The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-04

point 10 pure and npo(Iees life II he can show that
his integrity industry and ability in the various s,ua
tons IN which he has been placed, have been unim-
peachablchis creditors will grasp their claims with
more tenacity under belief that they yet wiring
something from his hard earnings the sympathy Of
friends or relatives IT, however debtor is reputed
70 be dishonest disspatcd and generally absolute in
his habits his creditor IL always ready and willing 10
compromises for his claim and take any thing he can
get Under the belief that If he does not take what is
offered, he will obtain nothing by holding the claim
against one so destitute Of character and principle
Thus, under the operation OF our laws, character
for honesty and integrity falls upon the poor debtor
like blighting curse and he has many reasons 10
envy the good fortune of the knave which the known
character for dishonesty sconfers upon him
The situation of an honest debtor under the ope
ration Of our laws, be of no service to any per
son. and is severely injurious to the community
After debtor has surrendered his property and
thus deprived himself Of the by which he trans
acted business what he do if he still remains sub
ect to the claims Of his creditors Suppose him in
the prime Of life, with family dependant upon him
merchant by education, and eminently qualified for
mercantile pursuits; in debt many thousand dollars
beyond all his means Of paymcnt;-how is heto proceed
TO acquire property He is prevented from engaging
again in trade, because every thing he may purchase
will be subject TO the claims Of his creditors they
will watch the movements with the Argus ewes of in
tercs and each will be striving pounce upon their vic
tim before the others shall be appraised OF the value OF
the discovery. The power OF the Chancery Court Is
invoked upon every suspicious appearance and if the
debtor ~ engaged in any pursuit in which money is re-
CURED, bill is fled for the purpose of again examin-
ing the debtor OATH and introducing other testimony
which may enable the creditor TO seize upon any pro-
perty the debtor may have in his possession. This
proceeding may be continued during the debtors life
and afterwardshis children and administrators annoy
ed in like manner. What then can an honest debtor
do? he is compelled to abandon the business for
which his education and habits have fitted him, or
submit TO work for hire a clerk, and thus earn
pittance for the support of his family, without hope
of lettering his condition IL he does this, his Gre
ditors surely cannot be benefited by and if he does
not, what else can his creditors expect him TO do
which shall enable him to quidate the debts which his
nisortunes have thrust upon him Do creditors pro-
pose any business ; DO they hold out any hope for
themselves or their debtorl II is very uncommon
occurrence that creditors devise any way by which
debtor obtain living. They generally turn from
the unfortunate man with sympathy, but with a
feeling akin TO anger, and are generally impressed
with vague belief that they are more to be sympa-
thzcd with than he although they may not be able
TO detect any one act that is obnoxious to
Many debtors after vain and fruitless efforts to
compromise and get released from their debts become
disheartened and discouraged and losing all pride,
and spirit of ambition contract idle and dissolute
habits, which terminate in untimely death, or in
making them burthen to their friends the public.
There are large number however, who, being
thus driven from their pursuits, and still feeling the
moral obligation to support and protect their families,
seek to obtain some petty Office by which TO procure
precarous and dependent living, To so great an
extent does the evil herein complained Of prevail that
of the thousands who seeking to obtain the emou
ments of Office, more than three hs, II is supposed
forced to become applicants, because they have
been unfortunate in business, and are involved in
debt to extent that renders payment entirely hope
less. When this fact is properly appreciated few will
be surprised at the great number of intelligent bust
ness men who not only willing, but DESTROYS tc
obtain the smallest ministerial Office in the gift Of tho
appointing power And this state Of things must
continue to exist until unfortunate debtor shall be
protected by the laws and permitted again TO establish
credit, and support his family from the fruits of his
industry. b
The laws compel man to be dishonest ifhe would
accumulate property,-he must become a knavc or an
idler, he must learn to dssemble and cheat He must
conceal his earnings under the name Of a child a
himself in his new profession, the will he be
enabled to for himself and his family To protect
them against sickness and want
When he shall thus have obtained property, in de-
iiance Of the laws and in opposition to the wishes of
his credtors--does any one suppose he will the
property thus accumulated TO pay his debts Did
ever a Of this kind occur? And why has it not
Because he has found the law and his creditors his
worst enemies They have made him knavc; they
compelled him to dissimuate and he looks upon those
to whom he owes money as his greatest enemies. II
was in the power Of his creditors to release him from
bondage and by restoring him society and business
enable him to become servccable to himself and his
family. His creditors chose to hold him in dcgrad-
ing servtude, in which his pride and ambition were
broken and his mind became devoted to devise means
evade the law and protect himself against those he
believed his nnrelenting prosecutors.
The annals of our country do not produce an in
stance of debtor having paid his debts by his own
efforts after having become insovcnt to consdera-
bic amount, when his creditors have refused to re-
lease him; and, on the contrary, hundreds of cases
be shown where debtors have discharged all their
debt including principal and interest out of money
they had accumulated in the transaction Of business
after they had obtained legal release from their
litors In the case it is impossible for an honest
debtor to obtain property in the other he has every
motive for exertion.
II bankrupt law shall be enacted which will en-
able an honest man to obtain discharge upon the
Of his property, what will be the effect upon
The debtor, the creditor and society Z
The debtor will then feel that the laws have made
honesty the best policy " that if he acts honestly in
all his transactions the law will protect his rights and
release him from oppression that he need not seek TO
purchase the good will of any unprncipcd individual
because he happens to owe him money but that If
he adheres to his integrity, his msfortuncs shall be
charged upon him as a crime
Under well devised law an honest man that finds
himself unable TO pay his debts will Immediately seek
surrender all his property, and render account Of
his losses and upon surrender being made, and sa
sfactory account rendered of all his effects and the
,auscs Of his insolvency, he will be at once restored
% credit and society Thus the interest of the debtor
md his integrity both stimulate him TO do all that will
elevate his character and render him valuable mem
Der Of society.
His creditors instead Of being his enemies and per-
scouting him, will fthey think he has acted honestly
md is competent to transact business be anxious to
afford him any assistance in their power, and promote
As far possible his prosperity they will readily dis
cover that an honest will appreciate their kindness
70 him. and be anxious to accumulate property to dis
,harge those equitable obligations which the many
avors they may have done him will have made more
binding than any strictly legal debt. He will be re-
,eivcd among his creditors without reproach and
Inc misfortuncs Of an honest debtor instead Of making
him an outcast and degraded man, will call around