When this sober state of things had endured some time, there came a year
that money was loose, and a speculative fever due in the whirligig of
time. Then railways bubbled. New ones were advertised, fifty a month,
and all went to a premium. High and low scrambled for the shares,
even when the projected line was to run from the town of Nought to the
village of Nothing across a goose common. The flame spread, fanned by
prospectus and advertisement, two mines of glowing fiction, compared
with which the legitimate article is a mere tissue of understatements;
princes sat in railway tenders, and clove the air like the birds whose
effigies surmount their armorials; our stiffest Peers relaxed into
Boards; Bishops warned their clergy against avarice, and buttered Hudson
an inch thick for shares; and turned their little aprons into great
pockets; men, stainless hitherto, put down their infants, nurses
included, as independent subscribers, and bagged the coupons, _capturi
tartaros._ Nearly everything that had a name, and, by some immense
fortuity, could write it, demanded its part in the new and fathomless
source of wealth: a charwoman's two sons were living in a garret on
fifteen shillings apiece per week; down went their excellencies' names
for L. 37,000 worth of bubbling iron; another shareholder applied
imperiously from a house in Grosvenor Square; he had breakfasted on the
steps. Once more in Time's whirligig gentlemen and their footmen jostled
one another on the Exchange, and a motley crew of peers and printers,
vicars and admirals, professors, cooks, costermongers, cotton-spinners,
waiters, coachmen, priests, potboys, hankers, braziers, dairymen,
mail-guards, barristers, spinsters, butchers, beggars, duchesses,
rag-merchants--in one word, of Nobs and Snobs; fought and scrambled pell
mell for the popular paper, and all to get rich in a day.*
*For the humours of the time see the parliamentary return of
Railway Subscribers, published 1846: Francis's British
Railway: Evan's Commercial Crisis; and the pamphlets and
journals of the day.
Richard Hardie had some money in existing railways, but he declined to
invest his hard cash upon hypotheticals. He was repeatedly solicited to
be a director, but always declined. Once he was offered a canny bribe
of a thousand pounds to let his name go on a provisional committee. He
refused with a characteristic remark: “I never buy any merchandise at a
fancy price, not even hard cash.”
Antidote to the universal mania, Barkington had this one wet blanket;
an unpopular institution; but far more salutary than a damp sheet
especially in time of Bubble.
Public-domain text, read in full here on John Shaqi.
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