The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-08-12

be established, 1t is believed that i, is mol
difficult to perceive aud state the grounds
on winch ii ough: to stand.
Credits, or demands, are property, 10
which, not lnfrequenty, the bulk Of large
individual estates consists. As property,
7 they are under the protection Of the law,
As much as any other kind Of property
All the tights OF property attach TO them
he tigh! Of protection and defence agalns
ali egcroacLmeut aud lujnry, and the right
Of recovery when wronstully taken away
OK withheld. They are private property
acd private property is sacred. 1t must be
respected. Aud the iaw u,ust be ylglIanr
aud efficient IN It's guardianship Of IT. Fai
lure il this is failure in tie highest duty q
c,sl society aud tends directly 10 dlssolu
ton.
B1t the nature Of credits, or demands, i:
such as to constitute them a peculiar spe.
ces Of property aud, before We can under
take 10 pronounce Siih certainty on the
whole duty Of society and the law 10 regard
10 them, sc must CONSIDER aitentyely their
nature and pecularil!es.
/ They are held by a peculiar tenure-a
tenure which implies aud Includes a coutin
gcGcy. The foundation of loan IS trust,
Wherever securities are no. taken; il is
credlt--gll terms which lmply RISK. and the
possibility Of failure. The risk relates to
tho question Of so!yency or insolvency wien
tho period comes for demanding payment
IAs kind Of property Is beld sublec; TO this
contingency, and the lender himself takes
the risk DO is bis own insurer. Ii his
debtor fails, he loses; if not, he has his
Own. He charges, too, FOR this risk IN the
shape Of interest, premium, or commission.
lie parts Uilh the Immediate possession of
his property, expecting it 10 come back to
hlD, 10 proper time, with Increase he puts
i sfost, and takes a hazard Of the voyage,
for q consideration. if whelmed IN the
turbulent sea, be expects to sustain the loss.
lie IS content 10 bold his property subject to
this contingency.
While bis debtor remains solvent, which
is always to be presumed until the contrary
appear, the duty of society and the law to.
wards hun and this property Of his ls plain
enough Ii be invoke tue law in the case,
ii Will come efficiently to his AID. l. hrs
debtor attemp;;S elude bis demand b. Ajgh,
or fraud, /, viii ares, him and restrain him
Of his liberty; and, otherwise, il will seize
the unwilling debtors estate and make the
debt out Of il for the creditor. When the
law by these means has AIDED the creditor
10 tie recovery Of bis property,t has done
all IFS duty as against his solvent debtor.
Bot suppose, before such recovery is hal,
The debtor IS found TO have fallen INTO a
state OF helpless insolvency IN other words,
that contingency hasarisen subject ts which
the demand has been holden from IFS incep
ton In this case a new duty has arisen
on The part Of the law.
The fact Of insolvency being ascertalued,
the fact Of utter ard hopeless inability TO
pay all his debts, the debtor stands TO each
creditor, if no. in new fel5tion, at least in
q relation materially modified. His credi
fors, taken together, now form class, look
ing for a common relief TO common fund,
which is insufficient to satisfy them all and
every principle Of equity aud justice 70
quires that the law should lnterpose 10 give
10 each his distributlye share, according to
the relative amount Of his demand, at the
same time casting on each BID amount Of
loss prop1rIoned to the risk and insurance
uadertaken by him.
When this is done, the inquiry arises,
what more remains Cor the law TO do =
What further aid can the creditors demand
They cannot have the body Of their debtor
Gu, Up and divided between them, as was
SAID might have been done under the law
Of the Twelve Tables, or sell him with his
wife and children into slavery, trans 7y
berlin. They cannot at this day and IN
this country load him with chains, lnHc,
stripes upon him, or throw him into per
petal prison, With US, in this country, il
may be considered as wholly settled by a
wise and humane public sentiment and poll
cy, that the law will pursue, and will per
nit creditors TO pursue, 40 honest but IN
fortunate and hopelessly usovent debtor no
further, after what remains Of his wrecked
fortune has been equrtably divided amongst
those to whom he is indebted.
Beyond this the law sees and wisely ad'
Judges that there is an end Of all reasona.
ble hope Of further advantage TO creditors.
s form Of Indebtedness still remains, but
the substance is gone. Nothing is left to
the debtor with which TO recover himself
bu; his hands. He may labor in employ
meu,s more or less profitable, according to
his skill or his habits, but in no regular
employment will or can the wages Of labor
afford more than current support 20 the
laborar aud those dependent on him, so long
as he is not permitted 10 turn one dollar OF
his surplus earnings into capital or obtain
one dollar of capital upon credit with %hch
10 old him in enhancing the profits OF his
busluess-a thing utterly forbidden and rem,
dered impossible TO the bankrupt debtor
To bold the debtor or allow his creditors TO
hold him in this hopeless position is unjust,
unnecessary, and cruel. 1t is TO bind him
haud and foot and lay him down al the feet
of his creditors, victim and sacrifice, as
much lost to himself, 10 his family, and to
eorie,y &C not ne tpuch dPursded Ms if like