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      Few bankruptcies were known in France before the sixteenth century. The great reason is that there were no bankers. Lombards, Jews lent on security at ten per cent: trade was conducted in cash. Exchange, remittances to foreign countries were a secret unknown to all judges.

      It is not that many people were not ruined; but that was not called bankruptcy; one said discomfiture; this word is sweeter to the ear. One used the word rupture as did the Boulonnais; but rupture does not sound so well.

      The bankruptcies came to us from Italy, bancorotto, bancarotta, gambarotta e la giustizia non impicar. Every merchant had his bench (banco) in the place of exchange; and when he had conducted his business badly, declared himself fallito, and abandoned his property to his creditors with the proviso that he retain a good part of it for himself, be free and reputed a very upright man. There was nothing to be said to him, his bench was broken, banco rotto, banca rotta; he could even, in certain towns, keep all his property and baulk his creditors, provided he seated himself bare-bottomed on a stone in the presence of all the merchants. This was a mild derivation of the old Roman proverb—solvere aut in aere aut in cute, to pay either with one's money or one's skin. But this custom no longer exists; creditors have preferred their money to a bankrupt's hinder parts.

      In England and in some other countries, one declares oneself bankrupt in the gazettes. The partners and creditors gather together by virtue of this announcement which is read in the coffee-houses, and they come to an arrangement as best they can.

      As among the bankruptcies there are frequently fraudulent cases, it has been necessary to punish them. If they are taken to court they are everywhere regarded as theft, and the guilty are condemned to ignominious penalties.

      It is not true that in France the death penalty was decreed against bankrupts without distinction. Simple failures involved no penalty; fraudulent bankrupts suffered the penalty of death in the states of Orleans, under Charles IX., and in the states of Blois in 1576, but these edicts, renewed by Henry IV., were merely comminatory.

      It is too difficult to prove that a man has dishonoured himself on purpose, and has voluntarily ceded all his goods to his creditors in order to cheat them. When there has been a doubt, one has been content with putting the unfortunate man in the pillory, or with sending him to the galleys, although ordinarily a banker makes a poor convict.

      Bankrupts were very favourably treated in the last year of Louis XIV.'s reign, and during the Regency. The sad state to which the interior of the kingdom was reduced, the multitude of merchants who could not or would not pay, the quantity of unsold or unsellable effects, the fear of interrupting all commerce, obliged the government in 1715, 1716, 1718, 1721, 1722, and 1726 to suspend all proceedings against all those who were in a state of insolvency. The discussions of these actions were referred to the judge-consuls; this is a jurisdiction of merchants very expert in these cases, and better constituted for going into these commercial details than the parliaments which have always been more occupied with the laws of the kingdom than with finance. As the state was at that time going bankrupt, it would have been too hard to punish the poor middle-class bankrupts.

      Since then we have had eminent men, fraudulent bankrupts, but they have not been punished.

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      Ask a toad what beauty is, the to kalon? He will answer you that it is his toad wife with two great round eyes issuing from her little head, a wide, flat mouth, a yellow belly, a brown back. Interrogate a Guinea negro, for him beauty is a black oily skin, deep-set eyes, a flat nose. Interrogate the devil; he will tell you that beauty is a pair of horns, four claws and a tail. Consult, lastly, the philosophers, they will answer you with gibberish: they have to have something conforming to the arch-type of beauty in essence, to the to kalon.

      One day I was at a tragedy near by a philosopher. "How beautiful that is!" he said.

      "What do you find beautiful there?" I asked.

      "It is beautiful," he answered, "because the author has reached his goal."

      The following day he took some medicine which did him good. "The medicine has reached its goal," I said to him. "What a beautiful medicine!" He grasped that one cannot say a medicine is beautiful, and that to give the name of "beauty" to something, the thing must cause you to admire it and give you pleasure. He agreed that the tragedy had inspired these sentiments in him, and that there was the to kalon, beauty.

      We journeyed to England: the same piece, perfectly translated, was played there; it made everybody in the audience yawn. "Ho, ho!" he said, "the to kalon is not the same for the English and the French." After much reflection he came to the conclusion that beauty is often very relative, just as what is decent in Japan is indecent in Rome, and what is fashionable in Paris, is not fashionable in Pekin; and he saved himself the trouble of composing a long treatise on beauty.

      There are actions which the whole world finds beautiful. Two of Cæsar's officers, mortal enemies, send each other a challenge, not as to who shall shed the other's blood with tierce and quarte behind a thicket as with us, but as to who shall best defend the Roman camp, which the Barbarians are about to attack. One of them, having repulsed the enemy, is near succumbing; the other rushes to his aid, saves his life, and completes the victory.

      A friend sacrifices his life for his friend; a son for his father. … The Algonquin, the Frenchman, the Chinaman, will all say that that is very beautiful, that these actions give them pleasure, that they admire them.

      They will say as much of the great moral maxims, of Zarathustra's—"In doubt if an action be just, abstain … "; of Confucius'—"Forget injuries, never forget kindnesses."

      The negro with the round eyes and flat nose, who will not give the name of "beauties" to the ladies of our courts, will without hesitation give it to these actions and these maxims. The wicked man even will recognize the beauty of these virtues which he dare not imitate. The beauty which strikes the senses merely, the imagination, and that which is called "intelligence," is often uncertain therefore. The beauty which speaks to the heart is not that. You will find a host of people who will tell you that they have found nothing beautiful in three-quarters of the Iliad; but nobody will deny that Codrus' devotion to his people was very beautiful, supposing it to be true.

      There are many other reasons which determine me not to write a treatise on beauty.

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      Samuel Ornik, native of Basle, was, as you know, a very amiable young man who, besides, knew his New Testament by heart in Greek and German. When he was twenty his parents sent him on a journey. He was charged to carry some books to the coadjutor of Paris, at the time of the Fronde. He arrived at the door of the archbishop's residence; the Swiss told him that Monseigneur saw nobody. "Comrade," said Ornik to him, "you are very rude to your compatriots. The apostles let everyone approach, and Jesus Christ desired that people should suffer all the little children to come to him. I have nothing to ask of your master; on the contrary, I have brought him something."

      "Come inside, then," said the Swiss.

      He waits an hour in a first antechamber. As he was very naïve, he began a conversation with a servant, who was very fond of telling all he knew of his master. "He must be mightily rich," said Ornik, "to have this crowd of pages and flunkeys whom I see running about the house."

      "I don't know what his income

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