Lancaster gazette. [volume] (Lancaster, Mass.) 1828-1830, 1830-01-12

by lnsolvent Debtors, of the whole oftheir
property to preferred and favoured credi-
tors, which, from the injustice it often &C.
caslons, and the abuses attending it. re.
CURES to be presented TO the considera-
ton OF the Legislature. 1t is not the
worst feature of the arrangement that it
distributes, unequally, to few, and often
those least. entitled, that fund which is
the equal right of many; but it is the
more Objectionable, that, by a secret con-
fdence between individuals, it is made to
sustain false credit, and enable debtor
long after he ceases TO be solvent. to con.
tInue his business, and more deeply affect
by his ultimate failure, the fortunes of 9th.
ers. 1t certainly is no unusual obserya-
ton, that, upon general assignment by
an lnsolvent, his whole property is found
in the hands of those, who have given
him trust, upon the sole reliance, that
whenever there might be occasion. their
security should seasonably be provided
for. A very common sentiment, that sur
etles upon accommodation paper, are enti-
tied to this precedence, favours the prac-
tlce, and greatly aggrayates the evils which
result from it. By reason of the money
which, upon this confidence, can be OBJ
tanned, the personal ability of men can no
longer be determined, by their octensible
situation. 1t enables them to exibit a
fictitious apital upon which to trade. and
to gain credit from the possession Of the
property of others, to which their own res.
possibility would not entite them.
Ofike pernicious tendency are secret
pledges OF personal property, while the
possession remains with the original own
er. BY the opportunity for management,
which such arrangement affords, the only
obvious index of the right to chattels is
destroyed, and unless the law shall inter-
pose, 1t will soon cease to be any criterion,
by which to Judge of the trustworthyness
OF tradesman, that his shop is filed with
merchandise or of husbandman, that
his fields are stocked with cattle; or OF
householder, that he has ample furniture
and store of goods in his habitaton.
This appearance of one thing, and reality
OF another, has, in some instances, led to
the grossest impositions. A mortgager,
who seeks further credit, may conceal the
true state of his property, and stranger
to subsisting pledge, trusting to a second
lien, will be defeated of his plighted secu-
rity. Officers of the law, execution Of
civil process, are greatly embarrassed, and
sometimes betrayed into serious difficult
ties, by the situation of property in the
hands of debtors. Distrust and caution
may either induce them to suffer it i'm.
properly TO escape attachment, or conf.
dence in Selling it, involve them in ltiga.
ton. While the smallest portion of reaI
estate cannot be secured to the absolute
proprietor, without registered notice Of
title, it cannot but appear strange thai
goods, to any amount, may be safely held
in pledge, upon mere bargain of assign.
ment, against every visible badge of own.
ership.
1t is submitted to the wisdom of the
! Legislature, as matter of increasing con.
Germ, that, upon contract of conditional
transfer, of goods and chattels, a publick
notification Of the fact, or an actual deliv.
cry over and continued possession of the
property, should be required, to render a
mortgage effectual.
In connection with the revision of laws
which relate to the property of Insolvents
those which respect their persons do moi
less require examination. The claims o.
humanity have long urged the abolishmen
of Imprisonment for debt, and | cannot
but recommend, that the rigour of the
statutes should, at least, be amelioratec
in this particular. The most diligent anc
exact inquiry has shown, that but little
effect, in enforcing the payment Of money
is produced, by combining the persons o.
Debtors. Whatever decided advantage
in this respect, is experinced, proceed:
from dread of Imprisonment, which in
duces to the honest application of means
and faithful efforts to avoid it. This i.
the true and only purpose of the law, anc
any degree Of severity beyond what i.
necessary 10 accomplish it, should be dis.
pensed with.
If it was permitted to a debtor, when
arrested on execution, instead of being
taken to prison, to give bail for his sur
render at the prison house, within pre-
scribed time. there to be subjected 10 an
examination on oath, respecting his abii-
ty and property, and to be committed to
close custody, if he should be found to
have practised fraud, or voluntarily to de-
lay his creditor, the ends of justice might
be as well secured as under the present
course of procedure and the dictates of
benevolence and sympathy, and the rights
of humanity would be reasonably satisfied.
The general state of embarrassment which
now exists, and the increased number of
unfortunate men who are suffering
from the most unlocked for occasions of
calamity, urge, with redoubled influence
at the present time, to the proposed or
some better modification of the statutes.