The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-11-01
ur,p RAILWAY MANIA IN ENGLAND.

Dat Of Virginia 4
THE RAILWAY MANIA IN ENGLAND.
We have already mentioned that the London
..rs with their mammoth supplements, were
Fnsd 10 the verge with railway prospectuses The
:, English papers announce the continuance, and
!. msryellously rapid progress of the "mania." A
80 :, two since, we promised to give sort of
,,v If the schemes, (almost infinite in num-
The allurements of which, it is seen that near
III ENGLAND was inspired with the imagination
., fortunes vast, were speedily and surely to be
massed.
w. soppose, that even in this, our own tgo
..an country, whose population is often de-
.h.d nc the most adventurous aud restessly
n.eola,ive of any upon the face of the earth there
!. no realization Of the frenzied enthusiasm
which prevails in England upon the subject of rail-
v,v improvements, and the profits which stock
,oldsrs are to derive from investments. With re-
osc, 10 this particular mode Of intercommunica-
ian our lusty kinsman "John Bull" appears to be
.,o..essed of devil-a devil in the similitude of a
r,ilwsvn The islanders, Heaven bless 'emD of all
classes employed as they are in every occupation
,h;cb can supply resources, are rushing, with
beadlong precipitation, into railway specuations--
.n,cplations which, in their results, must affect,
,,ber directly or consequentially, and for veal or
no vast portion of the population Of the king
dom.
Without assuming to be at all prepared to
pronounce upon the folly ard the hazard, or
he wisdom and righteousness, which such invest
ments may betoken, it must be apparent to every
me that their vasness (and the universally which
marks their participation may lead to consequences,
not only disastrous to those Immediately concerned,
but embarrassing incidentally the government itself
Tbe diversion of such an immense amount of cap
ital in new direction, we should think, would be
very ant 10 occasion crash--tremendous and over
vhelming The immense sums diverted from the
pursuits of manufactures and commerce, would, it
i apprehended, lead to a CONFUSION.
We submit below list of railway projects, made
out from wilderness of prospectuses found in a
supplement of the "London Times;;'' and as pref
ace to the examination of that list, (Which, by the
way, does not contain more than half of the num-
Der of advertised projects to be found in the
paper,) we append the following remarks of the
Albany Evening Atlas" upon this subject:
RAuRoAD SPECULATION ESoLANp.-The English papers
ire filed with comments the vast speculaons in rail-
and with appehensions OF their consequences The
ess unanimous in its condemnation OF this general avid
Nv in speculation Parliament too is awake to the
uence and is seeking to rein in the mania; and public
pnon sound, or public action SO unsound
All condemn this gambling syse and all hasten to take
its chances The truth Is that the universal press
England while condemnng the whole thing in gross is
ngaged in prasng and putting it in detail The system
according their representation is runous and fatal a
egate profitable and beneficial parts Capitalists listen
tie warnings against speculaons then read the details
THE ensured profits Of separate scheme and rush for
d to share in the benefits OF the exceptions leaving the
Indefinite public at large to meet the dsngers Of the sys
gns the grand army spectators, and recruiting to fill
ranks.
The profits past enerises of this nature stimulate
is gambling mania During the last two months, says
aragraph in Wilmer Smiths Times the revenues Of the
sing lines show increase Of 900 the
spondng two months Of last At this rate Of in
income says the paragraph the value Of the
way property Of the country is becoming greater by up
ards Of ca, 000,0o0 sterling per month.
Under such extravagan computations, the mania
amer. The effects already felt in the scarcity Of cap
for Ultimate business, in the increased Of interest
large demand for iron in the islands and the CONT
and the increased cost Of the article and in the de-
nd for iron works. which, with the increasing scarcity of
pal and the rising rates of interest money it is i'm
ossible to supply Government seems to have attempted
same check this epidemic tried when it ragged
the excess, but in another FORM in this country
issuing of the specie circular by Jackson had the effect
arresting speculaons which not only rapidly con
ering the government domain into the worthless paper of
dishonest banks, but which were disturbing the whole
oue OF business by the diversion of capital from its egit
mate channels The measure to which the English public
ok for check TO this overwGought system is Of the same
haacter though less energetic and effective. The
ountant general" seems will require deposite Of ten
cent the amount Of each share subscribed TO remain
his hands till the applications to Parliament for franchises
ire granted or refused. This sum will amount to some
ry orJo,ty millions pounds end the remaining ninety
cent from 100000 600 to 81 500 600 900 be
when the schemes are put in operation. Will
per Smiths Times speaking of this subject closes its re-
arks with the following paragraph:
1.-THE withdrawal Of enormous from the legiti-
aie sources oil business must in the first instance,
phuence the value Of money; but where the remaining
ney per cent to come FROM TO make many lines
pu,ile-a marvel fort the worshppes Of Plutus In sov
ms Rnoty point the commercial writer's in the daily
prs are advancing opinions the most crude and contra
cory One thing is certain that the accountant general
hen he fingers the whole of the deposite money will he
recipient Of the largest stock Of cash that was ever
dged IN the hands Of single individual, compared with
vaus Of which the mines Of Potosi valueless and
ren me- oil course will hand this accumulated pyramid
wealth over Tor saekeeping to the Bank OF England and
ere plenty Of speculation haxarded how the bank
mmonwealth, until the period arrives when Parliament
hcnons or rejects the schemes-to secure the acts for
men The money had been thus, for temporary purpose
'eriss'n =
@rosd projects, taken consecuipely, as they appear
'" me London Times" bat those only 'phere the
capital is dsceriained and specified in the prospectus
J. The Northampton, Walsall, and Atherstone
lway, Professionally regstered.) Capital ESQ.,
DO.
=. Worcester, Hereford, and Gloucester railway
apnl to be increased from ESQ 900 to 81 600, OOO
D. oxford and Slough junction railway provision
ny reg'stered.) Capital, 100000.
g. The Liverpool, Warrington, Manchester, and
'0eSpoH Direct Railway Company, professionally
egsered) Capital, el,O0O,00O.
D. Bndport and Exeter, or South Coast juno
on railway Capital, 100000.
o. The great Manchester, Rugby, and South
mp'on railway. Capital, E300O,OO0.
T. Great Western, Brentford, and Central Termi-
" junction railway. Capital, Es50, 900.
O. Colchester, Stour Valley, Sudbury, and Hal
'ead railway Capital, 100000.
s'enso, Donegal, Tyrone, Londonderry, and Bel
:. junction railway. Capital, s1,000,000.
~ Louth and Gainsborough Direct railway. Cap
Al, s75O,OOO
H. ihe,ford, Bury st. Edmunds, and Newman
e.rniwsy. Capital, f4O0,OOO.
y. Great Manx Railway Company. Capital,