The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-12-28
PRESS.
Middlebury, Dec. %, 1912.
BANKRUPT LAW,

menaced with amendments. and finally
hunted down and repealed to make politi-
cal capital out of their downfall Indeed
such have been the fluctuations in this re.
spect, that all Legislation is fast falling into
disrepute , and the most sensible men look
forward to coming session Of the legisla.
ture or of Congress with epprehensions of
more mischief from change, than evil from
existing defects in an established system.
We appeal to every considerable mind,
whether most of the calamities which have
afflicted the country for ten years past,
have not proceeded directly or indirectly
from this sort of Inconsistency in our gov
eminent. No interest or pursuit of our
citizens can be secure, nor has scarce any
been favorably affec ted by this disposition
of our rulers to constant Innovation
What pity that something should not be
left to the test of experience, instead of
suffering every thing to be subjected TO the
fitful breezes'of popular opinion.
Nothing could more surprise Us than the
apparent readiness of congress to repeal
the bankrupt law, unless it was the hot
haste of our legislature in sending to that
body resolutions urging such a step. The
passage of a bankrupt law was provided for
by the humane trainers of our constitution,
and for years has been demanded by the
almost united cry of this ruined and dis
tressed nation. In true spirit of benifi-
cence, congress at last undertook the work.
At the extra session the law was fully dis
cussed and finally passed. At the regular
session, and almost before an individual had
appropriated its benefits, it became the OBJ
iect of attack, and came within one of be-
ing wiped from the statute book.
A short experience has shown that the
present bankrupt law is defective. 1t is too
in its operations, embracing ca
ses of involuntary bankruptcy, more likely
to screen dishonest speculation than to re-
leye hopeless distress. Yet who can be-
lieye that permanent well digested bank
rupt law is not humane object of legisla-
ton in every commercial community. E.
ven the severe code of England embodies
a system Of relief to her merchants who
would not be likely to encounter the haz>
ards Of commercial enterprises If failures
were to incur the forfeiture Of liberty
for life,
But forsooth, because the present bankrupt
law is not the best that might be framed,
it must be expunged from the statute book
sans ceremonie. Its enemies will suffer no
modification to preserve the eternal Princi.
pies of justice upon which it is founded
Again we are forced back to the old snatch
system, by which the most screwing credi-
tor sweeps the whole of the debtors prop
orty into his own pocket, regardless of the
just claims of others for dividend. A
gain we see the debtor assigning to satisfy
preferred creditors or no real creditors at
all, the very property which he has received
from those he denies single sixpence; or
the concealed fragments of the
wreck, which he would willingly consign 10
MS creditors, if he could obtain discharge.
The body of the debtor is is true. may be
freed from arrest. But the creditor may
foil all his plans of lettering his condition,
snatch the avails of his industry from the
mouths of his starving children, and Pur-
sue his victim with attachments and exc
,utions, until the grave becomes the only
shelter from his Shylock exactions.
The beneficial results of the Bankrupt
aw in relieving multitudes of honest, USE
full but unfortunate men of business from
rretrievable ruin have already been realiz-
ed, while its odious effects as retrospective
IN its operations have passed away. Busi-
ness men will now restrict their credits
The mighty rush of hundreds at once of
mere voluntary bankrupts to embrace the
provisions of the law hereafter, will be ca
lily prevented by limiting its operations
lpon this class of debtors.
Under circumstances so suspicious for |
uture favorable results from proper modifi-
cations of the bankrupt law, we should ex'
remedy regret its utter reputation. Nor
s this i'll fate so perfectly certain as we
lave been led to anticipate. The last ac'
counts from Washington show that mild.
n course oflegidation in relation to it than
It first, has been adopted. 1t is said that a
majority IN congress are opposed to the
.ynching project of Mr.. Everett, and that
considerable number of the loco party
ire for retaining it after restricting or re-
ealing the voluntary part, and extending