But, in speculations like these, the probable, if not certain, progress of improvement and discovery ought not to be overlooked; and we may safely pronounce that, long before a minute fraction of such a period of time shall have rolled over, other and more powerful mechanical agents will altogether supersede the use of coal. Philosophy already directs her finger at sources of inexhaustible power in the phenomena of electricity and magnetism. The alternate decomposition and recomposition of water, by magnetism and electricity, has too close an analogy to the alternate processes of vaporisation and condensation, not to occur at once to every mind: the development of the gases from solid matter by the operation of the chemical affinities, and their subsequent condensation into the liquid form, has already been essayed as a source of power. In a word, the general state of physical science, at the present moment, the vigour, activity, and sagacity with which researches in it are prosecuted in every civilized country, the increasing consideration in which scientific men are held, and the personal honours and rewards which begin to be conferred upon them, all justify the expectation that we are on the eve of mechanical discoveries still greater than any which have yet appeared; and that the steam engine itself, with the gigantic powers conferred upon it by the immortal Watt, will dwindle into insignificance in comparison with the hidden powers of nature still to be revealed; and that the day will come when that machine, which is now extending the blessings of civilisation to the most remote skirts of the globe, will cease to have existence except in the page of history.
(142.) For some time after the completion of the Liverpool and Manchester railway, doubts were entertained of its ultimate success as a commercial speculation; and, even still, after several years' continuance, some persons are found, sceptical by temperament, who have not acquired full confidence in the permanency of its advantages. The possibility of sustaining a system of regular transport upon it, with the unheard of speed effected at the commencement of the undertaking, was, for a long period, questioned by a considerable portion even of the scientific world; and, after that possibility was established, by the regular performance of some years, the practicability of permanently profitable work, at that rate of speed, was still doubted by many, and altogether denied by some. The numerous difficulties to be encountered, and the enormous expense of locomotive power, have been fully admitted by the directors in their semi-annual reports. Persons interested in canals and other rival establishments, and others constitutionally doubtful of everything, attributed the dividends to the indirect proceedings of the managers, and asserted that when they appeared to be sharing their profit's, they, in reality, were sharing their capital. This delusion, however, could not long continue, and the payment of a steady semi-annual dividend of 4-1/2 per cent. since the opening of the railway, together with the commencement of a reserved fund of a considerable amount, with a premium of above 100 per cent. on the original shares, has brought conviction to understandings impenetrable to general reasoning; and the tide of opinion, which, for a time, had turned against railways, has now, by the usual reaction, set in so violently in their favour, that it becomes the duty of those who professionally devote themselves to such inquiries, to restrain and keep within moderate bounds the public ardour, rather than to stimulate it.