The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-07
PRACTICAL VIEWS OF THE BANK
RUPT BILL,

ROI
we have taken the liberty 10 make the follow
ing extract from private letter addressed by a
gentleman in New York to member Of Con-
gress, and especially commend il for the consi-
deratlon OF those who have it in their power TO
dispose OF this subject. The writer is one of
the most ertensipe creditors in the Union, and
his views are therefore the more worthy of re-
gard, as they evince great good sense, united
with willingness to sacrifice personal inter.
ests, II there be any sacrifice, in aid Of law for
which every benevolent sympathy appeals. The
letter is creditable 10 the head and heart of the
author
New YoRK, 29th June, 1910
hope the Bankrupt Law, which passed the Sc
nate will not fail in the House Although there are
some opposed to its passage, yet it is my opinion it
will do much more good than harm and the few OF
citizens who active in opposing it, quite overrate
any evil to be feared from II is in vain to think of
selecting period for making law of this kind when
it win suit every interest and find fewer hostiltes
il than al the present moment.
have not made myself active at all in this matter
but when memorial was presented to To sign,
did not hesitate to do So see no reason to change
my opinion This law is wanted to meet the emer-
gency Of the times, and unless it be passed now |
think the hopes of those who most need it, will be in
definitely postponed.
remember very well the unpopularity Of the only
Bankrupt Law have had. II I'M
popular than would have been law abolish impri-
sonmen for debt The same arguments urged
against a Bankrupt Law, have heard thousand
times against any law TO abolish Imprisonment for
debt What matters il, whether the body is confined
within the walls of prison, whether it is broken
down and stricken the earth by the persecution of
unreenting creditors So far my experience goes,
il is not true that honest men Tho make fair ex-
hbit of their affairs, and willing surrender up
all for discharge are able to obtain it"
On the contrary, have known many very melan-
choly instances of the harsh and unremtting OPP
preston in cases of this kind
have men Just on the threshold of life in the
midst of their expectations, with young families de-
pendant upon them sink broken hearted into the
grave after having lost all other hope of release from
this cruel bondage. do not that there not
many humane creditors | know the contrary, but
there are always enough that So produce the
evil of which ! have spoken.
cannot imagine spectacle more revolving, or bet
ter calculated to excite the sympathy and Indignation
| of all benevolent minds, than that of good man
prosecuted to death by who infinitely his infe-
rior in personal worth and in the opinion Of the pub
lie.
Mr. Wright says that " the present endorsements
only repetition of similar ones" If such an as
sertion had been made by any practical man of bust
ness connected with for the last forty years
] should say there was something wrong about his
head or his heart. He neper aods more mistaken
Many persons suppose that thousands will take ad
vantage Of Bankrupt Law, for the purposes of
fraud, when they have the means to pay. have been
engaged in business for 35 years. and perhaps no man
in the of that time has come in contact with
greater variety Of characters and give as my OPT
Mon from experience, that no man ever fails as long
as he is able to pay-whether his character be good
bad or Indifferent he will make any sacrifices and
submit to any prvatons to avoid the disgrace of bank
ruptcy.
Instead of disadvantage to creditors the law will
be benefit to them They will get all a debtor has ;
they only get what debtor peases to give. For
the sake of an acquittal under Bankrupt law, men
will surrender every shilling-they will have ade-
quate motive TO conceal But under your present law
they are compelled to do So and then nger through
life useless themselves their creditors the pub
lie Who is to be pitied most the prosecutor the
prosecuted, will not pretend to say nor will ! ven
ture to conjecture how much more heavily the judg
ment of Heaven may rest upon the former for the
greater misery he inficts upon his fellow creatures
here