he stock is presently held. Sooner or
later it must find its way into the hands of the capitalists, a class
whose numbers are notoriously every day on the increase. Even were
this not the case, and the balance otherwise, it must be recollected
that the investment of that capital is not the thing of a moment. Four
years, probably, may elapse before all the railways _which have
obtained bills_ can be completed, and during that time the calls are
gradual. Unless, therefore, there shall occur some untoward and
unforeseen cause, such as a continental war or a general stoppage of
trade, the accumulation of capital in this country will be at least
equally progressive. There is thus a future increment corresponding to
the period of the completion of these public works, which may very
fairly be taken into consideration, at least, as a kind of security
that we have not hitherto advanced with too rash or hasty steps. But
with the unchecked influx of new schemes, this security, which at best
is but contingent, must disappear, and a further enormous absorption
of capital, the existence of which is not satisfactorily proved, be
called for. In such a state of things, it is unquestionably the duty
of government to use its controlling power. The payment of ten per
cent deposit is no guarantee at all. Whilst new stocks are at premium,
a hundred pounds, in the hands of an enterprising speculator, may
figure as the representative of many thousands in twenty different
railway schemes. The limit of disposable capital in the country
must--if all the new projects are permitted to go on--be reached, and
that erelong; then comes a period of gambling whilst money is cheap
and credit plentiful--a sudden contraction of currency--and a crash.

It has been found utterly impossible to ascertain the amount of
capital at any time floating in Great Britain. We can, therefore, only
guess from certain commercial symptoms when it is nearly exhausted. On
this point the money articles in the London journals have of late
contained many significant hints. The settlements on the Stock
Exchange are weekly becoming more difficult, and an enormous per
centage is said to be paid at present for temporary accommodation. It
is understood, also, that the banks are about to raise the rate of
discount; from which we infer that their deposits are being gradually
withdrawn, since there is no other circumstance whatever that ought to
operate a change.[7] But really it requir