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)
But if the opponents were thus bitter in their attack upon the new
scheme, they were equally ingenious in their defence of the canal.
It was described as never subject to drought; the frost never
stopped it; the sun never lowered it; accidents never happened on
it. Its friends were also hardy enough to contend, that a saving of
nine miles an hour was not sufficient to justify the attempt; and
“therefore,” added one who supported this argument, “I do protest
against the despotism of the Exchange at Liverpool striding across
the land of this country.” The reply to all these objections is in
the fact that some thousands of miles are now open to the public.
The Manchester and Liverpool Railway succeeded; but no reward was
conferred upon Thomas Gray. Other railways followed, and were
successful; but no notice was taken of Thomas Gray. The great railway
mania came; but Thomas Gray was nothing in the eyes of excited
speculators, greedy of gain. An endeavour was made by some of the
friends of Gray to win for him the public sympathy; and the poor,
old, broken-hearted man, when he respectfully begged for a situation
on one of those railways which he had so greatly forwarded, was
refused.
“The claim of Gray,” said the _Westminster Review_, “is, that he
found the railway and the locomotive in the condition of mere miners’
tools, dragged them to light, and proclaimed them as the means of
universal progress. He published a practical plan, in 1820, which
was scoffed at on all hands; but in 1830 was made a fact by George
Stephenson, though in 1829 it was almost considered a certain thing
that the haulage on the Liverpool and Manchester would either be
performed by horse-power or by stationary engines.”
The truth of these assertions has never been called in question.
The railway press has generally recognized it. Public subscriptions
for the public benefactor were proposed. A petition in his favor
was forwarded to the House of Commons. But Thomas Gray was poor,
and without influence; and has added another name to those who have
benefited and been buffeted by mankind. Neglected by the directors
of the great works he had pioneered into existence; neglected by
the state, whose profits from railway stamps and railway duties are
mainly owing to him; neglected by the great mass of men, who avail
themselves of the conveyance which once they derided; the “railway
pioneer,” that title which to the last he so dearly loved, died
steeped to his lips in poverty, while the speculators reaped large
gains.
It is a curious circumstance in financial history, that Lord Francis
Egerton, the representative of the great canal projector, received
shares which produced a clear profit of more than £100,000, to
prevent his opposition in the House of Peers; although it is a most
suggestive fact, that, with the increase of railway travelling, canal
property has absolutely improved. The following is the price of
shares in 1824:—
OLD BIRMINGHAM CANAL.
Public-domain text, read in full here on John Shaqi.
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