Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-10-27
RICHMOND, OCTOBER 81. 1870,
FOR THE ENOu

Congress meets on the 18th Novem.
Der next, nearly month earlier than rs
usual, amt anticipated no doubt IN cousid>
Grafton ct Tie very important measures
expected 10 be acted on during the SEES
sion. Among these a Bankrupt Law NAV
be considered as one of the greatest i'm
portancc. Our credit ia IL commercial
state - suffering daily for want Of one
t.vcry commercial city in the T.. States,
" is believed, has pe,tioHcd for one.
Every chamber OF commerce in the coun
Try has done She same thing ; and lei il
be remembered, thai these chambers are
composed OF the most wealthy, euicrpri-
sing and intelligent merchants in our
country. Why then it may be asked, have
ve no Bankrupt Law? Perhaps ii may
tie said, thai such q law would not gene
Taily lie well received IN the country. -
10 this ii may be answered, that a Bank
ydrt La" affects merchants and traders
only and they all want one. Would il
not tIirn be reasonable Ia give il trial
an! II IN lis practical operations il should
sIc detective. amend II as its defects ap
pear and finally, il bad in principlere,
peal il
There seems TO be a very general and
mistaken notion prevailing on this sub
Jeci. 10y confounding Insolvent with Bank
r"pi l-a"s. In their principles they are
totally different. inSclveni Laws are in
tended Tar The beneii, Of insoIveu, debt
crs Rankinti Laws for The benefit of
cr"t'iiors.J This may bp fully exempIiii d
by surprising a n2ic case-and 10 make
1t as strong as p s>ibls, jet us for argument
sake, suppos he debtor 10 be dishonest.
and that nr will by all lie means in his
power endeavor to deiraud his lust cred
i;ors. Tn len our insolveni laws, such a
man may go on to convey away his pro
perry 10 this or that favouriie creditor
or What Is sill worse, TO some particular
friend or relation, who would be willing
so and him In The fTaud he intends. |
know OF no way 10 prevent ;his an ale
iachment would mol lie, and il suits ere
brought, the debtor would, il is true, 90
10 jail, but would presently avail himself
OF lie oatr for The benefit OF insolveni
debtoIs, would be released from prison,
so at large and set his creditors AT def
ancr. He cares moi for discharge for,
II ~ TO be supposed, he has secured am
pie provisions for himself and family -
Row let us see what woul.' be The course
ut proceedings III such case under we'll
digesied sisiem Of Bankruptcy. A deed
Tor The benefit OF any particular creditor
or Other friend you'd be an act Of Bank
Tuptcy, and commission OF Bankruptcy
might forthwith be served out, all such
deeds made null and void, and the deb,
or called on TO make fair and honest
surrender of all his effects for tie benefit
oial his creditors and failing so TO do to
she satisfaction of two thirds Of his cred
itors, might be thrown into Jail there Ia
remain until lie chose to make a saiislac-
tory exhibit Of his business. Creditors,
It rrquIrcd, must prove that they are real
bona Iiae creditors, and not nominaliy
so Tor tic purpose OF obtaining dis
charge for their friend.
! do moi intend to 20 SO far as TO say
b. bankrupt law would effectualy prevent
traudsl; This is not TO be expected; No
law, either human or divine, has ever
keen found sufficient TO accomplish so de
,irable an object. Ii is sufficient that |
ave sbewn, that well digesiod system
OF bankruptcy is better calculated 10 do
II, than our insolveni laws are, or can be /:
being as before stated, for Tie benefit Of
debtors only. Nor do intend 10 deny
That debtors may not be benefited by a
bankrupt law. In all cases Of failure,
some one or more Of the creditors will
he highly exaspsrated /; who Judging for
themselves, will not tail 10 pui ihe most
uniavOrable construction Oh The conduct
ol their unfortunate debtor. and Without
proni, or without even putting themselves
10 tlie trouble to enquire into The real state
Oi thirgs, will mol only refuse TO dis
clargr their debtor, bal viii heap upon
the ~ fortunate man, tie mosi abusive
iangHIge, charging him with every spe.
cies OF if ud that could possibly BE- peg.