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Updated: June 15, 2025
Aside from this participation in a bubble destined to burst, and to be followed by disasters, bankruptcies, and universal distress, Lincoln was credited with steadiness, and gained great influence. He was prominent in securing the passage of a bill which removed the seat of government to Springfield, and was regarded as a good debater.
However, the veil which concealed the truth was becoming more and more transparent every day. Three bankruptcies had diminished the consideration he enjoyed, and people began to listen to complaints and accusations which till now had been considered mere inventions designed to injure him. Another attempt at trickery made him feel it desirable to leave the neighbourhood.
A.D. 1857 the total number of bankruptcies is 4932; and A.D. 1858, 4235. It would be of great consequence, to investigate the deeply secret principal cause of their bankuptcies, and also the native place, education and character of each bankrupt.
A revisal of their former accounts, or an inspection of their past transactions, is a certain and efficacious threat to keep them in silent submission, as they all well understand the meaning of them. Even foreigners, whom our numerous national bankruptcies have not yet disheartened, are subject to these measures of rigour or vigour requisite to preserve our public credit.
All great improvement is the fruit of speculation, upon which, indeed, commerce itself is based. We have, therefore, no sympathy for that numerous class of gentlemen who profess a pious horror for every venture of the kind, who croak prophetical bankruptcies, and would disinherit their sons without scruple, if by any accident they detected them in dalliance with scrip.
During the present year nearly the whole continent of Europe has been convulsed by civil war and revolutions, attended by numerous bankruptcies, by an unprecedented fall in their public securities, and an almost universal paralysis of commerce and industry; and yet, although our trade and the prices of our products must have been somewhat unfavorably affected by these causes, we have escaped a revulsion, our money market is comparatively easy, and public and private credit have advanced and improved.
In the year and a half following the armistice, rents, food, and clothing shot to higher and still higher levels. When the inevitable crash occurred less than two years after the end of the war, business bankruptcies were widespread. Profits were wiped out. Inventory losses amounted to billions of dollars. Farm income dropped by one-half.
Let us now trace rapidly the history, in appearance so romantic and marvellous, in reality so simple, of the fifty thousand crowns, which, thanks to the law of accumulation, and to a prudent, intelligent and faithful investment, had naturally, and necessarily, been transformed, in the space of a century and a half, into a sum far more important than the forty millions estimated by Father d'Aigrigny who, partially informed on this subject, and reckoning the disastrous accidents, losses, and bankruptcies which might have occurred during so long a period, believed that forty millions might well b e considered enormous.
Your Cyrène is the bearer of a very great name: she is a Montmorency." "A Montmorency!" "Yes; she is a widow, you see." "Never." "While an orphan. Her father, the Vicomte Luc de Montmorency, who was a madman of a spendthrift, ended up in two bankruptcies, and was banished from Court. Cyrène was brought up in a mouldy old château near St. Ouen.
The capital was in anxious suspense; the depressed temper of the capitalists, the suspensions of payment, the frequent bankruptcies were heralds of the fermenting revolution, which seemed as though it must at the same time produce a totally new position of parties.
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