Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1822-01-26

Dement, OF its provisions may he mutually OH
iailed The motive for giving il an adversary
character was SClusivey for the benefit of the
creditor UuJ,r the present systems or rather
want of system, IA commercial affairs, the in
snlveut has the entire power To control the di-
rcction of whatever funds he may alot 10 the
payment of his debts. He is in fact intrtisted
with the sole disposal al his property, and
may give it such direction Of caprice as con-
science hate o. affection, r,,.;ey or principle
may prescribe. The first question, therefore,
80 be determined, was, whether it was expcdi-
ent to take the estate out orthe hands of the
insoivent and 10 place il in the hands of Others
for the benefit OF his creditors, to whom it of
right belonged, or TO leave il in his hands. sub
Jec. 10 his exclusive contro, and direction !?
On this subject, Mr. S. could appea! with
safety To all who resided in or rrar CONNER
sial community Ia say what was the expedi-
cnt cour.p ?, Ia regard to the effects of falling
merchant? 1t was question of easy solution.
IN which the creditor, was, perhaps more in
terested than the debtor. Tue relation of
debtor and creditor, Mr.. S. observed, was
deeply interesting TO all classes of society.
To the cIcii,or, the constituted authorities
were bo',ad To perform the duty ofjustice. TO
the debtor, there was superaddcd to that of
III lice, the duty of humanity. Peculiarly
was this the case, in a country which profess
cd to be government oflaws where the rich
and the poor yielded AN equal obedience and
support to the laws, and were equally entitled
10 their protection. 1t was Il country Of free
dom, where NIL who participated in its con
ficts, were entitled 10 participates in the
happiness those conflicts had securcd.-
Oar government was established, not to
a..graadizo the lordnS, and spread its glory
by trampng in the dust the child of misror-
tune hit Tor the nobler purpose of giving
clud security To the peasant vino sleeps on
straw, and Ia the wealthy satrap who reposes
on down. The blessings of our Constitution
reach beyond tic palace. They enter the
numb'e she'd. They cheer the heart of the
wfctched with consolation, and buoy it up
with hunc. They redeem himself and his
Children from bondage, and cast their relcc-
fion upon the domestic fire side. The once
prosperous citizen LOOKS To his family to his
social circle-to the delights of better DAYS,
which no act offolly or Injustice have Justly
required the Ioric; of-he looks with ardent
e.ze at the constitution Of his couutry-and
he iurns to ask you, shall these blessings be
lost without crime, and the isnplniny of inn
prsonnent be incurred without fault /? Shall
flr creditor Eic.,rccrate his debtor ut pleasure
c-shall ghr dominion of dollars aud cents, give
him the power TO say that there he shall vc
there he shaR dic-aad there he shall he burr
cd In that gloomy abo3t, he hangs no lon
ger Oh the skirts of mercy. Hope is bounded
by payment, and the limit OF grace, is the bal
ancc nF the iedg'r. Il; is indeed easy 5to say
IN the debtor, why did you ask for credit
And to the creditor, why did you give il:
But u was not equally easy to practice OH the
enquiry. Commerce is carried on upon the
principle OF CREDIT. Il is uniform and uniyer-
sal throughout the civilized world. To de-
part from it.. in particular eases, might excite
dsrlslOn, bat would rarely npart confidence,
Or the authority of example.
The bill under consideration. Fir. S. con
ndei, had strong bearing upon our pablo
p1orais, and national reputation. The pub
lie morals required that the disposition of u-
solvent estates, should not be left 10 their own
management, unawed by restraint, and I'M
checked by law and that our national rcpu-
fatIon required The enuctiOn of such a body OF
,iws as should secure to the creditor an equal
participation in the effects OF an unfortunate
debtor. 'Yisc and fit, therefore, it was that the
constitution OF our government should give
fine Subject IFS special notice. Every civilized
commercial nation, within his know ledge, had
lnad'' provisions of this sort. 1t had been
done, peculiarly for the security of the crcdi-
tnr--and it was matter Of special observance.
fbat ut this moment, an absent merchant in
The United States is in worse situation, both
creditor and debtor, than he would ne in En-
gland, Scotland, Ireland, Holland, France, or
Spain. TWAS also worthy of remark, that no
nation that has been known ever once to a.
dept bankrupt system, possessed Of these
cardinal qualities, has ever abandoned it az
forwards. There is a remarkable coincidence
also IN these laws Of the several nations. They
come to the same result. However they NAV
differ in their political insti,utions-in their
systems of foreign relation or internal 60
vernment and police-yct they agree in Til.
and particularly in the main cardinal points OF
fhis bill, The security of hecrctitor and the re-
lief and liberation OF the debtor. The bank
JUpt liw of Spain was enacted in 1897, almost
q century ago. IL differs in the mode of pro
teeding, from the bankrupt law of England
but the cardinal objects in view are precisely
the same. If two thirds of the creditors in
number, and one half in amount--or one
half in number, ana two thirds in amount, a.
gree upon any principle of exoneration with
the debtor, the rest Of the creditors IRE. bound
by the compromise. So il is also in Holland
the example of which country must necessa-
rily carry with it greater authority than that
81 spain. The Dutch have been long dlstin-
glnshed for their industry and wealth. No
patton has better understood the principles ol
trade and their sober habits, enterprise, and
commercial integrity, have entitled them TO
an cminent rank in the history of nations---
II is not untI within Ten years pas, that they
have had bank Of discount and depOsite a
InDDS them. A bInk Of deposite tbey had
Bat 4 back Of discount was unknown 10 ti.rn.
TIER law, like that OF Spain, permits the tna-
J0r creditors IN number and value in ike man
neF, 10 enter INTO a compromise that shall
bnd the minority. The bankrupt law 0r En-
gland, Slr. >. oser' ed, was well known To- all.
J. required neltber comment nor illustration.
Having been enacted so early as the year 1919
"a the earliest days of commerce III that c0un-
Try, when the principles Of government and