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


rnfnsasrec In i~o tisssct tr.->h.s. ard Under too
cssund sr,s~-u,. Ia re system TIE debtors are
Sssouninsiee tssO.enr 10 we oehet ne, csliee
ssnsrvFt IN report mad. 10 he Qseen, tn Jsl,.
tsso. and srnss ~ essa cot 81 min. oonmss,oasr,
spfsan'es 70 iuvv-igssv this sus9ect, 90, srpnsiy
teeonrendcd 10 veoce these tvo hfsnehss ~ the au
sne syra~-, ~ s5rsrsrraucn. 20 oonsislsni s,s
zen. sss male N. whole Law Of tie case moi. con
sorpsb4r =, rvsson and 10 nghi
The rriDeipal imyfo,smcn,s IN the Law relating 70
'nsosvencr prcposod by The oomnssioDers are these
To srsnd TIE benefits Of the discharge from dstes.
~ osse 81 bhnsfvpfoy. eevonj The Ane and 9th
81 speeihsd classes 10 which they chiefly con-
tDet. % - 70 enhfsoe all persons engaged In bus
ness requiring ospaial and credit
To sllov and encourage voluntary eession Of prop
srY. us part Of in.ois.nt. at such period Of their
dhoohes a. ~i teal ensure equal justice all their
creditors
To make The granting ofs certificate Of discharge
Judicial act, ~hich MAY be opposed by creditors for
osose but 20 which their shall no, be
ssv.
TNe suggestions 81 these improvements Is sufficient,
70 Indicate the great change which public .en,imen
hss undergone, OF 10 undergoing IN England, in regard
70 the proper basis which those laws ough, rest,
th,t a'erpo,e their special authority between creditors
and their insolreni debtors.
Al this day, and IN this country n system OF laws
lsng 90 bankruptcies Is 10 be established 1t 10 be-
heved that II not difficult 10 perceive and state the
grounds on which II ought 70 stand.
Credits or demands properly, in which not IN
freqDenty the bulk OF Large individual estates consists
As property they arc under the protection Of the law.
as much as any Other Kind Of property. AL the rights
Of property attach TO ihemhe right Of protection and
defence sgans, all enoroschment and injury and the
neh oil recovery when wforgiuy taken away, or with
he'd. 1tny are private property. and private proper
" is sacred !, must be respected. And the law must
be rigahi and efficient 10 lis guardianship Of H. Fail
in tins is failure in the highest duty Of civil society
sad tends directly 10 dissolution.
BUs The nature OF credits ot demands 10 such . to
constitute them peculiar species Of properly and,
beoie we can undertake TO pronounce with certainty
- .A.-1. Al.
them. must consider aentvely their nature and Pc
euariiies.
The, are held BY peculiar ,enure--a tenure which
implies and includes a contingency. The foundation
of loan Is trust wherever securities not taken: II
~ confidence 1t is crcda terms which imply risk,
and the possibility OF failure The risk relates TO the
question OF soyency or insolvency when the period
comes for demanding payment. This kind Of proper
TO ~ held subject Ia this contingency and the lender
himself takes the risk he is his insurer. II his
debtor fail he looses; il not lac has his own. He
charges too for this sk in the shape OF interest, pre-
MUM or commission. He parts with the immediate
possession Of hts property expecting it to come back
To him. IN proper time, with increase he puts II afoa,,
and takes the hazards OF the voyage, for consdera
ton II whelmed in the turbulent sea, he expects to
sustain the loss. He Is content 10 hold his property
subjec, to this contingency.
While his debtor remains solvent. which is always to
be presumed until the contrary appear the duty OF So
ciey and the law towards him and this property OF his
is plain enough II he invoke the law in the case it
will efficiently to his aid IL his debtor attempt
To elude his demand by Agh, fraud, i, will
him and restrain him OF his liberty and, otherwise
will seize the unwilling debtors estate and maxi the
debt out OF II for the creditor. When the law by these
means has aided the creditor the recovery OF his prop
city, has done all its duty agans, his solvent, debt
OF.
Bot suppose before such recovery is had the debtor
Is found 10 have fallen into state Of hopeless nsol
vency in other words, that contingency has arisen
subject to which the demand has been holden from its
inception In this case new duty has arisen on the
part OF the law.
The fact ofinsolvency being ascenained, the fact OF
utter and hopeless inability to pay all his debts, the
debtor stands 10 each creditor, il in relation,
at leas, in relation materially modified. His credit
ors, taken together, now form class, looking for
common relief to common fund which is insufficient
10 satisfy them all; and every principle Of equity and
justice that the law should inerposc give each his
dis,ribuve share, according the relative amount of
his demand The time casting each an smou
OF loss propor,oned TO the risk and insurance under
taken by him
When this is done, the inquiry arises wha, moro re-
mains for the law TO do VIVA, further aid can the
creditors demand They canno, have the body Of
their debtor cut up and divided between them, as
sad might have been done under the laws OF the Twelve
Tables, or sell him with his wife and children into
slavery tram Tybertm. They cannot a, this day and
in this country, load HIM with chains infct stripes up
on him, or throw him into perpetual prison. With
US, in this country may be considered as wholly
tied, by wise and humsne public sentiment and poll
cy. that the law will pursue and will permit creditors
to pursue, an honest but unfortunate and hopeessy in
solvent debtor no further, after what remains Of his
wrecked fortune has bean equl,ably divided among
those 10 whom he Is fndebted.
Beyond ,hi. the law sees and wisely adjudges this,
there an end OF all reasonable hope OF further advan
tage 20 creditors form Of Indebtedness still remains
but the substance is gone Nothing is left the de'a
az wrh which to recover himself but his hands He
may labor IN employmen,s or less profitable,
coring 10 his skill his habits, but in regular
ploymen, will or TIE wages OF labor afford more
than current support 10 the aboer and those nd
ent on him. so long az he IL not permitted TO
dollar OF his surplus earnings into capital upon cred
with which to aid him ia enhancing the profits OF his
business-s ,hag utterly forbidden aad rendered i'm
posSsle 20 the bankrupt debtor. To hold the debtor
allow the creditors IN hold him in this hopeless posi-
ton is unjust, unnecessary and cruel |, band hin
hand and foot and lay him down the feet Of hi,
creditors, victim and a sacrifice much lost to him
seli, 10 his family and To society, II much de
graded. as IT, like the debtor in Rome he might be lie
through The public streets by his creditors. with hal
ter round his body and be made the unresisng subjes
Of blows and personal chasiisement
II 10 al thAs point then that society has eminen
duy 10 perform towards the debtor and ards ,ssf
That contingency has now happened, the hazard o
which NE creditor content 10 rln, for such consd
Grafton "a sAs satisfactory to himself hs debtor la