nd was met by a train of flunkeys and servants.
"That must be a great swell," said the "commercial," to his remaining
companion. "Yes," responded the Duke of Argyle, "he is the Duke of
Northumberland." "Bless my soul!" exclaimed the "commercial." "And to
think that he should have been so condescending to two little snobs like
us!"

THE GREAT RAILWAY MANIA DAY.

Never had there occurred, in the history of joint-stock enterprise, such
another day as the 30th of November, 1845. It was the day on which a
madness for speculation arrived at its height, to be followed by a
collapse terrible to many thousand families. Railways had been gradually
becoming successful, and the old companies had, in many cases, bought
off, on very high terms, rival lines which threatened to interfere with
their profits. Both of these circumstances tended to encourage the
concoction of new schemes. There is always floating capital in England
waiting for profitable employment; there are always professional men
looking out for employment in great engineering works; and there are
always scheming moneyless men ready to trade on the folly of others.
Thus the bankers and capitalists were willing to supply the capital; the
engineers, surveyors, architects, contractors, builders, solicitors,
barristers, and Parliamentary agents were willing to supply the brains
and fingers; while, too often, cunning schemers pulled the strings. This
was especially the case in 1845, when plans for new railways were brought
forward literally by hundreds, and with a recklessness perfectly
marvellous.

By an enactment in force at that time, it was necessary, for the
prosecution of any railway scheme in Parliament, that a mass of documents
should be deposited with the Board of Trade, on or before the 30th of
November in the preceding year. The multitude of these schemes in 1845
was so great that there could not be found surveyors enough to prepare
the plans and sections in time. Advertisements were inserted in the
newspapers offering enormous pay for even a smattering of this kind of
skill. Surveyors and architects from abroad were attracted to England;
young men at home were tempted to break the articles into which they had
entered with their masters; and others were seduced from various
professions into that of railway engineers. Sixty persons in the
employment of the Ordnance Department left their situations to gain
enormous earnings in this way. There