Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-15
pIcI1MoND. VIRGINIA, SATURDAY, JANUARY Is, 1912

thousand ways to do this, of which provided
against by this act. The gaming table-the loite-
~ wheel-the stock exchange-the house OF i'll fame
-iaxury-ds ACKNOWLEDGEMENTS extravagance-nege ct
OF busIness-nre all fatal 10 property these, and thou
sand other vicious courses, may produce the inability
OF the Debtor; and yet none of these made obsta
ces to s application. Frauds alone are SO decared;
and then they are required 10 be proved and ado
qnate lime or opportunity allowed to make the proof
With the amplest time, proof Of fraudulent ncis IS
difficult for fraud nets in secret; and ,schews ligh,
and proof but IN The few days allowed in this act proof
is impossible. Under the British system no person
allowed to have the benefit of the act who had lost
much as I2OO by betting or by stock jobbing, within 4
year; and under act Of $500 the same principle
ohserved and no person allowed to claim the be-
nct oil the act who had lost as much as $500 in year
D. any species of wagering whatever. BY our famous
Extra Session act, this just discrimination is dropped;
and gamblers and stock obbers are placed on precise
eGnalhy with the most honest unfortunate debtor.
b. Asto the time Of commencing proceeding. This
Isoen tc most important point 10 the creditors; and
yet this important pom, is left TO the debtor Ii is
lynt or which there would usually be contrariety oi
eling. II interest, and Of wishes between them. The
creditors might wish to begin while there e.
thing To be saved the debtor after every thing used
up The creditors might wish to interpose when they
their debtors The road ruin; the debtor after
he arrived ri the end Of the road The creditors might
prefer to wait, and take their chance Tor payment out
Of future earnings or future acquisitions; the debtor
might choose TO dlsencumbe himself of old obligations
al once, in order to qualify himself Tor the tranquil
ioymen Of future salary, future income, future
in business the future descen Of estate.
For all these reasons, and others, there might be a
great conlTarciy Of interests and wishes between the
parties as TO time Recommending the bankrupt proceed
ngs. Justice and reason, and every oankrup. system
upon earth, has given and would give the choice Of time
the creditors this extra act OF gives It 10
the debtor
Z. As to the place Of trial. This may be equally a
point Of difference in the wishes and interests of the two
parties The creditor might wish 10 have it where the
debt contracted or where he should find the person
Of the debtor, at his usual place Of residence this
latter has full dominion the place Of trial. lie has
full dominion 1t, for the trial is to be had in the
dstrc, in which he resides at the time Of filing his Pc
;ton, where he IS doing business at that te SO that
he may make the place anywhere that he pleases with
in the the limits OF the Union. lie may select the place
Of trial by removing 10 it, or opening line Of bu
sness in 1t, preparatory to filing his petition This
might be very announcement 10 ceditors-very incon-
venient TO creditor in London or New York to attend
a trial in Iowa or Wisconsin; and that upon twenty
DAYS constructive notice But, as if it not sulli-
bring the creditor to the district in which the
debtor resides, there is further provision IN the act By
which the trial may be the county Of the district
IN which the debtor has taken up his abode.
= As to the notice which IS u be given 10 the credit
ors-This is OF piece with the rest entirely IL suit
the debtor and not the c.editor-and much better cal
clateH To insure IN 81 pure proceeding ni 10 lIli
and fair TRIAL. THIS notice IS not 10 be real but con-
s7ucve II is be served The creditors, de-
lvercd Il their residences but il 10 BE- cnmn.ted 10
the press the post. publication III newspaper,
letter pm. into the mail bag is TO be deemed legal
notice Ia all creditors be- they where they may IN The
four quarters 81 the globe and without the slightest evl
dence that they the paper received the let
ter Upon ,h,s the creditors 10 forfeit their
debts il they do not attend in many days and prove
them mp
9. The mode Of surrenderng the property is the ca
sest possible for the debtor and the worst possible Tor
the creditors is not delivery of the surrendered ei
fccts bu, Of list Of them, with authority to the os
sgnees II hunt Up every thing, and make what they
out ot Il.
~ III kiad of property which will be surrendered,
next claims attention.Whatk kind will 1t be: That
which is To lie transferred, cheap to be kept anu
readily converted into money! like the stock in trade
Of "bamkrupt in England; will il he the unhandy,
expensive and nconrertble property Of an "insoircnt
in the United States, VIII It he stock IN trade, or
stock in the woods Sir, il will be every thing that IS
unmana geaba unsaeable Unacceptable every thing that
is worthless recevc-useless to keep-lnd Impossl-
Bile 10 SELL Cattle in the woods-crops IN the field
wild lands without titles vacant lots IN liihographic
cilies-fancy stocks Of all sorts-bad debts upon other
nsolvens-old mIli5-old stiils--old manufactures
old wapons-od horses-old books OF accounts barred
Ly the statute of limitations met by set.os, paid
before or unproveable if due and unpaid. Such IS
sample Of the surrendered effects Of all sorts of debt
ora under our extra session specimen oil voluntary
bankrupt system
IL. The appointment of the assgnees, their powers
and duties are all adverse 10 the rights and interests
of the creditors They are appointed by the court,
take charge of all the surrendered effects they can lind;
are Maid fr taking care Of a. sell II, compound WIKI
other creditors; make dividends among the creditors u
they please and if not they nave to be sued upon the
bonds which the court "niny require tnem 10 give. III
England under the bankrupt sysem the creditors have
controlling voice the appointment Of the assign
ees and all their acis; under law, there IS no such
control The powers OF the assIgnees are great they
ore 10 represent the debtor-to collect property and
debts-sue and comproinse-to prove and 10 defend
and TO drag every thing into the Federal Courts. These
Courts are To become the grand absorbents OF The bus
ness of The country and matters of debit and account,
and rights of property which ought TO be tred IN the
county courts mag sraes courts, are TO he Drawn
into the Federal Cou 10 the ruin OF parties and TO the
invasion Of the rights oil the States and the jurisdiction
NJ their courts But this point which will require
separate consideration, and will refer To 1t again.
~ All trpenscs are 10 be borne by the creditors that
&c 10 saw MI expenses must be paid out Of the surren-
dered effects before any thing can be distributed to The
creditors These, under such law as we nave, ana
in managing such property will be surrendered, will
ueneray consume all that is g ven up. Even IN Eng
land where the bankrupt system only applies to lner-
chants and traders banks, bankers and
whose effects are usually Of kind easily TO be ma
nared even there the expenses are 50 great ana so
usually swallow up all the property, lhat Il mas grown
into proyerb that bankrupts estate IN the iands OF
assirnccs, is lump OF butter in dogs mouth. Inc
expenses of these suits under our law mast become
oad may draw every thing into me ftdefal
Courts All debts, large small, against the debtor,
be proved there all debts due to @ pn ad
The whole country may be dragged into these courts;
an army of assiguees, attorneys, agents and officers
are to be empoyed-al at tile cost Of the helpless Gre
di,ors-and great and .uinous will be the expense
-. The proceedings to be rapid aud cheap The
act expressly requires them to be summary SIMPLE and
brief and the costs to be low possible in order to
aci,ae the operation of the uc quote its very words
order to facilitate its operation d,S, to the se RnsI ed
the nct,ion is 70 be- heard and the trial 10 be had In
nineteen days the final certificate may be granted and
every creditor, let him be where he may, who does mol
appear within these days, and prove his debts, or DIS
prove the petitioners statements, or convict nm Of
fraud every falling loses his deb, oreseT . and
IS cut off from any share in the proceeds OF the safes oil
The bonkrupts estate To crown the celebrity OF this
rapid work and that there may be no balk or delay in
releasing the debtors from their creditors the doors OF
e b.,lf tn ct m