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Their annual exports were reduced from L22,000,000 to L1,500,000. Three thousand of their vessels were captured. Two-thirds of their commercial class became insolvent A vast war-tax was incurred, and the very existence of the Union imperilled by the menaced secession of the New England States.
"Well, then, just listen to me: I know that in the happy state of our equity law, Chancery can't help my client; but I have another plan I shall go hence to my office, issue a writ, and take your client's husband in execution as soon as he is lodged in jail, I shall file his schedule in the Insolvent Court, and when he comes up for his discharge, I shall put you in the witness-box, and examine you on oath, 'touching any property of which you know the insolvent to be possessed, and where will be your privileged communications then?"
If, then, the contingent nature of trade renders every man liable to disaster that is engaged in it, it seems strange that tradesmen should be outrageous and unmerciful to one another when they fall; and yet so it is, that no creditor is so furious upon an unhappy insolvent tradesman, as a brother-tradesman of his own class, and who is at least liable to the same disaster, in the common event of his business.
At the expiration of sixty days the debt was discharged by the loss of liberty or life; the insolvent debtor was either put to death or sold in foreign slavery beyond the Tiber; but, if several creditors were alike obstinate and unrelenting, they might legally dismember his body and satiate their revenge by this horrid partition.
New Jersey was given jointly to Sir George Carteret and Lord Berkeley, and in 1673, Lord Berkeley sold his share, illy-defined as the "southwestern part," to a Quaker named Edward Byllinge. Byllinge soon became insolvent, and his property was taken over by William Penn and two others, as trustees, and the seeds sown for one of the most interesting experiments in history.
In 1836 he went to Boston, I am told, to edit the "American Magazine of Useful Knowledge," for which he was to be paid a salary of six hundred dollars a year. The proprietors soon became insolvent, so that he received nothing, but he kept on just the same as if he had been paid regularly. The plan of the work proposed by the publishers of the magazine admitted no fiction into its pages.
The defendant below pleaded several pleas, among which was a certificate of discharge under the act of the legislature of the State of New York, of April 3d, 1801, for the relief of insolvent debtors, commonly called the Three-Fourths Act.
The milliner who was not morose or hard-hearted, only newly insolvent was touched, took her in hand with goodwill, found her the most patient and earnest of pupils, and made her a cunning work-woman in course of time. In course of time, and in the very self-same course of time, the Father of the Marshalsea gradually developed a new flower of character.
He had had a piece of University education, and might have pursued that career with honour, but in his second year at Oxford his father died insolvent, and he was obliged to betake himself to the trade which he always detested.
If this bill had been presented and paid, he had doubtless preserved some record of it, and hence a clue might be afforded, though every other expedient should fail. My usual ill fortune pursued me upon this occasion; for the merchant had lately become insolvent, and, to avoid the rage of his creditors, had fled, without leaving any vestige of this or similar transactions behind him.
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