322 
LAISSEZ FAIRE 
A.D. 1776 soon became clear, however, that this plan was impracticable, 
"and that it was necessary that there should be on every 
ine “one system of management under one superintending 
authority, which should have the power of making and of 
enforcing all regulations necessary for the protection of pas- 
sengers, and for duly conducting and maintaining this new 
mode of communication. On this account it is necessary 
that the company should possess a complete control over 
their line of roads, although they should thereby organise an 
Serene entire monopoly of the means of communication.” So soon 
f Govern- a3 the actual condition of affairs was recognised it was felt 
half of that these private companies should be “so controlled, as to 
he public secure the public, as far as possible, from any abuse which 
might arise under this irresponsible authority.” It was 
necessary on one hand to provide that every reasonable 
precaution should be taken to insist on the safety of the 
sravelling public, and on the other to see that the companies 
1id not charge excessive fares. An important step in this 
latter direction was taken by the Act of 1844, which rendered 
the running of trains at the fare of one penny a mile 
»bligatory?, while the establishment of a Railway Commis- 
sion?, in 1873, has afforded the means of exercising a constant 
supervision over rates in the public interest. This was a 
remarkable development of State interference; it could no 
longer be treated as exceptional action in order to protect 
shose who were too helpless to protect themselves; there was 
bere a definite revolt from laissez faire, and an assertion of 
she necessity of controlling the manner in which business 
was carried on, so that there should be due regard to public 
welfare. 
The ey 275. The increase of commercial intercourse, which 
of the oredit occurred during the earlier part of the nineteenth century, 
a involved a great development of the credit system of the 
narements country. Several changes in the organisation and manage- 
ment of banks were brought about, for experience was growing, 
and the necessity of altering financial practice had been forced 
. Report, 1839, x. 138 ; second report. p. vii. 
» 7 and 8 Viet. c. 85. 
i 86 and 37 Vict. c. 48.