vils which, it seems, must inevitably attend
any extensive public speculation, however well founded. Many of the
scenes and circumstances recalled the days of the South Sea Scheme.
The gambling in shares of companies which were formed only in name was
without limit. The principal towns of the north established for that
purpose stock exchanges of their own, and Leeds especially, one-fifth of
whose population had been authoritatively described in the first session
of the new parliament as dependent on the poor-rates, now boasted a
stock exchange which in the extent of its transactions rivalled that of
the metropolis. And the gambling was universal, from the noble to the
mechanic. It was confined to no class and to no sex. The scene which
took place at the Board of Trade on the last day on which plans could be
lodged, and when midnight had arrived while crowds from the country were
still filling the hall, and pressing at the doors, deserved and required
for its adequate representation the genius of a Hogarth. This was the
day on which it was announced that the total number of railway projects,
on which deposits had been paid, had reached nearly to eight hundred.

What is remarkable in this vast movement in which so many millions were
produced, and so many more promised, is, that the great leaders of the
financial world took no part in it. The mighty loan-mongers, on whose
fiat the fate of kings and empires sometimes depended, seemed like
men who, witnessing some eccentricity of nature, watch it with mixed
feelings of curiosity and alarm. Even Lombard Street, which never was
more wanted, was inactive, and it was only by the irresistible pressure
of circumstances that a banking firm which had an extensive country
connection was ultimately forced to take the leading part that was
required, and almost unconsciously lay the foundation of the vast
fortunes which it has realised, and organise the varied connection which
it now commands. All seemed to come from the provinces, and from unknown
people in the provinces.

But in all affairs there must be a leader, and a leader appeared. He
was more remarkable than the movement itself. He was a London tradesman,
though a member of parliament returned for the first time to this House
of Commons. This leader was Mr. Vigo.

Mr. Vigo had foreseen what was coming, and had prepared for it. He
agreed with Mr. Neuchatel, what was wanted was "a new channel." That
channel he thought he had dis