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Updated: June 13, 2025
In fact, this family, at one time wealthy, but who had lost an immense patrimony in advances made to the Directory, never received any liquidation of these claims, which were confided to a man of great honesty, but too much disposed to justify the name given him.
McKenty, being a little dubious of the outcome, had a rocking-chair brought into the council-chamber itself during the hours when the ordinances were up for consideration. In this he sat, presumably as a curious spectator, actually as a master dictating the course of liquidation in hand. Neither Cowperwood nor any one else knew of McKenty's action until too late to interfere with it.
By it the Treasury found the whole of the purchase-money up to a total of five millions sterling out of the Irish Church Surplus Fund, and forty-nine years were allowed for repayment of the purchase-money to the State at 4 per cent., of which £2 15s. was interest on the advance and £1 5s. went to a sinking fund for the liquidation of the loan.
The final outcome was that the New Street market did more good than harm. It relieved the situation by facilitating some absolutely necessary liquidation, and never grew to such proportions as to precipitate disaster, but during the long suspense and uncertainty of the closing of the Exchange it was a constant and keen source of anxiety to the Committee of Five.
But in this country the purpose was early formed, not simply to provide for the interest upon the debt incurred in the war for the Union, but to begin its payment at once, and to arrange for its rapid liquidation. In view of the magnitude of the sum involved this was a new undertaking in the administration of Government finances.
Should the state of the country permit, and especially if our foreign relations interpose no obstacle, it is contemplated to apply all the moneys in the Treasury as they accrue, beyond what is required for the appropriations by Congress, to its liquidation.
Thus there is properly no inheritance or succession, but simply liquidation and distribution of the property among the members. The written law of inheritance founded on the conception of personal property, is quite unknown to the peasantry, and quite inapplicable to their mode of life.
It prevailed equally among officers and private soldiers, and originated in the destitute condition of the troops at that time, and the conviction that the army would be disbanded without provision being made for the liquidation of the claims upon the government for the pay of arrearages, and the promised half-pay of the officers for a term of years after the conclusion of the war.
This paper is likewise assimilated to the two last-mentioned species, with this difference, that it is generally considered as a less sacred claim, and is therefore liquidated with greater difficulty. The holders of these three claims are hastening the liquidation and consolidation of them, and they are evidently right in so doing.
He hardly noticed those who passed him on the way, and was certainly quite unconscious of the figure which followed him like a shadow. Raymond Latour was a busy man, he seldom missed attending the meetings of the Convention, and was assiduous in his work upon the various committees of public instruction, domains, liquidation and finance.
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