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The failures were not limited to the metropolis, but were accompanied by others of great extent in the provinces. At Manchester, Liverpool, and Glasgow large firms were obliged to suspend payments. This shock of credit arrested all the usual accommodation, and the pressure in the money-market, so terrible in the spring, was revived.
The officers, fully alive to the danger, are now doing their utmost to cope with the situation; they are seeking to reduce the cash payments to the men and are endeavoring to persuade them to send more of their money home. Court martial and strict punishment have been imposed for drunkenness, in the effort to grapple with this evil.
Thus, where a man had granted that he would be bound in one hundred shillings to pay his servant on a certain day for his services, and for payments made by the servant on his account, it was argued that there was no contract precedent, and that by parol the party is not obliged; and, further, that, so far as appeared, the payments were made by the servant out of his own head and at no request, from which no duty could commence. /1/
If they will afford us a real specie basis for our paper circulation by increasing the denomination of bank notes, first to twenty and afterwards to fifty dollars; if they will require that the banks shall at all times keep on hand at least one dollar of gold and silver for every three dollars of their circulation and deposits, and if they will provide by a self-executing enactment, which nothing can arrest, that the moment they suspend they shall go into liquidation, I believe that such provisions, with a weekly publication by each bank of a statement of its condition, would go far to secure us against future suspensions of specie payments.
The payments from the Treasury during the same period have amounted to $15,655,288.47, leaving in the Treasury on the last-mentioned day the sum of $1,762,370.44.
I again took a little courage; but soon after the countess had left me, the jewellers came in the highest excitement to me, to tell me that, receiving no payments from the queen, they had applied in writing to her several times, without receiving any answer; their efforts to obtain an audience were also all in vain, and so they had at last applied to the first lady-in-waiting on the queen, Madame de Campan, with whom they had just had an interview.
Save for its effect upon Honora, it is immaterial to this chronicle. It was merely the heaviest of her heavy payments for liberty. But what, she asked herself shamefully, would be its effect upon Chiltern? Her face burned that she should doubt his loyalty and love; and yet the question returned.
Thus he was quite stupefied when he at last perceived that the offerings were falling off, that the money of the faithful no longer reached him, as though, indeed, someone had secretly diverted its flow. And eventually the day came when he was unable to make the stipulated payments. In all this there had been so much skilfully combined strangulation, of which he only became aware later on.
The weekly receipts and the payments in full were kept in a local bank, which also expected future business and was therefore likely to be liberal when credit was demanded. Often the officers and directors of the bank were also personally interested in the new enterprise. The machinery manufacturers gave long credit and often took stock in the mill.
Being asked, Whether he was not frequently obliged to borrow money, in order to pay the instalments of the annual payments, and such parts as he paid of the deposit? he said, Yes, he was. Being asked, Where he borrowed the money? he said, He believes principally from soucars or native bankers, and some at Madras, as he told him.
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