United States or Estonia ? Vote for the TOP Country of the Week !
The circular, shortly after sent out to all the names upon the list, stated succinctly that financial and labor conditions had been such that it had been found impossible to operate the mine profitably for several years, that it had depreciated greatly in value owing to the water which had accumulated in its lower levels, that it had exhausted its surplus, that a heavy indebtedness had accumulated, that the corporation's outstanding notes had been protested and that the property would be sold under foreclosure unless money was immediately raised to pay them, the interest due and taxes; that half a million dollars was needed to put the property in operation and that there was no way to secure it, as nobody was willing to loan money to a bankrupt mining concern.
The current account deficit a mere accounting convention simply encapsulates this overwhelming allure. This is somewhat disingenuous. In the last three years, most of the net inflows of foreign capital into the spendthrift US are in the form of debt to be repaid. This mounting indebtedness did not increase the stock of income-producing capital.
H.V. Poor, the railroad expert, declared before a commission of investigation in 1885 that the New York Central Railroad was carrying $48,000,000 of water, on which it had paid eight per cent. dividends for fifteen years. He also estimated that of the seven and a half billions of indebtedness which the roads of the country were carrying in 1883, two billions represented water.
And yet all this display of luxury smacked of indebtedness, there was only so much paid on account to the upholsterers; all the money the money won by lucky strokes as on 'Change slipped through the artist's fingers, and was spent without trace of it remaining.
"However great may have been the indebtedness of Mr. Gladstone to Sir James Graham, if the former had not been possessed of far wider sympathies to say nothing of superior special intellectual qualities than his political mentor, he never could have conceived and executed those important legislative acts for which his name will now chiefly be remembered."
"Oh yes, but then you really don't know much about the cost of things, in spite of the fact that you run a farm. We always had an extra man for you " "I could well have dispensed with the dissipated fad-ridden specimens you produced for my entertainment. I did not meet a sober man during the entire fortnight. What is the amount of your indebtedness? I will pay half, but no more."
Before 1789, the cures and other second-class officials were, for the most part, selected and installed without the prince's intervention, sometimes by the bishop of the diocese or a neighboring abbe, sometimes by independent collators, by the titular himself, by a lay patron or a chapter, by a commune, by an indultaire, by the pope, while the salary of each titular, large or small, was his private property, the annual product of a piece of land or of some indebtedness attached to his office and which he administered.
The last reason is true of some States, though not of all. The prompt payment of interest on the reduced indebtedness has done much to restore the credit of the South, and the bonds of some States now sell above par. Extravagance had helped to overthrow the carpetbag régime. The new governments were necessarily forced to be economical. Expenditures of all kinds were lessened.
Goethe shared Arnold's love of the Bible, and was so constant a reader of it that his friends reproached him for wasting his time over it. Burke owned his indebtedness to the Bible for his unique eloquence. Webster confessed that he owed to its habitual reading much of his power.
"As we rise above our time nature, and are united with our eternal nature, we feel more and more our indebtedness to Christ. It was to this He called us in all His words, and now calls us in the Spirit. . . . "So long as low appetites are cherished, and selfish passions harbored, and vanity allowed a seat in our bosoms, so long will men be slaves to their stomachs, backs, and business.
Word Of The Day