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Updated: May 19, 2025
"Furthermore, at the very time these hypothecations were being made, and the city paying interest upon such loans, the money representing them was in the hands of the treasurer's broker and bearing no interest to the city. The payment of municipal warrants was postponed, and they were being purchased at a discount in large amounts by Mr.
Credit by note of hand, credit by book account, credit by mortgages and hypothecations, credit by bills of exchange, credit by certificates of stock, credit by bank-notes and post-notes, credit by exchequer and treasury drafts, credit, in short, in a thousand ways, enters into trade, filling up all its channels, turning all its wheels, freighting all its ships, coming down from the past, pervading the present, hovering over the future, reaching every nook and affecting every man and woman in the civilized world.
The reputation of Master Pothier dit Robin was, of course, very great among the habitans, as he travelled from parish to parish and from seigniory to seigniory, drawing bills and hypothecations, marriage contracts and last wills and testaments, for the peasantry, who had a genuine Norman predilection for law and chicanery, and a respect amounting to veneration for written documents, red tape, and sealing-wax.
The nation saw not only rapid multiplication of concessions and hypothecations to aliens, and of alien persons themselves installed in its midst under extra-territorial immunity from its laws, secured by the capitulations, but also whole provinces sequestered, administered independently of the sultan's government, and prepared for eventual alienation.
It appeared that Van Horne, the office partner, who managed the finances, had shot himself as the culmination of a series of fraudulent hypothecations of securities and misrepresentations to which it was claimed that Williams was not a party.
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