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While foreign war was introducing bankruptcy to the treasury of France, civil war was also desolating the kingdom. The sufferings of the Protestants equaled any thing which had been witnessed in the days of pagan persecution. The most ferocious of all these men, who were breathing out threatenings and slaughter, was the Abbé de Chayla.
For the first year of his residence in England he took no more notice of me than my miserly uncle; but at last one summer morning, to my very great relief and joy, I received a letter asking me to come down that very day and spend a short visit at Greylands Court. I was expecting a rather long visit to Bankruptcy Court at the time, and this interruption seemed almost providential.
The National Cordage had a capital of $20,000,000 and liabilities of only $10,000,000, but its collapse brought down with it the whole structure of credit. A general movement of liquidation set in, which throughout the West was so violent as to threaten general bankruptcy.
There is an arresting piece of psychology in this. The conviction expressed in the first portion of the Memorandum that bankruptcy was the rock on which the Peking administration must sooner or later split, and that the moment which Japan must seize is the outbreak of insurrections, is also highly instructive in view of what happened later.
The panic of 1857 came on in the summer and fall; but we knew nothing, out in our little cabins, of the excitement in the cities, the throngs on Wall Street and in Philadelphia, the closing banks, the almost universal bankruptcy of the country. It all came from land speculation.
It is a beneficent movement, likely to result in uniform national laws upon many subjects in which present diversity creates confusion. Marriage and divorce laws, bankruptcy laws, corporation charter privileges, and many other important questions may be expected to become uniform under this evolutionary process.
The band was strong, besides many who had joined lately, since the bankruptcy of Hans Loitz, and there were some gipsies too, amongst whom was an old hag who told fortunes, and had lately prophesied to the band that a great prize was in store for them; they had just returned with some booty from the little town of Damm, where they had committed a robbery.
In these days of competition, who sees not that any relaxation involves and necessarily secures bankruptcy and ruin?" I hear you, and you urge strongly, powerfully your cause. You must, indeed, provide for your household. You must be diligent in business. You may you ought in some good measure, to keep up with the spirit, the progress of the age.
This palace was built in the early part of the eighteenth century by a French nobleman, with wealth gained in the great speculations of the Mississippi Scheme, upon which all France entered in hope of retrieving the bankruptcy entailed by Louis XIV. Its fine colonnade, its great park, and its position, adjoining the park of the War Department, between two great railroad stations and surrounded by tramways, render it one of the most prominent features of Central Berlin.
Yet his errors were innumerable, though possessing such sound knowledge and judgment, such a superabundance of political contrivance, diplomatic coolness, and mathematical calculation, the result of deep thought aided by great practical experience. But how futile he made all these appear when he declared the national bankruptcy.
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