The result of the labours of Parliament was a tissue of legislative
bungling, involving enormous loss to the public. Railway Bills were
granted in heaps. Two hundred and seventy-two additional Acts were
passed in 1846. Some authorised the construction of lines running almost
parallel to existing railways, in order to afford the public “the
benefits of unrestricted competition.” Locomotive and atmospheric lines,
broad-gauge and narrow-gauge lines, were granted without hesitation.
Committees decided without judgment and without discrimination; it was a
scramble for Bills, in which the most unscrupulous were the most
successful.
Amongst the many ill effects of the mania, one of the worst was that it
introduced a low tone of morality into railway transactions. The bad
spirit which had been evoked by it unhappily extended to the commercial
classes, and many of the most flagrant swindles of recent times had their
origin in the year 1845. Those who had suddenly gained large sums
without labour, and also without honour, were too ready to enter upon
courses of the wildest extravagance; and a false style of living shortly
arose, the poisonous influence of which extended through all classes.
Men began to look upon railways as instruments to job with. Persons,
sometimes possessing information respecting railways, but more frequently
possessing none, got upon boards for the purpose of promoting their
individual objects, often in a very unscrupulous manner; landowners, to
promote branch lines through their property; speculators in shares, to
trade upon the exclusive information which they obtained; whilst some
directors were appointed through the influence mainly of solicitors,
contractors, or engineers, who used them as tools to serve their own
ends. In this way the unfortunate proprietors were, in many cases,
betrayed, and their property was shamefully squandered, much to the
discredit of the railway system.
Public-domain text, read in full here on John Shaqi.
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