Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-11-06
BANKRUPT LAW.

from me Southern Patriot.
As there appears to he no difference
Of sentiment as to the eXpediency of the
passage of Bankrupt Act. it is proper
that the merchants of each of our com.
mercial cities should unite in petitions
to the next Congress, for this impOr.
tant purpose. The merchants of New.
York have set just example in putting
their names 10 a memorial on this sub.
Jet. which will be presented at an ear
Iy day to the attention Of the NatiCna!
Legislature, and We hope that the mcr.
chants of Charleston will not he ncgIi.
gent in SO important a matter. We ex-
pect that they will also memoriaiizc
with the other cities of the United States,
and let Congress behold. from the una.
nimity Of opinion on the subject. that
the passage of Bankrupt Law canno,
be any longer postponed without the
greatest violence to justice and ha-
MARTY.
How many Of our fellow citizens are
now oppressed with the weight of debts
which operate like an Introduction TO
the exercise of their talents and indus.
try for the benefit of their families. and
of society? How many are suffering
through the imprudcnce or dishonest!
Of others, by lending their names, some
it is true, for mutual accommodation.
but numbers in The sririt Of disinterest.
ed friendship? How many again that
have failed in business. not from extra
giant living or imprudent speculations,
but from those reycrses in trade that
faisify the calculations even Of the mos.
experienced !? Are all these to be con.
founded with the spendthrift and the !
man destitute of honor and honesty Il
Is the creditor still to be defrauded Of !
his rights through the laXity Of the in I
solvent Laws Of the States and Their
discorGance Is he yet to be sub ieCth =
the whole of the ,exatious and disgrace. I
full arts. employed 70 cover the property
OF the debtor, in too successful opera
ton amongst US? A Bankrupt Law
if it would not at once sweep ava, 'h
whole OF these corrupt practices, Wills 4
least lessen the range Of their opera
tion.--Thcre cannot be presented to th
debtor. under Bankrupt Act, the SAN,
choice Of modes as at present. to dcfraul
the creditor. The latter will be bet'Esg
able TO discover some Of the springs
that machinery which the former can
under the existing system, so success:
fully play Of in secret against him. AS
any rate. for the credit of the country Z
for the abuse Of abused justice and be-
mainly, We should attempt cure 70:
the evil.
There is one aspect in Which the sub q
ject presents itself. that merits some at Z
tentinn. We conceive, that if We han
possessed proper Bankrupt Law froafy
the establishment of our Constitute
We should not now have to deplore.
the same extent, the fatal copsequenfc
of overstrained credit, speculation a'
extravaganza. The penalties of stcg
an act would have operated as a chel'8s
at least on the borrowers, who being
ware that they could be enforced Wit
despatch, and with less chance Of eII
ding the payment Of his debts, by trcAsss
or artifice, would have had fewer temp
tations to borrow. The procrastIN'T
ton incident to the prosecution OF CLAM
in our courts Of justice, and the tacHn