Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-08-03


stood The sum and substance of i, is, tina, person
who has been unfortunate and failed in business NAV
be set at liberty from the claims OF his creditors and
be allowed chance to start in the world after
he has made full surrender Of all his property for tho
satisfying ofhs debts.
REPORT UPON A BANKRUPT LAW.
The following Report from the Committee on the
Judiciary, accompanied the Bill reported by Mr.. Bar
naId IN the House of Representatives on Wednesday
last Tor establishing uniform system Of Bankruptcy
The Committee on the Judiciary, to whom have been
referred the petitions and memorials presented 10 tho
House on the subject Of bankrupt law, respectfully
report
ought to be passed by Congress witou, unnecessary
delay and they presen, bill for the consideration Of
the House.
This bill is essentially the tina, was maured in
the Senate 10 tbs first session Of the last Congress sE
ter great debera,on, and which finally passed tina,
body. ], was not then considered Ia the House for
want of time.
The policy Of laws designed to afford remedy and
relief as between creditors and their debtors who IRA
hopelessy insovent has the sanction Of usage in tho
past and present. among nearly all highly civilized and
business communities. The leading idea upon which
these laws have proceeded has certsiny not alway.
been the same 1t has varied with the general state of
the law, and with the progress Of society 10 coun.
Try where the creditor was, by law the udispu,ed ar.
bitter OF liberty and life TO his insolyent debtor the i'm.
mediate motive for Interrogation have been differ.
ence where the relation Of debtor and creditor has bees
differently understood.
In England, bankrup, laws had their origin spps,.
emily IN The idea that debtors who did not pay were
merely unwilling. and not able pay The first bank.
rupt law passed In the time Of Henry 9Th was ley.led
against those who orshy obtained the goods OF 9th
er men, and fed or KEEP, their houses not Winding 10
pay Their debts IL came In aid Of the law proceed
ing on the same idea Of ability and unwiliioyne,s
which authorized imprisonment for dsbt-a thing up-
known 10 the common law II a debt was moi maid
me credit Itself was supposed to have been erafiv OBJ.
tsned the ability TO pay was presumed ia. d,bto,
was arrested and Imprisoned ill he should 10 m.de
willing or, n he had fed KEEP, house 80 tina, .rfe.,
was impossible, his estate passed into the ous.od, Of
the law, for the liquidation OF the debt
SO long as this idea Of ability and unwlngn.,. p,,
vailed, and no other admitted, the whole evil .o
lar a. creditors considered was suppossd 10 b.
adequately met by the punishment Of Imprisonment, o,
con'caiion When, however, II was found, as indus.
ny and production 10 be increased by the use of
capital and credit, that the Of debtors who did
not pay were Ouly unable but unwilling /, became
necessary 10 turn round and, without disarmns The
creditor, throw shield the defencsless he sd of
his honest and innocent debtor.
The law Ia England on this subject, ohen vsriou.ly
modified IN matters Of detail now IT, and has long been
IA substance
firs ih-t where creditors invoke the puni.hn~a, sf
imprisonment their debtor the latter II Willing b.,
unable 10 pay may regain his freedom upon a rolun-
Piled towards liquidation.
And second, that where creditors invoke the puni.h
nent II oonhseston their debtor which can onI, b.
done here the osbsor belongs 20 one or shoth.r af
esnsin sPeo'hed classes the creditors shall aks ,LI
foil benefit Of ths proceeding by nc a M.
property towards the payment ~ their dels pvou,Ssf
the dsDtot being homes, and whiting unable 70 o.v
IN iui, shall, on oeuain tsrus and condioas b fo,
ever discharged from all legal Obligation 70 pay the
vs' and residue Of his debts.