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money_n month_n pay_v payment_n 1,570 5 10.1620 5 false
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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A92285 Reasons most humbly offered to the consideration of Parliament, why a bill now depending before them, against Richard Thompson and partners should not be passed England and Wales. Parliament. 1677 (1677) Wing R570E; ESTC R42397 4,020 1

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Reasons most Humbly Offered to the Consideration of Parliament Why a Bill now depending before them against Richard Thompson and Partners should not be passed THE Bill suggests First That the Laws and Statutes of this Kingdom made for prevention of fraudulent and wicked practices of Bankrupts in deceiving their Creditors do not sufficiently reach the evil contrivances of Richard Thompson and Partners in regard the Penalties of the Laws are not severe enough to meet with them The Honourable Houses of Parliament can best judg whether in general the said Laws and Statutes be not sufficient and Whether it be the defect Answer or excess of severity which deserves their inspection since the said Laws are more severe and penal in England than in any other part of Christendom And if the former Laws have been thus long sufficient for others It is humbly hoped there will appear no occasion for making a more rigorous Law against Thompson and his Partners than against any other since they lye under the same circumstances with all other trading Merchants Second SUGGESTION Secondly That Richard Thompson and Partners having been Merchants and Traders in or near the City of London and acquired great Estates the better to gain them Credits became joint Partners in taking up and giving Security for great summs of Moneys by which means they became possessed upon Security to the value of about 200 Thousand pounds with intent to defraud all their Creditors The Summs though great were not above 136 Thousand Pound in all as appeared to their Creditors upon view of the Books and is said to be Answer 200000 l. meerly to encrease clamor against them the greater their Estates were at first the better was their Security and the less probability is there of having any fraudulent design Their Security was made good by them for above five years no man all that time was refused either Principal or Interest when demanded But afterwards their Creditors running upon them all at once destroyed that Security but they deny that ever they had any intent at any time to defraud any one of their Creditors of a penny Third SUGGESTION Thirdly That in Order to accomplish this fraud they disposed their Stocks into several Factories beyond the Seas and put the same out of the reach and power of any Commission of Bankrupt which practice of the said Richard Thompson Partners are to the utter ruin undoing of many Families They did as all other Merchants imploy their Moneys in Foreign parts in the most probable Trades the better to enable them to pay Interest but Answer did not so dispose their Stocks to conceal or imbezel them from their Creditors for their Books in which was included an Accompt of their whole Estate from March 1675 till near Midsummer 1677 by agreement with their Creditors lay constantly open for their daily inspection which clearly shews that there was nothing of secret contrivance on their parts but always in a fair open method of Negotiation Fourth SUGGESTION That Richard Thompson and Partners the better to colour their wicked designs after they had made over their own private Estates and secured the Moneys of their Creditors did refuse to pay any of them And the said Richard Thompson and Partners did appoint a meeting with all their Creditors to acquaint them that in regard their Moneys was beyond the Seas though they could not pretend any loss they did only desire time to pay them without abatement to which they consented Which design of the said Richard Thompson and Partners was to get what Moneys they could into their hands and to secure their Books and Accompts and leave all their Creditors unpaid The fact indeed is thus When the Creditors first grew jealous without any just cause given on their parts they did not for six Months after refuse Answer any payments nor so long as they were able to make Moneys out of their Essects at home or abroad so that before any stop of Payments they had paid them in that hurry about 60000 l. This being so suddenly torn out of their several Trades well but newly laid was of so great prejudice to the growing Estate that they were inforced to desire a meeting of all the Creditors which being accomplished they there proposed to surrender Books and Estates into their own management desiring them either to accept thereof or to allow time The far greater part of the Creditors upon their own reasons and the inspections made into their Books refused the first but complied with the second that so that Estate what remained abroad might be drawn back with better conveniency and subscribed their agreement to that purpose Whereupon Thompson and his Partners proceeded with all diligence to get in what they could lest all should be lost well hoping to have paid every man but were disabled by one third of their Creditors who standing out by daily Actions Arrests Attachments and by threatning with Statutes of Bankrupt extorted from them some double some treble their Proportions payable to them by agreement aforesaid and many were paid their whole Debts by which means there was Issued out to them and others in Principal and Interest at least 50000 l. being above one third of the whole remaining Debt which necessarily after their first streights put them upon further Extremities So that it is evident hitherto there could be no fraud intended And as to what is said That they could not then pretend any loss so far they allow it to be true that having at that time subjected their Books to their Creditors they discoursed but sparingly of their Losses although then very considerable Because the complying Creditors had many of them promis'd to give new Credits nor were the wounds ●● the Estate then so wide but the performance of such promise would have closed and cured them and would not only have re-established Thompson and his Partners but secured their Creditors debts which was the only Cause that they did not openly publish their Losses at that time but that such there were hath since been and will at any time be made out by clear and full proof if desired Fifth SUGGESTION That a Commission of Bankrupt is lately Issued out of His Majesties High Court of Chancery against the said Richard Thompson and Partners but they to prevent the due execution thereof have absconded themselves and conveyed away their Books and Estates on purpose to defraud their Creditors and the Execution of the said Commission and are declared Bankrupts by the said Commissioners in pursuance of the several Statutes against Bankrupts c. About Midsummer 1677 till which time their Books and Estates lay open to the Creditors view and disposal they taking a Survey of their Answer Trade and remaining Estate were surprized with the vast losses they found was befallen them partly by casualties at Sea partly by bad Debts but mostly from the impatient demands of their Creditors by which they were made utterly incapable of complying