In the mid-1840s, the Bank of England lowered interest rates and legislation made it easier for individuals to invest in companies, fueling the English Railway Mania. Railroad companies were hyped as a "fool proof investment" and many new schemes emerged. Due to politicians investing, there was little regulation of the increasingly speculative frenzy. Between 1844-1846, over 6,000 miles of track were built. However, when interest rates rose in 1845 and some schemes were revealed as scams, share prices collapsed, and many investors lost substantial sums.