the establishment of an orderly administration, one outcome of which was a general fall of prices that made the unwonted regularity of the collection of taxes doubly unwelcome, naturally excited a certain amount of misgiving and resentment; but on the whole the population was prosperous and contented, and under lord elphinstone (1853–1860) the presidency passed through the crisis of the revolt of 1857 without any general rising. outbreaks among the troops at karachi, ahmedabad and kolhapur were quickly put down, two regiments being disbanded, and the rebellions in gujarat, among the bhils, and in the southern maratha country were local and isolated. under sir bartle frere agricultural prosperity reached its highest point, as a result of the american civil war and the consequent enormous demand for indian cotton in europe. the money thus poured into the country produced an epidemic of speculation known as the share mania (1864–1865), which ended in a commercial crisis and the failure of the bank of bombay (1866). but the peasantry gained on the whole more than they lost, and the trade of bombay was not permanently injured. sir bartle frere encouraged the completion of the great trunk lines of railways, and with the funds obtained by the demolition of the town walls (1862) he began the magnificent series of public buildings that now adorn bombay (mumbai).