Although the collapse of the Railway Mania really began in 1845, its effects were not fully felt until the commencement of this year, when 10 per cent. on Railway Capital had to be lodged with the Accountant General, within seven days from the assembling of Parliament, which in this case meant the 29th Jan. It really received its first serious wound when the Bank of England rose its rate of discount on 16 Oct., but it was only when the calls had to be paid, that it was found how rotten the whole concern was, as the Marquis of Clanricarde, in a speech, plainly exposed. Said he: “One of the names to the deed, to which he was anxious to direct their attention, was that of a gentleman, said to reside in Finsbury Square, who had subscribed to the amount of £25,000; he was informed no such person was known at that address. There was, also, in the Contract deed, the name of an individual who had figured in the Dublin and Galway Railway Case, who was down for £5,000, and who was understood to be a half-pay officer, in the receipt of £54 a year, but who appeared as a subscriber in different railway schemes to the amount of £41,500. The address of another, whose name was down for £12,200, was stated to be in Watling Street, but it appeared he did not reside there. In the case of another individual down for £12,500, a false address was found to have been given. Another individual, whom he would not name, was a curate in the parish in Kent; he might be worth all the money for which he appeared responsible in various railway schemes, but his name appeared for £25,000 in different projects, and stood for £10,000 in this line. Another individual, who was down for £25,000, was represented to be in poor circumstances. A clerk in a public company was down for upwards of £50,000. There were several more cases of the same kind, but he trusted he had stated enough to establish the necessity of referring the matter to a Committee. There were, also, two brothers, sons of a charwoman, living in a garret, one of whom had signed for £12,500, and the other for £25,000; these two brothers, excellent persons, no doubt, but who were receiving about a guinea and a half between them, were down for £37,000.” The story of the collapse is so admirably told by Mr. Francis, that I prefer giving his version than writing of it myself: