In 1884 the publishing firm of C.L. Webster and Company was organized to publish the works of Mark Twain. Of this firm Mark Twain was president; but he took little active part in the management of its affairs. Able to conceive in broad outlines successful policies, he was singularly deficient in the power to handle the details of their execution. On April 18, 1894, the firm whose business enterprises had always figured in large sums through the immense popularity of the author-publisher's own works, the _Memoirs of General Grant_, and the _Life of Pope Leo_, made an assignment for the benefit of its creditors. The bankrupt firm acknowledged liabilities approximating $80,000. What in the ordinary view of commercial affairs would have furnished but one item in the list of failures which record the misfortunes of ninety per cent who engage in business, became in this instance a notable case through the eminence of the chief actor. What might he have done? The law could lay claim upon his personal assets. To surrender these possessions proved no act of self-sacrifice, considering his wife's fortune, upon which the law had no claim. His wife, however, joined him in the act of renunciation, and they stood together penniless. Beyond this point there could be no legal, and, to many minds, no moral responsibility for the debts of his firm. One can speculate upon the force of the temptation to take advantage of the position. Mark Twain was sixty years old, and ill at that. Having sacrificed all he possessed to meet the demands of his creditors, he might justly claim the benefit of what remained of capacity for wealth-producing labor. His own words in reply to a slander which insinuated that he had set to work again for his own benefit are splendid for inspiration and honesty: "The law recognizes no mortgage on a man's brain, and a merchant who has given up all he has may take advantage of the laws of insolvency, and start free again for himself; but I am not a business man, and honor is a harder master than the law. It cannot compromise for less than a hundred cents on the dollar." ... The great parallel case to the one here under examination is that of Sir Walter Scott, who lost his all through the failure of his printers, the Ballantynes, and between January, 1826, and January, 1828, earned for his creditors nearly £40,000. In the early stages of this trial he suffered acutely from the attitude of his friends, and he records in his diary how some would smile as if to say: "Think nothing about it, my lad; it is quite out of our thoughts;" how others adopted an affected gravity "such as one sees and despises at a funeral," while the best bred "just shook hands and went on."