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Updated: June 4, 2025
When the bills fell due, instead of paying them, they laid informations against the lenders for taking more than the legal rate of interest. The lenders were ruined, persons who had money were afraid to make advances, bills were protested, commercial credit was broken, and the trade of the district was paralysed.
Private sector creditors and depositors have little leverage over delinquent debtors or banks. When Russia and trigger happy Russian firms defaulted on their obligations in 1998, even the largest lenders, such as the EBRD, were unable to recover their credits and investments.
Wilkins's confused brain that he should find it impossible to produce the thousands required without having recourse to the money lenders, who were already making difficulties, and charging him usurious interest for the advances they had lately made; and he unwisely tried to obtain a diminution in the sum he had originally proposed to give Ellinor.
Read what he says: "'So, while I was about a mortgage never did I guess that I should be the man to encumber the Hazeldean estate I thought I might as well add L20,000 as L10,000 to the total. Why should you be indebted at all to that Baron Levy? Don't have dealings with money- lenders.
Finance becomes international when our money is lent to borrowers in other countries, or when people in England, who want to start an enterprise, get some or all of the money that they need, in order to do so, from lenders oversea.
When the poor man would borrow, he is often exposed to the impositions of a class of unscrupulous money lenders, who violate the laws against usury, but hope to escape punishment or loss through the ignorance of their customers. The pitiful part of it is that the self-respecting poor often fall into their traps.
The stockholders, compared with this little government, which administers the society with full power, are a people of taxpayers who, strangers to each other, without influence and without responsibility, have nothing to do with the affair beyond their investments. They are lenders at a premium, not associates.
During the five years that his ministry lasted, the successive loans he contracted amounted to nearly five hundred million livres. There was no security given to insure its repayment to the lenders. The mere confidence felt in the minister's ability and honesty had caused the money to flow into the treasury.
I suppose he would have concealed it from her until they were penniless. But she was able, by the grace of God, to get hold of the actual lenders of the money, to learn the exact sums that were needed. And she went off to England. Yes, she went right off to England to her attorney and his while he was still in the arms of his Circe at Antibes, to which place they had retired.
A new source of power revealed itself in this discovery of the resources afforded by the national credit and the national wealth; and the rapid growth of the National Debt, as the mass of these loans to the State came to be called, gave a new security against the return of the Stuarts whose first work would have been the repudiation of the claims of the lenders or as they were termed the "fundholders."
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