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I will now challenge you once more, with great respect, and beg leave to remain, yours very truly, Hon. Ferdinand de Lesseps, Paris, France: DEAR SIR I have some shares in the canal which you have been working on, and I am compelled to hypothecate them this summer, in order to paint my house.
They are constantly studying schemes and organizing gangs of men to defraud banks, trust companies and money lenders by means of forged checks, notes, drafts, bills of exchange, letters of credit, and in some instances altering registered government and other bonds, and counterfeitering the bonds of corporations. These bonds they dispose of or hypothecate to obtain loans on.
"You buy a piece of land, with as big a mortgage as you can get, and you put up a million-dollar building and mortgage that. You start a trust company, and you get out imposing advertisements, and promise high rates of interest, and the public comes in. Then you hypothecate your stock in company number one, and you have your dummy directors lend you more money, and you buy another trust company.
Of the army which he had brought from Holland not a regiment could be spared. He had found the treasury empty and the pay of the navy in arrear. He had no power to hypothecate any part of the public revenue. Those who lent him money lent it on no security but his bare word.
For, by it, we experience a continual deadness to sin, and a continual holiness of heart and life. For it must be clearly understood that Paul is not asking us to fancy, or imagine, or hypothecate. He is not telling us that if we believe a thing to be true, the believing will make it true. He is not persuading us to reckon without factors and with no result.
The trouble heretofore has been I am quoting remarks of planters and steamboatmen that the planters, although owning the land, were without cash capital; had to hypothecate both land and crop to carry on the business. The planter has also to buy his supplies through the same dealer, paying commissions and profits. Then when he ships his crop, the dealer adds his commissions, insurance, etc.
As a matter of fact, under the custom which had grown up between him and Stener, the law had long been ignored in this respect. He could buy certificates of city loan for the sinking-fund up to any reasonable amount, hypothecate them where he pleased, and draw his pay from the city without presenting a voucher.
It was a convenient policy of the priesthood, however, to hypothecate the claim for a human victim by accepting the substitution of a goodly number of horses or cows. A famous tradition is given, in the Aitareya Brahmana, of a prince who had been doomed to sacrifice by a vow of his father, but who bought as a substitute the son of a holy Brahman paying the price of a hundred cows.
The Earl arose and feelingly congratulated Holmes on the recovery of the gems, shaking hands with him warmly, and added: "You will pardon me for not seeming more enthused over the event than I am, but Uncle Tooter and I have just had some words, the result of which is that he will leave this castle Friday afternoon with his bride-to-be, Teresa Olivano; and my six good pairs of diamond cuff-buttons will be sent in by express to the Bank of England, there to be placed in an iron-bound, steel-doored safety deposit vault, where no Billie Budds can break in and hypothecate them!"
Then, suddenly clenching his right hand, he exclaimed, "Damn that upstart!" Well, if there's nothing to be done I might as well be going. There's all those shares we bought to-day which we ought to be able to hypothecate with somebody. It would be something if we could get even a hundred and twenty on them." "Very true," replied Hand. "I wish it could be done.
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