Financial Ruin
Rea's sacking was followed by litigation, mainly (but not entirely) in the Court of Exchequer. This was ultimately partly resolved by an arbitration by Warine Falkner and Edward Kendall with William Knight as umpire. The result was to leave Rea financially ruined, with his property mortgaged to the Duke of Beaufort, to whom he ultimately surrendered it.
Read more about this topic: William Rea (ironmaster)
Famous quotes containing the words financial and/or ruin:
“A theory of the middle class: that it is not to be determined by its financial situation but rather by its relation to government. That is, one could shade down from an actual ruling or governing class to a class hopelessly out of relation to government, thinking of gov’t as beyond its control, of itself as wholly controlled by gov’t. Somewhere in between and in gradations is the group that has the sense that gov’t exists for it, and shapes its consciousness accordingly.”
—Lionel Trilling (1905–1975)
“If there be any man who thinks the ruin of a race of men a small matter, compared with the last decoration and completions of his own comfort,—who would not so much as part with his ice- cream, to save them from rapine and manacles, I think I must not hesitate to satisfy that man that also his cream and vanilla are safer and cheaper by placing the negro nation on a fair footing than by robbing them.”
—Ralph Waldo Emerson (1803–1882)