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Updated: June 15, 2025
He told me once, with an air of pride, that his five bankruptcies were entirely due to 'The Bard, as he insisted on calling him. He seemed to think it a distinction." "It was a distinction, my dear Dorian a great distinction. Most people become bankrupt through having invested too heavily in the prose of life. To have ruined one's self over poetry is an honour.
Among the powers specifically granted to Congress by the Constitution are those of establishing uniform laws on the subject of bankruptcies throughout the United States and of providing for organizing, arming, and disciplining the militia and for governing such part of them as may be employed in the services of the United States.
The number of bankruptcies, the idle custom-house clerks, the labouring poor applying at the different sessions for certificates to migrate to America, the British vessels anticipating desertions by sailing for the New World with double crews, the steps taken by the British Government to prevent artisans from leaving, the ruse of coming through Canada to escape question and detention all this was delightful reading for the American public.
These were attorneys of more than doubtful reputation, who helped him to new business, or raised fresh profits upon old. With them Ralph was familiar and jocose, humorous upon the topics of the day, and especially pleasant upon bankruptcies and pecuniary difficulties that made good for trade.
The shop had been tenanted by her father, one of whose frequent bankruptcies had happened there; after which his stock of the latest novelties in inexpensive furniture had been seized by rapacious creditors, and Mr Earp had migrated to Birmingham, where he was courting the Official Receiver anew.
To compensate it completely, the common returns ought, over and above the ordinary profits of stock, not only to make up for all occasional losses, but to afford a surplus profit to the adventurers, of the same nature with the profit of insurers. But if the common returns were sufficient for all this, bankruptcies would not be more frequent in these than in other trades.
It is remarkable, too, that in the year 1793, which was the great year of bankruptcies, these duties on auctioneers and auctions fell below the mark of 1791; and in 1796, which year had one fifth less than the accustomed average of bankruptcies, they mounted at once beyond all former examples.
It is certain that if the twenty-four millions of specie imported into the country during the fiscal year ending on the 30th of June, 1847, had gone into the banks, as to a great extent it must have done, it would in the absence of this system have been made the basis of augmented bank paper issues, probably to an amount not less than $60,000,000 or $70,000,000, producing, as an inevitable consequence of an inflated currency, extravagant prices for a time and wild speculation, which must have been followed, on the reflux to Europe the succeeding year of so much of that specie, by the prostration of the business of the country, the suspension of the banks, and most extensive bankruptcies.
Then events would at last be ripe for the oriental schemes which the Spanish Rising had postponed. He might well hope that England's strength was running out: near the close of 1810 the three per cent. consols sank to sixty-five, and the declared bankruptcies averaged 250 a month.
When we reflect that since the commencement of the construction of railways in the United States, stimulated, as they have been, by the large dividends realized from the earlier works over the great thoroughfares and between the most important points of commerce and population, encouraged by State legislation, and pressed forward by the amazing energy of private enterprise, only 17,000 miles have been completed in all the States in a quarter of a century; when we see the crippled condition of many works commenced and prosecuted upon what were deemed to be sound principles and safe calculations; when we contemplate the enormous absorption of capital withdrawn from the ordinary channels of business, the extravagant rates of interest at this moment paid to continue operations, the bankruptcies, not merely in money but in character, and the inevitable effect upon finances generally, can it be doubted that the tendency is to run to excess in this matter?
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