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Updated: September 20, 2025
Captives taken in war, and those unfortunate victims who are condemned to slavery for crimes or insolvency, and, in short, all those unhappy people who are brought down from the interior countries for sale, have no security whatever, but may be treated and disposed of in all respects as the owner thinks proper.
The former is on the main line of the Northern, and the latter on the C. & S.C., both of which are trunk lines from Chicago to the West. The M. & T. was not a money-making affair; it had cost a lot of money, its stock was away down, and it trembled on the brink of insolvency until Jim Weeks took hold of it.
In case of insolvency full justice can not be worked out except through the legislative powers vested in the United States. The Act of 1898 allows any one except a corporation to become a voluntary bankrupt. Practically any insolvent debtor can be thrown into involuntary bankruptcy, except wage earners, farmers, incorporated banks, or business corporations owing less than $1,000.
Instead of inducing a more prudent course, these disastrous results only served to feed the spirit of rivalry, and general insolvency seemed to threaten the permanent prosperity of the telegraph business, in consequence of the wild and reckless competition which appeared to be inherent in its nature.
His own words in reply to a slander which insinuated that he had set to work again for his own benefit are splendid for inspiration and honesty: "The law recognizes no mortgage on a man's brain, and a merchant who has given up all he has may take advantage of the laws of insolvency, and start free again for himself; but I am not a business man, and honor is a harder master than the law.
Nearer home Jefferson and his band of demagogues had other arguments as well. The Federal North would suffer most by war, while the Republican South might use war as a means of repudiating all the debts she owed to Englishmen. This would have been a very different thing from the insolvency of the Continental Congress during the Revolution.
Some articles were dressed by having hot air forced rapidly through them. Lace curtains, shawls, veils, spreads, tidies and all similar articles, were by this process made to look like new, and at a cost that I thought ought certainly to reduce the establishment to beggary or insolvency. But here chemistry again was the magician that had made such cheap labor profitable.
It was supposed that my father had made his fortune when he took his wheat out of bond but losses and deterioration during seven years, and interest on borrowed money credit having been strained to the utmost brought ruin and insolvency, and he had to go to South Australia, followed by his wife and family soon after.
And both are protected to a certain extent against the ordinary legal consequences of insolvency, for the family cannot be deprived of its house or necessary agricultural implements, and the Commune cannot be deprived of its land, by importunate creditors. On the other hand, there are many important points of contrast.
This ill-starred venture was then apparently in the full tide of prosperity, and promised to be a great lever in the uplifting of the submerged race. Douglass, soon after his election as president, discovered the insolvency of the institution, and insisted that it be closed up. The negro was in the hands of his friends, and was destined to suffer for their mistakes as well as his own.
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