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Various investigating committees were now appointed, and finally a committee headed by Frederic P. Olcott of New York took charge and worked out a complete plan of reorganization. The scheme, however, met with strenuous opposition, and thus matters dragged on into the panic period of 1893, when the entire system went into bankruptcy and into the hands of receivers.
His delight reveals almost Wertherian powers of "sensibility." Even the family troubles could not damp his ardour. His father had embarked on questionable speculations, which now threatened the Buonapartes with bankruptcy, unless the French Government proved to be complacent and generous.
He had, in fact, been beaten for the second time. Not only did the prodigious crops of Chantebled disprove his theory of the bankruptcy of the earth, that villainous earth in which, like an obstinate peasant weary of toil and eager for speedy fortune, he asserted nothing more would grow; but now that mill of his, which he had so disdained, was born as it were afresh, growing to a gigantic size, and becoming in his son-in-law's hands an instrument of great wealth.
Most are caught between the prospects of bankruptcy on the one hand and adding to an already crushing tax burden on the other. As one indication of the rising costs of local government, I discovered the other day that my home town of Whittier, California which has a population of 67,000 has a larger budget for 1971 than the entire Federal budget was in 1791.
If misfortunes were to overtake Cesar Birotteau, this mad extravagance would be sufficient to arraign him before the criminal courts. A merchant is amenable to the laws if, in the event of bankruptcy, he is shown to have been guilty of "excessive expenditure."
They, the Italians, had sinned by excess of legitimate pride, they had proceeded too hastily with their attempt to improvise a great nation, to change ancient Rome into a great modern capital as by the mere touch of a wand. And thence had come that mania for erecting new districts, that mad speculation in land and shares, which had brought the country within a hair's breadth of bankruptcy.
But this did not disconcert the enthusiast, who proceeded with the story of Joseph Smith's bankruptcy in 1837, and how his ruined creditors gave him a coat of tar and feathers; his reappearance some years afterwards, more honourable and honoured than ever, at Independence, Missouri, the chief of a flourishing colony of three thousand disciples, and his pursuit thence by outraged Gentiles, and retirement into the Far West.
He would have thought himself as much undone by breaking his word, as if it were to be followed by bankruptcy. He served his country as knight of this shire to his dying day.
The distresses of the treasury had powerfully contributed to bring about, to develop the political crisis; the public cry for the States-general had arisen in a great degree from the deficit; but henceforth financial resources did not suffice to conjure away the danger; the discount-bank had resumed payment, the state honored its engagements, the phantom of bankruptcy disappeared from before the frightened eyes of stockholders; nevertheless the agitation did not subside, minds were full of higher and more tenacious concernments.
"His opinions may be wrong, his life is right." "Why, sir, he's nothing but a Radical or a Socialist." "Jonathan, I don't bring politics into business." "You're right, sir. When I see any of our customers bothering with politics, I begin to watch for their names in t' bankruptcy list. Your honorable father, sir, could talk with both Tories and Radicals and fall out with neither.
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