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Updated: September 20, 2025
The government guarantee of interest and the government nomination of a part of the board of directors were plausibly held to involve responsibility for the solvency of the company. It was not surprising, therefore, that for a decade after 1855 scarcely a year passed without a bill to amend the terms of the Grand Trunk agreement.
They animate the rat-race for pelf, power, "success", which attracts idealism, energy, ability and throws out the carcases of those no longer able to make a contribution to the wealth and power of the oligarchy and its establishment. Hunters, herdsmen, cultivators, craftsmen, mariners, miners perform services that maintain the solvency of any economy in which they play a leading role.
This arrest, assiduously reported to the persons with whom he was in treaty for his undertaking, had alarmed some of them who were already doubtful of M. d'Espard's solvency in consequence of the enormous sums which Baron Jeanrenaud and his mother were said to be receiving from him.
"Do you guarantee the solvency of this person?" demanded M. Desvanneaux, who saw the project of the kermess falling to the ground. "It is one of my rich clients; but I have orders not to reveal her name unless her offer is accepted." The unanimity with which all hands were raised did not even give time to put the question. "Her name?" demanded the Duchess.
On the one hand it allowed every debtor who declared on oath his solvency to save his personal freedom by the cession of his property; on the other hand it abolished the former summary proceedings in execution on a loan-debt, and laid down the rule that no Roman burgess could be led away to bondage except upon the sentence of jurymen. Continued Distress
This does not make for independence. I am no believer in great wealth as an incentive to activity, but certainly solvency makes for emancipation from the more debasing forms of tyranny.
I had the highest opinion of the wisdom of this same Margin, but I am bound to acknowledge that on looking back, I deem it to have been an expensive device. For, we always ran into new debt immediately, to the full extent of the margin, and sometimes, in the sense of freedom and solvency it imparted, got pretty far on into another margin.
And so, the first preliminaries being established, and each party assured of the other's solvency, we glide easily into a relation of chat and kind little mutualities which causes the periods of contact to pass smoothly enough.
This was well known to Falstaff, who, when he brought the news of Hotspur's rebellion, said "You may buy land now as cheap as stinking mackerel," To most financial institutions, this shrivelling process in the price of their securities and other assets, brings serious embarrassment, for there is no corresponding decline in their liabilities, and if they have not founded themselves on the rock of severest prudence in the past, their solvency is likely to be imperilled.
Southey's error lies deeper still. "All wealth," says he, "was tangible and real till paper currency was introduced." Now, was there ever, since men emerged from a state of utter barbarism, an age in which there were no debts? Is not a debt, while the solvency of the debtor is undoubted, always reckoned as part of the wealth of the creditor? Yet is it tangible and real wealth?
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