Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1841-08-11

Drafls sues the unfortunate dr1ver A., for the full
amount, doubled by accrung interest. or say for
5000 for what cost the specuIlior upon migorinne
5000. Yet tins man, Mis sPscuiafor upon M Jor
tune. holds up hs hoad IA a christian community as
respectable merchant. Is there no immortality
= here
.laoiher Crsr.-A sells 70 B., substantial
man, IN good credit, and of known property, mer-
chandize 10 the amount 100000. sudden pinch
comes over the money market which peculiarly az
iects the business Of Il. lie comes into town n
Saturday, rs customary ard goes 20 his Factors for
hs usual advances and facilities, 10 meet his pay
mcnts They tell him 'tlmes arc awkward they
cannot 20 any further: = IA short they make him fail
btf6rc he i,ares the ofice. The attachment law j.
APPLIED % his property forced sales are made the
result, is that -. II stripped q oil he possessed T.
aud other business creditors Hcrer reccire cent Of
dividend in any shape the factors become the pur-
chasers Of the property at a period of unusual de-
precision, for about one sixth OF the value Il would
have realized within Il months. Poor Is. is noic
broken down man, stripped of an estate worth halt
a million ihat would have paid his creditors , or 3
dollars tor while the latter lost the ehoic Of
thur fbs, and amongst them; \. who was inter
cstel to the amount OF s21.o00.
Is tierc immortality hcrcf
This could not have happened under wise bank
rupt law
again; \. residing in another State, purchases
merchandise Of H. rs soon rs Il arrives within the
reach OF TIE attachment fars, As friends, and ela
tons, creditors as tie case may be- attach II for
alleged claims they have against \. Tins is the
last tia, u. hcars OF his property. The note given
for IL - Of course protested al maturity.
Il fierc no mtmordifg hare
\ bankrupt law would have reached that proper
~, and sitcd ho claims upon which 1t was seized.
Again, 49, \. resides ~ another State. hut is
a partner IN respectable firm IN this city which
facts aids to an already established credit. lie
buys mcrcla ndizc Of Il. and &. To the amount Of
so. coo each. on tic Strength Of such credit, and
sueh mercantile cOnHeri0n, Before tho maturity Of
the notes T. falls, and being indebted to his part
ncr. he ALLEGES, in New York, he hands over,
very cody, the merchandise or it's proceeds, pur
chased Of Is. and g., to his said partner. for
idcutial debt and b. and &. never receive one cent
for their debts Of 100000, lis namc is painted
out of the IN IN New York and there : tho end
Is there iasrlordtfy hcrcf
This again could not have happened under proper
bankrupt law.
Once more a a tanner. for example, buys hides
Of B.-a legitimate object Of traffic Tor him,-to the
amount Of S5Cuo. lie pays the first note Of / into
which the sum is divided the others he informs
the holders he cannot pay bccausc-why have
the Leather Factors failed in his debt !-bccausc he
has been buying largely of morus.muhicauiis. and
has not been able To effect sales
| Is there no immortality here! The English bank
rupt law would probably bring such transaction
on the part of Ianner-uader the head Of ''gam-
bling" and consequently refuse him his certificate.
\ man has no ight to risk the property of
others IN wild speculation, out II ms legitimate bVs-
ness, and far tohich aioRe he obtained the credit. \
seller of hides To Tanner not To take the risks
of the morus multcaulis speculation in addition TO
the Legitimate hazards of the leather trade.
Let al such gambling DC checked and credd wili
be sound as ought 10 be.
There is n great outcry for the ''rcstoraton of
confidence II It is meant to restore such state
of things as led to the foregoing transactions, all hon
of business are better without IT.
l.,.n ,.ffrftr.f lata hat al
fictitious credit being given to man, to enable him
To obtain goods which he may hand over TO his
friends to cover Them the moment any difficulty as
sails him. Under the English banl.s.pt law u
man cGnHo! pGy back borrowed capital 10 has Own
fiiher, in contemplation even. of bankruptcy much
less, after that event as every merchant knows IL
done here every day All payments so made are
recoverable by the assgnees.
such law is a. necessary FOR the creditor for
the honest debtor. No man ought TO hold powc,
over the liberty and happiness of another for the
fair casualties of Commerce. Few men would will
fully lose their property in their business sooner
than they would wlully lose beloved wife child.
In many cases each is 1.-THE act OF God No doubt
many Debtors have become such, because their
rights Creditors Of others were not protected by
a sound and wholcs me bankrupt law which 90 he
efficient must OF course wholly supercedc all State
attachment laws, under which TIE ncighbJrs- Of a
Giiiirg man often secure the whole of their debts,
whilst distant creditors get nothing, but VIC poor
privilege of holding the debtor IN bondage for ever,
in nine eases IN ten useless 10 them but ruinous to
him.
All merchants arc more or less exposed to SKIS of
various kinds and consequently 10 frigAtiu vicissi-
tudes of Fortune, which no slgacity or prudence
can az all times avert. 1t therefore behoovcs every
humane and benevolent man, however high his act
NIL s'aadiH may be, to contemplate the possibility
OF his being oyeriaken by rcverses at some period OF
his life striking instance u this came under my
observation.
In the year Is. merchant IN the prime of life,
who had been blessed with all the success he dcsr-
ed, having accumulated fortune of t5O,o0 ster-
ling, and brougA, up a large family respectable
" prepared TO retire and ENJOY the fruit Of his IN
ustry. lie invited his friends and relatives to cell
brate his birth. day by festvty, and received the
congratulations OF all upon his success. One par
tlcuary intimate and confidential friend, at the
table and made feeling speech, in which he re-
viewed the whole career The successful merchant,
lavished due praises upon his industry and talent,
honored him for his social qualities, which he pos
sessed in all eminent degree, and held him up a
model for imitation, las merchant, man, and
as Father" In short, his auditors well ugh
moved TO tears. On the next anniversary Of that
birth day. where wealthy and independent
merchant Attending meeting OF his creditors III
the Court of Bankruptcy, and there delivering the
watch out of his pocket and all he possessed. II
eloquent friend and feeling cuogist then ms
principal creditor and assignee. This change was
brought about by one Of those sudden hurricanes IN
late years here. Who Viii say that He is beyond
the reach of danger How many men OF undoubt
ed wealth, would OF - months reduce 70 pow
crty Imagine the bombardment, capture ana
sacking Of a single city of eminence Moscow fol-
example Were the owners OF real estate" be-
yond the reach of vicsstude Bonds and mort
cages were good property there, on the lst of Sep
. " nat a