It is now perfectly apparent, and is generally understood, that the fatal Bank Charter Act was the main cause of the ruinous railway mania which has since spread distress and ruin so widely through the country. The reason is evident. It at once emancipated the Bank directors from every consideration, except that of making the most, as ordinary bankers, of their capital; and subjected them to such heavy expenses, from the vast quantity of specie they were obliged to keep in their vaults, as rendered a very extensive pushing of their business in every direction a matter of necessity. The effect of these concurring circumstances was soon apparent. Interest was lowered, immediately after the passing of the Bank Charter Act, to _two per cent for first-class bills_, or still lower, as appears from the subjoined table furnished by Messrs Gurney and Overend, "the greatest bill-brokers in the world."[20] The facility of getting discounts increased beyond all precedent the issues of the banks. Those of the Bank of England rose to £21,000,000; and of all country bankers in a similar proportion. The total notes in circulation, in England alone, reached £28,000,900; in Great Britain and Ireland they exceeded £39,000,000. It was this copious issue of notes which gave, for the time at least, nearly sufficient accommodation for the immense undertakings which were set on foot; which, beyond all doubt, both gave birth to, and nurtured the infancy of that vast network of railways which so soon overspread the country, and, while it was in course of formation, diffused such general prosperity over the land. [20] Rate of discount of first-class bills at the undermentioned periods:-- |Jan. |Feb.|March.|April.|May. |June.|July.|Aug. |Sept.|Oct. |Nov. | Dec. ----+-----+----+------+------+-----+-----+-----+-----+-----+-----+-----+----- 1844|2-1/4| 2 | 2 | 2 |1-3/4| 2 | 2 |1-3/4| 2 |1-3/4|1-3/4|1-3/4