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The English papers are so incessantly repeating their lies, about the tumults, the anarchy, the bankruptcies, and distresses of America, that these ideas prevail very generally in Europe. At a large table where I dined the other day, a gentleman from Switzerland expressed his apprehensions for the fate of Dr.
In a day of bankruptcies, how much would you bid for the loyalty of a class shivering under deprivation of luxuries, with its God Comfort beggared?
And in time she forgets its origin; it seems to her to be a thing unalterable, divine. But the soul can also have her bankruptcies. Perhaps she will be the richer in the end. In her agony she learns to reckon clearly. Fair as the coin may have been, it was not accurate; and though she knew it not, there were treasures that it could not buy.
The double bankruptcies of my broker and of Roguin, my notary, have carried off my last resources and left me nothing. I have the bitterness of owing nearly four millions, with assets not more than twenty-five per cent in value to pay them. The wines in my warehouses suffer from the fall in prices caused by the abundance and quality of your vintage.
I have heard it affirmed, however, that many citizens live beyond their income, which puts them upon tricking and prevaricating in their dealings, and is the principal occasion of those frequent bankruptcies seen in the papers; ordinary tradesmen drink as much wine, and eat as well, as gentlemen of estates; their cloth, their lace, their linen, are as fine, and they change it as often; and they frequently imitate the quality in their expensive pleasures.
Really, if you could have seen, as I saw, this joyous gathering of persons who had drawn in their commercial claws, and were speculating only on the pleasures of life, you would have found no cause to hate usurious discounts, or to curse bankruptcies. Mankind can't always be doing evil.
The Estates of Holland and the various municipal corporations, numbers of whose members were among the sufferers, were compelled to take official action to extend the time for the liquidation of debts, and thus to some extent limit the number of bankruptcies. The tulip mania reduced, however, so many to beggary that it came as a stern warning.
"Bankruptcies are daily increasing and petitions from all parts of the Kingdom, praying for the repeal of the Orders in Council, have been presented to the Prince, but he has declined hearing any of them. Also the Catholic cause remains undecided, and he refuses hearing anything on that subject. But no more of politics. I am sure you must have more than sufficient at home.
It is still worse than to fight against those who have banished you; for, after all, it seems less dishonest to draw the sword for vengeance than to draw it for money. Few bankruptcies were known in France before the sixteenth century. The great reason is that there were no bankers. Lombards, Jews lent on security at ten per cent: trade was conducted in cash.
The want of manners, joined to the want of knowledge, in the nouveaux riches, created universal disgust: they were compelled, some by ridicule, some by bankruptcies, to fall back into their former places, from which they could never more emerge.
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