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Updated: May 11, 2025
Stockholders who were dissatisfied could protest against the enabling resolution to be offered at the annual meeting of the stockholders of Horse's Neck to be held the following week at Wilmington, Delaware, and could avail themselves of the right to have their equity assessed under the laws of Delaware, but as the liabilities practically equaled the present value of the property that equity would naturally be highly problematical.
'And I tell you you will not, said I. 'I know all about you. YOU plain with any one? Nonsense, nonsense! 'I plainly tell you, Mr. Sampson, he went on, with a manner almost composed, 'that I understand your object. You want to save your funds, and escape from your liabilities; these are old tricks of trade with you Office-gentlemen. But you will not do it, sir; you will not succeed.
The failure of the Reichsbank to meet its liabilities would have caused a depreciation of the exchange so injurious to Germany's credit as to react on the future prospects of Reparation. In some cases, therefore, permission to export gold was accorded to the Reichsbank by the Supreme Economic Council of the Allies.
So, instead of coming to Paris to be the queen of a literary circle, the Stranger saw herself involved in liabilities that threatened to swallow up her own fortune, if she lent her succour. Reproaches and disputes began in the week following their instalment.
In addition, the accumulated obligational authority of the Federal Government for future payment totals over 80 billion dollars. Even this amount is exclusive of large contingent liabilities, so numerous and extensive as to be almost beyond description. The bills for the payment of nearly all of the 80 billion dollars of obligations will be presented during the next 4 years.
It was painful doubtless, but yet of itself conducive to the rightly understood interest of the aristocracy, if, as could not but be the effect of the Sulpician proposal, all individuals should withdraw from the senate who were unable speedily to meet their liabilities, and if the coterie-system, which found its main support in the insolvency of many senators and their consequent dependence on their wealthy colleagues, should be checked by the removal of the notoriously venal pack of the senators.
A banker who has to pay 100,000 L. cannot afford to reduce his balance at the Bank of England 100,000 L.; suppose that his liabilities are 2,000,000 L., and that as a rule he finds it necessary to keep at the Bank one-tenth of these liabilities, or 200,000 L., the payment of 100,000 L. would reduce his reserve to 100,000 L.; but his liabilities would be still 1,900,000 L. and therefore to keep up his tenth he would have 90,000 L. to find.
After promptly completing the contract with the shareholders as to buildings and improvements of the ground, the directors found themselves in debt, and welcomed the advent of Stephen Smith, a wealthy colored man and lumber merchant, to assist in liquidating liabilities. To him an unoccupied portion of the ground was sold, and in his wife's heart the conception of a bounteous charity was formed.
The men who refused to burn their fellow-creatures for a difference in religious opinion were stigmatized as demagogues; as ruined spendthrifts who wished to escape from their liabilities in the midst of revolutionary confusion; as disguised heretics who were waiting for a good opportunity to reveal their true characters.
The right of labor to organize is just as fundamental and necessary as is the right of capital to organize. The right of labor to negotiate, to deal with and solve its particular problems in an organized way, through its chosen agents, is just as essential as is the right of capital to organize, to maintain corporations, to limit the liabilities of stockholders.
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