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Updated: May 22, 2025
After Denton's visit to New York with Prince Duncan, and the knowledge which he then acquired about the president of the Groveton Bank, he decided that the time had come to cut short Randolph's credit with him. The day of reckoning always comes in such cases, as I hope my young friends will fully understand. Debt is much more easily contracted than liquidated, and this Randolph found to his cost.
The creditors who had not liquidated their claims and the greater number had not could not avail themselves of the right to subscribe for shares, and were obliged to buy them in the market at an exorbitant price. The shares subscribed for at the Hôtel de Nevers for five thousand francs were re-sold in the Rue Quincampoix for six, seven, and eight thousand francs.
It had taken him three days to come all the way from Lake Erie, where his regiment was stationed, at Point Abino; and the same time would be consumed in his return. He could only remain with us eight days. How soon they fled away! How bitter was the thought of parting with him again! He had brought money to pay the Y -y's. How surprised he was to find their large debt more than half liquidated.
On May 1 the Reparations Commission will fix the total amount of the German debt. This debt must be liquidated by annual payments whose totals are to be fixed by the Commission. The payments will continue for a period of thirty years, or longer if by that time the debt is not extinguished.
As a result of the negotiations an "agreement or bargen" was made whereby eight leading members of the colony bought the shares of the merchants for £1800 and distributed the payment among the settlers, who at this time numbered altogether about three hundred. Each share carried with it a certain portion of land and livestock. The debt was not finally liquidated until 1642.
Upon this refusal, I wrote to the Junta that, such being their decision, I would hold them personally responsible that no bills, debts, nor claims of any kind beyond the current expenses of government should be paid, till this prior claim in honour and justice due to the officers and seamen, who had generously advanced their prize money to meet state exigencies should be liquidated; adding, that the seamen relied on me for justice, and if my warning were not attended to, I should be compelled to take such steps as the necessity of upholding the interests of the crown and the efficiency of the naval service appeared to demand.
If a debtor owes money and cannot pay it, his creditor is allowed by law to make a slave or peon of him until the debt is liquidated. Though the name is Spanish, I believe the origin of the custom is to be found in an Aztec usage which prevailed before the Conquest. A peon means a man on foot, that is, a labourer, journeyman, or foot-soldier.
He subdivided all my symptoms. He dived again into my physical being. He consulted German authorities. I squirmed and lied and resisted all I could, but he said he owed me an eternal debt that could only be liquidated by an absolute cure. He wanted to tie me up and shoot me with an X-ray. He ordered me to wear white socks. He had a long, terrifying look at a drop of my blood.
You sold him a table for fifty pounds, on the instalment plan. He was to pay a pound a week, and in less than a year the debt was liquidated. But he is an absent-minded man, as all your clients are. That is why you came to me. I had answered the bogus Willoughby's advertisement. And so you kept on collecting and collecting for something more than three years. Now do you understand the charge?
Creditors, galvanized by the events of the day, poured in ceaseless demands that their accounts be liquidated, but moneys due the Consolidated for pulp had been realized and diverted into the building of railways and the construction of the rail mill.
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