New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1842-12-19
p..s,, o. the Bankrupt Law.


,vh;cb render the success Of those efforts highly
probable.
We understand fully the reasons for this Repeal,
but we insist that they ceunteryaiied by others
Of superior force. The Bankrupt Law is unpoP-
nIer.' we daily hear. Well, so was the law abol-
iahing Imprisonment for Debt unpopular at first
with the larger lumber; have been nearly all
meliorations of the laws which give the Creditors
power over Debtors, except when the larger num-
Der were themselves Debtors, as they are not now
Insolvents The original clamerers for Bank
rupt Law were insolvent; they have obtained a
legal discharge from their debts, and they care
little about the matter. But we, who were not Of
their class, arc as anxious now that it should be
sustained as we ever were that it should be en-
acted.
The law has now had its worst trial. 10 be-
gin WITH every rogue who wanted to cheat his credi-
tors at any sacrhce of conscience cloakcd his pro-
perty, if possible, and went through. Every shift
less loafer who owed two or three undred dollars
(some actually as low as $10O) begged, borrowed
or stole $50, and went ahead in bankruptcy. Every
proAigate heir of fortune in prospect who had
been able to get in debt, resorted to the Bankrupt
sponge; while we know very many worthy and
destitute persons who have been twenty years I'M
der the harrow, and yet to this moment have not
commenced proceedings, because they could not
raise the few dollars required to pay for them =
On these the gate of Hope, if closed now, closes
for ever! Is it not gross partially and hard
ship so to close it
We are willing to see the law amended and
made more rigorous, if desirable; though we do
not consider it half SO defective as it is commonly
believed Some apparent defects hard to
remedy. For instance-the law declares no
amount of Indebtedness too little-a who
owes but 500 in all may take the benefit of this
act. True, he must be poor creature who does
SO; but what shall be done? To prescribe that
man must owe $500 or 81 900, is giving oppertu-
nifty for g Loco-Foco clamor that it was intended
only for great bankrupts and turns cold shout
der TO the poor and humble. That won't answer.
Beside it would set small debtors to making
themselves great rogues by manufacturing debts
enough to bring them within the purview OF the
law.
Then as to proligate heirs tits certainly hard
that young reprobate who owes $4,000 and will
become heir of perhaps twice or thrice as much
when some aged relative dies, should be allowed
to sponge out his debts by neutrality-suspicious. look
at the other side of the case Is it wise that such
proaigals should have the power to run heels over
head in debt on the strength of their expectations?
Yet so they always have done Hitherto; now they
are headed of. One of them goes to horse
dealer, money-ender, or whatever, and says
:" trust me at any per cent. You sure of your
"pay when my money comes. All but J says ne
of the funds, how can be safe against your
taking the benefit of the Bankrupt Law mean
time mo, sir | won't trust to personal secu.
'riy!'
1t is this view of the questioning effect of
Bankrupt Law in restraining improvident credits
which greatly commends it to US. All over the
Union, the tendency to incur debts and to multiply
them is excessive. The merchant credits, the
Bank credits: the mechanic complains that 1t Is
all credit, credit, and that next to nobody thinks
of paving down. Now, we believe in credit: we
are its advocate; but it is good thing grossly
abused We doubt whether all the credits given
in tho country on running accounts are not, as II
whole, a curse 10 it. No credit should be given
but with deflnte ZINC VI pdyLicdt XXI Nic", CIV q
virtual or specific pledge for such payment. Now
Bankrupt Law will inevitably stop the practice
of giving credit to every body for every thing which
has become SO perniciously prevalent; it will con
fiae credits 10 men OF known means, 20 men of in
tegrity, and TO cases where credit Is extended III
part as matter of benevolence. In this view
alone it will do great good.
Such law is desirable also for the sake of the
great Creditor class, whose rights are clear, but
their enforcement so lax among US. The sense Of
moral obligation to pay is very feeble am ong US
Men commonly esteemed good do not hesitate to
leave debt unpaid after it is due, though they
know that they could pay if they tried When
debtors can pu. off no longer, they fly to the Less-
lature and get StayLaws, Relief-Laws and such
faithless expedents enacted. And these very men
are most vociierous against the Bankrupt Law
They don't pay their debts nor begin to; bat they
want to keep their property till it will bring what
they consider it worth, which is immoral and ruin
Gus We have not doubt that the Creditors
woald have received $50 900 600 more, while the
Debtors would have lost and suffered far less. if
we bad lad National Bankrupt Law through the
last SIX years, than they now have.
Now we would allow no law to impair the vital
obligation of contracts. He who for value re-
ceived promises TO pay certain sum can never
cease TO owe that till he has paid it. Bu, RE
legal power to enforce the collection os TINT deb,
mast stop somewhere; and we think the true lim
is the last cent of the debtors property But STAY