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

Seeoeo N me so-ef eipfsssy gven 70 es'seish laws
20 The sviyeet Of baRtuscies Within the legitimate
range 81 such las, the po~et undoubtedly eIiss -.
snd had lccr been par oi the policy Of such Laws,
betose The sdopt,ca u the Constitution, TO discharge
The honest bartrups from The remainder Of hi. debts
shst has entire estate had besn applied raiesbly
ards the payment Of them.
IL !, t-he'ed that power like this eI,,.. Of neoes
sfty. IN every country where capital and credit
unsiVei, employed IN the prosecution Of business and
OF enterpiise. In country, u has been expressly
oonhded TO the Federal Government and Il can be ei
efo,sed, With fun eject, by otbet authority. The
duty Of THIS Government, then. 10 as plain as its pow
er and Is believed to be matter Of us, reProach that
has been 30 long neglected Alter the law has com
peied the debtor TO the performance OF his
~ far AZ all his means will go, and when has
ture debcrsi,on pronounced It's solemn judgment that
further performance a, the present time, any time
has, through unavoidable misfortune become morally
impossible, while the ordinary legal power OF his cred
itors over him remains then the release Of the debtor
from any further legal bty his contracts becomes
the Indispensable duty Of the governing power Let
the moral obligation remain as WILL strong ev-
err Is The legal liability only which Is touched. II
affects the remedy, rather than the obligation. Gov
eminent does not tear the contract or order 1t TO he
delivered up 10 be cancelled II leaves to the creditor
the evidence OF his debt full possession, and does
not relieve the debtor IN The least degree from the
full moral foroe OF his promises and undertakings
whenever he may have the ability TO perform them
u does nothing more Than withhold from the creditor
the aid and power OF The courts, after II has Judicialy
ascerianed that further performance the part Of the
debtor has become impossible. The duty Of civil So
ciey 10 supply 10 creditors the OF coercion and
remedy, through its courts in OF breach OF con-
tract, Is one OF indispensable obligation but Govern
ment must decide for itself when this duty has been
faithfully performed. and when il has gone far enough
for the ends Of substantial justice /, have the
right TO Judge In the first place, what modes and forms
OF remedy u will give, and then, how far such remedy
shall be pursued and carried When has been push.
ed a. far as II is safe for human power to goas FAR
A. It can go without unmiiiga,ed evil-then it is time
10 withhold IT,
On the general principles which have now been stat.
ed, the main provisions Of this bill rest No dis,nc-
ton Is here attempted to be Up between an insol
vent system and bankrupt system. All persons, what
ever may be their occupation, who are unable To meet
their debts and engagements, are insolvents And il
they so declare themselves, they deemed bank
rup,s These are voluntary bankrupis.
IL Is IN regard 10 the mercantile classes only, those
whose business renders them directly liable to the Pc
culiar hazards which attend mercantile operations
Is IN regard to debtors IN these classes only and where
their Indebtedness amounts TO certain sum, tina, the
right is given 10 creditors, under limitations, and
the happening of certain events, to cause such debt
ors to be declared bankrupt, and have their estates
seized for their tehoof These are then involuntary
bankrupts. And this is the only distinction made in
the bill in regard to the various classes of nsovent
debtors IN the community, TO whom such DILL is deem
ed at all applicable.
The bill proceeds upon the principle that every per-
son IN the community of whatever calling who, in the
employment Of capital and credit, applied by his skill
and industry in production has fallen into hopeless
solvency so that all further effort restore and re-
deem himself has become evidently useless is entitled
10 the relief which this bill is intended afford and
that in all the debtor may il he choose take the
initiative. With respect, however, to the particular
classes just referred to- has been thought advisable
and proper, on account OF the great importance and
necessity OF promptness and punctuality in meeting all
their engagements, that should be put in the power
oil their creditors 10 move against them in certain cir
cumsances without waiting for them TO stir the sub
ject of their insolvency.
In the principles already stated, will be found the
reasons for making the provisions OF this bill apply as
we'll TO existing cases and contracts those which
arse after the passing Of the act.
All the legitimate powers Of civil society would be
eIerted in vain to coesce a full compliance with the
contracts OF insovents who have first lost the means
OF payment which they had in possession and then are
srP 10y existing laws of all the ordinary and ndis-
pensable means and instruments OF accumulation and
recovery There are supposed to be not less than
100000 such persons now in the United States men
who, though now bankrupt and ruined themselves
have by their industry and skill in business and the
use OF capital and credit added millions upon millions
to the aggregate wealth OF the nation-a wealth that
SIM snbsis's, though no part of it is theirs; and who
need only TO be relieved from the bondage of oppre
debt to enter again, with renewed but chastened enc
gy on the field Of enterprise and add again new mill
ions TO the wealth OF the community. Society, any
more than their families cannot afford to lose the
services OF such men.
It's believed. too to be the highest interest of cred
iors themselves that the condition of their nsoyen
debtors, either voluntarily their instance, should
be disclosed before their affairs, once on the decline
become desperate, leaving nothing available for the
payment OF their debts. No doubt whatever is enter
tanned that under judicions bankrupt system, more
will be realized TO creditors, the whole from theii
insoven debtors, than would be if they should be LEFT
TO follow mp the usual remedies without il. Among
other advantages which creditors will have under h.
bill is that Of being relieved from those unjust prefer
ences bv which II too often happens tina, the whole
tate OF failing debtor is applied to satisfy avort
creditor in full, which all tho left 10 bear h
loss OF their entire demands.
The creditors themselves feel deep interest il
the passage Of bankrupt law, whether viewed
question OF property or question Of policy and hu
manity is abundantly eyinced by the numerous peii
lions which have to from every quarter OF tn
country, and especially from the great commercial
les The number OF those who still cling TO sncien
, opinions IN this matter, and who demonstrate agains
the escape Of their insolvent debtors Of their hand
any terms is comparatively very small, and is be
lieved to be diminishing almost daily. As we hsv
said will be saved out of insolyents estates un
der Judcious bankrupt law than could be without il
while to all persons engaged in prosperous bushes.
and TO the community al large, the gain which b
saized by restoring So valuable customers and coon
orators IN productive employment active and pro6ts
bic life and business cannot fail TO be immense
Ths bill does not include corporations among III