Chronicles and characters of the stock exchangeFrancis, John, of the Bank of England
History
Chronicles and characters of the stock exchange
Francis, John, of the Bank of England
Speculation; Stock Exchange (London, England)
The name of Thomas Gray in connection with railroads ranks at
present among the many whose ideas were derided by the very men who
afterwards adopted them. From an early period he formed the opinion
that railways would become the principal mode of transit. It was his
thought by day; it was his dream by night. He talked of it until
his friends voted him an intolerable bore. He wrote of it until the
reviewers deemed him mad. Coaches, canals, and steamboats were, in
his mind, useless. His wisdom and far ken shadowed forth the path
which the purse of others consummated; and, while the projector
died steeped to the lips in poverty, the speculators realized great
profits. His conversation was of a world which his companions could
not comprehend. To appropriate the idea of Mr. Macaulay, there were
fools then as there are fools now; fools who laughed at the railway
as they had laughed at the canals; fools who thought they evinced
their wisdom by doubting what they could not understand. For years
his mind was absorbed by these dreams; and there was something
magnificent in all his projects. He talked of enormous fortunes
realized; of coaches annihilated; of one great general line;—and he
was laughed at. He went to Brussels; and when a canal was proposed,
he again advocated railways. At last he put his thoughts into form;
wrote “Observations on a Railroad for the Whole of Europe”; and was
ridiculed; the work being suppressed, lest men should call him mad.
In 1820, however, he published a book which he called, “A general
Iron Railway, or Land Steam Conveyance,” which attracted great
notice. There was something so pertinacious in the man, and something
so simple in his scheme, that, though it became the custom to laugh
at him, his book went through many editions. When from Belgium he
came to England, true to his theme, he went among the Manchester
capitalists. The men who passed their lives among, and owed their
fortunes to the marvels of machinery, were not yet equal to this.
They listened graciously, and with a smile, something akin to pity,
dismissed him as an incorrigible visionary. But opposition was vain;
nor was Thomas Gray the man to be easily laughed down. He continued
his labors, he continued to talk, to memorialize, to petition, to
fill the pages of magazines, until the public mind was wearied and
worried.
Public-domain text, read in full here on John Shaqi.
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