Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1845-11-27
FOREIGN NEWS.

On Thursday last the Steamer Britannia arrived
at Boston, in sixteen days from Liverpool. Cotton
is somewhat depressed-American wool is called
for-Amcrican flour and provisions are still in good
demand the potato disease is extending in Europe,
and in England the railway mania has been sud-
denly checked The last is matter of no little
importance to railways in this country, since the
multiplicity Of projects in Europe has been mainly
instrumental in carrying pralroad iron to its pres
ent extraordinary price, This crash of fancy Stocks
or rather gambling stocks, in England, has not
come Unexpectedly or too soon, and it will doubt
less be followed by like results in France and on
the continent Projects based upon substantial
grounds stand all the better, when the rubbish is
cleared away capitalists, who desire permanent
and safe investments will have learned to disn-
guish between the bubbles blown up for specula-
ton and projects which are really sound and the
latter will therefore 60 with vigor and sue
cess than ever, The lesson is good one for this
country though the railroad system here is far diff
ferent from that of England, and the mania can
bear no comparison with that in either England or
France. In England the practice has been to get
the capital subscribed at the outset, and then apply
to Parliament for a charter. A charter is never
granted without long and expensive hearing be-
fore parliamentary committees who hear counsel
for all parties and examine witnesses without num-
Der. The cost of getting a charter merely is usu-
ally about 100000 or $l50000!. In the mean
time, the stock was in the hands of Spectators and
daily going up or down as the examinations pro-
crossed before the committees. Now of these pro-
jects the number was legion, aud the amount of
money expended, in barely getting them up before
Parliament, was of itself enough to build perhaps
nearly all the roads which were actually needed at
the moment or would pay handsomely. crash was
therefore morally certain in England, and the worst
of the misfortune is that it could not have been pro-
duced sooner. The system in France is different,
as will be seen from an extract in another place
but it requires so enormous an amount of money
that bad effects would seem TO be inevitable.
The following extracts are from Wilmer g.
Smiths European Times;
LIVERPOOL, NOVEMBER A.
The railway mania has received its quieius.-
Something like panic has overtaken the specula
tors in iron highways. Now the reaction has
come, it brings in its train ruin and devastation,
and bankruptcy to thousands. But the end is not
yet. more gigantic system OF swlndllng has not
been seen in these latter days, and the number of
" respectable" persons who have leht their names
to support bubble companies, make US blush for
the cupidty Of our common humanity. The Times
has been foremost IN this wo,k of fullering the
Volcars" II matters little what motives may have
prompted the poentates of Printing house-square
10 sound the tocsn; whether jealousy of their CO.
Temperatures, ovexaun that they did not participate
equally in the spoil, or determination 10 destroy
the game Of those who did 81 all this is beside the
question. ave try the act, the motive Heaven
can Judge" The only regret is, that i was not
done sooner But certain it ia, that The Times,