Congress had assumed all the power that was claimed by the kings of old who claimed to rule by divine right; that is to give away the land of the nation to whomsoever they saw proper, and exempt it from all taxation for a term of years. In the exercise of this right they had given to individuals and corporations more land than there is in Great Britain; more land, in fact, than any king of England ever claimed to own. This land was given for the purpose of enabling these favored corporations to build railroads for themselves (not for the people); the people had no interest in the roads, and could only use them on such terms as the railroad companies might dictate. Railroad companies could not build railroads with land; it took money to build them; but the English bondholders had $50,000,000 or $60,000,000 coming in every six months for interest on their United States bonds, and they were willing to lend it to the railroad companies and take railroad bonds, secured by mortgage upon the railroad and their lands. Now, as there were a great many railroad companies that wanted to borrow money, they began to offer extra inducements to secure loans; they offered their bonds at 10, 15, and often 20 per cent discount. These railroad bonds usually drew 6, 7, and even 8 per cent interest, which was paid semi-annually. The profits made by these English capitalists were immense. Never in the world's history had such profits been made. The wildest dreams of John Law and the South Sea schemers were more than realized.