The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1825-12-22
TIE VIRiINTAN.
LYNCnBuRG DECEMBER 81, i825
PRESIDENTS MESSAGE, No. 3.

Baakrupt LaD Mr.. Adams recon
mrnds the FRACTION of a Bankrupt Law
w. are aware that the preindices of thu
snuihrfn country have brsn enlisted IN OPP
posiion to this measure, but how justly Ne
shall not pretend 10 determine. Our ac-
quaniancr with the subject, ~ we'll theu-
ieIirally as practically, Is too limited tn
nunlify NJ 10 discuss il on lis merits. For
the superficial investigation which
ou opportunity am, inclination have per-
nliltrd US IL give II, do not authorize rs 10
express an opinion, either negatively or
ailirmativ.ly II may be- argued, that II
such a law existed, the honest merchant,
who il now borne down by the weight
of debts, originating in an unfortunate
speculation or sudden disaster. against
which no human prudence or foresight
could guard, aud the elasticity OF ~h"se
mind is reprrss",l by the utter exinc-
ton Of hope, might be again enabled
~ lsuncl, his baIk ON the oceal, "f compe-
lilnu aud enterprizc. with the possibility of
retrieving his fortunes. He would have
some pducemcnt, from the know ledge that
he might enjoy ia security the frui, of his
labors, actively aud industriously 10 engage
in business While, under existing cIrcnm
stances, he has scarcely he slightest spur
To action, either in present enjoyment 81
future expectation. On lhc other side of
the question, il may bs argued, with nurh
pl,usiblliiy, thai such a law would hold
forth inducements to hazardous speculation
-dishone.t persons, particularly might
take adYautage of its provisions 10 enter
into business with fictitious capitals, and
at convenient moments, stop payment, la
king refuge under Il statute Which permit
ted them 10 I0li III wealth while the FAINT
lies of some whom they had ruined by in
tcntional fraud, were piuing IN want. o.
tbels, again, With real capital, would en-
gase in a business which involved great
isk. Ii successful, their capital might be
doublrd. Ii unsuccessful, they would ioss
10, amount invested IN the speculation,
one-halr Of whica would IN all probability
hav. been obtained on credit, from persons
who could compel the adventure 10 pay
tlrm bat for the existence OF a la, which
permitted hun to retire from business in
dependent, while his poorer cIrdlinis We're
suffering. Fears of thi. sort are MT ina
g aary. The history Of the Bankrupt Law
IN Great Britain Wiz sullic, nil, demon
stratr that they have brre too often
which would, protect the interest of
the honest Il, btor, while II guarded a.
.ainst the frauds Of the dishonest, We
= oud be disposed To give il our hearty
assrnt But VT should pause before we
would agrr io pass law which gave to Il
man, who felt disposed to do 80, the pnaer
of c"mmitting hgnt ths1s. We are the
less Disguised Ia favor Bankrupt law now
because We believe all our Feelings in it, ia
vor are prrdcated upon our sympathirs for
men who have already fell the scourge of
misfortune, aud could not be relieved
by its provisions 40 20 law can act re-
respectively. This subject has attrnct-
gIsIaiure for many years hat, owing, we
believe, less To the hostility of a majority ..
the members 10 the principle of the inca
sure, than to some ofthe d,lails Of the hills
which have brcn brought forward, ii has
been always Il. tnatsd. From the extrn-
si.e iuidicnl and commercial know hedge
and solid wi-dom of the members of the
committee - which the s-hlrci has been
referred, ia We'll ~ Tram the practical tx
prr'cncr of many of them, II NAY he rra-
sonablv calculated. that, At the present ses-
aioa, such bill Will he maiur.d, as vii.
unite the feelings oi IA ma oiity uf orgress
~ lis favor.
.Tahoaei Observatory. This is rather too
high subject for us, who have never
travelled far with Newton and iicrsrhc
among the planets ofIleaven.nor deeply stu
died III. laws by which Tiny are governed &
i regulated, as they roll, un-haken. through
! the void immense" In our humble npn
ion, however, and we express il with ali
the dfidrnce beit'ins us, the subject is On,
which suits less the dtliheration Of polli-
cal assembly than the zeal & muniiic.ncr ot
individuals aud scientific bodies. II, in
deed, the -" pI,rnomena of the Heavens" in
] this country were of different character
and five might expect, from our " light
houses of the sky" AS the President very
practically calls Astronomical Observable