Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1803-03-14
Congrels Of the United States.
Hop.s OF REpRRsEsTATINgs.
February IS, 1903.
BANKRUPT Law.
(Ccutixaed.)

tnCle we've IN Inc IiRli VIM pId( So tneA'
not to 90 into it, as il has efeefually de-
ifroved tie doing any buGnefs tor this cay.
Another reafon in favor OF pottponement
is 10 give legal gentlemen time 10 turn
over their books, and to underRand what
she bankrupt law really is--and TO aieer-
tain whether the Objectionable parts to
which they refer are in the law or not.
For l believe the gentleman from Maj
iachufetts tMr. Haaings) who has
pointed out the exceptionable provliions
in the law, will not, on examination, ind
them.
AS already obieryed, the law is an ex-
pertinent intended TO be tried tor i've
years. Gentlemen are now for cutting
offtw years. Is this giving the expe
riment fair trial
| underaand this TO be the diftinetion
between the bankrupt law and the iniol-
vent law. The iniolvent law is made
TO relieve the debtor from thraldom, and
for his benefit alone. The bankrupt Law
is made for the benefit OF the creditor
againtt fraudulent debtors. For this pur-
psie it was pa1ed and as far as ! am
acquainted with its effects, they have O.
perated fayorably.
What were the effect of the iniol-
vent laws on the creditor Merchants
of large dealings in the habit OF giving
their name, and receiving that ola frlend
TO endorie their paper obtained diicounts
on what were termed accommodation
notes when in tottering circumstances,
cenfdering themfelyes bound 10 iecure
thoie who had lent them their names In
preference to their real bona hde crsdi-
tors, they became talie TO the latter
thst is they lecured ,hofe who had lent
them their names, and nothing elfe, the
whole property went to them, while not
dollar remained for the man who had
fold his wheat or his tobacco, or any O.
thsr article. Againf thefe the door
was ihut. What was the confequence
A petition came forward from the man
thus infolyent, who in Maryland is re-
lesled from his debts. without either
lien on kis perlon or property. In Maj
iachuletts, we are informed ihe perion,
but not the property is reltafed. And
what is the effect of holding any pro-
perty he may thereafter acquire ant@era-
bic for his previous debts You Will
halifh him from the fate where luch laws
exit TO thofe where they do not .xif.
While he remains fuhje6t to fuch laws he
will be idle. Pardon me for the expret-
fon, he will be as dead horie that will
not work. But he will go where he can
again act for himtelf with iome proipeet
of riGng in the world.
Now what are the effects in fmilar
circumstances under the bankrupt law !
Merchants know generally very weli
when man is on the toster; and when
efpecially they hear that man IN trade
is abou, TO iecure his fecurities, they
bring him Immediately under the provi-
fions of The bankrupt law; and thereby
fecnre ths farmer, as we'll as themteiyes
for The farmer is at home and deea
not knew the fitnation of the merchant
indebted to him. But merchant watches
mefchant-and as foon as commiaon
Is taken affair dividend of the effects, OF |
The bankrupt Is made amonga I'll his cre-
ditors.
In Philadelphia, not long dnce, mer-
chant failed fer great fum-the necef-
fairy oa.hs were taken, and he was likely
70 get off with two or three hundred
thoufand dollars, which was however Ill
simately fccured 10 his creditsts under
the baukrups law. 10 MARYLAND ner-
c; ans in grea trade f nd Tor very large !
fun. tistrie th, e of jealoOfy was
for iomc time fixed upon him. Bur TO |
ney for the amount Of a4o, 900 dollars,
thar would otherwile have been loft, was |
fized hold ofby the bankrupt acts and !
hns for which ff1e fair crdifor's claims !