The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-01-08
A GENERAL BANKRUPT Law.

a GENERAL BANKRUPT Law.
There ate thousaads sntlenB of thousands
oHhOnes. individuals in this country, who have
.Aad shsisAope their fortunes and their happi>
ness, blasted ifom the disasters arising from an
inflated papsr credit system. These persons
seem lOTSquiseSOme law interposfng between
Them and their creditors, IL, ordsrto enable them
10 gain livelihood fer their families and chill
,dfsR. This they think can be accomplished by
che passage pfs General Bankrupt Law. We
are not certain whether such law would not
be injurious. ~ it would enable the unfortunate
-~spscula,or to cancel his old scores, both dsbtur
and credit, ard leave him free TO enter again n-
to wildspScuatiOnS, wherever the expansion
- Of tho paper system commences, as i, eventually
must The subject Ofa Bankrupt Law, is how
~rer, much discussed at present by the press, &
By societies established in various parts of the
-Union.
The New York Post, in speaking on ths Sub
p, ,ieet says. "The inSOlvent debtors in the Unite
'=6satos amount not. thousands batto hundreds
Of thousands. They are to be found in every
sPart ofthe county, OF the coast and in the IN
4IsriOr, inUur gtoat maris of trade and in our
thriving villages, a. thsnOrtll and at the south.
Aneng them arc many ofths most enterprsing
OF ourcnizens, struck down by the commercial
disasters which sprung from what may hs term
cd the credit system Of Mr Biddie. Consider
ing their nunlbers, their yea, the nature oil their
demand, and the sympathy they receive, At is
reasonable 10 suppose that they will eventually
succeed in their object AID tina. bankrupt
bill will be passed either at this session or one
ofiheiwo next
What sort Of bill shall it be I This is ques
ton ofgrsa, importance to tho community
ehall tho new law be one which shall provide
exclusively for the benefit of the debtor, or one
Which, while it releases the honest debtor, pro-
tsC,s The rights of the creditor also Shall it
provide Gor an involuntary as well us volunta-
~ bankruptcy"
A writer in the New Era, en- the establish
men! ofa Bankrupt law thus concludes;
'POIicy, justice aud humanity demand that
'tht, law should be Fassed without delay, both
Hs+ssards the unfortunate debtor who lsbors un
der tho disabilities which the inperac, inso.
|~Vensisws o.! ihessveral ststss subjec; him, and
IA rospscss the faturs operations of business
which will be highly benefited by systsm
which wiremovs that odous custom of pref
snsness, which il the Gauss or so much fraud
10y debtors and injustice to creditors. Itis dem
ocr'tic in its tendency, as it gives equal rights,
under the national law, to all citizens and it
is further Democratic, if Congress should .sper-
'-N'o the question aud bring in two bs one ap-'
Ipfcabie t0 individuals and another applying t.
corporations; allowing each to be debated AMI
passed on its own merits; and in my humble
Judgment the great measure Of the Democratic
party, the Independent Treasury, cannot be
said to have had fSir trial before the country
until abankrupt system has been established
Oong with ii. The currency would be regn.
lated eilectualy by the operation ofa we'll di.
gsStsd law. applicable to corporations, which
would at once meet the many difficulties which
The Independent Treasury now encounters in
regulating the exchanges, and save the discus.
sion in ls42 ofit' repeal and the establishment,
>"fthat ban 9 10 tho liberties thepeopIe. ma
tional bank"