Extravagant Living CHAPTER 28.
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When Mr. Lee called on the next morning, he found his partner in a most gloomy and distressed state of mind. As accurately as it was possible under the circumstances, he had made up his account — and figures, which "do not lie," confirmed all his worst fears. In possession of the Maryland Insurance Company, and in the hands of individual capitalists, were notes, bearing the signature of the firm, amounting, in all, to over thirty thousand dollars, which had been placed there as collateral security, and which, failing to be reclaimed by himself, would come into bank for collection at maturity.
Besides these, as near as he could ascertain, notes for at least thirty thousand dollars more were in existence, on which he had placed the endorsement of his firm. Beyond this, we need not particularize; as it is of no great use to estimate with accuracy, the extent of pressure which exceeds that necessary to crush to atoms, the object unfortunately lying beneath.
After a long and careful examination of the figures placed before him by his unhappy partner, Mr. Lee said —
"My first proposition, you no doubt anticipate — it comes in course, and as a matter of necessity. Our partnership must be dissolved."
Pinkerton slightly inclined his head, but made no answer.
"As carefully, as was possible under the circumstances, I have examined into the state of our business. It is sound, and has made liberal profits. But it cannot bear the sudden abstraction of fifty or sixty thousand dollars. It would crumble like a wall of sand. Now, what I propose is this. An immediate dissolution, under an obligation, on my part, to lift all the paper you have created or endorsed by virtue of the signature of Pinkerton & Lee, to the amount of sixty thousand dollars. This payment, on your account, to be considered a full equivalent for your whole interest in the business whatever. Should the sum to be paid not reach sixty thousand dollars, the difference will be so much to your credit."
"Have you not just remarked," said Pinkerton, "that the business will not bear so large an abstraction of capital?"
"Nor will it. Not for a month could I stand alone."
"You expect, then, to fill my place?"
"All is hopeless without a partner. And he must have ample means," said Mr. Lee.
"Can you find such a one?"
"If not, the case is desperate."
"It is very questionable," said Pinkerton, "whether the firm is responsible for any of this paper. Of one thing I am certain — it might be bought at a large discount. Most of the holders would be glad to realize fifty cents in the dollar — rather than encounter the delays and uncertainties of legal proceedings."
Mr. Lee shook his head gravely. "It won't do, Mr. Pinkerton," he said. "The moment the firm resists the payment of notes to so large an amount, and on the plea that they were created by one of the firm, outside of the regular business — that moment its credit receives a shock which must ultimately prove its destruction! No — no. There is but one safe course open, and I will walk in none other. As for prolonging our present relations, that is impossible. I would choose, rather, an immediate closing up of the business. As for yourself, your only hope lies in the arrangement proposed. It will at once relieve you from heavy personal responsibilities, and place it in your power to render available to the fullest extent, the property you have accumulated in stock and other speculations. If I take care of fifty or sixty thousand dollars for you, surely you can manage safely everything beyond, and come out with a surplus."
Eagerly Pinkerton caught at this view of the case. Light and hope broke in suddenly upon his mind. If his partner would lift so large a sum of the obligations he had created, enough would remain, he believed, to enable him, with the knowledge possessed of money transactions, in some measure, to recover himself. He must step down from his social position many degrees lower, that was plain. But he need not descend so low as at first seemed inevitable.
"I do not ask your instant assent to this arrangement," said Mr. Lee. "It is due to yourself, first, to look at a statement of our affairs, and determine whether the notes proposed to be lifted are equal in amount to your interest in the firm. I can only say that, taking into consideration the large sums you have drawn out for your own purposes, in excess of my personal account, sixty thousand dollars is something beyond your share of the business. This, however, you can readily determine for yourself."
And, when the question came up for final decision, Mr. Pinkerton was at no loss what course to pursue. On the one side, was the broadest exposure of his dishonorable course, in using the firm signature, involving law-suits and humiliating exhibitions of private transactions, with almost certain ruin as the final consequences — while, on the other side, was the hope of extrication from the worst of his present embarrassments. A memorandum, as the basis of a dissolution of the firm of Pinkerton & Lee, being drawn up, was signed by both parties — and Mr. Pinkerton went out, in reality, a poor man, from a mercantile establishment in which his interest, had he not madly destroyed it — could scarcely have been purchased for a hundred thousand dollars!
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