It is full of wild and wasted virtues.

When a religious scheme is shattered (as Christianity was shattered at the Reformation), it is not merely the vices that are let loose.

The vices are, indeed, let loose, and they wander and do damage.

But the virtues are let loose also; and the virtues wander more wildly, and the virtues do more terrible damage.
The modern world is full of the old Christian virtues gone mad.

The virtues have gone mad because they have been isolated from each other and are wandering alone.