Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1842-01-25
CONGRESS AND THE BANKRUPT Law

| CONGRESS AND THE BANKRUPT LAW
1t is difficult to account for the singular action Of the
House upon this question. At the extra session il
passed the act by fair and satisfactory majority but
few months, only. afterwards without giving the law
even its prescribed time begin TO operate and con-
sequently having practical evidence of its being an
unwise enactment, the same body have now repealed
| it by very decisive vote.
AT the extra session (f memory serves) the opposi
ton vote on the passage of the Act was strict party
vote, and the Van Buren, members went in BODY A.
ganst it. Such is the case now-this involves no
mystery. But what it is that has changed the WHO
rote and won many to repeal, who before voted
the enactment is TO us) perfectly inexplcabe Its
not unusual for Congress and legislatures to pass
law and repeal it after eyiarience has disproved its
utility; but we never belo,s .'rsr lc 20 be repealed
before IL had gone into speraon and when no new cir
cumstance transpred to render repeal necessary but
on the contrary the public mind daily giving additional
proofs of being in favor of it.
There appears, however, be little prospect of its
being repealed; fnot arrested in the Senate Mr. Ty-
Ter will surely find it Inconsistent with his former
opinions" to sanction the repeal, and apply the Veto
torture to i.
For ourselves, individually have to confess that
the bankrupt Law' passed and approved has
never enlisted much of our good will it has with
the Wing Press and people generally. Not that it will
not serve the cause Of mercy and humanity in multi
tude of cases by relieving the unfortunate from bon
dage which, while is oppression to him, is of no pos
sibe advantage to his creditor but that being pros
pectUe easily be taken advantage of by the art
full and cunning who in the habit of becoming "un-
fortunate once in about long time, for the pur-
pose of paying off their debts at discount To-be-
sure severe penalty is attached to fraudulent dis
closure, if be .proved positive Evidence $50
there is to theft and murder, but the difficulty is to
prove IT, though may evidently be matter of fact
AS the thief and murderer commit their crimes under
circumstances of concealment and escape conviction
through lack of positive cUidence although circumstan-
tal evidence is quite conclusive of guilt so may he
who intends to become a voluntary bankrupt at some
future tme shape his affairs as to escape conviction
of fraud. 1t appears to US to be an easy matter for
dishonest man who is doing extensive and varied
business principally credit supported by his suppos-
ed wealth indicated by large possessions of real estate
or other visible property TO sell farm brother
another TO cousin and house to an aunt, all for
ready cash, and secret his Of the money from
the actual knowledge of any other persons, and save
this money for future use. This he may do while his
whole property was insufficient pay his debts AZ
ter giving his visible property and obtaining the ben
eft of the act with his thousands in his pocket he may
take up his line of march to "parts unknown" as free
fat, and wealthy could desile. And although
every body may be satisfied that there has been cur
tain capers up, yet but his aforesaid BROTHER
cousin and aunt actually know ii and the secret is
safe enough with them Besides, it is probable that
very large proportion Of existing bankrups those
OF wild, reckless, graspng, specializing turn whose
business operations had no favorable influence pro-
daction (the only legitimate source of wealth to
munity) and were public deriment rather than bene
fit; the majority Of whom would undoubtedly pursue
the same or no better again if relieved from
their debts.
Were the law made TO apply to past events-make
one revolution and then be inoperative-it appears
us the objections would be principally healed, and no
additional inducements held out for more extensive
system of swindng than already is provided for, in
the necessary inability of law anticipate for all cir
cumstances that can arise.
Finding the bankrupt law it exists to be in gen.
eral favor throughout the country, and supposing
would on the whole do good than hurt, we have
not before inerposed our notions but have care
fully given all information respecting which inter-
ested pnblic was supposed ia demand