The History of the Commercial Crisis, 1857-1858; And the Stock Exchange Panic of 1859 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1859 Excerpt: ...from time to time called upon, either by creditors or from what appears on the balance-sheet, to refuse or suspend a bankrupt's trader's certificate, there are many which require careful examination and anxious thought, in order rightly to discriminate between accident and fraud, misfortune and misconduct; but I have rarely had any question to dispose of which has given me so much painful reflection as the case upon which I am now to pronounce judgment. I have felt and been impressed with the acknowledged respectability and the previous high commercial position of the parties before the Court, as well as with the heavy and severe losses which they undoubtedly have sustained. On these grounds I more deeply lament the obligation upon me to add that there are circumstances in this case exhibiting conduct inconsistent with that openness and frankness of dealing which are the great and peculiar characteristies of a British merchant, and which a banker more especially expects at the hands of a merchant by whom he is solicited for pecuniary accommodation. Indeed, the merchants of this country, as a body, are a state and dogree of persons not only to be respected, but to be regarded at all times with the most lively interest. It has been truly said of our merchants, "they are vtna porta, and if they flourish not, a kingdom may have good limbs, but will have empty veins and nourish little." Hence the shock given to credit, and the consequent alarm and anxiety which for a time prevailed after the late extensive failures when (to use the words of a great man applied on another occasion) " it was in truth a crisis to try men's souls; for a while all was uncertainty and consternation; all were seen fluttering about like birds in an eclipse or a thunder-st...