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Updated: May 26, 2025
The whole railway construction scheme suddenly collapsed, the railroad companies defaulted, the credit of the state was compromised, "and enterprise of great pith and moment had turned their currents awry." The evil forbodings of the Minnesotian became literally true, and for more than twenty years the repudiated bonds of Minnesota were a blot on the pages of her otherwise spotless record.
Supplementing these legislative accomplishments have been important administrative actions aimed at reducing paperwork and simplifying regulations associated with Federal education programs. We also launched major initiatives to reduce the backlog of defaulted student loans and otherwise to curb fraud, abuse, and waste in education programs.
This made us short of the market, and while we made some loss on the initial transaction, our profit on the second sale always more than extinguished it. The first man who defaulted brought to our office a deed for a farm in Pennsylvania and offered it to us for the four thousand dollars he owed. I handed it back to him, told him to give it to his wife, and forgave him the debt.
A witness swore that in Louisiana it cost him $80,000 to get a railroad charter passed, but that the Governor's signature cost more than the consent of the legislature. When the roads defaulted on the payment of interest, as most of them did, the burden fell upon the state.
Sometimes these notes were co-signed by a third party, who became responsible for repaying the loan if the borrower defaulted; this is one of the major themes in Trollope's later book Framley Parsonage. Daly let no grass grow under his feet, for early on the following morning he hired a car, and proceeded to Dunmore, with the notices in his pocket.
Like Farnsworth, Gregory too wished that Lang had left a son. It would be easier dealing with a man, competent or incompetent, than a woman. Well, he would say nothing to the girl for the time being at least. She had had enough to bear in the loss of her father. That much he could swear to. When she had defaulted the next payment he would make her a proposition to buy her boats.
The bitterness against Andrew Bolton had grown and strengthened with the years into something rigid, inexorable. Since early boyhood he had grown accustomed to the harsh, unrelenting criticisms, the brutal epithets applied to this man who had been trusted with money and had defaulted. Even children, born long after the failure, reviled the name of the man who had made their hard lot harder.
Nations in need of cash had to apply to the Rothschilds. The Rothschilds didn't loan them the money they merely looked after the details of the loan, and guaranteed the lender that the interest would not be defaulted. Their agencies everywhere were in touch with investors.
In the ten years of anarchy that followed in Santo Domingo no attempt was made to straighten out the matter. The bonds having gone into default in 1872 dropped lower and lower until they reached 3 per cent in 1878. The setback received by the credit of the Republic by reason of the defaulted Hartmont bonds made further bond issues impossible for a number of years.
On this business we could and did call margins, but there were some weak people whom we could not avoid selling and in such a market there were sure to be failures among that class. As previously explained we guaranteed all sales, and whenever a customer defaulted we at once sold double the quantity we had sold him, to some strong concern.
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