has already absorbed—the wants, the
wishes, and the interests of society are a guarantee for the
consolidation and expansion both of the one and the
other to an extent infinitely more colossal. It would be
folly in us to deny that we retain the opinion we have so
often proclaimed, that the railway market, in common with
every other branch of invested capital, must, at some period
or other, participate in that general calamity and dislocation
which our monetary system, as established by Sir R. PEEL'S
Currency legislation, will inevitably entail upon the
country. But—looking to the amount of commercial expe-
rience and administrative sagacity, as well as of hitherto
hoarded capital, now engaged in connexion with railway
management, and having regard to the salutary
influence of this combination of opulence and talent
at no distant day with the Legislature, with the
Government, with the Councils of the Crown itself—
we are tempted to anticipate a revision and remodelling of
those fatal laws, which have so mischievously interfered
with the adequate representation of property and the free
operation of capital. Now we believe that if those power-
ful organs for the direction of public opinion, which com-
mitted so irreparable an error in 1825 and 1826 by the
mode in which they exerted all their energies to ex-
cite, precipitate, and extend the " panic" of that me-
morable epoch, can be only induced to exhibit more
of candour, prudence, and moderation, in their dealing
with the march of events, all the engagements and liabilities
of the railway market will adjust and arrange themselves
with as little displacement and disorganisation as can possibly
happen in a sphere of such multitudinous and widely- ex-
tended operations. The ground of those apprehensions
on the part of some of our Contemporaries seems to be,
mainly, the number of the new projects of railway communi•
cation ; but, lest these misgivings should be found too readily
to give way before the tests of unprejudiced inquiry and dis-
cussion, they have lately provided themselves with another
set of apprehensions, which regard the liabilities of a set of
men who have but very recently excited their sympathies,
namely, the directors and provisional committees of such com-
panies. As to the number of new undertakings, we can add
nothing to the reasons on which we have argued, already, that
the experience of the enormous benefits derived from railroads
already constructed is an irresistible inducement with com-
munities that have not yet participated in those ad-
vantages to secure the future enjoyment of them
by the construction of similar works for them-
selves. Of course in every district and portion of a dis-
trict where this •want shall be felt, and this determination
arrived at to supply it, railroads will continue indefinitely
to multiply themselves. As to the liabilities of com-
mitteemen and directors, those too, beyond all ques-
tion, are absurdly exaggerated. It seems to be for-
gotten that the scope and conditions of these rail-
way adventures have assumed of late years features
of entire novelty. The very members of a provisional com-
mittee list are to some extent on the corporate principle of a
joint-stock company or bank : a guarantee to each individual
of such body for a very limited amount of responsibility on
account of his connexion with it; and, to the public, for the
ample responsibility of the whole associated com-
pany. With regard to liabilities incurred before the
formation of companies, and after their formation by pro-
jectors, managers, and mere subscribers, prior and subse-
quently to the issue of prospectuses, settlement of regulations,
delivery and transfer of shares, &c., &c., these subjects in-
volve points too numerous and complicated to allow of our
discussing them here. But we not only with great confi
deuce, but with great pleasure, refer all our readers, whe may
be interested, more or less immediately, in these matters, to two
well-timed and able little publications, which will afford
them, we think, not only amusement and information, but
grounds of well-founded and confirmed confidence in the
general safety of railway investments. The works we refer
to are Mr. GEORGE HENRY LEWIS'S " Liabilities Incurred
by the Projectors, Managers, and Shareholders of Railways,
&c., Considered ;" and Mr. CHARLES WORDSWORTH'S Com-
pilation on " Railway Law." These are really valuable con-
tributions to one of the most important departments of our
economic literature.

What with the monster repeal meetings in the south o
Ireland, and the manifestoes of the Orangemen in the north,
the Government of Sir R. PEEL, must find no little difficulty
in preserving anything like impartial dealing between the
two factions. The Premier, however, is fortunate in his
choice of a Lord-Lieutenant, who is a man not likely to be
swayed either by abuse or flattery, who has had much ex-
perience in settling the disputes of contending parties in
foreign states, and who can bear a great many bard words
without reply or even suffering his temper to be ruffled.
Such a patient disposition is much wanted at the present
time, for abuse is heaped either upon him or his employers
almost without intermission, and it is a curious fact that of
the two accusing bodies the most violent by far is that repre-
sented by the mild, religious, and Protestant Earl of RODEN.
He has just issued a proclamation to the Protestants of the
British empire, which though not so violent in its
language, far surpasses any document of the
kind ever issued by Mr. O'CONNELL in regard
to the grievous charges made against Sir ROBERT PEEL.
From beginning to end it is one continued theme of abuse,
with perhaps the exception of episodes setting forth pie
loyalty of that Orange body, which, under its distinguished
patron, during the last reign had been all but convicted of
high treason. The Noble Earl recounts with evident sorrow
the support given to PEEL at the elections which turned
out the Whigs. "There were indeed," says he, "misgivings
among some sagacious observers of events ; but the greater