mself means that he seizes
securities to the detriment of the other creditors. France has lately
rung with the discussion of an immense failure that took place in a town
where one of the upper courts holds its sittings, and where the judges,
having current accounts with the bankrupts, wore such heavy india-rubber
mantles that the mantle of justice was rubbed into holes. It was
absolutely necessary, in order to avert legitimate suspicion, to send
the case for judgment in another court. There was neither judge nor
agent nor supreme court in the region where the failure took place that
could be trusted.

This alarming commercial tangle is so well understood in Paris, that
unless a merchant is involved to a large amount he accepts a failure
as total shipwreck without insurance, passes it to his profit-and-loss
account, and does not commit the folly of wasting time upon it; he
contents himself with brewing his own malt. As to the petty trader,
worried about his monthly payments, busied in pushing the chariot of his
little fortunes, a long and costly legal process terrifies him. He gives
up trying to see his way, imitates the substantial merchant, bows his
head, and accepts his loss.

The wholesale merchants seldom fail, nowadays; they make friendly
liquidations; the creditors take what is given to them, and hand in
their receipts. In this way many things are avoided,--dishonor, judicial
delays, fees to lawyers, and the depreciation of merchandise.
All parties think that bankruptcy will give less in the end than
liquidation. There are now more liquidations than bankruptcies in Paris.

The assignee's act in the drama is intended to prove that every assignee
is incorruptible, and that no collusion has ever existed between any
of them and the bankrupt. The pit--which has all, more or less, been
assignee in its day--knows very well that every assignee is a "covered"
merchant. It listens, and believes as it likes. After three months
employed in auditing the debtor and creditor accounts, the time comes
for the _concordat_. The provisional assignees make a little report at
the meeting, of which the following is the usual formula:--

Messieurs,--There is owing to the whole of us, in bulk, about a
million. We have dismantled our man like a condemned frigate. The
nails, iron, wood, and copper will bring about three hundred
thousand francs. We shall thus get about thirty per cent of our
money. Happy in obtaining this amoun