"You both understand, of course, that the industry destined to become the goose that lays golden eggs is the railway business."
"Of course," Robert and I replied almost simultaneously, nodding.
Since the Stockton–Darlington Railway opened in 1825, Britain had fully realized the power of railroads.
Compared to horse-drawn wagons, railways could transport raw materials on a scale previously unimaginable. The reduction in transport costs was visible to anyone with eyes to see.
Soon afterward, the Liverpool–Manchester Railway opened as a long-distance passenger line as well as a freight route.
And with that, the age of railways in Britain truly began.
"The potential of railways is extraordinary," Gladstone continued thoughtfully. "Personally, I believe Britain's rapid adoption of rail transport will become one of the decisive advantages that place our empire far ahead of other European nations."
He paused briefly before adding,
"Unfortunately, most railway enterprises are private companies. And that means far too many unreliable operators."
"Well," I said, "capitalists always rush toward profit. The state cannot possibly bear the entire financial burden of railway construction, so some level of risk is inevitable."
"You're absolutely right, Killian," Gladstone replied. "But the brighter the sun of the railway boom shines, the darker the shadows beneath it grow."
He leaned slightly forward.
"The case I heard about concerns the proposed London–Birmingham Railway. I assume you both know the line?"
Know it?
Anyone living in London had heard endless speculation about how the line would transform commerce and which towns would prosper once it opened.
"Isn't that the route running from London through Watford to Birmingham?" I asked.
"Exactly," Gladstone said with a nod. "Birmingham lies close to Liverpool, so the line is expected to contribute enormously to commercial development. The project is currently entangled in legal disputes, but most in the industry believe a final decision will come within the year."
He folded his hands.
"And from what I've gathered, swindlers thrive during times like these."
Naturally.
The habits of swindlers rarely changed.
Not two hundred years ago.
And certainly not two hundred years in the future.
"So the fraud your acquaintances suffered," I asked, "was related to that railway project?"
"More precisely," Gladstone replied, "the criminals claimed to represent a company supplying materials for railway construction. They encouraged people to invest."
He shook his head.
"The deception was convincing enough that many were fooled."
Large construction projects inevitably involved numerous contractors, suppliers, and financial interests.
Still, Robert looked genuinely confused.
"But surely investors verify whether such companies are legitimate before putting money into them?"
"Documentation can be forged," Gladstone said bluntly. "With enough money, papers can be fabricated easily. Unless someone already suspects fraud and investigates carefully, most people never question it."
"That makes sense," Robert admitted. "Still, if they keep using the same method, wouldn't they be caught eventually?"
"They close the company the moment police suspicion arises," Gladstone explained. "Then they reopen under a new name."
He counted the methods on his fingers.
"Sometimes they offer shares in railway ventures. Other times they propose partnerships in supplying materials. In some cases they even claim to possess advance knowledge of where new stations will be built and encourage investment in nearby land."
Different tactics.
The same principle.
Pretend to be connected to railway construction.
Forge documents.
And fleece unsuspecting investors.
Apparently, such crude schemes were more than sufficient to empty countless pockets in the early nineteenth century.
The method was astonishingly simple.
But blaming the victims would be unfair.
Even in the modern world—where information is easily accessible—fraud involving real estate or infrastructure investments remains common.
In the nineteenth century, when such schemes were still relatively new, many people would never have imagined the possibility.
The victims were not fools.
The criminals were simply scum.
"Railway shares are currently regarded as almost guaranteed profits," I said thoughtfully. "Even careless investors expect returns higher than bank interest. Add rumors about station locations, and it's easy to see how people lose their heads."
"Exactly," Gladstone said. "So if you ever hear of acquaintances investing in railway ventures, warn them to investigate thoroughly—twice, even three times."
He sighed.
"The worst part is that even if the criminals are eventually caught, the stolen money is rarely recovered."
"Thank you for the advice, sir," I said politely.
"It's nothing," Gladstone replied with a warm smile. "On the contrary, I'm pleased to have met promising younger men today."
After offering a few more words of advice about Eton and university life, Gladstone departed.
Robert and I stood respectfully until his carriage disappeared beyond the school gates.
Thank you for the information, sir.
Though it may not count as repayment…
Once you're elected, you won't need to chase those swindlers.
By then they will either be penniless—
Or rotting in prison.
* * *
Once information arrives, the first step is verification.
The very next day, James arrived at Eton for his regular report.
I relayed Gladstone's story in full.
"Well?" I said with a grin. "Seems like the perfect opportunity to test whether our private detectives are worth their wages."
"Railway fraud," James murmured thoughtfully. "Yes… that's certainly fertile ground for easy money."
"With details this specific, tracing them shouldn't be difficult."
I leaned forward slightly.
"Tell the investigators to follow the trail and gather as much information as possible. I want to know what false company they're operating under, how they persuade investors, and—most importantly—how long the current company has existed."
James tilted his head.
"Why is the timing important?"
"If the company has been operating for a while, they may soon shut it down and open another under a different name. If that's the case, it might be better to wait for the next opportunity."
If you want to catch a tiger, you enter the tiger's den.
And if you want to fleece swindlers—
You must meet them face to face.
Naturally, I couldn't approach them myself.
Which meant James would play the central role.
Since this was effectively his first major operation acting as my proxy, I needed to minimize variables and provide a clear scenario.
"Understood," James said. "What should I do while the investigators gather information?"
"Gladstone mentioned that some of his acquaintances were victims. Meet them and learn exactly how the fraud was carried out. Then compare their accounts with the investigators' findings."
"Yes, sir."
"And of course," I added, "you must not approach them under your real identity. Have you prepared the new one?"
The House of Arran had to remain completely separate from any covert activity.
The best solution would be to dismiss James publicly once I inherited the title.
But that wasn't possible yet.
So instead I had instructed him to create a new identity.
Fortunately, forging identities in the nineteenth century was astonishingly easy.
There were no standardized identification systems like passports or national ID cards.
Most identity verification relied on letters of introduction, employment records, or church documents.
With sufficient intent—and a little money—such things could easily be fabricated.
Especially now, when countless people from rural areas were flooding into London.
In truth, only a minority of people could properly verify someone's identity.
James would use the alias Richard when approaching the swindlers.
And I had already arranged matters so that the identity would withstand casual investigation.
"I'll establish Richard as a young businessman who made a fortune investing in railway shares," James said thoughtfully. "Not through skill—simply through luck. A newly rich man who believes success comes easily."
"Perfect," I replied. "Then let's say his company was founded around the time construction began on the Liverpool–Manchester Railway. Prepare some company ledgers and a signboard as well."
In an era before centralized records, fabricating such details was surprisingly easy.
London saw countless businesses opening and collapsing every day.
Cross-checking information was nearly impossible—and few people bothered.
Many companies had been founded decades earlier and now existed only as empty shells.
Unless one was dealing with a major corporation, complete verification was virtually impossible.
With plausible records and ledgers, a fabricated company could easily appear to have operated successfully for years.
And London was full of specialists willing to create such documents—for the right price.
"I'll find several reputable craftsmen and commission the work," James said.
"No," I corrected. "Hire at least three. Let them compete. Then we'll continue working with whichever produces the best forgeries."
"A competition, then," James said with a nod. "Understood."
He hesitated before adding,
"One more thing. When meeting Gladstone's acquaintances… how should I explain how I discovered them? It sounds as if they haven't spoken publicly about their losses."
"Tell them other victims hired you to track down the criminals," I said. "Say you uncovered their names during your investigation. That explanation suggests considerable resources—and they'll be less suspicious."
More importantly, once they trusted his abilities, they would volunteer information eagerly.
Even if they never recovered their money, the chance to see the criminals arrested would be irresistible.
"Sir… about those victims…"
James trailed off awkwardly.
Even without hearing the rest, I knew what troubled him.
Unlike me, he had little experience deceiving innocent people.
The solution was simple.
Give him moral certainty.
"If the operation yields substantial profit," I said calmly, "give the victims compensation as a form of information fee."
After all, if we squeezed those swindlers properly, a few payments to informants would be barely noticeable.
"Yes, sir!" James said with relief. "I thought you might say that."
After he departed, I returned to the dormitory.
Now it was time to write the next stage of the plan.
What information would arrive next week?
And more importantly—
What would be the most satisfying way to cook those scoundrels?
Acquiring the gambling house through simple sleight of hand had been amusing.
But this…
This felt different.
For the first time in a while, I was returning to my true profession.
And the excitement made my heart beat a little faster.