Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1803-03-12

eo.,mon t.lipg u lave DIVIDENDS. ! viii,
s{k-it any flch th:ns has ever happshtc
under an inlogen1 law
TIE law appears 70 be obnoxious 70
fonlc pegions i,slsufe tie tae property oi
he ganE.. opt is -l!begate.! oar why Keep.
i il .i,raItlon aaaer the BahkfoPt law,
when it is Acknowledged that no Osns''s
is derived from th- oppollte couEie oiide'
the In!oIycnt LAYS.
/ cali on gentlrmen 10 Glew that tic
G:ua,:on ofie ciety WIS better nndsr me
Iof5lyent, ,hanit row is under The Bank
rul1t lax. We n,MF have one or the O.
Jlee. We on cur ii.ic, hlsw TAG heee-
hts Of The Bankrupt law--!et gentle
men if Iiev can, thew lhoic Ok The Iii
vcog law. We flew thar nnder me
Bark rupt law, il is in tie poses o. ne
creditor TO fave the property OF tht dapt,
or: which is nor the cafe under the IN.
folvent law. We lhew that the Bark
:upt law is productive Of an equitable
inpar,isliry and that it prevents ihoie
improp-r preferences which take place
under he in!olvent laws, and thoie iraEdS
to which the creditor is actually exPoi-
Cd. Let gentlemen recolea that, under
the Bankrupt law, dsbtor cannot get
his comml1ion without the content OF
two thirds Of creditors, which retire
tion prevents Kim from faso.ng his
creditors. Are any fuch beneh's de
rived fgcm The Infolvcns laws? There
arc GATES, in which, under thofe laws,
the pcflon Of The debtor, without az
Incarceration Of bis perlon, on noni
cal aft flment OF lis debts, is liberated.
In cafes Of this kird, where IS tie fene-
& Of the creditor? The debtor neve!
cones forward until he is a ruined man,
until the fchedu.e of his property will
llarccly pay The expeaees attending his
insolvency. So delparte are thele cafes,
thar / 60 not remember TO have ever
beard Of dividend. Thus you ioFieif
all tic advantages and exrole yourfeives
70 a!l,he evils q. the Bankrupt Law
IN no view which can take OF the tuh
ic6t, can ever content to reveal the
law ; Ihaye heard mach OF she evils
alterding It's execution, but | have ne
ver ieen thtIn.
believe as the United States are one
great commercial republic, it behovcs
Us to have ore uniform rule co-ex5enhveI
with the union, that the merchant inI
New Ham 1hire may know tie laws OF
Georgia. believe that ore great uie
Of the bankrupt yGem is its expoiing
landed property TO fale for tie payment
Of debts, as it is my conviction that no
country can BE commercial where LAID is
NOT artiyerable for tie paymcn; Of debts.
The exemption Of lands from liability
70 be fol3 for the pay nnens Of debts is a
remnant OF feudel policy, and ought to Be
conG2ncd 10 the fame tomb with lis other
,rapp.ngs. I believe a'io, thar Aates
VI e lands cannot now be fold will be
benefited ty the liability. This excep-
lien is TO be found only in countries
where the paneAion Of power being he
rcdi,ary, srca, Inducements exit TO lock
up the properly OF the country; & even IN
lonle OF ,hole countries the lands OF mer-
chants ere liable 10 be fold for the pay
rlent Of the.r debts. Even ~ England
where there is 10 much reafoo, from tie
nature Of the govern nent, TO tet,er pro
perty, entajled lands are liable TO be fold
for The payment cf debts. For il has
been found thar merchant could obtain
an extepfve credit, invef his property in
lard & f this creditors al defiance, enrich
ing himfelf ard his family at the expence
OF his creditors. This became on enccu
rsgement to contract large debts for the
exprets pu.polc Of invcaing lis morey IN
lands, and thus fhutting II up from the
reach Of his creditors. And no DOUBT, the