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Updated: June 15, 2025
There was stills world of business to be transacted in details of the unattractive kind that belong to accountants' reports. These may be objects of vital and intense interest as in the realizing of the assets in bankruptcies, where persons immediately interested in frantic excitement hunt out the array of small figures two, three, four, or five that tells them whether they are safe or ruined.
It may therefore be supposed that an offensive law, which should not be acknowledged to be one of immediate utility, would either not be enacted or would not be obeyed. In America there is no law against fraudulent bankruptcies; not because they are few, but because there are a great number of bankruptcies.
Chairman, the failures and the bankruptcies which have taken place in our large cities have been mentioned as proving the little success attending commerce, and its general decline. But this bill has no balm for those wounds.
He knew the misanthrope's remittances from his estate in the country had been of late very scanty, in consequence of repairs and bankruptcies among his tenants; so that, in spite of all his frugality, he had been but barely able to maintain his credit, and even that was engaged on the strength of his running rent.
But the frequent bankruptcies to which such beggarly bankers must be liable, may occasion a very considerable inconveniency, and sometimes even a very great calamity, to many poor people who had received their notes in payment. It were better, perhaps, that no bank notes were issued in any part of the kingdom for a smaller sum than £5.
But it would be very false to infer because extensive bankruptcies, and periods of severe pecuniary embarrassment, have accompanied, if not indeed been caused by the development of the railway system, that therefore that system must be an unsound and unremunerative one.
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.
Officials, thinking only of their own private advantage, suffered no competition in their provinces, employed their official power to oppress the producer to the utmost extent, and thereby naturally checked the production; and the Government treasury chest consequently suffered frequent losses through bankruptcies, inasmuch as the magistrates, who drew a salary of $600 and paid a license of from $100 to $300 for the right of trading, in order to make money quickly, engaged in the most hazardous speculations.
Sitting by the chimney corner, they would talk over their disasters under the old law of maximum, of their great investments in cloth, of the way they had weathered bankruptcies, and, above all, the famous failure of Lecocq, Monsieur Guillaume's battle of Marengo.
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."
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