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Updated: June 15, 2025
As wealth is the point of honor, it must be sought at every hazard, and the mortifying occurrences of the last twenty years, the dishonest bankruptcies, the numerous forgeries, perpetrated by the first people in social position, on a scale never known before, the innumerable defalcations which have crowded the papers, until they have become a matter of course; the insatiable craving for the money and lands of others, which seems to have passed from the workshop and the counting-room to the halls of legislation; the unbounded extravagance of expenditure which might serve to indicate the possession of the darling prize, and, above all, that worst sign of all, the almost perfect indifference with which the most enormous frauds are received by the public; these and similar things show the bitter consequences of this vulgar passion.
But that which a man is, does always by necessity acquire, and what the man acquires is living property, which does not wait the beck of rulers, or mobs, or revolutions, or fire, or storm, or bankruptcies, but perpetually renews itself wherever the man breathes. "Thy lot or portion of life," said the Caliph Ali, "is seeking after thee; therefore be at rest from seeking after it."
He has lost four or five vessels, and suffered by three or four bankruptcies; but it is not for me, although I am a creditor myself to the amount of ten thousand francs, to give any information as to the state of his finances.
The new powers vested in the United States, are, to regulate commerce; provide for a uniform practice respecting naturalization, bankruptcies, and organizing, arming and training the militia; and for the punishment of certain crimes against the United States; and for promoting the progress of science in the mode therein pointed out.
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.
Many investors were painfully straitened, and not a few bankruptcies ensued. Besides the loss of this annual stipend the treasury was further the sufferer by the great expense which had been incurred in endeavoring to guard the American coast against smugglers; with the added vexation that these costly attempts had, after all, been fruitless.
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.
After all our complaints of the frequency of bankruptcies, the unhappy men who fall into this misfortune, make but a very small part of the whole number engaged in trade, and all other sorts of business; not much more, perhaps, than one in a thousand. Bankruptcy is, perhaps, the greatest and most humiliating calamity which can befal an innocent man.
But it was chiefly the world-wide depression that began in his first year of office, 1873, which proved his undoing. Trade was stagnant, bankruptcies multiplied, and acute suffering occurred among the poor in the larger cities. Mackenzie had no solution to offer except patience and economy; and the Opposition were freer to frame an enticing policy.
Two or three great bankruptcies in a mercantile town, will bring many houses to sale, which must be sold for what can be got for them. Taxes upon the sale of ground-rents fall altogether upon the seller, for the same reason as those upon the sale of lands.
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