 Thousands of miles of railroad track were built and the stock market entered upon a period of relentless growth which mostly favored railroad stock.Thus began a speculative movement which lasted until 1846, when economic crisis hit in Great Britain.It is interesting to note that on July 19, 1844, under the auspices of Peel, England had adopted the Bank Charter Act, which represented the triumph of Ricardo’s Currency School and prohibited the issuance of bills not backed 100 percent by gold.Nevertheless this provision was not established in relation to deposits and loans, the volume of which increased five-fold in only two years, which explains the spread of speculation and the severity of the crisis which erupted in 1846.