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Updated: September 20, 2025
There is one place, however, we may always be sure of finding the divine atom whether we be in seclusion or abroad; 'tis in our own heart and called before the ages, 'Holy Ghost. Many of us fail to recognize it; others cry 'insolvency'; but the better part draw on it with confidence. It honours our call and gives us on demand, conscience, with which we can withstand all sin if we so desire."
Whenever there has been no national bankruptcy law in existence, the States have been held to be free to pass such insolvent laws as they might think proper. Saunders, 12 Wheaton's Reports, 213; Tua v. Carriere, 117 U. S. Reports, 201; Ketcham v. McNamara, 72 Conn. Most of the States have on their statute-books provisions for a permanent system of insolvency proceedings.
After several years of operation during which the purchase of additional slaves raised the number to 194, twenty-seven of whom were mechanics, the company admitted its insolvency.
You are aware, no doubt, that having passed through the insolvency court, and given up all that I possessed, I became legally free. This box was recovered from the deep, and restored to me after my effects had been given up to my creditors, so that I might have retained it. But I felt that this would have been unjust.
Philip Sheldon found himself sinking gradually and almost imperceptibly into that bottomless pit of difficulty in whose black depths the demon Insolvency holds his dreary court.
Sherrick. Affairs had been going ill with that gentleman he had been let in terribly, he informed me, by Lord Levant's insolvency having had large money transactions with his lordship. "There's none of them so good as old Newcome," Mr. Sherrick said with a sigh; "that was a good one that was an honest man if ever I saw one with no more guile, and no more idea of business than a baby.
One might bustle about in the morning before dinner, and in the afternoon after tea and forget that huge dark cloud of insolvency that gathered and spread in the background, but it was part of the desolation of these afternoon periods, these grey spaces of time after meals, when all one's courage had descended to the unseen battles of the pit, that life seemed stripped to the bone and one saw with a hopeless clearness.
WASHINGTON, February 28, 1823. To the House of Representatives: In compliance with a resolution of the House of Representatives of the 24th of January, requesting the President to communicate to the House the number of persons and the amount due from each whose compensation has been withheld or suspended, in pursuance of the law prohibiting payments to persons in arrears to the United States; whether the amount withheld has been applied in all cases to the extinguishment of their debts to the Government; whether the said laws have been enforced in all cases against securities who are liable for the payment of any arrears due; whether any disbursing officer, within the knowledge of the President, has given conclusive evidence of his insolvency, and, if so, whether he is still retained in the service of the United States, I transmit to the House a report from the Secretary of the Treasury, with the documents mentioned therein.
The inconveniences resulting from the occasional and temporary exercise of this power by Congress and from the conflicting State codes of insolvency which come into force intermediately should be removed by the enactment of a simple, inexpensive, and permanent national bankrupt law.
Alas! how little do they promise in favour of the great account! What whisperings of final bankruptcy! what a damnable consciousness of present insolvency! My friends! what a blunder is youth! Ah! why does Truth light her torch but to illume the ruined temple of our existence! Ah! why do we know we are men only to be conscious of our exhausted energies!
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