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The charitable view is that he was deceived by repayments which he was told were profits. On May 6, 1884, a crisis came and Grant was ruined. He gave up everything he possessed in the struggle to redeem his honor, even the presents and trophies which had been lavishly bestowed upon him.
Nor must be the fact be lost sight of that of the nominal amount of 25,000,000 pounds which had been borrowed, fully half consisted of repayments to foreign Banks and never left Europe.
The whole system of loans from commerce to territory, and repayments from territory to commerce, must cease. Each party must rest altogether on its own resources. It was therefore absolutely necessary to ascertain what resources each party possessed, to bring the long and intricate account between them to a close, and to assign to each a fair portion of assets and liabilities.
The repayments required by the previous act, under which operations ceased on the 15th of August, had to be made on the principle of the grand jury cess, which laid the whole burthen upon the occupier.
As the royal order above alluded to includes the ports of the Balearic and Canary islands as well as those of Spain, it would seem that the provisions of the act of Congress should be equally extensive, and that for the repayments of such duties as may have been improperly received an addition should be made to the sum appropriated at the last session of Congress for refunding discriminating duties.
I recommend that the Congress authorize the subscription by the Treasury of further capital to the Federal land banks to be retired as provided in the original act, or when funds are available, and that repayments of such capital be treated as a fund available for further subscriptions in the same manner.
If, on the contrary, the sum of the repayments from certain other customers, falls commonly very much short of the advances which it makes to them, it cannot with any safety continue to deal with such customers, at least if they continue to deal with it in this manner.
And so she had lost what work she had; but she hoped to get more when she was strong again. When she was strong the repayments would begin again, said Maggie. She hoped Mr. Majendie would forgive her for not having sent any for so long. She was very sorry. But, if it wasn't too much to ask, she would be very glad if Mr. Majendie would come some day and see her.
If the advances of the bank had commonly exceeded this part of his capital, the ordinary amount of his repayments could not, within moderate periods of time, have equalled the ordinary amount of its advances.
If in fifteen to twenty years reparation payments have wiped out 1000 millions, debt repayments another 1000, and ordinary reductions by sinking funds another 1000 millions, you will have the debt down to 5000 millions, and possibly the lower interest then effective may bring the annual charge down to some 200 or 225 million pounds.
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