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Updated: June 15, 2025
The distress of France, the injustice they have been induced to commit on public credit, immense bankruptcies, and great bankers hanging and drowning themselves, are comfortable objects in our prospect; for one tiger is charmed if another tiger loses his tail. There was a stroke of the monkey last night that will sound ill in the ears of your neighbour the Pope.
Here, then, we have a society which is continually decimating itself, and which would destroy itself, did not the periodical occurrence of failures, bankruptcies, and political and economical catastrophes re-establish equilibrium, and distract attention from the real causes of the universal distress.
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.
In happier days, as I said just now, I had a kind of pride in showing my enemies how inexhaustible my resources were; I felt it a point of honor to strike them with amazement, by creating millions under circumstances where they imagined nothing but bankruptcies and failures would follow.
In 1800 there were 61,075 tradesmen in Dublin for the woollen, silk, and cotton industries; in 1834 there were only 14,446, and of these 4412 were idle, showing a decrease of 51,041 in the employed." There was, we must add, an increase in other directions. For instance, whereas there had been only seven bankruptcies decreed in Dublin in 1799 there were 125 in 1810.
I confine myself for the moment, Sir, to reminding you of these three expressions: 1. No bankruptcies; 2. No augmentation of imposts; 3. No loans. No bankruptcy, either avowed or masked by forced reductions. No augmentation of imposts the reason for that lies in the condition of your people, and still more in your Majesty's own heart.
The merchants were driven to the exportation of gold and silver, which so rapidly followed; ... a diminution of the value of the capital as well as the annual produce of estates in consequence of the fallen price; ... the recovery of new debts as well as old in effect suspended, while the numerous bankruptcies which have happened in Europe amongst the merchants trading to America, the reproach of which is cast upon us, have proclaimed to all the trading nations to guard against our laws and policy, and even against our moral principles."
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 service of the United States.
That deposit may be at any moment withdrawn, and if I had employed it for another purpose, I should bring on me a disgraceful bankruptcy. I do not despise bankruptcies, believe me, but they must be those which enrich, not those which ruin.
The competitive system means great fluctuations in industry, constant anxiety, forced cut prices, and frequent failures, with their financial ruin and heartbreak to employers and loss of work to employees. Monopoly means stability, comparative freedom from anxiety, and a saving of the economic confusion and loss of bankruptcies.
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