, 1840-04-11
JOUR NAL.
SATURDAY, APRIL IL, 1910.

i'm, prevails among the different parties OF the
country, as to the propriety Of the passage oil
a Uniform national bankruptlaw by congress.
A large meeting has been held in the city Of
New York without distinction Of party
which passed resolutions in favor OF the mea-
sure, and recommended the subject to the
consideration of the National Legislature
and since that time, the committee on the
J Judiciary, in the senate, have been charged
with preparing a bill for this purpose. The
object and intention Of 4 bankrupt law, is
somewhat similar to our law for the relic! OF
insolvent debtors, with this important addl-
tion-that it not only exempts the body Of
the debtor from Imprisonment, but is a can
collation. of his debts, and discharges him
from all liability for those contracted previ-
Gus to the bankruptcy. By surrendering his
property to trustees for the benefit of his Gre
ditors, 10 be distributed among them in pro-
portion go the AMOUNT of their debts, it se-'
cures tie debtor against all liabilities con-
tracted prior to the bankruptcy, and enables
him 10 plead it in bar 10 any action institu.
ted AGAINST HIM for demands incurred before
that time. The effect of the existing laws
as 20 insalvents, is said 10 sink 10 desponden-
cy the spirit Of the unfortunate but honcs,
trader. and weaken the energies Of the man
who has the disposition and resolution 10 bear
up under his m'sfor;unes ; and at the same
time. oi!ersa temptation, and holds out an in
duccmcnt 10 the dishonest, to cloak the pro-
ducts % their labor from their creditors. and
to place il beyond the reach of the law. by
fraudulent gifts 10 children, or other rela-
tons. Ii has a tendency 10 DESTROY The use
fitness. and rardlyze the exeriions of thou-
sands who are suffering from the blasts Of
adversely. and WHO are weighed down by 4
load Of debt, AID too often scduces virtue In
to the paths Of vice. This is one side of the
picture. Blu. i, seems 10 us that the elect OF
such alaw will be 10 some extent injurious 10
the morals of society. Whatever may he
;n.c difficulties under which the creditor Ia
bo-s now, the elect Of 4 bankrupt law will
only tend TO increase that rerkIcssness Of
consequences and mania for speculation and
money making. which is so rife in the com
try. Once let men know that their debts
can be paid ~ a certificate Of bankruptcy,
and that whatever may be their liabilities.
they can be forever discharged from them BY
operation Of the law, and the door is
opened Cor the widest and most rio,ous spc-
~culation. With the present facility Of ob,ai-
ming credit. the country would swarm with
needy adventures, willing 10 risk all on Il
'iro;c, and who would be safe in the con So
alton, tha, whatever the result. they could
net he injured. If fortune favored them,
wealth might be iheirs-if their evil genius
prevailed. they arc only where they started
rom-and they have but 10 make the second
experiment. But whatever congress in its
may determine upon, in relation to
subject, we may indulge the hope that
any law they may pass will be general in its
operations and not confined to any particu-
ar class Of the community. The English
bankrupt law extends only 10 traders, but it
t be capable Of producing any benefit at all, I
ne can see no good reason why it should l
lot extend 10 the farmer and mechanic, as
veil as the merchant-and especially TO ar
iiicial as well as natural persons-to corpo-
,ations as well rs individuals. The law is
,ased upon The hypothesis, that from misfor- c
une or some other cause, the debtor is una !
lie to pay all his creditors, and therefore !
are appointed TO take charge of hi, q
state, and distribute it among his creditors. q
Jpon the same principle, if a bank, or other .
orporation becomes insolvent from misman- I
cement, or imprudence, other trustees should c
&c appointed to wind up its affairs, and APP
,ortion its effects among its creditors. They
re already invested with enlarged and libe- 4,
al privileges, and seeing their disposition to !
buse those they have, it woard be the worst 4.
olicy 10 clothe them with others. What i.
yer the effect of such a law might be on in
ividuals, the country would feel its benefi- \
i,I in0uencp If eytended I'm artificial hoJ;as >,