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 first result of Gray’s great scheme was with the capital of
those men who had previously derided him. The men of Manchester
found they were paying too much for the cost of conveyance, and
availed themselves of the idea they formerly denounced. A railway
was projected between Liverpool and Manchester, and then commenced
that ignorant opposition, of which one of the blue books contains
such pregnant proof. By this it appears clearly that the transit
between Liverpool and Manchester had long been insufficient. It
was stated in evidence, that places were bespoke for goods, like
places at a theatre. “It is not your turn yet,” was a common
reply, if extraordinary energy were required; and it was clearly
proved that the monopolizers would only send as much cotton as
they chose, arbitrarily fixing the quantity at thirty bags a week.
The fifty-five miles by canal occupied as long as the distance to
New York. The boats were too few to convey the goods; and on one
canal the proprietors received for their yearly dividend the amount
of their original investment. In vain were the agents importuned
to render conveyance more rapid and less expensive. The monopoly
remained with the owner of the canal, who, blinded by a long course
of success, could not see that, with the increase of business, an
increased communication must be opened; and it is singular that,
when the railroad was first contemplated, and its promoters applied
to the agent to take some shares, an answer worthy of an autocratic
government rather than a commercial age was given, of “all or none.”
The shrewd merchants of the North chose the latter alternative.
The difficulties, therefore, with which the new invention had to
contend, were legion; and the Parliamentary inquiry, already alluded
to, produced one of the most remarkable blue books ever published.
A few extracts from the folio will evince the extraordinary ideas
entertained on the subject, the extraordinary ignorance evinced by
men regarded as scientific, and the yet more extraordinary prejudice
which marked the progress of opinion on railway transit. It is,
however, right to say, that the friends and foes of the proposed
scheme were equally unscrupulous in their endeavours to forward their
interests, as levels were taken without permission, strawberry-beds
destroyed, cornfields trodden down, and surveys taken by night, at
the risk of life and limb. On the other hand, guns were discharged at
the intruders; the land was watched incessantly; and the enthusiasm
of the great engineer of the line narrowly escaped being cooled in a
horsepond.
Public-domain text, read in full here on John Shaqi.
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