passengers behind them rode through constant smoke and hot cinders that made railway travel an incessant torture. Yet the railroad speedily demonstrated its practical value; many of the first lines were extremely profitable, and the hostility with which they had been first received soon changed to an enthusiasm which was just as unreasoning. The speculative craze which invariably follows a new discovery swept over the country in the thirties and the forties and manifested itself most unfortunately in the new Western States--Ohio, Indiana, Illinois, and Michigan. Here bonfires and public meetings whipped up the zeal; people believed that railroads would not only immediately open the wilderness and pay the interest on the bonds issued to construct them, but that they would become a source of revenue to sadly depleted state treasuries. Much has been heard of government ownership in recent years; yet it is nothing particularly new, for many of the early railroads in these new Western States were built as government enterprises, with results which were frequently disastrous. This mania, with the land speculation accompanying it, was largely responsible for the panic of 1837 and led to that repudiation of debts in certain States which for so many years gave American investments an evil reputation abroad. In the more settled parts of the country, however, railroad building had comparatively a more solid foundation. Yet the railroad map of the forties indicates that railroad building in this early period was incoherent and haphazard. Practically everywhere the railroad was an individual enterprise; the builders had no further conception of it than as a line connecting two given points usually a short distance apart. The roads of those days began anywhere and ended almost anywhere. A few miles of iron rail connected Albany and Schenectady. There was a road from Hartford to New Haven, but there was none from New Haven to New York. A line connected Philadelphia with Columbia; Baltimore had a road to Washington; Charleston, South Carolina, had a similar contact with Hamburg in the same State. By 1842, New York State, from Albany to Buffalo, possessed several disconnected stretches of railroad. It was not until 1836, when work was begun on the Erie Railroad, that a plan was adopted for a single line reaching several hundred miles from an obvious point, such as New York, to an obvious destination, such as Lake Erie. Even then a few farsighted men could foresee the day when the railroad train would cross the plains and the Rockies and link the Atlantic and the Pacific. Yet, in 1850 nearly all the railroads in the United States lay east of the Mississippi River, and all of them, even when they were physically mere extensions of one another, were separately owned and separately managed.