The Statesman.
London, England, 1819-02-20 00:00:00

TIIE

the Presidaat of the Insolvent Court, that the law
did not enable him to issue any woos, for the re-
covery of money in the hands of the Bank of Eng-
land. Thus the promise held out by this lair was
perfectly deluder.
Mr. ABERCROMBIE stated, that the evil reme-
died by the Act in question, bad been one of the great-
est magnitude in the law of the country. The system
sanctioned by the Act, had, on the whole, bees pro-
ductive of much good, thosgh no doubt some evil had
been wiled with it. A Committee that had, at a for-
mer period, taken the Act into consideration, bad
stated that many of the Petitioners were igno►ant of
the niter, of the law of which they complained. The
Howse was bound to consider, what would be necessary
to ha done, in theevent of theist, being repealed. He
understood that the Attorney-General bad it in coo-
terni.tation to anlredoee some important alterations,
when the ;summit Act ahoold have expired, which
would probably go far to remedy the evils com-
plained or. Jr the present Aet enabled debtors toil.
lode their creditor*, creditors on their pails, ought
to he more essiieuv.

Mr. Alderman 1V.6 ITHM A N denied that be had
said that the facility with which debtors could obtain
their release would serve toile, additional facility to
credit; for be keel, that the very contrary melt be
the result, and that formed one .1 his strongest ob-
jectinns to theesisting la w. Every man acquainted wit's
trade must know the vales of credit. How many of
the ei-st eminent merchants wets originally clerk.,
and how crield they have raised themselves if it were
not for the credit they obtained ? This la*, was how.
veer, not Drily injurious to credit. bet destructive of
the whole morality of trade. Ile vindicated the
humanity of men in trade, when hottest but unfortu-
nate debtors rippeelvd In their mercy. Ile disclaimed
any Intention in encourage improvident credit. hot
I it was notoriously irnprovible to carry on trade with.
oot credit, arid I.is main objection to this law was,
that it encriersted debtors to engage in wild cove.
prise and improvident spocatistinsi—to go ea, ;siper',
In spending, until on preparry remained to satisfy
their creditors. Hence it appeared, that debtors for
seven or eight millions of money bad been dis-
charged by the Insolvent Court, without giving more
than one farthing in the pound to their creditors. On
those grounds he complained of tee law seder con-
sideration, for which, however, be did not feel him-
self bound to propose say substitute, as the Learnt d
Gentleman required ; but still be would be ready to
give any essistsnce in his power in framing arch a
aleatory, as should at once wore relief to the enfor-
!emits debtor, and give doe protection to the property
of the honest trader.

Mr. R. GORDON was of °Onion, that as mach
blame would be found to attach to the creditor as In
the debtor ; and there noold has* been the came
nomber of Jeh•nrs. had there been no Insolvent Act.

Alderman WA ITU M A N then proceeded to move
for a return of the notable' of Debtors committed end
discharged since the Ist of Jenoary, 1797. to the 1•t
of January, 1817, distlneeishiog those who had hems
&whetted end►r the Insolveot Act; bet withdrew
the istelien for the presents in co..segeence of a In-
gestion tram the Ype•ker.