The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-27

considerable part had arisen from his disputes |
with quarrelsome and staggering neiQhbor /; |
that part had been occasioned by an undutiful |
son whom he had vainly endeavored to keep in |
subsection and that the residue arose chiefly from
his general habit Of living beyond his means
received tor half the debts in his balance
sheet and that he had fallen into the
hands OF grinding Jews and plausible tricksters,
VINO had swindled HIM into an engagement topay
in good coin what they had advanced him in
clipped and counterfeit money; but they had
overreached themselves, by making il impossible
he could ever pay at all, and he had long given
up the hope of it. He said his present managing
clerk (who was rather sanguine person) had
indeed battered him with the hope of paying off
all his debts if he kept him in his service long
enough ;; but as this clerk had himself been the
means OF adding enormously to their amount IN
very short space of time, and had also conf
IDENTIFY told him that the worst was over Just be-
fore he was obliged to stop, he did not attach
much faith to his assurances: However, he in
sisted that his debts had nothing TO do with his
bankruptcy, which was wholly and solely at
tributable to the pressure and panics occasioned
by unsound monetary legislation.
The commissioner remarked that the bank
rupt was IN desperate circumstances last year,
and almost without the means of subsistence,
and yet that it appeared from his books that he
had made over prodigious amount of his pro-
and from whom he had received nothing in re-
turn. The bankrupt admitted the fact of having
made away with his property, but said his Honor
was not quite correct IN saying he had received
nothing in return, for he had received plenty of
abuse. However, he did not care about that and
he then went on with vehement flourish about
his sisters distresses and his own generosity,
which called forth some marks Of sympathy
from the bystanders. But the commissioner
gravely observed, that person in the brankrupt's
situation had little right to boast of generosity
practised at the expense OF others who were now
suffering for il and that it evidently appeared
hail Ic Ictp IN hp ahI a hpra
by her own exertlOns; and that considering how
closely the transaction approached the time OF his
bankruptcy, 1t bore every appearance fraudu-
lent preference. His honor added that this APP
peared to be one of the immediate causes of the
bankrupt's stoppage but the bankrupt strenu-
Ously insisted that 1t was mere trie, and wholly
unconnected with his failure, which was brought
about by Peel's bill, and that only.
The Commissioner then observed that 1t APP
peared from the accounts, that the bankrupt on
the very eve of his failure had been resorting to
the common and destructive expedient OF at
tempting to prop up his credit by accOmmoda-
had been aided by some parties OF the names OF
Russell and Wood, and a joint stock bank nOto
rious tor Encouragement. The bankrupt ad-
mitted that he had done so, but denied that he
had injured himself by this step, which had only
failed because it did not 60 far enough and he
assured his Honor that if he could have only got
as much accommodation paper as he wanted, and
on his own terms, he should have been still on
his legs; but this was prevented by Peel s Bill.
The Commissioner then asked the bankrupt if
the failure OF his crops last year, and his losses
by the potato disease, which were set down at
an alarming amount in the balance sheet, had
nothing to do with his difficulties +! To which
he answered, nothing whatever; and that his
bankruptcy was occasloned solely by want OF
money, which Peel's Bill had made artifcally
scarce. His honor smiled, and observed that IT
struck him that nothing could be more natural
than a scarcity of money to man who had lost
it and fooled 1t away as the bankrupt had done,
wanted was an artificial plenty. He had never
heard more absurd and unsatisfactory answers
given.
His Honor then remarked, that there was one
| part OF the balance-sheet that was outrageous,
| and that was the amount of the bankrupts rail
way speculations. Here was man confessedly
IN state of hopeless insolvency, who, never,
theles, plunged into vortex OF speculation, and
between E3OO, 600 and E40O,O00,00O and
WHO, With resources everywhere failing hun,
persisted up to the very day of his stoppage, In
applying nearly all his aval liable funds in paying
calls On these mad speculatlOns, which could not
return him farthing for many years to come:
The bankrupt admitted this to be true, and said
that the very last payment appearlngln his books,
and which had been made up by overdrawing
his bankers, borrow ing of his friends, and pawn
ing his few remaining valuables, had been made
to prevent forfeiture OF his new consolidated
10Th extension preference shares in the Direct
Bagshot heath and Dartmoor Forest Junction
line, guaranteed 10 pay ~ cent, Dy the Gredt
Asinne Company. He admitted that the shares
had fallen 20 per cent since the call was paid;
but he said he had no doubt that when the pre-
sent artificial scarcity OF money was removed,
they would bear high premium, and that though
possibly the line might not be Immediately re-
munerative, remote posterity would reverence
the memories OF the directors who had developed
the hitherto dormant resources of those barren
districts which were to be brought into cOnunc-
ton. The bankrupt, then (after quoting Sir Ro-
bert Peel on the advantages of direct lines) went
on to assure the Commissioner, that although
the last call left him without a shilling in his
pocket, it was not In the remOtest degree con-
nected with his stoppage, which was entirely at
trbutable TO the working OF that insane act of
Parliament which had crippled the gigantic re-
sources OF this great country by the mlschie-
vous and fatal impediments of a restricted cur
rency on metallic basis; but the commissioner
who had heard him with evident Impotence,
and had several times intmated doubts as to his
distresses having affected his mind, at length cut
him short by adjourning the examination sine die,
saying it was the worst case he had ever seen,
and advising the bankrupt to make no application
for certificate.
THE CUNARD LINE OF STEAMERS
From the Glasgow Examiner
This enterprlsing company has four vessels OF
enormous power In course OF preparation. They
are being built by different parties, some of
whom belong to our nelghborhood, and they are
being fitted up and furnished with engines by our
talented townsmen, the Messrs: Napier, OF the
Vulcan and Lanceheld foundrles. Inc names
of the four steamers are the Europa, the Canada,
the Niagara, and the America The latter Of
these has already reached Glasgow, and lies in
the Clyde, adjoining the Lancefeld foundry.
To give an idea to those who have never seen
these monsters Of the deep, is utterly impossible.
| The America, which is similar to the others, is
thirty feet wide inside, and $50 long; She is
800 tons register; and is being fitted up with
engines of 700 horse power. Through the kind.
ness of James Napier, Esq, we were favored
with thorough inspect on, both OF the vessel
and of her engines, which are, along with the
engines of the other three, in course OF prepare
ton in the foundries mentioned.
The America Is unquestionably magnificent
vessel, both as regards size and strength. She Is
built of different layers OF plank, which amount
the fashion of whaers, has additional outside
lining of plank about three inches thick. With
full complement of passengers, for whom splen-
did accommodation is being prepared, along witt,
persons. She is, therefore, a vast floating viii