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Updated: June 15, 2025
Every nation has an interest in these days in the preservation by every other nation of its wealth, its industry, its banks, its luxury, its agriculture. The ruin of Leipsic, of Lisbon, and of Lima has led to bankruptcies on all the exchanges of Europe, and has affected the fortunes of many millions of persons."
These two years formed a part of my own business career, and I can add my vivid recollection to my present study of the period. As values steadily declined and losses rather than profits in business became the rule, the depression and even despair of business men and manufacturers can hardly be exaggerated. The daily list of failures and bankruptcies was appalling.
Cecilia, wholly unused to an examination so little ceremonious, shrunk abashed from his regards: but his conversation was not less displeasing to her than his looks; his principal subjects, which were horse-racing, losses at play, and disputes at gaming-tables, could afford her but little amusement, because she could not understand them; and the episodes with which they were occasionally interspersed, consisting chiefly of comparative strictures upon celebrated beauties, hints of impending bankruptcies, and witticisms upon recent divorces, were yet more disagreeable to her, because more intelligible.
The slight decline in general commodity prices during the past few years naturally assists the farmers' buying power. The number of farmer bankruptcies is very materially decreased below previous years. The decline in land values now seems to be arrested and rate of movement from the farm to the city has been reduced.
The expenses of these new merchants are, however, much greater than sixteen years ago, the profit less, and the credit still less than the profit. Hence numerous bankruptcies, frauds, swindling, forgeries, and other evils of immorality, extravagance, and misery.
A gale of wind drives the richly-freighted ship to the bottom; a sudden fall in the market robs us of our gold, as the November wind strips the oak of its leaves; and bankruptcies and decayed credit often afflict the days of the oldest houses, as disease saps the strength of the body: Alida! Alida! thou hast wounded one that never harmed thee, and rendered my age miserable!"
To lay and collect taxes, duties, imposts, and excises, to pay the debts and provide for the general welfare of the United States; to borrow money on the credit of the United States; to regulate commerce with foreign nations, among the several States, and with the Indian tribes; to establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States; to coin money and regulate the value thereof, and fix the standard of weights and measures; to provide for the punishment of counterfeiting the securities and current coin of the United States; to establish post-offices and post-roads; to promote the progress of science and of the useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries; to define and punish piracies and felonies committed on the high seas, and offences against the law of nations; to declare war, grant letters of marque and reprisal, and make rules concerning captures on land and water; to raise and support armies; to provide and maintain a navy; to make rules for the government of the land and naval forces; to provide for calling forth the militia to execute the laws of the Union, suppress insurrections, and repel invasions; to provide for organizing, arming, and disciplining the militia, and of governing such part of them as may be employed in the service of the United States; to exercise exclusive legislation in all cases whatsoever over such district, not exceeding ten miles square, as may by cession of particular States and the acceptance of Congress, become the seat of the government of the United States, and to exercise a like authority over all places purchased by the consent of the legislature of the State in which the same shall be, for the erection of forts, magazines, arsenals, dock-yards, and other needful buildings; and to make all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this constitution in the government of the United States, or in any department or office thereof.
It was a banker's ball, one of those insolent festivals by means of which the world of solid gold endeavored to sneer at the gold-embossed salons where the faubourg Saint-Germain met and laughed, not foreseeing the day when the bank would invade the Luxembourg and take its seat upon the throne. The conspirators were now dancing, indifferent to coming bankruptcies, whether of Power or of the Bank.
There are now more liquidations than bankruptcies in Paris. The assignee's act in the drama is intended to prove that every assignee is incorruptible, and that no collusion has ever existed between any of them and the bankrupt. The pit which has all, more or less, been assignee in its day knows very well that every assignee is a "covered" merchant. It listens, and believes as it likes.
The right to establish an uniform rule of naturalization and uniform laws respecting bankruptcies seems to be essentially connected with the right to regulate commerce. The first branch of it relates to foreigners entering the country; the second to merchants who have failed.
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