Chap. VI.]

THE MERCANTILE PROFESSION.

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to fall on the field of battle is dishonorable to the soldier, or de-feat to a general, who has done all that valor and skill could achieveto obtain the victory. Bankruptcy, therefore, is often the conse-quence of inevitable misfortune, and is no disgrace, if met withfidelity and honor.

A writer, who ought to be well acquainted with the subject,*more than intimates, that the character of an American merchantis not highly respected abroad ; that it is looked upon with dis-trust ; and that it has been severely reproached. And he seemsto write under the conviction, that our merchants have given toomuch ground for this want of respect, distrust, and reproach, onthe part of foreigners. And, while he admits, that our merchantshave improved and are improving in this respect, he still com-plains of a looseness of principle and practice in contracting andpaying debts among them, “ very rare, if not unknown amongmen of the same standing in trade, in Europe, at least on thecontinent.” He complains, that the ambition to do a great busi-ness is universal and devouring in this country ; that the disposi-tion to contract debts has become eager and reckless ; that theobligation to pay them is but faintly felt, and that the failure topay them hardly produces a sensation of shame in the defaulter,or any resentment or neglect towards him on the part of hisfriends or the public. He says, our commercial community seemto make a common cause with every delinquent trader, and totreat the most criminal extravagance, the most thoughtless indis-cretion, the most daring and desperate speculations, with thelenity due to accident and misfortune. When the catastrophewhich, sooner or later, awaits such proceedings, comes, a hastyarrangement is patched up between the debtor and his creditors,altogether under the dictation of the former, who deals out theremnants of his property, if there be any, to his friends or favor-ites, at his will and pleasure, with the air of a Lord Chancellor,and the creditors have nothing to do but to hear and submit tothe decree, in the shape of an assignment. Debtor and creditorretire from this dishonest transaction mutually dissatisfied ; theone to resume his business, his station in society, his pride and

* Judge Hopkinson of Philadelphia, — Lecture on Commercial Integrity, 2dof March, 1832; pp. 4-8.

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