Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-09-14
THE BANKRUPT BILL.

THE BANkltUPI BILL.
There are some sincere, righuminded
men opponents Of Bankrupt Law,
rho apprehend evils from its pass
age BY Congress. We rejoice that
every day is diminishing their pdmber,
and that one year will diss;pate all re-
maining fears. Ii is great though
COMMON mistake 20 suppose that this
bin imperfect, or lenient TO fraudu-
lent debtors. On the contrary, it will
orcye the harde st net for such
haI they ever got into. 1t is worth
70 creditors, all the imprisonment
tx debt and other devices of that pat
ern that have been known since the
DAYS OTTOMAN barbarism. The talent
and experience ofthe very first legisla-
,ors and most experienced lawyers in
he land have been tasked for the
last three years to render il as perfect
and impervious to knavery as posi-
bic. II was reported originally by Mr..
Webster, who IS believed TO know
something Of laws and legislation. 1t
vas managed last year by Mr.. Criten-
Aen, present Attorney General of the
United States, who has no superior as
iurist; and was this year introduced
by Mr.. Henderson, Of Mississippi
new man in our National councils, but
uue ofthe very soundest and most
practical statesman in the country. II
vas then referred to the Judiciary
Committee, at the head of which stand.
Me-. Berrien, Gen. IG,kson's Attorney
General, lawyer aud legislator o.
thirty years standing, whose ability OF
integrity in -Hhcr capacity was never
questioHed. 1t has since run the
1a]a6tlet ofamendment and discussion
being reported to tire House by Hon
Daniel D. Barnard, an eminent law
yer, scholar and statesman, OF grea
Independence of character, and con
sdtutionally hostile to all hazardous in
uoyation. In the Senate, Il encoun
pred an opposition headed by Cal
noun, Wright, Prentiss and Buchanan
men Of great power and subtle intel
lect, and who would have found flaw
bad any existed. We have every rea
son 10 believe, therefore, that the bill
is nearly perfect, at least so far as secu
ity against frauds is regarded; but j
not, Congress will certainly amen,
i at the next Session beforert goe
INTO operation on the 1st Of Februa
~ next.
We are confident that the apprehen
sons of injury TO the oroditnr interes
viii prove unfounded. Undoubtedl
here will be instances OF fraud unde
This law. but not tenth what there ma
been in the absence Of it. Practical
w, for the last ten years, honest me
have paid their debts when they could
and rogues when they chose. Their
has, virtually, been no compulsory pro
cess at all. A man thinks best I
ail; the first his creditors hear OF i
his confidential debts have absorbe
all mis- assets, and they get nothing
Perhaps he sends word that they ca
have twenty or thirty per cent. ii the
will take it in full, otherwise they g
nothing, and he is pretty certain to b
a. bad a. his word. The whole bu
.ness of insolvency has been rogue
lottery from beginning to end. IT. car
not be made worseg It must, 1t VIII Q
made better by the General BankrnI
Law. The Infamous 'con6denua
system will be broken up. The con
promise iniquity goes with it. An
while honest bankrupts will find III
law sure protection and creditors a
efficient weapon, the knave will find
considerably harder than comPromlI
Ing or going to Texas We hrmI
believe that had this law been IN tore
since 1887, il would have saved Fll'
1iIlions ofDollars TO the wealth OF II
Country from the earnings OF me
e''Dpled and parslized by BankruP
ey. Well may the countenances
millions brighten and their hear
ieel a thrill of long-absent gladne,,
a'the passage Of the General Banl
fupt Law!--NclU- Yorker.