Bankruptcy
At the same time, Meucci was led to poverty by some fraudulent debtors. On 13 November 1861 his cottage was auctioned. The purchaser allowed the Meuccis to live in the cottage without paying rent, but Meucci's private finances dwindled so that he soon had to live on public funds and by depending on his friends.
As mentioned in William J. Wallace's ruling, during the years 1859, 1860, and 1861 Meucci was in close business and social relations with William E. Ryder, who was interested in his inventions, paid the expenses of his experiments, and invested money in Meucci’s inventions. Their close working friendship continued until 1867.
In August 1870, Meucci reportedly was able to capture a transmission of articulated human voice at the distance of a mile by using a copper plait as a conductor, insulated by cotton. He called this device, the "telettrofono". While he was recovering from injuries that befell him in a boiler explosion aboard the Staten Island Ferry, Westfield, Antonio Meucci's financial and health state was so bad that his wife Ester sold his drawings and devices to a second-hand dealer to raise some money.
Read more about this topic: Antonio Meucci
Famous quotes containing the word bankruptcy:
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)
“You must get your living by loving. But as it is said of the merchants that ninety-seven in a hundred fail, so the life of men generally, tried by this standard, is a failure, and bankruptcy may be surely prophesied.”
—Henry David Thoreau (1817–1862)
“A woman’s whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless—for it is a bankruptcy of the heart.”
—Washington Irving (1783–1859)