Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-02-22
SPEECH OF MIR. PRENTISS OF VT.
ON THE BANKRUPT BILL,
Delivered IN The q. s. Senate, lime 3d. lS40.
eoNeLUDED.)

(soNeLJDED.)
Sir, the system of bankruptcy in Eng land has
been in operation, now nearly or quite three CEN
turtles. 1T has been amended from time 10 lime ;
and after it had received many, and, as was sup
posed, valuable improvements, what was thought
Of it, what was said Of it, by of the soundest,
one Of The ablest, and most experienced men in
that country Lord E.ldon soon after he was ade
Lord Chancellor remarked, that "the atrse of
tile bankrupt law was disgrace 10 the COUNTY,
and that it would be better to repeal all the
statutes, than 10 suffer them to he applied TO such
purposes; there was no mercy 10 the estate ;
nothing was less thought of than The object of the
commission they were frequently conducted
in the country, they were little more than n stock
in trade for the commissioners, the assignee, and
the citor'
] am aware that learned porson ii, this coun-
try has pronounced these hasty, if noil pelulanl
remarks. But have seen in very recent work,
aud work Of great merit TOO, confirmation of
what was said by Lord Eldon. A writer in Civ
ing the biography of that distinguished person,
after nnding to the remarks have just read, oh
serves, that, Notwithstanding all the Improvements
| which the system had undergone, the effects of
bankrupts in England still continued, as Lord
Eldon had said, to I've little more than stock in
trade for commissioners asignees, and solicitors.
"The whole system OF bankrupt law" says ali
able English periodical devoted to jurisprudence
sis peculiarly adapted to persons in trade, and even
as regards these, il has been far from giving gen.
eral satisfaction. This is already shown to be the
casa in America and France, and our readers do
not require to he told that England is very little
in advance of other countries in this respect"
AS to the operation of the system in France, ihe
following testimony is given by NJ. Felix, an ad
vocate OF high repute: Experience shows how
it is. The trader declares himself etai de fail
lite nl proceedings are thus taken out of the
hands of his individual creditors, and The CONNER
cia court alone decides. The Judges are seldom
severe in large cities like Paris, where there are
on an average twelve hundred persons yearly in
faiiiie. Hence traders lille for faiiiiie, and
an opportunity is given, and often abused, of en-
rching themselves thereby. A man without
means, but without evil intent, seis up in trade on
credit is unable to pay declares himself en- etdt de
(d,iiiie, comes easy ont of the business and es-
tablishes himself elsewhere"
The litigation and expense TO which measure
so extensive this will lead, with me strong
and weghiy objections to it. Every professional
gentlemen knows how fruitful source of litiga
ton the bankrupt laws in England have been. He
we'll knows how the English law and Chancery
reports IRE swelled with eases arising under those
laws. Now, by the provisions of this bill, the
whole business Is to be conducted in the courts OF
the United States. bankrupts estate, we are
we'll aware, never fails TO give rise to more or less
| litigation and every question concerning the title
TO property, every litigated question whatever, is
TO be heard, tried, and decided in the district court
Parties md witnesses may he called from great
distance. distance of an hundred or perhaps Two
hundred miles, 10 Intend court, nj great expense
and Inconvenience. Besides, as The bill applies To
all debtors, Whatever may he The amount Of their
debts, whether great or small II Us obvious that
Ihs expense of the proceeding will absorb all The
estate, in every case where the property is com
parntively small, and make The proceeding mere
mockery.