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

Iusl referred 10, i, has been thought adYis-
aole and proner, on account of the great
Importance aud necessity OF promptness
aud pgaetaality m meeting all their en-
aascueats, that ii should be put 10 the
power Of their creditors 10 move against
then 10 certain circumstances, without
waiting for them TO stir the subject OF thor
insolvency.
10 the principles already stated, will be
found the reasons for making the Provlsons
of thus bill apply as vel to existing cases
and contracts as 10 those which arse sIseE
the passage Of the act.
All the legitimate power q civil society
would be exerisd 10 VAIN to ccarce lull
compliance with the contracts Of tnsolyenls,
who bave frsi los; the means Of payment
which they had IN possession, aud then are
strip, hy existing laws Of all the ordinary
and indispensable means and instruments Q,
accumulated and recovery. There are
supposed 10 be not less than 100000 such
persons new 10 tie Caied States men
who, though BOW bankrupt and ruined them
selves, have By their industry and sEia IN
business, and the use Of capital aud credit,
added millions upon mil'ioas - the agsre
gate wealth, Of The Da,loa-a wealth ihaI
stiu subsisis, though no part Of Il IS theirs
and who need oRiy 10 be relieved iron 'ae
bondage OF oppressive debt 10 enter again,
Uilh renewed but chasiened euesgy, on the
field Of enterprise, aod add again new NIL
hons 70 the wealth Of The community. so
cieiy, auy more than their esn families,
cannot AFFORD 10 lose tie services Of such
men.
II is beilesed, too, % be the highest H.
is.esl of creditors themselves thai ,be coz.
dalau OF their iusc.ysul debtors, either vol
UNFAIRLY o. ct their instance, should be dis.
closed before their AFFAIRS, oace on the DE-
cline, become desperate, having nothing
available lor the paymeu; 81 their dehss.-
No dcu5s yhatsyer Is entertained that, 10.
der iudiclous bauSrup, syslen, more val
be reaAzed 10 cree tors, 90 the whole, from
their inselven, debtors, tash would be Il they
should be Ieit 10 fellow up the usual rene.
dies v.shoa; l.. Among ether a6vanias es
which creditors VIA have ul1er thus blil Is
tina. Of bcsog relieved ffoD those unjust
preferences By Nbich j. TOO oflen happeas
thai the whole esiale oi 4 falling debtor Is
applied to SATISFY iAForile creditor in foil,
Bhiie'all the rest are le.s &c bear The loss
Of thsir entire demands.
TIE creditors themselves nov feel deep
Interest in tie passage e bankrupt Law,
whether viewed IS ! question Of proPa9iy
ora question u go,icy ADD humanity, IS
abu1dantly syiaced b. he Eumesous peii-
lions shsch have cone to IS IRON every
cu2rter Of fae col-trv, aEd especially from
the great Commercial cities. iae numteT
of Ih0ss waS s.,9 ci.cg 10 28c!cn. opinions
10 tbs U1zster, as4 who demonstrate against
tie escape q their iaso!Yeal debtors out Of
iae.s Ezn3s % any terms, IS comparatively
yeTy small, aId IS beisescl q 10 dim.a.sa.
lag almost d2..y. As Sc have sad, more
Blli be ased o.; q. ins0ifeg.s estates under
9 lasilcsuas bankrupt .aw iasa co8.l be SI.h
cut it whsls 10 all persons euEage4ia Pros
percas b1siness, ald 10 lie community al
large. tie gain Eh.ca mus, 5e realized by
rss.sri3g 50 Dsny valuable customers aad
CO operators ia productive employ neni to
active ah3 probable lie and Basusas csa-
oog lzil 10 be iHu1cuge.
THIS tall does rot include corporations
anang The debtors % Ha9sa /: oggfsles.--
A recurrence 70 ioe pF.Hclpies stated Il
this rspcri ss,j sos TIA. ball. .raDet on
ssea bssIs e. ,l.s, cos.d u5t, without Sc.
RUS discrepancy, emhrace Corporations. -
Cofporsttoas aggregate caLao! be Upu.
s1oee uor, usere lbe corp fsie O.cy ls
Alobs i.aola tx 4cos could ,ae c.rpofQlors
ts impFls1ael or hsil fersonaliy rgsponsi.
be q soy Hag. As ; general, Il col al 10.
yariA5ie. rule, these c9frofaa1Us ead lhelr
e2.stsa~-E % lsi.ag INTO insolvency. Their
ELECTS ara Distributed among their creditors
AID tss ccrrofaus1 ce1sss. Every thing
- dooe. 10 tA.s respect, 80 tie case Of cor.
porzi.g1, gn3er rs oEl charter, Which Is
PROPOSED d be done, uG6sr tits lli 10 tie
esse of iadlsl5ssls; vs.!e s5ca corpora
tioof. belng dissolved after Their effects are
distributed. eos. %, require and could 10,
recelve ; 1.seGarEs from their debis as
baBkfo2fs They ~oulj be discharged al.
reads. TIE law 81 their organization Is
Or s1ogl- Be baakr,si las enoagh lor them.
The rcuae3Y n'oreger, 30 case 81 iosoigency
q { cofp3railoo IS complete, or mag be, 10
Zoe state saere be .av haFiog local ex
istenee, stcb, from Us very nsture, las,s no
longer thaB iis s3lseucy asd L he cerpo.
raiisa fst.s INTO insolvency 90 AID OF autho.
Iiiy o. the part 81 the Federal Goyornmenl
Necessary 70 give atl tie relief which the
case requires Or Is susceptible uC State
a1lbofliy and Safe pJsef Is sgfhgienl for
l5ls pur-.se.
TIE pfoposu59a whica has same,lmes
hoen msaa to tne.ade Incorporated banks
70 & bsnknpi h,A proceeds eytdealiy 90
10 notion Of tie uereesav Of restraining
them 10 the exeSc'Ec II their po~et Of ere.
aiiag eofency. aqssssloH Of curreu
~ ane 4 The poser # affes.ing Sia,e banks
20 their business, "a ctesiag currency, Or
upsa Their abuse " that BUSINESS, Belongs
70 tAs Government q ell. u IS believed
t-ai q Is not appropriately dsnyed from
liz rInuaa IN tie f-rrsetttt+.trF rr.-oovrt, d,